| Patriot National Bancorp Finance Chief David Finn to Resign |
Patriot National Bancorp said Finance Chief David Finn handed his resignation to the company after less than six months in the job. |
marketwatch.com |
2025-03-26 20:34:00 |
Czytaj oryginał (ang.) |
| Patriot National Bancorp Announces Over $50 Million Private Placement |
STAMFORD, Conn., March 20, 2025 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (the “Company”) (NASDAQ: PNBK) announced today that it has entered into securities purchase agreements to raise over $50 million in a private placement and agreed to issue shares of common stock and non-voting preferred stock to a diverse group of accredited investors. Net proceeds from the offering will be used to increase the equity capital and strengthen the balance sheet of Patriot National Bancorp and its wholly owned banking subsidiary, Patriot Bank NA. |
globenewswire.com |
2025-03-20 19:00:00 |
Czytaj oryginał (ang.) |
| Love National Union Bank (PNBK) Sees Stock Surge of 6.34% |
Love National Union Bank (PNBK, Financial) experienced a significant stock price increase of 6.34%. The stock is currently trading at $1.96 per share with a trading volume of 374 shares, a turnover rate of 0.01%, and an amplitude of 2.45%. |
gurufocus.com |
2024-10-02 20:15:05 |
Czytaj oryginał (ang.) |
| Patriot Reports Second Quarter Results |
STAMFORD, Conn., Aug. 11, 2023 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot,” “Bancorp” or the “Company”) (NASDAQ: PNBK), the parent company of Patriot Bank, N.A. |
globenewswire.com |
2023-08-11 22:00:00 |
Czytaj oryginał (ang.) |
| Patriot Bank Announces Appointment of Grace Doherty to the Board of Directors |
STAMFORD, Conn., July 21, 2023 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot,” “Bancorp” or the “Company”) (NASDAQ: PNBK), the parent company of Patriot Bank, N.A. (the “Bank”), today announced that Grace Doherty, of Milton MA, has been appointed to the Board of Directors of the Bancorp and the Bank. |
globenewswire.com |
2023-07-21 18:45:00 |
Czytaj oryginał (ang.) |
| Bank-Fintech Deals Did Not Have a Good Year in 2022 |
Heading into 2022, it looked like there would be several more bank-fintech mergers and acquisitions. |
fool.com |
2022-12-31 12:55:00 |
Czytaj oryginał (ang.) |
| 7 Bank Stocks to Buy if the Economic Recovery Story Pans Out |
Should you have full confidence in the economic recovery narrative, these bank stocks might belong in your portfolio. The post 7 Bank Stocks to Buy if the Economic Recovery Story Pans Out appeared first on InvestorPlace. |
investorplace.com |
2022-04-08 10:54:46 |
Czytaj oryginał (ang.) |
| Patriot National Bancorp (PNBK): Why The Price Surged Today |
The stock price of Patriot National Bancorp Inc (NASDAQ: PNBK) increased by over 40% during intraday trading today. This is why it happened. |
pulse2.com |
2021-11-15 14:16:45 |
Czytaj oryginał (ang.) |
| Patriot elevates David Lowery to the Executive team as EVP & Chief Lending Officer |
STAMFORD, Conn., Sept. 27, 2021 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot,” “Bancorp” or the “Company”) (NASDAQ: PNBK), the parent company of Patriot Bank, N.A. (the “Bank”), today announced that David Lowery has been promoted to Executive Vice President and Chief Lending Officer. |
globenewswire.com |
2021-09-27 13:00:00 |
Czytaj oryginał (ang.) |
| Patriot Bank Expresses Condolences for the Passing of Director Raymond B. Smyth |
STAMFORD, Conn., Sept. 24, 2021 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot,” “Bancorp” or the “Company”) (NASDAQ: PNBK), the parent company of Patriot Bank, N.A. (the “Bank”), today announced the passing of Raymond B. Smyth on September 22, 2021 who had been battling a severe illness. Mr. Smyth had proudly served as a longstanding Director of Patriot Bank since 2008. |
globenewswire.com |
2021-09-24 13:00:00 |
Czytaj oryginał (ang.) |
| Patriot Returns to Profitability and Reports First Quarter 2021 Net Income of $854 thousand |
STAMFORD, Conn., May 13, 2021 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot,” “Bancorp” or the “Company”) (NASDAQ: PNBK), the parent company of Patriot Bank, N.A. (the “Bank”), today announced pre-tax income of $1.2 million and net income of $854 thousand, or $0.22 basic and diluted earnings per share for the quarter ended March 31, 2021, compared to a net loss of $1.1 million reported in the first quarter of 2020. |
globenewswire.com |
2021-05-13 19:00:00 |
Czytaj oryginał (ang.) |
| Patriot Bank announces key additions to executive leadership in credit, lending and information technology |
STAMFORD, Conn., April 29, 2021 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot”) (NASDAQ:PNBK), the parent company of Patriot Bank, N.A. (the “Bank”), today announced it has two executive hires and a promotion. Karen Rojeski has joined Patriot as its Executive Vice President and Chief Credit Officer. Steven Grunblatt has been promoted to Executive Vice President and Chief Information Officer. David Lowery has been hired as Head of Lending. |
globenewswire.com |
2021-04-29 20:05:00 |
Czytaj oryginał (ang.) |
| Patriot Reports 2020 Year end Results |
STAMFORD, Conn., April 02, 2021 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot,” “Bancorp” or the “Company”) (NASDAQ: PNBK), the parent company of Patriot Bank, N.A. (the “Bank”), today announced a net loss of $1.4 million, or $0.35 basic and diluted loss per share for the quarter ended December 31, 2020, compared to a net loss of $87 thousand reported in the third quarter of 2020. The net loss for the year ended December 31, 2020 was $3.8 million, or $0.97 per fully diluted share, as compared to a net loss of $2.8 million, or $0.72 per fully diluted shares in the fiscal year 2019. The Bank's loan loss provision on a year over year basis is down $2.8 million, or 56.3% to $2.2 million for the twelve months ended December 31, 2020. |
globenewswire.com |
2021-04-02 19:00:00 |
Czytaj oryginał (ang.) |
| Patriot Bank Announces Significant Upgrade to SBA Team |
