STAMFORD, Conn., Nov. 14, 2016 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. ("Patriot", "Bancorp" or the "Company") (NASDAQ:PNBK), the parent company of Patriot Bank, N.A. (the "Bank"), today reported a nearly 30 percent increase in third quarter earnings, with net income of $814,000, or $0.21 diluted income per share. This represents a sizable increase over the $633,000 net income a year ago, or $0.16 diluted income per share. In the second quarter of 2016, the Company reported a $582,000 net loss, or ($0.15) diluted income per share. As of September 30, 2016, total assets increased by $31 million to $683 million - a nearly 5% jump - compared to $652 million at June 30, 2016 and $641 million at September 30, 2015. Net loans totaled $553 million, up 6%, at September 30, 2016 compared to $521 million at June 30, 2016 and $491 million at September 30, 2015. Deposits also grew 5.6%, an increase of $25 million over the quarter. In the third quarter, Patriot's Chairman, Michael Carrazza, stepped into the CEO seat to execute a series of value-enhancing performance initiatives. "Our team developed and began implementing initiatives aimed at generating stronger and consistent economic performance, which already proved visible this quarter," said Mr. Carrazza. "These value-based, reengineering disciplines made an immediate difference and are expected to further elevate operating efficiencies and bottom line results. We are looking to make continued strides going forward." Net interest income, before provision for loan losses, increased by $334,000 (6.2%), as compared to the second quarter of 2016, and $272,000 (5%) compared to the third quarter of 2015. The increase in net interest income this quarter over these prior periods is the result of loan growth. The loan pipeline remains strong and continued growth is expected. Patriot's net interest margin was 3.85% for the third quarter, as compared to 3.78% in the prior quarter and 3.67% in the third quarter of 2015.