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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

“Total non-accrual loans decreased more than 34% to $17.5 million, or 3.6% of gross loans, at June 30, 2012 compared to $26.7 million, or 5.8 % of gross loans at June 30, 2011,” Mr. Maher added.

Other real estate owned (OREO) was $1.5 million at June 30, 2012 compared to $3.6 million at June 30, 2011. Only two properties remain in OREO. Non-performing assets, which consist of non-accrual loans and OREO, totaled $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.

“The continued improved credit quality of the loan portfolio and favorable recent loss history as it relates to our assessment of the adequacy of the allowance for loan losses resulted in a $1.7 million release from the loan loss reserve during the quarter,” Mr. Maher said. In the second quarter a year ago Patriot recorded a $1.5 million provision. The allowance for loan losses totaled $6.7 million, or 1.36% of gross loans, at June 30, 2012 compared to $11.4 million, or 2.46% of gross loans a year ago.

Balance Sheet Review

Total assets of $644.3 million at June 30, 2012 were relatively flat compared to $648.2 million at June 30, 2011. Net loans increased to $483.9 million at June 30, 2012, compared to $452.0 million a year ago. At quarter end the loan pipeline totaled $108.2 million, up from $83.5 million at June 30, 2011, which reflects an increasing focus on new loan production, which is targeted to deploy excess liquidity and build fee income.

Total deposits were $522.1 million at June 30, 2012, compared to $524.5 million at June 30 of the prior year. Interest bearing deposits decreased $12.5 million but non-interest bearing deposits increased $10.1 million, or 16.4%, from $61.6 million at June 30, 2011 to $71.7 million at June 30, 2012. This increase reflects Patriot’s planned strategy to reduce higher cost deposits with core transaction accounts.

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