8-K

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SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

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FORM 8-K

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CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

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April 19, 2021

Date of Report (Date of earliest event reported)

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UNITY BANCORP, INC.

(Exact Name of Registrant as Specified in its Charter)

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New Jersey

(State or Other Jurisdiction of Incorporation)

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1-12431	22-3282551
(Commission File Number)	(IRS Employer Identification No.)

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64 Old Highway 22

Clinton , NJ **** 08809

(Address of Principal Executive Office)

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( 908 ) 730-7630

(Registrant’s Telephone Number, Including Area Code)

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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:

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☐	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))

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Securities registered pursuant to Section 12(b) of the Act:

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Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock	UNTY	NASDAQ

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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).

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Emerging growth company ☐

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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. ☐

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Item 2.02            Results of Operation and Financial Condition

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The Registrant issued a press release on April 15, 2021 announcing results for the three months ended March 31, 2021, the full text of which is incorporated by reference to this Item.

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Item 9.01             Financial Statements and Exhibits

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(d) Exhibits

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Exhibit 99.1         Press release issued by the Registrant on April 15, 2021.

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SIGNATURES

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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.
​	(Registrant)
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Date: April 19, 2021	​
​	By:	/s/ George Boyan
​	​	George Boyan
​	​	Executive Vice President and Chief Financial Officer

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EXHIBIT INDEX

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EXHIBIT #DESCRIPTION

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99.1Press release issued by the Registrant on April 15, 2021

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Exhibit 99.1

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For Immediate Release	News Media & Financial Analyst Contact:
Unity Bancorp, Inc. (NSDQ: UNTY)	George Boyan, EVP and CFO
April 15, 2021	(908) 713-4535

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Unity Bancorp Reports

Quarterly Earnings of $8.5 Million

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Clinton, NJ, April 15, 2021 - Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, reported net income of $8.5 million, or $0.80 per diluted share, for the quarter ended March 31, 2021, a 58.3% increase compared to net income of $5.4 million, or $0.49 per diluted share for the prior year’s first quarter, primarily due to revenue generated by the Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”), improved net interest margin and an increase in non-interest income. ​

First Quarter Earnings Highlights

●	Net interest income, our primary driver of earnings, increased $2.8 million to $18.0 million for the quarter ended March 31, 2021, compared to the prior year’s quarter, due to SBA PPP loans, commercial loan growth and a reduction in the cost of funds.
●	Net interest margin (“NIM”) increased to 4.09% for the quarter ended March 31, 2021, compared to 3.92% for the prior year’s quarter.
---	---
●	The provision for loan losses was $500 thousand for the quarter ended March 31, 2021, a decrease of $1.0 million from the prior year’s quarter due to an improved outlook on credit quality and higher levels of allowance.
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●	Noninterest income increased $1.2 million to $3.7 million compared to the prior year’s quarter, primarily due to increased gains on mortgage loan sales and increased net gains on securities. For the quarter ended March 31, 2021, residential mortgage loan sales were $101.9 million, compared to $28.8 million for the prior year’s quarter.
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●	Noninterest expense increased $479 thousand to $9.8 million compared to the prior year’s quarter, primarily due to increased compensation as a result of mortgage commissions paid.
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●	The effective tax rate was 25.7% compared to 22.9% in the prior year’s quarter.
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Balance Sheet Highlights

●	Total loans increased $40.6 million, or 2.5%, from year-end 2020 to $1.7 billion at March 31, 2021. The increase was primarily due to increases in SBA PPP and commercial loans.
●	Total deposits increased $70.4 million, or 4.5%, from year-end 2020 to $1.6 billion at March 31, 2021.
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●	Borrowed funds decreased $30.0 million to $170.0 million at March 31, 2021, due to decreased FHLB advances.
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●	Shareholders’ equity was $181.1 million at March 31, 2021.
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●	Book value per common share was $17.37 as of March 31, 2021.
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●	At March 31, 2021, the Community Bank Leverage Ratio was 10.19%.
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●	Net nonperforming assets were $11.6 million at March 31, 2021, compared to $11.7 million at December 31, 2020. Most of the nonperforming assets are residential loans, the resolution of which has been impacted by foreclosure restrictions due to COVID-19. The allowance to total loans ratio excluding SBA PPP loans was 1.45% at March 31, 2021.
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Paycheck Protection Program Loans

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As of March 31, 2021, the Company funded 723 Small Business Administration Paycheck Protection Program Round 2 loans, totaling $85.6 million. This is in addition to the 1,224 SBA PPP loans, totaling $143.0 million funded during the year ended December 31, 2020.

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Loan Deferrals

The Bank’s initiative to work with borrowers that were unable to meet their contractual obligations because of the effects of COVID-19 was a successful effort. Loan deferrals which were granted have steadily declined during the first quarter to $20.2 million, from $32.5 million at December 31, 2020.

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The table below summarizes loan deferrals as of March 31, 2021:

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
(In thousands)	​	Total Loan Portfolio balance		​	Full Deferrals		​	Principal Only Deferrals		​	Total Loans in Deferral		​	% Deferrals to Total Loans
SBA loans held for sale	​	$	8,809	​	$	—	​	$	—	​	$	—	​	0%
SBA loans held for investment	​	​	38,296	​	​	—	​	​	342	​	​	342	​	1%
SBA PPP loans	​	​	169,117	​	​	—	​	​	—	​	​	—	​	0%
Commercial loans	​		853,078	​		2,918	​		15,503	​		18,421	​	2%
Residential mortgage loans	​		448,149	​		1,400	​		—	​		1,400	​	0%
Consumer loans	​		60,502	​		—	​		—	​		—	​	0%
Consumer construction loans	​		90,497	​		—	​		—	​		—	​	0%
Total loans	​	$	1,668,448	​	$	4,318	​	$	15,845	​	$	20,163	​	1%

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Unity Bancorp, Inc. is a financial service organization headquartered in Clinton, New Jersey, with approximately $2.0 billion in assets and $1.6 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 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.

