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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
October 14, 2022
Date of Report (Date of earliest event reported)
UNITY BANCORP, INC.
(Exact Name of Registrant as Specified in its Charter)
New Jersey
(State or Other Jurisdiction of Incorporation)
1-12431 |
22-3282551 |
(Commission File Number) |
(IRS Employer Identification No.) |
64 Old Highway 22
Clinton, NJ 08809
(Address of Principal Executive Office)
(908) 730-7630
(Registrant’s Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common stock |
UNTY |
NASDAQ |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operation and Financial Condition
The Registrant issued a press release on October 14, 2022, announcing results for the three and nine months ended September 30, 2022, the full text of which is incorporated by reference to this Item.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit 99.1Press release issued by the Registrant on October 14, 2022.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
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UNITY BANCORP, INC. |
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(Registrant) |
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Date: October 14, 2022 |
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By: |
/s/ George Boyan |
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George Boyan |
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Executive Vice President and Chief Financial Officer |
Exhibit 99.1
Clinton, NJ, October 14, 2022 - Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, reported net income of $9.9 million, or $0.93 per diluted share, for the quarter ended September 30, 2022, compared to net income of $9.5 million, or $0.90 per diluted share for the prior year’s third quarter. This represents a 5.1% increase in net income and a 3.3% increase in net income per diluted share. For the nine months ended September 30, 2022, Unity reported net income of $28.5 million, or $2.67 per diluted share, compared to $26.4 million or $2.50 per diluted share for the prior year’s period. This represents a 8.1% increase in net income and a 6.8% increase in net income per diluted share.
Third Quarter Earnings Highlights
| ● | Net interest income, our primary driver of earnings, increased $4.0 million to $23.7 million for the quarter ended September 30, 2022, compared to $19.7 million for the prior year’s quarter. The increase was primarily due to higher interest income on loans, resulting from loan growth. |
| ● | Net interest margin (“NIM”) increased 34 basis points to 4.61% for the quarter ended September 30, 2022, compared to the prior year’s quarter, and increased 22 basis points from 4.39% in the prior sequential quarter. |
| ● | The provision for loan losses was $1.5 million for the quarter ended September 30, 2022, compared to $1.2 million in provision for loan losses for the prior sequential quarter. The increase was primarily driven by the sizable increase in total loans quarter over quarter. |
| ● | Non-interest income was $1.1 million for the quarter ended September 30, 2022. This represented a decrease of $1.6 million compared to the prior sequential quarter. The prior sequential quarter was higher primarily due to a non-recurring gain of $1.2 million recognized from the termination of a swap derivative instrument. |
| ● | Non-interest expense was $10.1 million for the quarter ended September 30, 2022, a decrease of $0.6 million compared to the prior sequential quarter and an increase of $0.2 million compared to the prior year’s quarter. |
| ● | The effective tax rate was 25.1% compared to 25.4% in the prior year’s quarter. |
Balance Sheet Highlights
| ● | Total gross loans increased $293.0 million, or 17.8%, from year-end 2021 primarily due to increases in commercial loans, residential mortgage loans and residential construction loans. SBA PPP loans decreased $39.7 million due to loans being forgiven and paid off. |
| ● | Total deposits increased $37.7 million from year-end 2021 to $1.8 billion at September 30, 2022. The Company’s deposit composition at September 30, 2022 consisted of 38.0% in savings deposits, 27.7% in noninterest-bearing demand deposits, 19.4% in time deposits and 14.9% in interest-bearing demand deposits. |
| ● | Borrowed funds increased $125.0 million the prior quarter to $280.0 million at September 30, 2022, due to the funding requirements associated with increased customer demands for loans. |
| ● | Shareholders’ equity was $230.2 million at September 30, 2022 compared to $205.7 million at year-end 2021. |
| ● | Book value per common share was $21.86 as of September 30, 2022, compared to $19.80 as of December 31, 2021. |
| ● | At September 30, 2022, the Community Bank Leverage Ratio was 10.85%, compared to 10.51% at December 31, 2021. |
| ● | Nonperforming assets were $8.0 million at September 30, 2022, compared to $9.7 million at December 31, 2021. The allowance to total loans ratio was 1.23% at September 30, 2022, compared to 1.35% at December 31, 2021. The decrease in the allowance to total loans ratio was primarily driven by the resolution of certain nonperforming loans and partially offset by an increase in the general allowance for loan losses. |
Other Highlights
| ❖ | For the first time, Unity Bancorp was selected for the national Top 25 Banks ranking as published by Bank Director magazine. Unity was ranked number 21 on the listing of the largest 300 publicly traded banks and number 9 nationally for banks in the $1 billion to $5 billion category. |
| ❖ | Ryan Peene has joined Unity Bank as Chief Depository Officer, bringing years of financial services industry experience to Unity Bank. Previously, Peene served as a Senior Vice President with Spencer Savings Bank and Senior Vice President with SB One Bank. Peene earned a master’s from the University of Notre Dame and a bachelor’s from Rutgers University. |
| ❖ | Unity Bank has applied to the FDIC and DOBI to expand our strategic geographic footprint by converting the existing Loan Production Office in Lakewood, NJ to a full-service branch. In addition, to better service the Bergen County region, Unity Bank closed the Ramsey, NJ branch and applied to the FDIC and DOBI to open a branch in Fort Lee, NJ. Both applications are subject to the review and approval of the regulatory authorities. |
Unity Bancorp, Inc. is a financial services organization headquartered in Clinton, New Jersey, with approximately $2.3 billion in assets and $1.8 billion in deposits. Unity Bank, the Company’s wholly owned subsidiary, provides financial services to retail, corporate and small business customers through its 18 retail service centers located in Bergen, Hunterdon, Middlesex, Somerset, Union and Warren Counties in New Jersey and Northampton County in Pennsylvania. For additional information about Unity, visit our website at www.unitybank.com , or call 800- 618-BANK.
This news release contains certain forward-looking statements, either expressed or implied, which are provided to assist the reader in understanding anticipated future financial performance. These statements may be identified by use of the words “believe”, “expect”, “intend”, “anticipate”, “estimate”, “project” or similar expressions. These statements involve certain risks, uncertainties, estimates and assumptions made by management, which are subject to factors beyond the company’s control and could impede its ability to achieve these goals. These factors include those items included in our Annual Report on Form 10-K under the heading “Item IA-Risk Factors” as amended or supplemented by our subsequent filings with the SEC, as well as general economic conditions, trends in interest rates, the ability of our borrowers to repay their loans, our ability to manage and reduce the level of our nonperforming assets, results of regulatory exams, and the impact of COVID-19 on the Bank, its employees and customers, among other factors.
UNITY BANCORP, INC.
