Patriot National Bancorp Reports Quarterly Results
Patriot National Bancorp, Inc (NASDAQ Global Market “PNBK”), the parent of Patriot National Bank, reported a net loss for the quarter ended March 31, 2010 of $3.1 million as compared to a net loss of $4.2 million for the quarter ended December 31, 2009 and a net loss of $1.1 million for the quarter ended March 31, 2009. On a per share basis, the net loss was $0.66 for the quarter ended March 31, 2010, as compared to a net loss of $0.88 for the quarter ended December 31, 2009 and a net loss of $0.23 for the quarter ended March 31, 2009.
The results for the quarter ended March 31, 2010 represent a pretax improvement of $4.7 million when compared to the fourth quarter of 2009. The net loss for the quarter reflects the ongoing impact of nonaccrual loans, write down on three other real estate owned (“OREO”) properties of $701,000, and a loss on the sale of OREO of $53,000.
The quarter ended March 31, 2010 is the second consecutive quarter during which total nonperforming assets declined. Nonperforming assets which consist of non-accrual loans and OREO were $128.3 million at March 31, 2010 as compared to $145.6 million at September 30, 2009; this represents an improvement of $17.3 million or 12% over the six month period. This decrease supports Management’s opinion, stated in the 2009 results release, that nonperforming assets peaked during the third quarter of 2009. The $128.3 million of nonperforming assets is comprised of $18.2 million of OREO properties and $110.1 million of non-accrual loans. Of the $110.1 million in non-accrual loans, 26 borrowers representing $39.5 million or 36% of non-accrual loans, continue to make payments and these loans are under 30 days past due as to payments.
The quarter ended March 31, 2010 is also the fourth consecutive quarter during which the level of loans placed on nonaccrual declined demonstrating a continuing and improving trend. Additions to nonaccrual loans during each of the previous four quarters were: March 31, 2010 - $4.0 million, December 31, 2009 - $9.3 million, September 30, 2009 - $26.2 million and June 30, 2009 - $54.8 million.
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