Exhibit 99.1
|
| Unity Bancorp, Inc. |
|
| 64 Old Highway 22 |
|
| Clinton, NJ 08809 |
|
| 800 618-BANK |
|
| www.unitybank.com |
NewsNewsNewsNewsNews
For Immediate Release:
January 19, 2005
News Media & Financial Analyst Contact:
Alan Bedner, EVP
Chief Financial Officer
(908) 713-4308
Unity Bancorp Reports 16% increase in 2004 Earnings
Clinton, NJ - Unity Bancorp, Inc (NASDAQ: UNTY), parent company of Unity Bank, reported net income of $1.4 million, or $0.22 per diluted share, for the quarter ended December 31, 2004, a 48.6% increase compared to $914 thousand, or $0.15 per diluted share, for the quarter ended December 31, 2003. Return on average assets and average common equity for the fourth quarter of 2004 were 1.08% and 15.53%, respectively, as compared to 0.81% and 12.30%, respectively, for the fourth quarter of 2003. As previously disclosed, after tax earnings for the quarter ended December 31, 2003 were reduced by approximately $600 thousand as a result of matters pertaining to the resignation of the prior President and Chief Executive Officer.
For the year ended December 31, 2004, net income was $5.3 million, or $0.87 per diluted share, a 16.3% increase from the $4.6 million, or $0.77 per diluted share for the same period a year ago. Return on average assets and average common equity for the year ended December 31, 2004, were 1.10% and 16.32%, respectively, as compared to 1.04% and 16.05%, respectively, from the prior year’s comparable period.
“2004 was another year of sustained revenue growth and increased earnings and we are looking forward to further improvement in earnings for 2005,” said Unity President and Chief Executive Officer, James A. Hughes. “Earnings for the fourth quarter were driven by strong loan demand and stable margins.”
Net interest income was $5.1 million for the fourth quarter of 2004, an increase of 9.7%, compared to $4.6 million in the comparable quarter a year ago. The increase in net interest income was primarily due to an increase in net earning assets. Net interest margin was 4.26% for the fourth quarter of 2004 compared to 4.35% for the fourth quarter of 2003.
The provision for loan losses for the fourth quarter of 2004 was $350 thousand, compared to $375 thousand for the quarter ended December 31, 2003. The decline in the provision from the quarter ended December 31, 2003 was due to a lower level of non-performing assets. Net loan charge-offs for the quarter ended December 31, 2004 were $220 thousand, compared to net recoveries of $17 thousand for the quarter ended December 31, 2003.
Total non-interest income for the fourth quarter of 2004 was $1.9 million, down from $2.1 million in the same period a year ago. Gains on sales of SBA loans amounted to $862 thousand for the fourth quarter of 2004, compared to $738 thousand for the quarter ended December 31, 2003. This increase in SBA gains is primarily due to the volume of loans sold. Service charges on deposits for the fourth quarter of 2004 decreased $102 thousand compared to the fourth quarter of 2003, as a result of the Company choosing to mitigate overdraft risk with certain customers. Service and loan fees for the fourth quarter of 2004 decreased $75 thousand from the prior year’s comparable quarter due to decreased levels of loan prepayment penalties.
Total non-interest expenses for the fourth quarter of 2004 were $4.5 million, a decrease of 9.3% from the prior year’s comparable quarter. This decrease from the prior year’s comparable quarter was primarily due to the 2003 charge of $1.0 million pertaining to matters related to the resignation of the prior President and Chief Executive Officer. Loan servicing costs increased $93 thousand for the fourth quarter due to increased collection costs related to the collection of non-accrual loans. Advertising costs increased $147 thousand related to increased marketing to attract new deposit relationships.
Total assets at December 31, 2004 were $515.4 million, a 10.3% increase from a year ago. The increase in assets from the prior year was primarily due to growth in the Company’s loan and securities portfolios partially offset by a decline in federal funds sold. Total loans at December 31, 2004 were $373.6 million, a 10.0% increase from December 31, 2003. The growth in the loan portfolio occurred primarily in commercial, residential mortgage and consumer loans, which increased 10.4%, 17.7% and 16.6%, respectively, from a year ago.
At December 31, 2004, the allowance for loan losses was 1.57% of total loans, compared to 1.58% at December 31, 2003. Non-performing assets at December 31, 2004 were $4.4 million, compared to $5.7 million at December 31, 2003. The increase in the allowance for loans losses from December 2003 is due to the increase in the loan portfolio partially offset by the decline in non-accrual loans. Included in non-performing loans at December 31, 2004 are approximately $539 thousand of loans that are guaranteed by the SBA. There were no loans greater than 90 days and still accruing interest as of December 31, 2004, compared to $1.9 million at December 31, 2003.
Total deposits at December 31, 2004 were $433.9 million, a 4.6% increase from December 31, 2003. This increase was primarily the result of growth in savings accounts and time deposits partially offset by the decline in interest bearing checking accounts. Savings accounts increased $41.1 million or 106.9% from December 31, 2003. Time deposits increased $15.9 million, or 17.6% from December 31, 2003. The increase in Time and Savings deposits were offset primarily by a decline in interest bearing checking of $35 million, or 17.6% and a decline in Non-interest bearing checking of $3.0 million, or 3.4% from a year ago.
Total shareholders’ equity was $35.7 million at December 31, 2004, a 16.0% increase from the prior year. The increase in shareholders’ equity over the prior year was due to retained profits partially offset by the payment of cash dividends.
As of December 31, 2004, the Company’s Tier I leverage ratio was 9.06%, Tier I risk-based capital ratio was 11.13%, and total risk-based capital ratio was 12.39%. All regulatory capital ratios exceed the well-capitalized federal capital adequacy requirements as of December 31, 2004.
