Exhibit 99.1
Unity Bancorp Reports 35% Increase In Third Quarter Earnings
CLINTON, N.J., Oct. 16 /PRNewswire-FirstCall/ — Unity Bancorp, Inc. (Nasdaq: UNTY), parent company of Unity Bank, reported net income of $1.3 million, or $0.23 per diluted share, for the quarter ended September 30, 2003, a 35.3% increase compared to $1.0 million, or $0.16 per diluted share, in the prior year’s comparable quarter. Return on average assets and average common equity for the third quarter of 2003, were 1.14% and 17.70%, respectively.
For the nine months ended September 30, 2003, net income was $3.7 million, or $0.65 per diluted share, a 35.9% increase from the $2.7 million, or $0.46 per diluted share for the same period a year ago. Return on average assets and average common equity for the nine-month period ended September 30, 2003, were 1.11% and 17.37%, respectively, as compared to 0.90% and 13.55%, respectively, from the prior year period.
“This is our fifteenth consecutive quarter of improved operating results and I am optimistic about continuing these favorable trends,” said Unity President and Chief Executive Officer, Anthony J. Feraro. “We continue to capitalize on opportunities in our markets, enabling us to strengthen our customer base and grow our earnings.”
Net interest income was $4.5 million for the third quarter of 2003, compared to $4.1 million in the comparable quarter a year ago. Net interest margin was 4.18% for the third quarter of 2003 compared to 4.15% a year ago. The Company’s net interest margin improved from a year ago primarily due to the lower cost of funds, however, it is down from the 4.39% net interest margin in the second quarter of 2003 due to pay downs of higher yielding assets being reinvested in a lower rate environment.
The provision for loan losses for the third quarter of 2003 was $375 thousand, unchanged from the same period last year. The provision for loan losses for the nine months ended September 30, 2003, was $1.2 million compared to $2.0 million from the prior year period. The decline in the year-to-date provision is due to the lower level of charge offs. Net loan charge-offs for the nine months ended September 30, 2003 were $359 thousand, compared to $1.3 million in the prior year period.
Total non-interest income for the third quarter of 2003 was $2.1 million, a 31.0% increase compared to the same period last year. The increase is due to higher levels of servicing income, referral fees and gains on SBA loan sales. Gains on sales of SBA loans amounted to $0.8 million for the third quarter, compared to $0.7 million for the same period last year. Service charges on deposits increased 7.1% over the prior year as a result of increased fees and a larger deposit base. Service and loan fees increased 58.1% from the prior year quarter due to increased levels of serviced loans, referral fees and prepayment penalties. Other income for the third quarter increased to $0.3 million, a 151.2% increase from the prior year’s comparable
quarter primarily due to increased title insurance revenue.
Total non-interest expenses for the third quarter of 2003 were $4.2 million, an increase of 8.8% from the prior year’s comparable quarter. The increase from the prior year’s quarter was primarily due to increased compensation and benefit costs associated with merit increases and an increased head count. Loan collection expenses increased 116.3% from the prior year’s comparable quarter to $225 thousand in an effort to reduce non-performing assets. In addition, the Company has increased its advertising costs 58.8% to $162 thousand over the prior year comparable quarter in an effort to continue to expand market share.
Total assets at September 30, 2003 were $451 million, a 6.3% increase from a year ago. The increase in assets from the prior year was primarily due to growth in the Company’s loan portfolio. Total loans at September 30, 2003 were $321.6 million, a 5.9% increase from a year ago. The growth in the loan portfolio occurred primarily in commercial loans, which totaled $176.6 million at September 30, 2003, an increase of 14.4% from a year ago. SBA loans held for investment were $47.9 million at September 30, 2003, an 8.9% increase from a year ago. SBA loans held for sale were $10.6 million at September 30, 2003, a 24.8% decrease from the prior year due to loan sales. Due to continued significant prepayments, residential mortgage loans declined 19.0% from the prior year’s quarter and totaled $52.0 million at September 30, 2003. At September 30, 2003, consumer loans increased 28.1% from the prior year’s comparable quarter to $34.5 million, primarily due to the growth in the Company’s home equity loan portfolio.
Total deposits at September 30, 2003 were $399.5 million, a 6.8% increase from the prior year. This increase was primarily the result of growth in “Opportunity Checking,” Unity’s premier interest-bearing checking product. Non-interest bearing accounts totaled $87.8 million at September 30, 2003, up 22.8% from a year ago.
“Our loan production for the third quarter was strong, however the commercial and SBA loan portfolios were impacted this quarter by the unusually large number of payoffs,” said Mr. Feraro. “Our loan pipeline continues to be robust and we are hopeful that we will continue to grow the balance sheet next quarter.”
At September 30, 2003, the allowance for loan losses was 1.54% of total loans, compared to 1.25% a year ago. Non-performing assets at September 30, 2003 were $4.3 million, compared to $3.2 million a year ago. Included in non-performing assets this quarter is a $1.3 million commercial mortgage that is well collateralized, however, the borrower has defaulted due to cash flow problems. Included in non-performing assets at September 30, 2003, are approximately $1.2 million of loans that are guaranteed by the Small Business Administration.
Total shareholders’ equity was $29.6 million at September 30, 2003, a 10.9% increase from the prior year. The increase in equity over the prior year was due to retained profits and the exercise of common stock warrants, somewhat offset by the buyback of common stock, cash dividends and accumulated unrealized comprehensive loss.
As of September 30, 2003, Unity Bank’s tier 1 leverage ratio was 6.97%, tier 1 risk-based capital ratio was 9.27%, and total risk-based capital ratio was 12.29%. As of September 30, 2003, Unity Bancorp Inc.’s tier 1 leverage ratio was 8.50%, tier 1 risk-based capital ratio was 11.39%, and total risk-based capital ratio was 12.64%. All regulatory capital ratios exceed the well-capitalized federal capital adequacy requirements as of September 30, 2003.