SUMMARY FINANCIAL HIGHLIGHTS
September 30, 2022
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September 30, 2022 vs. |
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June 30, 2022 |
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September 30, 2021 |
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(In thousands, except percentages and per share amounts) |
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September 30, 2022 |
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June 30, 2022 |
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September 30, 2021 |
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% |
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% |
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BALANCE SHEET DATA |
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Total assets |
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$ |
2,339,537 |
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$ |
2,117,156 |
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$ |
1,991,115 |
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10.5 |
% |
17.5 |
% |
Total deposits |
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1,796,597 |
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1,697,967 |
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1,706,185 |
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5.8 |
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5.3 |
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Total loans |
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1,942,414 |
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1,801,593 |
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1,664,891 |
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7.8 |
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16.7 |
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Total securities |
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136,871 |
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139,835 |
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49,807 |
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(2.1) |
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174.8 |
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Total shareholders' equity |
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230,234 |
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220,789 |
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196,267 |
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4.3 |
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17.3 |
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Allowance for loan losses |
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23,861 |
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22,858 |
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22,537 |
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4.4 |
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5.9 |
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FINANCIAL DATA - QUARTER TO DATE |
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Income before provision for income taxes |
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$ |
13,267 |
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$ |
12,608 |
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$ |
12,672 |
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5.2 |
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4.7 |
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Provision for income taxes |
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3,325 |
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3,157 |
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3,213 |
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5.3 |
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3.5 |
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Net income |
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$ |
9,942 |
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$ |
9,451 |
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$ |
9,459 |
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5.2 |
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5.1 |
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Net income per common share - Basic |
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$ |
0.94 |
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$ |
0.90 |
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$ |
0.91 |
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4.4 |
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3.3 |
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Net income per common share - Diluted |
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0.93 |
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0.88 |
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0.90 |
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5.7 |
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3.3 |
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PERFORMANCE RATIOS - QUARTER TO DATE |
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Return on average assets |
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1.85 |
% |
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1.83 |
% |
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1.96 |
% |
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Return on average equity |
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17.39 |
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17.32 |
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19.57 |
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Efficiency ratio |
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39.59 |
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42.84 |
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44.15 |
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Net interest margin |
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4.61 |
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4.39 |
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4.27 |
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Noninterest expense to average assets |
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1.87 |
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2.08 |
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2.05 |
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FINANCIAL DATA - YEAR TO DATE |
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Income before provision for income taxes |
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$ |
37,786 |
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$ |
34,997 |
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8.0 |
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Provision for income taxes |
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9,285 |
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8,624 |
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7.7 |
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Net income |
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$ |
28,501 |
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$ |
26,373 |
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8.1 |
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Net income per common share - Basic |
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$ |
2.72 |
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$ |
2.53 |
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7.5 |
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Net income per common share - Diluted |
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2.67 |
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2.50 |
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6.8 |
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PERFORMANCE RATIOS - YEAR TO DATE |
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Return on average assets |
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1.83 |
% |
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1.86 |
% |
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Return on average equity |
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17.45 |
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19.13 |
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Efficiency ratio |
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42.64 |
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46.28 |
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Net interest margin |
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4.37 |
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4.13 |
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Noninterest expense to average assets |
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2.00 |
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2.13 |
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SHARE INFORMATION |
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Market price per share |
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$ |
25.11 |
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$ |
26.48 |
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$ |
23.40 |
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(5.2) |
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7.3 |
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Dividends paid |
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0.11 |
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0.11 |
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0.09 |
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- |
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22.2 |
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Book value per common share |
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21.86 |
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21.01 |
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18.94 |
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4.0 |
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15.4 |
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Average diluted shares outstanding (QTD) |
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10,714 |
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10,706 |
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10,507 |
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0.1 |
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2.0 |
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CAPITAL RATIOS |
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Total equity to total assets |
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9.84 |
% |
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10.43 |
% |
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9.86 |
% |
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Community bank leverage ratio |
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10.85 |
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11.20 |
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10.70 |
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CREDIT QUALITY AND RATIOS |
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Nonperforming assets |
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$ |
8,033 |
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$ |
7,680 |
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$ |
8,801 |
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4.6 |
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(8.7) |
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QTD net chargeoffs/(recoveries) to QTD average loans |
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0.11 |
% |
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0.11 |
% |
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0.06 |
% |
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Allowance for loan losses to total loans |
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1.23 |
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1.27 |
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1.35 |
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Nonperforming loans to total loans |
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0.41 |
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0.43 |
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0.53 |
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Nonperforming assets to total assets |
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0.34 |
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0.36 |
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0.44 |
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UNITY BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
September 30, 2022
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September 30, 2022 vs. |
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Dec. 31, 2021 |
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September 30, 2021 |
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(In thousands, except percentages) |
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September 30, 2022 |
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Dec. 31, 2021 |
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September 30, 2021 |
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% |
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% |
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ASSETS |
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Cash and due from banks |
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$ |
24,959 |
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$ |
26,053 |
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$ |
21,823 |
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(4.2) |
% |
14.4 |
% |
Interest-bearing deposits |
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138,421 |
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218,765 |
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194,549 |
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(36.7) |
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(28.9) |
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Cash and cash equivalents |
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163,380 |
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244,818 |
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216,372 |
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(33.3) |
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(24.5) |
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Securities: |
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Debt securities available for sale |
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92,500 |
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56,480 |
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39,763 |
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63.8 |
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132.6 |
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Securities held to maturity |
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35,897 |
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14,276 |
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5,151 |
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151.4 |
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596.9 |
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Equity securities with readily determinable fair values |
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8,474 |
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8,566 |
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4,893 |
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(1.1) |
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73.2 |
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Total securities |
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136,871 |
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79,322 |
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49,807 |
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72.6 |
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174.8 |
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Loans: |
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SBA loans held for sale |
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36,338 |
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27,373 |
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20,130 |
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32.8 |
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80.5 |
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SBA loans held for investment |
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30,747 |
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36,075 |
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37,986 |
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(14.8) |
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(19.1) |
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SBA PPP loans |
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6,706 |
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46,450 |
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81,907 |
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(85.6) |
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(91.8) |
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Commercial loans |
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1,106,059 |
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931,726 |
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924,037 |
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18.7 |
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19.7 |
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Residential mortgage loans |
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533,737 |
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409,355 |
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420,835 |
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30.4 |
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26.8 |
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Consumer loans |
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79,662 |
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77,944 |
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71,071 |
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2.2 |
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12.1 |
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Residential construction loans |
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149,165 |
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120,525 |
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108,925 |
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23.8 |
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36.9 |
|
Total loans |
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1,942,414 |
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1,649,448 |
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1,664,891 |
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17.8 |
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16.7 |
|
Allowance for loan losses |
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(23,861) |
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(22,302) |
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(22,537) |
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7.0 |
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5.9 |
|
Net loans |
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1,918,553 |
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1,627,146 |
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1,642,354 |
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17.9 |
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16.8 |
|
Premises and equipment, net |
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|
19,094 |
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19,914 |
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20,106 |
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(4.1) |
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(5.0) |
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Bank owned life insurance ("BOLI") |
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26,634 |
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26,608 |
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26,587 |
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0.1 |
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0.2 |
|
Deferred tax assets |
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12,910 |
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10,040 |
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10,987 |
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28.6 |
|
17.5 |
|
Federal Home Loan Bank ("FHLB") stock |
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14,398 |
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|
3,550 |
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4,403 |
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|
305.6 |
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227.0 |
|
Accrued interest receivable |
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|
11,385 |
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9,586 |
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|
9,684 |
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18.8 |
|
17.6 |
|
Goodwill |
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|
1,516 |
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|
1,516 |
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|
1,516 |
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|
- |
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- |
|
Prepaid expenses and other assets |
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|
34,796 |
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|
11,213 |
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|
9,299 |
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|
210.3 |
|
274.2 |
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Total assets |
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$ |
2,339,537 |
|
$ |
2,033,713 |
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$ |
1,991,115 |
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|
15.0 |
% |
17.5 |
% |
LIABILITIES AND SHAREHOLDERS' EQUITY |
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Liabilities: |
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Deposits: |
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|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand |
|
$ |
497,752 |
|
$ |
529,227 |
|
$ |
520,572 |
|
|
(5.9) |
% |
(4.4) |
% |
Interest-bearing demand |
|
|
267,558 |
|
|
244,073 |
|
|
244,015 |
|
|
9.6 |
|
9.6 |
|
Savings |
|
|
682,756 |
|
|
694,161 |
|
|
622,087 |
|
|
(1.6) |
|
9.8 |
|
Time, under $100,000 |
|
|
233,447 |
|
|
194,961 |
|
|
217,302 |
|
|
19.7 |
|
7.4 |
|
Time, $100,000 to $250,000 |
|
|
70,649 |
|
|
62,668 |
|
|
65,570 |
|
|
12.7 |
|
7.7 |
|
Time, $250,000 and over |
|
|
44,435 |
|
|
33,791 |
|
|
36,639 |
|
|
31.5 |
|
21.3 |
|
Total deposits |
|
|
1,796,597 |
|
|
1,758,881 |
|
|
1,706,185 |
|
|
2.1 |
|
5.3 |
|
Borrowed funds |
|
|
280,000 |
|
|
40,000 |
|
|
60,000 |
|
|
600.0 |
|
366.7 |
|
Subordinated debentures |
|
|
10,310 |
|
|
10,310 |
|
|
10,310 |
|
|
- |
|
- |
|
Accrued interest payable |
|
|
294 |
|
|
129 |
|
|
158 |
|
|
127.9 |
|
86.1 |
|
Accrued expenses and other liabilities |
|
|
22,102 |
|
|
18,664 |
|
|
18,195 |
|
|
18.4 |
|
21.5 |
|
Total liabilities |
|
|
2,109,303 |
|
|
1,827,984 |
|
|
1,794,848 |
|
|
15.4 |
|
17.5 |
|
Shareholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
96,493 |
|
|
94,003 |
|
|
93,409 |
|
|
2.6 |
|
3.3 |
|
Retained earnings |
|
|
148,174 |
|
|
123,037 |
|
|
114,337 |
|
|
20.4 |
|
29.6 |
|
Treasury stock, at cost |
|
|
(11,633) |
|
|
(11,633) |
|
|
(11,547) |
|
|
- |
|
(0.7) |
|
Accumulated other comprehensive (loss) income |
|
|
(2,800) |
|
|
322 |
|
|
68 |
|
|
NM* |
|
NM* |
|
Total shareholders' equity |
|
|
230,234 |
|
|
205,729 |
|
|
196,267 |
|
|
11.9 |
|
17.3 |
|
Total liabilities and shareholders' equity |
|
$ |
2,339,537 |
|
$ |
2,033,713 |
|
$ |
1,991,115 |
|
|
15.0 |
% |
17.5 |
% |
COMMON SHARES AT PERIOD END: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Shares issued |
|
|
11,236 |
|
|
11,094 |
|
|
11,063 |
|
|
|
|
|
|
Shares outstanding |
|
|
10,533 |
|
|
10,391 |
|
|
10,363 |
|
|
|
|
|
|
Treasury shares |
|
|
703 |
|
|
703 |
|
|
700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*NM=Not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNITY BANCORP, INC.