Unity Bancorp, Inc. is a financial service organization headquartered in Clinton, New Jersey, with $515 million in assets and $434 million in deposits. Unity Bank provides financial services to retail, corporate & small business customers through its 13 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)
|
| 12/31/2004 |
| 9/30/2004 |
| 12/31/2003 |
|
BALANCE SHEET DATA: |
|
|
|
|
|
|
|
Assets |
| 515,417 |
| 493,713 |
| 467,419 |
|
Deposits |
| 433,898 |
| 423,765 |
| 414,982 |
|
Loans |
| 373,580 |
| 354,190 |
| 339,755 |
|
Securities |
| 101,593 |
| 107,815 |
| 92,347 |
|
Shareholders’ equity |
| 35,679 |
| 34,395 |
| 30,762 |
|
Allowance for loan losses |
| 5,856 |
| 5,726 |
| 5,352 |
|
|
|
|
|
|
|
|
|
FINANCIAL DATA - QUARTER TO DATE: |
|
|
|
|
|
|
|
Net income before taxes |
| 2,133 |
| 2,283 |
| 1,461 |
|
Federal and state income tax provision |
| 775 |
| 852 |
| 547 |
|
Net income |
| 1,358 |
| 1,431 |
| 914 |
|
|
|
|
|
|
|
|
|
Per share-basic |
| 0.24 |
| 0.25 |
| 0.16 |
|
Per share-diluted |
| 0.22 |
| 0.23 |
| 0.15 |
|
Return on average assets |
| 1.08 |
| 1.17 |
| 0.81 |
|
Return on average common equity |
| 15.53 |
| 17.39 |
| 12.30 |
|
Efficiency ratio |
| 64.24 |
| 62.55 |
| 73.66 |
|
|
|
|
|
|
|
|
|
FINANCIAL DATA - YEAR TO DATE: |
|
|
|
|
|
|
|
Net income before taxes |
| 8,382 |
| — |
| 7,281 |
|
Federal and state income tax provision |
| 3,052 |
| — |
| 2,698 |
|
Net income |
| 5,330 |
| — |
| 4,583 |
|
|
|
|
|
|
|
|
|
Per share-basic |
| 0.93 |
| — |
| 0.81 |
|
Per share-diluted |
| 0.87 |
| — |
| 0.77 |
|
Return on average assets |
| 1.10 |
| — |
| 1.04 |
|
Return on average common equity |
| 16.32 |
| — |
| 16.05 |
|
Efficiency ratio |
| 64.51 |
| — |
| 66.59 |
|
|
|
|
|
|
|
|
|
SHARE INFORMATION: |
|
|
|
|
|
|
|
Closing price per share |
| 12.89 |
| 12.31 |
| 10.89 |
|
Book value per share |
| 6.17 |
| 5.96 |
| 5.41 |
|
Average diluted shares outstanding (QTD) |
| 6,127 |
| 6,126 |
| 5,944 |
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS: |
|
|
|
|
|
|
|
Total equity to total assets |
| 6.92 |
| 6.97 |
| 6.58 |
|
Tier I capital to average assets (leverage) |
| 9.06 |
| 9.04 |
| 9.02 |
|
Tier I capital to risk-adjusted assets |
| 11.13 |
| 11.44 |
| 11.28 |
|
Total risk-based capital |
| 12.39 |
| 12.69 |
| 12.53 |
|
|
|
|
|
|
|
|
|
CREDIT QUALITY AND RATIOS: |
|
|
|
|
|
|
|
Nonperforming assets |
| 4,436 |
| 4,290 |
| 5,722 |
|
Net charge offs (recoveries) to average loans (QTD) |
| 0.24 |
| 0.23 |
| (0.02 | ) |
Allowance for loan losses to total loans |
| 1.57 |
| 1.62 |
| 1.58 |
|
Nonperforming assets to total loans and OREO |
| 1.19 |
| 1.21 |
| 1.68 |
|
Unity Bancorp, Inc.
Consolidated Balance Sheets
(In thousands)
|
| 12/31/2004 |
| 9/30/2004 |
| 12/31/2003 |
|
ASSETS |
|
|
|
|
|
|
|
Cash and due from banks |
| 12,439 |
| 9,312 |
| 11,915 |
|
Federal funds sold and interest bearing deposits |
| 10,967 |
| 11,361 |
| 14,500 |
|
Securities: |
|
|
|
|
|
|
|
Available for sale |
| 78,014 |
| 86,082 |
| 79,277 |
|
Held to maturity |
| 23,579 |
| 21,733 |
| 13,070 |
|
Total securities |
| 101,593 |
| 107,815 |
| 92,347 |
|
Loans: |
|
|
|
|
|
|
|
SBA - Held for sale |
| 7,574 |
| 10,439 |
| 14,014 |
|
SBA - Held to Maturity |
| 55,576 |
| 52,008 |
| 49,983 |
|
Commercial |
| 207,771 |
| 200,772 |
| 188,197 |
|
Residential mortgage |
| 60,240 |
| 50,203 |
| 51,176 |
|
Consumer |
| 42,419 |
| 40,768 |
| 36,385 |
|
Total loans |
| 373,580 |
| 354,190 |
| 339,755 |
|
Less: Allowance for loan losses |
| 5,856 |
| 5,726 |
| 5,352 |
|
Net loans |
| 367,724 |
| 348,464 |
| 334,403 |
|
Premises and equipment, net |
| 7,439 |
| 6,978 |
| 5,979 |
|
Accrued interest receivable |
| 2,493 |
| 2,390 |
| 2,389 |
|
Loan servicing asset |
| 2,018 |
| 1,846 |
| 1,063 |
|
Bank Owned Life Insurance |
| 5,000 |
| — |
| — |
|
Other assets |
| 5,744 |
| 5,547 |
| 4,823 |
|
Total Assets |
| 515,417 |
| 493,713 |
| 467,419 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
| 83,839 |