2
Unity Bancorp, Inc. is a financial service organization headquartered in Clinton, New Jersey, with $451 million in assets and $399 million in deposits. Unity Bank provides financial services to retail, corporate & small business customers through its’ 12 retail service centers located in Hunterdon, Middlesex, Somerset and Union counties in New Jersey. 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.
Unity Bancorp, Inc
Consolidated Financial Highlights
(Dollars in thousands, except per share data)
|
| Sep. 30, |
| Jun. 30, |
| Sep. 30, |
| |||
BALANCE SHEET DATA: |
|
|
|
|
|
|
| |||
Assets |
| $ | 450,509 |
| $ | 448,770 |
| $ | 423,990 |
|
Deposits |
| 399,451 |
| 397,098 |
| 374,094 |
| |||
Loans |
| 321,629 |
| 325,221 |
| 303,578 |
| |||
Securities |
| 84,023 |
| 79,784 |
| 76,448 |
| |||
Shareholders’ equity |
| 29,564 |
| 29,238 |
| 26,670 |
| |||
Allowance for loan losses |
| 4,960 |
| 4,649 |
| 3,786 |
| |||
|
|
|
|
|
|
|
| |||
FINANCIAL DATA — QUARTER TO DATE: |
|
|
|
|
|
|
| |||
Net income before taxes |
| $ | 2,049 |
| $ | 1,918 |
| $ | 1,499 |
|
Federal and state income tax provision |
| 747 |
| 703 |
| 537 |
| |||
Net income |
| 1,302 |
| 1,215 |
| 962 |
| |||
Preferred stock dividends |
| 0 |
| 0 |
| 8 |
| |||
Net income available to common shareholders |
| 1,302 |
| 1,215 |
| 954 |
| |||
Per share-basic |
| 0.24 |
| 0.23 |
| 0.17 |
| |||
Per share-diluted |
| 0.23 |
| 0.22 |
| 0.16 |
| |||
Return on average assets |
| 1.14 | % | 1.11 | % | 0.92 | % | |||
Return on average common equity |
| 17.70 |
| 17.14 |
| 13.53 |
| |||
Efficiency ratio |
| 62.98 |
| 64.81 |
| 67.15 |
| |||
|
|
|
|
|
|
|
| |||
FINANCIAL DATA — YEAR TO DATE: |
|
|
|
|
|
|
| |||
Net income before taxes |
| $ | 5,820 |
| — |
| $ | 4,198 |
| |
Federal and state income tax provision |
| 2,151 |
| — |
| 1,498 |
| |||
Net income |
| 3,669 |
| — |
| 2,700 |
| |||
Preferred stock dividends |
| 0 |
| — |
| 23 |
| |||
Net income available to common shareholders |
| 3,669 |
| — |
| 2,677 |
| |||
|
|
|
|
|
|
|
| |||
Per share-basic |
| 0.68 |
| — |
| 0.49 |
| |||
Per share-diluted |
| 0.65 |
| — |
| 0.46 |
| |||
|
|
|
|
|
|
|
| |||
Return on average assets |
| 1.11 | % | — |
| 0.90 | % | |||
Return on average common equity |
| 17.37 |
| — |
| 13.55 |
| |||
Efficiency ratio |
| 64.15 |
| — |
| 65.78 |
| |||
|
|
|
|
|
|
|
| |||
SHARE INFORMATION: |
|
|
|
|
|
|
| |||
Closing price per share |
| $ | 11.20 |
| $ | 10.20 |
| $ | 6.19 |
|
Book value per share |
| 5.48 |
| 5.42 |
| 4.93 |
| |||
Average diluted shares outstanding (QTD) |
| 5,661 |
| 5,610 |
| 5,946 |
| |||
|
|
|
|
|
|
|
| |||
CAPITAL RATIOS: |
|
|
|
|
|
|
| |||
Total equity to total assets |
| 6.56 | % | 6.52 | % | 6.29 | % | |||
Tier I capital to average assets (leverage) |
| 8.50 |
| 8.61 |
| 8.45 |
| |||
Tier I capital to risk-adjusted assets |
| 11.39 |
| 10.88 |
| 11.47 |
| |||
Total risk-based capital |
| 12.64 |
| 12.13 |
| 12.79 |
| |||
|
|
|
|
|
|
|
| |||
CREDIT QUALITY AND RATIOS: |
|
|
|
|
|
|
| |||
Nonperforming assets |
| $ | 4,250 |
| $ | 3,547 |
| $ | 3,205 |
|
Net charge offs to average loans (QTD) |
| 0.08 | % | 0.17 | % | 0.20 | % | |||
Allowance for loan losses to total loans |
| 1.54 |
| 1.43 |
| 1.25 |
| |||
Nonperforming assets to total loans and OREO |
| 1.32 |
| 1.09 |
| 1.06 |
| |||
N/M = Not meaningful
3
Unity Bancorp, Inc.