STAMFORD, Conn., Feb. 19, 2021 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot”) (NASDAQ:PNBK), the parent company of Patriot Bank, N.A. (the “Bank”), today announced the reorganization of the SBA team to strengthen its nationwide SBA Business Lending Unit platform. The Bank believes this will assist more Small Businesses in obtaining needed capital. |
globenewswire.com |
2021-02-19 10:00:00 |
Czytaj oryginał (ang.) |
| Patriot Bank announces key addition: Senior Vice President & Deputy Chief Credit Officer |
STAMFORD, Conn., Feb. 11, 2021 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot”) (NASDAQ: PNBK ), the parent company of Patriot Bank, N.A. (the “Bank”), today announced it has appointed a seasoned credit administrator, Patrick Trombly, as its Senior Vice President and Deputy Chief Credit Officer. |
globenewswire.com |
2021-02-11 15:41:00 |
Czytaj oryginał (ang.) |
| Patriot Reports Minimal Net Loss of $87 thousand ($.02 per share) for third quarter 2020 – Loan Loss Provisions lowered; Net Interest and Non-interest Income Improve |
STAMFORD, Conn., Dec. 01, 2020 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot,” “Bancorp” or the “Company”) (NASDAQ: PNBK), the parent company of Patriot Bank, N.A. (the “Bank”), today announced a net loss of $87,000, or $0.02 basic and diluted loss per share for the quarter ended September 30, 2020, compared with a net loss of $1.3 million reported in the second quarter of 2020. The improvement compared with the second quarter of 2020 resulted from a lower provision for loan losses and higher net interest and non-interest income. |
globenewswire.com |
2020-12-01 10:30:00 |
Czytaj oryginał (ang.) |
| Critical Review: Patriot National Bancorp (NASDAQ:PNBK) and Bat Group (NASDAQ:GLG) |
Patriot National Bancorp (NASDAQ:PNBK) and Bat Group (NASDAQ:GLG) are both small-cap finance companies, but which is the better business? We will compare the two businesses based on the strength of their earnings, analyst recommendations, dividends, institutional ownership, valuation, profitability and risk. Volatility & Risk Patriot National Bancorp has a beta of 0.47, indicating that its […] |
thelincolnianonline.com |
2020-03-28 07:16:43 |
Czytaj oryginał (ang.) |
| Hana Financial to Sell Its SBA Lending Unit to Patriot National
Bancorp, Inc. |
LOS ANGELES--(BUSINESS WIRE)--Hana Small Business Lending, Inc. (“Hana SBL”), a wholly owned subsidiary of Hana Financial, Inc. (“Hana Financial”), and Patriot National Bancorp, Inc. (“Patriot” or the “Bancorp”) (NASDAQ:PNBK), the parent company of Patriot Bank, N.A. (the “Bank”), announce the signing of a definitive purchase agreement pursuant to which Patriot will acquire Hana Financial’s SBA Lending business. Hana SBL is a fully integrated national SBA origination and servicing platform. Its well-respected team has originated nearly $1 billion of SBA 7(a) loans since its inception and has achieved strong and consistent performance. “We are proud of the team we built and the steady results they continue to deliver,” stated Sunnie S. Kim, Hana Financial’s President and CEO. “It is a highly complementary fit for the team to be integrated into Patriot’s growing operations, where they can be further supported.” In 2017, Hana SBL was the third most active non-bank SBA lender in the nation by origination volume, and one of the top 35 most active SBA 7(a) lenders among over 3,000 SBA lenders. The transaction includes the sale of approximately $120 million of SBA 7(a) loans and servicing rights relating to a pool of $370 million in loans, and the assumption of two loan securitization vehicles, currently rated “AA+” (Hana SBL Loan Trust 2014) and “A-” (Hana SBL Loan Trust 2016) by Standard and Poor’s. The transaction is subject to the satisfactory completion of certain due diligence requirements, purchase price adjustments at closing and the receipt of required governmental and regulatory approvals. Hana Financial’s sale of its SBA Lending business is a part of its strategic plan to focus on the firm’s factoring and asset based lending businesses. In 2017, Hana Financial was one of the top ten largest factoring service providers in the nation with approximately $1.5 billion in factored volume. Hana Financial plans to continue the growth of its factoring and asset based lending businesses, both organically and inorganically. Advisors to Hana Financial include Jeffer, Mangels, Butler & Mitchell LLP and Starfield & Smith, P.C. as legal counsels, and Houlihan Lokey as financial advisor. Advisors to Patriot on the transaction include Skadden, Arps, Slate, Meagher & Flom LLP, Blank Rome LLP, and Evercore. About Hana Financial, Inc. Founded in 1994 by Sunnie S. Kim, Hana Financial, Inc. is a Los Angeles based non-bank financial services firm specializing in factoring, asset based lending and SBA lending. Since its inception, Hana Financial has had over $20 billion in factoring and loan originations. For more information, visit www.hanafinancial.com or call 213.240.1234. About Patriot National Bancorp, Inc. Patriot National Bancorp, Inc. is the holding company of Patriot Bank N.A., a nationally charted commercial bank, headquartered in Stamford, Connecticut. It operates with 11 full service branches and interactive kiosk locations in Connecticut and New York. Since 1994, Patriot has been serving a growing regional customer base throughout the northeast. While dedication to the communities we represent is central to our mission, Patriot competes in multiple geographies and business sectors supported by its broad technological platform, commercial/consumer loan and deposit product base, and its team of highly seasoned bankers. For more information visit www.bankpatriot.com. |
businesswire.com |
2018-02-06 16:44:00 |
Czytaj oryginał (ang.) |
| Patriot National Bancorp Earns $909,000 in First Nine Months of 2012;
Restructuring Initiatives Lead to Greater Operating Efficiencies |
