UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED June 30, 2004
OR
o TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
FOR THE TRANSITION PERIOD FROM
TO
.
Commission file number 1-12431
Unity Bancorp, Inc.
(Exact Name of Registrant as Specified in Its Charter)
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New Jersey |
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22-3282551 |
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(State or Other
Jurisdiction |
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(I.R.S. Employer |
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64 Old Highway 22, Clinton, NJ |
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08809 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
Registrant’s Telephone Number, Including Area Code (908) 730-7630
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934, as amended, during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12 b-2 of the Exchange Act) Yes o No ý
The number of shares outstanding of each of the registrant’s classes of common equity stock, as of August 11, 2004: common stock, no par value: 5,760,582 shares outstanding
2
Part 1.-Consolidated Financial Information
Item 1.-Consolidated Financial Statements (unaudited)
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(unaudited) |
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(unaudited) |
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(in thousands) |
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06/30/04 |
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12/31/03 |
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06/30/03 |
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Assets |
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Cash and due from banks |
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$ |
11,161 |
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$ |
11,915 |
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$ |
14,907 |
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Federal funds sold and interest bearing deposits |
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21,655 |
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14,500 |
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19,000 |
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Securities: |
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Available for sale |
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87,558 |
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79,277 |
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58,731 |
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Held to maturity (market value of $23,091, $13,457 and $21,761, respectively) |
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22,974 |
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13,070 |
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21,053 |
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Total securities |
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110,532 |
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92,347 |
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79,784 |
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Loans: |
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SBA held for sale |
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7,353 |
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14,014 |
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12,176 |
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SBA held to maturity |
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50,995 |
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49,983 |
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51,319 |
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Commercial |
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190,542 |
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188,197 |
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182,113 |
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Residential mortgage |
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50,276 |
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51,176 |
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47,198 |
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Consumer |
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38,391 |
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36,385 |
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32,415 |
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Total loans |
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337,557 |
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339,755 |
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325,221 |
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Less: Allowance for loan losses |
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5,599 |
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5,352 |
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4,649 |
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Net loans |
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331,958 |
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334,403 |
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320,572 |
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Premises and equipment, net |
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6,888 |
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5,979 |
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8,475 |
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Accrued interest receivable |
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2,420 |
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2,389 |
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2,397 |
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Loan servicing asset |
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1,548 |
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1,063 |
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561 |
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Other assets |
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5,067 |
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4,823 |
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3,353 |
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Total assets |
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$ |
491,229 |
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$ |
467,419 |
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$ |
449,049 |
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Liabilities and Shareholders’ Equity |
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Liabilities: |
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Deposits |
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Non-interest bearing demand deposits |
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$ |
93,206 |
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$ |
86,802 |
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$ |
90,593 |
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Interest bearing checking |
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199,075 |
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199,510 |
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183,068 |
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Savings deposits |
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44,525 |
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38,447 |
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36,452 |
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Time deposits, under $100,000 |
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67,279 |
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66,595 |
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66,389 |
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Time deposits, $100,000 and over |
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25,283 |
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23,628 |
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20,596 |
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Total deposits |
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429,368 |
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414,982 |
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397,098 |
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Borrowed funds |
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20,000 |
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10,000 |
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12,717 |
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Subordinated debentures |
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9,279 |
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9,279 |
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9,279 |
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Accrued interest payable |
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172 |
|
185 |
|
200 |
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Accrued expense and other liabilities |
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588 |
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2,211 |
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517 |
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Total liabilities |
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$ |
459,407 |
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$ |
436,657 |
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$ |
419,811 |
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Commitments and contingencies |
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— |
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— |
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— |
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Shareholders’ equity |
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