-----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, JFSazHiS0+bfc6mNV8IzMYjxzwTfFfRuvyrdMBiwbu+1/91U2wTmmnawxQJ+imGa Y02I8+bqdUgJBmRAopbrLA== 0001144204-08-004839.txt : 20080130 0001144204-08-004839.hdr.sgml : 20080130 20080130090833 ACCESSION NUMBER: 0001144204-08-004839 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20080130 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080130 DATE AS OF CHANGE: 20080130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITY BANCORP INC /NJ/ CENTRAL INDEX KEY: 0000920427 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 223282551 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12431 FILM NUMBER: 08559770 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 FORMER COMPANY: FORMER CONFORMED NAME: UNITY BANCORP INC /DE/ DATE OF NAME CHANGE: 19940316 8-K 1 v101264_8k.htm
 
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
 
January 30, 2008
Date of Report (Date of earliest event reported)
 
UNITY BANCORP, INC.
(Exact Name of Registrant as Specified in its Charter)
 
New Jersey
(State or Other Jurisdiction of Incorporation)

22-3282551
(Commission File Number)
(IRS Employer Identification No.)
 
64 OLD HIGHWAY 22, CLINTON, NEW JERSEY, 08809
(Address of Principal Executive Office) (Zip Code)
 
(908)730-7630
(Registrant's Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o
Soliciting material pursuant to Rule 14a12 under the Exchange Act (17 CFR 240.14a-12)
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 

Item 2.02
  
Results of Operation and Financial Condition
 
The Registrant issued a press release on January 30, 2008 announcing earnings for the three-month and twelve-month periods ended December 31, 2007, the full text of which is incorporated by reference to this Item.
 
Item 9.01
  
Financial Statements and Exhibits.
 
(d)
Exhibits.
   
EXHIBIT
  
   
99.1
Press release issued by the Registrant on January 30, 2008.
 
 
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

 
UNITY BANCORP, INC.
     
Date: January 30, 2008
By:
/s/ Alan J. Bedner
   
Alan J. Bedner
EVP and Chief Financial Officer
 
 
 
 

EXHIBIT INDEX

EXHIBIT #
DESCRIPTION
 
99.1
Press release issued by the Registrant on January 30, 2008
 
 
 
 
 
 EX-99.1 2 v101264_ex99-1.htm
Logo of Unity Bancorp, Inc.
Unity Bancorp, Inc.
64 Old Highway
22 Clinton, NJ 08809
800 618-BANK
www.unitybank.com
 
NewsNewsNewsNewsNews       

For Immediate Release: 

January 30, 2008     

News Media & Financial Analyst Contact:
Alan J. Bedner, EVP
Chief Financial Officer
(908) 713-4308


Unity Bancorp Reports Year End Results

Clinton, NJ - Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, reported net income of $680 thousand, or $0.10 per diluted share, for the quarter ended December 31, 2007, compared to net income of $924 thousand, or $0.13 per diluted share, for the quarter ended December 31, 2006. Return on average assets and average common equity for the fourth quarter of 2007 were 0.36% and 5.78%, respectively, as compared to 0.55% and 8.05%, respectively, for the fourth quarter of 2006. Excluding the non-recurring impairment charges described below, earnings would have been $1.1 million for the quarter ended December 31, 2007, with resulting return on average assets and equity of 0.58% and 9.22%, respectively.

For the twelve months ended December 31, 2007, net income was $4.7 million, or $0.66 per diluted share, compared to $5.8 million, or $0.81 per diluted share for the same period a year ago. Return on average assets and average common equity for the year ended December 31, 2007, were 0.66% and 10.11%, respectively, as compared to 0.90% and 13.56%, respectively, for the prior year’s comparable period. Excluding the non-recurring impairment charges described below, earnings would have been $5.1 million for the year ended December 31, 2007, with resulting return on average assets and equity of 0.72% and 10.98%, respectively.

Earnings for the quarter and year were impacted by a charge of $404 thousand after tax, or $0.06 per diluted share, related to Federal Home Loan Mortgage Corporation (“FHLMC or Freddie Mac”) investment grade, perpetual callable preferred securities. The other-than-temporary impairment charge was recorded on three perpetual preferred stock issues classified as available for sale investment securities. Unity decided to reclassify the securities to an other-than-temporary impairment due to the recent decline in market value, and the uncertainty that they will recover their $3.9 million book value within a reasonable twelve-month period. The FHLMC securities were investment grade at the time of purchase and remain investment grade with ratings of AA- by S&P and Aa3 by Moody’s. The securities continue to perform according to their contractual terms and all dividend payments are current.
 
1
 
“In addition to the impairment charge, earnings for the quarter and year were impacted by the Company’s previously announced strategic decision to retain a significant portion of the Company’s currently originated SBA 7(a) loans in the portfolio, rather than selling them to the secondary market. While this change in strategy has resulted in reduced short-term earnings, we are confident that this strategy will increase long-term earnings and enhance shareholder value through increased interest income,” said Unity President and Chief Executive Officer, James A. Hughes.

Total assets at December 31, 2007, were $752.2 million, an 8.4% increase from December 31, 2006. The increase in assets from the prior year was due to growth in the Company’s loan portfolio. Total loans at December 31, 2007, were $590.1 million, a 16.2% increase from December 31, 2006. The growth in the loan portfolio occurred in all product lines.

At December 31, 2007, the allowance for loan losses was $8.4 million, or 1.42% of total loans, compared to 1.50% of total loans at December 31, 2006. Non-performing assets at December 31, 2007, were $5.6 million, or 0.94% of total loans and other real estate owned (OREO), a decline of $3.6 million in non-performing assets, compared to $9.1 million or 1.80% of total loans and OREO at December 31, 2006. Included in non-performing assets at December 31, 2007, are approximately $714 thousand of loans guaranteed by the SBA. The Company has reviewed its portfolio and determined that is does not have significant exposure to the residential sub-prime credit market.