Consolidated Balance Sheets
(In thousands)
|
| Sep. 30, |
| Jun. 30, |
| Sep. 30, |
| |||
ASSETS |
|
|
|
|
|
|
| |||
Cash and due from banks |
| $ | 13,478 |
| $ | 14,907 |
| $ | 14,686 |
|
Federal funds sold and interest bearing deposits |
| 22,472 |
| 19,000 |
| 20,000 |
| |||
Securities: |
|
|
|
|
|
|
| |||
Available for sale |
| 68,390 |
| 58,731 |
| 51,230 |
| |||
Held to maturity |
| 15,633 |
| 21,053 |
| 25,218 |
| |||
Total securities |
| 84,023 |
| 79,784 |
| 76,448 |
| |||
Loans: |
|
|
|
|
|
|
| |||
SBA — Held for sale |
| 10,626 |
| 12,176 |
| 14,124 |
| |||
SBA — Held to Maturity |
| 47,907 |
| 51,319 |
| 43,989 |
| |||
Commercial |
| 176,567 |
| 182,113 |
| 154,321 |
| |||
Residential mortgage |
| 51,994 |
| 47,198 |
| 64,189 |
| |||
Consumer |
| 34,535 |
| 32,415 |
| 26,955 |
| |||
Total loans |
| 321,629 |
| 325,221 |
| 303,578 |
| |||
Less: Allowance for loan losses |
| 4,960 |
| 4,649 |
| 3,786 |
| |||
Net loans |
| 316,669 |
| 320,572 |
| 299,792 |
| |||
Premises and equipment, net |
| 7,280 |
| 8,475 |
| 8,772 |
| |||
Accrued interest receivable |
| 2,199 |
| 2,397 |
| 2,368 |
| |||
Other assets |
| 4,388 |
| 3,635 |
| 1,924 |
| |||
Total Assets |
| $ | 450,509 |
| $ | 448,770 |
| $ | 423,990 |
|
|
|
|
|
|
|
|
| |||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
| |||
Deposits: |
|
|
|
|
|
|
| |||
Noninterest-bearing demand deposits |
| $ | 87,797 |
| $ | 90,593 |
| $ | 71,496 |
|
Interest-bearing deposits: |
|
|
|
|
|
|
| |||
Interest bearing checking |
| 182,018 |
| 183,068 |
| 165,017 |
| |||
Savings |
| 38,037 |
| 36,452 |
| 36,545 |
| |||
Time, under $100,000 |
| 66,660 |
| 66,389 |
| 76,887 |
| |||
Time, $100,000 and over |
| 24,939 |
| 20,596 |
| 24,149 |
| |||
Total deposits |
| 399,451 |
| 397,098 |
| 374,094 |
| |||
Other debt |
| 11,512 |
| 12,717 |
| 12,787 |
| |||
Trust Preferred Securities |
| 9,000 |
| 9,000 |
| 9,000 |
| |||
Accrued interest payable |
| 190 |
| 200 |
| 294 |
| |||
Accrued expenses and other liabilities |
| 792 |
| 517 |
| 1,145 |
| |||
Total liabilities |
| 420,945 |
| 419,532 |
| 397,320 |
| |||
Commitments and Contingencies |
| — |
| — |
| — |
| |||
|
|
|
|
|
|
|
| |||
Shareholders’ equity: |
|
|
|
|
|
|
| |||
Preferred stock, class A, 10%, cumulative and convertible 104 thousand shares authorized, 6 thousand issued and outstanding at September 30, 2002 |
| — |
| — |
| 285 |
| |||
Common stock, no par value, 12,500 shares authorized |
| 31,852 |
| 31,827 |
| 32,159 |
| |||
Retained deficit |
| (1,497 | ) | (2,639 | ) | (6,015 | ) | |||
Accumulated other comprehensive (loss) gain, net of tax |
| (791 | ) | 50 |
| 241 |
| |||
Total shareholders’ equity |
| 29,564 |
| 29,238 |
| 26,670 |
| |||
Total Liabilities and Shareholders’ Equity |
| $ | 450,509 |
| $ | 448,770 |
| $ | 423,990 |
|
|
|
|
|
|
|
|
| |||
COMMON SHARES AT PERIOD END: |
|
|
|
|
|
|
| |||
Issued |
| 5,399 |
| 5,393 |
| 5,349 |
| |||
Outstanding |
| 5,399 |
| 5,393 |
| 5,349 |
| |||
Treasury |
| — |
| — |
| — |
| |||
4
Unity Bancorp Inc.
Consolidated Statements of Income
(In thousands, except per share data)
FOR THE THREE MONTHS ENDED: |
| Sep. 30, |
| Jun. 30, |
| Sep. 30, |
| |||
INTEREST INCOME |
|
|
|
|
|
|
| |||
Fed funds sold and interest on deposits |
| $ | 49 |
| $ | 41 |
| $ | 69 |
|
Securities: |
|
|
|
|
|
|
| |||
Available for sale |
| 517 |
| 559 |
| 564 |
| |||
Held to maturity |
| 226 |
| 282 |
| 362 |
| |||
Total securities |
| 743 |
| 841 |
| 926 |
| |||
Loans: |
|
|
|
|
|
|
| |||
SBA |
| 1,089 |
| 1,019 |
| 922 |
| |||
Commercial |
| 3,080 |
| 3,233 |
| 2,862 |
| |||
Residential mortgage |
| 741 |
| 763 |
| 1,054 |
| |||
Consumer |
| 437 |
| 393 |
| 394 |
| |||
Total loan interest income |
| 5,347 |
| 5,408 |
| 5,232 |
| |||
Total interest income |
| 6,139 |
| 6,290 |
| 6,227 |
| |||
INTEREST EXPENSE |
|
|
|
|
|
|
| |||
Interest bearing demand deposits |
| 607 |
| 683 |
| 760 |
| |||
Savings deposits |
| 108 |
| 102 |
| 199 |
| |||
Time deposits |
| 662 |
| 667 |
| 986 |
| |||
Other debt and Trust Preferred Securities |
| 296 |
| 307 |
| 200 |
| |||
Total interest expense |
| 1,673 |
| 1,759 |
| 2,145 |
| |||
Net interest income |
| 4,466 |
| 4,531 |
| 4,082 |
| |||
Provision for loan losses |
| 375 |
| 400 |
| 375 |
| |||
Net interest income after provision for loan losses |
| 4,091 |
| 4,131 |
| 3,707 |
| |||
NONINTEREST INCOME |
|
|
|
|
|
|
| |||
Service charges on deposit accounts |
| 436 |
| 523 |
| 407 |
| |||
Service and loan fee income |
| 574 |
| 484 |
| 363 |
| |||
Gain on SBA loan sales |
| 831 |
| 687 |
| 729 |
| |||
Net securities (loss) gains |
| (25 | ) | 45 |
| — |
| |||
Other income |
| 309 |
| 249 |
| 123 |
| |||
Total noninterest income |
| 2,125 |
| 1,988 |
| 1,622 |
| |||
NONINTEREST EXPENSES |
|
|
|
|
|
|
| |||
Compensation and benefits |
| 2,135 |
| 1,952 |
| 1,867 |
| |||
Processing and communications |
| 516 |
| 548 |
| 564 |
| |||
Occupancy, net |
| 436 |
| 460 |
| 422 |
| |||
Furniture and equipment |
| 257 |
| 278 |
| 271 |
| |||
Professional services |
| 217 |
| 195 |
| 204 |
| |||
Loan servicing costs |
| 225 |
| 166 |
| 104 |
| |||
Advertising |
| 162 |
| 144 |
| 102 |
| |||
Deposit insurance |
| 16 |
| 15 |
| 42 |
| |||
Other |
| 203 |
| 443 |
| 254 |
| |||
Total noninterest expenses |
| 4,167 |
| 4,201 |
| 3,830 |
| |||
Income before taxes |
| 2,049 |
| 1,918 |
| 1,499 |
| |||
Federal and state income tax provision |
| 747 |
| 703 |
| 537 |
| |||
Net Income |
| $ | 1,302 |
| $ | 1,215 |
| $ | 962 |
|
Preferred stock dividends |
| — |
| — |
| 8 |
| |||
Net income to common stockholders |
| $ | 1,302 |
| $ | 1,215 |
| $ | 954 |
|
|
|
|
|
|
|
|
| |||
Net Income Per Common Share-Basic |
| $ | 0.24 |
| $ | 0.23 |
| $ | 0.17 |
|
Net Income Per Common Share-Diluted |
| $ | 0.23 |
| $ | 0.22 |
| $ | 0.16 |
|
|
|
|
|
|
|
|
| |||
AVERAGE COMMON SHARES OUTSTANDING: |
|
|
|
|
|
|
| |||
Basic |
| 5,398 |
| 5,393 |
| 5,652 |
| |||
Diluted |
| 5,661 |
| 5,610 |
| 5,946 |
| |||
5
Unity Bancorp, Inc.
