Unity Bancorp Reports First Quarter Earnings
CLINTON, N.J., April 24 /PRNewswire-FirstCall/ -- Unity Bancorp, Inc.
(Nasdaq: UNTY), parent company of Unity Bank, reported net income of $1.5
million, or $0.21 per diluted share, for the quarter ended March 31, 2007,
compared to net income of $1.7 million, or $0.24 per diluted share, for the
quarter ended March 31, 2006. Return on average assets and average common equity
for the first quarter of 2007 were 0.87% and 12.74%, respectively, as compared
to 1.08% and 16.26%, respectively, for the first quarter of 2006.
"Although we are pleased with the growth in our balance sheet and our
customer base, the continued flat yield curve has significantly impacted our net
interest margin," said Unity President and Chief Executive Officer, James A.
Hughes. "Although the rate environment is a challenge, we are confident we can
continue to grow our asset base, which will have a favorable effect on future
earnings."
Net interest income was $6.0 million for the first quarter of 2007, flat
from the same period a year ago. Net interest income was impacted by a decrease
in net interest margin offset by an increase in interest-earning assets. Net
interest margin was 3.75% for the first quarter of 2007, compared to 4.12% for
the first quarter of 2006. The Federal Reserve Board has raised rates 17 times,
or 425 basis points, since 2004. These increases have resulted in an inverted
yield curve; substantially increasing the Company's cost of funds. The sustained
effect of the yield curve may cause the net interest margin to further contract
during 2007.
The provision for loan losses for the first quarter of 2007 was $200
thousand, compared to $300 thousand for the quarter ended March 31, 2006. Net
loan charge-offs for the quarter ended March 31, 2007 were $67 thousand,
compared to net-charge offs of $72 thousand for the quarter ended March 31,
2006.
Total non-interest income for the first quarter of 2007 was $1.7 million,
down 16.1% from the same period a year ago. Service charges on deposits for the
first quarter were $349 thousand, a decrease of $84 thousand compared to the
first quarter of 2006, primarily due to the abatement of fees due to competitive
pricing and the acceleration of Check 21. Service and loan fees were $366
thousand for the first quarter of 2007, a decrease of $29 thousand from a year
ago, due to a decline in SBA servicing income from increased prepayment on loans
in a higher rate environment. Gains on sales of SBA loans amounted to $679
thousand for the first quarter of 2007, compared to $700 thousand for the
quarter ended March 31, 2006, primarily due to reduced premiums.
Total non-interest expenses for the first quarter of 2007 were $5.4
million, an increase of 3.1% from the prior year's comparable quarter.
Compensation and benefits increased 8.4% due to merit increases and rising
health insurance costs, partially offset by a planned reduction in the employee
base. Processing and communications increased 4.4%, due to increased
transactional volume. Furniture and equipment, and occupancy costs increased
1.8% and 3.9% respectively from the prior year, primarily due to the increased
branch count and refurbishment of our existing branch network. Loan servicing
costs decreased 10.9% due to the collection of expenses on past due loans.
Total assets at March 31, 2007 were $681.3 million, an 8.5% increase from
March 31, 2006. The increase in assets from the prior year was primarily due to
growth in the Company's loan portfolio. Total loans at March 31, 2007 were
$515.6 million, a 10.2% increase from March 31, 2006. The growth in the loan
portfolio occurred in commercial, consumer and residential lending.
"In the first quarter of 2007, the Company expanded its SBA program," said
Mr. Hughes. "We have opened two loan production offices in Florida and one in
North Carolina, and are actively looking for growth areas east of the
Mississippi River where we can increase our position as a National SBA lender."
At March 31, 2007 the allowance for loan losses was $7.8 million, or 1.50%
of total loans, compared to 1.52% at March 31, 2006. Non-performing assets at
March 31, 2007 were $6.8 million, or 1.31% of total loans and other real estate
owned "OREO", as compared to $9.1 million or 1.80% of total loans and OREO at
December 31, 2006, and $3.8 million or 0.81% of total loans and OREO from a year
ago. Included in non-performing assets at March 31, 2007 are approximately $1.4
million of loans guaranteed by the SBA. Credit quality improved during the
quarter due to increased collection efforts and the payoff of problem credits.
Due to the current rate environment, the cost of gathering deposits has
increased considerably. As a result, the Company has chosen not to compete for
high rate deposits in order to enhance net interest margin. Loan growth was
funded with cash flow from investment securities, federal funds sold and
borrowings.
