Mr. Howell further stated that the Bank weathered the worst financial crisis and local real estate market decline since the Great Depression. “We assembled a strong loan workout team and loan review team and are experiencing positive results. Management is confident that the loan loss reserve is ample to absorb any losses embedded in the portfolio”.Despite the residual effects of the economic crisis of 2008 – 2009, actual losses on loans paid-off continue to remain low. For the six months ended June 30, 2010, loan payoffs totaled $78.7 million on which Bancorp incurred approximately $189,000 or 0.24% in actual realized losses as compared to the loan loss allowance coverage ratio of 2.26% to total loans at June 30, 2010. The Bank’s traditionally conservative underwriting standards and low loan-to-value ratios at loan origination have mitigated the level of these actual realized losses at the time the loans are paid off.
Patriot National Bancorp Reports Significant Decreases In Losses And Nonperforming Assets For The Third Consecutive Quarter
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