STAMFORD, Conn., May 6, 2014 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. ("Patriot") (Nasdaq:PNBK) reported net income for the first quarter of 2014 of $319,000 or $0.01 per diluted share compared to a loss of $2 million or $0.05 per diluted share a year ago. First quarter results include a charge of $117,000 for prior period interest expense related to the company's Junior Subordinated Debentures. Excluding this prior period expense, net income would have been $436,000 and when annualized equates to a Return on Average Assets of 0.33% and a Return on Average Equity of 4.12%. Kenneth T. Neilson, President and CEO commented, "Patriot's first quarter results reflect improvements in all aspects of the company's operation including margin, other income, expense reduction, asset quality and new business generation. We are pleased with our results and look forward to continued improvement and growth."
Patriot National Bancorp Reports Strong First Quarter Results
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