The reduction in deposits from the fourth quarter of 2006 was due to the
planned run off of municipal deposits, while core deposits remained relatively
flat. Total deposits at March 31, 2007 were $541.4 million, a 1.3% increase from
March 31, 2006. This increase was primarily the result of growth in savings
accounts, partially offset by the decline in interest bearing checking accounts
and demand deposit accounts. Savings accounts increased $35.8 million, or 20.0%
from March 31, 2006, due to a high-yield savings product.
"During the second quarter of 2007, the Company will implement remote
deposit capture," said Mr. Hughes. "This unique product will allow customers to
deposit checks from their business locations. We believe this will increase the
number of transactional relationships inside and outside of our local market
areas."
Total shareholders' equity was $47.8 million at March 31, 2007, a 13.9%
increase from March 31, 2006. The increase in shareholders' equity was primarily
due to retained profits and an increase in other comprehensive income, partially
offset by the payment of cash dividends.
As of March 31, 2007, the Company's Tier I leverage capital ratio was
9.24%, Tier I risk-based capital ratio was 11.06%, and total risk-based capital
ratio was 13.80%. All regulatory capital ratios exceeded the well- capitalized,
federal capital adequacy requirements as of March 31, 2007.
Unity Bancorp, Inc. is a financial service organization headquartered in
Clinton, New Jersey, with approximately $681 million in assets and $541 million
in deposits. Unity Bank provides financial services to retail, corporate and
small business customers through its 15 retail service centers located in
Hunterdon, Middlesex, Somerset, Union and Warren counties in New Jersey and
Northampton County, Pennsylvania. For additional information about Unity visit
our website at www.unitybank.com or call 800 618-BANK.
This news release contains certain forward-looking statements, either
expressed or implied, which are provided to assist the reader in understanding
anticipated future financial performance. These statements involve certain
risks, uncertainties, estimates and assumptions made by management, which are
subject to factors beyond the company's control and could impede its ability to
achieve these goals. These factors include general economic conditions, trends
in interest rates, the ability of our borrowers to repay their loans, and
results of regulatory exams, among other factors.
Unity Bancorp, Inc.
Consolidated Financial Highlights
(Dollars in thousands, except per share data)
Mar. 07 vs.
Mar. 31, Dec. 31, Mar. 31, Dec. Mar.
BALANCE SHEET DATA: 2007 2006 2006 06 06
Assets $681,302 $694,106 $628,055 (1.8)% 8.5 %
Deposits 541,399 566,465 534,437 (4.4) 1.3
Loans 515,562 507,690 467,963 1.6 10.2
Securities 104,318 108,410 101,641 (3.8) 2.6
Shareholders' equity 47,825 46,228 41,985 3.5 13.9
Allowance for loan
losses 7,757 7,624 7,120 1.7 8.9
FINANCIAL DATA -
QUARTER TO DATE:
Net income before
taxes $2,081 $1,389 $2,499 49.8 % (16.7)%
Federal and state
income tax
provision 630 465 842 35.5 (25.2)
Net income 1,451 924 1,657 57.0 (12.4)
Per share-basic 0.22 0.14 0.25 57.1 (12.0)
Per share-diluted 0.21 0.13 0.24 61.5 (12.5)
Return on average
assets 0.87% 0.55% 1.08% 58.2 (19.4)
Return on average
common equity 12.74 8.05 16.26 58.3 (21.6)
Efficiency ratio 70.46 73.34 65.25 (3.9) 8.0
SHARE INFORMATION:
Closing price per
share $11.86 $14.71 $15.29 (19.4)% (22.4)%
Cash dividends
declared 0.05 0.05 0.05 - -
Book value per share 7.18 6.99 6.47 2.7 11.0
Average diluted
shares outstanding
(QTD) 6,953 6,917 6,896 0.5 0.8
CAPITAL RATIOS:
Total equity to
total assets 7.02% 6.66% 6.76% 5.4 % 3.8 %
Tier I capital to
average assets
(leverage) 9.24 9.13 8.26 1.2 11.9
Tier I capital to
risk-adjusted
assets 11.06 10.92 9.93 1.3 11.4
Total risk-based
capital 13.80 13.72 11.18 0.6 23.4
CREDIT QUALITY AND
RATIOS:
Nonperforming assets $6,771 $9,120 $3,781 (25.8)% 79.1 %
Net charge offs to
average loans (QTD) 0.05% 0.35% 0.06% (85.7) (16.7)
Allowance for loan
losses to total
loans 1.50 1.50 1.52 - (1.3)
Nonperforming assets
to total loans and
OREO 1.31 1.80 0.81 (27.2) 61.7
Unity Bancorp, Inc.
