Exhibit 99.1
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| Unity Bancorp, Inc. | |
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| 64 Old Highway 22 |
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| Clinton, NJ 08809 |
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| 800 618-BANK |
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| www.unitybank.com |
NewsNewsNewsNewsNews
For Immediate Release:
January 25, 2006
News Media & Financial Analyst Contact:
Alan Bedner, EVP
Chief Financial Officer
(908) 713-4308
Unity Bancorp Reports 29.2% increase in Fourth Quarter Earnings
Clinton, NJ - Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, reported net income of $1.8 million, or $0.27 per diluted share, for the quarter ended December 31, 2005, a 29.2% increase compared to net income of $1.4 million, or $0.21 per diluted share, for the quarter ended December 31, 2004. Return on average assets and average common equity for the fourth quarter of 2005 were 1.16% and 17.62%, respectively, as compared to 1.08% and 15.53%, respectively, for the fourth quarter of 2004.
For the year ended December 31, 2005, net income was $6.2 million, or $0.96 per diluted share, a 16.5% increase from net income of $5.3 million, or $0.83 per diluted share for the same period a year ago. Return on average assets and average common equity for the year ended December 31, 2005, were 1.10% and 16.29%, respectively, as compared to 1.10% and 16.32%, respectively, from the prior year period.
“The year was marked by strong loan and deposit growth and stable margins, which resulted in our fourth year of record earnings,” said Unity President and Chief Executive Officer, James A. Hughes. “We are extremely pleased with operating results and continue to remain optimistic about future earnings growth.”
Net interest income was $6.0 million for the fourth quarter of 2005, a 17.8% increase compared to a year ago. The increase in net interest income was due primarily to an increase in interest-earning assets partially offset by a slight decrease in net interest margin. Net interest margin was 4.20% for the fourth quarter of 2005, compared to 4.26% for the fourth quarter of 2004. Year over year,
net interest income increased $3.1 million or 16.1 percent to $22.2 million due to an increase in interest-earning assets and a relatively stable net interest margin at 4.17 percent compared to 4.18 percent the prior year.
The provision for loan losses for the fourth quarter of 2005 was $525 thousand, compared to $350 thousand for the quarter ended December 31, 2004. The increase in the provision was primarily due to the increase in the loan portfolio. Net loan charge-offs for the quarter ended December 31, 2005 were $191 thousand, compared to net-charge offs of $220 thousand for the quarter ended December 31, 2004. For the year-ended December 31, 2005, the provision for loan losses increased $675 thousand to $1.9 million compared to $1.2 million in 2004. This increase was due to higher levels of non-performing loans and higher net charge-offs compared to the prior year.
Total non-interest income for the fourth quarter of 2005 was $2.1 million, up 10.9% from the same period a year ago. Service charges on deposits for the fourth quarter of 2005 increased 28.6% compared to the fourth quarter of 2004 due to an increase in the volume of overdraft charges. Service and loan fees for the fourth quarter of 2005 increased 17.4% from a year ago due to an increase in loan servicing income and loan fees. Gains on sales of SBA loans amounted to $878 thousand for the fourth quarter of 2005, compared to $862 thousand for the quarter ended December 31, 2004. Other income for the fourth quarter of 2005 decreased due primarily to lower loan referral fees. For the year-ended December 31, 2005, non-interest income increased $561 thousand or 7.4 percent to $8.2 million due primarily to increased service and loan fees, Mortgage loan gains and service charges on deposits, offset in part by lower gains on sales of SBA loans.
Total non-interest expenses for the fourth quarter of 2005 were $4.8 million, an increase of 7.9% from the prior year’s comparable quarter. The increase from the prior year’s comparable quarter was primarily due to increases in compensation and benefits, processing and communications, furniture and equipment, occupancy expense, professional fees and other expenses. Compensation and benefits increased 17.5%, due to increased head count, merit increases and rising health insurance costs. Processing and communications increased 6.2% due to increased transactional volume. Furniture and equipment and occupancy costs increased 13.2% and 18.6% respectively, due to the addition of a new branch and the refurbishment of the branch network. Other expense increased 40.1% due to increased insurance and training and recruiting expenses. Loan servicing costs declined 86.7% due to the collection of expenses on delinquent loans. Advertising decreased 51.3%, compared to the fourth quarter of 2004 due to a large marketing campaign in the fourth quarter of 2004. For the year-ended December 31, 2005, non-interest expense increased $1.4 million or 8.4 percent to $18.7 million due primarily to increased compensation and benefits, furniture and fixtures, occupancy and processing and communications, offset in part by lower loan servicing fees and professional fees.
Total assets at December 31, 2005 were $614.2 million, a 19.2% increase from a year ago. The increase in assets from the prior year was primarily due to growth in the Company’s loan portfolio and federal funds sold. Total loans at December 31, 2005 were $448.6 million, a 20.1% increase from December 31, 2004. The growth in the loan portfolio occurred in all areas of lending. Commercial loans increased $52.8 million, or 25.4%, SBA loans increased $15.5 million, or 24.6%, residential mortgage loans increased $1.8 million, or 3.0% and consumer loans increased $4.9 million, or 11.5%. Included in loan balances are approximately $16.0 million in total loans acquired as part of the fourth quarter acquisition of the Phillipsburg branch.
“During the quarter we successfully integrated the acquisition of our Phillipsburg, New Jersey location, which was purchased from interState Net Bank. The acquisition added approximately $16 million in loans and $21 million in related deposits.” said Mr. Hughes.
At December 31, 2005, the allowance for loan losses was $6.9 million, or 1.54% of total loans, compared to 1.57% a year ago. Non-performing assets at December 31, 2005 were $4.5 million, up $100 thousand from a year ago. There were no loans past due greater than 90 days and still accruing as of December 31, 2005.