| 88,899 |
| 86,802 |
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
Interest bearing checking |
| 164,426 |
| 180,878 |
| 199,510 |
|
Savings |
| 79,557 |
| 52,532 |
| 38,447 |
|
Time, under $100,000 |
| 73,399 |
| 69,904 |
| 66,595 |
|
Time, $100,000 and over |
| 32,677 |
| 31,552 |
| 23,628 |
|
Total deposits |
| 433,898 |
| 423,765 |
| 414,982 |
|
Borrowed funds and subordinated debentures |
| 44,279 |
| 34,279 |
| 19,279 |
|
Accrued interest payable |
| 176 |
| 165 |
| 185 |
|
Accrued expenses and other liabilities |
| 1,385 |
| 1,109 |
| 2,211 |
|
Total liabilities |
| 479,738 |
| 459,318 |
| 436,657 |
|
Commitments and Contingencies |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
|
|
Common stock, no par value, 12,500 shares authorized |
| 33,836 |
| 33,711 |
| 31,989 |
|
Retained earnings (deficit) |
| 2,327 |
| 1,200 |
| (746 | ) |
Accumulated other comprehensive loss, net of tax |
| (484 | ) | (516 | ) | (481 | ) |
Total shareholders’ equity |
| 35,679 |
| 34,395 |
| 30,762 |
|
Total Liabilities and Shareholders’ Equity |
| 515,417 |
| 493,713 |
| 467,419 |
|
|
|
|
|
|
|
|
|
COMMON SHARES AT PERIOD END: |
|
|
|
|
|
|
|
Issued |
| 5,778 |
| 5,771 |
| 5,686 |
|
Outstanding |
| 5,778 |
| 5,771 |
| 5,686 |
|
Treasury |
| — |
| — |
| — |
|
Unity Bancorp, Inc.
Consolidated Statements of Income
(In thousands, except per share data)
FOR THE THREE MONTHS ENDED: |
| 12/31/2004 |
| 9/30/2004 |
| 12/31/2003 |
|
INTEREST INCOME |
|
|
|
|
|
|
|
Fed funds sold and interest on deposits |
| 46 |
| 28 |
| 32 |
|
Securities: |
|
|
|
|
|
|
|
Available for sale |
| 832 |
| 882 |
| 726 |
|
Held to maturity |
| 269 |
| 265 |
| 183 |
|
Total securities |
| 1,101 |
| 1,147 |
| 909 |
|
Loans: |
|
|
|
|
|
|
|
SBA |
| 1,209 |
| 1,121 |
| 995 |
|
Commercial |
| 3,464 |
| 3,294 |
| 3,133 |
|
Residential mortgage |
| 698 |
| 668 |
| 745 |
|
Consumer |
| 512 |
| 464 |
| 462 |
|
Total loan interest income |
| 5,883 |
| 5,547 |
| 5,335 |
|
Total interest income |
| 7,030 |
| 6,722 |
| 6,276 |
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
Interest bearing demand deposits |
| 660 |
| 682 |
| 625 |
|
Savings deposits |
| 260 |
| 135 |
| 107 |
|
Time deposits |
| 697 |
| 602 |
| 660 |
|
Borrowed funds and subordinated debentures |
| 346 |
| 324 |
| 265 |
|
Total interest expense |
| 1,963 |
| 1,743 |
| 1,657 |
|
Net interest income |
| 5,067 |
| 4,979 |
| 4,619 |
|
Provision for loan losses |
| 350 |
| 325 |
| 375 |
|
Net interest income after provision for loan losses |
| 4,717 |
| 4,654 |
| 4,244 |
|
|
|
|
|
|
|
|
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
Service charges on deposit accounts |
| 346 |
| 383 |
| 448 |
|
Service and loan fee income |
| 402 |
| 448 |
| 477 |
|
Gain on SBA loan sales |
| 862 |
| 948 |
| 738 |
|
Net securities gains |
| 5 |
| — |
| 82 |
|
Other income |
| 253 |
| 206 |
| 378 |
|
Total noninterest income |
| 1,868 |
| 1,985 |
| 2,123 |
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSES |
|
|
|
|
|
|
|
Compensation and benefits |
| 2,180 |
| 1,956 |
| 2,304 |
|
Processing and communications |
| 484 |
| 486 |
| 462 |
|
Occupancy, net |
| 512 |
| 533 |
| 510 |
|
Furniture and equipment |
| 317 |
| 308 |
| 285 |
|
Professional services |
| 76 |
| 125 |
| 877 |
|
Loan servicing costs |
| 233 |
| 169 |
| 140 |
|
Advertising |
| 306 |
| 134 |
| 159 |
|
Deposit insurance |
| 15 |
| 15 |
| 15 |
|
Other |
| 329 |
| 630 |
| 154 |
|
Total noninterest expenses |
| 4,452 |
| 4,356 |
| 4,906 |
|
Income before taxes |
| 2,133 |
| 2,283 |
| 1,461 |
|
Federal and state income tax provision |
| 775 |
| 852 |
| 547 |
|
Net Income |
| 1,358 |
| 1,431 |
| 914 |
|
|
|
|
|
|
|
|
|
Net Income Per Common Share-Basic |
| 0.24 |
| 0.25 |
| 0.16 |
|
Net Income Per Common Share-Diluted |
| 0.22 |
| 0.23 |
| 0.15 |
|
|
|
|
|
|
|
|
|
AVERAGE COMMON SHARES OUTSTANDING: |
|
|
|
|
|
|
|
Basic |
| 5,774 |
| 5,761 |
| 5,668 |
|
Diluted |
| 6,127 |
| 6,126 |
| 5,944 |
|
Unity Bancorp, Inc.