Consolidated Balance Sheets
(In thousands)
Mar. 07 vs.
Mar. 31, Dec. 31, Mar. 31, Dec. Mar.
2007 2006 2006 06 06
ASSETS
Cash and due from banks $15,697 14,727 12,171 6.6 % 29.0 %
Federal funds sold and
interest bearing deposits 23,417 40,709 25,726 (42.5) (9.0)
Securities:
Available for sale 66,197 65,595 63,411 0.9 4.4
Held to maturity 38,121 42,815 38,230 (11.0) (0.3)
Total securities 104,318 108,410 101,641 (3.8) 2.6
Loans:
SBA - Held for sale 9,298 12,273 16,826 (24.2) (44.7)
SBA - Held to Maturity 68,314 66,802 65,305 2.3 4.6
Commercial 318,905 312,195 279,369 2.1 14.2
Residential mortgage 63,615 63,493 60,194 0.2 5.7
Consumer 55,430 52,927 46,269 4.7 19.8
Total loans 515,562 507,690 467,963 1.6 10.2
Less: Allowance for loan
losses 7,757 7,624 7,120 1.7 8.9
Net loans 507,805 500,066 460,843 1.5 10.2
Goodwill and other
intangibles 1,599 1,603 1,614 (0.2) (0.9)
Premises and equipment, net 11,525 11,610 10,723 (0.7) 7.5
Accrued interest receivable 3,594 3,926 3,350 (8.5) 7.3
Loan servicing asset 2,261 2,294 2,476 (1.4) (8.7)
Bank Owned Life Insurance 5,421 5,372 5,232 0.9 3.6
Other assets 5,665 5,389 4,279 5.1 32.4
Total Assets $681,302 694,106 628,055 (1.8)% 8.5 %
LIABILITIES AND
SHAREHOLDERS' EQUITY
Deposits:
Noninterest-bearing demand
deposits $75,928 79,772 81,210 (4.8)% (6.5)%
Interest-bearing deposits:
Interest bearing
checking 89,313 105,382 113,441 (15.2) (21.3)
Savings 214,636 205,919 178,848 4.2 20.0
Time, under $100,000 105,724 111,070 108,211 (4.8) (2.3)
Time, $100,000 and over 55,798 64,322 52,727 (13.3) 5.8
Total deposits 541,399 566,465 534,437 (4.4) 1.3
Borrowed funds and
subordinated debentures 89,744 79,744 49,279 12.5 82.1
Accrued interest payable 523 475 298 10.1 75.5
Accrued expenses and other
liabilities 1,811 1,194 2,056 51.7 (11.9)
Total liabilities 633,477 647,878 586,070 (2.2) 8.1
Commitments and
Contingencies - - -
Shareholders' equity:
Common stock, no par value,
12,500 shares authorized 44,677 44,343 38,697 0.8 15.5
Retained earnings 4,067 2,951 4,749 37.8 (14.4)
Treasury stock at cost (242) (242) (242) - -
Accumulated other
comprehensive loss, net
of tax (677) (824) (1,219) (17.8) (44.5)
Total shareholders'
equity 47,825 46,228 41,985 3.5 13.9
Total Liabilities and
Shareholders' Equity $681,302 694,106 628,055 (1.8)% 8.5 %
COMMON SHARES AT PERIOD END:
Issued 6,685 6,641 6,589
Outstanding 6,662 6,618 6,566
Treasury 23 23 23
N/M= Not meaningful
Unity Bancorp, Inc.
Consolidated Statements of Income
(In thousands, except per share data)
Mar. 07 vs.
Mar. 31, Dec. 31, Mar. 31, Dec. Mar.