Total deposits at December 31, 2005 were $521.9 million, a 20.3% increase from December 31, 2004. This increase was primarily the result of growth in savings accounts and time deposits, partially offset by the decline in interest bearing checking accounts and demand deposits. Savings accounts increased $62.4 million, or 78.4% from December 31, 2004 due to a high yield savings product. Time deposits increased $55.2 million, or 52.1%, from December 31, 2004. Included in the increase in deposits are approximately $21 million in deposits related to the fourth quarter acquisition of the Phillipsburg branch.
Total shareholders’ equity was $40.9 million at December 31, 2005, a 14.1% increase from the prior year. The increase in shareholders’ equity was primarily due to retained profits partially offset by the payment of cash dividends and a decline in other comprehensive income.
As of December 31, 2005, the Company’s Tier I leverage ratio was 8.48%, Tier I risk-based capital ratio was 10.26%, and total risk-based capital ratio was 11.51%. All regulatory capital ratios exceed the well-capitalized federal capital adequacy requirements as of December 31, 2005.
Unity Bancorp, Inc. is a financial service organization headquartered in Clinton, New Jersey, with approximately $614 million in assets and $522 million in deposits. Unity Bank provides financial services to retail, corporate & small business customers through its 14 retail service centers located in Hunterdon, Middlesex, Somerset, Union and Warren 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)
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| 12/31/2005 |
| 9/30/2005 |
| 12/31/2004 |
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BALANCE SHEET DATA: |
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Assets |
| $ | 614,172 |
| $ | 609,916 |
| $ | 515,417 |
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Deposits |
| 521,860 |
| 518,696 |
| 433,898 |
| |||
Loans |
| 448,567 |
| 434,749 |
| 373,580 |
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Securities |
| 106,331 |
| 103,012 |
| 101,593 |
| |||
Shareholders’ equity |
| 40,929 |
| 39,526 |
| 35,868 |
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Allowance for loan losses |
| 6,892 |
| 6,558 |
| 5,856 |
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FINANCIAL DATA - QUARTER TO DATE: |
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Net income before taxes |
| $ | 2,710 |
| $ | 2,612 |
| $ | 2,133 |
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Federal and state income tax provision |
| 956 |
| 993 |
| 775 |
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Net income |
| $ | 1,754 |
| $ | 1,619 |
| $ | 1,358 |
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Per share-basic |
| $ | 0.28 |
| $ | 0.26 |
| $ | 0.22 |
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Per share-diluted |
| $ | 0.27 |
| $ | 0.25 |
| $ | 0.21 |
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Return on average assets |
| 1.16 | % | 1.09 | % | 1.08 | % | |||
Return on average common equity |
| 17.62 |
| 16.36 |
| 15.53 |
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Efficiency ratio |
| 59.76 |
| 58.17 |
| 64.24 |
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FINANCIAL DATA - YEAR TO DATE: |
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Net income before taxes |
| $ | 9,898 |
| — |
| $ | 8,382 |
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Federal and state income tax provision |
| 3,688 |
| — |
| 3,052 |
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Net income |
| $ | 6,210 |
| — |
| $ | 5,330 |
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Per share-basic |
| $ | 1.01 |
| — |
| $ | 0.88 |
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Per share-diluted |
| $ | 0.96 |
| — |
| $ | 0.83 |
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Return on average assets |
| 1.10 | % | — | % | 1.10 | % | |||
Return on average common equity |
| 16.29 |
| — |
| 16.32 |
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Efficiency ratio |
| 61.53 |
| — |
| 64.51 |
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SHARE INFORMATION: |
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Closing price per share |
| $ | 14.00 |
| $ | 13.09 |
| $ | 12.19 |
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Cash dividends declared |
| 0.05 |
| 0.05 |
| 0.04 |
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Book value per share |
| 6.57 |
| 6.46 |
| 5.91 |
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Average diluted shares outstanding (QTD) |
| 6,483 |
| 6,426 |
| 6,433 |
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CAPITAL RATIOS: |
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Total equity to total assets |
| 6.66 | % | 6.48 | % | 6.96 | % | |||
Tier I capital to average assets (leverage) |
| 8.48 |
| 8.55 |
| 9.09 |
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Tier I capital to risk-adjusted assets |
| 10.26 |
| 10.40 |
| 11.14 |
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Total risk-based capital |
| 11.51 |
| 11.65 |
| 12.39 |
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CREDIT QUALITY AND RATIOS: |
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Nonperforming assets |
| $ | 4,539 |
| $ | 5,733 |
| $ | 4,436 |
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Net charge offs to average loans (QTD) |
| 0.17 | % | 0.33 | % | 0.24 | % | |||
Allowance for loan losses to total loans |
| 1.54 |
| 1.51 |
| 1.57 |
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Nonperforming assets to total loans and OREO |
| 1.01 |
| 1.32 |
| 1.19 |
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Unity Bancorp, Inc.
