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Patriot National Bancorp Reports Quarterly Results

Patriot National Bank is headquartered in Stamford, Connecticut and currently has 19 full service branches, 16 in Connecticut and three in New York. It also has a loan production office in Stamford, CT.

                 

Three MonthsEndedMar. 31, 2010
     

Three MonthsEndedDec. 31, 2009
     

Three MonthsEndedMar. 31, 2009
(000) (000) (000)
 
Net interest income $6,009 $4,676 $5,528
Non-interest income 538 640 1,023
Non-interest expense 8,727 8,843 6,306
Provision for loan losses 727 4,080 1,600
Loss before taxes 2,907 7,607 1,355
Loans at period end 624,942 645,206 785,103
Deposits at period end 711,841 761,334 843,945
Assets at period end 814,729 866,417 970,459
Shares outstanding 4,763 4,763 4,743
Loss per share 0.66 0.88 0.23

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 in including in Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2009

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