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

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

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

Condensed Financial Statements of Unity Bancorp, Inc.

(Parent Company Only)

Balance Sheets
(In thousands)	December 31, 2019		December 31, 2018
ASSETS
Cash and cash equivalents	$	2,308	$	1,209
Equity securities	1,355		1,239
Investment in subsidiaries	164,881		143,487
Premises and equipment, net	3,849		3,893
Other assets	967		1,372
Total assets	$	173,360	$	151,200
LIABILITIES AND SHAREHOLDERS' EQUITY
Loan due to subsidiary bank	$	2,304	$	2,396
Other liabilities	37		6
Subordinated debentures	10,310		10,310
Shareholders' equity	160,709		138,488
Total liabilities and shareholders' equity	$	173,360	$	151,200

Statements of Income	For the year ended December 31,
(In thousands)	2019			2018			2017
Dividend from Bank	$	3,300		$	2,890		$	2,452
Gain on sales of securities	17			—			—
Other income	454			425			413
Total income	3,771			3,315			2,865
Interest expenses	366			251			251
Market value (appreciation) write-downs on equity securities	(293		)	171			—
Other expenses	251			261			251
Total expenses	324			683			502
Income before provision for income taxes and equity in undistributed net income of subsidiary	3,447			2,632			2,363
Benefit (provision) for income taxes	78			(14		)	(15		)
Income before equity in undistributed net income of subsidiary	3,369			2,646			2,378
Equity in undistributed net income of subsidiary	20,284			19,273			10,515
Net income	$	23,653		$	21,919		$	12,893

Statements of Cash Flows	For the year ended December 31,
(In thousands)	2019			2018			2017
OPERATING ACTIVITIES
Net income	$	23,653		$	21,919		$	12,893
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiary	(20,284		)	(19,273		)	(10,515		)
Gain on sales of securities	(17		)	—			—
Net change in other assets and other liabilities	506			377			(81		)
Net cash provided by operating activities	3,858			3,023			2,297
INVESTING ACTIVITIES
Purchase of land and building	(64		)	—			(55		)
Purchases of securities	—			(1,133		)	(262		)
Proceeds from sales of securities	198			—			—
Net cash provided by (used in) investing activities	134			(1,133		)	(317		)
FINANCING ACTIVITIES
Proceeds from exercise of stock options	453			576			509
Repayment of advances from subsidiaries	(91		)	(87		)	(83		)
Cash dividends paid on common stock	(3,255		)	(2,802		)	(2,380		)
Net cash used in financing activities	(2,893		)	(2,313		)	(1,954		)
Increase (decrease) in cash and cash equivalents	1,099			(423		)	26
Cash and cash equivalents, beginning of period	1,209			1,632			1,606
Cash and cash equivalents, end of period	$	2,308		$	1,209		$	1,632
SUPPLEMENTAL DISCLOSURES
Interest paid	$	479		$	368		$	374