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."
Michael Carrazza, Chairman, stated, "Based on these results and Patriot's business plan for 2014, we believe Patriot, in the future, will no longer require a valuation allowance on its deferred tax assets which could add over $17 million to capital and will increase book value by approximately 45 cents per share."
Excluding the prior period expense, net interest income for the first quarter of 2014 was $4.1 million compared with $3.9 million in the first quarter of 2013 and Patriot's net interest margin was 3.35% for 2014 up from 2.73% in the first quarter of 2013.Non interest income totaled $593,000 for the first quarter of 2014 up from $487,000 in the first quarter of last year, a 22% increase. The increases occurred across all categories of ongoing non interest income except for a slight decline on income from Bank Owned Life Insurance due to the interest rate environment. Non interest expense for the first quarter of 2014 totaled $4.3 million down from $6.4 million in the first quarter of last year, a decrease of 33%. This decrease occurred in virtually every expense category as Patriot restructured itself to achieve efficiencies and provide better service.