The quarter ended June 30, 2010 is the third consecutive quarter during which total nonperforming assets declined. Nonperforming assets which consist of non-accrual loans and other real estate owned (“OREO”) were $110.6 million at June 30, 2010 as compared to $145.6 million at September 30, 2009; this represents an improvement of $35.0 million or 24% over the nine month period. This decrease supports Management’s opinion, stated in the 2009 earnings release, that nonperforming assets peaked during the third quarter of 2009. The $110.6 million of nonperforming assets is comprised of $6.7 million of OREO properties and $103.9 million of non-accrual loans. Of the $103.9 million in non-accrual loans, $31.3 million or 30% of non-accrual loans consisting of 25 notes are under 30 days past due as to payments. The $6.7 million in OREO consists of three properties none of which have been in OREO greater than one year. During the six month period ended June 30, 2010, OREO declined by $12.3 million or 65% reflecting the disposition of six properties on which the Company recorded net losses of $173,000 or approximately 1% at the time of sale.The quarter ended June 30, 2010 is also the fifth consecutive quarter during which the level of loans placed on nonaccrual declined demonstrating a consistent improvement in the risk profile of the portfolio. Additions to nonaccrual loans during each of the previous five quarters were: June 30, 2010 - $3.3 million, 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.
Patriot National Bancorp Reports Significant Decreases In Losses And Nonperforming Assets For The Third Consecutive Quarter
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