- Patriot earned $443,000, or $0.01 per diluted share, in the quarter ended December 31, 2011 compared to a net loss of $4.1 million, or $0.12 loss per share, in the fourth quarter a year ago.
- Fourth quarter net interest margin increased to 3.20%, compared to 2.70% in the fourth quarter a year ago.
- Non-accrual loans decreased $68.4 million, or 77%, compared to December 31, 2010.
- Non-performing assets were $23.4 million, or 3.52% of total assets, at December 31, 2011, compared to $26.5 million, or 4.22% of total assets, at September 30, 2011, and $105.6 million, or 13.46% of total assets, a year ago.
- A gain of $330,000 was realized on the sale of investment securities during the fourth quarter of 2011.
- Net loans increased to $501.2 million, or 11%, at year-end, compared to $453.1 million at September 30, 2011.
- Non-interest bearing deposits increased to $65.6 million, or 16%, at year-end, compared to $56.7 million at September 30, 2011.
- Total Capital to Risk Weighted Assets was 15.22% for Patriot and 14.75% for the Bank at December 31, 2011.
Patriot National Bancorp Earns $443,000 In Fourth Quarter; Increasing Profits Highlight Continuing Impact Of Turnaround Plan
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