QTD CONSOLIDATED STATEMENTS OF INCOME
September 30, 2022
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2022 vs. |
|
||||||||||
|
|
For the three months ended |
|
|
June 30, 2022 |
|
September 30, 2021 |
|
|||||||||||||||
(In thousands, except percentages and per share amounts) |
|
September 30, 2022 |
|
June 30, 2022 |
|
September 30, 2021 |
|
|
$ |
|
% |
|
$ |
|
% |
|
|||||||
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
168 |
|
$ |
152 |
|
$ |
48 |
|
|
$ |
16 |
|
|
10.5 |
% |
$ |
120 |
|
|
250.0 |
% |
FHLB stock |
|
|
93 |
|
|
50 |
|
|
41 |
|
|
|
43 |
|
|
86.0 |
|
|
52 |
|
|
126.8 |
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
1,397 |
|
|
1,115 |
|
|
292 |
|
|
|
282 |
|
|
25.3 |
|
|
1,105 |
|
|
378.4 |
|
Tax-exempt |
|
|
18 |
|
|
10 |
|
|
8 |
|
|
|
8 |
|
|
80.0 |
|
|
10 |
|
|
125.0 |
|
Total securities |
|
|
1,415 |
|
|
1,125 |
|
|
300 |
|
|
|
290 |
|
|
25.8 |
|
|
1,115 |
|
|
371.7 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBA loans |
|
|
1,083 |
|
|
926 |
|
|
864 |
|
|
|
157 |
|
|
17.0 |
|
|
219 |
|
|
25.3 |
|
SBA PPP loans |
|
|
277 |
|
|
492 |
|
|
1,751 |
|
|
|
(215) |
|
|
(43.7) |
|
|
(1,474) |
|
|
(84.2) |
|
Commercial loans |
|
|
14,017 |
|
|
12,414 |
|
|
11,280 |
|
|
|
1,603 |
|
|
12.9 |
|
|
2,737 |
|
|
24.3 |
|
Residential mortgage loans |
|
|
5,912 |
|
|
4,982 |
|
|
4,606 |
|
|
|
930 |
|
|
18.7 |
|
|
1,306 |
|
|
28.4 |
|
Consumer loans |
|
|
1,075 |
|
|
919 |
|
|
736 |
|
|
|
156 |
|
|
17.0 |
|
|
339 |
|
|
46.1 |
|
Residential construction loans |
|
|
2,184 |
|
|
2,011 |
|
|
1,628 |
|
|
|
173 |
|
|
8.6 |
|
|
556 |
|
|
34.2 |
|
Total loans |
|
|
24,548 |
|
|
21,744 |
|
|
20,865 |
|
|
|
2,804 |
|
|
12.9 |
|
|
3,683 |
|
|
17.7 |
|
Total interest income |
|
|
26,224 |
|
|
23,071 |
|
|
21,254 |
|
|
|
3,153 |
|
|
13.7 |
|
|
4,970 |
|
|
23.4 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
|
|
320 |
|
|
198 |
|
|
247 |
|
|
|
122 |
|
|
61.6 |
|
|
73 |
|
|
29.6 |
|
Savings deposits |
|
|
878 |
|
|
412 |
|
|
390 |
|
|
|
466 |
|
|
113.1 |
|
|
488 |
|
|
125.1 |
|
Time deposits |
|
|
600 |
|
|
419 |
|
|
659 |
|
|
|
181 |
|
|
43.2 |
|
|
(59) |
|
|
(9.0) |
|
Borrowed funds and subordinated debentures |
|
|
688 |
|
|
285 |
|
|
235 |
|
|
|
403 |
|
|
141.4 |
|
|
453 |
|
|
192.8 |
|
Total interest expense |
|
|
2,486 |
|
|
1,314 |
|
|
1,531 |
|
|
|
1,172 |
|
|
89.2 |
|
|
955 |
|
|
62.4 |
|
Net interest income |
|
|
23,738 |
|
|
21,757 |
|
|
19,723 |
|
|
|
1,981 |
|
|
9.1 |
|
|
4,015 |
|
|
20.4 |
|
Provision for loan losses |
|
|
1,517 |
|
|
1,188 |
|
|
- |
|
|
|
329 |
|
|
27.7 |
|
|
1,517 |
|
|
NM* |
|
Net interest income after provision for loan losses |
|
|
22,221 |
|
|
20,569 |
|
|
19,723 |
|
|
|
1,652 |
|
|
8.0 |
|
|
2,498 |
|
|
12.7 |
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Branch fee income |
|
|
336 |
|
|
281 |
|
|
294 |
|
|
|
55 |
|
|
19.6 |
|
|
42 |
|
|
14.3 |
|
Service and loan fee income |
|
|
543 |
|
|
688 |
|
|
804 |
|
|
|
(145) |
|
|
(21.1) |
|
|
(261) |
|
|
(32.5) |
|
Gain on sale of SBA loans held for sale, net |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Gain on sale of mortgage loans, net |
|
|
280 |
|
|
431 |
|
|
968 |
|
|
|
(151) |
|
|
(35.0) |
|
|
(688) |
|
|
(71.1) |
|
BOLI income |
|
|
170 |
|
|
161 |
|
|
138 |
|
|
|
9 |
|
|
5.6 |
|
|
32 |
|
|
23.2 |
|
Net security (losses) gains |
|
|
(576) |
|
|
(498) |
|
|
202 |
|
|
|
(78) |
|
|
(15.7) |
|
|
(778) |
|
|
(385.1) |
|
Other income |
|
|
357 |
|
|
1,686 |
|
|
403 |
|
|
|
(1,329) |
|
|
(78.8) |
|
|
(46) |
|
|
(11.4) |
|
Total noninterest income |
|
|
1,110 |
|
|
2,749 |
|
|
2,809 |
|
|
|
(1,639) |
|
|
(59.6) |
|
|
(1,699) |
|
|
(60.5) |
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
6,471 |
|
|
6,811 |
|
|
5,720 |
|
|
|
(340) |
|
|
(5.0) |
|
|
751 |
|
|
13.1 |
|
Processing and communications |
|
|
708 |
|
|
706 |
|
|
747 |
|
|
|
2 |
|
|
0.3 |
|
|
(39) |
|
|
(5.2) |
|
Occupancy |
|
|
702 |
|
|
727 |
|
|
654 |
|
|
|
(25) |
|
|
(3.4) |
|
|
48 |
|
|
7.3 |
|
Furniture and equipment |
|
|
617 |
|
|
618 |
|
|
627 |
|
|
|
(1) |
|
|
(0.2) |
|
|
(10) |
|
|
(1.6) |
|
Professional services |
|
|
221 |
|
|
392 |
|
|
315 |
|
|
|
(171) |
|
|
(43.6) |
|
|
(94) |
|
|
(29.8) |
|
Advertising |
|
|
307 |
|
|
340 |
|
|
261 |
|
|
|
(33) |
|
|
(9.7) |
|
|
46 |
|
|
17.6 |
|
Other loan expenses (income) |
|
|
109 |
|
|
(5) |
|
|
452 |
|
|
|
114 |
|
|
2,280.0 |
|
|
(343) |
|
|
(75.9) |
|
Deposit insurance |
|
|
233 |
|
|
250 |
|
|
198 |
|
|
|
(17) |
|
|
(6.8) |
|
|
35 |
|
|
17.7 |
|
Director fees |
|
|
240 |
|
|
225 |
|
|
189 |
|
|
|
15 |
|
|
6.7 |
|
|
51 |
|
|
27.0 |
|
Loan collection expenses |
|
|
45 |
|
|
36 |
|
|
62 |
|
|
|
9 |
|
|
25.0 |
|
|
(17) |
|
|
(27.4) |
|
Other expenses |
|
|
411 |
|
|
610 |
|
|
635 |
|
|
|
(199) |
|
|
(32.6) |
|
|
(224) |
|
|
(35.3) |
|
Total noninterest expense |
|
|
10,064 |
|
|
10,710 |
|
|
9,860 |
|
|
|
(646) |
|
|
(6.0) |
|
|
204 |
|
|
2.1 |
|
Income before provision for income taxes |
|
|
13,267 |
|
|
12,608 |
|
|
12,672 |
|
|
|
659 |
|
|
5.2 |
|
|
595 |
|
|
4.7 |
|
Provision for income taxes |
|
|
3,325 |
|
|
3,157 |
|
|