Total deposits at December 31, 2007, were $601.3 million, a 6.1% increase from December 31, 2006. This increase was primarily the result of growth in time deposit accounts, partially offset by the decline in other deposit categories. Time deposits increased $80.9 million, or 46.1% from December 31, 2006, due to deposit promotions to fund loan growth.
 
“During the fourth quarter of 2007, the Company opened its seventeenth branch in Middlesex, New Jersey,” said Mr. Hughes. “Although the Company is committed to expanding its branch network, we are reviewing our branches and will divest locations that do not add value to the franchise.”

Total shareholders’ equity was $47.3 million at December 31, 2007, a 2.2% increase from December 31, 2006. The increase in shareholders’ equity was due to retained profits, partially offset by the payment of cash dividends and the purchase of stock. During the quarter, the Company repurchased 94 thousand shares of stock at an average cost of $10.09 per share.
 
Net interest income was $6.3 million for the fourth quarter of 2007, an increase of 11.1% compared to the same period a year ago. Net interest income was primarily benefited by an increase in interest-earning assets and to a lesser extent our strategy of holding higher-rate SBA loans. Net interest margin was 3.62% for the fourth quarter of 2007, compared to 3.60% for the fourth quarter of 2006. Due to the recent decline in short-term interest rates, Unity Bank expects that the net interest margin will expand in 2008.

Net interest income was $24.4 million for the year ended December 31, 2007, compared to $23.7 million a year ago. Net interest income was benefited by an increase in interest-earning assets, partially offset by a decrease in net interest margin. Net interest margin was 3.62% for the year ended 2007, compared to 3.87% for the same period a year ago. The contraction in net interest margin over the year reflects the reliance on higher costing time deposits to fund loan growth.

The provision for loan losses for the fourth quarter of 2007 was $550 thousand, compared to $600 thousand for the fourth quarter of 2006. Net loan charge-offs for the quarter ended December 31, 2007, were $350 thousand, compared to net loan charge-offs of $456 thousand for the quarter ended December 31, 2006. The provision for loan losses was $1.55 million for each of the years ended December 31, 2007 and 2006. Net loan charge-offs for the year ended December 31, 2007 were $791 thousand, compared to $818 thousand for the same period a year ago.

2
 
Total noninterest income for the fourth quarter of 2007 was $1.1 million, down 39.7%, from the same period a year ago. Gains on sales of SBA loans amounted to $580 thousand for the fourth quarter of 2007, compared to $787 thousand for the quarter ended December 31, 2006, reflecting the change in strategy to sell fewer SBA loans, which was announced during the third quarter. Service charges on deposits for the fourth quarter were $357 thousand, a decrease of $17 thousand compared to the fourth quarter of 2006, primarily due to the acceleration of the electronic clearing of checks under “Check 21.” Service and loan fees were $433 thousand for the fourth quarter of 2007, an increase of $88 thousand from a year ago.

Total noninterest income for the year ended December 31, 2007, was $5.9 million, down 22.2% from the same period a year ago. Gains on sales of SBA loans amounted to $2.4 million for the year ended December 31, 2007, compared to $3.0 million for the same period a year ago, primarily due to reduced premiums. Service charges on deposits for the year ended were $1.4 million, a decrease of $219 thousand, compared to the same period a year ago, primarily due to the acceleration of “Check 21.” Service and loan fees were $1.6 million for the twelve months ended December 31, 2007 and 2006.

Total noninterest expenses for the fourth quarter of 2007 were $5.9 million, an increase of 8.3% from the prior year’s comparable quarter. Compensation and benefits expense increased 4.3% due to the increased staffing associated with branch expansion and the rollout of the Bank’s national SBA program. Occupancy and furniture and equipment expenses increased 16.2% and 17.9% for the fourth quarter of 2007, compared to the same period a year ago due to the aforementioned expansion.

Total noninterest expenses for the year ended December 31, 2007, were $22.1 million, an increase of 5.1% from the same period a year ago. Compensation and benefits increased 3.8% due to increased staffing associated with branch expansion and the rollout of the Bank’s national SBA program. Processing and communications increased 9.6% due to increased transactional volume due to a larger customer base. Occupancy and furniture and equipment expenses increased 7.6% and 8.9% for 2007, compared to the same period a year ago due to branch expansion. Loan servicing costs increased 11.4% due to collection expenses associated with past due loans.

As of December 31, 2007, the Company’s Tier I leverage capital ratio was 8.25%, Tier I risk-based capital ratio was 9.81%, and total risk-based capital ratio was 11.06%. All regulatory capital ratios exceeded the well-capitalized, federal capital adequacy requirements as of December 31, 2007.

Unity Bancorp, Inc. is a financial service organization headquartered in Clinton, New Jersey, with approximately $752 million in assets and $601 million in deposits. Unity Bank provides financial services to retail, corporate and small business customers through its 17 retail service centers located in Hunterdon, Middlesex, Somerset, Union and Warren Counties in New Jersey and Northampton County, Pennsylvania. For additional information about Unity, visit our website at www.unitybank.com, or call 800- 618-BANK.

This news release contains certain forward-looking statements, either expressed or implied, which are provided to assist the reader in understanding anticipated future financial performance. These statements involve certain risks, uncertainties, estimates and assumptions made by management, which are subject to factors beyond the company’s control and could impede its ability to achieve these goals. These factors include general economic conditions, trends in interest rates, the ability of our borrowers to repay their loans, and results of regulatory exams, among other factors.
 
3
 
Unity Bancorp, Inc.
Consolidated Financial Highlights
(Dollars in thousands, except per share data)

               
Dec. 07 vs.
  
