-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HltwXqI6CuU4gS8chDFFr+/XPf0ro+BzZQTWdALEEI75WgPjH4KBtiCKS6W2zB/C TMbzMRX4/RVMP2lgMXpTXQ== 0000950110-00-000544.txt : 20000517 0000950110-00-000544.hdr.sgml : 20000517 ACCESSION NUMBER: 0000950110-00-000544 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000504 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000516 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITY BANCORP INC /DE/ CENTRAL INDEX KEY: 0000920427 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 223282551 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-12431 FILM NUMBER: 637116 BUSINESS ADDRESS: STREET 1: 64 OLD HIGHWAY 22 CITY: CLINTON STATE: NJ ZIP: 08809 BUSINESS PHONE: 9087307630 MAIL ADDRESS: STREET 1: 64 OLD HIGHWAY 22 CITY: CLINTON STATE: NJ ZIP: 08809 8-K 1 FORM 8-K ================================================================================ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) May 4, 2000 UNITY BANCORP, INC. ------------------------------------------------------ (Exact name of registrant as specified in its charter) DELAWARE 1-12431 22-3282551 - ---------------------------- ------------ ------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 64 OLD HIGHWAY 22, CLINTON, NEW JERSEY 08809 - ---------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (908) 730-7630 ================================================================================ Item 5. Other. The Registrant issued a press release on May 4, 2000 announcing the Registrant's first quarter 2000 results. Item 7. Exhibits. The following exhibit is filed with this Current Report on Form 8-K. Exhibit No. Description ----------- ----------- 99 Press Release dated May 4, 2000 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, Unity Bancorp, Inc. has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. UNITY BANCORP, INC. ------------------- (Registrant) Dated: May 12, 2000 By: /s/ KEVIN KILLIAN -------------------------------------- KEVIN KILLIAN, Chief Financial Officer EXHIBIT INDEX CURRENT REPORT ON FORM 8-K Exhibit No. Description Page No. - ----------- ----------- -------- 99 Press Release dated May 4, 2000 5 -9 EX-99 2 PRESS RELEASE EXHIBIT 99 UNITY BANCORP, INC. REPORTS 1ST QUARTER 2000 RESULTS CLINTON, N.J.--(BUSINESS WIRE)--May 4, 2000--For the quarter ended March 31, 2000, UNITY BANCORP, INC. (NASDAQ: UNTY), parent company of Unity Bank, reported a net loss of $989 thousand, or a $0.27 loss per basic share, including $439 thousand associated with a previously disclosed sale of assets as part of the Company's Capital Restoration Plan. For the quarter ended March 31, 1999, the Company reported net income of $501 thousand or $0.13 basic earnings per share. On March 13, 2000, Unity Bancorp announced it had successfully completed a $5.2 million private placement offering. Unity issued 103,500 shares of newly created Class A Preferred Stock at a price of $50.00 per share. Current shareholders and insiders contributed nearly 40% or $1.9 million, while $3.3 million was funded by new shareholders. As a result of the capital offering and the loan sale, which effectively reduced the capital required by the Restoration Plan by over $2 million due to a reduction in total assets, the Company and its subsidiary, Unity Bank are in full compliance with federal regulatory capital ratios as of March 31, 2000. Chairman and CEO Robert J. Van Volkenburgh commented, "Having fully absorbed most of the one-time and extraordinary expenses, including those associated with the Company's Capital Restoration Plan, and since many of the Bank's newly opened retail financial service centers now meet or exceed pro-forma projections, the Company is confident it can capitalize on the diversified market and product opportunities it has built over the course of the last twelve months and is poised to recognize returns consistent with that objective." At March 31, 2000, total assets grew to $409.7 million, an increase of $111.5 million, or 37.4% over the $298.3 million reported as of March 31, 1999. For the same period, total loans grew to $286.0 million, an increase of $115.2 million, or 67.4% over last year's total of $170.8 million. Total deposits increased to $377.3 million at March 31, 2000, a $112.1 million, or 42.3% increase on the $265.2 million reported as of March 31, 1999. As a result of the aforementioned asset sale, total assets and total loans declined $29.2 million, or 6.7% and $35.4 million, or 11.0%, respectively, from December 31, 1999. Total deposits increased $19.8 million, or 5.5% from December 31, 1999. The increase in deposits, along with the funds generated by the asset sale, were primarily used to eliminate borrowings, reported as $53 million at December 31, 1999. Unity Bancorp, Inc., parent company of Unity Bank, is headquartered in Clinton, New Jersey, and has assets is excess of $400 million. The Bank operates 17 full service retail financial service centers