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UNITY BANCORP, INC.

SUMMARY FINANCIAL HIGHLIGHTS

March 31, 2021

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​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​			​			​		​	Mar. 31, 2021 vs.			​
​	​	​	​	​	​	​	​	​	​	​	​	Dec. 31, 2020	​	Mar. 31, 2020	​
(In thousands, except percentages and per share amounts)	****	Mar. 31, 2021		****	Dec. 31, 2020		****	Mar. 31, 2020		****	****	%		%	​
BALANCE SHEET DATA:	​		​	​		​	​		​	​	​		​		​
Total assets	​	$	2,004,818	​	$	1,958,914	​	$	1,740,076	​	​	2.3	%	15.2	%
Total deposits	****	​	1,628,393		​	1,557,959		​	1,378,618		​	4.5		18.1
Total loans	****	​	1,668,448		​	1,627,817		​	1,439,645		​	2.5		15.9
Total securities	****	​	34,551		​	47,571		​	58,002		​	(27.4)		(40.4)
Total shareholders' equity	****	​	181,186		​	173,911		​	164,305		​	4.2		10.3
Allowance for loan losses	****	​	(22,965)		​	(23,105)		​	(17,376)		​	(0.6)		32.2
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
FINANCIAL DATA - QUARTER TO DATE:		​			​			​	​		​	​		​
Income before provision for income taxes	​	$	11,442	​	$	9,868	​	$	6,966		​	16.0		64.3
Provision for income taxes	​	****	2,946	​		2,523	​		1,598		​	16.8		84.4
Net income	​	$	8,496	​	$	7,345	​	$	5,368		​	15.7		58.3
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net income per common share - Basic	​	$	0.81	​	$	0.70	​	$	0.49		​	15.7		65.3
Net income per common share - Diluted	​	$	0.80	​	$	0.69	​	$	0.49		​	15.9		63.3
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Performance ratios:	​		​	​		​	​		​		​
Return on average assets	​	****	1.85	%	****	1.61	%		1.53	%	​		​	​	​
Return on average equity	​	****	19.51	%	****	17.07	%		15.41	%	​		​	​	​
Efficiency ratio	​	****	45.74	%	****	50.31	%		51.29	%	​		​	​	​
Net interest margin	​	****	4.09	%	****	3.97	%		3.88	%	​		​	​	​
Noninterest expense to average assets	​	****	2.13	%	****	2.35	%		2.17	%	​		​	​	​
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SHARE INFORMATION:	​		​	​	​	​	​		​		​
Market price per share	​	$	22.00	​	$	17.55	​	$	11.70		​	25.4	​	88.0
Dividends paid	​	$	0.08	​	$	0.08	​	$	0.08		​	—	​	—
Book value per common share	​	$	17.38	​	$	16.63	​	$	15.10		​	4.5	​	15.1
Average diluted shares outstanding (QTD)	​	****	10,565	​		10,629	​		11,037		​	(0.6)	​	(4.3)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
CAPITAL RATIOS:	​			​			​		​		​
Total equity to total assets	​	****	9.04	%	****	8.88	%		9.44	%	​		​	​	​
Community bank leverage ratio	​	****	10.19	%	****	10.09	%		10.56	%	​		​	​	​
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CREDIT QUALITY AND RATIOS:	​			​			​				​
Nonperforming assets	​	$	11,788	​	$	12,060	​	$	11,178		​	(2.3)	​	5.5
QTD net chargeoffs to QTD average loans	​	****	0.16	%	****	0.03	%		0.15	%	​		​	​	​
Allowance for loan losses to total loans	​	****	1.38	%	****	1.42	%		1.21	%	​		​	​	​
Nonperforming assets to total loans	​	****	0.71	%	****	0.74	%		0.67	%	​		​	​	​
Nonperforming assets to total assets	​	****	0.59	%	****	0.62	%		0.64	%	​		​	​	​

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UNITY BANCORP, INC.

