Income Statement ReviewPatriot’s second quarter net interest income was $4.4 million, compared to $5.0 million in the second quarter a year ago. Interest income decreased 12.0% compared to the second quarter a year ago as a result of the lower interest rate environment, excess liquidity due to the loan sale in the first quarter of 2012 and the overall loan mix. Interest expense decreased 9.3% compared to the second quarter a year ago due to the reduction in interest bearing deposits and the increase in non-interest bearing deposits. In the first six months of 2012, net interest income was $9.5 million compared to $10.0 million in the first six months of 2011, primarily as the result of the overall lower rate environment and the balance sheet mix.
Patriot National Bancorp Earns $345,000 In Second Quarter; Highlighted By Improved Credit Quality And Ongoing Operating Efficiencies
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