Consolidated Statements of Income
(Dollars in thousands, except per share data)
YEAR TO DATE |
| 12/31/2004 |
| 12/31/2003 |
|
INTEREST INCOME |
|
|
|
|
|
Fed funds sold and interest on deposits |
| 193 |
| 138 |
|
Securities: |
|
|
|
|
|
Available for sale |
| 3,304 |
| 2,347 |
|
Held to maturity |
| 867 |
| 998 |
|
Total securities |
| 4,171 |
| 3,345 |
|
Loans: |
|
|
|
|
|
SBA |
| 4,296 |
| 4,115 |
|
Commercial |
| 12,934 |
| 12,495 |
|
Residential mortgage |
| 2,712 |
| 3,126 |
|
Consumer |
| 1,860 |
| 1,676 |
|
Total loan interest income |
| 21,802 |
| 21,412 |
|
Total interest income |
| 26,166 |
| 24,895 |
|
INTEREST EXPENSE |
|
|
|
|
|
Interest bearing demand deposits |
| 2,656 |
| 2,703 |
|
Savings deposits |
| 620 |
| 423 |
|
Time deposits |
| 2,507 |
| 2,733 |
|
Borrowed funds and subordinated debentures |
| 1,225 |
| 1,169 |
|
Total interest expense |
| 7,008 |
| 7,028 |
|
Net interest income |
| 19,158 |
| 17,867 |
|
Provision for loan losses |
| 1,175 |
| 1,600 |
|
Net interest income after provision for loan losses |
| 17,983 |
| 16,267 |
|
|
|
|
|
|
|
NONINTEREST INCOME |
|
|
|
|
|
Service charges on deposit accounts |
| 1,618 |
| 1,977 |
|
Service and loan fee income |
| 1,831 |
| 1,956 |
|
Gain on SBA loan sales |
| 3,217 |
| 3,075 |
|
Net securities gains |
| 76 |
| 185 |
|
Other income |
| 887 |
| 1,150 |
|
Total noninterest income |
| 7,629 |
| 8,343 |
|
|
|
|
|
|
|
NONINTEREST EXPENSES |
|
|
|
|
|
Compensation and benefits |
| 8,435 |
| 8,301 |
|
Processing and communications |
| 1,919 |
| 2,100 |
|
Occupancy, net |
| 2,085 |
| 1,884 |
|
Furniture and equipment |
| 1,146 |
| 1,061 |
|
Professional services |
| 593 |
| 1,541 |
|
Loan servicing costs |
| 738 |
| 651 |
|
Advertising |
| 695 |
| 596 |
|
Deposit insurance |
| 61 |
| 62 |
|
Other |
| 1,558 |
| 1,133 |
|
Total noninterest expenses |
| 17,230 |
| 17,329 |
|
Income before taxes |
| 8,382 |
| 7,281 |
|
Federal and state income taxes |
| 3,052 |
| 2,698 |
|
Net Income |
| 5,330 |
| 4,583 |
|
|
|
|
|
|
|
Net Income Per Common Share- Basic |
| 0.93 |
| 0.81 |
|
Net Income Per Common Share- Diluted |
| 0.87 |
| 0.77 |
|
|
|
|
|
|
|
Average common shares outstanding: |
|
|
|
|
|
Basic |
| 5,756 |
| 5,669 |
|
Diluted |
| 6,118 |
| 5,944 |
|
Unity Bancorp, Inc.
Consolidated Average Balance Sheets
with Resultant Interest and Rates
(Tax-equivalent basis, dollars in thousands)
|
| Three Months Ended |
| Three Months Ended |
| ||||||||
|
| Balance |
| Interest |
| Rate |
| Balance |
| Interest |
| Rate |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and Interest-bearing deposits with banks |
| 9,857 |
| 46 |
| 1.86 |
| 5,875 |
| 28 |
| 1.90 |
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Available for sale |
| 82,710 |
| 845 |
| 4.09 |
| 87,019 |
| 896 |
| 4.12 |
|
Held to maturity |
| 22,300 |
| 269 |
| 4.83 |
| 22,484 |
| 265 |
| 4.71 |
|
Total securities |
| 105,010 |
| 1,114 |
| 4.24 |
| 109,503 |
| 1,161 |
| 4.24 |
|
Loans, net of unearned discount: |
|
|
|
|
|
|
|
|
|
|
|
|
|
SBA |
| 65,620 |
| 1,209 |
| 7.37 |
| 64,104 |
| 1,121 |
| 6.99 |
|
Commercial |
| 202,880 |
| 3,464 |
| 6.79 |
| 194,275 |
| 3,294 |
| 6.75 |
|
Residential mortgage |
| 52,017 |
| 698 |
| 5.37 |
| 50,663 |
| 668 |
| 5.27 |
|
Consumer |
| 41,919 |
| 512 |
| 4.86 |
| 40,067 |
| 464 |
| 4.61 |
|
Total loans |
| 362,436 |
| 5,883 |
| 6.47 |
| 349,109 |
| 5,547 |
| 6.33 |
|
Total interest-earning assets |
| 477,303 |
| 7,043 |
| 5.88 |
| 464,487 |
| 6,736 |
| 5.78 |
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
| 11,681 |
|
|
|
|
| 13,123 |
|
|
|
|
|
Allowance for loan losses |
| (5,930 | ) |
|
|
|
| (5,803 | ) |
|
|
|
|
Other assets |
| 17,101 |
|
|
|
|
| 16,165 |
|
|
|
|
|
Total noninterest-earning assets |
| 22,852 |
|
|
|
|
| 23,485 |
|
|
|
|
|
Total Assets |
| 500,155 |
|
|
|
|
| 487,972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
| 175,956 |
| 660 |
| 1.49 |
| 191,837 |
| 682 |
| 1.41 |
|
Savings deposits |
| 68,102 |
| 260 |
| 1.52 |
| 47,769 |
| 135 |
| 1.12 |
|
Time deposits |
| 102,333 |
| 697 |
| 2.71 |
| 93,235 |
| 602 |
| 2.57 |
|
Total interest-bearing deposits |
| 346,391 |
| 1,617 |
| 1.86 |
| 332,841 |
| 1,419 |
| 1.70 |
|
Borrowed funds and subordinated debentures |
| 32,883 |
| 346 |
| 4.19 |
| 31,338 |
| 324 |
| 4.11 |
|
Total interest-bearing liabilities |
