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

September 30,

Nine Months Ended

September 30,

2010       2009 2010       2009
(000) (000) (000) (000)
 
Net interest income $5,122 $4,000 $17,018 $13,932
Non-interest income 637 617 1,736 2,307
Non-interest expense 7,524 7,535 23,587 21,288
Provision for loan losses 5,025 1,453 6,264 9,009
Loss before taxes 6,790 4,371 11,097 14,058
Provision for
Income Taxes - 9,565 225 5,611
Net loss 6,790 13,936 11,322 19,669
 

Loans at period end

576,621

702,308

576,621

702,308

Deposits at period end 690,967 829,053 690,967 829,053
Assets at period end 787,775 937,438 787,775 937,438
Shares outstanding 4,763 4,763 4,763 4,763
 
Loss per share $ 1.43 $ 2.93 $ 2.38 $ 4.14
 

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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