 
  
Dec. 31, 2007
  
 Sep. 30, 2007
  
Dec. 31, 2006
  
Sep. 07
  
Dec. 06
  
BALANCE SHEET DATA:
                                
Assets
  
$
752,196
  
$
746,821
 
$
694,106
   
0.7
%
  
8.4
%
Deposits
    
601,268
   
612,215
   
566,465
   
(1.8
)
  
6.1
 
Loans
    
590,132
   
567,597
   
507,690
   
4.0
   
16.2
 
Securities
    
102,986
   
112,196
   
108,410
   
(8.2
)
  
(5.0
)
Shareholders' equity
    
47,260
   
47,261
   
46,228
   
-
   
2.2
 
Allowance for loan losses
    
8,383
   
8,183
   
7,624
   
2.4
   
10.0
 
                               
FINANCIAL DATA - QUARTER TO DATE:
                            
Net income before taxes
  
$
922
  
$
1,482
 
$
1,389
   
(37.8
)%
  
(33.6
)%
Federal and state income tax provision
    
242
   
430
   
465
   
(43.7
)
  
(48.0
)
Net income
    
680
   
1,052
   
924
   
(35.4
)
  
(26.4
)
Per share-basic
    
0.10
   
0.15
   
0.13
   
(33.3
)
  
(23.1
)
Per share-diluted
    
0.10
   
0.15
   
0.13
   
(33.3
)
  
(23.1
)
Return on average assets
    
0.36
%
  
0.57
%
  
0.55
%
  
(36.8
)
  
(34.5
)
Return on average common equity
    
5.78
   
8.89
   
8.05
   
(35.0
)
  
(28.2
)
Efficiency ratio
    
74.07
   
74.23
   
73.34
   
(0.2
)
  
1.0
 
                               
FINANCIAL DATA - YEAR TO DATE:
                              
Net income before taxes
  
$
6,703
    
-
 
$
8,788
   
-
   
(23.7
)%
Federal and state income tax provision
    
1,978
   
-
   
2,943
   
-
   
(32.8
)
Net income
    
4,725
   
-
   
5,845
   
-
   
(19.2
)
Per share-basic
    
0.68
   
-
   
0.85
   
-
   
(20.0
)
Per share-diluted
    
0.66
   
-
   
0.81
   
-
   
(18.5
)
Return on average assets
    
0.66
%
  
-
   
0.90
%
  
-
   
(26.7
)
Return on average common equity
    
10.11
   
-
   
13.56
   
-
   
(25.4
)
Efficiency ratio
    
71.48
   
-
   
67.21
   
-
   
6.4
 
                               
SHARE INFORMATION:
                              
Closing price per share
  
$
8.50
  
$
11.08
 
$
14.01
   
(23.3
)%
  
(39.3
)%
Cash dividends declared
    
0.05
   
0.05
   
0.05
   
-
   
-
 
Book value per share
    
7.03
   
6.94
   
6.65
   
1.3
   
5.7
 
Average diluted shares outstanding (QTD)
    
6,979
   
7,107
   
7,263
   
(1.8
)
  
(3.9
)
                               
CAPITAL RATIOS:
                            
Total equity to total assets
    
6.28
%
  
6.33
%
  
6.66
%
  
(0.8
)%
  
(5.7
)%
Tier I capital to average assets (leverage)
    
8.25
   
8.37
   
9.13
   
(1.4
)
  
(9.6
)
Tier I capital to risk-adjusted assets
    
9.81
   
10.51
   
10.92
   
(6.7
)
  
(10.2
)
Total risk-based capital
    
11.06
   
11.76
   
13.72
   
(6.0
)
  
(19.4
)
                             
CREDIT QUALITY AND RATIOS:
                            
Nonperforming assets
  
$
5,567
  
$
4,319
 
$
9,120
   
28.9
%
  
(39.0
)%
Net charge offs to average loans (QTD)
    
0.24
%
  
0.19
%
  
0.35
%
  
26.3
   
(31.4
)
Allowance for loan losses to total loans
    
1.42
   
1.44
   
1.50
   
(1.4
)
  
(5.3
)
Nonperforming assets to total loans and OREO
    
0.94
   
0.76
   
1.80
   
23.7
   
(47.8
)
 

Unity Bancorp, Inc.
Consolidated Balance Sheets
(In thousands)

                 
Dec. 07 vs.
  
   
Dec. 31, 2007
  
 Sep. 30, 2007
  
Dec. 31, 2006
  
 Sep. 07
  
Dec. 06
  
ASSETS
                
  
      
Cash and due from banks
  
$
14,336
  
$
12,826
 
$
14,727
   
11.8
%
  
(2.7
)%
Federal funds sold and interest bearing deposits
    
21,976
   
32,495
   
40,709
   
(32.4
)
  
(46.0
)
Securities:
                            
Available for sale
    
69,250
   
76,700
   
65,595
   
(9.7
)
  
5.6
 
Held to maturity
    
33,736
   
35,496
   
42,815
   
(5.0
)
  
(21.2
)
Total securities
    
102,986
   
112,196
   
108,410
   
(8.2
)
  
(5.0
)
Loans:
                            
SBA - Held for sale
    
24,640
   
17,014
   
12,273
   
44.8
   
100.8
 
SBA - Held to Maturity
    
68,875
   
66,255
   
66,802
   
4.0
   
3.1
 
Commercial
   
365,786
   
356,964
   
312,195
   
2.5
   
17.2
 
Residential mortgage
    
73,697
   
72,177
   
63,493
   
2.1
   
16.1
 
Consumer
    
57,134
   
55,187
   
52,927
   
3.5
   
7.9
 
Total loans
    
590,132
   
567,597
   
507,690
   
4.0
   
16.2
 
Less: Allowance for loan losses
    
8,383
   
8,183
   
7,624
   
2.4
   
10.0
 
Net loans
    
581,749
   
559,414
   
500,066
   
4.0
   
16.3
 
Goodwill and other intangibles
    
1,588
   
1,592
   
1,603
   
(0.3
)
  
(0.9
)
Premises and equipment, net
    
12,102
   
11,729
   
11,610
   
3.2
   
4.2
 
Accrued interest receivable
    
3,994
   
4,073
   
3,926
   
(1.9
)
  