| 379,274 |
| 1,963 |
| 2.06 |
| 364,179 |
| 1,743 |
| 1.90 |
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
| 84,669 |
|
|
|
|
| 89,916 |
|
|
|
|
|
Other liabilities |
| 1,428 |
|
|
|
|
| 1,140 |
|
|
|
|
|
Total noninterest-bearing liabilities |
| 86,097 |
|
|
|
|
| 91,056 |
|
|
|
|
|
Shareholders’ equity |
| 34,784 |
|
|
|
|
| 32,737 |
|
|
|
|
|
Total Liabilities and Shareholders’ Equity |
| 500,155 |
|
|
|
|
| 487,972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
| 5,080 |
| 3.82 |
|
|
| 4,993 |
| 3.88 |
|
Tax-equivalent basis adjustment |
|
|
| (13 | ) |
|
|
|
| (14 | ) |
|
|
Net interest income |
|
|
| 5,067 |
|
|
|
|
| 4,979 |
|
|
|
Net interest margin |
|
|
|
|
| 4.26 |
|
|
|
|
| 4.30 |
|
|
| Three Months Ended |
| ||||
|
| Balance |
| Interest |
| Rate |
|
ASSETS |
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
Federal funds sold and |
|
|
|
|
|
|
|
Interest-bearing deposits with banks |
| 9,857 |
| 46 |
| 1.86 |
|
Securities: |
|
|
|
|
|
|
|
Available for sale |
| 82,710 |
| 845 |
| 4.09 |
|
Held to maturity |
| 22,300 |
| 269 |
| 4.83 |
|
Total securities |
| 105,010 |
| 1,114 |
| 4.24 |
|
Loans, net of unearned discount: |
|
|
|
|
|
|
|
SBA |
| 65,620 |
| 1,209 |
| 7.37 |
|
Commercial |
| 202,880 |
| 3,464 |
| 6.79 |
|
Residential mortgage |
| 52,017 |
| 698 |
| 5.37 |
|
Consumer |
| 41,919 |
| 512 |
| 4.86 |
|
Total loans |
| 362,436 |
| 5,883 |
| 6.47 |
|
Total interest-earning assets |
| 477,303 |
| 7,043 |
| 5.88 |
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
Cash and due from banks |
| 11,681 |
|
|
|
|
|
Allowance for loan losses |
| (5,930 | ) |
|
|
|
|
Other assets |
| 17,101 |
|
|
|
|
|
Total noninterest-earning assets |
| 22,852 |
|
|
|
|
|
Total Assets |
| 500,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
Interest-bearing demand deposits |
| 175,956 |
| 660 |
| 1.49 |
|
Savings deposits |
| 68,102 |
| 260 |
| 1.52 |
|
Time deposits |
| 102,333 |
| 697 |
| 2.71 |
|
Total interest-bearing deposits |
| 346,391 |
| 1,617 |
| 1.86 |
|
Borrowed funds and subordinated debentures |
| 32,883 |
| 346 |
| 4.19 |
|
Total interest-bearing liabilities |
| 379,274 |
| 1,963 |
| 2.06 |
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
Demand deposits |
| 84,669 |
|
|
|
|
|
Other liabilities |
| 1,428 |
|
|
|
|
|
Total noninterest-bearing liabilities |
| 86,097 |
|
|
|
|
|
Shareholders’ equity |
| 34,784 |
|
|
|
|
|
Total Liabilities and Shareholders’ Equity |
| 500,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
| 5,080 |
| 3.82 |
|
Tax-equivalent basis adjustment |
|
|
| (13 | ) |
|
|
Net interest income |
|
|
| 5,067 |
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
|
|
| 4.26 |
|
|
| Three Months Ended |
| ||||
|
| Balance |
| Interest |
| Rate |
|
ASSETS |
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
Federal funds sold and |
|
|
|
|
|
|
|
Interest-bearing deposits with banks |
| 8,689 |
| 32 |
| 1.46 |
|
Securities: |
|
|
|
|
|
|
|
Available for sale |
| 74,746 |
| 750 |
| 4.01 |
|
Held to maturity |
| 13,562 |
| 183 |
| 5.40 |
|
Total securities |
| 88,308 |
| 933 |
| 4.23 |
|
Loans, net of unearned discount: |
|
|
|
|
|
|
|
SBA |
| 63,332 |
| 995 |
| 6.28 |
|
Commercial |
| 180,519 |
| 3,133 |
| 6.89 |
|
Residential mortgage |
| 50,993 |
| 745 |
| 5.84 |
|
Consumer |
| 35,320 |
| 462 |
| 5.19 |
|
Total loans |
| 330,164 |
| 5,335 |
| 6.43 |
|
Total interest-earning assets |
| 427,161 |
| 6,300 |
| 5.87 |
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
Cash and due from banks |
| 9,798 |
|
|
|
|
|
Allowance for loan losses |
| (5,193 | ) |
|
|
|
|
Other assets |
| 14,660 |
|
|
|
|
|
Total noninterest-earning assets |
| 19,265 |
|
|
|
|
|
Total Assets |
| 446,426 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
Interest-bearing demand deposits |
| 188,205 |
| 625 |
| 1.32 |
|
Savings deposits |
| 37,291 |
| 107 |
| 1.14 |
|
Time deposits |
| 88,383 |
| 660 |
| 2.96 |
|
Total interest-bearing deposits |
| 313,879 |
| 1,392 |
| 1.76 |
|
Borrowed funds and subordinated debentures |
| 20,873 |
| 265 |
| 5.04 |
|
Total interest-bearing liabilities |
| 334,752 |
| 1,657 |
| 1.96 |
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
Demand deposits |
| 80,286 |
|
|
|
|
|
Other liabilities |
| 1,910 |
|
|
|
|
|
Total noninterest-bearing liabilities |
| 82,196 |
