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

“In the first quarter of 2012 we implemented staff reductions and during the second quarter we closed our West End branch. Three additional branches were designated for closure in the second quarter, which will be effective by September 30, 2012. These events will significantly reduce expenses by year end,” said Mr. Maher. Salary and employee benefits were down $464,000, or 14.5%, and occupancy and equipment expenses were down $157,000, or 12.1%, compared to the second quarter a year ago. In addition, OREO expenses were $758,000 lower due to reduced operating costs relating to fewer properties being managed.

Capital

The capital ratios at June 30, 2012 for Patriot National Bancorp, Inc. and Patriot National Bank were:

       

Patriot NationalBancorp, Inc.

   

Patriot NationalBank

   

Well CapitalizedRequirement

 
Total Capital (to Risk Weighted Assets) 15.85 % 15.43 % 10.00 %
Tier 1 Capital (to Risk Weighted Assets) 14.60 % 14.18 % 6.00 %
Tier 1 Capital (to Average Assets) 9.13 % 8.88 % 5.00 %

In addition, Patriot’s tangible common equity ratio was 8.03% at the end of June.

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