STAMFORD, Conn.--(BUSINESS WIRE)--Patriot National Bancorp, Inc. (NASDAQ:PNBK) (“Patriot”), the parent of Patriot National Bank (the “Bank”), today reported it earned $909,000, or $0.02 diluted income per share, for the nine months ended September 30, 2012 compared to a net loss of $15.9 million, or $0.41 diluted loss per share, for the nine months ended September 30, 2011. For the quarter ended September 30, 2012 Patriot earned $18,000 compared to $255,000 for the third quarter a year ago. “In the third quarter we reduced operating expenses by 8.6% compared to the preceding quarter and posted our fifth consecutive quarter of profitability,” stated Michael Carrazza, Chairman of the Board. “We are on track to surpass our targeted levels of asset quality improvement by year-end and will continue to implement our core earnings profitability strategies in the fourth quarter.” Financial Highlights: Total Capital to Risk Weighted Assets was 14.78% for Patriot and 14.45% for the Bank at September 30, 2012. The Tier 1 Leverage Capital Ratio was 9.60% for Patriot and 9.37% for the Bank. Non-interest operating expenses declined 5.0% in the current quarter compared to the same quarter a year ago primarily due to lower salaries and benefits and administrative expenses. The net interest margin was 2.86% in the third quarter of 2012 compared to 2.81% in the prior quarter and 3.40% in the third quarter a year ago. Classified assets were 9.1% of total assets at September 30, 2012, compared to 10.4% at June 30, 2012 and 11.7% in the third quarter a year ago. Non-accrual loans were $30.0 million, or 6.0%, of total loans at September 30, 2012, compared to $17.5 million, or 3.6% of total loans at June 30, 2012, and $21.8 million, or 4.7% of total loans, at September 30, 2011. Non-performing assets, which consist of non-accrual loans and OREO, were $31.3 million, or 5.1% of total assets at September 30, 2012, compared to $19.0 million, or 2.9% of total assets at June 30, 2012 and $26.5 million, or 4.2% of total assets a year ago. Asset Quality “Aggressively managing our troubled assets remains a top priority. The increase in delinquencies during the quarter was driven by four loans secured by properties that are being marketed for sale,” said Christopher Maher, President and Chief Executive Officer. “We will remain diligent in our efforts to reduce credit costs as problem asset resolution occurs and the economy continues to recover.” Four owner-occupied residential real estate loans, of which three were already categorized as substandard, but accruing interest, deteriorated and were moved to non-accrual status during the quarter. Primarily due to this action, total non-accrual loans increased $12.6 million during the third quarter to $30.0 million, or 6.1% of gross loans compared to $17.5 million, or 3.6% of gross loans, three months earlier. Total non-accrual loans were $21.8 million, or 4.7% of gross loans at September 30, 2011. The overall trend, however, was positive as 93.2% of the portfolio remained current as of September 30, 2012. Other real estate owned (OREO) was $1.3 million at September 30, 2012 compared to $1.5 million at June 30, 2012 and $4.7 million a year ago. Only one property remains in OREO and this property is contracted for sale in the fourth quarter. Non-performing assets, which consist of non-accrual loans and OREO, totaled $31.3 million, or 5.1% of total assets at quarter end, compared to $19.0 million, or 2.9% of total assets, at June 30, 2012, and $26.5 million, or 4.2% of total assets, a year ago. “Due to the favorable recent loss history as it relates to our assessment of the adequacy of the allowance for loan losses, a loan loss provision was not recorded during the third quarter, the same as in the third quarter a year ago,” said Mr. Maher. In the second quarter of 2012, Patriot released $1.7 million from its allowance for loan losses. The allowance for loan losses totaled $6.7 million, or 1.34% of gross loans, at September 30, 2012 compared to $11.2 million, or 2.40 %, of gross loans a year ago. Balance Sheet Review Patriot’s net loans increased 8.8% to $493.1 million at September 30, 2012, compared to $453.1 million a year ago. The year-over-year increase in net loans is primarily attributed to increases in commercial real estate loans, lines of credit and residential real estate loans. At September 30, 2012 the loan pipeline totaled $87.9 million, which reflects Patriot’s increased focus on new loan production, targeted at strengthening the margin and building fee income. Total assets were $615.3 million at September 30, 2012, compared to $628.4 million at September 30, 2011. Total deposits were $484.0 million at September 30, 2012, compared to $507.7 million at September 30 of the prior year, as the Bank continues to focus on core transaction accounts while reducing the balance sheet by letting higher cost deposits run off. Non-interest bearing deposits increased 4.6% to $59.3 million at September 30, 2012, compared to $56.7 million a year earlier while interest bearing deposits declined 5.8% to $424.6 million at September 30, 2012, compared to $451.0 million a year earlier. Total deposits per branch averaged $34.3 million at September 30, 2012. Income Statement Review Patriot’s third quarter net interest income was $4.2 million, compared to $4.9 million in the third quarter a year ago. Interest income decreased 13.4% compared to the third quarter a year ago as a result of the lower interest rate environment’s impact on loans that re-priced, loan payoffs, and the overall loan mix. Interest expense decreased 10.7% compared to the third quarter a year ago due to the reduction in interest bearing deposits and the increase in non-interest bearing deposits. In the first nine months of 2012, net interest income was $19.5 million compared to $21.4 million in the first nine months of 2011. The decline compared to the first nine months of the prior year was due to the overall lower rate environment and the change in the balance sheet mix. The lower interest rate environment held Patriot’s net interest margin flat during the third quarter. The net interest margin in the third quarter of 2012 was 2.86%, compared to 2.81% in the second quarter of 2012 and 3.40% in the third quarter a year ago. In the first nine months of the year the net interest margin was 2.98% compared to 3.12% in the first nine months of 2011. Third quarter non-interest income increased 13.7% to $1.5 million compared to $1.3 million in the third