- A net loss for the year ended December 31, 2010 declined 36% to $15.4 million, or $1.30 per share, compared to a net loss of $23.9 million, or $5.02 per share, for the year ended December 31, 2009.
- The closing of a $50.4 million recapitalization transaction on October 15, 2010 restored the Bank to a “well-capitalized” status, with Total Capital to Risk Weighted Assets of 17.08% for PNBK and 16.54% for the Bank.
- Nonperforming assets declined for the fifth consecutive quarter by $40.1 million, or 28%, to $105.5 million compared to $145.6 million at September 30, 2009.
- Loans placed on nonaccrual decreased $4.0 million, or 42%, compared to the third quarter of 2010 and decreased $3.8 million, or 41%, as compared to the fourth quarter of 2009.
- Net charge-offs in 2010 were $8.1 million, a decrease of $5.4 million, or 40%, compared to the year ended December 31, 2009.
- Net interest margin improved 84 basis points to 2.91% in 2010 compared to 2.07% in 2009, which resulted in a $3.5 million, or 19%, improvement in net interest income compared to 2009.
- A $2.7 million, or 40%, improvement in pretax quarterly results compared to the third quarter of 2010 and a $3.5 million, or 46% improvement, as compared to the fourth quarter of 2009.
Patriot National Bancorp Reports Improving Results For 2010
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.