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Patriot National Bancorp Earns $345,000 In Second Quarter; Highlighted By Improved Credit Quality And Ongoing Operating Efficiencies

Stocks in this article: PNBK

Patriot National Bancorp, Inc. (NASDAQ: PNBK) (“Patriot”), the parent of Patriot National Bank (the “Bank”), today reported it earned $345,000, or $0.01 per diluted share, in the second quarter of 2012 compared to a net loss of $7.2 million, or $0.19 loss per share, in the second quarter a year ago. Second quarter 2011 results included $3.0 million of restructuring charges associated with management’s turnaround plan.

“Posting our fourth consecutive quarter of profitability highlights the success of our turnaround plan and management’s effectiveness in executing,” said Michael Carrazza, Chairman of the Board. “With health and stability restored, our mandate is to significantly increase core earnings in the face of a challenging and low rate market environment. We’ve set in motion a series of tailored restructuring initiatives in the third quarter aimed at elevating core earnings to our target run rate level by year end.” In the first six months of 2012, Patriot earned $891,000, or $0.02 per diluted share, compared to a net loss of $16.2 million, or $0.42 loss per share, in the first six months of 2011.

Financial Highlights:

  • Patriot earned $345,000, or $0.01 per diluted share, in the quarter ended June 30, 2012 compared to a net loss of $7.2 million, or $0.19 loss per share, in the second quarter a year ago. Included in the year-earlier loss was $3.0 million of restructuring charges.
  • The net interest margin was 2.81% for the quarter ended June 30, 2012, compared to 3.16% for the second quarter a year ago. For the six months ended June 30, 2012 the net interest margin was 3.03% compared to 3.00% for the six months ended June 30, 2011.
  • Non-accrual loans were $17.5 million at June 30, 2012, or 3.6 % of total loans as compared to $26.7 million, or 5.8% of total loans at June 30, 2011.
  • Non-performing assets, which consist of non-accrual loans and OREO, were $19.0 million, or 2.9% of total assets at June 30, 2012 compared to $30.3 million, or 4.7% of total assets a year ago.
  • Non-interest operating expenses were 45.8% lower in the current quarter compared to the same quarter a year ago resulting primarily from lower salaries and benefits, occupancy, restructuring and OREO expenses.
  • Total Capital to Risk Weighted Assets was 15.9% for Patriot and 15.4% for the Bank at June 30, 2012.

Asset Quality

“Improving our risk profile and aggressively managing our troubled assets has been, and will remain, a priority focus for our management team,” said Christopher Maher, President and Chief Executive Officer. “As a result of this focus, credit costs continued to decline and were significantly below those of a year ago. In addition to asset quality improvements, we continue to focus on increasing revenue and decreasing operating expenses to improve earnings.

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