quarter of 2011, in part due to a net increase of $145,000 in the gain on sale of investment securities and a $31,000 gain on sale of loans. In the first nine months of the year, non-interest income improved modestly to $2.7 million compared to $2.6 million in the same period a year ago. Non-interest expenses declined 5.0% to $5.7 million in the third quarter of 2012, compared to $6.0 million in the third quarter a year ago. Year-to-date, non-interest expenses decreased 27.5% to $18.1 million compared to $24.9 million in the same period a year earlier as a result of a significant reduction in salaries and benefits, restructuring charges, other real estate operations and professional services. “We closed our West End branch in June and closed three more branches during the first week of October. These branch closures will continue the significant reduction in our operating expenses going forward,” said Mr. Maher. Capital The capital ratios at September 30, 2012 for Patriot National Bancorp, Inc. and Patriot National Bank were: About the Company Patriot National Bank is headquartered in Stamford, Connecticut and currently has 11 full service branches, 9 in Connecticut and two in New York. It also has a loan production office in Stamford, CT. Statements in this earnings release that are not historical facts are considered to be forward-looking statements. Such statements include, but are not limited to, statements regarding management beliefs and expectations, based upon information available at the time the statements are made, regarding future plans, objectives and performance. All forward-looking statements are subject to risks and uncertainties, many of which are beyond management’s control and actual results and performance may differ significantly from those contained in forward-looking statements. Bancorp intends any forward-looking statement to be covered by the Litigation Reform Act of 1995 and is including this statement for purposes of said safe harbor provisions. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. Bancorp undertakes no obligation to update any forward-looking statements to reflect events or circumstances that occur after the date as of which such statements are made. A discussion of certain risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements is included in Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2011. Sep. 30, 2012 Net interest income after provision for loan losses Gain on sale of investment securities Professional and other outside services Assets Liabilities and Shareholders' Equity Financial Ratios and Other Data Jun. 30, |
businesswire.com |
2012-11-29 21:41:00 |
Czytaj oryginał (ang.) |
| Patriot National Bancorp Earns $345,000 in Second Quarter;
Highlighted by Improved Credit Quality and Ongoing Operating Efficiencies |
STAMFORD, Conn.--(BUSINESS WIRE)--Patriot National Bancorp, Inc. (NASDAQ: PNBK) (“Patriot”), the parent of Patriot National Bank (the “Bank”), today reported it earned $345,000, or $0.01 per diluted share, in the second quarter of 2012 compared to a net loss of $7.2 million, or $0.19 loss per share, in the second quarter a year ago. Second quarter 2011 results included $3.0 million of restructuring charges associated with management’s turnaround plan. “Posting our fourth consecutive quarter of profitability highlights the success of our turnaround plan and management’s effectiveness in executing,” said Michael Carrazza, Chairman of the Board. “With health and stability restored, our mandate is to significantly increase core earnings in the face of a challenging and low rate market environment. We’ve set in motion a series of tailored restructuring initiatives in the third quarter aimed at elevating core earnings to our target run rate level by year end.” In the first six months of 2012, Patriot earned $891,000, or $0.02 per diluted share, compared to a net loss of $16.2 million, or $0.42 loss per share, in the first six months of 2011. Financial Highlights: Patriot earned $345,000, or $0.01 per diluted share, in the quarter ended June 30, 2012 compared to a net loss of $7.2 million, or $0.19 loss per share, in the second quarter a year ago. Included in the year-earlier loss was $3.0 million of restructuring charges. The net interest margin was 2.81% for the quarter ended June 30, 2012, compared to 3.16% for the second quarter a year ago. For the six months ended June 30, 2012 the net interest margin was 3.03% compared to 3.00% for the six months ended June 30, 2011. Non-accrual loans were $17.5 million at June 30, 2012, or 3.6 % of total loans as compared to $26.7 million, or 5.8% of total loans at June 30, 2011. Non-performing assets, which consist of non-accrual loans and OREO, were $19.0 million, or 2.9% of total assets at June 30, 2012 compared to $30.3 million, or 4.7% of total assets a year ago. Non-interest operating expenses were 45.8% lower in the current quarter compared to the same quarter a year ago resulting primarily from lower salaries and benefits, occupancy, restructuring and OREO expenses. Total Capital to Risk Weighted Assets was 15.9% for Patriot and 15.4% for the Bank at June 30, 2012. Asset Quality “Improving our risk profile and aggressively managing our troubled assets has been, and will remain, a priority focus for our management team,” said Christopher Maher, President and Chief Executive Officer. “As a result of this focus, credit costs continued to decline and were significantly below those of a year ago. In addition to asset quality improvements, we continue to focus on increasing revenue and decreasing operating expenses to improve earnings. “Total non-accrual loans decreased more than 34% to $17.5 million, or 3.6% of gross loans, at June 30, 2012 compared to $26.7 million, or 5.8 % of gross loans at June 30, 2011,” Mr. Maher added. Other real estate owned (OREO) was $1.5 million at June 30, 2012 compared to $3.6 million at June 30, 2011. Only two properties remain in OREO. Non-performing assets, which consist of non-accrual loans and OREO, totaled $19.0 million, or 2.9% of total assets, at June 30, 2012, compared to $30.3 million, or 4.7% of total assets, a year