3,213 |
|
|
|
168 |
|
|
5.3 |
|
|
112 |
|
|
3.5 |
|
Net income |
|
$ |
9,942 |
|
$ |
9,451 |
|
$ |
9,459 |
|
|
$ |
491 |
|
|
5.2 |
% |
$ |
483 |
|
|
5.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate |
|
|
25.1 |
% |
|
25.0 |
% |
|
25.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share - Basic |
|
$ |
0.94 |
|
$ |
0.90 |
|
$ |
0.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share - Diluted |
|
|
0.93 |
|
|
0.88 |
|
|
0.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding - Basic |
|
|
10,522 |
|
|
10,504 |
|
|
10,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding - Diluted |
|
|
10,714 |
|
|
10,706 |
|
|
10,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*NM=Not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNITY BANCORP, INC.
YTD CONSOLIDATED STATEMENTS OF INCOME
September 30, 2022
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
For the nine months ended September 30, |
|
|
Current YTD vs. Prior YTD |
|
||||||||
(In thousands, except percentages and per share amounts) |
|
2022 |
|
2021 |
|
|
$ |
|
% |
|
||||
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
416 |
|
$ |
105 |
|
|
$ |
311 |
|
|
296.2 |
% |
FHLB stock |
|
|
176 |
|
|
157 |
|
|
|
19 |
|
|
12.1 |
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
3,164 |
|
|
837 |
|
|
|
2,327 |
|
|
278.0 |
|
Tax-exempt |
|
|
34 |
|
|
26 |
|
|
|
8 |
|
|
30.8 |
|
Total securities |
|
|
3,198 |
|
|
863 |
|
|
|
2,335 |
|
|
270.6 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBA loans |
|
|
2,933 |
|
|
2,423 |
|
|
|
510 |
|
|
21.0 |
|
SBA PPP loans |
|
|
1,546 |
|
|
5,228 |
|
|
|
(3,682) |
|
|
(70.4) |
|
Commercial loans |
|
|
37,928 |
|
|
32,490 |
|
|
|
5,438 |
|
|
16.7 |
|
Residential mortgage loans |
|
|
15,284 |
|
|
14,640 |
|
|
|
644 |
|
|
4.4 |
|
Consumer loans |
|
|
2,914 |
|
|
2,274 |
|
|
|
640 |
|
|
28.1 |
|
Residential construction loans |
|
|
6,018 |
|
|
4,330 |
|
|
|
1,688 |
|
|
39.0 |
|
Total loans |
|
|
66,623 |
|
|
61,385 |
|
|
|
5,238 |
|
|
8.5 |
|
Total interest income |
|
|
70,413 |
|
|
62,510 |
|
|
|
7,903 |
|
|
12.6 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
|
|
682 |
|
|
863 |
|
|
|
(181) |
|
|
(21.0) |
|
Savings deposits |
|
|
1,635 |
|
|
1,241 |
|
|
|
394 |
|
|
31.7 |
|
Time deposits |
|
|
1,499 |
|
|
3,293 |
|
|
|
(1,794) |
|
|
(54.5) |
|
Borrowed funds and subordinated debentures |
|
|
1,199 |
|
|
922 |
|
|
|
277 |
|
|
30.0 |
|
Total interest expense |
|
|
5,015 |
|
|
6,319 |
|
|
|
(1,304) |
|
|
(20.6) |
|
Net interest income |
|
|
65,398 |
|
|
56,191 |
|
|
|
9,207 |
|
|
16.4 |
|
Provision for loan losses |
|
|
2,526 |
|
|
500 |
|
|
|
2,026 |
|
|
405.2 |
|
Net interest income after provision for loan losses |
|
|
62,872 |
|
|
55,691 |
|
|
|
7,181 |
|
|
12.9 |
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Branch fee income |
|
|
892 |
|
|
858 |
|
|
|
34 |
|
|
4.0 |
|
Service and loan fee income |
|
|
1,815 |
|
|
1,937 |
|
|
|
(122) |
|
|
(6.3) |
|
Gain on sale of SBA loans held for sale, net |
|
|
852 |
|
|
741 |
|
|
|
111 |
|
|
15.0 |
|
Gain on sale of mortgage loans, net |
|
|
1,231 |
|
|
3,785 |
|
|
|
(2,554) |
|
|
(67.5) |
|
BOLI income |
|
|
494 |
|
|
399 |
|
|
|
95 |
|
|
23.8 |
|
Net security (losses) gains |
|
|
(1,631) |
|
|
535 |
|
|
|
(2,166) |
|
|
(404.9) |
|
Other income |
|
|
2,446 |
|
|
1,175 |
|
|
|
1,271 |
|
|
108.2 |
|
Total noninterest income |
|
|
6,099 |
|
|
9,430 |
|
|
|
(3,331) |
|
|
(35.3) |
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
19,790 |
|
|
18,116 |
|
|
|
1,674 |
|
|
9.2 |
|
Processing and communications |
|
|
2,166 |
|
|
2,303 |
|
|
|
(137) |
|
|
(5.9) |
|
Occupancy |
|
|
2,205 |
|
|
1,991 |
|
|
|
214 |
|
|
10.7 |
|
Furniture and equipment |
|
|
1,811 |
|
|
1,935 |
|
|
|
(124) |
|
|
(6.4) |
|
Professional services |
|
|
1,060 |
|
|
1,035 |
|
|
|
25 |
|
|
2.4 |
|
Advertising |
|
|
873 |
|
|
932 |
|
|
|
(59) |
|
|
(6.3) |
|
Other loan expenses |
|
|
238 |
|
|
759 |
|
|
|
(521) |
|
|
(68.6) |
|
Deposit insurance |
|
|
752 |
|
|
637 |
|
|
|
115 |
|
|
18.1 |
|
Director fees |
|
|
698 |
|
|
600 |
|
|
|
98 |
|
|
16.3 |
|
Loan collection |
|
|
138 |
|
|
67 |
|
|
|
71 |
|
|
106.0 |
|
Other expenses |
|
|
1,454 |
|
|
1,748 |
|
|
|
(294) |
|
|
(16.8) |
|
Total noninterest expense |
|
|
31,185 |
|
|
30,123 |
|
|
|
1,062 |
|
|
3.5 |
|
Income before provision for income taxes |
|
|
37,786 |
|
|
34,998 |
|
|
|
2,788 |
|
|
8.0 |
|
Provision for income taxes |
|
|
9,285 |
|
|
8,625 |
|
|
|
660 |
|
|
7.7 |
|
Net income |
|
$ |
28,501 |
|
$ |
26,373 |
|
|
$ |
2,128 |
|
|
8.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate |
|
|
24.6 |
% |
|
24.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share - Basic |
|
$ |
2.72 |
|
$ |
2.53 |
|
|
|
|
|
|
|
|
Net income per common share - Diluted |
|
|
2.67 |
|
|
2.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding - Basic |
|
|
10,491 |
|
|
10,412 |
|
|
|
|
|
|
|
|
Weighted average common shares outstanding - Diluted |
|
|
10,694 |
|
|
10,546 |
|
|
|
|
|
|
|
|
*NM=Not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNITY BANCORP, INC.
QUARTER TO DATE NET INTEREST MARGIN
September 30, 2022
|
|
For the three months ended |
|
||||||||||||||||
(Dollar amounts in thousands, interest amounts and |
|
September 30, 2022 |
|
September 30, 2021 |
|
||||||||||||||
interest rates/yields on a fully tax-equivalent basis) |
|
Average Balance |
|
Interest |
|
Rate/Yield |
|
Average Balance |
|
Interest |
|
Rate/Yield |
|
||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
34,605 |
|
$ |
168 |
|
|
1.92 |
% |
$ |
133,660 |
|
$ |
48 |
|
|
0.14 |
% |
FHLB stock |
|
|
6,200 |
|
|
93 |
|
|
5.96 |
|
|
3,706 |
|
|
41 |
|
|
4.36 |
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
137,590 |
|
|
1,397 |
|
|
4.03 |
|
|
41,738 |
|
|
292 |
|
|
2.78 |
|
Tax-exempt |
|
|
1,841 |
|
|
20 |
|
|
4.27 |
|
|
1,176 |
|
|
10 |
|
|
3.26 |
|
Total securities (A) |
|
|
139,431 |
|
|
1,417 |
|
|
4.03 |
|
|
42,914 |
|
|
302 |
|
|
2.79 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBA loans |
|
|
65,941 |
|
|
1,083 |
|
|
6.52 |
|
|
54,686 |
|
|
864 |
|
|
6.27 |
|
SBA PPP loans |
|
|
9,576 |
|
|
277 |
|
|
11.47 |
|
|
110,239 |
|
|
1,751 |
|
|
6.30 |
|
Commercial loans |
|
|
1,069,917 |
|
|
14,017 |
|
|
5.20 |
|
|
898,589 |
|
|
11,280 |
|
|
4.98 |
|
Residential mortgage loans |
|
|
504,787 |
|
|
5,912 |
|
|
4.65 |
|
|
417,166 |
|
|
4,606 |
|
|
4.38 |
|
Consumer loans |
|
|
76,957 |
|
|
1,075 |
|
|
5.54 |
|
|
66,782 |
|
|
736 |
|
|
4.37 |
|
Residential construction loans |
|
|
137,681 |
|
|
2,184 |
|
|
6.29 |
|
|
105,908 |
|
|
1,628 |
|
|
6.10 |
|
Total loans (B) |
|
|
1,864,859 |
|
|
24,548 |
|
|
5.22 |
|
|
1,653,370 |
|
|
20,865 |
|
|
5.01 |
|
Total interest-earning assets |
|
$ |
2,045,095 |
|
$ |
26,226 |
|
|
5.09 |
% |
$ |
1,833,650 |
|
$ |
21,256 |
|
|
4.60 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
24,350 |
|
|
|
|
|
|
|
|
23,085 |
|
|
|
|
|
|
|
Allowance for loan losses |
|
|
(22,848) |
|
|
|
|
|
|
|
|
(22,733) |
|
|
|
|
|
|
|
Other assets |
|
|
83,168 |
|
|
|
|
|
|
|
|
75,961 |
|
|
|
|
|
|
|
Total noninterest-earning assets |
|
|
84,670 |
|
|
|
|
|
|
|
|
76,313 |
|
|
|
|
|
|
|
Total assets |
|
$ |
2,129,765 |
|
|
|
|
|
|
|
$ |
1,909,963 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing demand deposits |
|
$ |
269,486 |
|
$ |
320 |
|
|
0.47 |
% |
$ |
227,152 |
|
$ |
247 |
|
|
0.43 |
% |
Total savings deposits |
|
|
674,486 |
|
|
878 |
|
|
0.52 |
|
|
558,354 |
|
|
390 |
|
|
0.28 |
|
Total time deposits |
|
|
310,842 |
|
|
600 |
|
|
0.77 |
|
|
345,811 |
|
|
659 |
|
|
0.76 |
|
Total interest-bearing deposits |
|
|
1,254,814 |
|
|
1,798 |
|
|
0.57 |
|
|
1,131,317 |
|
|
1,296 |
|
|
0.45 |
|
Borrowed funds and subordinated debentures |
|
|
108,135 |
|
|
688 |
|
|
2.53 |
|
|
56,322 |
|
|
235 |
|
|
1.65 |
|
Total interest-bearing liabilities |
|
$ |
1,362,949 |
|
$ |
2,486 |
|
|
0.72 |
% |
$ |
1,187,639 |
|
$ |
1,531 |
|
|
0.51 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
|
516,898 |
|
|
|
|
|
|
|
|
514,518 |
|
|
|
|
|
|
|
Other liabilities |
|
|
23,130 |
|
|
|
|
|
|
|
|
16,077 |
|
|
|
|
|
|
|
Total noninterest-bearing liabilities |
|
|
540,028 |
|
|
|
|
|
|
|
|
530,595 |
|
|
|
|
|
|
|
Total shareholders' equity |
|
|
226,788 |
|
|
|
|
|
|
|
|
191,729 |
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
2,129,765 |
|
|
|
|
|
|
|
$ |
1,909,963 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
|
|
$ |
23,740 |
|
|
4.37 |
% |
|
|
|
$ |
19,725 |
|
|
4.09 |
% |
Tax-equivalent basis adjustment |
|
|
|
|
|
(2) |
|
|
|
|
|
|
|
|
(2) |
|
|
|
|
Net interest income |
|
|
|
|
$ |
23,738 |
|
|
|
|
|
|
|
$ |
19,723 |
|
|
|
|
Net interest margin |
|
|
|
|
|
|
|
|
4.61 |
% |
|
|
|
|
|
|
|
4.27 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (A) | Yields related to securities exempt from federal and state income taxes are stated on a fully tax-equivalent basis. They are reduced by the nondeductible portion of interest expense, assuming a federal tax rate of 21 percent and applicable state rates. |
| (B) | The loan averages are stated net of unearned income, and the averages include loans on which the accrual of interest has been discontinued. |
UNITY BANCORP, INC.
