Unity Bancorp (UNTY) Misses Q1 EPS by 1c

Unity Bancorp (NASDAQ: UNTY) reported Q1 EPS of $0.49, $0.01 worse than the analyst estimate of $0.50.

James A. Hughes, President and CEO, commented on the financial results: “The COVID-19 pandemic has created turmoil around the globe. Virtually all businesses have been impacted by the mandated business closures and restrictions. Thankfully banking is an essential business and we are working very hard helping our customers with emergency funding, loan deferrals and assistance with the Paycheck Protection Program (PPP). I am optimistic that with the funding of the PPP most businesses will rebound quickly and there will be a speedy recovery. Nonetheless, there will likely be some level of increased credit losses, so we thought it was prudent to increase our provision for loan losses. Growth was deliberately slowed in the first quarter as our resources were redirected to help our customers through the COVID-19 crisis. We expect transitory growth in the second quarter due to the volume of PPP loans, which should leave our balance sheet quickly. I am optimistic that America will rebound swiftly, and Community Banking will continue to prosper. It is times like these that small businesses truly see the value in having a relationship with their community banker. We are here to serve, and to help our small businesses grow.”

For earnings history and earnings-related data on Unity Bancorp (UNTY) click here.

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