XML 32 R21.htm IDEA: XBRL DOCUMENT

Repurchase of Subordinated Debentures	3 Months Ended
Repurchase of Subordinated Debentures	Mar. 31, 2017
Debt Disclosure [Abstract]
Repurchase of Subordinated Debentures	Repurchase of Subordinated Debentures On February 26, 2016, the Company repurchased $5.2 million of its outstanding subordinated debentures, reducing its outstanding subordinated debt to $10.3 million. The subordinated debentures were repurchased at a price of $0.5475 per dollar, resulting in a pre-tax gain of $2.3 million. This gain is included in noninterest income on the income statement. The subordinated debentures were previously issued by Unity (NJ) Statutory Trust III, a statutory business trust and wholly-owned subsidiary of Unity Bancorp, Inc., on December 19, 2006 and were due on December 19, 2036. The floating interest rate was 3 month Libor plus 165 basis points and repriced quarterly. Upon completion of the transaction, Unity (NJ) Statutory Trust III was dissolved effective March 4, 2016. These securities qualified as Tier 1 capital under the terms of the Dodd-Frank Wall Street Reform and Consumer Protection Act and thus repurchasing them reduced Tier 1 capital.