CONSOLIDATED BALANCE SHEETS

March 31, 2021

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​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	****	​	​			​			​		​	March 31, 2021 vs.
​	​	​	​	​	​	​	​	​	​	​	​	December 31,	​	March 31,
​	​	March 31,		​	December 31,		​	March 31,		​	​	2020	​	2020	​
(In thousands, except percentages)	****	2021		****	2020		****	2020		****	​	%		%	​
ASSETS	​		​	​		​	​		​	​	​		​
Cash and due from banks	​	$	25,911	​	$	22,750	​	$	20,377	​	​	13.9	%	27.2	%
Federal funds sold and interest-bearing deposits	****	​	213,666	​	​	196,561	​	​	158,618		​	8.7	​	34.7	​
Cash and cash equivalents	****	​	239,577	​	​	219,311	​	​	178,995		​	9.2	​	33.8	​
Securities:		​	​	​	​	​	​	​	​		​	​	​	​	​
Securities available for sale	****	​	32,330	​	​	45,617	​	​	56,290		​	(29.1)	​	(42.6)	​
Equity securities	****	​	2,221	​	​	1,954	​	​	1,712		​	13.7	​	29.7	​
Total securities	****	​	34,551	​	​	47,571	​	​	58,002		​	(27.4)	​	(40.4)	​
Loans:		​	​	​	​	​	​	​	​		​	​	​	​	​
SBA loans held for sale	****	​	8,809	​	​	9,335	​	​	10,726		​	(5.6)	​	(17.9)	​
SBA loans held for investment	****	​	38,296	​	​	39,587	​	​	37,074		​	(3.3)	​	3.3	​
SBA PPP loans	​	​	169,117	​	​	118,257	​	​	—	​	​	43.0	​	—	​
Commercial loans	****	​	853,078	​	​	839,788	​	​	786,077		​	1.6	​	8.5	​
Residential mortgage loans	****	​	448,149	​	​	467,586	​	​	456,072		​	(4.2)	​	(1.7)	​
Consumer loans	****	​	60,502	​	​	66,100	​	​	76,326		​	(8.5)	​	(20.7)	​
Consumer construction loans	****	​	90,497	​	​	87,164	​	​	73,370		​	3.8	​	23.3	​
Total loans	****	​	1,668,448	​	​	1,627,817	​	​	1,439,645		​	2.5	​	15.9	​
Allowance for loan losses	****	​	(22,965)	​	​	(23,105)	​	​	(17,376)		​	(0.6)	​	32.2	​
Net loans	****	​	1,645,483	​	​	1,604,712	​	​	1,422,269		​	2.5	​	15.7	​
Premises and equipment, net	****	​	20,043	​	​	20,226	​	​	21,046		​	(0.9)	​	(4.8)	​
Bank owned life insurance ("BOLI")	****	​	26,535	​	​	26,514	​	​	26,379		​	0.1	​	0.6	​
Deferred tax assets	****	​	9,116	​	​	9,183	​	​	6,305		​	(0.7)	​	44.6	​
Federal Home Loan Bank ("FHLB") stock	****	​	9,269	​	​	10,594	​	​	9,054		​	(12.5)	​	2.4	​
Accrued interest receivable	****	​	9,831	​	​	10,429	​	​	7,396		​	(5.7)	​	32.9	​
Other real estate owned ("OREO")	****	​	—	​	​	—	​	​	1,523		​	—	​	(100.0)	​
Goodwill	****	​	1,516	​	​	1,516	​	​	1,516		​	—	​	—	​
Other assets	****	​	8,897	​	​	8,858	​	​	7,591		​	0.4	​	17.2	​
Total assets	​	$	2,004,818	​	$	1,958,914	​	$	1,740,076		​	2.3	%	15.2	%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
LIABILITIES AND SHAREHOLDERS' EQUITY	​			​			​				​				​
Liabilities:	​			​			​				​				​
Deposits:	​			​			​				​				​
Noninterest-bearing demand	​	$	465,511	​	$	459,677	​	$	334,731		​	1.3	%	39.1	%
Interest-bearing demand	​	****	217,714	​	​	204,236	​	​	149,428		​	6.6	​	45.7	​
Savings	​	****	502,300	​	​	455,449	​	​	405,775		​	10.3	​	23.8	​
Time Deposits	​	****	442,868	​	​	438,597	​	​	488,684		​	1.0	​	(9.4)	​
Total deposits	​	****	1,628,393	​	​	1,557,959	​	​	1,378,618		​	4.5	​	18.1	​
Borrowed funds	​	****	170,000	​	​	200,000	​	​	169,000		​	(15.0)	​	0.6	​
Subordinated debentures	​	****	10,310	​	​	10,310	​	​	10,310		​	—	​	—	​
Accrued interest payable	​	****	255	​	​	248	​	​	237		​	2.8	​	7.6	​
Accrued expenses and other liabilities	​	****	14,674	​	​	16,486	​	​	17,606		​	(11.0)	​	(16.7)	​
Total liabilities	​	****	1,823,632	​	​	1,785,003	​	​	1,575,771		​	2.2	​	15.7	​
Shareholders' equity:	​		​	​	​	​	​	​	​		​	​	​	​	​
Common stock	​	****	92,180	​	​	91,873	​	​	90,370		​	0.3	​	2.0	​
Retained earnings	​	****	98,331	​	​	90,669	​	​	74,939		​	8.5	​	31.2	​
Treasury stock, at cost	​	****	(8,791)	​	​	(7,442)	​	​	(172)		​	18.1	​	5,011.0	​
Accumulated other comprehensive (loss) income	​	****	(534)	​	​	(1,189)	​	​	(832)		​	NM*	​	NM*	​
Total shareholders' equity	​	****	181,186	​	​	173,911	​	​	164,305		​	4.2	​	10.3	​
Total liabilities and shareholders' equity	​	$	2,004,818	​	$	1,958,914	​	$	1,740,076		​	2.3	%	15.2	%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
COMMON SHARES AT PERIOD END:	​			​			​				​				​
Shares issued	​	****	10,996	​	​	10,961	​	​	10,894		​				​
Shares oustanding	​	****	10,422	​	​	10,456	​	​	10,883		​				​
Treasury shares	​	****	574	​	​	505	​	​	11		​				​

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NM=Not meaningful

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UNITY BANCORP, INC.

