This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Patriot National Bancorp Reports Quarterly Results And A Decrease In Nonperforming Assets For The Fourth Consecutive Quarter

Patriot National Bancorp, Inc (NASDAQ: PNBK), the parent of Patriot National Bank, reported the following highlights for the quarter and nine months ended September 30, 2010:

• A decrease in nonperforming assets of $36.8 million or 25% compared to September of 2009.

• A decrease during the quarter in the level of loans placed on nonaccrual of $16.7 million or 64% compared to the third quarter of 2009.

• A decrease in year to date charge-offs of $2.7 million or 35% compared to the nine months ended September 30, 2009.

• An increase in the quarterly and year to date net interest margin of 95 and 94 basis points, respectively.

• A $1.1 million or 28% improvement in quarterly net interest income compared to the third quarter of 2009.

• A $3.1 million or 22% improvement in year to date net interest income compared to the nine months ended September 30, 2009.

• A $3.0 million or 21% improvement in pretax year to date results compared to the nine months ended September 30, 2009.

Patriot National Bancorp reported a pretax loss of $6.8 million for the quarter ended September 30, 2010 which represents an increase in the loss of $2.4 million or 55% compared to a pretax loss of $4.4 million for the same period last year. Included in the results for the three months ended September 30, 2010 is a charge to the provision for loan losses of $5.0 million, of which $2.2 million is attributable to adjustments made to the collateral values of certain impaired loans for which foreclosure proceedings are anticipated to be completed during the fourth quarter of 2010. The pretax loss of $11.1 million for the nine months ended September 30, 2010 represents an improvement of $3.0 million or 21% when compared to the nine months ended September 30, 2009. The net loss for the quarter ended September 30, 2010 was $6.8 million ($1.43 per share) as compared to the quarter ended September 30, 2009 during which the loss was $13.9 million ($2.93 per share). For the nine month period ended September 30, 2010 the loss was $11.3 million ($2.38 per share) as compared to a loss of $19.7 million ($4.14 per share) for the nine months ended September 30, 2009.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,672.60 -141.38 -0.79%
S&P 500 2,051.82 -11.33 -0.55%
NASDAQ 4,757.8790 +7.4820 0.16%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs