联合银行 2025年季度报告

FORM10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACTOF 1934 For the quarterly period endedMarch31,2025 OR ☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACTOF 1934 For the transition period from ____ to ____. Commission File Number1-12431 Unity Bancorp,Inc.(Exact name of registrant as specified in its charter) Registrant’s telephone number, including area code(800)618-2265 Securities registered pursuant to Section12(b)of the Exchange Act: Securities registered pursuant to Section12(g)of the Exchange Act:None Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities Exchange Act of 1934,as amended, during the preceding 12months (or for such shorterperiod that the registrant was required to file such reports), and (2)has been subject to such filing requirementsfor the past 90days:Yes⌧No☐ Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required tobe submitted pursuant to Rule405 of Regulation S-T (232.405 of this chapter) during the preceding 12months (orfor such shorter period that the registrant was required to submit such files).Yes⌧No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-acceleratedfiler, a smaller reporting company, or an emerging growth company. See the definitions of “large acceleratedfiler,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of theExchange Act.: Large accelerated filer◻Accelerated filer⌧Nonaccelerated filer◻Smaller reporting company☒ Emerging Growth Company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extendedtransition period for complying with any new or revised financial accounting standards provided pursuant toSection13(a)of the Exchange Act.◻ Indicate by check mark whether the registrant is a shell company as defined in Rule12b-2 of the ExchangeAct:Yes☐No⌧ The number of shares outstanding of each of the registrant’s classes of common equity stock, as ofApril 30, 2025common stock, no par value:10,031,119shares outstanding. Table of Contents PARTICONSOLIDATED FINANCIAL INFORMATIONITEM1Consolidated Financial Statements (Unaudited)3Consolidated Balance Sheets at March 31, 2025 and December 31, 20243Consolidated Statements of Income for the three months ended March 31,2025 and 20244Consolidated Statements of Comprehensive Income for the three monthsended March 31, 2025 and 20245Consolidated Statements of Changes in Shareholders’ Equity for the threemonths ended March 31, 2025 and 20246Consolidated Statements of Cash Flows for the three months ended March31, 2025 and 20247Notesto the Consolidated Financial Statements8ITEM2Management’s Discussion and Analysis of Financial Condition and Resultsof Operations33ITEM3Quantitative and Qualitative Disclosures about Market Risk47ITEM4Controls and Procedures47PARTIIOTHER INFORMATION48ITEM1Legal Proceedings48ITEM1ARisk Factors48ITEM2Unregistered Sales of Equity Securities and Use of Proceeds48ITEM3Defaults upon Senior Securities48ITEM4Mine Safety Disclosures48ITEM5Other Information48ITEM6Exhibits49EXHIBITINDEX50Exhibit31.1Exhibit31.2Exhibit32.1SIGNATURES51 Unity Bancorp,Inc.Consolidated Balance Sheets(Unaudited) Unity Bancorp,Inc.Consolidated Statements of Income(Unaudited) Unity Bancorp,Inc.Consolidated Statements of Comprehensive Income(Unaudited) Unity Bancorp,Inc.Consolidated Statements of Changes in Shareholders’ EquityFor the three months ended March31,2025 and 2024(Unaudited) (1)Includes the issuance of common stock under employee benefit plans, which includesnonqualified stock options and restricted stock expense related entries, employee option exercisesand the tax benefit of options exercised. The accompanying notes to the Consolidated Financial Statements are an integral part of thesestatements. Unity Bancorp,Inc.Consolidated Statements of Cash Flows(Unaudited) Unity Bancorp,Inc.Notesto the Consolidated Financial Statements (Unaudited)March 31, 2025 NOTE1. Significant Accounting Policies The accompanying Consolidated Financial Statements include the accounts of Unity Bancorp,Inc.(the "Parent Company") and its wholly-owned subsidiary, Unity Bank (the "Bank" or whenconsolidated with the Parent Company, the "Company"). The Bank has multiple subsidiaries used tohold part of its investment, and loan portfolios and which may be used to hold other real estate ownedwhen the Bank takes title to properties securing loans. All significant intercompany balances andtransactions have been eliminated in consolidation. Certain reclassifications have been made to priorperiod amounts to conform to the currentyear presentation, with no impact on current earnings orshareholders’ equity. The financial information has been prepared in accordance with U.S. generall