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

The quarter ended September 30, 2010 is the fourth consecutive quarter during which total nonperforming assets declined. Nonperforming assets, which consist of non-accrual loans and other real estate owned properties (“OREO”), were $108.8 million at September 30, 2010 as compared to $145.6 million at September 30, 2009; this represents an improvement of $36.8 million or 25% over the twelve month period. This decrease further supports management’s statement made in the 2009 annual earnings release, that nonperforming assets peaked during the third quarter of 2009. The $108.8 million of nonperforming assets is comprised of $7.3 million of OREO properties and $101.5 million of non-accrual loans. Of the $101.5 million in non-accrual loans, borrowers of $30.5 million or 30% of non-accrual loans consisting of 21 notes continue to make payments. The $7.3 million in OREO consists of four properties, the oldest of which was acquired in July 2009. During the nine month period ended September 30, 2010, OREO declined by $11.7 million or 61% reflecting the disposition of six properties sold by the Company.

Net interest income increased to $5.1 million for the three months ended September 30, 2010 as compared to $4.0 million for the three months ended September 30, 2009. The improvement in net interest income is primarily the result of the continuing improvement in the overall cost of funds; interest expense on deposits declined $2.6 million or 49% when compared to the same period last year. The net interest margin for the third quarter of 2010 was 2.71% which reflects the favorable impact of 19 basis points for the collection of delinquent interest payments on nonaccrual loans in the third quarter; the net interest margin for the same period last year was 1.76%.

The provision for loan losses for the nine month period ended September 30, 2010 of $6.2 million represents an improvement of $2.7 million when compared to the same period last year. The provision for loan losses of $5.0 million recorded for the third quarter of 2010 is $3.6 million higher, as described above, when compared to the same period last year.

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