Condensed Financial Statements of Unity Bancorp, Inc. (Parent Company Only)

12 Months Ended

Dec. 31, 2014

Condensed Financial Statements of Unity Bancorp, Inc. (Parent Company Only) [Abstract]

Condensed Financial Statements of Unity Bancorp, Inc. (Parent Company Only)

20.  Condensed Financial Statements of Unity Bancorp, Inc.

(Parent Company Only)

Balance Sheets
(In thousands)	December 31, 2014		December 31, 2013
ASSETS
Cash and cash equivalents	$	198	$	724
Securities available for sale		197		167
Capital note due from Bank		8,500		8,500
Investment in subsidiaries		76,323		62,814
Other assets		447		492
Total assets	$	85,665	$	72,697
LIABILITIES AND SHAREHOLDERS' EQUITY
Other liabilities	$	78	$	59
Subordinated debentures		15,465		15,465
Shareholders' equity		70,122		57,173
Total liabilities and shareholders' equity	$	85,665	$	72,697

Statements of Income	For the years ended December 31,
(In thousands)	2014		2013
Total interest income	$	748	$	761
Total interest expense		281		287
Net interest income		467		474
Gains on sales of securities		-		3
Other expenses		32		22
Income before provision for income taxes and equity in undistributed net income of subsidiary		435		455
Provision for income taxes		209		116
Income before equity in undistributed net income of subsidiary		226		339
Equity in undistributed net income of subsidiary		6,182		4,776
Net income		6,408		5,115
Preferred stock dividends and discount accretion		-		988
Income available to common shareholders	$	6,408	$	4,127

Statements of Cash Flows	For the years ended December 31,
(In thousands)	2014		2013
OPERATING ACTIVITIES
Net income	$	6,408	$	5,115
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiary		(6,182)		(4,776)
Gains on sales of securities		-		(3)
Net change in other assets and other liabilities		53		(22)
Net cash provided by operating activities		279		314
INVESTING ACTIVITIES
Purchases of securities		-		(100)
Proceeds from sales of securities		-		63
Net cash used in investing activities		-		(37)
FINANCING ACTIVITIES
Redemption of perpetual preferred stock from U.S. Treasury		-		(20,649)
Repurchase of warrant from U.S. Treasury		-		(2,707)
Proceeds from exercise of stock options		70		-
Proceeds from rights offering		6,143		-
Investment in Bank		(6,500)		-
Cash dividends paid on preferred stock		-		(585)
Cash dividends paid on common stock		(753)		(188)
Dividend from Bank		235		12,707
Net cash provided by (used in) financing activities		(805)		(11,422)
Increase in cash and cash equivalents		(526)		(11,145)
Cash and cash equivalents, beginning of period		724		11,869
Cash and cash equivalents, end of period	$	198	$	724
SUPPLEMENTAL DISCLOSURES
Interest paid	$	281	$	287