QTD CONSOLIDATED STATEMENTS OF INCOME

March 31, 2021

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​	​	​	​	​	​	​	​	​	​	​	​	Mar. 31, 2021 vs.							​
​	​	For the three months ended								​	​	Dec. 31, 2020			****	Mar. 31, 2020
(In thousands, except percentages and per share amounts)	****	Mar. 31, 2021		****	Dec. 31, 2020		****	Mar. 31, 2020		****	****			%	****			%
INTEREST INCOME	​		​	​		​	​		​	​	​		​		​		​
Federal funds sold and interest-bearing deposits	​	$	24	​	$	23	​	$	188	​	​			4.3	%			(87.2)	%
FHLB stock	​	****	63	​	​	64	​	​	109	​	​			(1.6)	​			(42.2)	​
Securities:	​		​	​	​	​	​	​	​	​	​			​	​			​	​
Taxable	​	****	292	​	​	364	​	​	511	​	​			(19.8)	​			(42.9)	​
Tax-exempt	​	****	10	​	​	11	​	​	22	​	​			(9)	​			(54.5)	​
Total securities	​	****	302	​	​	375	​	​	533	​	​			(19.5)	​			(43.3)	​
Loans:	​		​	​	​	​	​	​	​	​	​			​	​			​	​
SBA loans	​	****	783	​	​	819	​	​	985	​	​			(4.4)	​			(20.5)	​
SBA PPP loans	​	​	1,730	​	​	1,361	​	​	—	​	​	​		27.1	​	​		—	​
Commercial loans	​	****	10,474	​	​	10,155	​	​	9,933	​	​			3.1	​			5.4	​
Residential mortgage loans	​	****	5,128	​	​	5,441	​	​	5,770	​	​			(5.8)	​			(11.1)	​
Consumer loans	​	****	857	​	​	824	​	​	960	​	​			4.0	​			(10.7)	​
Consumer construction loans	​	****	1,215	​	​	1,226	​	​	1,107	​	​			(0.9)	​			9.8	​
Total loans	​	****	20,187	​	​	19,826	​	​	18,755	​	​			1.8	​			7.6	​
Total interest income	​	****	20,576	​	​	20,288	​	​	19,585	​	​			1.4	​			5.1	​
INTEREST EXPENSE	​			​			​			​	​				​				​
Interest-bearing demand deposits	​	****	309	​	​	319	​	​	378	​	​			(3.1)	​			(18.3)	​
Savings deposits	​	****	431	​	​	463	​	​	951	​	​			(6.9)	​			(54.7)	​
Time deposits	​	****	1,463	​	​	1,726	​	​	2,447	​	​			(15.2)	​			(40.2)	​
Borrowed funds and subordinated debentures	​	****	355	​	​	441	​	​	565	​	​			(19.5)	​			(37.2)	​
Total interest expense	​	****	2,558	​	​	2,949	​	​	4,341	​	​			(13.3)	​			(41.1)	​
Net interest income	​	****	18,018	​	​	17,339	​	​	15,244	​	​			3.9	​			18.2	​
Provision for loan losses	​	****	500	​	​	1,000	​	​	1,500	​	​			(50.0)	​			(66.7)	​
Net interest income after provision for loan losses	​	****	17,518	​	​	16,339	​	​	13,744	​	​			7.2	​			27.5	​
NONINTEREST INCOME	​		​	​	​	​	​	​	​	​	​				​				​
Branch fee income	​	****	295	​	​	285	​	​	317	​	​			3.5	​			(6.9)	​
Service and loan fee income	​	****	625	​	​	557	​	​	376	​	​			12.2	​			66.2	​
Gain on sale of SBA loans held for sale, net	​	****	245	​	​	543	​	​	473	​	​			(54.9)	​			(48.2)	​
Gain on sale of mortgage loans, net	​	****	1,750	​	​	2,027	​	​	1051	​	​			(13.7)	​			66.5	​
BOLI income	​	****	129	​	​	139	​	​	173	​	​			(7.2)	​			(25.4)	​
Net security gains (losses)	​	****	310	​	​	280	​	​	-170	​	​			10.7	​			(282.4)	​
Other income	​	****	372	​	​	423	​	​	325	​	​			(12.1)	​			14.5	​
Total noninterest income	​	****	3,726	​	​	4,254	​	​	2,545	​	​			(12.4)	​			46.4	​
NONINTEREST EXPENSE	​		​	​	​	​	​	​	​	​	​				​				​
Compensation and benefits	​	****	6,063	​	​	6,371	​	​	5,439	​	​			(4.8)	​			11.5	​
Processing and communications	​	****	807	​	​	956	​	​	708	​	​			(15.6)	​			14.0	​
Furniture and equipment	​	****	649	​	​	673	​	​	655	​	​			(3.6)	​			(0.9)	​
Occupancy	​	****	706	​	​	650	​	​	624	​	​			8.6	​			13.1	​
Professional services	​	****	380	​	​	340	​	​	269	​	​			11.8	​			41.3	​
Advertising	​	​	268	​	​	218	​	​	290	​	​	​		22.9	​	​		(7.6)	​
Deposit insurance	​	****	214	​	​	230	​	​	88	​	​			(7.0)	​			143.2	​
Director fees	​	****	208	​	​	202	​	​	200	​	​			3.0	​			4.0	​
BSA expenses	​	****	168	​	​	623	​	​	63	​	​			(73)	​			166.7	​
Other loan expenses	​	****	143	​	​	149	​	​	89	​	​			(4.0)	​			60.7	​
Loan collection & OREO (recoveries) expenses	​	****	(49)	​	​	(5)	​	​	186	​	​			880.0	​			(126.3)	​
Other expenses	​	****	245	​	​	318	​	​	712	​	​			(23.0)	​			(65.6)	​
Total noninterest expense	​	****	9,802	​	​	10,725	​	​	9,323	​	​			(8.6)	​			5.1	​
Income before provision for income taxes	​	****	11,442	​	​	9,868	​	​	6,966	​	​			16.0	​			64.3	​
Provision for income taxes	​	****	2,946	​	​	2,523	​	​	1,598	​	​			16.8	​			84.4	​
Net income	​	$	8,496	​	$	7,345	​	$	5,368	​	​			15.7	%			58.3	%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Effective tax rate	​	​	25.7	%	​	25.6	%	​	22.9	%	​	​	​	​	​	​	​	​	​
Net income per common share - Basic	​	$	0.81	​	$	0.70	​	$	0.49	​	​	​	​	​	​	​	​	​	​
Net income per common share - Diluted	​	$	0.80	​	$	0.69	​	$	0.49	​	​	​	​	​	​	​	​	​	​
Weighted average common shares outstanding - Basic	​	​	10,437	​	​	10,532	​	​	10,883	​	​	​	​	​	​	​	​	​	​