|
|
|
|
|
Shareholders’ equity |
| 29,478 |
|
|
|
|
|
Total Liabilities and Shareholders’ Equity |
| 446,426 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
| 4,643 |
| 3.91 |
|
Tax-equivalent basis adjustment |
|
|
| (24 | ) |
|
|
Net interest income |
|
|
| 4,619 |
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
|
|
| 4.35 |
|
|
| Year to Date |
| ||||
|
| Balance |
| Interest |
| Rate |
|
ASSETS |
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
Federal funds sold and |
|
|
|
|
|
|
|
Interest-bearing deposits with banks |
| 15,039 |
| 193 |
| 1.28 |
|
Securities: |
|
|
|
|
|
|
|
Available for sale |
| 83,291 |
| 3,374 |
| 4.05 |
|
Held to maturity |
| 17,395 |
| 867 |
| 4.98 |
|
Total securities |
| 100,686 |
| 4,241 |
| 4.21 |
|
Loans, net of unearned discount: |
|
|
|
|
|
|
|
SBA |
| 62,853 |
| 4,296 |
| 6.83 |
|
Commercial |
| 192,435 |
| 12,934 |
| 6.72 |
|
Residential mortgage |
| 50,242 |
| 2,712 |
| 5.40 |
|
Consumer |
| 38,979 |
| 1,860 |
| 4.77 |
|
Total loans |
| 344,509 |
| 21,802 |
| 6.33 |
|
Total interest-earning assets |
| 460,234 |
| 26,236 |
| 5.70 |
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
Cash and due from banks |
| 13,304 |
|
|
|
|
|
Allowance for loan losses |
| (5,724 | ) |
|
|
|
|
Other assets |
| 15,603 |
|
|
|
|
|
Total noninterest-earning assets |
| 23,183 |
|
|
|
|
|
Total Assets |
| 483,417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
Interest-bearing demand deposits |
| 188,840 |
| 2,656 |
| 1.41 |
|
Savings deposits |
| 49,330 |
| 620 |
| 1.26 |
|
Time deposits |
| 96,686 |
| 2,507 |
| 2.59 |
|
Total interest-bearing deposits |
| 334,856 |
| 5,783 |
| 1.73 |
|
Borrowed funds and subordinated debentures |
| 29,169 |
| 1,225 |
| 4.20 |
|
Total interest-bearing liabilities |
| 364,025 |
| 7,008 |
| 1.93 |
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
Demand deposits |
| 85,283 |
|
|
|
|
|
Other liabilities |
| 1,445 |
|
|
|
|
|
Total noninterest-bearing liabilities |
| 86,728 |
|
|
|
|
|
Shareholders’ equity |
| 32,664 |
|
|
|
|
|
Total Liabilities and Shareholders’ Equity |
| 483,417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
| 19,228 |
| 3.77 |
|
Tax-equivalent basis adjustment |
|
|
| (70 | ) |
|
|
Net interest income |
|
|
| 19,158 |
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
|
|
| 4.18 |
|
|
| Year to Date |
| ||||
|
| Balance |
| Interest |
| Rate |
|
ASSETS |
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
Federal funds sold and Interest-bearing deposits with banks |
| 10,846 |
| 138 |
| 1.27 |
|
Securities: |
|
|
|
|
|
|
|
Available for sale |
| 63,102 |
| 2,403 |
| 3.81 |
|
Held to maturity |
| 19,633 |
| 998 |
| 5.08 |
|
Total securities |
| 82,735 |
| 3,401 |
| 4.11 |
|
Loans, net of unearned discount: |
|
|
|
|
|
|
|
SBA |
| 65,555 |
| 4,115 |
| 6.28 |
|
Commercial |
| 175,685 |
| 12,495 |
| 7.11 |
|
Residential mortgage |
| 52,014 |
| 3,126 |
| 6.01 |
|
Consumer |
| 32,323 |
| 1,676 |
| 5.19 |
|
Total loans |
| 325,577 |
| 21,412 |
| 6.58 |
|
Total interest-earning assets |
| 419,158 |
| 24,951 |
| 5.96 |
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
Cash and due from banks |
| 14,216 |
|
|
|
|
|
Allowance for loan losses |
| (4,783 | ) |
|
|
|
|
Other assets |
| 13,764 |
|
|
|
|
|
Total noninterest-earning assets |
| 23,197 |
|
|
|
|
|
Total Assets |
| 442,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
Interest-bearing demand deposits |
| 184,220 |
| 2,703 |
| 1.47 |
|
Savings deposits |
| 36,976 |
| 423 |
| 1.14 |
|
Time deposits |
| 90,814 |
| 2,733 |
| 3.01 |
|
Total interest-bearing deposits |
| 312,010 |
| 5,859 |
| 1.88 |
|
Borrowed funds and subordinated debentures |
| 21,532 |
| 1,169 |
| 5.43 |
|
Total interest-bearing liabilities |
| 333,542 |
| 7,028 |
| 2.11 |
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
Demand deposits |
| 79,102 |
|
|
|
|
|
Other liabilities |
| 1,152 |
|
|
|
|
|
Total noninterest-bearing liabilities |
| 80,254 |
|
|
|
|
|
Shareholders’ equity |
| 28,559 |
|
|
|
|
|
Total Liabilities and Shareholders’ Equity |
| 442,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
| 17,923 |
| 3.85 |
|
Tax-equivalent basis adjustment |
|
|
| (56 | ) |
|
|
Net interest income |
|
|
| 17,867 |
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
|
|
| 4.28 |
|
Unity Bancorp, Inc.