Consolidated Balance Sheets
(In thousands)
|
| 12/31/2005 |
| 9/30/2005 |
| 12/31/2004 |
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ASSETS |
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Cash and due from banks |
| $ | 11,945 |
| $ | 11,675 |
| $ | 12,439 |
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Federal funds sold and interest bearing deposits |
| 26,814 |
| 41,947 |
| 10,967 |
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Securities: |
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Available for sale |
| 65,583 |
| 69,248 |
| 78,014 |
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Held to maturity |
| 40,748 |
| 33,764 |
| 23,579 |
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Total securities |
| 106,331 |
| 103,012 |
| 101,593 |
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Loans: |
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SBA - Held for sale |
| 14,001 |
| 14,832 |
| 7,574 |
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SBA - Held to Maturity |
| 64,660 |
| 65,858 |
| 55,576 |
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Commercial |
| 260,581 |
| 242,728 |
| 207,771 |
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Residential mortgage |
| 62,039 |
| 63,474 |
| 60,240 |
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Consumer |
| 47,286 |
| 47,857 |
| 42,419 |
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Total loans |
| 448,567 |
| 434,749 |
| 373,580 |
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Less: Allowance for loan losses |
| 6,892 |
| 6,558 |
| 5,856 |
| |||
Net loans |
| 441,675 |
| 428,191 |
| 367,724 |
| |||
Goodwill and other intangibles |
| 1,618 |
| — |
| — |
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Premises and equipment, net |
| 10,593 |
| 10,555 |
| 7,439 |
| |||
Accrued interest receivable |
| 3,167 |
| 2,932 |
| 2,493 |
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Loan servicing asset |
| 2,438 |
| 2,288 |
| 2,018 |
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Bank Owned Life Insurance |
| 5,185 |
| 5,140 |
| 5,000 |
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Other assets |
| 4,406 |
| 4,176 |
| 5,744 |
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Total Assets |
| $ | 614,172 |
| $ | 609,916 |
| $ | 515,417 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Deposits: |
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Noninterest-bearing demand deposits |
| $ | 79,547 |
| $ | 81,114 |
| $ | 83,839 |
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Interest-bearing deposits: |
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Interest bearing checking |
| 139,076 |
| 139,544 |
| 164,426 |
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Savings |
| 141,935 |
| 154,224 |
| 79,557 |
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Time, under $100,000 |
| 108,353 |
| 93,565 |
| 73,399 |
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Time, $100,000 and over |
| 52,949 |
| 50,249 |
| 32,677 |
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Total deposits |
| 521,860 |
| 518,696 |
| 433,898 |
| |||
Borrowed funds and subordinated debentures |
| 49,279 |
| 49,279 |
| 44,279 |
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Accrued interest payable |
| 274 |
| 249 |
| 176 |
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Accrued expenses and other liabilities |
| 1,830 |
| 2,166 |
| 1,196 |
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Total liabilities |
| 573,243 |
| 570,390 |
| 479,549 |
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Commitments and Contingencies |
| — |
| — |
| — |
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Shareholders’ equity: |
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Common stock, no par value, 12,500 shares authorized |
| 38,423 |
| 38,078 |
| 34,025 |
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Retained earnings |
| 3,897 |
| 2,454 |
| 2,327 |
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Treasury stock at cost |
| (242 | ) | (242 | ) | — |
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Accumulated other comprehensive loss, net of tax |
| (1,149 | ) | (764 | ) | (484 | ) | |||
Total shareholders’ equity |
| 40,929 |
| 39,526 |
| 35,868 |
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Total Liabilities and Shareholders’ Equity |
| $ | 614,172 |
| $ | 609,916 |
| $ | 515,417 |
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COMMON SHARES AT PERIOD END: |
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Issued |
| 6,247 |
| 6,136 |
| 6,067 |
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Outstanding |
| 6,225 |
| 6,114 |
| 6,067 |
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Treasury |
| 22 |
| 22 |
| — |
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Unity Bancorp, Inc.
Consolidated Statements of Income
(In thousands, except per share data)
|
| 12/31/2005 |
| 9/30/2005 |
| 12/31/2004 |
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FOR THE THREE MONTHS ENDED: |
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INTEREST INCOME |
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Fed funds sold and interest on deposits |
| $ | 285 |
| $ | 108 |
| $ | 46 |
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Securities: |
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Available for sale |
| 713 |
| 782 |
| 832 |
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Held to maturity |
| 444 |
| 411 |
| 269 |
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Total securities |
| 1,157 |
| 1,193 |
| 1,101 |
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Loans: |
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SBA |
| 1,967 |
| 1,784 |
| 1,209 |
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Commercial |
| 4,547 |
| 4,215 |
| 3,464 |
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Residential mortgage |
| 816 |
| 895 |
| 698 |
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Consumer |
| 714 |
| 690 |
| 512 |
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Total loan interest income |
| 8,044 |
| 7,584 |
| 5,883 |
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Total interest income |
| 9,486 |
| 8,885 |
| 7,030 |
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INTEREST EXPENSE |
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Interest bearing demand deposits |
| 704 |
| 655 |
| 660 |
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Savings deposits |
| 952 |
| 971 |
| 260 |
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Time deposits |
| 1,311 |
| 982 |
| 697 |
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Borrowed funds and subordinated debentures |
| 552 |
| 540 |
| 346 |
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Total interest expense |
| 3,519 |
| 3,148 |
| 1,963 |
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Net interest income |
| 5,967 |
| 5,737 |
| 5,067 |
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Provision for loan losses |
| 525 |
| 675 |
| 350 |
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Net interest income after provision for loan losses |
| 5,442 |
| 5,062 |
| 4,717 |
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NONINTEREST INCOME |
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Service charges on deposit accounts |
| 445 |
| 452 |
| 346 |
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Service and loan fee income |
| 472 |
| 473 |
| 402 |
| |||
Gain on SBA loan sales |
| 878 |
| 877 |
| 862 |
| |||
Gain on Mortgage loan sales |
| 103 |
| 133 |
| 44 |
| |||
Bank owned life insurance |
| 45 |
| 47 |
| — |
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Net securities gains |
| — |
| (8 | ) | 5 |
| |||
Other income |
| 129 |
| 158 |
| 209 |
| |||
Total noninterest income |
| 2,072 |
| 2,132 |
| 1,868 |
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NONINTEREST EXPENSES |
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Compensation and benefits |
| 2,561 |
| 2,367 |
| 2,180 |
| |||
Processing and communications |
| 514 |
| 541 |
| 484 |
| |||
Occupancy, net |
| 607 |
| 555 |
| 512 |
| |||
Furniture and equipment |
| 359 |
| 335 |
| 317 |
| |||
Professional fees |
| 106 |
| 138 |
| 76 |
| |||
Loan servicing costs |
| 31 |
| 105 |
| 233 |
| |||
Advertising |
| 149 |
| 176 |
| 306 |
| |||
Deposit insurance |
| 16 |
| 15 |
| 15 |
| |||
Other |
| 461 |
| 350 |
| 329 |
| |||
Total noninterest expenses |
| 4,804 |
| 4,582 |
| 4,452 |
| |||
Income before taxes |
| 2,710 |
| 2,612 |
| 2,133 |
| |||
Federal and state income tax provision |
| 956 |
| 993 |
| 775 |
| |||
Net Income |
| $ | 1,754 |
| $ | 1,619 |
| $ | 1,358 |
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Net Income Per Common Share-Basic |
| $ | 0.28 |
| $ | 0.26 |
| $ | 0.22 |
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Net Income Per Common Share-Diluted |
| $ | 0.27 |
| $ | 0.25 |
| $ | 0.21 |
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AVERAGE COMMON SHARES OUTSTANDING: |
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Basic |
| 6,182 |
| 6,112 |
| 6,063 |
| |||
Diluted |
| 6,483 |
| 6,426 |
| 6,433 |
| |||
Unity Bancorp, Inc.