QUARTER TO DATE NET INTEREST MARGIN
September 30, 2022
|
|
For the three months ended |
|
||||||||||||||||
(Dollar amounts in thousands, interest amounts and |
|
September 30, 2022 |
|
June 30, 2022 |
|
||||||||||||||
interest rates/yields on a fully tax-equivalent basis) |
|
Average Balance |
|
Interest |
|
Rate/Yield |
|
Average Balance |
|
Interest |
|
Rate/Yield |
|
||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
34,605 |
|
$ |
168 |
|
|
1.92 |
% |
$ |
101,430 |
|
$ |
152 |
|
|
0.60 |
% |
FHLB stock |
|
|
6,200 |
|
|
93 |
|
|
5.96 |
|
|
3,996 |
|
|
50 |
|
|
4.99 |
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
137,590 |
|
|
1,397 |
|
|
4.03 |
|
|
127,539 |
|
|
1,115 |
|
|
3.51 |
|
Tax-exempt |
|
|
1,841 |
|
|
20 |
|
|
4.27 |
|
|
1,258 |
|
|
11 |
|
|
3.69 |
|
Total securities (A) |
|
|
139,431 |
|
|
1,417 |
|
|
4.03 |
|
|
128,797 |
|
|
1,126 |
|
|
3.51 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBA loans |
|
|
65,941 |
|
|
1,083 |
|
|
6.52 |
|
|
63,804 |
|
|
926 |
|
|
5.82 |
|
SBA PPP loans |
|
|
9,576 |
|
|
277 |
|
|
11.47 |
|
|
23,900 |
|
|
492 |
|
|
8.25 |
|
Commercial loans |
|
|
1,069,917 |
|
|
14,017 |
|
|
5.20 |
|
|
1,006,183 |
|
|
12,414 |
|
|
4.95 |
|
Residential mortgage loans |
|
|
504,787 |
|
|
5,912 |
|
|
4.65 |
|
|
449,963 |
|
|
4,982 |
|
|
4.44 |
|
Consumer loans |
|
|
76,957 |
|
|
1,075 |
|
|
5.54 |
|
|
78,400 |
|
|
919 |
|
|
4.70 |
|
Residential construction loans |
|
|
137,681 |
|
|
2,184 |
|
|
6.29 |
|
|
129,780 |
|
|
2,011 |
|
|
6.21 |
|
Total loans (B) |
|
|
1,864,859 |
|
|
24,548 |
|
|
5.22 |
|
|
1,752,030 |
|
|
21,744 |
|
|
4.98 |
|
Total interest-earning assets |
|
$ |
2,045,095 |
|
$ |
26,226 |
|
|
5.09 |
% |
$ |
1,986,253 |
|
$ |
23,072 |
|
|
4.66 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
24,350 |
|
|
|
|
|
|
|
|
24,041 |
|
|
|
|
|
|
|
Allowance for loan losses |
|
|
(22,848) |
|
|
|
|
|
|
|
|
(22,179) |
|
|
|
|
|
|
|
Other assets |
|
|
83,168 |
|
|
|
|
|
|
|
|
79,130 |
|
|
|
|
|
|
|
Total noninterest-earning assets |
|
|
84,670 |
|
|
|
|
|
|
|
|
80,992 |
|
|
|
|
|
|
|
Total assets |
|
$ |
2,129,765 |
|
|
|
|
|
|
|
$ |
2,067,245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing demand deposits |
|
$ |
269,486 |
|
$ |
320 |
|
|
0.47 |
% |
$ |
270,380 |
|
$ |
198 |
|
|
0.29 |
% |
Total savings deposits |
|
|
674,486 |
|
|
878 |
|
|
0.52 |
|
|
686,058 |
|
|
412 |
|
|
0.24 |
|
Total time deposits |
|
|
310,842 |
|
|
600 |
|
|
0.77 |
|
|
278,206 |
|
|
419 |
|
|
0.60 |
|
Total interest-bearing deposits |
|
|
1,254,814 |
|
|
1,798 |
|
|
0.57 |
|
|
1,234,644 |
|
|
1,029 |
|
|
0.33 |
|
Borrowed funds and subordinated debentures |
|
|
108,135 |
|
|
688 |
|
|
2.53 |
|
|
59,090 |
|
|
285 |
|
|
1.94 |
|
Total interest-bearing liabilities |
|
$ |
1,362,949 |
|
$ |
2,486 |
|
|
0.72 |
% |
$ |
1,293,734 |
|
$ |
1,314 |
|
|
0.41 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
|
516,898 |
|
|
|
|
|
|
|
|
532,496 |
|
|
|
|
|
|
|
Other liabilities |
|
|
23,130 |
|
|
|
|
|
|
|
|
22,192 |
|
|
|
|
|
|
|
Total noninterest-bearing liabilities |
|
|
540,028 |
|
|
|
|
|
|
|
|
554,688 |
|
|
|
|
|
|
|
Total shareholders' equity |
|
|
226,788 |
|
|
|
|
|
|
|
|
218,823 |
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
2,129,765 |
|
|
|
|
|
|
|
$ |
2,067,245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
|
|
$ |
23,740 |
|
|
4.37 |
% |
|
|
|
$ |
21,758 |
|
|
4.25 |
% |
Tax-equivalent basis adjustment |
|
|
|
|
|
(2) |
|
|
|
|
|
|
|
|
(1) |
|
|
|
|
Net interest income |
|
|
|
|
$ |
23,738 |
|
|
|
|
|
|
|
$ |
21,757 |
|
|
|
|
Net interest margin |
|
|
|
|
|
|
|
|
4.61 |
% |
|
|
|
|
|
|
|
4.39 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (A) | Yields related to securities exempt from federal and state income taxes are stated on a fully tax-equivalent basis. They are reduced by the nondeductible portion of interest expense, assuming a federal tax rate of 21 percent and applicable state rates. |
| (B) | The loan averages are stated net of unearned income, and the averages include loans on which the accrual of interest has been discontinued. |
UNITY BANCORP, INC.