Allowance for Loan Losses and Loan Quality Schedules
(Dollars in thousands)
|
| 12/31/2004 |
| 9/30/2004 |
| 6/30/2004 |
|
ALLOWANCE FOR LOAN LOSSES: |
|
|
|
|
|
|
|
Balance, beginning |
| 5,726 |
| 5,599 |
| 5,466 |
|
Provision charged to expense |
| 350 |
| 325 |
| 250 |
|
|
| 6,076 |
| 5,924 |
| 5,716 |
|
Less: Charge offs |
|
|
|
|
|
|
|
SBA |
| 33 |
| 57 |
| 132 |
|
Commercial |
| 220 |
| 150 |
| 50 |
|
Residential mortgage |
| — |
| 18 |
| — |
|
Consumer |
| 14 |
| 8 |
| 4 |
|
Total Charge Offs |
| 267 |
| 233 |
| 186 |
|
Add: Recoveries |
|
|
|
|
|
|
|
SBA |
| 34 |
| 24 |
| 24 |
|
Commercial |
| 10 |
| 5 |
| 41 |
|
Residential mortgage |
| — |
| — |
| — |
|
Consumer |
| 3 |
| 6 |
| 4 |
|
Total Recoveries |
| 47 |
| 35 |
| 69 |
|
Net Charge Offs |
| 220 |
| 198 |
| 117 |
|
Balance, ending |
| 5,856 |
| 5,726 |
| 5,599 |
|
|
|
|
|
|
|
|
|
LOAN QUALITY INFORMATION: |
|
|
|
|
|
|
|
Nonperforming loans |
| 4,091 |
| 4,075 |
| 4,641 |
|
Other real estate owned, net |
| 345 |
| 215 |
| 138 |
|
Nonperforming assets |
| 4,436 |
| 4,290 |
| 4,779 |
|
|
|
|
|
|
|
|
|
Loans 90 days past due and still accruing |
| 0 |
| 82 |
| 394 |
|
|
|
|
|
|
|
|
|
Allowance for loan losses to: |
|
|
|
|
|
|
|
Total loans at period end |
| 1.57 |
| 1.62 |
| 1.66 |
|
Nonperforming loans |
| 143.14 |
| 140.52 |
| 120.64 |
|
Nonperforming assets |
| 132.01 |
| 133.47 |
| 117.16 |
|
Net charge offs to average loans (QTD) |
| 0.24 |
| 0.23 |
| 0.14 |
|
Net charge offs to average loans (YTD) |
| 0.19 |
| 0.18 |
| 0.15 |
|
Nonperforming loans to total loans |
| 1.10 |
| 1.15 |
| 1.37 |
|
Nonperforming assets to total loans and OREO |
| 1.19 |
| 1.21 |
| 1.42 |
|
|
| 3/31/2004 |
| 12/31/2003 |
|
ALLOWANCE FOR LOAN LOSSES: |
|
|
|
|
|
Balance, beginning |
| 5,352 |
| 4,960 |
|
Provision charged to expense |
| 250 |
| 375 |
|
|
| 5,602 |
| 5,335 |
|
Less: Charge offs |
|
|
|
|
|
SBA |
| 98 |
| 185 |
|
Commercial |
| 181 |
| 65 |
|
Residential mortgage |
| — |
| — |
|
Consumer |
| 3 |
| 12 |
|
Total Charge Offs |
| 282 |
| 262 |
|
Add: Recoveries |
|
|
|
|
|
SBA |
| 17 |
| 6 |
|
Commercial |
| 125 |
| 268 |
|
Residential mortgage |
| — |
| — |
|
Consumer |
| 4 |
| 5 |
|
Total Recoveries |
| 146 |
| 279 |
|
Net Charge Offs |
| 136 |
| (17 | ) |
Balance, ending |
| 5,466 |
| 5,352 |
|
|
|
|
|
|
|
LOAN QUALITY INFORMATION: |
|
|
|
|
|
Nonperforming loans |
| 4,723 |
| 5,395 |
|
Other real estate owned, net |
| 338 |
| 327 |
|
Nonperforming assets |
| 5,061 |
| 5,722 |
|
|
|
|
|
|
|
Loans 90 days past due and still accruing |
| 0 |
| 1,876 |
|
|
|
|
|
|
|
Allowance for loan losses to: |
|
|
|
|
|
Total loans at period end |
| 1.65 |
| 1.58 |
|
Nonperforming loans |
| 115.73 |
| 99.20 |
|
Nonperforming assets |
| 108.00 |
| 93.53 |
|
Net charge offs to average loans (QTD) |
| 0.16 |
| (0.02 | ) |
Net charge offs to average loans (YTD) |
| 0.16 |
| 0.11 |
|
Nonperforming loans to total loans |
| 1.42 |
| 1.59 |
|
Nonperforming assets to total loans and OREO |
| 1.53 |
| 1.68 |
|
Unity Bancorp, Inc.
