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

12 Months Ended

Dec. 31, 2024

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

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

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

Balance Sheets

	December 31,		December 31,
(In thousands)	2024		2023
ASSETS
Cash and cash equivalents	$	350	$	1,410
Debit securities, available for sale		—		1,478
Equity securities		3,732		3,559
Investment in subsidiaries		297,853		260,879
Premises and equipment, net		3,506		3,480
Other assets		482		1,303
Total assets	$	305,923	$	272,109
LIABILITIES AND SHAREHOLDERS’ EQUITY
Other liabilities		30		369
Subordinated debentures		10,310		10,310
Shareholders’ equity		295,583		261,430
Total liabilities and shareholders’ equity	$	305,923	$	272,109

Statements of Income

	For the year ended December 31,
(In thousands)	2024		2023
Dividend from Bank	$	6,196	$	15,188
Dividend from Nonbank subsidiary		—		1,235
Gain on sales of securities		54		345
Market value appreciation on equity securities		575		—
Other income		793		760
Total income		7,618		17,528
Interest expenses		718		695
Market value depreciation on equity securities		—		444
Other expenses		170		265
Total expenses		888		1,404
Income before provision for income taxes and equity in undistributed net income of subsidiary		6,730		16,124
Income tax expense (benefit)		121		(114)
Income before equity in undistributed net income of subsidiary		6,609		16,238
Equity in undistributed net income of subsidiaries		34,841		23,469
Net income	$	41,450	$	39,707

Statements of Cash Flows

	For the year ended December 31,
(In thousands)	2024		2023
OPERATING ACTIVITIES
Net income	$	41,450	$	39,707
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries		(34,841)		(23,469)
Gain on sales of securities		(54)		(345)
Net accretion of purchase premiums and discounts on securities		(17)		—
Net change in other assets and other liabilities		280		349
Net cash provided by operating activities		6,818		16,242
INVESTING ACTIVITIES
Purchases of equity securities		(247)		(126)
Proceeds from business divestitures		—		2,034
Maturities and principal payments on securities available for sale		1,495		—
Purchases of premises and equipment		(160)		—
Proceeds from sales of securities		785		2,166
Net cash (used in) provided by investing activities		1,873		4,074
FINANCING ACTIVITIES
Proceeds from exercise of stock based compensation, net of taxes		1,480		1,284
Repayment of advances from subsidiaries		—		(2,002)
Purchase of treasury stock		(6,210)		(15,692)
Cash dividends paid on common stock		(5,021)		(4,721)
Net cash used in financing activities		(9,751)		(21,131)
Decrease in cash and cash equivalents		(1,060)		(815)
Cash and cash equivalents, beginning of period		1,410		2,225
Cash and cash equivalents, end of period	$	350	$	1,410
SUPPLEMENTAL DISCLOSURES
Interest paid	$	722	$	786