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Patriot National Bancorp Earns $443,000 In Fourth Quarter; Increasing Profits Highlight Continuing Impact Of Turnaround Plan

Stocks in this article: PNBK

Patriot National Bancorp, Inc. (NASDAQ:PNBK) (“Patriot”), the parent of Patriot National Bank (the “Bank”), today reported it earned $443,000, or $0.01 per diluted share, in the fourth quarter of 2011 compared to earnings of $255,500, or $0.01 per diluted share, in the third quarter of 2011 and a net loss of $4.1 million, or $0.12 loss per share, in the fourth quarter a year ago. The improving results were driven by the continued success of the company’s turnaround plan.

“Our team’s success in executing our recovery plan on schedule allowed us to end the year with two quarters of profitability behind us and restore the Bank to stable footing,” said Michael Carrazza, Chairman of the Board. “Our 2012 focus is on tackling growth in a responsible manner that supports lending in the communities we serve and to continue increasing profitability to more material levels.”

For the year, Patriot reported a net loss of $15.5 million, or $0.40 per share, compared to a net loss of $15.4 million, or $1.30 per share, for 2010. The 2011 results include the bulk sale of $66.8 million of non-performing assets in the first quarter and $3.0 million of restructuring charges and asset disposals recorded in the second quarter. Per share figures reflect the additional 33.6 million shares issued in connection with Patriot’s control recapitalization on October 15, 2010.

Financial Highlights:

  • 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.

Asset Quality

Non-accrual loans decreased to $20.7 million, or 4.05% of gross loans at December 31, 2011, compared to $21.8 million, or 4.69% of gross loans at September 30, 2011, and $89.1 million, or 16.20%, of gross loans, a year earlier. Non-performing assets, which consist of non-accrual loans and OREO, declined to $23.4 million at December 31, 2011, or 3.52% of total assets, 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.

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