ago. “The continued improved credit quality of the loan portfolio and favorable recent loss history as it relates to our assessment of the adequacy of the allowance for loan losses resulted in a $1.7 million release from the loan loss reserve during the quarter,” Mr. Maher said. In the second quarter a year ago Patriot recorded a $1.5 million provision. The allowance for loan losses totaled $6.7 million, or 1.36% of gross loans, at June 30, 2012 compared to $11.4 million, or 2.46% of gross loans a year ago. Balance Sheet Review Total assets of $644.3 million at June 30, 2012 were relatively flat compared to $648.2 million at June 30, 2011. Net loans increased to $483.9 million at June 30, 2012, compared to $452.0 million a year ago. At quarter end the loan pipeline totaled $108.2 million, up from $83.5 million at June 30, 2011, which reflects an increasing focus on new loan production, which is targeted to deploy excess liquidity and build fee income. Total deposits were $522.1 million at June 30, 2012, compared to $524.5 million at June 30 of the prior year. Interest bearing deposits decreased $12.5 million but non-interest bearing deposits increased $10.1 million, or 16.4%, from $61.6 million at June 30, 2011 to $71.7 million at June 30, 2012. This increase reflects Patriot’s planned strategy to reduce higher cost deposits with core transaction accounts. Income Statement Review Patriot’s second quarter net interest income was $4.4 million, compared to $5.0 million in the second quarter a year ago. Interest income decreased 12.0% compared to the second quarter a year ago as a result of the lower interest rate environment, excess liquidity due to the loan sale in the first quarter of 2012 and the overall loan mix. Interest expense decreased 9.3% compared to the second quarter a year ago due to the reduction in interest bearing deposits and the increase in non-interest bearing deposits. In the first six months of 2012, net interest income was $9.5 million compared to $10.0 million in the first six months of 2011, primarily as the result of the overall lower rate environment and the balance sheet mix. The net interest margin in the second quarter of 2012 was 2.81%, compared to 3.16% in the second quarter a year ago, due to a high level of balance sheet liquidity resulting from the first quarter loan sale and overall lower rates. In the first six months of the year the net interest margin was 3.03% compared to 3.00% in the first six months of 2011. Second quarter non-interest income was $455,000 compared to $710,000 for the second quarter of 2011. Second quarter 2011 non-interest income included $111,000 in interest received from federal tax refunds and $80,000 from the gain on sale of loans. In the first six months of the year, non-interest income was $1.2 million compared to $1.3 million in the same period a year ago. Non-interest expenses declined 45.8% to $6.2 million in the second quarter of 2012, compared to $11.4 million in the second quarter a year ago. Second quarter 2011 non-interest expenses included $3.0 million of restructuring charges associated with management’s turnaround plan. Excluding these charges, non-interest expense in the second quarter of 2011 would have been approximately $8.4 million, or 35% higher than the current quarter’s expense level. Year-to-date, non-interest expenses decreased 34.5% to $12.4 million compared to $19.0 million in the same period a year earlier. “In the first quarter of 2012 we implemented staff reductions and during the second quarter we closed our West End branch. Three additional branches were designated for closure in the second quarter, which will be effective by September 30, 2012. These events will significantly reduce expenses by year end,” said Mr. Maher. Salary and employee benefits were down $464,000, or 14.5%, and occupancy and equipment expenses were down $157,000, or 12.1%, compared to the second quarter a year ago. In addition, OREO expenses were $758,000 lower due to reduced operating costs relating to fewer properties being managed. Capital The capital ratios at June 30, 2012 for Patriot National Bancorp, Inc. and Patriot National Bank were: Patriot NationalBancorp, Inc. Patriot NationalBank Well CapitalizedRequirement In addition, Patriot’s tangible common equity ratio was 8.03% at the end of June. About the Company Patriot National Bank is headquartered in Stamford, Connecticut and currently has 14 full service branches, 12 in Connecticut and two in New York. It also has a loan production office in Stamford, CT. Statements in this earnings release that are not historical facts are considered to be forward-looking statements. Such statements include, but are not limited to, statements regarding management beliefs and expectations, based upon information available at the time the statements are made, regarding future plans, objectives and performance. All forward-looking statements are subject to risks and uncertainties, many of which are beyond management’s control and actual results and performance may differ significantly from those contained in forward-looking statements. Bancorp intends any forward-looking statement to be covered by the Litigation Reform Act of 1995 and is including this statement for purposes of said safe harbor provisions. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. Bancorp undertakes no obligation to update any forward-looking statements to reflect events or circumstances that occur after the date as of which such statements are made. A discussion of certain risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements is included in Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2011. Net interest income after provision for loan losses Assets Deferred tax asset, net(1) Liabilities and Shareholders' Equity Financial Ratios and Other Data Book value per share(1) Tangible book value per share(2) (1) Book value per share represents shareholders’ equity divided by outstanding shares. (2) Tangible book value per share represents shareholders’ equity less intangible assets divided by outstanding shares. |
businesswire.com |
2012-08-22 12:20:00 |
