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