YEAR TO DATE NET INTEREST MARGIN
September 30, 2022
|
|
For the nine months ended |
|
||||||||||||||||
(Dollar amounts in thousands, interest amounts and |
|
September 30, 2022 |
|
September 30, 2021 |
|
||||||||||||||
interest rates/yields on a fully tax-equivalent basis) |
|
Average Balance |
|
Interest |
|
Rate/Yield |
|
Average Balance |
|
Interest |
|
Rate/Yield |
|
||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
114,901 |
|
$ |
416 |
|
|
0.48 |
% |
$ |
116,563 |
|
$ |
105 |
|
|
0.12 |
% |
FHLB stock |
|
|
4,592 |
|
|
176 |
|
|
5.13 |
|
|
4,527 |
|
|
157 |
|
|
4.63 |
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
116,816 |
|
|
3,164 |
|
|
3.62 |
|
|
38,374 |
|
|
837 |
|
|
2.92 |
|
Tax-exempt |
|
|
1,366 |
|
|
39 |
|
|
3.80 |
|
|
1,774 |
|
|
33 |
|
|
2.46 |
|
Total securities (A) |
|
|
118,182 |
|
|
3,203 |
|
|
3.62 |
|
|
40,148 |
|
|
870 |
|
|
2.90 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBA loans |
|
|
64,438 |
|
|
2,933 |
|
|
6.08 |
|
|
51,446 |
|
|
2,423 |
|
|
6.30 |
|
SBA PPP loans |
|
|
23,388 |
|
|
1,546 |
|
|
8.84 |
|
|
138,846 |
|
|
5,228 |
|
|
5.03 |
|
Commercial loans |
|
|
1,009,122 |
|
|
37,928 |
|
|
5.03 |
|
|
871,163 |
|
|
32,490 |
|
|
4.99 |
|
Residential mortgage loans |
|
|
456,354 |
|
|
15,284 |
|
|
4.48 |
|
|
435,694 |
|
|
14,640 |
|
|
4.49 |
|
Consumer loans |
|
|
78,108 |
|
|
2,914 |
|
|
4.99 |
|
|
63,872 |
|
|
2,274 |
|
|
4.76 |
|
Residential construction loans |
|
|
130,205 |
|
|
6,018 |
|
|
6.18 |
|
|
96,491 |
|
|
4,330 |
|
|
6.00 |
|
Total loans (B) |
|
|
1,761,615 |
|
|
66,623 |
|
|
5.06 |
|
|
1,657,512 |
|
|
61,385 |
|
|
4.95 |
|
Total interest-earning assets |
|
$ |
1,999,290 |
|
$ |
70,418 |
|
|
4.71 |
% |
$ |
1,818,750 |
|
$ |
62,517 |
|
|
4.60 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
24,026 |
|
|
|
|
|
|
|
|
23,456 |
|
|
|
|
|
|
|
Allowance for loan losses |
|
|
(22,454) |
|
|
|
|
|
|
|
|
(23,026) |
|
|
|
|
|
|
|
Other assets |
|
|
80,656 |
|
|
|
|
|
|
|
|
75,856 |
|
|
|
|
|
|
|
Total noninterest-earning assets |
|
|
82,228 |
|
|
|
|
|
|
|
|
76,286 |
|
|
|
|
|
|
|
Total assets |
|
$ |
2,081,518 |
|
|
|
|
|
|
|
$ |
1,895,036 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing demand deposits |
|
$ |
263,139 |
|
$ |
682 |
|
|
0.35 |
% |
$ |
218,539 |
|
$ |
863 |
|
|
0.53 |
% |
Total savings deposits |
|
|
687,177 |
|
|
1,635 |
|
|
0.32 |
|
|
515,065 |
|
|
1,241 |
|
|
0.32 |
|
Total time deposits |
|
|
292,484 |
|
|
1,499 |
|
|
0.69 |
|
|
401,839 |
|
|
3,293 |
|
|
1.10 |
|
Total interest-bearing deposits |
|
|
1,242,800 |
|
|
3,816 |
|
|
0.41 |
|
|
1,135,443 |
|
|
5,397 |
|
|
0.64 |
|
Borrowed funds and subordinated debentures |
|
|
72,724 |
|
|
1,199 |
|
|
2.21 |
|
|
74,882 |
|
|
922 |
|
|
1.65 |
|
Total interest-bearing liabilities |
|
$ |
1,315,524 |
|
$ |
5,015 |
|
|
0.51 |
% |
$ |
1,210,325 |
|
$ |
6,319 |
|
|
0.70 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
|
525,405 |
|
|
|
|
|
|
|
|
484,284 |
|
|
|
|
|
|
|
Other liabilities |
|
|
22,186 |
|
|
|
|
|
|
|
|
16,069 |
|
|
|
|
|
|
|
Total noninterest-bearing liabilities |
|
|
547,591 |
|
|
|
|
|
|
|
|
500,353 |
|
|
|
|
|
|
|
Total shareholders' equity |
|
|
218,403 |
|
|
|
|
|
|
|
|
184,358 |
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
2,081,518 |
|
|
|
|
|
|
|
$ |
1,895,036 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
|
|
$ |
65,403 |
|
|
4.20 |
% |
|
|
|
$ |
56,198 |
|
|
3.90 |
% |
Tax-equivalent basis adjustment |
|
|
|
|
|
(5) |
|
|
|
|
|
|
|
|
(7) |
|
|
|
|
Net interest income |
|
|
|
|
$ |
65,398 |
|
|
|
|
|
|
|
$ |
56,191 |
|
|
|
|
Net interest margin |
|
|
|
|
|
|
|
|
4.37 |
% |
|
|
|
|
|
|
|
4.13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (A) | Yields related to securities exempt from federal and state income taxes are stated on a fully tax-equivalent basis. They are reduced by the nondeductible portion of interest expense, assuming a federal tax rate of 21 percent and applicable state rates. |
| (B) | The loan averages are stated net of unearned income, and the averages include loans on which the accrual of interest has been discontinued. |
UNITY BANCORP, INC.
QUARTERLY ALLOWANCE FOR LOAN LOSSES AND LOAN QUALITY SCHEDULES
September 30, 2022
Amounts in thousands, except percentages |
|
September 30, 2022 |
|
June 30, 2022 |
|
March 31, 2022 |
|
Dec. 31 2021 |
|
September 30, 2021 |
|||||
ALLOWANCE FOR LOAN LOSSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period |
|
$ |
22,858 |
|
$ |
22,168 |
|
$ |
22,302 |
|
$ |
22,537 |
|
$ |
22,801 |
Provision (benefit) for loan losses charged to expense |
|
|
1,517 |
|
|
1,188 |
|
|
(178) |
|
|
(319) |
|
|
- |
|
|
|
24,375 |
|
|
23,356 |
|
|
22,124 |
|
|
22,218 |
|
|
22,801 |
Less: Chargeoffs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBA loans |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
145 |
Commercial loans |
|
|
501 |
|
|
501 |
|
|
- |
|
|
- |
|
|
158 |
Residential mortgage loans |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
Consumer loans |
|
|
50 |
|
|
40 |
|
|
6 |
|
|
- |
|
|
3 |
Residential construction loans |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
Total chargeoffs |
|
|
551 |
|
|
541 |
|
|
6 |
|
|
- |
|
|
306 |
Add: Recoveries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBA loans |
|
|
5 |
|
|
6 |
|
|
22 |
|
|
52 |
|
|
- |
Commercial loans |
|
|
23 |
|
|
32 |
|
|
28 |
|
|
32 |
|
|
- |
Residential mortgage loans |
|
|
- |
|
|
1 |
|
|
- |
|
|
- |
|
|
42 |
Consumer loans |
|
|
9 |
|
|
4 |
|
|
- |
|
|
- |
|
|
- |
Residential construction loans |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
Total recoveries |
|
|
37 |
|
|
43 |
|
|
50 |
|
|
84 |
|
|
42 |
Net (chargeoffs)/recoveries |
|
|
(514) |
|
|
(498) |
|
|
44 |
|
|
84 |
|
|
(264) |
Balance, end of period |
|
$ |
23,861 |
|
$ |
22,858 |
|
$ |
22,168 |
|
$ |
22,302 |
|
$ |
22,537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOAN QUALITY INFORMATION: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBA loans |
|
$ |
1,491 |
|
$ |
604 |
|
$ |
537 |
|
$ |
510 |
|
$ |
660 |
Commercial loans |
|
|
1,147 |
|
|
1,717 |
|
|
2,292 |
|
|
2,581 |
|
|
2,878 |
Residential mortgage loans |
|
|
3,404 |
|
|
2,668 |
|
|
2,999 |
|
|
3,262 |
|
|
2,626 |
Consumer loans |
|
|
- |
|
|
- |
|
|
200 |
|
|
210 |
|
|
- |
Residential construction loans |
|
|
1,991 |
|
|
2,691 |
|
|
3,273 |
|
|
3,122 |
|
|
2,637 |
Total nonperforming loans |
|
|
8,033 |
|
|
7,680 |
|
|
9,301 |
|
|
9,686 |
|
|
8,801 |
OREO |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
Nonperforming assets |
|
|
8,033 |
|
|
7,680 |
|
|
9,301 |
|
|
9,686 |
|
|
8,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 90 days past due & still accruing |
|
$ |
- |
|
$ |
43 |
|
$ |
488 |
|
$ |
- |
|
$ |
2,265 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing Troubled Debt Restructurings (TDRs) |
|
$ |
1,860 |
|
$ |
1,885 |
|
$ |
1,917 |
|
$ |
1,046 |
|
$ |
1,057 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans at quarter end |
|
|
1.23 |
% |
|
1.27 |
% |
|
1.30 |
% |
|
1.35 |
% |
|
1.35 |
Total nonperforming loans |
|
|
297.04 |
|
|
297.63 |
|
|
238.34 |
|
|
230.25 |
|
|
256.07 |
UNITY BANCORP, INC.