FOR THE THREE MONTHS ENDED: 2007 2006 2006 06 06
INTEREST INCOME
Fed funds sold and interest on
deposits $262 $211 $207 24.2 % 26.6 %
Securities:
Available for sale 780 788 708 (1.0) 10.2
Held to maturity 540 551 476 (2.0) 13.4
Total securities 1,320 1,339 1,184 (1.4) 11.5
Loans:
SBA 2,340 2,108 2,153 11.0 8.7
Commercial 5,988 5,875 4,892 1.9 22.4
Residential mortgage 888 887 820 0.1 8.3
Consumer 904 855 744 5.7 21.5
Total loan interest income 10,120 9,725 8,609 4.1 17.6
Total interest income 11,702 11,275 10,000 3.8 17.0
INTEREST EXPENSE
Interest bearing demand
deposits 552 664 694 (16.9) (20.5)
Savings deposits 2,171 2,081 1,192 4.3 82.1
Time deposits 1,970 1,963 1,499 0.4 31.4
Borrowed funds and subordinated
debentures 990 852 562 16.2 76.2
Total interest expense 5,683 5,560 3,947 2.2 44.0
Net interest income 6,019 5,715 6,053 5.3 (0.6)
Provision for loan losses 200 600 300 (66.7) (33.3)
Net interest income after
provision for loan losses 5,819 5,115 5,753 13.8 1.1
NONINTEREST INCOME
Service charges on deposit
accounts 349 374 433 (6.7) (19.4)
Service and loan fee income 366 345 395 6.1 (7.3)
Gain on SBA loan sales 679 787 700 (13.7) (3.0)
Gain on Mortgage loan sales 9 72 62 (87.5) (85.5)
Gain on sales of other loans - - 82 - (100.0)
Bank owned life insurance 49 47 47 4.3 4.3
Net securities gains 10 - - 100.0 100.0
Other income 217 121 283 79.3 (23.3)
Total noninterest income 1,679 1,746 2,002 (3.8) (16.1)
NONINTEREST EXPENSES
Compensation and benefits 2,955 2,830 2,725 4.4 8.4
Processing and communications 550 585 527 (6.0) 4.4
Occupancy, net 673 655 648 2.7 3.9
Furniture and equipment 400 392 393 2.0 1.8
Professional fees 136 131 132 3.8 3.0
Loan servicing costs 90 211 101 (57.3) (10.9)
Advertising 94 156 170 (39.7) (44.7)
Other 519 512 560 1.4 (7.3)
Total noninterest expenses 5,417 5,472 5,256 (1.0) 3.1
Income before taxes 2,081 1,389 2,499 49.8 (16.7)
Federal and state income tax
provision 630 465 842 35.5 (25.2)
Net Income $1,451 $924 $1,657 57.0 % (12.4)%
Net Income Per Common Share-
Basic $0.22 $0.14 $0.25 57.1 % (12.0)%
Net Income Per Common Share-
Diluted $0.21 $0.13 $0.24 61.5 % (12.5)%
AVERAGE COMMON SHARES
OUTSTANDING:
Basic 6,644 6,610 6,556
Diluted 6,953 6,917 6,896
Unity Bancorp, Inc.
Consolidated Average Balance Sheets
with Resultant Interest and Rates
(Tax-equivalent basis, dollars in thousands)
Three Months Ended
March 31, 2007 December 31, 2006
Balance Interest Rate Balance Interest Rate
ASSETS
Interest-earning
assets:
Federal funds sold
and interest-
bearing deposits
with banks $20,650 $262 5.15 % $16,274 $211 5.14 %
Securities:
Available for
sale 64,905 792 4.88 67,266 801 4.76
Held to maturity 42,287 558 5.28 43,465 568 5.23
Total
securities 107,192 1,350 5.04 110,731 1,369 4.95
Loans, net of
unearned
discount:
SBA 81,783 2,340 11.44 83,828 2,108 10.06
Commercial 318,638 5,988 7.62 314,370 5,875 7.41
Residential
mortgage 62,903 888 5.65 62,909 887 5.64
Consumer 53,419 904 6.86 49,590 855 6.84
Total loans 516,743 10,120 7.91 510,697 9,725 7.57
Total
interest-
earning
assets 644,585 11,732 7.34 637,702 11,305 7.05
Noninterest-earning
assets:
Cash and due from
banks 12,228 12,495
Allowance for loan
losses (7,877) (7,763)
Other assets 29,494 28,780
Total
noninterest-
earning
assets 33,845 33,512
Total Assets $678,430 $671,214
LIABILITIES AND
SHAREHOLDERS'
EQUITY
Interest-bearing
liabilities:
Interest-bearing
demand deposits $97,570 552 2.29 $110,635 664 2.38
Savings deposits 210,879 2,171 4.18 199,643 2,081 4.14
Time deposits 170,508 1,970 4.69 169,889 1,963 4.58
Total
interest-
bearing
deposits 478,957 4,693 3.97 480,167 4,708 3.89
Borrowed funds and
subordinated
debentures 75,133 990 5.34 67,083 852 5.04
Total
interest-
bearing
liabilities 554,090 5,683 4.16 547,250 5,560 4.03
Noninterest-bearing
liabilities:
Demand deposits 75,222 76,168
Other liabilities 2,927 2,244
Total
noninterest-
bearing
liabilities 78,149 78,412
Shareholders'
equity 46,191 45,552
Total Liabilities
and Shareholders'
Equity $678,430 $671,214
Net interest spread 6,049 3.18 % 5,745 3.02 %
Tax-equivalent basis
adjustment (30) (30)
Net interest income $6,019 $5,715
Net interest margin 3.75 % 3.60 %
Unity Bancorp, Inc.
Consolidated Average Balance Sheets
with Resultant Interest and Rates
(Tax-equivalent basis, dollars in thousands)
Three Months Ended
March 31, 2007 March 31, 2006
Balance Interest Rate Balance Interest Rate
ASSETS
Interest-earning
assets:
Federal funds sold
and interest-
bearing deposits
with banks $20,650 $262 5.15 % $19,493 $207 4.31 %
Securities:
Available for
sale 64,905 792 4.88 64,812 721 4.45
Held to maturity 42,287 558 5.28 39,291 476 4.85
Total
securities 107,192 1,350 5.04 104,103 1,197 4.60
Loans, net of
unearned
discount:
SBA 81,783 2,340 11.44 85,931 2,153 10.02
Commercial 318,638 5,988 7.62 271,323 4,892 7.31
Residential
mortgage 62,903 888 5.65 61,126 820 5.37
Consumer 53,419 904 6.86 46,501 744 6.49
Total loans 516,743 10,120 7.91 464,881 8,609 7.47
Total
interest-
earning
assets 644,585 11,732 7.34 588,477 10,013 6.86
Noninterest-earning
assets:
Cash and due from
banks 12,228 11,698
Allowance for loan
losses (7,877) (7,154)
Other assets 29,494 26,847
Total
noninterest-
earning
assets 33,845 31,391
Total Assets $678,430 $619,868
LIABILITIES AND
SHAREHOLDERS'
EQUITY
Interest-bearing
liabilities:
Interest-bearing
demand deposits $97,570 552 2.29 $128,150 694 2.20
Savings deposits 210,879 2,171 4.18 158,058 1,192 3.06
Time deposits 170,508 1,970 4.69 162,533 1,499 3.74
Total
interest-
bearing
deposits 478,957 4,693 3.97 448,741 3,385 3.06
Borrowed funds and
subordinated
debentures 75,133 990 5.34 49,279 562 4.63
Total
interest-
bearing
liabilities 554,090 5,683 4.16 498,020 3,947 3.21
Noninterest-bearing
liabilities:
Demand deposits 75,222 78,179
Other liabilities 2,927 2,339
Total
noninterest-
bearing
liabilities 78,149 80,518
Shareholders'
equity 46,191 41,330
Total Liabilities
and Shareholders'
Equity $678,430 $619,868
Net interest spread 6,049 3.18 % 6,066 3.65 %
Tax-equivalent basis
adjustment (30) (13)
Net interest income $6,019 $6,053
Net interest margin 3.75 % 4.12 %
Unity Bancorp, Inc.
Allowance for Loan Losses and Loan Quality Schedules
(Dollars in thousands)
3/31/2007 12/31/2006 9/30/2006 6/30/2006 3/31/2006
ALLOWANCE FOR LOAN
LOSSES:
Balance, beginning $ 7,624 $ 7,480 $ 7,257 $7,120 $6,892
Provision charged
to expense 200 600 400 250 300
7,824 8,080 7,657 7,370 7,192
Less: Charge offs
SBA 116 320 141 66 46
Commercial - 196 50 48 4
Residential
mortgage - - - - -
Consumer 2 10 3 14 35
Total Charge Offs 118 526 194 128 85
Add: Recoveries
SBA 41 20 - - -
Commercial 6 50 12 2 11
Residential
mortgage - - - - -
Consumer 4 - 5 13 2
Total Recoveries 51 70 17 15 13
Net Charge Offs 67 456 177 113 72
Balance, ending $ 7,757 $ 7,624 $ 7,480 $7,257 $7,120
LOAN QUALITY
INFORMATION:
Nonperforming loans $6,515 $8,909 $6,473 $2,552 $3,605
Other real estate
owned, net 256 211 - - 176
Nonperforming assets $6,771 $9,120 $6,473 $2,552 $3,781
Loans 90 days past
due and still
accruing $ 145 $78 $658 $- $326
Allowance for loan
losses to:
Total loans at
period end 1.50 % 1.50 % 1.50 % 1.50 % 1.52 %
Nonperforming loans 119.06 85.58 115.56 284.37 197.50
Nonperforming
assets 114.56 83.60 115.56 284.37 188.31
Net charge offs to
average loans (QTD) 0.05 0.35 0.14 0.10 0.06
Net charge offs to
average loans (YTD) 0.05 0.17 0.10 0.08 0.06
Nonperforming loans
to total loans 1.26 1.75 1.30 0.53 0.77
Nonperforming assets
to total loans
and OREO 1.31 1.80 1.30 0.53 0.81
Unity Bancorp, Inc.