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| Patriot National Bancorp Earns $546,000 in First Quarter |
STAMFORD, Conn.--(BUSINESS WIRE)--Patriot National Bancorp, Inc. (NASDAQ:PNBK)(“Patriot”), the parent of Patriot National Bank (the “Bank”), today reported it earned $546,000, or $0.01 per diluted share, in the first quarter of 2012 compared to earnings of $443,000, or $0.01 per diluted share, in the fourth quarter of 2011 and a net loss of $9.0 million, or $0.23 loss per share, in the first quarter a year ago. First quarter 2011 results included a $6.2 million loss on a bulk sale of non-performing assets. The improving results were driven by the continued success of management’s recovery plan. “We are pleased to post a profit for the third consecutive quarter on the heels of Patriot’s turnaround. Both top-and bottom line improvements were recognized this quarter,” said Michael Carrazza, Chairman of the Board. “Continued efforts remain focused on operational refinements and varying paths of enterprise and product growth.” Financial Highlights: Patriot earned $546,000, or $0.01 per diluted share, in the quarter ended March 31, 2012 compared to a net loss of $9.0 million, or $0.23 loss per share, in the first quarter a year ago. The net interest margin increased 39 basis points to 3.25% for the quarter ended March 31, 2012, compared to 2.86% in the first quarter a year ago. Non-accrual loans decreased 24.8% to $15.5 million at March 31, 2012, or 3.3%, of total loans as compared to $20.7 million three months earlier. Other real estate owned (OREO) decreased 47.1% to $1.5 million at March 31, 2012 compared to $2.8 million three months earlier. Non-performing assets, which consist of non-accrual loans and OREO, declined to $17.0 million, or 2.5% of total assets compared to $23.4 million, or 3.5% just three months earlier, and $33.5 million, or 4.7% of total assets a year ago. Non-interest income increased 28.6% compared to the same quarter in the prior year as a result of a gain from the sale of residential loans. Non-interest operating expenses were 17.4% lower in the current quarter compared to the same period in the prior year resulting from lower salaries and benefits, occupancy and OREO expenses. Total Capital to Risk Weighted Assets was 16.0% for Patriot and 15.5% for the Bank at March 31, 2012. Asset Quality “Improving the risk profile of Patriot and aggressively managing our troubled assets has been and will remain a priority focus for the company. Non-performing assets have declined for ten consecutive quarters. In addition to asset quality improvements, we continue to focus on increasing revenue and decreasing operating expenses to improve earnings. Staff reductions in the first quarter and the planned closing of a branch in the second quarter will reduce future expenses by approximately $1.0 million per annum,” said Christopher Maher, President and Chief Executive Officer. Total non-accrual loans decreased to $15.5 million, or 3.3% of gross loans, at March 31, 2012 compared to $20.7 million, or 4.1% of gross loans three months earlier, and $32.5 million, or 6.8% of gross loans, a year ago. Due to the sale of two properties, other real estate owned (OREO) decreased 47.1% to $1.5 million at March 31, 2012 compared to $2.8 million three months earlier. There are now only two properties remaining in OREO. Non-performing assets, which consist of non-accrual loans and OREO, declined 27.5% to $17.0 million, or 2.5% of total assets, at March 31, 2012 compared to $23.4 million, or 3.5% of total assets, at December 31, 2011, and $33.5 million, or 4.7% of total assets, at March 31, 2011. The reduction in total loans due to the sale of $66.4 million of residential real estate loans and the improved credit quality of the overall loan portfolio resulted in a release of $845,000 from the loan loss reserve for the first quarter of 2012, compared to the $7.0 million provision recorded in the first quarter last year, of which $6.0 million was related to the bulk loan sale of non-performing assets. The allowance for loan losses totaled $8.5 million, or 1.78% of gross loans, at March 31, 2012 compared to $9.4 million, or 1.84%, of gross loans, at December 31, 2011, and $12.2 million, or 2.55%, of gross loans a year ago. Balance Sheet Review “During the first quarter we sold $65.8 million in residential loans resulting in a decrease in net loans compared to the preceding quarter end,” added Mr. Maher. “However, our continued focus on growing the loan portfolio is evident by our loan pipeline, which was $105 million at March 31, 2012.” Loans outstanding were $474.7 million at March 31, 2012, compared to $510.6 million at December 31, 2011 as a result of the previously mentioned loan sale, and $479.1 million a year ago. While total deposits decreased compared to a year ago, non-interest bearing accounts increased 6.0%, representing Patriot’s planned strategy to reduce higher cost certificates of deposit and replace them with lower cost deposits. Deposits totaled $539.6 million at March 31, 2012, compared to $544.9 million at December 31, 2011, and $581.3 million a year ago. Non-interest bearing accounts increased to $59.0 million at March 31, 2012 compared to $55.7 million a year earlier. Total assets were $671.1 million at March 31,2012 compared to $709.7 million at March 31, 2011 primarily as a result of the reduction in high cost deposits. Income Statement Review Patriot’s first quarter net interest income increased 5.3% to $5.2 million, compared to $4.9 million in the first quarter a year ago. Interest income decreased 2.4% compared to the first quarter a year ago as a result of lower average outstanding loan balances and the lower interest rate environment. Interest expense decreased 16.6% compared to the first quarter a year ago due to the reduction in certificates of deposit and the increase in non-interest bearing deposits. As a result, Patriot’s first quarter net interest margin increased 39 basis points to 3.25%, compared to 2.86% in the first quarter a year ago. First quarter non-interest income increased 28.6% to $750,000 compared to $583,000 in the first quarter a year ago. The