QUARTERLY FINANCIAL DATA
September 30, 2022
(In thousands, except percentages and per share amounts) |
|
September 30, 2022 |
|
June 30, 2022 |
|
March 31, 2022 |
|
December 31, 2021 |
|
September 30, 2021 |
|
|||||
SUMMARY OF INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest income |
|
$ |
26,224 |
|
$ |
23,071 |
|
$ |
21,119 |
|
$ |
22,271 |
|
$ |
21,254 |
|
Total interest expense |
|
|
2,486 |
|
|
1,314 |
|
|
1,215 |
|
|
1,422 |
|
|
1,531 |
|
Net interest income |
|
|
23,738 |
|
|
21,757 |
|
|
19,904 |
|
|
20,849 |
|
|
19,723 |
|
Provision (benefit) for loan losses |
|
|
1,517 |
|
|
1,188 |
|
|
(178) |
|
|
(319) |
|
|
- |
|
Net interest income after provision for loan losses |
|
|
22,221 |
|
|
20,569 |
|
|
20,082 |
|
|
21,168 |
|
|
19,723 |
|
Total noninterest income |
|
|
1,110 |
|
|
2,749 |
|
|
2,239 |
|
|
2,624 |
|
|
2,809 |
|
Total noninterest expense |
|
|
10,064 |
|
|
10,711 |
|
|
10,410 |
|
|
10,660 |
|
|
9,860 |
|
Income before provision for income taxes |
|
|
13,267 |
|
|
12,607 |
|
|
11,911 |
|
|
13,132 |
|
|
12,672 |
|
Provision for income taxes |
|
|
3,325 |
|
|
3,156 |
|
|
2,803 |
|
|
3,386 |
|
|
3,213 |
|
Net income |
|
$ |
9,942 |
|
$ |
9,451 |
|
$ |
9,108 |
|
$ |
9,746 |
|
$ |
9,459 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share - Basic |
|
$ |
0.94 |
|
$ |
0.90 |
|
$ |
0.87 |
|
$ |
0.94 |
|
$ |
0.91 |
|
Net income per common share - Diluted |
|
|
0.93 |
|
|
0.88 |
|
|
0.85 |
|
|
0.92 |
|
|
0.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market price per share |
|
$ |
25.11 |
|
$ |
26.48 |
|
$ |
27.98 |
|
$ |
26.25 |
|
$ |
23.40 |
|
Dividends paid |
|
|
0.11 |
|
|
0.11 |
|
|
0.10 |
|
|
0.10 |
|
|
0.09 |
|
Book value per common share |
|
|
21.86 |
|
|
21.01 |
|
|
20.48 |
|
|
19.80 |
|
|
18.94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding - Basic |
|
|
10,522 |
|
|
10,504 |
|
|
10,446 |
|
|
10,376 |
|
|
10,372 |
|
Weighted average common shares outstanding - Diluted |
|
|
10,714 |
|
|
10,706 |
|
|
10,664 |
|
|
10,555 |
|
|
10,507 |
|
Issued common shares |
|
|
11,236 |
|
|
11,214 |
|
|
11,196 |
|
|
11,094 |
|
|
11,063 |
|
Outstanding common shares |
|
|
10,533 |
|
|
10,511 |
|
|
10,493 |
|
|
10,391 |
|
|
10,363 |
|
Treasury shares |
|
|
703 |
|
|
703 |
|
|
703 |
|
|
703 |
|
|
700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS (Annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
1.85 |
% |
|
1.83 |
% |
|
1.80 |
% |
|
1.90 |
% |
|
1.96 |
% |
Return on average equity |
|
|
17.39 |
|
|
17.32 |
|
|
17.64 |
|
|
19.23 |
|
|
19.57 |
|
Efficiency ratio |
|
|
39.59 |
|
|
42.84 |
|
|
45.86 |
|
|
45.55 |
|
|
44.15 |
|
Noninterest expense to average assets |
|
|
1.87 |
|
|
2.08 |
|
|
2.06 |
|
|
2.08 |
|
|
2.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
2,339,537 |
|
$ |
2,117,156 |
|
$ |
2,067,692 |
|
$ |
2,033,713 |
|
$ |
1,991,115 |
|
Total deposits |
|
|
1,796,597 |
|
|
1,697,967 |
|
|
1,771,168 |
|
|
1,758,881 |
|
|
1,706,185 |
|
Total loans |
|
|
1,942,414 |
|
|
1,801,593 |
|
|
1,701,384 |
|
|
1,649,448 |
|
|
1,664,891 |
|
Total securities |
|
|
136,871 |
|
|
139,835 |
|
|
116,254 |
|
|
79,322 |
|
|
49,807 |
|
Total shareholders' equity |
|
|
230,234 |
|
|
220,789 |
|
|
214,928 |
|
|
205,729 |
|
|
196,267 |
|
Allowance for loan losses |
|
|
23,861 |
|
|
22,858 |
|
|
22,168 |
|
|
22,302 |
|
|
22,537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAX EQUIVALENT YIELDS AND RATES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets |
|
|
5.09 |
% |
|
4.66 |
% |
|
4.36 |
% |
|
4.53 |
% |
|
4.60 |
% |
Interest-bearing liabilities |
|
|
0.72 |
|
|
0.41 |
|
|
0.38 |
|
|
0.44 |
|
|
0.51 |
|
Net interest spread |
|
|
4.37 |
|
|
4.25 |
|
|
3.98 |
|
|
4.10 |
|
|
4.09 |
|
Net interest margin |
|
|
4.61 |
|
|
4.39 |
|
|
4.11 |
|
|
4.24 |
|
|
4.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets |
|
$ |
8,033 |
|
$ |
7,680 |
|
$ |
9,301 |
|
$ |
9,686 |
|
$ |
8,802 |
|
QTD net (chargeoffs)/recoveries to QTD average loans |
|
|
(0.11) |
% |
|
(0.11) |
% |
|
0.01 |
% |
|
0.02 |
% |
|
(0.06) |
% |
Allowance for loan losses to total loans |
|
|
1.23 |
|
|
1.27 |
|
|
1.30 |
|
|
1.35 |
|
|
1.35 |
|
Nonperforming loans to total loans |
|
|
0.41 |
|
|
0.43 |
|
|
0.55 |
|
|
0.59 |
|
|
0.53 |
|
Nonperforming assets to total assets |
|
|
0.34 |
|
|
0.36 |
|
|
0.45 |
|
|
0.48 |
|
|
0.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS AND OTHER: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity to total assets |
|
|
9.84 |
% |
|
10.43 |
% |
|
10.39 |
% |
|
10.12 |
% |
|
9.86 |
% |
Community bank leverage ratio |
|
|
10.85 |
|
|
11.20 |
|
|
10.87 |
|
|
10.51 |
|
|
10.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of banking offices |
|
|
18 |
|
|
19 |
|
|
19 |
|
|
19 |
|
|
19 |
|
Number of ATMs |
|
|
19 |
|
|
20 |
|
|
20 |
|
|
20 |
|
|
20 |
|
Number of employees |
|
|
222 |
|
|
213 |
|
|
209 |
|
|
211 |
|
|
208 |
|