Quarterly Financial Data
|
| 12/31/04 |
| 09/30/04 |
| 06/30/04 |
| 03/31/04 |
| 12/31/03 |
|
SUMMARY OF INCOME |
|
|
|
|
|
|
|
|
|
|
|
(in thousands): |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
| 7,030 |
| 6,722 |
| 6,188 |
| 6,226 |
| 6,276 |
|
Interest expense |
| 1,963 |
| 1,743 |
| 1,694 |
| 1,608 |
| 1,657 |
|
Net interest income |
| 5,067 |
| 4,979 |
| 4,494 |
| 4,618 |
| 4,619 |
|
Provision for loan losses |
| 350 |
| 325 |
| 250 |
| 250 |
| 375 |
|
Net interest income after provision |
| 4,717 |
| 4,654 |
| 4,244 |
| 4,368 |
| 4,244 |
|
Noninterest income |
| 1,868 |
| 1,985 |
| 1,895 |
| 1,881 |
| 2,123 |
|
Noninterest expense |
| 4,452 |
| 4,356 |
| 4,019 |
| 4,403 |
| 4,906 |
|
Income before income taxes |
| 2,133 |
| 2,283 |
| 2,120 |
| 1,846 |
| 1,461 |
|
Federal and state income tax provision |
| 775 |
| 852 |
| 773 |
| 652 |
| 547 |
|
Net Income |
| 1,358 |
| 1,431 |
| 1,347 |
| 1,194 |
| 914 |
|
Net Income per Common Share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
| 0.24 |
| 0.25 |
| 0.23 |
| 0.21 |
| 0.16 |
|
Diluted |
| 0.22 |
| 0.23 |
| 0.22 |
| 0.20 |
| 0.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared |
| 0.04 |
| 0.04 |
| 0.04 |
| — |
| — |
|
Book value at quarter end |
| 6.17 |
| 5.96 |
| 5.53 |
| 5.65 |
| 5.41 |
|
Market value at quarter end |
| 12.89 |
| 12.31 |
| 13.40 |
| 12.81 |
| 10.89 |
|
Average common shares outstanding: (000’s) |
|
|
|
|
|
|
|
|
|
|
|
Basic |
| 5,774 |
| 5,761 |
| 5,752 |
| 5,735 |
| 5,668 |
|
Diluted |
| 6,127 |
| 6,126 |
| 6,115 |
| 6,035 |
| 5,944 |
|
Common shares outstanding at period end (000’s) |
| 5,778 |
| 5,771 |
| 5,754 |
| 5,747 |
| 5,686 |
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING RATIOS: |
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
| 1.08 |
| 1.17 |
| 1.13 |
| 1.04 |
| 0.81 |
|
Return on average common equity |
| 15.53 |
| 17.39 |
| 17.24 |
| 15.32 |
| 12.30 |
|
Efficiency ratio |
| 64.24 |
| 62.55 |
| 63.08 |
| 68.31 |
| 73.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET DATA |
|
|
|
|
|
|
|
|
|
|
|
(in thousands): |
|
|
|
|
|
|
|
|
|
|
|
Assets |
| 515,417 |
| 493,713 |
| 491,229 |
| 473,261 |
| 467,419 |
|
Deposits |
| 433,898 |
| 423,765 |
| 429,368 |
| 409,330 |
| 414,982 |
|
Loans |
| 373,580 |
| 354,190 |
| 337,557 |
| 331,507 |
| 339,755 |
|
Shareholders’ equity |
| 35,679 |
| 34,395 |
| 31,822 |
| 32,470 |
| 30,762 |
|
Allowance for loan losses |
| 5,856 |
| 5,726 |
| 5,599 |
| 5,466 |
| 5,352 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TAX-EQUIVALENT YIELDS AND RATES: |
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets |
| 5.88 |
| 5.78 |
| 5.44 |
| 5.74 |
| 5.87 |
|
Interest-bearing liabilities |
| 2.06 |
| 1.90 |
| 1.89 |
| 1.86 |
| 1.96 |
|
Net interest spread |
| 3.82 |
| 3.88 |
| 3.55 |
| 3.88 |
| 3.91 |
|
Net interest margin |
| 4.26 |
| 4.30 |
| 3.94 |
| 4.25 |
| 4.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY: |
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets (in thousands) |
| 4,436 |
| 4,290 |
| 4,779 |
| 5,061 |
| 5,722 |
|
Allowance for loan losses to period-end loans |
| 1.57 |
| 1.62 |
| 1.66 |
| 1.65 |
| 1.58 |
|
Net charge offs (recoveries) to average loans |
| 0.24 |
| 0.23 |
| 0.14 |
| 0.16 |
| (0.02 | ) |
Nonperforming assets to loans and OREO |
| 1.19 |
| 1.21 |
| 1.42 |
| 1.53 |
| 1.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL AND OTHER: |
|
|
|
|
|
|
|
|
|
|
|
Total equity to assets |
| 6.92 |
| 6.97 |
| 6.48 |
| 6.86 |
| 6.58 |
|
Tier I capital to average assets (leverage) |
| 9.06 |
| 9.04 |
| 8.89 |
| 9.03 |
| 9.02 |
|
Tier I capital to risk- adjusted assets |
| 11.13 |
| 11.44 |
| 11.53 |
| 11.54 |
| 11.28 |
|
Total capital to risk- adjusted assets |
| 12.39 |
| 12.69 |
| 12.79 |
| 12.79 |
| 12.53 |
|
Number of banking offices |
| 13 |
| 13 |
| 13 |
| 13 |
| 13 |
|
Number of ATMs |
| 15 |
| 15 |
| 15 |
| 14 |
| 14 |
|
Number of employees |
| 173 |
| 161 |
| 158 |
| 166 |
| 173 |
|