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Patriot National Bancorp Earns $546,000 In First Quarter

Stocks in this article: PNBK

Patriot National Bancorp, Inc. (NASDAQ:PNBK)(“Patriot”), the parent of Patriot National Bank (the “Bank”), today reported it earned $546,000, or $0.01 per diluted share, in the first quarter of 2012 compared to earnings of $443,000, or $0.01 per diluted share, in the fourth quarter of 2011 and a net loss of $9.0 million, or $0.23 loss per share, in the first quarter a year ago. First quarter 2011 results included a $6.2 million loss on a bulk sale of non-performing assets. The improving results were driven by the continued success of management’s recovery plan.

“We are pleased to post a profit for the third consecutive quarter on the heels of Patriot’s turnaround. Both top-and bottom line improvements were recognized this quarter,” said Michael Carrazza, Chairman of the Board. “Continued efforts remain focused on operational refinements and varying paths of enterprise and product growth.”

Financial Highlights:

  • Patriot earned $546,000, or $0.01 per diluted share, in the quarter ended March 31, 2012 compared to a net loss of $9.0 million, or $0.23 loss per share, in the first quarter a year ago.
  • The net interest margin increased 39 basis points to 3.25% for the quarter ended March 31, 2012, compared to 2.86% in the first quarter a year ago.
  • Non-accrual loans decreased 24.8% to $15.5 million at March 31, 2012, or 3.3%, of total loans as compared to $20.7 million three months earlier.
  • Other real estate owned (OREO) decreased 47.1% to $1.5 million at March 31, 2012 compared to $2.8 million three months earlier.
  • Non-performing assets, which consist of non-accrual loans and OREO, declined to $17.0 million, or 2.5% of total assets compared to $23.4 million, or 3.5% just three months earlier, and $33.5 million, or 4.7% of total assets a year ago.
  • Non-interest income increased 28.6% compared to the same quarter in the prior year as a result of a gain from the sale of residential loans.
  • Non-interest operating expenses were 17.4% lower in the current quarter compared to the same period in the prior year resulting from lower salaries and benefits, occupancy and OREO expenses.
  • Total Capital to Risk Weighted Assets was 16.0% for Patriot and 15.5% for the Bank at March 31, 2012.

Asset Quality

“Improving the risk profile of Patriot and aggressively managing our troubled assets has been and will remain a priority focus for the company. Non-performing assets have declined for ten consecutive quarters. In addition to asset quality improvements, we continue to focus on increasing revenue and decreasing operating expenses to improve earnings. Staff reductions in the first quarter and the planned closing of a branch in the second quarter will reduce future expenses by approximately $1.0 million per annum,” said Christopher Maher, President and Chief Executive Officer.

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