1.7
 
Loan servicing asset
    
2,056
   
2,139
   
2,294
   
(3.9
)
  
(10.4
)
Bank Owned Life Insurance
    
5,570
   
5,520
   
5,372
   
0.9
   
3.7
 
Other assets
    
5,839
   
4,837
   
5,389
   
20.7
   
8.4
 
Total Assets
  
$
752,196
  
$
746,821
 
$
694,106
   
0.7
%
  
8.4
%
                             
LIABILITIES AND SHAREHOLDERS' EQUITY
                            
Deposits:
                            
Noninterest-bearing demand deposits
  
$
70,601
  
$
73,355
 
$
79,772
   
(3.8
)%
  
(11.5
)%
Interest-bearing deposits:
                            
Interest bearing checking
    
78,020
   
81,985
   
105,382
   
(4.8
)
  
(26.0
)
Savings
   
196,388
   
193,387
   
205,919
   
1.6
   
(4.6
)
Time, under $100,000
    
172,006
   
181,776
   
111,070
   
(5.4
)
  
54.9
 
Time, $100,000 and over
    
84,253
   
81,712
   
64,322
   
3.1
   
31.0
 
Total deposits
    
601,268
   
612,215
   
566,465
   
(1.8
)
  
6.1
 
Borrowed funds and subordinated debentures
    
100,465
   
85,465
   
79,744
   
17.6
   
26.0
 
Accrued interest payable
    
635
   
757
   
475
   
(16.1
)
  
33.7
 
Accrued expenses and other liabilities
    
2,568
   
1,123
   
1,194
   
128.7
   
115.1
 
Total liabilities
    
704,936
   
699,560
   
647,878
   
0.8
   
8.8
 
Commitments and Contingencies
    
-
   
-
   
-
         
Shareholders' equity:
                            
Common stock, no par value, 12,500 shares authorized
    
49,447
   
49,282
   
44,343
   
0.3
   
11.5
 
Retained earnings
    
2,472
   
2,128
   
2,951
   
16.2
   
(16.2
)
Treasury stock at cost
    
(4,169
)
  
(3,218
)
  
(242
)
  
29.6
   
1,622.7
 
Accumulated other comprehensive loss, net of tax
    
(490
)
  
(931
)
  
(824
)
  
(47.4
)
  
(40.5
)
Total shareholders' equity
    
47,260
   
47,261
   
46,228
   
-
   
2.2
 
Total Liabilities and Shareholders' Equity
  
$
752,196
  
$
746,821
 
$
694,106
   
0.7
%
  
8.4
%
                             
COMMON SHARES AT PERIOD END:
                            
Issued
    
7,131
   
7,122
   
6,973
         
Outstanding
    
6,727
   
6,813
   
6,949
         
Treasury
    
404
   
309
   
24
         
N/M= Not meaningful
                             
 
 
Unity Bancorp, Inc.
Consolidated Statements of Income
(In thousands, except per share data)

                 
Dec. 07 vs.
  
 
  
Dec. 31, 2007
  
 Sep. 30, 2007
  
 Dec. 31, 2006
  
 Sep. 07
  
Dec. 06
  
FOR THE THREE MONTHS ENDED:
                      
INTEREST INCOME
                
  
      
Fed funds sold and interest on deposits
  
$
195
  
$
390
 
$
211
   
(50.0
)%
  
(7.6
)%
Securities:
                            
Available for sale
    
913
   
954
   
788
   
(4.3
)
  
15.9
 
Held to maturity
    
443
   
452
   
551
   
(2.0
)
  
(19.6
)
Total securities
    
1,356
   
1,406
   
1,339
   
(3.6
)
  
1.3
 
Loans:
                            
SBA
    
2,307
   
2,190
   
2,108
   
5.3
   
9.4
 
Commercial
    
6,772
   
6,600
   
5,875
   
2.6
   
15.3
 
Residential mortgage
   
1,093
   
1,047
   
887
   
4.4
   
23.2
 
Consumer
    
934
   
933
   
855
   
0.1
   
9.2
 
Total loan interest income
    
11,106
   
10,770
   
9,725
   
3.1
   
14.2
 
Total interest income
    
12,657
   
12,566
   
11,275
   
0.7
   
12.3
 
INTEREST EXPENSE
                            
Interest bearing demand deposits
    
448
   
451
   
664
   
(0.7
)
  
(32.5
)
Savings deposits
    
1,776
   
1,995
   
2,081
   
(11.0
)
  
(14.7
)
Time deposits
    
3,089
   
2,994
   
1,963
   
3.2
   
57.4
 
Borrowed funds and subordinated debentures
    
997
   
1,153
   
852
   
(13.5
)
  
17.0
 
Total interest expense
    
6,310
   
6,593
   
5,560
   
(4.3
)
  
13.5
 
Net interest income
    
6,347
   
5,973
   
5,715
   
6.3
   
11.1
 
Provision for loan losses
    
550
   
450
   
600
   
22.2
   
(8.3
)
Net interest income after provision for loan losses
    
5,797
   
5,523
   
5,115
   
5.0
   
13.3
 
NONINTEREST INCOME
                            
Service charges on deposit accounts
    
357
   
338
   
374
   
5.6
   
(4.5
)
Service and loan fee income
   
433
   
428
   
345
   
1.2
   
25.5
 
Gain on SBA loan sales
    
580
   
316
   
787
   
83.5
   
(26.3
)
Gain on sales of other loans
    
-
   
-
   
-
   
-
   
(100.0
)
Bank owned life insurance
    
50
   
53
   
47
   
(5.7
)
  
6.4
 
Net securities (loss) gains
    
(603
)
  
22
   
-
   
100.0
   
100.0
 
Other income
    
236
   
303
   
193
   
(22.1
)
  
