Unity Bancorp Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Unity Bancorp Inc. filed its 2023 10-K report detailing its financial performance and corporate structure.</b>

AI Summary

UNITY BANCORP INC /NJ/ (UNTY) filed a Annual Report (10-K) with the SEC on March 7, 2024. Unity Bancorp Inc. filed its annual report on Form 10-K for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business is commercial banking. Unity Bancorp Inc. is incorporated in New Jersey. The filing includes information on treasury stock, retained earnings, and accumulated other comprehensive income for fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking UNITY BANCORP INC /NJ/, this filing contains several important signals. This filing provides a comprehensive overview of Unity Bancorp's financial health and operational status for the fiscal year 2023, crucial for investors assessing its performance. The 10-K report contains detailed financial statements and risk factors, offering insights into the company's strategies and potential challenges in the commercial banking sector.

Risk Assessment

Risk Level: low — UNITY BANCORP INC /NJ/ shows low risk based on this filing. The filing is a standard annual report (10-K) for a publicly traded company, indicating routine disclosure rather than immediate significant events.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Unity Bancorp's performance and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-07 — Filing Date (Date the report was filed)
• 6022 — SIC Code (Standard Industrial Classification for Commercial Banks)
• 223282551 — IRS Number (Company's IRS number)

Key Players & Entities

• UNITY BANCORP INC /NJ/ (company) — Filer name
• UNTY (company) — Ticker symbol
• 20231231 (date) — Fiscal year end
• 20240307 (date) — Filing date
• 6022 (industry) — Standard Industrial Classification for Commercial Banks
• NJ (location) — State of incorporation and business address
• 64 OLD HIGHWAY 22 (address) — Business and mailing address
• CLINTON (location) — City for business and mailing address

FAQ

Industry Context

Unity Bancorp Inc. operates within the commercial banking industry, providing financial services.

Regulatory Implications

As a commercial bank, Unity Bancorp Inc. is subject to regulations from various financial authorities, including the SEC.

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for the fiscal year ended December 31, 2023.
2. Review the 'Risk Factors' section to understand potential challenges and uncertainties facing Unity Bancorp.
3. Examine management's discussion and analysis (MD&A) for insights into the company's performance drivers and strategies.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-07: Filing Date — Date Unity Bancorp Inc. submitted its 10-K report to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the period ending December 31, 2023, following previous filings.

Key Financial Figures

• $10.3 million — tatutory Trust II. The trust has issued $10.3 million of preferred securities to investors.
• $15 billion — stock, holding companies with less than $15 billion in total consolidated assets as of Dece
• $10 billion — s and holding companies) with less than $10 billion in total consolidated assets, implement
• $10.0 billion — total consolidated assets of less than $10.0 billion; total off-balance sheet exposures (ex

Filing Documents

• unty-20231231x10k.htm (10-K) — 6178KB
• unty-20231231xex10d3.htm (EX-10.3) — 62KB
• unty-20231231xex10d4.htm (EX-10.4) — 108KB
• unty-20231231xex10d5.htm (EX-10.5) — 16KB
• unty-20231231xex10d6.htm (EX-10.6) — 56KB
• unty-20231231xex10d7.htm (EX-10.7) — 61KB
• unty-20231231xex10d8.htm (EX-10.8) — 62KB
• unty-20231231xex21.htm (EX-21) — 2KB
• unty-20231231xex23d1.htm (EX-23.1) — 2KB
• unty-20231231xex23d2.htm (EX-23.2) — 3KB
• unty-20231231xex31d1.htm (EX-31.1) — 12KB
• unty-20231231xex31d2.htm (EX-31.2) — 12KB
• unty-20231231xex32.htm (EX-32) — 9KB
• unty-20231231xex4.htm (EX-4) — 25KB
• unty-20231231x10k001.jpg (GRAPHIC) — 10KB
• 0000920427-24-000013.txt (&nbsp;) — 27249KB
• unty-20231231.xsd (EX-101.SCH) — 96KB
• unty-20231231_cal.xml (EX-101.CAL) — 176KB
• unty-20231231_def.xml (EX-101.DEF) — 526KB
• unty-20231231_lab.xml (EX-101.LAB) — 1029KB
• unty-20231231_pre.xml (EX-101.PRE) — 867KB
• unty-20231231x10k_htm.xml (XML) — 6872KB

Business

Business a) General 3 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 21 Item 2.

Properties

Properties 23 Item 3.

Legal Proceedings

Legal Proceedings 23 Item 4. Mine Safety Disclosures 23 Item 4A. Executive Officers of the Registrant 23 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 23 Item 6.

Selected Financial Data

Selected Financial Data 24 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 45 Item 8.

Financial Statements, Report of Independent Auditor (PCAOB ID: 392 & 49 ) and Supplementary Data

Financial Statements, Report of Independent Auditor (PCAOB ID: 392 & 49 ) and Supplementary Data 46 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 103 Item 9A.

Controls and Procedures

Controls and Procedures 103 Item 9B. Other Information – None 103 Part III Item 10. Directors, Executive Officers and Corporate Governance; Compliance with Section 16(a) of the Exchange Act 103 Item 11.

Executive Compensation

Executive Compensation 104 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 104 Item 13. Certain Relationships and Related Transactions and Director Independence 106 Item 14. Principal Accountant Fees and Services 106 Part IV Item 15. Exhibits and Financial Statement Schedules 106 Item 16. Form 10-K Summary 108

Signatures

Signatures 109 2 Table of Contents PART I

Forward Looking Statements

Forward Looking Statements This report, in Item 1, Item 7 and elsewhere, includes forward-looking statements within the meaning of Sections 27A of the Securities Act of 1933, as amended, and 21E of the Securities Exchange Act of 1934, as amended, that involve inherent risks and uncertainties. These forward-looking statements concern the financial condition, results of operations, plans, objectives, future performance and business of Unity Bancorp, Inc. and its subsidiaries, including statements preceded by, followed by or that include words or phrases such as "believes," "expects," "anticipates," "plans," "trend," "objective," "continue," "remain," "pattern" or similar expressions or future or conditional verbs such as "will," "would," "should," "could," "might," "can," "may" or similar expressions. There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors that might cause such a difference include, but are not limited to: (1) the potential impact of pandemics, such as COVID-19, and other health emergencies and the government's response thereto on our operations as well as those of our clients and on the economy generally and in our market area specifically; (2) competitive pressures among depository institutions may increase significantly; (3) changes in the interest rate environment may reduce interest margins; (4) prepayment speeds, loan origination and sale volumes, charge-offs and credit loss provisions may vary substantially from period to period; (5) general economic conditions may be less favorable than expected; (6) political developments, wars or other hostilities may disrupt or increase volatility in securities markets or other economic conditions; (7) legislative or regulatory changes or actions may adversely affect the businesses in which Unity Bancorp, Inc. is engaged; (8) changes and trends in the securities markets may adversely impact Unity

View Full Filing

View this 10-K filing on SEC EDGAR