All values are in US Dollars.

Weighted average common shares outstanding - Diluted	​	​	10,565	​	​	10,629	​	​	11,037	​	​	​	​	​	​	​	​	​	​	​	​

​

​

​

UNITY BANCORP, INC.

QUARTER TO DATE NET INTEREST MARGIN

March 31, 2021

​

(Dollar amounts in thousands, interest amounts and interest rates/yields on a fully tax-equivalent basis)

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	For the three months ended															​
​	​	March 31, 2021							​	March 31, 2020							​
​		Average			​	​		​		Average			​	​		​	​
​		Balance		​	Interest		​	Rate/Yield	​	Balance		​	Interest		​	Rate/Yield	​
ASSETS		​			​					​			​				​
Interest-earning assets:		​			​					​			​				​
Federal funds sold and interest-bearing deposits	​	$	90,830	​	$	24	​	0.11	%	$	69,076	​	$	188	​	1.10	%
FHLB stock	​	****	5,167	​	​	63	​	4.98	​		6,883	​	​	109	​	6.37	​
Securities:	​		​	​	​	​	​	​	​		​	​	​	​	​	​	​
Taxable	​	****	38,741	​	​	292	​	3.06	​		60,363	​	​	511	​	3.40	​
Tax-exempt	​	****	2,405	​	​	12	​	2.03	​		3,783	​	​	31	​	3.35	​
Total securities (A)	​	****	41,146	​	​	304	​	3.00	​		64,146	​	​	542	​	3.40	​
Loans:	​		​	​	​	​	​	​	​		​	​	​	​	​	​	​
SBA loans	​	****	48,845	​	​	783	​	6.50	​		50,528	​	​	985	​	7.84	​
SBA PPP loans	​	​	142,581	​	​	1,730	​	4.92	​	​	—	​	​	—	​	—	​
Commercial loans	​	****	849,065	​	​	10,474	​	5.00	​		769,497	​	​	9,933	​	5.19	​
Residential mortgage loans	​	****	455,782	​	​	5,128	​	4.56	​		462,748	​	​	5,770	​	5.02	​
Consumer loans	​	****	63,440	​	​	857	​	5.48	​		72,394	​	​	960	​	5.33	​
Consumer construction loans	​	****	88,992	​	​	1,215	​	5.54	​		69,890	​	​	1,107	​	6.37	​
Total loans (B)	​	****	1,648,705	​	​	20,187	​	4.97	​		1,425,057	​	​	18,755	​	5.29	​
Total interest-earning assets	​	$	1,785,848	​	$	20,578	​	4.67	%	$	1,565,162	​	$	19,594	​	5.04	%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Noninterest-earning assets:	​			​					​			​					​
Cash and due from banks	​	****	23,781	​	​	​			​		21,942	​					​
Allowance for loan losses	​	****	(23,308)	​	​	​			​		(16,698)	​					​
Other assets	​	****	76,309	​	​	​			​		70,381	​					​
Total noninterest-earning assets	​	****	76,782	​	​	​			​		75,625	​					​
Total assets	​	$	1,862,630	​	​	​			​	$	1,640,787	​					​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
LIABILITIES AND SHAREHOLDERS' EQUITY	​			​					​			​					​
Interest-bearing liabilities:	​			​					​			​					​
Total interest-bearing demand deposits	​	$	209,020	​	$	309	​	0.60	%	$	162,193	​	$	378	​	0.94	%
Total savings deposits	​	****	476,463	​	​	431	​	0.37	​		424,905	​	​	951	​	0.90	​
Total time deposits	​	****	438,250	​	​	1,463	​	1.35	​		435,705	​	​	2,447	​	2.26	​
Total interest-bearing deposits	​	****	1,123,733	​	​	2,203	​	0.80	​		1,022,803	​	​	3,776	​	1.48	​
Borrowed funds and subordinated debentures	​	****	89,699	​	​	355	​	1.61	​		131,057	​	​	565	​	1.73	​
Total interest-bearing liabilities	​	$	1,213,432	​	$	2,558	​	0.85	%	$	1,153,860	​	$	4,341	​	1.50	%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Noninterest-bearing liabilities:	​		​	​	​	​	​	​	​		​	​	​	​		​	​
Noninterest-bearing demand deposits	​	****	455,146	​	​	​	​	​	​		307,683	​	​	​		​	​
Other liabilities	​	****	17,418	​	​	​	​	​	​		16,101	​	​	​		​	​
Total noninterest-bearing liabilities	​	****	472,564	​	​	​	​	​	​		323,784	​	​	​		​	​
Total shareholders' equity	​	****	176,634	​	​	​	​	​	​		163,143	​	​	​		​	​
Total liabilities and shareholders' equity	​	$	1,862,630	​	​	​	​	​	​	$	1,640,787	​	​	​		​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net interest spread	​	​	​	​	$	18,020	​	3.82	%	​	​	​	$	15,253	​	3.54	%
Tax-equivalent basis adjustment	​	​	​	​	​	(2)	​	​	​	​	​	​	​	(9)	​	​	​
Net interest income	​	​	​	​	$	18,018	​	​	​	​	​	​	$	15,244	​	​	​
Net interest margin	​	​	​	​	​	​	​	4.09	%			​		​	​	3.92	%