22.3
 
Total noninterest income
    
1,053
   
1,460
   
1,746
   
(27.9
)
  
(39.7
)
NONINTEREST EXPENSES
                            
Compensation and benefits
    
2,952
   
2,816
   
2,830
   
4.8
   
4.3
 
Processing and communications
    
675
   
645
   
585
   
4.7
   
15.4
 
Occupancy, net
    
761
   
699
   
655
   
8.9
   
16.2
 
Furniture and equipment
    
462
   
419
   
392
   
10.3
   
17.9
 
Professional fees
    
184
   
116
   
131
   
58.6
   
40.5
 
Loan servicing costs
    
161
   
184
   
211
   
(12.5
)
  
(23.7
)
Advertising
    
145
   
113
   
156
   
28.3
   
(7.1
)
Other
   
588
   
509
   
512
   
15.5
   
14.8
 
Total noninterest expenses
    
5,928
   
5,501
   
5,472
   
7.8
   
8.3
 
Income before taxes
    
922
   
1,482
   
1,389
   
(37.8
)
  
(33.6
)
Federal and state income tax provision
    
242
   
430
   
465
   
(43.7
)
  
(48.0
)
Net Income
  
$
680
  
$
1,052
 
$
924
   
(35.4
)%
  
(26.4
)%
                               
Net Income Per Common Share-Basic
  
$
0.10
  
$
0.15
 
$
0.13
   
(33.3
)%
  
(23.1
)%
Net Income Per Common Share-Diluted
  
$
0.10
  
$
0.15
 
$
0.13
   
(33.3
)%
  
(23.1
)%
                             
AVERAGE COMMON SHARES OUTSTANDING:
                            
Basic
    
6,769
   
6,871
   
6,941
             
Diluted
    
6,979
   
7,107
   
7,263
             
 
 
Unity Bancorp, Inc.
Consolidated Statements of Income
(Dollars in thousands, except per share data)

            
 Dec. 07 vs.
  
 
  
Dec. 31, 2007
  
 Dec. 31, 2006
  
 Dec. 06
  
YEAR TO DATE
                
INTEREST INCOME
           
  
  
Fed funds sold and interest on deposits
  
$
1,068
  
$
1,042
   
2.5
%
Securities:
                  
Available for sale
    
3,425
   
3,051
   
12.3
 
Held to maturity
    
1,913
   
2,042
   
(6.3
)
Total securities
    
5,338
   
5,093
   
4.8
 
Loans:
                  
SBA
    
9,039
   
8,615
   
4.9
 
Commercial
    
25,738
   
21,914
   
17.5
 
Residential mortgage
    
3,995
   
3,305
   
20.9
 
Consumer
    
3,722
   
3,208
   
16.0
 
Total loan interest income
    
42,494
   
37,042
   
14.7
 
Total interest income
    
48,900
   
43,177
   
13.3
 
INTEREST EXPENSE
                  
Interest bearing demand deposits
    
1,928
   
2,648
   
(27.2
)
Savings deposits
    
8,064
   
6,948
   
16.1
 
Time deposits
    
10,206
   
7,101
   
43.7
 
Borrowed funds and subordinated debentures
    
4,276
   
2,735
   
56.3
 
Total interest expense
    
24,474
   
19,432
   
25.9
 
Net interest income
    
24,426
   
23,745
   
2.9
 
Provision for loan losses
    
1,550
   
1,550
   
0.0
 
Net interest income after provision for loan losses
    
22,876
   
22,195
   
3.1
 
NONINTEREST INCOME
                  
Service charges on deposit accounts
    
1,383
   
1,602
   
(13.7
)
Service and loan fee income
   
1,607
   
1,637
   
(1.8
)
Gain on SBA loan sales
    
2,399
   
2,972
   
(19.3
)
Gains on sales of other loans
    
0
   
82
   
(100.0
)
Bank owned life insurance
    
198
   
187
   
5.9
 
Net securities (loss) gains
    
(571
)
  
69
   
100.0
 
Other income
    
924
   
1,089
   
(15.2
)
Total noninterest income
    
5,940
   
7,638
   
(22.2
)
NONINTEREST EXPENSES
                  
Compensation and benefits
    
11,446
   
11,028
   
3.8
 
Processing and communications
    
2,433
   
2,220
   
9.6
 
Occupancy, net
    
2,777
   
2,580
   
7.6
 
Furniture and equipment
    
1,675
   
1,538
   
8.9
 
Professional fees
    
598
   
636
   
(6.0
)
Loan servicing costs
    
604
   
542
   
11.4
 
Advertising
    
457
   
575
   
(20.5
)
Other
   
2,123
   
1,926
   
10.2
 
Total noninterest expenses
    
22,113
   
21,045
   
5.1
 
Income before taxes
    
6,703
   
8,788
   
(23.7
)
Federal and state income tax provision
    
1,978
   
2,943
   
(32.8
)
Net Income
  
$
4,725
  
$
5,845
   
(19.2
)%
                   
Net Income Per Common Share-Basic
  
$
0.68
  
$
0.85
   
(20.0
)%
Net Income Per Common Share-Diluted
 
$
0.66
  
$
0.81
   
(18.5
)%
                   
Average common shares outstanding:
                  
Basic
    
6,900
   
6,912
     
Diluted
    
7,169
   
7,256
     
 
 
Unity Bancorp, Inc.
Consolidated Average Balance Sheets with Resultant Interest and Rates
(Tax-equivalent basis, dollars in thousands)

   
Three Months Ended
  
   
December 31, 2007
  
 September 30, 2007
  
   
Balance
  
Interest
  
Rate
  
 Balance
  
Interest
  
Rate
  
ASSETS
                           
Interest-earning assets:
                           
   
 
  
 
  
 
  
  
  
 
  
 
  
Federal funds sold and interest-bearing deposits with banks
  
$
17,961
  
$
195
    
4.31
%
$
31,449
 
$
390
    
4.92
%
Securities:
                              
