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Patriot National Bancorp Reports Improving Results For 2010

Balance Sheet Review

Strategic balance sheet management resulted in a decrease in total assets to $784.3 million at December 31, 2010, compared with $866.4 million a year earlier. The plan to reduce concentrations in high risk construction and commercial real estate loans resulted in a decrease in the loan portfolio of $110.7 million to $534.5 million at year-end from $645.2 million a year earlier. Primarily as a result of the pending sale of nonperforming loans, the company expects the loan portfolio to decline in the first quarter of 2011 and then begin to grow for the remainder of the year. The loan pipeline as of December 31, 2010 totaled $9.5 million.

Total deposits decreased $114.5 million from $761.3 million at December 31, 2009 to $646.8 million at December 31, 2010. Much of the decrease in deposits is the result of the execution of the Company’s strategy to reduce rate sensitive deposits through a series of interest rate reductions resulting in a lower cost of funds and an improvement in spreads. Despite this decrease in deposits, the Company continues to maintain strong levels of liquidity, which have been further augmented by the recent capital infusion.

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.
Financial Highlights

(Dollars in thousands, except per share)
    Three Months Ended

December 31,
    Twelve Months Ended

December 31,
2010   2009     2010   2009
Net interest income $ 5,116 $ 4,676 $ 22,134 $ 18,608
Provision for loan losses   1,450       4,080         7,714       13,089  
Net interest income after provision for loan losses  




Noninterest income 618 640 2,354 2,946
Noninterest expenses   8,361       8,843         31,948       30,131  
Loss before taxes 4,077 7,607 15,174 21,666
(Provision) benefit for Income Taxes   -       3,397         (225 )     (2,214 )
Net loss $ 4,077     $ 4,210       $ 15,399     $ 23,880  
Basic loss per share $ 0.12     $ 0.88       $ 1.30     $ 5.02  
Diluted loss per share $ 0.12     $ 0.88       $ 1.30     $ 5.02  
Average shares outstanding 32,884 4,763 11,851 4,754
Net interest margin 2.54 % 2.15 % 2.91 % 2.07 %
Loans at period end $ 534,531 $ 645,206 $ 534,531 $ 645,206
Deposits at period end 646,809 761,334 646,809 761,334
Assets at period end 784,325 866,417 784,325 866,417
Shares outstanding 38,363 4,763 38,363 4,763
Book Value per Share (1) $ 1.75 $ 7.77 $ 1.75 $ 7.77
Tangible Book Value per share (2) $ 1.75 $ 7.75 $ 1.75 $ 7.75
(1) Book value per share represents shareholders’ equity divided by outstanding shares.
(2) Tangible book value per share represents shareholders’ equity less intangible assets divided by outstanding shares.

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. The Company 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. The Company 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 the Company’s Annual Report on Form 10-K for the year ended December 31, 2010.

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