​

(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 nondeductable 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

March 31, 2021

​

(Dollar amounts in thousands, interest amounts and interest rates/yields on a fully tax-equivalent basis)

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	For the three months ended															​
​	​	March 31, 2021							​	December 31, 2020							​
​		Average			​	​		​		Average			​	​		​	​
​		Balance		​	Interest		​	Rate/Yield	​	Balance		​	Interest		​	Rate/Yield	​
ASSETS		​			​					​			​				​
Interest-earning assets:		​			​					​			​				​
Federal funds sold and interest-bearing deposits	​	$	90,830	​	$	24	​	0.11	%	$	64,359	​	$	23	​	0.14	%
FHLB stock	​	****	5,167	​	​	63	​	4.98	​		5,732	​	​	64	​	4.44	​
Securities:	​		​	​	​	​	​	​	​		​	​	​	​	​	​	​
Taxable	​	****	38,741	​	​	292	​	3.06	​		46,873	​	​	364	​	3.09	​
Tax-exempt	​	****	2,405	​	​	12	​	2.03	​		2,491	​	​	13	​	2.08	​
Total securities (A)	​	****	41,146	​	​	304	​	3.00	​		49,364	​	​	377	​	3.04	​
Loans:	​		​	​	​	​	​	​	​		​	​	​	​	​	​	​
SBA loans	​	****	48,845	​	​	783	​	6.50	​		53,383	​	​	819	​	6.10	​
SBA PPP loans	​	​	142,581	​	​	1,730	​	4.92	​	​	134,946	​	​	1,361	​	4.01	​
Commercial loans	​	****	849,065	​	​	10,474	​	5.00	​		814,366	​	​	10,155	​	4.96	​
Residential mortgage loans	​	****	455,782	​	​	5,128	​	4.56	​		465,117	​	​	5,441	​	4.65	​
Consumer loans	​	****	63,440	​	​	857	​	5.48	​		66,963	​	​	824	​	4.90	​
Consumer construction loans	​	****	88,992	​	​	1,215	​	5.54	​		84,112	​	​	1,226	​	5.80	​
Total loans (B)	​	****	1,648,705	​	​	20,187	​	4.97	​		1,618,888	​	​	19,826	​	4.87	​
Total interest-earning assets	​	$	1,785,848	​	$	20,578	​	4.67	%	$	1,738,343	​	$	20,290	​	4.64	%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Noninterest-earning assets:	​			​					​		​	​	​	​	​	​	​
Cash and due from banks	​	****	23,781	​	​	​			​		24,128	​	​	​	​	​	​
Allowance for loan losses	​	****	(23,308)	​	​	​			​		(22,907)	​	​	​	​	​	​
Other assets	​	****	76,309	​	​	​			​		75,488	​	​	​	​	​	​
Total noninterest-earning assets	​	****	76,782	​	​	​			​		76,709	​	​	​	​	​	​
Total assets	​	$	1,862,630	​	​	​			​	$	1,815,053	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
LIABILITIES AND SHAREHOLDERS' EQUITY	​			​					​		​	​	​	​	​	​	​
Interest-bearing liabilities:	​			​					​		​	​	​	​	​	​	​
Total interest-bearing demand deposits	​	$	209,020	​	$	309	​	0.60	%	$	205,049	​	$	319	​	0.62	%
Total savings deposits	​	****	476,463	​	​	431	​	0.37	​		461,345	​	​	463	​	0.40	​
Total time deposits	​	****	438,250	​	​	1,463	​	1.35	​		427,208	​	​	1,726	​	1.61	​
Total interest-bearing deposits	​	****	1,123,733	​	​	2,203	​	0.80	​		1,093,602	​	​	2,508	​	0.91	​
Borrowed funds and subordinated debentures	​	****	89,699	​	​	355	​	1.61	​		102,256	​	​	441	​	1.72	​
Total interest-bearing liabilities	​	$	1,213,432	​	$	2,558	​	0.85	%	$	1,195,858	​	$	2,949	​	0.98	%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Noninterest-bearing liabilities:	​		​	​	​	​	​	​	​		​	​	​	​	​	​	​
Noninterest-bearing demand deposits	​	****	455,146	​	​	​	​	​	​		431,030	​	​	​	​	​	​
Other liabilities	​	****	17,418	​	​	​	​	​	​		17,025	​	​	​	​	​	​
Total noninterest-bearing liabilities	​	****	472,564	​	​	​	​	​	​		448,055	​	​	​	​	​	​
Total shareholders' equity	​	****	176,634	​	​	​	​	​	​		171,140	​	​	​	​	​	​
Total liabilities and shareholders' equity	​	$	1,862,630	​	​	​	​	​	​	$	1,815,053	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net interest spread	​	​	​	​	$	18,020	​	3.82	%	​	​	​	$	17,341	​	3.66	%
Tax-equivalent basis adjustment	​	​	​	​	​	(2)	​	​	​	​	​	​	​	(3)	​	​	​
Net interest income	​	​	​	​	$	18,018	​	​	​	​	​	​	$	17,338	​	​	​
Net interest margin	​	​	​	​	​	​	​	4.09	%		​	​	​	​	​	3.97	%