Consolidated Statements of Income
(Dollars in thousands, except per
share data)
|
| 12/31/2005 |
| 12/31/2004 |
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YEAR TO DATE |
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INTEREST INCOME |
|
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Fed funds sold and interest on deposits |
| $ | 572 |
| $ | 193 |
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Securities: |
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Available for sale |
| 3,100 |
| 3,304 |
| ||
Held to maturity |
| 1,477 |
| 867 |
| ||
Total securities |
| 4,577 |
| 4,171 |
| ||
Loans: |
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|
|
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SBA |
| 6,558 |
| 4,296 |
| ||
Commercial |
| 16,164 |
| 12,934 |
| ||
Residential mortgage |
| 3,318 |
| 2,712 |
| ||
Consumer |
| 2,648 |
| 1,860 |
| ||
Total loan interest income |
| 28,688 |
| 21,802 |
| ||
Total interest income |
| 33,837 |
| 26,166 |
| ||
INTEREST EXPENSE |
|
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|
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Interest bearing demand deposits |
| 2,605 |
| 2,656 |
| ||
Savings deposits |
| 3,164 |
| 620 |
| ||
Time deposits |
| 3,820 |
| 2,507 |
| ||
Borrowed funds and subordinated debentures |
| 2,014 |
| 1,225 |
| ||
Total interest expense |
| 11,603 |
| 7,008 |
| ||
Net interest income |
| 22,234 |
| 19,158 |
| ||
Provision for loan losses |
| 1,850 |
| 1,175 |
| ||
Net interest income after provision for loan losses |
| 20,384 |
| 17,983 |
| ||
NONINTEREST INCOME |
|
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|
|
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Service charges on deposit accounts |
| 1,766 |
| 1,618 |
| ||
Service and loan fee income |
| 2,111 |
| 1,831 |
| ||
Gain on SBA loan sales |
| 2,956 |
| 3,217 |
| ||
Gain on Mortgage loan sales |
| 382 |
| 192 |
| ||
Bank owned life insurance |
| 185 |
| — |
| ||
Net securities gains |
| 69 |
| 76 |
| ||
Other income |
| 721 |
| 695 |
| ||
Total noninterest income |
| 8,190 |
| 7,629 |
| ||
NONINTEREST EXPENSES |
|
|
|
|
| ||
Compensation and benefits |
| 9,639 |
| 8,435 |
| ||
Processing and communications |
| 2,010 |
| 1,919 |
| ||
Occupancy, net |
| 2,256 |
| 2,085 |
| ||
Furniture and equipment |
| 1,350 |
| 1,146 |
| ||
Professional fees |
| 547 |
| 593 |
| ||
Loan servicing costs |
| 482 |
| 738 |
| ||
Advertising |
| 697 |
| 695 |
| ||
Deposit insurance |
| 61 |
| 61 |
| ||
Other |
| 1,634 |
| 1,558 |
| ||
Total noninterest expenses |
| 18,676 |
| 17,230 |
| ||
Income before taxes |
| 9,898 |
| 8,382 |
| ||
Federal and state income taxes |
| 3,688 |
| 3,052 |
| ||
Net Income |
| $ | 6,210 |
| $ | 5,330 |
|
|
|
|
|
|
| ||
Net Income Per Common Share-Basic |
| $ | 1.01 |
| $ | 0.88 |
|
Net Income Per Common Share-Diluted |
| $ | 0.96 |
| $ | 0.83 |
|
|
|
|
|
|
| ||
Average common shares outstanding: |
|
|
|
|
| ||
Basic |
| 6,121 |
| 6,044 |
| ||
Diluted |
| 6,439 |
| 6,424 |
| ||
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 |
| $ | 27,166 |
| $ | 285 |
| 4.16 | % | $ | 14,465 |
| $ | 108 |
| 2.96 | % |
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Available for sale |
| 67,193 |
| 726 |
| 4.32 |
| 74,803 |
| 795 |
| 4.25 |
| ||||
Held to maturity |
| 36,872 |
| 444 |
| 4.82 |
| 35,274 |
| 411 |
| 4.66 |
| ||||
Total securities |
| 104,065 |
| 1,170 |
| 4.50 |
| 110,077 |
| 1,206 |
| 4.38 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Loans, net of unearned discount: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
SBA |
| 81,835 |
| 1,967 |
| 9.61 |
| 79,540 |
| 1,784 |
| 8.97 |
| ||||
Commercial |
| 248,012 |
| 4,547 |
| 7.27 |
| 240,382 |
| 4,215 |
| 6.96 |
| ||||
Residential mortgage |
| 62,320 |
| 816 |
| 5.24 |
| 65,048 |
| 895 |
| 5.50 |
| ||||
Consumer |
| 46,544 |
| 714 |
| 6.09 |
| 48,305 |
| 690 |
| 5.67 |
| ||||
Total loans |
| 438,711 |
| 8,044 |
| 7.29 |
| 433,275 |
| 7,584 |
