Patriot National Bancorp Reports Significant Decreases In Losses And Nonperforming Assets For The Third Consecutive Quarter
Patriot National Bancorp, Inc (NASDAQ Global Market “PNBK”), the parent of Patriot National Bank, reported the following highlights for the quarter and six months ended June 30, 2010:
• A $6.9 million or 83% improvement in pretax quarterly results compared to the second quarter of 2009.
• A $1.5 million or 52% improvement in pretax quarterly results compared to the first quarter of 2010.
• A $5.4 million or 56% improvement in pretax year to date results compared to the six months ended June 30, 2009.• A decrease in quarterly and year to date charge-offs of $4.5 million or 74% and $4.1 million or 57%, respectively. • A decrease in the quarterly and year to date provision for loan losses of $5.4 million or 91% and $6.3 million or 84%, respectively. • A decrease in the level of loans placed on nonaccrual of $51.5 million or 94% compared to June of 2009 • A decrease in nonperforming assets of $35 million or 24% compared to September of 2009. Patriot National Bancorp reported a pretax loss of $1.4 million for the quarter ended June 30, 2010 which represents an improvement of $6.9 million or 83% compared to the same period last year and an improvement of $1.5 million or 52% when compared to results for the first quarter of 2010. The pretax loss of $4.3 million for the six months ended June 30, 2010 represents an improvement of $5.4 million or 56% when compared to the six months ended June 30, 2009. The net loss for the quarter ended June 30, 2010 was $1.4 million as compared to a net loss of $4.6 million for the quarter ended June 30, 2009. On a per share basis, the net loss was $0.29 for the quarter ended June 30, 2010, as compared to a net loss of $0.98 for the quarter ended June 30, 2009. For the six month period ended June 30, 2010 the net loss was $4.5 million ($0.95 per share) as compared to a net loss of $5.7 million ($1.21 per share) for the six months ended June 30, 2009.
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