Available for sale
    
71,551
   
953
   
5.33
   
75,031
   
976
   
5.20
 
Held to maturity
    
35,157
   
461
   
5.25
   
36,047
   
471
   
5.23
 
Total securities
    
106,708
   
1,414
   
5.30
   
111,078
   
1,447
   
5.21
 
Loans, net of unearned discount:
                                  
SBA
    
90,120
   
2,307
   
10.24
   
81,693
   
2,190
   
10.72
 
Commercial
   
362,512
   
6,772
   
7.41
   
350,555
   
6,600
   
7.47
 
Residential mortgage
    
74,057
   
1,093
   
5.90
   
71,401
   
1,047
   
5.87
 
Consumer
    
56,421
   
934
   
6.57
   
54,064
   
933
   
6.85
 
Total loans
    
583,110
   
11,106
   
7.57
   
557,713
   
10,770
   
7.68
 
Total interest-earning assets
    
707,779
   
12,715
   
7.15
   
700,240
   
12,607
   
7.16
 
Noninterest-earning assets:
                                      
Cash and due from banks
    
14,518
               
14,911
             
Allowance for loan losses
    
(8,499
)
              
(8,330
)
            
Other assets
    
29,130
               
29,503
             
Total noninterest-earning assets
    
35,149
               
36,084
             
Total Assets
  
$
742,928
              
$
736,324
             
                                       
LIABILITIES AND SHAREHOLDERS' EQUITY
                                      
Interest-bearing liabilities:
                                      
Interest-bearing demand deposits
  
$
81,759
    
448
   
2.17
 
$
79,188
   
451
   
2.26
 
Savings deposits
    
195,241
   
1,776
   
3.61
   
199,483
   
1,995
   
3.97
 
Time deposits
    
253,790
   
3,089
   
4.83
   
243,358
   
2,994
   
4.88
 
Total interest-bearing deposits
    
530,790
   
5,313
   
3.97
   
522,029
   
5,440
   
4.13
 
Borrowed funds and subordinated debentures
    
86,826
   
997
   
4.56
   
89,892
   
1,153
   
5.09
 
Total interest-bearing liabilities
    
617,616
   
6,310
   
4.05
   
611,921
   
6,593
   
4.27
 
Noninterest-bearing liabilities:
                                      
Demand deposits
    
76,406
               
75,218
             
Other liabilities
    
2,267
               
2,216
             
Total noninterest-bearing liabilities
    
78,673
               
77,434
             
Shareholders' equity
    
46,639
               
46,969
             
Total Liabilities and Shareholders' Equity
  
$
742,928
              
$
736,324
             
                                       
Net interest spread
          
6,405
   
3.10
%
        
6,014
   
2.89
%
Tax-equivalent basis adjustment
          
(58
)
            
(41
)
      
Net interest income
        
$
6,347
              
$
5,973
        
                                       
Net interest margin
                
3.62
%
              
3.44
%
 
 
Unity Bancorp, Inc.
Consolidated Average Balance Sheets with Resultant Interest and Rates
(Tax-equivalent basis, dollars in thousands)

   
Three Months Ended
  
   
December 31, 2007
  
December 31, 2006
  
   
Balance
  
Interest
  
Rate
  
 Balance
  
Interest
  
Rate
  
ASSETS
                                      
Interest-earning assets:
                                      
                                   
Federal funds sold and interest-bearing deposits with banks
 
$
17,961
    
$
195
      
4.31
%   
$
16,274
   
$
211
      
5.14
%
Securities:
                                      
Available for sale
    
71,551
   
953
   
5.33
   
67,266
   
801
   
4.76
 
Held to maturity
    
35,157
   
461
   
5.25
   
43,465
   
568
   
5.23
 
Total securities
    
106,708
   
1,414
   
5.30
   
110,731
   
1,369
   
4.95
 
Loans, net of unearned discount:
                                
SBA
    
90,120
   
2,307
   
10.24
   
83,828
   
2,108
   
10.06
 
Commercial
   
362,512
   
6,772
   
7.41
   
314,370
   
5,875
   
7.41
 
Residential mortgage
    
74,057
   
1,093
   
5.90
   
62,909
   
887
   
5.64
 
Consumer
    
56,421
   
934
   
6.57
   
49,590
   
855
   
6.84
 
Total loans
    
583,110
   
11,106
   
7.57
   
510,697
   
9,725
   
7.57
 
Total interest-earning assets
    
707,779
   
12,715
   
7.15
   
637,702
   
11,305
   
7.05
 
Noninterest-earning assets:
                                  
Cash and due from banks
    
14,518
             
12,495
             
Allowance for loan losses
    
(8,499
)
            
(7,763
)
            
Other assets
    
29,130
             
28,780
             
Total noninterest-earning assets
    
35,149
             
33,512
             
Total Assets
  
$
742,928
            
$
671,214
             
                                   
LIABILITIES AND SHAREHOLDERS' EQUITY
                                    
Interest-bearing liabilities:
                                  
Interest-bearing demand deposits
  
$
81,759
    
448
   
2.17
 
$
110,635
   
664
   
2.38
 
Savings deposits
    
195,241
   
1,776
   
3.61
   
199,643
   
2,081
   
4.14
 
Time deposits
    
253,790
   
3,089
   
4.83
   
169,889
   
1,963
   
4.58
 
Total interest-bearing deposits
    
530,790
   
5,313
   
3.97
   
480,167
   
4,708
   
3.89
 
Borrowed funds and subordinated debentures
    
86,826
   
997
   
4.56
   
67,083
   
852
   
5.04
 
Total interest-bearing liabilities
    
617,616
   
6,310
   
4.05
   
547,250
   
5,560
   
4.03
 
Noninterest-bearing liabilities:
                                  