| 6.97 |
| ||||
Total interest-earning assets |
| 569,942 |
| 9,499 |
| 6.63 |
| 557,817 |
| 8,898 |
| 6.35 |
| ||||
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Cash and due from banks |
| 11,364 |
|
|
|
|
| 13,623 |
|
|
|
|
| ||||
Allowance for loan losses |
| (6,790 | ) |
|
|
|
| (6,575 | ) |
|
|
|
| ||||
Other assets |
| 25,483 |
|
|
|
|
| 25,701 |
|
|
|
|
| ||||
Total noninterest-earning assets |
| 30,057 |
|
|
|
|
| 32,749 |
|
|
|
|
| ||||
Total Assets |
| $ | 599,999 |
|
|
|
|
| $ | 590,566 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-bearing demand deposits |
| $ | 141,589 |
| 704 |
| 1.97 |
| $ | 147,124 |
| 655 |
| 1.77 |
| ||
Savings deposits |
| 144,754 |
| 952 |
| 2.61 |
| 153,640 |
| 971 |
| 2.51 |
| ||||
Time deposits |
| 144,732 |
| 1,311 |
| 3.59 |
| 117,185 |
| 982 |
| 3.32 |
| ||||
Total interest-bearing deposits |
| 431,075 |
| 2,967 |
| 2.73 |
| 417,949 |
| 2,608 |
| 2.48 |
| ||||
Borrowed funds and subordinated debentures |
| 48,741 |
| 552 |
| 4.49 |
| 50,862 |
| 540 |
| 4.21 |
| ||||
Total interest-bearing liabilities |
| 479,816 |
| 3,519 |
| 2.91 |
| 468,811 |
| 3,148 |
| 2.66 |
| ||||
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Demand deposits |
| 78,299 |
|
|
|
|
| 78,833 |
|
|
|
|
| ||||
Other liabilities |
| 2,400 |
|
|
|
|
| 3,663 |
|
|
|
|
| ||||
Total noninterest bearing-liabilities |
| 80,699 |
|
|
|
|
| 82,496 |
|
|
|
|
| ||||
Shareholders’ equity |
| 39,484 |
|
|
|
|
| 39,259 |
|
|
|
|
| ||||
Total Liabilities and Shareholders’ Equity |
| $ | 599,999 |
|
|
|
|
| $ | 590,566 |
|
|
|
|
| ||
Net interest spread |
|
|
| 5,980 |
| 3.72 | % |
|
| 5,750 |
| 3.69 | % | ||||
Tax-equivalent basis adjustment |
|
|
| (13 | ) |
|
|
|
| (13 | ) |
|
| ||||
Net interest income |
|
|
| $ | 5,967 |
|
|
|
|
| $ | 5,737 |
|
|
| ||
Net interest margin |
|
|
|
|
| 4.20 | % |
|
|
|
| 4.12 | % | ||||
|
| 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 |
| $ | 27,166 |
| $ | 285 |
| 4.16 | % | $ | 9,857 |
| $ | 46 |
| 1.86 | % |
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Available for sale |
| 67,193 |
| 726 |
| 4.32 |
| 82,710 |
| 845 |
| 4.09 |
| ||||
Held to maturity |
| 36,872 |
| 444 |
| 4.82 |
| 22,300 |
| 269 |
| 4.83 |
| ||||
Total securities |
| 104,065 |
| 1,170 |
| 4.50 |
| 105,010 |
| 1,114 |
| 4.24 |
| ||||
Loans, net of unearned discount: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
SBA |
| 81,835 |
| 1,967 |
| 9.61 |
| 65,620 |
| 1,209 |
| 7.37 |
| ||||
Commercial |
| 248,012 |
| 4,547 |
| 7.27 |
| 202,880 |
| 3,464 |
| 6.79 |
| ||||
Residential mortgage |
| 62,320 |
| 816 |
| 5.24 |
| 52,017 |
| 698 |
| 5.37 |
| ||||
Consumer |
| 46,544 |
| 714 |
| 6.09 |
| 41,919 |
| 512 |
| 4.86 |
| ||||
Total loans |
| 438,711 |
| 8,044 |
| 7.29 |
| 362,436 |
| 5,883 |
| 6.47 |
| ||||
Total interest-earning assets |
| 569,942 |
| 9,499 |
| 6.63 |
| 477,303 |
| 7,043 |
| 5.88 |
| ||||
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Cash and due from banks |
| 11,364 |
|
|
|
|
| 11,681 |
|
|
|
|
| ||||
Allowance for loan losses |
| (6,790 | ) |
|
|
|
| (5,930 | ) |
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Other assets |
| 25,483 |
|
|
|
|
| 17,101 |
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total noninterest-earning assets |
| 30,057 |
|
|
|
|
| 22,852 |
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Assets |
| $ | 599,999 |
|
|
|
|
| $ | 500,155 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-bearing demand deposits |
| $ | 141,589 |
| 704 |
| 1.97 |
| $ | 175,956 |
| 660 |
| 1.49 |
| ||
Savings deposits |
| 144,754 |
| 952 |
| 2.61 |
| 68,102 |
| 260 |
| 1.52 |
| ||||
Time deposits |
| 144,732 |
| 1,311 |
| 3.59 |
| 102,333 |
| 697 |
| 2.71 |
| ||||
Total interest-bearing deposits |
| 431,075 |
| 2,967 |
| 2.73 |
| 346,391 |
| 1,617 |
| 1.86 |
| ||||
Borrowed funds and subordinated debentures |
| 48,741 |
| 552 |
| 4.49 |
| 32,883 |
| 346 |
| 4.19 |
| ||||
Total interest-bearing liabilities |
