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.
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