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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
Date of Report (Date of earliest event reported) April 16, 1998
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UNITY BANCORP, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 1-12431 22-3282551
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
64 OLD HIGHWAY 22, CLINTON, NEW JERSEY 08809
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (908) 730-7630
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Item 5. Other.
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The Registrant issued a press release on April 16, 1998 announcing its
results for the First Quarter of 1998. The Registrant reported record net income
of $340,500, or fully diluted earnings of $0.16 per share, compared to net
income of $196,500, or fully diluted earnings of $0.10 per share for the First
Quarter of 1997.
Item 7. Exhibits.
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The following exhibit is filed with this Current Report on Form 8-K.
Exhibit No. Description
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99 Press Release dated April 16, 1998
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Unity
Bancorp, Inc. has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
UNITY BANCORP, INC.
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(Registrant)
Dated: April 21, 1998 By: /s/ JULIE Y. CARLSON
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JULIE Y. CARLSON, Vice President
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EXHIBIT INDEX
CURRENT REPORT ON FORM 8-K
Exhibit No. Description Page No.
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99 Press Release dated April 16, 1998
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EXHIBIT 99
UNITY BANCORP, INC. ANNOUNCES
RECORD FIRST QUARTER 1998 EARNINGS
CLINTON, NEW JERSEY, APRIL 16, 1998 ... UNITY BANCORP, INC. (AMEX: UBI, UBI:WS),
parent company of FIRST COMMUNITY BANK reported Net Income of $340,500 for the
first quarter ended March 31, 1998, versus $196,500 for the first quarter of
1997, representing a 73% increase.
Unity achieved a 19% increase in Total Assets to $223,300,000 at March 31, 1998,
compared to $187,600,000 a year earlier. Net Loans increased to $132,800,000, up
27% from the $104,300,000 at March 31, 1997. Total Deposits rose by 20% to
$201,700,000, compared to $168,000,000 at March 31, 1997.
Net Interest Income increased by 27% to $2,300,000 for the 1998 first quarter,
from $1,800,000 for the 1997 first quarter. Non-Interest Income increased by 45%
to $821,000 from $564,000 for the respective quarter.
Chairman and Chief Executive Officer Robert Van Volkenburgh stated, "These
results demonstrate the continuing growth in our core small business and
consumer lending units. Our presence in the fast-growing Central Jersey market
exposes us to the potential for greater expansion of these lines of business."
UNITY BANCORP, INC.
Financial Highlights
(Unaudited)
For the Three Months Ended
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March 31, 1998 March 31, 1997
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Net Income ................... $340,500 $196,500
Earnings per share
Basic ..................... $0.17 $0.10
Fully Diluted ............. $0.16 $0.10
Weighted Average Shares
Outstanding
Basic .................... 1,994,000 1,972,000
Fully Diluted ............ 2,135,000 1,993,000
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UNITY BANCORP, INC.'S subsidiary, FIRST COMMUNITY BANK, is a community-oriented
full-service commercial bank, providing a wide range of business and consumer
financial services through its main office in Clinton and its six branches
located in Flemington, North Plainfield, Springfield, Scotch Plains, Union, and
Linden, New Jersey.
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