| 479,816 |
| 3,519 |
| 2.91 |
| 379,274 |
| 1,963 |
| 2.06 |
| ||||
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Demand deposits |
| 78,299 |
|
|
|
|
| 84,669 |
|
|
|
|
| ||||
Other liabilities |
| 2,400 |
|
|
|
|
| 1,428 |
|
|
|
|
| ||||
Total noninterest-bearing liabilities |
| 80,699 |
|
|
|
|
| 86,097 |
|
|
|
|
| ||||
Shareholders’ equity |
| 39,484 |
|
|
|
|
| 34,784 |
|
|
|
|
| ||||
Total Liabilities and Shareholders’ Equity |
| $ | 599,999 |
|
|
|
|
| $ | 500,155 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net interest spread |
|
|
| 5,980 |
| 3.72 | % |
|
| 5,080 |
| 3.82 | % | ||||
Tax-equivalent basis adjustment |
|
|
| (13 | ) |
|
|
|
| (13 | ) |
|
| ||||
Net interest income |
|
|
| $ | 5,967 |
|
|
|
|
| $ | 5,067 |
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net interest margin |
|
|
|
|
| 4.20 | % |
|
|
|
| 4.26 | % | ||||
|
| Year to Date |
| Year to Date |
| ||||||||||||
|
| Balance |
| Interest |
| Rate |
| Balance |
| Interest |
| Rate |
| ||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Federal funds sold and interest-bearing deposits with banks |
| $ | 17,160 |
| $ | 572 |
| 3.33 | % | $ | 15,039 |
| $ | 193 |
| 1.28 | % |
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Available for sale |
| 74,208 |
| 3,152 |
| 4.25 |
| 83,291 |
| 3,374 |
| 4.05 |
| ||||
Held to maturity |
| 31,139 |
| 1,477 |
| 4.74 |
| 17,395 |
| 867 |
| 4.98 |
| ||||
Total securities |
| 105,347 |
| 4,629 |
| 4.39 |
| 100,686 |
| 4,241 |
| 4.21 |
| ||||
Loans, net of unearned discount: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
SBA |
| 74,369 |
| 6,558 |
| 8.82 |
| 62,853 |
| 4,296 |
| 6.83 |
| ||||
Commercial |
| 230,039 |
| 16,164 |
| 7.03 |
| 192,435 |
| 12,934 |
| 6.72 |
| ||||
Residential mortgage |
| 62,103 |
| 3,318 |
| 5.34 |
| 50,242 |
| 2,712 |
| 5.40 |
| ||||
Consumer |
| 45,707 |
| 2,648 |
| 5.79 |
| 38,979 |
| 1,860 |
| 4.77 |
| ||||
Total loans |
| 412,218 |
| 28,688 |
| 6.96 |
| 344,509 |
| 21,802 |
| 6.33 |
| ||||
Total interest-earning assets |
| 534,725 |
| 33,889 |
| 6.34 |
| 460,234 |
| 26,236 |
| 5.70 |
| ||||
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Cash and due from banks |
| 12,661 |
|
|
|
|
| 13,304 |
|
|
|
|
| ||||
Allowance for loan losses |
| (6,398 | ) |
|
|
|
| (5,724 | ) |
|
|
|
| ||||
Other assets |
| 24,399 |
|
|
|
|
| 15,603 |
|
|
|
|
| ||||
Total noninterest-earning assets |
| 30,662 |
|
|
|
|
| 23,183 |
|
|
|
|
| ||||
Total Assets |
| $ | 565,387 |
|
|
|
|
| $ | 483,417 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-bearing demand deposits |
| $ | 150,420 |
| 2,605 |
| 1.73 |
| $ | 188,840 |
| 2,656 |
| 1.41 |
| ||
Savings deposits |
| 130,911 |
| 3,164 |
| 2.42 |
| 49,330 |
| 620 |
| 1.26 |
| ||||
Time deposits |
| 118,174 |
| 3,820 |
| 3.23 |
| 96,686 |
| 2,507 |
| 2.59 |
| ||||
Total interest-bearing deposits |
| 399,505 |
| 9,589 |
| 2.40 |
| 334,856 |
| 5,783 |
| 1.73 |
| ||||
Borrowed funds and subordinated debentures |
| 46,604 |
| 2,014 |
| 4.32 |
| 29,169 |
| 1,225 |
| 4.20 |
| ||||
Total interest-bearing liabilities |
| 446,109 |
| 11,603 |
| 2.60 |
| 364,025 |
| 7,008 |
| 1.93 |
| ||||
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Demand deposits |
| 78,519 |
|
|
|
|
| 85,283 |
|
|
|
|
| ||||
Other liabilities |
| 2,634 |
|
|
|
|
| 1,445 |
|
|
|
|
| ||||
Total noninterest-bearing liabilities |
| 81,153 |
|
|
|
|
| 86,728 |
|
|
|
|
| ||||
Shareholders’ equity |
| 38,125 |
|
|
|
|
| 32,664 |
|
|
|
|
| ||||
Total Liabilities and Shareholders’ Equity |
| $ | 565,387 |
|
|
|
|
| $ | 483,417 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net interest spread |
|
|
| 22,286 |
| 3.74 | % |
|
| 19,228 |
| 3.77 | % | ||||
Tax-equivalent basis adjustment |
|
|
| (52 | ) |
|
|
|
| (70 | ) |
|
| ||||
Net interest income |
|
|
| $ | 22,234 |
|
|
|
|
| $ | 19,158 |
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net interest margin |
|
|
|
|
| 4.17 | % |
|
|
|
| 4.18 | % | ||||
Unity Bancorp, Inc.