Consolidated Statements of Income
(Dollars in thousands, except per share data)
YEAR TO DATE |
| Sep. 30, |
| Sep. 30, |
| ||
INTEREST INCOME |
|
|
|
|
| ||
Fed funds sold and interest on deposits |
| $ | 106 |
| $ | 130 |
|
Securities: |
|
|
|
|
| ||
Available for sale |
| 1,621 |
| 2,084 |
| ||
Held to maturity |
| 815 |
| 1,083 |
| ||
Total securities |
| 2,436 |
| 3,167 |
| ||
Loans: |
|
|
|
|
| ||
SBA |
| 3,120 |
| 2,706 |
| ||
Commercial |
| 9,362 |
| 7,761 |
| ||
Residential mortgage |
| 2,381 |
| 3,166 |
| ||
Consumer |
| 1,214 |
| 1,172 |
| ||
Total loan interest income |
| 16,077 |
| 14,805 |
| ||
Total interest income |
| 18,619 |
| 18,102 |
| ||
INTEREST EXPENSE |
|
|
|
|
| ||
Interest bearing demand deposits |
| 2,078 |
| 2,007 |
| ||
Savings deposits |
| 316 |
| 554 |
| ||
Time deposits |
| 2,073 |
| 3,293 |
| ||
Other debt and Trust Preferred Securities |
| 904 |
| 593 |
| ||
Total interest expense |
| 5,371 |
| 6,447 |
| ||
Net interest income |
| 13,248 |
| 11,655 |
| ||
Provision for loan losses |
| 1,225 |
| 1,950 |
| ||
Net interest income after provision for loan losses |
| 12,023 |
| 9,705 |
| ||
NONINTEREST INCOME |
|
|
|
|
| ||
Service charges on deposit accounts |
| 1,529 |
| 1,116 |
| ||
Service and loan fee income |
| 1,479 |
| 1,082 |
| ||
Gain on SBA loan sales |
| 2,337 |
| 2,614 |
| ||
Net securities gains |
| 103 |
| 228 |
| ||
Other income |
| 772 |
| 835 |
| ||
Total noninterest income |
| 6,220 |
| 5,875 |
| ||
NONINTEREST EXPENSES |
|
|
|
|
| ||
Compensation and benefits |
| 5,997 |
| 5,605 |
| ||
Processing and communications |
| 1,638 |
| 1,636 |
| ||
Occupancy, net |
| 1,374 |
| 1,228 |
| ||
Furniture and equipment |
| 776 |
| 820 |
| ||
Professional services |
| 664 |
| 515 |
| ||
Loan servicing costs |
| 511 |
| 306 |
| ||
Advertising |
| 437 |
| 344 |
| ||
Deposit insurance |
| 47 |
| 119 |
| ||
Other |
| 979 |
| 809 |
| ||
Total noninterest expenses |
| 12,423 |
| 11,382 |
| ||
Income before taxes |
| 5,820 |
| 4,198 |
| ||
Federal and state income taxes |
| 2,151 |
| 1,498 |
| ||
Net Income |
| $ | 3,669 |
| $ | 2,700 |
|
Preferred stock dividends |
| — |
| 23 |
| ||
Net income to common stockholders |
| $ | 3,669 |
| $ | 2,677 |
|
|
|
|
|
|
| ||
Net Income Per Common Share-Basic |
| $ | 0.68 |
| $ | 0.49 |
|
Net Income Per Common Share-Diluted |
| $ | 0.65 |
| $ | 0.46 |
|
|
|
|
|
|
| ||
Average common shares outstanding: |
|
|
|
|
| ||
Basic |
| 5,395 |
| 5,507 |
| ||
Diluted |
| 5,647 |
| 5,868 |
| ||
6
Unity Bancorp, Inc.