Quarterly Financial Data
03/31/07 12/31/06 09/30/06 06/30/06 03/31/06
SUMMARY OF INCOME
(in thousands) :
Interest income $11,702 $11,275 $11,258 $10,644 $10,000
Interest expense 5,683 5,560 5,314 4,611 3,947
Net interest
income 6,019 5,715 5,944 6,033 6,053
Provision for loan
losses 200 600 400 250 300
Net interest income
after provision 5,819 5,115 5,544 5,783 5,753
Noninterest income 1,679 1,746 2,243 1,647 2,002
Noninterest expense 5,417 5,472 5,316 5,001 5,256
Income before
income taxes 2,081 1,389 2,471 2,429 2,499
Federal and state
income tax provision 630 465 844 792 842
Net Income 1,451 924 1,627 1,637 1,657
Net Income per
Common Share:
Basic $0.22 $0.14 $0.25 $0.25 $0.25
Diluted 0.21 0.13 0.23 0.24 0.24
COMMON SHARE DATA:
Cash dividends
declared $0.05 $0.05 $0.05 $0.05 $0.05
Book value at
quarter end 7.18 6.99 6.92 6.60 6.47
Market value at
quarter end 11.86 14.71 15.28 15.49 15.29
Average common shares
outstanding: (000's)
Basic 6,644 6,610 6,591 6,574 6,556
Diluted 6,953 6,917 6,925 6,905 6,896
Common shares
outstanding at
period end (000's) 6,662 6,618 6,600 6,579 6,566
OPERATING RATIOS:
Return on average
assets 0.87 % 0.55 % 1.00 % 1.03 % 1.08 %
Return on average
common equity 12.74 8.05 15.26 15.39 16.26
Efficiency ratio 70.46 73.34 65.48 65.12 65.25
BALANCE SHEET DATA
(in thousands):
Assets $681,302 $694,106 $671,811 $670,870 $628,055
Deposits 541,399 566,465 557,451 576,376 534,437
Loans 515,562 507,690 498,842 484,622 467,963
Shareholders' equity 47,825 46,228 45,643 43,446 41,985
Allowance for loan
losses 7,757 7,624 7,480 7,257 7,120
TAX-EQUIVALENT YIELDS
AND RATES:
Interest-earning
assets 7.34 % 7.05 % 7.13 % 7.04 % 6.86 %
Interest-bearing
liabilities 4.16 4.03 3.87 3.58 3.21
Net interest spread 3.18 3.02 3.26 3.46 3.65
Net interest margin 3.75 3.60 3.79 3.99 4.12
CREDIT QUALITY:
Nonperforming assets
(in thousands) $6,771 $9,120 $6,473 $2,552 $3,781
Allowance for loan
losses to period-
end loans 1.50 % 1.50 % 1.50 % 1.50 % 1.52 %
Net charge offs to
average loans 0.05 0.35 0.14 0.10 0.06
Nonperforming assets
to loans and OREO 1.31 1.80 1.30 0.53 0.81
CAPITAL AND OTHER:
Total equity to
assets 7.02 % 6.66 % 6.79 % 6.48 % 6.68 %
Tier I capital to
average assets
(leverage) 9.24 9.13 9.12 8.22 8.26
Tier I capital to
risk-adjusted assets 11.06 10.92 10.92 9.85 9.93
Total capital to
risk-adjusted assets 13.80 13.72 12.91 11.10 11.18
Number of banking
offices 15 15 14 14 14
Number of ATMs 16 16 16 16 16
Number of employees 179 185 205 191 190
SOURCE Unity Bancorp, Inc.
04/24/2007
/CONTACT: Alan Bedner, EVP and Chief Financial Officer of Unity Bancorp,
Inc., +1-908-713-4308 /
/Web site: http://www.unitybank.com /
(UNTY)