Quarterly Financial Data
|
| 12/31/05 |
| 09/30/05 |
| 06/30/05 |
| 03/31/05 |
| 12/31/04 |
| |||||
SUMMARY OF INCOME (in thousands): |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest income |
| $ | 9,486 |
| $ | 8,885 |
| $ | 7,943 |
| $ | 7,523 |
| $ | 7,030 |
|
Interest expense |
| 3,519 |
| 3,148 |
| 2,678 |
| 2,258 |
| 1,963 |
| |||||
Net interest income |
| 5,967 |
| 5,737 |
| 5,265 |
| 5,265 |
| 5,067 |
| |||||
Provision for loan losses |
| 525 |
| 675 |
| 350 |
| 300 |
| 350 |
| |||||
Net interest income after provision |
| 5,442 |
| 5,062 |
| 4,915 |
| 4,965 |
| 4,717 |
| |||||
Noninterest income |
| 2,072 |
| 2,132 |
| 2,195 |
| 1,791 |
| 1,868 |
| |||||
Noninterest expense |
| 4,804 |
| 4,582 |
| 4,642 |
| 4,648 |
| 4,452 |
| |||||
Income before income taxes |
| 2,710 |
| 2,612 |
| 2,468 |
| 2,108 |
| 2,133 |
| |||||
Federal and state income tax provision |
| 956 |
| 993 |
| 941 |
| 798 |
| 775 |
| |||||
Net Income |
| 1,754 |
| 1,619 |
| 1,527 |
| 1,310 |
| 1,358 |
| |||||
Net Income per Common Share: |
|
|
|
|
|
|
|
|
|
|
| |||||
Basic |
| $ | 0.28 |
| $ | 0.26 |
| $ | 0.25 |
| $ | 0.22 |
| $ | 0.22 |
|
Diluted |
| 0.27 |
| 0.25 |
| 0.24 |
| 0.20 |
| 0.21 |
| |||||
COMMON SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
| |||||
Cash dividends declared |
| $ | 0.05 |
| $ | 0.05 |
| $ | 0.05 |
| $ | 0.04 |
| $ | 0.04 |
|
Book value at quarter end |
| 6.57 |
| 6.46 |
| 6.29 |
| 5.96 |
| 5.91 |
| |||||
Market value at quarter end |
| 14.00 |
| 13.09 |
| 11.96 |
| 11.43 |
| 12.19 |
| |||||
Average common shares outstanding: (000’s) |
|
|
|
|
|
|
|
|
|
|
| |||||
Basic |
| 6,182 |
| 6,112 |
| 6,109 |
| 6,078 |
| 6,063 |
| |||||
Diluted |
| 6,483 |
| 6,426 |
| 6,423 |
| 6,422 |
| 6,433 |
| |||||
Common shares outstanding at period end (000’s) |
| 6,225 |
| 6,114 |
| 6,107 |
| 6,108 |
| 6,067 |
| |||||
OPERATING RATIOS: |
|
|
|
|
|
|
|
|
|
|
| |||||
Return on average assets |
| 1.16 | % | 1.09 | % | 1.13 | % | 1.03 | % | 1.08 | % | |||||
Return on average common equity |
| 17.62 |
| 16.36 |
| 16.50 |
| 14.63 |
| 15.53 |
| |||||
Efficiency ratio |
| 59.76 |
| 58.17 |
| 62.43 |
| 66.37 |
| 64.24 |
| |||||
BALANCE SHEET DATA (in thousands): |
|
|
|
|
|
|
|
|
|
|
| |||||
Assets |
| $ | 614,172 |
| $ | 609,916 |
| $ | 577,507 |
| $ | 525,842 |
| $ | 515,417 |
|
Deposits |
| 521,860 |
| 518,696 |
| 477,274 |
| 447,790 |
| 433,898 |
| |||||
Loans |
| 448,567 |
| 434,749 |
| 410,926 |
| 381,172 |
| 373,580 |
| |||||
Shareholders’ equity |
| 40,929 |
| 39,526 |
| 38,411 |
| 36,406 |
| 35,868 |
| |||||
Allowance for loan losses |
| 6,892 |
| 6,558 |
| 6,239 |
| 5,942 |
| 5,856 |
| |||||
TAX-EQUIVALENT YIELDS AND RATES: |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest-earning assets |
| 6.63 | % | 6.35 | % | 6.22 | % | 6.20 | % | 5.88 | % | |||||
Interest-bearing liabilities |
| 2.91 |
| 2.66 |
| 2.54 |
| 2.28 |
| 2.06 |
| |||||
Net interest spread |
| 3.72 |
| 3.69 |
| 3.68 |
| 3.92 |
| 3.82 |
| |||||
Net interest margin |
| 4.20 |
| 4.12 |
| 4.12 |
| 4.30 |
| 4.26 |
| |||||
CREDIT QUALITY: |
|
|
|
|
|
|
|
|
|
|
| |||||
Nonperforming assets (in thousands) |
| $ | 4,539 |
| $ | 5,733 |
| $ | 4,777 |
| $ | 3,172 |
| $ | 4,436 |
|
Allowance for loan losses to period-end loans |
| 1.54 | % | 1.51 | % | 1.52 | % | 1.56 | % | 1.57 | % | |||||
Net charge offs to average loans |
| 0.17 |
| 0.33 |
| 0.05 |
| 0.23 |
| 0.24 |
| |||||
Nonperforming assets to loans and OREO |
| 1.01 |
| 1.32 |
| 1.16 |
| 0.83 |
| 1.19 |
| |||||
CAPITAL AND OTHER: |
|
|
|
|
|
|
|
|
|
|
| |||||
Total equity to assets |
| 6.66 | % | 6.48 | % | 6.65 | % | 6.92 | % | 6.96 | % | |||||
Tier I capital to average assets (leverage) |
| 8.48 |
| 8.55 |
| 8.67 |
| 8.99 |
| 9.09 |
| |||||
Tier I capital to risk-adjusted assets |
| 10.26 |
| 10.40 |
| 10.65 |
| 11.18 |
| 11.14 |
| |||||
Total capital to risk-adjusted assets |
| 11.51 |
| 11.65 |
| 11.91 |
| 12.43 |
| 12.39 |
| |||||
Number of banking offices |
| 14 |
| 13 |
| 13 |
| 13 |
| 13 |
| |||||
Number of ATMs |
| 16 |
| 15 |
| 15 |
| 15 |
| 15 |
| |||||
Number of employees |
| 190 |
| 185 |
| 178 |
| 185 |
| 173 |
| |||||
Unity Bancorp, Inc.