Consolidated Average Balance Sheets
with Resultant Interest and Rates
(Tax-equivalent basis, dollars in thousands)
|
| Three Months Ended |
| ||||||||||||||
|
| September 30, 2003 |
| June 30, 2003 |
| ||||||||||||
|
| Balance |
| Interest |
| Rate |
| Balance |
| Interest |
| Rate |
| ||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Federal funds sold and Interest-bearing deposits with banks |
| $ | 17,241 |
| $ | 49 |
| 1.13 | % | $ | 11,058 |
| $ | 41 |
| 1.49 | % |
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Available for sale |
| 67,120 |
| 541 |
| 3.22 |
| 56,557 |
| 567 |
| 4.01 |
| ||||
Held to maturity |
| 16,461 |
| 226 |
| 5.49 |
| 22,865 |
| 282 |
| 4.93 |
| ||||
Total securities |
| 83,581 |
| 767 |
| 3.67 |
| 79,422 |
| 849 |
| 4.28 |
| ||||
Loans, net of unearned discount: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
SBA |
| 64,364 |
| 1,089 |
| 6.77 |
| 65,950 |
| 1,019 |
| 6.18 |
| ||||
Commercial |
| 177,538 |
| 3,080 |
| 6.88 |
| 176,984 |
| 3,233 |
| 7.33 |
| ||||
Residential mortgage |
| 51,545 |
| 741 |
| 5.75 |
| 50,050 |
| 763 |
| 6.10 |
| ||||
Consumer |
| 35,136 |
| 437 |
| 4.93 |
| 30,198 |
| 393 |
| 5.22 |
| ||||
Total loans |
| 328,583 |
| 5,347 |
| 6.47 |
| 323,182 |
| 5,408 |
| 6.71 |
| ||||
Total interest-earning assets |
| 429,405 |
| 6,163 |
| 5.71 |
| 413,662 |
| 6,298 |
| 6.10 |
| ||||
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Cash and due from banks |
| 17,102 |
|
|
|
|
| 14,964 |
|
|
|
|
| ||||
Allowance for loan losses |
| (4,999 | ) |
|
|
|
| (4,591 | ) |
|
|
|
| ||||
Other assets |
| 13,120 |
|
|
|
|
| 14,216 |
|
|
|
|
| ||||
Total noninterest - earning assets |
| 25,223 |
|
|
|
|
| 24,589 |
|
|
|
|
| ||||
Total Assets |
| $ | 454,628 |
|
|
|
|
| $ | 438,251 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-bearing demand deposits |
| $ | 185,316 |
| 607 |
| 1.30 |
| $ | 184,592 |
| 683 |
| 1.48 |
| ||
Savings deposits |
| 39,827 |
| 108 |
| 1.08 |
| 36,001 |
| 102 |
| 1.14 |
| ||||
Time deposits |
| 91,444 |
| 662 |
| 2.87 |
| 89,898 |
| 667 |
| 2.98 |
| ||||
Total interest-bearing deposits |
| 316,587 |
| 1,377 |
| 1.73 |
| 310,491 |
| 1,452 |
| 1.88 |
| ||||
Other debt and Trust Preferred |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Securities |
| 21,457 |
| 296 |
| 5.47 |
| 21,902 |
| 307 |
| 5.62 |
| ||||
Total interest-bearing liabilities |
| 338,044 |
| 1,673 |
| 1.96 |
| 332,393 |
| 1,759 |
| 2.12 |
| ||||
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Demand deposits |
| 86,895 |
|
|
|
|
| 76,168 |
|
|
|
|
| ||||
Other liabilities |
| 505 |
|
|
|
|
| 1,265 |
|
|
|
|
| ||||
Total noninterest - bearing liabilities |
| 87,400 |
|
|
|
|
| 77,433 |
|
|
|
|
| ||||
Shareholders’ equity |
| 29,184 |
|
|
|
|
| 28,425 |
|
|
|
|
| ||||
Total Liabilities and Shareholders’ Equity |
| $ | 454,628 |
|
|
|
|
| $ | 438,251 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net interest spread |
|
|
| 4,490 |
| 3.75 | % |
|
| 4,539 |
| 3.98 | % | ||||
Tax-equivalent basis adjustment |
|
|
| (24 | ) |
|
|
|
| (8 | ) |
|
| ||||
Net interest income |
|
|
| $ | 4,466 |
|
|
|
|
| $ | 4,531 |
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net interest margin |
|
|
|
|
| 4.18 | % |
|
|
|
| 4.39 | % | ||||
7
Unity Bancorp, Inc.
Consolidated Average Balance
Sheets with Resultant Interest and Rates
(Tax-equivalent basis, dollars in thousands)
|
| Three Months Ended |
| ||||||||||||||
|
| September 30, 2003 |
| September 30, 2003 |
| ||||||||||||
|
| Balance |
| Interest |
| Rate |
| Balance |
| Interest |
| Rate |
| ||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Federal funds sold and Interest-bearing deposits with banks |
| $ | 17,241 |
| $ | 49 |
| 1.13 | % | $ | 17,003 |
| $ | 69 |
| 1.61 | % |
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Available for sale |
| 67,120 |
| 541 |
| 3.22 |
| 50,131 |
| 564 |
| 4.50 |
| ||||
Held to maturity |
| 16,461 |
| 226 |
| 5.49 |
| 23,570 |
| 362 |
| 6.14 |
| ||||
Total securities |
| 83,581 |
| 767 |
| 3.67 |
| 73,701 |
| 926 |
| 5.03 |
| ||||
Loans, net of unearned discount: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
SBA |
| 64,364 |
| 1,089 |
| 6.77 |
| 57,908 |
| 922 |
| 6.37 |
| ||||
Commercial |
| 177,538 |
| 3,080 |
| 6.88 |
| 151,342 |
| 2,862 |
| 7.50 |
| ||||
Residential mortgage |
| 51,545 |
| 741 |
| 5.75 |
| 67,319 |
| 1,054 |
| 6.26 |
| ||||
Consumer |
| 35,136 |
| 437 |
| 4.93 |
| 26,644 |
| 394 |
| 5.87 |
| ||||
Total loans |
| 328,583 |
| 5,347 |
| 6.47 |
| 303,213 |
| 5,232 |
| 6.87 |
| ||||
Total interest-earning assets |
| 429,405 |
| 6,163 |
| 5.71 |
| 393,917 |
| 6,227 |
| 6.30 |
| ||||
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Cash and due from banks |
| 17,102 |
|
|
|
|
| 12,408 |
|
|
|
|
| ||||
Allowance for loan losses |
| (4,999 | ) |
|
|
|
| (3,805 | ) |
|
|
|
| ||||
Other assets |
| 13,120 |