​

(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 nondeductable 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

March 31, 2021

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Amounts in thousands, except percentages	****	Mar. 31, 2021		****	Dec. 31, 2020		****	Sept. 30, 2020		****	Jun. 30, 2020		****	Mar. 31, 2020		****
ALLOWANCE FOR LOAN LOSSES:	​		​	​		​	​		​	​		​	​		​
Balance, beginning of period	​	$	23,105	​	$	22,237	​	$	20,234	​	$	17,376	​	$	16,395	​
Provision for loan losses charged to expense	​	****	500	​	​	1,000	​	​	2,000	​	​	2,500	​	​	1,500	​
​	​	****	23,605	​	​	23,237	​	​	22,234	​	​	19,876	​	​	17,895	​
Less: Chargeoffs	​			​			​			​			​			​
SBA loans	​	****	282	​	​	—	​	​	1	​	​	—	​	​	25	​
Commercial loans	​	****	373	​	​	150	​	​	—	​	​	219	​	​	300	​
Residential mortgage loans	​	****	—	​	​	—	​	​	—	​	​	—	​	​	200	​
Consumer loans	​	****	1	​	​	—	​	​	—	​	​	—	​	​	—	​
Total chargeoffs	​	****	656	​	​	150	​	​	1	​	​	219	​	​	525	​
Add: Recoveries	​		​	​	​	​	​	​	​	​	​	​	​	​	​	​
SBA loans	​	****	15	​	​	—	​	​	3	​	​	75	​	​	5	​
Commercial loans	​	****	1	​	​	18	​	​	1	​	​	502	​	​	1	​
Residential mortgage loans	​	****	—	​	​	—	​	​	—	​	​	—	​	​	—	​
Consumer loans	​	****	—	​	​	—	​	​	—	​	​	—	​	​	—	​
Total recoveries	​	****	16	​	​	18	​	​	4	​	​	577	​	​	6	​
Net chargeoffs (recoveries)	​	****	640	​	​	132	​	​	(3)	​	​	(358)	​	​	519	​
Balance, end of period	​	$	22,965	​	$	23,105	​	$	22,237	​	$	20,234	​	$	17,376	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
LOAN QUALITY INFORMATION:	​			​			​			​			​			​
Nonperforming loans:	​			​			​			​			​			​
SBA loans	​	$	1,560	​	$	2,473	​	$	3,446	​	$	2,363	​	$	1,627	​
Commercial loans	​	****	952	​	​	1,325	​	​	527	​	​	413	​	​	613	​
Residential mortgage loans	​	****	6,711	​	​	5,217	​	​	3,722	​	​	6,192	​	​	6,910	​
Consumer loans	​	​	—	​	​	1,295	​	​	1,293	​	​	505	​	​	505	​
Consumer construction loans	​	****	2,565	​	​	1,750	​	​	—	​	​	—	​	​	—	​
Total nonperforming loans	​	****	11,788	​	​	12,060	​	​	8,988	​	​	9,473	​	​	9,655	​
Other real estate owned ("OREO")	​	****	—	​	​	—	​	​	711	​	​	711	​	​	1,523	​
Nonperforming assets	​	****	11,788	​	​	12,060	​	​	9,699	​	​	10,184	​	​	11,178	​
Less: Amount guaranteed by SBA	​	****	139	​	​	371	​	​	812	​	​	307	​	​	427	​
Net nonperforming assets	​	$	11,649	​	$	11,689	​	$	8,887	​	$	9,877	​	$	10,751	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Loans 90 days past due & still accruing	​	$	2,540	​	$	449	​	$	—	​	$	—	​	$	—	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Performing Troubled Debt Restructurings (TDRs)	​	$	1,079	​	$	663	​	$	673	​	$	684	​	$	694	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Allowance for loan losses to:	​		​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total nonperforming loans	​	****	194.82	​	​	191.58	​	​	247.41	​	​	213.60	​	​	179.97	​
Nonperforming assets	​	****	194.82	​	​	191.58	​	​	229.27	​	​	198.68	​	​	155.45	​
Net nonperforming assets	​	****	197.14	​	​	197.66	​	​	250.22	​	​	204.86	​	​	161.62	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

​

​

UNITY BANCORP, INC.

