Third quarter non-interest income increased 13.7% to $1.5 million compared to $1.3 million in the third quarter of 2011, in part due to a net increase of $145,000 in the gain on sale of investment securities and a $31,000 gain on sale of loans. In the first nine months of the year, non-interest income improved modestly to $2.7 million compared to $2.6 million in the same period a year ago.
Non-interest expenses declined 5.0% to $5.7 million in the third quarter of 2012, compared to $6.0 million in the third quarter a year ago. Year-to-date, non-interest expenses decreased 27.5% to $18.1 million compared to $24.9 million in the same period a year earlier as a result of a significant reduction in salaries and benefits, restructuring charges, other real estate operations and professional services. “We closed our West End branch in June and closed three more branches during the first week of October. These branch closures will continue the significant reduction in our operating expenses going forward,” said Mr. Maher.
The capital ratios at September 30, 2012 for Patriot National Bancorp, Inc. and Patriot National Bank were:
|Patriot National||Patriot National||Well Capitalized|
|Total Capital (to Risk Weighted Assets)||14.78%||14.45%||10.00%|
|Tier 1 Capital (to Risk Weighted Assets)||13.52%||13.19%||6.00%|
|Tier 1 Capital (to Average Assets)||9.60%||9.37%||5.00%|