Demand deposits
    
76,406
             
76,168
             
Other liabilities
    
2,267
             
2,244
             
Total noninterest-bearing liabilities
    
78,673
             
78,412
             
Shareholders' equity
    
46,639
             
45,552
             
Total Liabilities and Shareholders' Equity
  
$
742,928
            
$
671,214
             
                                     
Net interest spread
          
6,405
   
3.10
%
        
5,745
   
3.02
%
Tax-equivalent basis adjustment
          
(58
)
            
(30
)
      
Net interest income
        
$
6,347
            
$
5,715
        
Net interest margin
                
3.62
%
              
3.60
%
 
 
Unity Bancorp, Inc.
Consolidated Average Balance Sheets with Resultant Interest and Rates
(Tax-equivalent basis, dollars in thousands)

   
Year to Date
  
   
December 31, 2007
  
 December 31, 2006
  
   
Balance
  
Interest
  
Rate
  
 Balance
  
Interest
  
Rate
  
ASSETS
                                                  
Interest-earning assets:
                                      
                                       
Federal funds sold and interest-bearing deposits with banks
  
$
22,290
  
$
1,068
    
4.79
%
$
21,606
 
$
1,042
    
4.82
%
Securities:
                                  
Available for sale
    
69,189
   
3,511
   
5.07
   
66,474
   
3,103
   
4.67
 
Held to maturity
    
37,724
   
1,986
   
5.26
   
41,156
   
2,069
   
5.03
 
Total securities
    
106,913
   
5,497
   
5.14
   
107,630
   
5,172
   
4.81
 
Loans, net of unearned discount:
                                      
SBA
    
84,185
   
9,039
   
10.74
   
84,113
   
8,615
   
10.24
 
Commercial
   
341,841
   
25,738
   
7.53
   
294,773
   
21,914
   
7.43
 
Residential mortgage
    
68,443
   
3,995
   
5.84
   
59,933
   
3,305
   
5.51
 
Consumer
    
54,789
   
3,722
   
6.79
   
47,652
   
3,208
   
6.73
 
Total loans
    
549,258
   
42,494
   
7.74
   
486,471
   
37,042
   
7.61
 
Total interest-earning assets
    
678,461
   
49,059
   
7.23
   
615,707
   
43,256
   
7.02
 
Noninterest-earning assets:
                                  
Cash and due from banks
    
13,467
               
12,439
           
Allowance for loan losses
    
(8,184
)
              
(7,493
)
            
Other assets
    
29,304
               
29,302
             
Total noninterest-earning assets
    
34,587
               
34,248
             
Total Assets
  
$
713,048
              
$
649,955
             
                                       
LIABILITIES AND SHAREHOLDERS' EQUITY
                                      
Interest-bearing liabilities:
                                      
Interest-bearing demand deposits
  
$
85,750
    
1,928
   
2.25
 
$
117,730
   
2,648
   
2.25
 
Savings deposits
    
204,214
   
8,064
   
3.95
   
183,815
   
6,948
   
3.78
 
Time deposits
    
213,407
   
10,206
   
4.78
   
169,572
   
7,101
   
4.19
 
Total interest-bearing deposits
    
503,371
   
20,198
   
4.01
   
471,117
   
16,697
   
3.54
 
Borrowed funds and subordinated debentures
    
84,962
   
4,276
   
5.03
   
55,756
   
2,735
   
4.91
 
Total interest-bearing liabilities
    
588,333
   
24,474
   
4.16
   
526,873
   
19,432
   
3.69
 
Noninterest-bearing liabilities:
                                      
Demand deposits
    
75,581
               
77,747
             
Other liabilities
    
2,416
               
2,218
             
Total noninterest-bearing liabilities
    
77,997
               
79,965
             
Shareholders' equity
    
46,718
               
43,117
             
Total Liabilities and Shareholders' Equity
  
$
713,048
              
$
649,955
             
                                       
Net interest spread
          
24,585
   
3.07
%
        
23,824
   
3.33
%
Tax-equivalent basis adjustment
          
(159
)
              
(79
)
      
Net interest income
        
$
24,426
              
$
23,745
        
Net interest margin
                
3.62
%
              
3.87
%
 
Unity Bancorp, Inc.
Allowance for Loan Losses and Loan Quality Schedules
(Dollars in thousands)

   
12/31/2007
  
9/30/2007
  
6/30/2007
  
3/31/2007
  
12/31/2006
  
ALLOWANCE FOR LOAN LOSSES:
                                
Balance, beginning of quarter
  
$
8,183
  
$
7,997
  
$
7,757
  
$
7,624
  
$
7,480
  
Provision charged to expense
    
550
   
450
   
350
   
200
   
600
 
     
8,733
   
8,447
   
8,107
   
7,824
   
8,080
 
Less: Charge offs
                                
SBA
    
260
   
270
   
124
   
116
   
320
 
Commercial
    
126
   
24
   
5
   
-
   
196
 
Residential mortgage
    
-
    
-
   
-
   
-
   
-
 
Consumer
    
20
   
28
   
-
   
2
   
10
 
Total Charge Offs
    
406
   
322
   
129
   
118
   
526
 
Add: Recoveries
                                
SBA
    
53
   
41
   
12
   
41
   
20
 
Commercial
    
3
   
7
   
2
   
6
   
50
 
Residential mortgage
    
-
   
-
   
-
   
-
   
-
 
Consumer
    
-
    
10
   
5
   
4
   
-
 
Total Recoveries
    
56
   
58
   
19
   
51
   
70
 
Net Charge Offs
    
350
   
264
   
110
   
67
   
456
 
Balance, end of quarter
  
$
8,383
  
$
8,183
  
$
7,997
  
$
7,757
  
$
7,624
  
                                 
LOAN QUALITY INFORMATION:
                                
Nonperforming loans
  
$
5,461
  
$
4,185
  
$
4,611
  
$
6,515
  
$
8,909
  
Other real estate owned, net
    
106
   
134
   
366
   
256
   
211
 
Nonperforming assets
  
$
5,567
  
$
4,319
  
$
4,977
  
$
6,771
  
$
9,120
  
                                 
Loans 90 days past due and still accruing
  
$
155
  
$
340
  
$
167
  
$
145
  
$
78
  
                                 
Allowance for loan losses to:
                                
