Unity Bancorp (UNTY) Misses Q1 EPS by 1c
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Unity Bancorp Reports Quarterly Earnings of $5.4 Million
April 17, 2020 6:00 AM EDTCLINTON, N.J., April 17, 2020 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, reported net income of $5.4 million, or $0.49 per diluted share, for the quarter ended March 31, 2020, a 6.5% decrease compared to the $5.7 million, or $0.52 per diluted share reported for the prior years first quarter, primarily due to an increase of $1.0 million in our provision for loan losses, necessitated by impacts on the loan portfolio caused by COVID-19.
James A. Hughes, President and CEO, commented on the financial results: The COVID-19 pandemic has created turmoil around the... More
