Patriot National Bancorp Reports Significant Decreases In Losses And Nonperforming Assets For The Third Consecutive Quarter
Noninterest income of $560,000 for the three months ended June 30, 2010 represents a decrease of $106,000 when compared to the same period last year. The results for last year include higher levels of mortgage brokerage referral fees and higher earnings on the cash surrender value of life insurance. Noninterest expenses of $7.3 million are $111,000 or 1% less than those recorded for the second quarter of 2009.
Total assets decreased $49.9 million from $866.4 million at December 31, 2009 to $816.4 million at June 30, 2010. Total loans decreased $41.2 million from $645.2 million at December 31, 2009 to $603.9 million at June 30, 2010.
Total deposits decreased $46.1 million from $761.3 million at December 31, 2009 to $715.2 million at June 30, 2010. Much of the decrease in deposits can be attributed to Bancorp’s strategy to reduce rate sensitive deposits resulting in a lower cost of funds and an improvement in spreads.
Strategic balance sheet management and a reduction in higher risk loans resulted in an increase in Bancorp’s Capital Ratios at June 30, 2010 compared to December 31, 2009:
|June 30, 2010||December 31, 2009|
|Total Risk Based Capital||8.70%||8.58%|
|Tier 1 Risk Based Capital||7.36%||7.22%|
|Tier 1 Leverage||4.74%||4.72%|
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