QUARTERLY FINANCIAL DATA

March 31, 2021

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(In thousands, except percentages and per share amounts)	****	Mar. 31, 2021		****	Dec. 31, 2020		****	Sept. 30, 2020		****	Jun. 30, 2020		****	Mar. 31, 2020		****
SUMMARY OF INCOME:	​		​	​		​	​		​	​		​	​		​
Total interest income	​	$	20,576	​	$	20,288	​	$	19,764	​	$	19,278	​	$	19,585	​
Total interest expense	​	****	2,558	​	​	2,949	​	​	3,437	​	​	3,753	​	​	4,341	​
Net interest income	​	****	18,018	​	​	17,339	​	​	16,327	​	​	15,525	​	​	15,244	​
Provision for loan losses	​	****	500	​	​	1,000	​	​	2,000	​	​	2,500	​	​	1,500	​
Net interest income after provision for loan losses	​	****	17,518	​	​	16,339	​	​	14,327	​	​	13,025	​	​	13,744	​
Total noninterest income	​	****	3,726	​	​	4,254	​	​	3,336	​	​	2,811	​	​	2,545	​
Total noninterest expense	​	****	9,802	​	​	10,725	​	​	10,037	​	​	9,177	​	​	9,323	​
Income before provision for income taxes	​	****	11,442	​	​	9,868	​	​	7,626	​	​	6,659	​	​	6,966	​
Provision for income taxes	​	****	2,946	​	​	2,523	​	​	1,866	​	​	1,488	​	​	1,598	​
Net income	​	$	8,496	​	$	7,345	​	$	5,760	​	$	5,171	​	$	5,368	​
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Net income per common share - Basic	​	$	0.81	​	$	0.70	​	$	0.54	​	$	0.48	​	$	0.49	​
Net income per common share - Diluted	​	$	0.80	​	$	0.69	​	$	0.54	​	$	0.47	​	$	0.49	​
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COMMON SHARE DATA:	​		​	​		​	​			​			​			​
Market price per share	​	$	22.00	​	$	17.55	​	$	11.58	​	$	14.30	​	$	11.70	​
Dividends paid	​	$	0.08	​	$	0.08	​	$	0.08	​	$	0.08	​	$	0.08	​
Book value per common share	​	$	17.38	​	$	16.63	​	$	16.01	​	$	15.53	​	$	15.10	​
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Weighted average common shares outstanding - Basic	​	****	10,437	​	​	10,532	​	​	10,630	​	​	10,792	​	​	10,883	​
Weighted average common shares outstanding - Diluted	​	****	10,565	​	​	10,629	​	​	10,706	​	​	10,888	​	​	11,037	​
Issued common shares	​	****	10,996	​	​	10,961	​	​	10,943	​	​	10,939	​	​	10,894	​
Outstanding common shares	​	****	10,422	​	​	10,456	​	​	10,570	​	​	10,728	​	​	10,883	​
Treasury shares	​	****	574	​	​	505	​	​	373	​	​	211	​	​	11	​
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PERFORMANCE RATIOS (Annualized):	​		​	​		​	​			​			​			​
Return on average assets	​	****	1.85	%	​	1.61	%	​	1.28	%	​	1.19	%	​	1.32	%
Return on average equity	​	****	19.51	​	​	17.07	​	​	13.76	​	​	12.59	​	​	13.23	​
Efficiency ratio	​	****	45.74	​	​	50.31	​	​	50.80	​	​	50.27	​	​	51.92	​
Noninterest expense to average assets	​	****	2.13	​	​	2.35	​	​	2.23	​	​	2.10	​	​	2.29	​
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BALANCE SHEET DATA:	​		​	​		​	​			​			​			​
Total assets	​	$	2,004,818	​	$	1,958,914	​	$	1,930,836	​	$	1,900,774	​	$	1,740,076	​
Total deposits	​	****	1,628,393	​	​	1,557,959	​	​	1,493,440	​	​	1,483,457	​	​	1,378,618	​
Total loans	​	****	1,668,448	​	​	1,627,817	​	​	1,613,291	​	​	1,592,507	​	​	1,439,645	​
Total securities	​	****	34,551	​	​	47,571	​	​	50,387	​	​	54,888	​	​	58,002	​
Total shareholders' equity	​	****	181,186	​	​	173,911	​	​	169,234	​	​	166,607	​	​	164,305	​
Allowance for loan losses	​	****	(22,965)	​	​	(23,105)	​	​	(22,237)	​	​	(20,234)	​	​	(17,376)	​
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TAX EQUIVALENT YIELDS AND RATES:	​		​	​	​	​	​	​	​	​	​	​	​	​	​	​
Interest-earning assets	​	****	4.67	%	​	4.64	%	​	4.58	%	​	4.63	%	​	5.04	%
Interest-bearing liabilities	​	****	0.85	​	​	0.98	​	​	1.15	​	​	1.28	​	​	1.51	​
Net interest spread	​	****	3.82	​	​	3.66	​	​	3.43	​	​	3.35	​	​	3.53	​
Net interest margin	​	****	4.09	​	​	3.97	​	​	3.78	​	​	3.73	​	​	3.92	​
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CREDIT QUALITY:	​		​	​		​	​			​			​			​
Nonperforming assets	​	$	11,788	​	$	12,060	​	$	9,699	​	$	10,184	​	$	11,178	​
QTD net chargeoffs (annualized) to QTD average loans	​	****	0.16	%	​	0.03	%	​	—	%	​	(0.09)	%	​	0.15	%
Allowance for loan losses to total loans	​	****	1.38	​	​	1.42	​	​	1.38	​	​	1.27	​	​	1.21	​
Nonperforming assets to total loans	​	****	0.71	​	​	0.74	​	​	0.56	​	​	0.59	​	​	0.67	​
Nonperforming assets to total assets	​	****	0.59	​	​	0.62	​	​	0.50	​	​	0.54	​	​	0.64	​
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CAPITAL RATIOS AND OTHER:	​		​	​		​	​			​			​			​
Total equity to total assets	​	****	9.04	%	​	8.88	%	​	8.76	%	​	8.77	%	​	9.44	%
Community bank leverage ratio	​	****	10.19	​	​	10.09	​	​	9.95	​	​	10.01	​	​	10.56	​
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Number of banking offices	​	****	19	​	​	19	​	​	19	​	​	19	​	​	19	​
Number of ATMs	​	****	20	​	​	20	​	​	20	​	​	20	​	​	20	​
Number of employees	​	****	209	​	​	206	​	​	196	​	​	191	​	​	205	​

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