Noninterest income of $637,000 for the three months ended September 30, 2010 represents an increase of $19,000 when compared to the same period last year. The increase is attributable to higher fees and service charges on deposit accounts partially offset by decreases in mortgage brokerage referral fees and earnings on the cash surrender value of life insurance. Noninterest expenses of $7.5 million are $11,000 or less than 1% lower than those recorded for the third quarter of 2009. Declines in professional and other outside services of $443,000 were partially offset by increases in other real estate operations of $320,000.Balance sheet management resulted in a decrease in total assets of $78.6 million from $866.4 million at December 31, 2009 to $787.8 million at September 30, 2010. The strategy to reduce the concentrations in high risk construction and commercial real estate loans resulted in a decrease in the loan portfolio of $68.6 million from $645.2 million at December 31, 2009 to $576.6 million at September 30, 2010.
Patriot National Bancorp Reports Quarterly Results And A Decrease In Nonperforming Assets For The Fourth Consecutive Quarter
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