|
|
|
|
| 12,166 |
|
|
|
|
| ||||
Total noninterest - earning assets |
| 25,223 |
|
|
|
|
| 20,769 |
|
|
|
|
| ||||
Total Assets |
| $ | 454,628 |
|
|
|
|
| $ | 414,686 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-bearing demand deposits |
| $ | 185,316 |
| 607 |
| 1.30 |
| $ | 163,065 |
| 760 |
| 1.85 |
| ||
Savings deposits |
| 39,827 |
| 108 |
| 1.08 |
| 35,894 |
| 199 |
| 2.20 |
| ||||
Time deposits |
| 91,444 |
| 662 |
| 2.87 |
| 106,054 |
| 986 |
| 3.69 |
| ||||
Total interest-bearing deposits |
| 316,587 |
| 1,377 |
| 1.73 |
| 305,013 |
| 1,945 |
| 2.53 |
| ||||
Other debt and Trust Preferred Securities |
| 21,457 |
| 296 |
| 5.47 |
| 13,315 |
| 200 |
| 5.96 |
| ||||
Total interest-bearing liabilities |
| 338,044 |
| 1,673 |
| 1.96 |
| 318,328 |
| 2,145 |
| 2.67 |
| ||||
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Demand deposits |
| 86,895 |
|
|
|
|
| 65,866 |
|
|
|
|
| ||||
Other liabilities |
| 505 |
|
|
|
|
| 2,233 |
|
|
|
|
| ||||
Total noninterest - bearing liabilities |
| 87,400 |
|
|
|
|
| 68,099 |
|
|
|
|
| ||||
Shareholders’ equity |
| 29,184 |
|
|
|
|
| 28,259 |
|
|
|
|
| ||||
Total Liabilities and Shareholders’ Equity |
| $ | 454,628 |
|
|
|
|
| $ | 414,686 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net interest spread |
|
|
| 4,490 |
| 3.75 | % |
|
| 4,082 |
| 3.63 | % | ||||
Tax-equivalent basis adjustment |
|
|
| (24 | ) |
|
|
|
| — |
|
|
| ||||
Net interest income |
|
|
| $ | 4,466 |
|
|
|
|
| $ | 4,082 |
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net interest margin |
|
|
|
|
| 4.18 | % |
|
|
|
| 4.15 | % | ||||
8
Unity Bancorp, Inc.
Consolidated Average Balance Sheets
with Resultant Interest and Rates
(Tax-equivalent basis, dollars in thousands)
|
| Year to Date |
| ||||||||||||||
|
| September 30, 2003 |
| September 30, 2003 |
| ||||||||||||
|
| Balance |
| Interest |
| Rate |
| Balance |
| Interest |
| Rate |
| ||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Federal funds sold Interest-bearing deposits with banks |
| $ | 11,573 |
| $ | 106 |
| 1.22 | % | 10,877 |
| 130 |
| 1.60 | % | ||
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Available for sale |
| 59,178 |
| 1,653 |
| 3.72 |
| 53,210 |
| 2,084 |
| 5.22 |
| ||||
Held to maturity |
| 21,679 |
| 815 |
| 5.01 |
| 22,994 |
| 1,083 |
| 6.28 |
| ||||
Total securities |
| 80,857 |
| 2,468 |
| 4.07 |
| 76,204 |
| 3,167 |
| 5.54 |
| ||||
Loans, net of unearned discount: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
SBA |
| 66,304 |
| 3,120 |
| 6.27 |
| 55,565 |
| 2,706 |
| 6.49 |
| ||||
Commercial |
| 174,056 |
| 9,362 |
| 7.19 |
| 139,868 |
| 7,761 |
| 7.42 |
| ||||
Residential mortgage |
| 52,358 |
| 2,381 |
| 6.06 |
| 69,898 |
| 3,166 |
| 6.04 |
| ||||
Consumer |
| 31,313 |
| 1,214 |
| 5.18 |
| 26,473 |
| 1,172 |
| 5.92 |
| ||||
Total loans |
| 324,031 |
| 16,077 |
| 6.62 |
| 291,804 |
| 14,805 |
| 6.78 |
| ||||
Total interest - earning assets |
| 416,461 |
| 18,651 |
| 5.97 |
| 378,885 |
| 18,102 |
| 6.38 |
| ||||
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Cash and due from banks |
| 15,705 |
|
|
|
|
| 13,051 |
|
|
|
|
| ||||
Allowance for loan losses |
| (4,645 | ) |
|
|
|
| (3,557 | ) |
|
|
|
| ||||
Other assets |
| 13,462 |
|
|
|
|
| 12,117 |
|
|
|
|
| ||||
Total noninterest - earning assets |
| 24,522 |
|
|
|
|
| 21,611 |
|
|
|
|
| ||||
Total Assets |
| $ | 440,983 |
|
|
|
|
| $ | 400,496 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-bearing demand deposits |
| $ | 182,877 |
| 2,078 |
| 1.52 |
| $ | 144,160 |
| 2,007 |
| 1.86 |
| ||
Savings deposits |
| 36,870 |
| 316 |
| 1.15 |
| 33,494 |
| 554 |
| 2.21 |
| ||||
Time deposits |
| 91,633 |
| 2,073 |
| 3.02 |
| 116,996 |
| 3,293 |
| 3.76 |
| ||||
Total interest - bearing deposits |
| 311,380 |
| 4,467 |
| 1.92 |
| 294,650 |
| 5,854 |
| 2.66 |
| ||||
Other debt and Trust Preferred Securities |
| 21,754 |
| 904 |
| 5.56 |
| 13,591 |
| 593 |
| 5.83 |
| ||||
Total interest - bearing liabilities |
| 333,134 |
| 5,371 |
| 2.16 |
| 308,241 |
| 6,447 |
| 2.80 |
| ||||
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Demand deposits |
| 78,703 |
|
|
|
|
| 63,651 |
|
|
|
|
| ||||
Other liabilities |
| 897 |
|
|
|
|
| 1,899 |
|
|
|
|
| ||||
Total noninterest - bearing liabilities |
| 79,600 |
|
|
|
|
| 65,550 |
|
|
|
|
| ||||
Shareholders’ equity |
| 28,249 |
|
|
|
|
| 26,705 |
|
|
|
|
| ||||
Total Liabilities and Shareholders’ Equity |
| $ | 440,983 |
|
|
|
|
| $ | 400,496 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net interest spread |
|
|
| 13,280 |
| 3.81 | % |
|
| 11,655 |
| 3.58 | % | ||||
Tax-equivalent basis adjustment |
|
|
| (32 | ) |
|
|
|
| — |
|
|
| ||||
Net interest income |
|
|
| $ | 13,248 |
|
|
|
|
| $ | 11,655 |
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net interest margin |
|
|
|
|
| 4.25 | % |
|
|
|
| 4.10 | % | ||||
9
Unity Bancorp, Inc.
Allowance for Loan Losses and Loan Quality Schedules
(Dollars in thousands)
|
| 9/30/ |
| 6/30/ |
| 3/31/ |
| 12/31/ |
| 9/30/ |
| |||||
ALLOWANCE FOR LOAN LOSSES: |
|
|
|
|
|
|
|
|
|
|
| |||||
Balance, beginning |
| $ | 4,649 |
| $ | 4,382 |
| $ | 4,094 |
| $ | 3,786 |
| $ | 3,563 |
|
Provision charged to expense |
| 375 |
| 400 |
| 450 |
| 400 |
| 375 |
| |||||
|
| 5,024 |
| 4,782 |
| 4,544 |
| 4,186 |
| 3,938 |
| |||||
Less: Charge offs |
|
|
|
|
|
|
|
|
|
|
| |||||
SBA |
| 112 |
| 129 |
| 60 |
| 66 |
| 188 |
| |||||
Commercial |
| 55 |
| 30 |
| 144 |
| — |
| 2 |
| |||||
Residential mortgage |
| — |
| — |
| — |
| 15 |
| — |
| |||||
Consumer |
| 42 |
| 8 |
| 31 |
| 58 |
| 8 |
| |||||
Total Charge Offs |
| 209 |
| 167 |
| 235 |
| 139 |
| 198 |
| |||||
Add: Recoveries |
|
|
|
|
|
|
|
|
|
|
| |||||
SBA |
| 40 |
| 28 |
| 4 |
| 1 |
| 2 |
| |||||
Commercial |
| 101 |
| — |
| 50 |
| 43 |
| 35 |
| |||||
Residential mortgage |
| — |
| — |
| — |
| — |
| — |
| |||||
Consumer |
| 4 |
| 6 |
| 19 |
| 3 |
| 9 |
| |||||
Total Recoveries |
| 145 |
| 34 |
| 73 |
| 47 |
| 46 |
| |||||
Net Charge Offs |
| 64 |
| 133 |
| 162 |
| 92 |
| 152 |
| |||||
Balance, ending |
| $ | 4,960 |
| $ | 4,649 |
| $ | 4,382 |
| $ | 4,094 |
| $ | 3,786 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
LOAN QUALITY INFORMATION: |
|
|
|
|
|
|
|
|
|
|
| |||||
Nonperforming loans |
| $ | 3,854 |
| $ | 3,310 |
| $ | 3,545 |
| $ | 3,557 |
| $ | 2,999 |
|
Other real estate owned, net |
| 396 |
| 237 |
| 258 |
| 196 |
| 206 |
| |||||
Nonperforming assets |
| $ | 4,250 |
| $ | 3,547 |
| $ | 3,803 |
| $ | 3,753 |
| $ | 3,205 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Loans 90 days past due and still accruing |
| $ | 165 |
| $ | 759 |
| $ | 2,130 |
| $ | 365 |
| $ | 775 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Allowance for loan losses to: |
|
|
|
|
|
|
|
|
|
|
| |||||
Total loans at period end |
| 1.54 | % | 1.43 | % | 1.38 | % | 1.31 | % | 1.25 | % | |||||
Nonperforming loans |
| 128.70 |
| 140.45 |
| 123.61 |
| 115.10 |
| 126.24 |
| |||||
Nonperforming assets |
| 116.71 |
| 131.07 |
| 115.22 |
| 109.09 |
| 118.13 |
| |||||
Net charge offs to average loans (QTD) |
| 0.08 |
| 0.17 |
| 0.21 |
| 0.12 |
| 0.20 |
| |||||
Net charge offs to average loans (YTD) |
| 0.15 |
| 0.18 |
| 0.21 |
| 0.48 |
| 0.61 |
| |||||
Nonperforming loans to total loans |
| 1.20 |
| 1.02 |
| 1.11 |
| 1.14 |
| 0.99 |
| |||||
Nonperforming assets to total loans and OREO |
| 1.32 |
| 1.09 |
| 1.19 |
| 1.20 |
| 1.06 |
| |||||
10
Unity Bancorp, Inc.
Quarterly Financial Data
|
| 9/30/ |
| 6/30/ |
| 3/31/ |
| 12/31/ |
| 9/30/ |
| |||||
SUMMARY OF INCOME (in thousands) : |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest income |
| $ | 6,139 |
| $ | 6,290 |
| $ | 6,190 |
| $ | 6,193 |
| $ | 6,227 |
|
Interest expense |
| 1,673 |
| 1,759 |
| 1,939 |
| 2,125 |
| 2,145 |
| |||||
Net interest income |
| 4,466 |
| 4,531 |
| 4,251 |
| 4,068 |
| 4,082 |
| |||||
Provision for loan losses |
| 375 |
| 400 |
| 450 |
| 400 |
| 375 |
| |||||
Net interest income after provision |
| 4,091 |
| 4,131 |
| 3,801 |
| 3,668 |
| 3,707 |
| |||||
Noninterest income |
| 2,125 |
| 1,988 |
| 2,107 |
| 2,116 |
| 1,622 |
| |||||
Noninterest expense |
| 4,167 |
| 4,201 |
| 4,055 |
| 4,162 |
| 3,830 |
| |||||
Income before income taxes |
| 2,049 |
| 1,918 |
| 1,853 |
| 1,622 |
| 1,499 |
| |||||
Federal and state income tax provision |
| 747 |
| 703 |
| 701 |
| 613 |
| 537 |
| |||||
Net Income |
| 1,302 |
| 1,215 |
| 1,152 |
| 1,009 |
| 962 |
| |||||
Preferred dividends |
| — |
| — |
| — |
| — |
| 8 |
| |||||
Net Income |
| $ | 1,302 |
| $ | 1,215 |
| $ | 1,152 |
| $ | 1,009 |
| $ | 954 |
|
Net Income per Common Share: |
|
|
|
|
|
|
|
|
|
|
| |||||
Basic |
| $ | 0.24 |
| $ | 0.23 |
| $ | 0.21 |
| $ | 0.19 |
| $ | 0.17 |
|
Diluted |
| 0.23 |
| 0.22 |
| 0.20 |
| 0.18 |
| 0.16 |
| |||||
COMMON SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
| |||||
Cash dividends declared |
|
|
|
|
|
|
|
|
|
|
| |||||
Book value at quarter end |
| $ | 5.48 |
| $ | 5.42 |
| $ | 5.16 |
| $ | 5.03 |
| $ | 4.93 |
|
Market value at quarter end |
| 11.20 |
| 10.20 |
| 7.99 |
| 7.85 |
| 6.19 |
| |||||
Average common shares outstanding: (000’s) |
|
|
|
|
|
|
|
|
|
|
| |||||
Basic |
| 5,398 |
| 5,393 |
| 5,393 |
| 5,411 |
| 5,652 |
| |||||
Diluted |
| 5,661 |
| 5,610 |
| 5,671 |
| 5,662 |
| 5,946 |
| |||||
Common shares outstanding at period end (000’s) |
| 5,399 |
| 5,393 |
| 5,393 |
| 5,393 |
| 5,349 |
| |||||
OPERATING RATIOS: |
|
|
|
|
|
|
|
|
|
|
| |||||
Return on average assets |
| 1.14 | % | 1.11 | % | 1.09 | % | 0.94 | % | 0.92 | % | |||||
Return on average common equity |
| 17.70 |
| 17.14 |
| 17.23 |
| 15.12 |
| 13.53 |
| |||||
Efficiency ratio |
| 62.98 |
| 64.81 |
| 64.62 |
| 67.30 |
| 67.15 |
| |||||
BALANCE SHEET DATA (in thousands): |
|
|
|
|
|
|
|
|
|
|
| |||||
Assets |
| $ | 450,509 |
| $ | 448,770 |
| $ | 445,270 |
| $ | 432,874 |
| $ | 423,990 |
|
Deposits |
| 399,451 |
| 397,098 |
| 394,025 |
| 382,585 |
| 374,094 |
| |||||
Loans |
| 321,629 |
| 325,221 |
| 318,612 |
| 311,794 |
| 303,578 |
| |||||
Shareholders’ equity |
| 29,564 |
| 29,238 |
| 27,824 |
| 27,106 |
| 26,670 |
| |||||
Allowance for loan losses |
| 4,960 |
| 4,649 |
| 4,382 |
| 4,094 |
| 3,786 |
| |||||
TAX-EQUIVALENT YIELDS AND RATES: |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest-earning assets |
| 5.71 | % | 6.10 | % | 6.15 | % | 6.15 | % | 6.30 | % | |||||
Interest-bearing liabilities |
| 1.96 |
| 2.12 |
| 2.39 |
| 2.56 |
| 2.67 |
| |||||
Net interest spread |
| 3.75 |
| 3.98 |
| 3.76 |
| 3.59 |
| 3.63 |
| |||||
Net interest margin |
| 4.18 |
| 4.39 |
| 4.19 |
| 4.06 |
| 4.15 |
| |||||
CREDIT QUALITY: |
|
|
|
|
|
|
|
|
|
|
| |||||
Nonperforming assets (in thousands) |
| $ | 4,250 |
| $ | 3,547 |
| $ | 3,803 |
| $ | 3,753 |
| $ | 3,205 |
|
Allowance for loan losses to period-end loans |
| 1.54 | % | 1.43 | % | 1.38 | % | 1.31 | % | 1.25 | % | |||||
Net charge offs to average loans |
| 0.08 |
| 0.17 |
| 0.21 |
| 0.12 |
| 0.20 |
| |||||
Nonperforming assets to loans and OREO |
| 1.32 |
| 1.09 |
| 1.19 |
| 1.20 |
| 1.06 |
| |||||
CAPITAL AND OTHER: |
|
|
|
|
|
|
|
|
|
|
| |||||
Total equity to assets |
| 6.56 | % | 6.52 | % | 6.25 | % | 6.26 | % | 6.29 | % | |||||
Tier I capital to average assets (leverage) |
| 8.50 |
| 8.61 |
| 8.59 |
| 8.38 |
| 8.45 |
| |||||
Tier I capital to risk - adjusted assets |
| 11.39 |
| 10.88 |
| 11.03 |
| 11.05 |
| 11.47 |
| |||||
Total capital to risk - adjusted assets |
| 12.64 |
| 12.13 |
| 12.28 |
| 12.32 |
| 12.79 |
| |||||
Number of banking offices |
| 12 |
| 12 |
| 12 |
| 12 |
| 12 |
| |||||
Number of ATMs |
| 13 |
| 13 |
| 13 |
| 13 |
| 13 |
| |||||
Number of employees |
| 168 |
| 171 |
| 160 |
| 159 |
| 149 |
| |||||
SOURCE Unity Bancorp, Inc. | |||||
| -0- | 10/16/2003 | |||
| /CONTACT: | James A. Hughes, EVP, Chief Financial Officer of Unity | |||
Bancorp, Inc., | +1-908-713-4306/ | ||||
| |||||
| /First Call Analyst: / | ||||
| /Web site: | http://www.unitybank.com / | |||
| (UNTY) | ||||
11