Total loans at period end
    
1.42
%
  
1.44
%
  
1.48
%
  
1.50
%
  
1.50
%
Nonperforming loans
    
153.49
   
195.53
   
173.43
   
119.06
   
85.58
 
Nonperforming assets
    
150.58
   
189.47
   
160.68
   
114.56
   
83.60
 
Net charge offs to average loans (QTD)
    
0.24
   
0.19
   
0.08
   
0.05
   
0.35
 
Net charge offs to average loans (YTD)
    
0.14
   
0.11
   
0.07
   
0.05
   
0.17
 
Nonperforming loans to total loans
    
0.93
   
0.74
   
0.85
   
1.26
   
1.75
 
Nonperforming assets to total loans and OREO
    
0.94
   
0.76
   
0.92
   
1.31
   
1.80
 

 
Unity Bancorp, Inc.
Quarterly Financial Data

 
  
12/31/07
  
09/30/07
  
06/30/07
  
03/31/07
  
12/31/06
  
SUMMARY OF INCOME (in thousands) :
                      
Interest income
  
$
12,657
  
$
12,566
  
$
11,975
  
$
11,702
  
$
11,275
  
Interest expense
    
6,310
   
6,593
   
5,888
   
5,683
   
5,560
 
Net interest income
    
6,347
   
5,973
   
6,087
   
6,019
   
5,715
 
Provision for loan losses
    
550
   
450
   
350
   
200
   
600
 
Net interest income after provision
    
5,797
   
5,523
   
5,737
   
5,819
   
5,115
 
Noninterest income
    
1,053
   
1,460
   
1,748
   
1,679
   
1,746
 
Noninterest expense
    
5,928
   
5,501
   
5,267
   
5,417
   
5,472
 
Income before income taxes
    
922
   
1,482
   
2,218
   
2,081
   
1,389
 
Federal and state income tax provision
    
242
   
430
   
676
   
630
   
465
 
Net Income
    
680
   
1,052
   
1,542
   
1,451
   
924
 
Net Income per Common Share:
                      
Basic
  
$
0.10
  
$
0.15
  
$
0.22
  
$
0.21
  
$
0.13
  
Diluted
    
0.10
   
0.15
   
0.21
   
0.20
   
0.13
 
COMMON SHARE DATA:
                                
Cash dividends declared
  
$
0.05
  
$
0.05
  
$
0.05
  
$
0.05
  
$
0.05
  
Book value at quarter end
    
7.03
   
6.94
   
6.87
   
6.84
   
6.65
 
Market value at quarter end
    
8.50
   
11.08
   
11.45
   
11.30
   
14.01
 
Average common shares outstanding: (000's)
                                
Basic
    
6,769
   
6,871
   
6,985
   
6,976
   
6,941
 
Diluted
    
6,979
   
7,107
   
7,295
   
7,301
   
7,263
 
Common shares outstanding at period end (000's)
    
6,727
   
6,813
   
7,002
   
6,995
   
6,949
 
OPERATING RATIOS:
                                
Return on average assets
    
0.36
%
  
0.57
%
  
0.89
%
  
0.87
%
  
0.55
%
Return on average common equity
    
5.78
   
8.89
   
13.14
   
12.74
   
8.05
 
Efficiency ratio
    
74.07
   
74.23
   
67.22
   
70.46
   
73.34
 
BALANCE SHEET DATA (in thousands):
                      
Assets
  
$
752,196
  
$
746,821
  
$
732,403
  
$
681,302
  
$
694,106
  
Deposits
    
601,268
   
612,215
   
596,093
   
541,399
   
566,465
 
Loans
    
590,132
   
567,597
   
541,385
   
515,562
   
507,690
 
Shareholders' equity
    
47,260
   
47,261
   
48,242
   
47,825
   
46,228
 
Allowance for loan losses
    
8,383
   
8,183
   
7,997
   
7,757
   
7,624
 
TAX-EQUIVALENT YIELDS AND RATES:
                               
Interest-earning assets
    
7.15
%
  
7.16
%
  
7.28
%
  
7.34
%
  
7.05
%
Interest-bearing liabilities
    
4.05
   
4.27
   
4.15
   
4.16
   
4.03
 
Net interest spread
    
3.10
   
2.89
   
3.13
   
3.18
   
3.02
 
Net interest margin
    
3.62
   
3.44
   
3.71
   
3.75
   
3.60
 
CREDIT QUALITY:
                                
Nonperforming assets (in thousands)
  
$
5,567
  
$
4,319
  
$
4,977
  
$
6,771
  
$
9,120
  
Allowance for loan losses to period-end loans
    
1.42
%
  
1.44
%
  
1.48
%
  
1.50
%
  
1.50
%
Net charge offs to average loans
   
0.24
   
0.19
   
0.08
   
0.05
   
0.35
 
Nonperforming assets to loans and OREO
    
0.94
   
0.76
   
0.92
   
1.31
   
1.80
 
CAPITAL AND OTHER:
                      
Total equity to assets
    
6.28
%
  
6.33
%
  
6.59
%
  
7.02
%
  
6.66
%
Tier I capital to average assets (leverage)
    
8.25
   
8.37
   
9.21
   
9.24
   
9.13
 
Tier I capital to risk-adjusted assets
    
9.81
   
10.51
   
11.07
   
11.43
   
10.92
 
Total capital to risk-adjusted assets
    
11.06
   
11.76
   
13.72
   
14.21
   
13.72
 
Number of banking offices
    
17
   
16
   
15
   
15
   
15
 
Number of ATMs
    
20
   
19
   
18
   
18
   
18
 
Number of employees
    
201
   
197
   
195
   
179
   
185
 
 
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