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Patriot National Bancorp Reports Significant Decreases In Losses And Nonperforming Assets For The Third Consecutive Quarter

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 Months

Ended

June 30, 2010

  Three Months

Ended

June 30, 2009

  Six Months

Ended

June 30, 2010

  Six Months

Ended

June 30, 2009

(000)

(000) (000) (000)
 
Net interest income $ 5,887 $ 4,404 $ 11,896 $ 9,932
Non-interest income 561 667 1,099 1,689
Non-interest expense 7,336 7,447 16,063 13,753
Provision for loan losses 512 5,956 1,239 7,556

Loss before taxes

(Provision) Benefit for Income Taxes

Net loss

1,400

-

1,400

8,333

3,696

4,637

4,307

(225

4,532

 

)

 

9,688

3,954

5,734

Loans at period end 603,964 712,918 603,964 712,918
Deposits at period end 715,243 859,377 715,243 859,377
Assets at period end 816,470 980,835 816,470 980,835
Shares outstanding 4,763 4,763 4,763 4,763
 
Loss per share $ 0.29 $ 0.98 $ 0.95 $ 1.21
 

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

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