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Patriot National Bancorp Earns $909,000 In First Nine Months Of 2012; Restructuring Initiatives Lead To Greater Operating Efficiencies

Statements in this earnings release that are not historical facts are considered to be forward-looking statements. Such statements include, but are not limited to, statements regarding management beliefs and expectations, based upon information available at the time the statements are made, regarding future plans, objectives and performance. All forward-looking statements are subject to risks and uncertainties, many of which are beyond management’s control and actual results and performance may differ significantly from those contained in forward-looking statements. Bancorp intends any forward-looking statement to be covered by the Litigation Reform Act of 1995 and is including this statement for purposes of said safe harbor provisions. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. Bancorp undertakes no obligation to update any forward-looking statements to reflect events or circumstances that occur after the date as of which such statements are made. A discussion of certain risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements is included in Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2011.

                                           
PATRIOT NATIONAL BANCORP, INC.
STATEMENTS OF OPERATIONS
(unaudited) Three Months Ended Nine Months Ended
Dollars in thousands, except per share data

Sep. 30, 2012

  Jun. 30, 2012   Sep. 30, 2011   Sep. 30, 2012   Sep. 30, 2011
 
Interest and dividend income
Interest and fees on loans $ 5,533 $ 5,811 $ 6,185 $ 18,011 $ 19,680
Interest on investment securities 396 427 665 1,300 1,425
Dividends on investment securities 32 32 56 97 207
Interest on federal funds sold - - - - 7
Other interest income   22   40     2     72     122  
Total interest and dividend income   5,983   6,310     6,908     19,480     21,441  
 
Interest expense
Interest on deposits 1,240 1,421 1,385 4,178 4,804
Interest on Federal Home Loan Bank borrowings 358 354 428 1,069 1,270
Interest on subordinated debt 75 75 71 226 212
Interest on other borrowings   78   77     78     232     231  
Total interest expense   1,751   1,927     1,962     5,705     6,517  
 
Net interest income 4,232 4,383 4,946 13,775 14,924
 
Provision for loan losses   -   (1,713 )   -     (2,559 )   8,464  
 

Net interest income after provision for loan losses

  4,232   6,096     4,946     16,334     6,459  
 
Non-interest income
Mortgage brokerage referral fees 35 22 14 69 28
Loan application, inspection and processing fees 29 16 21 59 61
Deposit fees and service charges 215 227 207 671 736
Gain on sale of loans 31 - - 295 80

Gain on sale of investment securities

924 - 780 916 780
Earnings on cash surrender value of life insurance 122 120 170 385 491
Other income   101   70     90     267     398  
Total non-interest income   1,457   455     1,282     2,662     2,574  
 
Non-interest expense
Salaries and benefits 2,620 2,725 2,840 8,237 9,244
Occupancy and equipment expense 1,127 1,135 1,039 3,386 3,685
Data processing 379 346 316 1,070 980

Professional and other outside services

510 854 546 1,979 2,662
Advertising and promotional expenses 15 8 92 41 522
Loan administration and processing expenses 35 46 88 89 174
Regulatory assessments 439 462 432 1,311 1,671
Insurance expense 109 109 227 387 687
Other real estate operations 22 16 (26 ) (111 ) 1,019
Material and communications 106 133 163 370 527
Restructuring charges and asset disposals 8 127 - 503 2,986
Other operating expenses   301   245     256     825     779  
Total non-interest expenses   5,671   6,206     5,973     18,087     24,936  
 
Income (loss) before income taxes 18 345 255 909 (15,903 )
 
Provision for income taxes   -   -     -     -     -  
Net income (loss) $ 18 $ 345   $ 255   $ 909   $ (15,903 )
 
Basic and diluted income (loss) per share   0.00 $ 0.01   $ 0.01   $ 0.02   $ (0.41 )
 
                         
(Dollars in thousands, except per share data) Sep. 30, 2012 Jun. 30, 2012 Sep. 30, 2011
(Unaudited)
 

Assets

Cash and due from banks $ 43,831 $ 62,177 $ 39,982
Federal funds sold - - -
Short-term investments   710     710     3,206  
Total cash and cash equivalents 44,541 62,887 43,188
 
Securities-available for sale 18,315 56,343 88,529
Other investments 3,500 3,500 3,500
FRB & FHLB stock   6,088     6,063     6,215  
Total securities 27,903 65,906 98,244
 
Gross loans 499,801 490,532 464,291
Allowance for loan losses   (6,692 )   (6,674 )   (11,158 )
Net loans 493,109 483,858 453,133
 
Real estate loans held for sale 1,950 - 250
Accrued interest and dividend receivable 1,979 2,289 2,321
Premise and equipment, net 4,656 4,713 4,181
Cash surrender value of life insurance 21,369 21,248 20,840
Other real estate owned 1,252 1,518 4,732
Deferred tax asset, net (1) - - -
Other assets   18,589     1,848     1,538  
Total assets $ 615,348   $ 644,267   $ 628,427  
 

Liabilities and Shareholders' Equity

 
Deposits
Non interest bearing deposits $ 59,309 $ 71,722 $ 56,699
Interest bearing deposits   424,644     450,373     451,024  
483,953 522,095 507,723
 
FHLB advances and repurchase agreements 67,000 57,000 57,000
Subordinated debt 8,248 8,248 8,248
Accrued expenses and other liabilities   5,015     5,165     4,786  
Total Liabilities 564,216 592,508 577,757
 
Common stock 385 385 384
Treasury stock (160 ) (160 ) (160 )
Additional paid-in capital 105,285 105,183 105,050
Accumulated deficit (53,950 ) (53,968 ) (55,302 )
Accumulated other comprehensive income   (428 )   319     698  
Total shareholders' equity   51,132     51,759     50,670  
 
Total liabilities and shareholders' equity $ 615,348   $ 644,267   $ 628,427  
 
(1) Includes the deferred tax asset and a full valuation allowance of $13.7 million, $13.5 million and $16.1 million, respectively.
 
                             

Financial Ratios and Other Data

(Dollars in thousands, except per share data)
(Unaudited) Sep. 30,

Jun. 30,

Sep. 30,
  2012     2012     2011  
Asset Quality:
Nonaccrual loans $ 30,020 $ 17,452 $ 21,776
Other real estate owned   1,252     1,518     4,732  
Total nonperforming assets $ 31,272   $ 18,970   $ 26,508  
 
 
Nonaccrual loans / portfolio loans 6.01 % 3.56 % 4.69 %
Nonperforming assets / assets 5.08 % 2.94 % 4.22 %
Allowance for loan losses $ 6,692 $ 6,674 $ 11,158
Allowance for loan losses / portfolio loans 1.34 % 1.36 % 2.40 %
Allowance / nonaccrual loans 22.92 % 38.24 % 51.24 %
Gross loan charge-offs for the quarter $ 4 $ 91 $ 218
Gross loan recoveries for the quarter $ 22 $ 17 $ 16
Net loan charge-offs for the quarter $ (18 ) $ 74 $ 202
 
Capital Data:
Book value per share (1) $ 1.33 $ 1.35 $ 1.32
Tangible book value per share (2) $ 1.33 $ 1.35 $ 1.32
Shares outstanding 38,467,073 38,467,073 38,362,727
 
(1) Book value per share represents shareholders’ equity divided by outstanding shares.
(2) Tangible book value per share represents shareholders’ equity less intangible assets divided by outstanding shares.




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