increase was primarily due to a gain on sale of residential loans of $264,000, and was partially offset by lower fees and service charges on deposit accounts of $53,000. “We made a concerted effort to reduce our operating costs and as a result operating expenses, including the $368,000 impact of a restructuring charge recorded in the first quarter of 2012, declined 17.4% compared to the first quarter a year ago,” Mr. Maher continued. Excluding the restructuring charge, total non-interest expenses declined 22.3% compared to the first quarter a year ago. Non-interest expenses declined $1.3 million to $6.2 million in the first quarter compared to $7.5 million in the first quarter a year ago. Salary and employee benefits were down $323,000, or 10.0%, and occupancy and equipment expenses were down $231,000, or 17.0%, compared to the first quarter a year ago. In addition, OREO expenses were $421,000 lower due to $200,000 in gains recognized on the sale of two properties and lower operating costs relating to fewer properties being managed. Capital The capital ratios at March 31, 2012 for Patriot National Bancorp, Inc. and Patriot National Bank were: Patriot National Bancorp, Inc. Patriot National Bank Well Capitalized Requirement About the Company Patriot National Bank is headquartered in Stamford, Connecticut and currently has 15 full service branches, 12 in Connecticut and three in New York. It also has a loan production office in Stamford, CT. Statements in this earnings release that are not historical facts are considered to be forward-looking statements. Such statements include, but are not limited to, statements regarding management beliefs and expectations, based upon information available at the time the statements are made, regarding future plans, objectives and performance. All forward-looking statements are subject to risks and uncertainties, many of which are beyond management’s control and actual results and performance may differ significantly from those contained in forward-looking statements. Bancorp intends any forward-looking statement to be covered by the Litigation Reform Act of 1995 and is including this statement for purposes of said safe harbor provisions. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. Bancorp undertakes no obligation to update any forward-looking statements to reflect events or circumstances that occur after the date as of which such statements are made. A discussion of certain risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements is included in Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2011. Net interest income after provision for loan losses Assets Liabilities and Stockholders' Equity Financial Ratios and Other Data |
businesswire.com |
2012-05-18 20:00:00 |
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| Patriot National Bancorp Earns $443,000 in Fourth Quarter; Increasing
Profits Highlight Continuing Impact of Turnaround Plan |
STAMFORD, Conn.--(BUSINESS WIRE)--Patriot National Bancorp, Inc. (NASDAQ:PNBK) (“Patriot”), the parent of Patriot National Bank (the “Bank”), today reported it earned $443,000, or $0.01 per diluted share, in the fourth quarter of 2011 compared to earnings of $255,500, or $0.01 per diluted share, in the third quarter of 2011 and a net loss of $4.1 million, or $0.12 loss per share, in the fourth quarter a year ago. The improving results were driven by the continued success of the company’s turnaround plan. “Our team’s success in executing our recovery plan on schedule allowed us to end the year with two quarters of profitability behind us and restore the Bank to stable footing,” said Michael Carrazza, Chairman of the Board. “Our 2012 focus is on tackling growth in a responsible manner that supports lending in the communities we serve and to continue increasing profitability to more material levels.” For the year, Patriot reported a net loss of $15.5 million, or $0.40 per share, compared to a net loss of $15.4 million, or $1.30 per share, for 2010. The 2011 results include the bulk sale of $66.8 million of non-performing assets in the first quarter and $3.0 million of restructuring charges and asset disposals recorded in the second quarter. Per share figures reflect the additional 33.6 million shares issued in connection with Patriot’s control recapitalization on October 15, 2010. Financial Highlights: Patriot earned $443,000, or $0.01 per diluted share, in the quarter ended December 31, 2011 compared to a net loss of $4.1 million, or $0.12 loss per share, in the fourth quarter a year ago. Fourth quarter net interest margin increased to 3.20%, compared to 2.70% in the fourth quarter a year ago. Non-accrual loans decreased $68.4 million, or 77%, compared to December 31, 2010. Non-performing assets were $23.4 million, or 3.52% of total assets, at December 31, 2011, compared to $26.5 million, or 4.22% of total assets, at September 30, 2011, and $105.6 million, or 13.46% of total assets, a year ago. A gain of $330,000 was realized on the sale of investment securities during the fourth quarter of 2011. Net loans increased to $501.2 million, or 11%, at year-end, compared to $453.1 million at September 30, 2011. Non-interest bearing deposits increased to $65.6 million, or 16%, at year-end, compared to $56.7 million at September 30, 2011. Total Capital to Risk Weighted Assets was 15.22% for Patriot and 14.75% for the Bank at December 31, 2011. Asset Quality Non-accrual loans decreased to $20.7 million, or 4.05% of gross loans at December 31, 2011, compared to $21.8 million, or 4.69% of gross loans at September 30, 2011, and $89.1 million, or 16.20%, of gross loans, a year earlier. Non-performing assets, which consist of non-accrual loans and OREO, declined to $23.4 million at December 31, 2011, or 3.52% of total assets, compared to $26.5 million, or 4.22% of total assets at September 30, 2011, and $105.6 million, or 13.46% of total assets, a year ago. The $20.7 million of non-accrual loans at year-end represents 25 loans, for which a specific reserve of $900,000 has been established. Of these loans, borrowers on five loans with aggregate balances of $7.7 million continue to make