located throughout central New Jersey offering a large array of traditional deposit products and credit facilities developed for consumers and commercial entities. Unity Bank provides a variety of residential mortgage programs through its subsidiary, Certified Mortgage Associates. Unity is also a leading "Preferred Lender" of SBA financing in New Jersey, Pennsylvania, Delaware and New York. For additional information about the Bank, call Unity Direct at 800.618.BANK, or visit Unity's website at www.unitybank.com. E-mail may be addressed to the Bank at info@unitybank.com. UNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF CONDITION FOR THE PERIODS ENDED MARCH 31, 2000, MARCH 31, 1999 AND DECEMBER 31, 1999 - -------------------------------------------------------------------------------- (In thousands, except share amounts (unaudited) (unaudited) March 31, December 31, March 31, ASSETS 2000 1999 1999 --------- --------- --------- Cash and due from banks $19,464 $15,121 $27,703 Federal funds sold 3,500 0 29,150 --------- --------- --------- Total cash and cash equivalents 22,964 15,121 56,853 --------- --------- --------- Securities : Available for sale, at fair value Held to maturity, at amortized cost (aggregate fair value of $31,946, $24,040 and $32,270 at 3/31/00, 12/31/99 and 3/31/99, respectively) 34,016 34,250 24,646 --------- --------- --------- Total securities 73,526 74,349 47,017 --------- --------- --------- Loans held for sale - SBA loans 3,839 3,745 2,566 Loans held for sale - ARM loans 0 36,362 0 Loans held to maturity 282,179 281,376 168,268 --------- --------- --------- Total loans 286,018 321,483 170,834 Plus: Deferred Costs 1,051 1,049 (273) Less: Allowance for loan losses 2,341 2,173 1,684 --------- --------- --------- Net loans 284,728 320,359 169,423 --------- --------- --------- Premises and equipment, net 11,906 12,370 8,560 Accrued interest receivable 3,314 2,862 1,207 Cash surrender value of insurance policies 2,218 2,203 6,082 Other real estate owned 758 1,505 0 Other assets 10,328 10,200 9,148 -------- -------- -------- Total Assets $409,742 $438,969 $298,290 ======== ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES: Deposits Demand: Non-interest bearing $58,613 $65,079 $45,325 Interest bearing 115,716 104,343 75,923 Savings 36,697 37,910 32,661 Time, $100,000 and over 71,275 71,102 27,271 Time, under $100,000 95,038 79,104 84,020 Total time 166,313 150,206 111,291 --------- --------- --------- Total Deposits 377,339 357,538 265,200 --------- --------- --------- Borrowed funds 0 53,000 0 Obligation under capital lease 3,876 4,096 3,401 Accrued interest payable 1,046 1,199 509 Accrued expenses and other liabilities 1,851 1,344 1,423 --------- --------- --------- Total liabilities 384,112 417,177 270,533 Shareholders' Equity: Common stock, no par value 7,500,000 shares authorized, 3,861,568 shares issued and 3,704,708 outstanding at 3/31/00 and 12/31/99, and 3,776,935 at 3/31/99 26,224 26,224 25,332 Treasury stock, at cost, 156,860 shares outstanding at 3/31/00 and 12/31/99, and 84,633 shares outstanding at 3/31/99 (1,762) (1,762) (1,070) Preferred Stock, 103,500 shares issued and outstanding at 3/31/00 and 0 shares issued and outstanding at 12/31/99 and 3/31/99 4,929 0 0 Retained (deficit) earnings (2,872) (1,856) 3,694 Accumulated other comprehensive loss, net of tax benefit (889) (814) (199) --------- --------- --------- Total Shareholders' Equity 25,630 21,792 27,757 --------- --------- --------- Total Liabilities and Shareholders' Equity $409,742 $438,969 $298,290 ========= ========= ========= UNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999 (unaudited) (In thousands, except share and share amounts) For the three months ending March 31, 2000 1999 ------- ----- Interest Income: Interest on loans $5,928 3,750 Interest on securities 1,163 670 Interest on Federal funds sold 10 169 ------- ----- Total interest income 7,101 4,589 Interest Expense on deposits 3,641 1,949 Interest Expense on borrowings 584 43 Total Interest Expense 4,225 1,992 ------- ----- Net Interest Income 2,876 2,597 Provision for loan losses 200 61 ------- ----- Net Interest Income After Provision for Loan Losses 2,676 2,536 Other Income: Service charges on deposits 268 169 Gain on sale of loans (133) 1,116 Net gain on sale of securities 1 121 Other income 407 284 ------- ------ Total Other Income 543 1,690 Other Expenses: Salaries and employee benefits 2,301 1,802 Occupancy, Furniture and Equipment Expense 684 451 Other operating expenses 1,913 1,179 ------- ------ Total Other Expenses 4,898 3,432 ------- ------ (Loss) income before provision for income taxes (1,679) 794 (Benefit) provision for income taxes (690) 293 ------- ------ Net (Loss) income $(989) $501 ======= ====== Basic (Loss) earnings per Share $(0.27) $0.13 Diluted (Loss) earnings per Share $(0.27) $0.13 Contact: Kevin J. Killian CFO Unity Bancorp, Inc. and Unity Bank 908.730.7630 -----END PRIVACY-ENHANCED MESSAGE-----