Unity Bancorp Inc 8-K, filed Feb 21, 2020
Unity Bancorp Inc (UNTY)
8-K
2020-02-21
For: 2020-02-21
View Original
Added on
April 04, 2026
About this 8-K
Unity Bancorp Inc filed this 8-K on February 21, 2020.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
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
February 21, 2020
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
(Commission File Number)
22-3282551
(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))
Item 2.02 Results of Operation and Financial Condition
The Registrant issued a press release on January 21, 2020 announcing its earning results for the twelve months ended December 31, 2019. Subsequently after issuing its release, the Company made a revision to its accounting estimates of unconditionally cancelable loans. This change in accounting estimate resulted in a change in certain of the Company's capital ratios.
The Registrant is issuing this Current Report on Form 8-K to correct the capital ratios in the press release furnished by the Company as Exhibit 99.1 with its Current Report on Form 8-K filed with the Securities and Exchange Commission on January 21, 2020. Except for the correction of certain capital ratios, this Form 8-K does not update, modify, or amend any disclosures set forth in the original earnings release.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit 99.1Press release issued by the Registrant on February 21, 2020.
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.
UNITY BANCORP, INC.
(Registrant)
Date: February 21, 2020
By: /s/ Laureen S. Cook
Laureen S. Cook
SVP and Interim Principal Financial and Accounting Officer
EXHIBIT INDEX
EXHIBIT # DESCRIPTION
99.1 Press release issued by the Registrant on February 21, 2020
For Immediate Release News Media & Financial Analyst Contact:
Unity Bancorp, Inc. (NSDQ: UNTY) James A. Hughes, President and CEO
February 21, 2020 (908)713-4306
Unity Bancorp Issues Corrected Earnings Release; Corrections to Certain Capital Ratios
Clinton, NJ, February 21, 2020 - Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, is issuing this corrected press release to revise the Common Equity Tier 1 Ratio (CET1), Tier 1 Risk Based Capital Ratio and Total Risk Based Capital ratios previously published in its year-end earnings release issued on January 21, 2020.
Subsequent to filing the original press release and following discussions with the Company's in-house legal counsel and external auditors, the Company determined our previous categorization of several loan products reported as unconditionally cancelable were no longer supported by the current language in our loan representative notes. This determination resulted in a change in accounting estimate and the loan products were converted to their balance sheet values and risk weighted accordingly. As a result of the conversion, the Company’s Common Equity Tier 1 ratio (CET1), Tier 1 Risk Based Capital ratio and Total Risk Based Capital ratio decreased 38bps, 41bps and 43bps to 11.59%, 12.32% and 13.06%, respectively. The Leverage Ratio remained unchanged at 10.59%. The ratios remain in excess of the ratios required to be deemed “well-capitalized.”
Unity Bancorp, Inc. is a financial service organization headquartered in Clinton, New Jersey, with approximately $1.7 billion in assets and $1.3 billion in deposits. Unity Bank provides financial services to retail, corporate and small business customers through its 19 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 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, and results of regulatory exams, among other factors.
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.