payments and these loans are current on payments within one month of schedule. “We continue to make progress in reducing non-performing assets, with total non-performing assets down 78% compared to a year ago,” said Christopher Maher, President and Chief Executive Officer. “The fourth quarter marks the ninth consecutive quarter during which we reduced total non-performing assets.” Based on a quarterly analysis of the allowance for loan losses and improved credit quality, it was determined that a provision was not necessary for the fourth quarter. Due to a $1.0 million paydown of a loan that had a specific reserve established in the second quarter, the impairment was eliminated and the $1.0 million was taken as a credit to the loan loss provision. As a result, a credit of $1.0 million was recorded for the loan loss provision in the fourth quarter of 2011. This compares to no provision in the preceding quarter and a $1.5 million provision recorded in the fourth quarter a year ago. The loan loss provision for the year was $7.5 million, of which $6.0 million related to loans transferred to held-for-sale, compared to $7.7 million for 2010. The allowance for loan losses totaled $9.4 million, or 1.84% of gross loans, at year-end compared to $11.2 million, or 2.40%, of gross loans, at September 30, 2011, and $15.4 million, or 2.80%, of gross loans a year ago. Balance Sheet Review “As laid out in our recovery plan, our initial phase was to shrink the balance sheet while we cleaned up the loan portfolio. With the recovery phase behind us, we have begun to shift our focus on organic growth through building new relationships and growing the loan portfolio,” said Mr. Maher. “As a result, net loans increased $48.1 million during the quarter, and the loan pipeline reached $150 million at the end of the year.” Net loans were $501.2 million at December 31, 2011, compared to $453.1 million at September 30, 2011, and $534.5 million a year ago prior to the bulk sale. Total assets were $665.8 million at December 31, 2011, compared with $628.4 million at September 30, 2011, and $784.3 million a year ago. While total deposits decreased compared to a year ago, non-interest bearing accounts increased 29%, representing Patriot’s planned strategy to reduce higher cost certificates of deposit and replace them with lower cost deposits. Deposits totaled $544.9 million at December 31, 2011, compared to $507.7 million at September 30, 2011, and $646.8 million a year ago. Non-interest bearing accounts increased to $65.6 million at year-end, compared to $51.1 million a year earlier. Income Statement Review Patriot’s fourth quarter net interest income was $4.9 million, compared to $5.1 million in the fourth quarter a year ago. Interest income decreased 14% compared to the fourth quarter a year ago as a result of lower average outstanding loan balances and the lower interest rate environment. Interest expense decreased 32% compared to the fourth quarter a year ago, as a result of the significant improvement in the overall cost of funds. Net interest income in 2011 was $19.8 million compared to $22.1 million in 2010. The net interest margin increased to 3.20%, compared to 2.70% in the fourth quarter a year ago. The net interest margin for 2011 was 3.14% compared to 2.91% a year earlier. Partially due to a $330,000 gain on sale of investment securities, fourth quarter non-interest income increased 35% to $837,000 compared to $618,000 in the fourth quarter a year ago. Non-interest income increased 45% to $3.4 million in 2011 compared to $2.4 million in 2010. Operating expenses declined 25% to $6.3 million in the fourth quarter compared to $8.4 million in the fourth quarter a year ago. This was primarily a result of lower OREO expenses of $667,000 and a gain of $252,000 from the sale of two properties. Salary and employee benefits were down 9% and occupancy and equipment expenses were down 15% compared to the fourth quarter a year ago, respectively. This was primarily due to the reduction of back office personnel and from the consolidation of four branch locations in the second quarter of 2011. Non-interest expenses were $31.2 million in 2011 compared to $31.9 million a year earlier. The current year total includes $3.0 million of restructuring charges and asset disposals associated with management’s turnaround plan. Capital The capital ratios at December 31, 2011 for Patriot National Bancorp, Inc. and Patriot National Bank were: Patriot National Bancorp, Inc. Patriot National Bank Well Capitalized Requirement Tier 1 Capital (to Average Assets) About the Company Patriot National Bank is headquartered in Stamford, Connecticut and currently has 15 full service branches, 12 in Connecticut and three in New York. It also has a loan production office in Stamford, CT. Statements in this earnings release that are not historical facts are considered to be forward-looking statements. Such statements include, but are not limited to, statements regarding management beliefs and expectations, based upon information available at the time the statements are made, regarding future plans, objectives and performance. All forward-looking statements are subject to risks and uncertainties, many of which are beyond management’s control and actual results and performance may differ significantly from those contained in forward-looking statements. Bancorp intends any forward-looking statement to be covered by the Litigation Reform Act of 1995 and is including this statement for purposes of said safe harbor provisions. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. Bancorp undertakes no obligation to update any forward-looking statements to reflect events or circumstances that occur after the date as of which such statements are made. A discussion of certain risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements is included in Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2010. Dec. 31, 2011 Net interest income after provision for loan losses Assets Liabilities and Stockholders' Equity Financial Ratios and Other Data |
businesswire.com |
2012-03-05 18:00:00 |
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