Allowance for Loan Losses and Loan Quality Schedules
(Dollars in thousands)
|
| 12/31/2005 |
| 9/30/2005 |
| 6/30/2005 |
| 3/31/2005 |
| 12/31/2004 |
| |||||
ALLOWANCE FOR LOAN LOSSES: |
|
|
|
|
|
|
|
|
|
|
| |||||
Balance, beginning |
| $ | 6,558 |
| $ | 6,239 |
| $ | 5,942 |
| $ | 5,856 |
| $ | 5,726 |
|
Provision charged to expense |
| 525 |
| 675 |
| 350 |
| 300 |
| 350 |
| |||||
|
| 7,083 |
| 6,914 |
| 6,292 |
| 6,156 |
| 6,076 |
| |||||
Less: Charge offs |
|
|
|
|
|
|
|
|
|
|
| |||||
SBA |
| 91 |
| (9 | ) | 112 |
| 107 |
| 33 |
| |||||
Commercial |
| 18 |
| 87 |
| 30 |
| 165 |
| 220 |
| |||||
Residential mortgage |
| — |
| 25 |
| — |
| 24 |
| — |
| |||||
Consumer |
| 249 |
| 262 |
| 4 |
| 8 |
| 14 |
| |||||
Total Charge Offs |
| 358 |
| 365 |
| 146 |
| 304 |
| 267 |
| |||||
Add: Recoveries |
|
|
|
|
|
|
|
|
|
|
| |||||
SBA |
| 130 |
| — |
| 30 |
| 44 |
| 34 |
| |||||
Commercial |
| 24 |
| 8 |
| 7 |
| 45 |
| 10 |
| |||||
Residential mortgage |
| — |
| — |
| — |
| — |
| — |
| |||||
Consumer |
| 13 |
| 1 |
| 56 |
| 1 |
| 3 |
| |||||
Total Recoveries |
| 167 |
| 9 |
| 93 |
| 90 |
| 47 |
| |||||
Net Charge Offs |
| 191 |
| 356 |
| 53 |
| 214 |
| 220 |
| |||||
Balance, ending |
| $ | 6,892 |
| $ | 6,558 |
| $ | 6,239 |
| $ | 5,942 |
| $ | 5,856 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
LOAN QUALITY INFORMATION: |
|
|
|
|
|
|
|
|
|
|
| |||||
Nonperforming loans |
| $ | 4,361 |
| $ | 5,555 |
| $ | 4,777 |
| $ | 2,974 |
| $ | 4,091 |
|
Other real estate owned, net |
| 178 |
| 178 |
| — |
| 198 |
| 345 |
| |||||
Nonperforming assets |
| $ | 4,539 |
| $ | 5,733 |
| $ | 4,777 |
| $ | 3,172 |
| $ | 4,436 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Loans 90 days past due and still accruing |
| $ | — |
| $ | — |
| $ | — |
| $ | 313 |
| $ | — |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Allowance for loan losses to: |
|
|
|
|
|
|
|
|
|
|
| |||||
Total loans at period end |
| 1.54 | % | 1.51 | % | 1.52 | % | 1.56 | % | 1.57 | % | |||||
Nonperforming loans |
| 158.04 |
| 118.06 |
| 130.60 |
| 199.80 |
| 143.14 |
| |||||
Nonperforming assets |
| 151.84 |
| 114.39 |
| 130.60 |
| 187.33 |
| 132.01 |
| |||||
Net charge offs to average loans (QTD) |
| 0.17 |
| 0.33 |
| 0.05 |
| 0.23 |
| 0.24 |
| |||||
Net charge offs to average loans (YTD) |
| 0.20 |
| 0.21 |
| 0.14 |
| 0.23 |
| 0.19 |
| |||||
Nonperforming loans to total loans |
| 0.97 |
| 1.28 |
| 1.16 |
| 0.78 |
| 1.10 |
| |||||
Nonperforming assets to total loans and OREO |
| 1.01 |
| 1.32 |
| 1.16 |
| 0.83 |
| 1.19 |
| |||||