EXHIBIT 99
UNITY BANCORP, INC.
ANNOUNCES RECORD GROWTH
AND EARNINGS FOR THE FIRST QUARTER
CLINTON, NEW JERSEY --April 20, 1999-- UNITY BANCORP, INC. (NASDAQ NM:
UNTY), parent company of UNITY BANK, reported Net Income of $501,307 for the
first quarter ended March 31, 1999, a 47% increase over the $340,462 earned in
the first quarter of 1998. Assets grew to $298.3 million, a 34% increase over a
year earlier.
The growth in earnings and assets is reflected in the 28% increase in Net
Loans to $169.4 million at March 31, 1999 up from $132.8 million on March 31,
1998. Total Deposits increased 31% to $265.2 million at March 31, 1999, up from
$201.7 million on March 31, 1998.
Chairman of the Board Robert Van Volkenburgh stated, "This strong first
quarter performance reflects our recent acquisition of CMA, our mortgage
company, providing increased fee income, as well as the implementation of our
business plan in the communities we recently entered, and the continued success
of that plan in our original communities. Our core small business and consumer
lending business continues to lead our growth."
"With the opening of our Colonia office at the end of December 1998 and the
Berkeley Heights, Cranford, Edison and Millburn Avenue offices in the first
quarter of 1999, Unity Bank began to fulfill its expansion program. Early
results of these new sites are on target. Our ability to absorb this expansion
while continuing to report record earnings growth exhibits the strength of our
business plan and strength of the Unity franchise."
Three Months Ended
March 31
(Unaudited)
(000's omitted except per share date)
1999 1998 % Change
------ ------ ---------
Income Statement Data
Net Interest Income $3,341 $2,345 42.5%
Provision for Loan Loss 61 204 -70.1%
Noninterest Income 946 821 15.2%
Noninterest Expense 3,432 2,412 42.3%
Provision for Income Taxes 293 210 40.0%
------ ------
Net Income $ 501 $ 340 47.4%
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Per Share Data
Basic Earnings Per Share $ 0.13 $ 0.11 23.5% *
Book Value $ 7.35 $ 6.31 16.5%
Weighted Average Shares (basic) $3,724,801 $3,139,941 18.6%*
Balance Sheet
Assets $ 298,290 223,289 33.6%
Net Loans 169,423 132,803 27.6%
Investment Securities 47,017 55,634 -15.5%
Deposits 265,200 201,713 31.5%
Shareholder's Equity 27,753 20,000 38.8%
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* includes restatement for 1998's 5% stock dividend
Unity Bank is a community oriented, full service commercial bank providing
a wide range of business and consumer financial services through its thirteen
retail financial service centers located in Berkeley Heights, Clinton, Colonia,
Cranford, Edison, Flemington, Linden, North Plainfield, Scotch Plains,
Springfield (2), Union, and Whitehouse, New Jersey.
As previously announced, the Bank will also open additional locations in:
East Brunswick, Kenilworth, North Brunswick, Raritan Township, South Plainfield,
Bound Brook, and Highland Park, New Jersey.
For additional information about the Bank's financial services, call
1-800-618-BANK, or visit Unity's Internet page at htp://www.unitybank.com. Email
may be addressed to the Bank at UNITY@aol.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995:
Certain of these statements contained in this release which are not historical
facts are forward-looking statements that are subject to risks and uncertainties
that could cause actual results to differ materially from these set forth in the
forward-looking statements, including the uncertainties inherent in the process
of auditing and making end-of-year adjustments to a corporation's financial
statements. By making these forward-looking statements, the Company undertakes
no obligation to update these statements for revisions or changes after the date
of this release.
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