This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

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.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs