Patriot National Bancorp Inc. Announces Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2012; Provides Earnings Guidance for the Fourth Quarter of 2012
November 29, 2012
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Patriot National Bancorp Inc. announced unaudited earnings results for the third quarter and nine months ended September 30, 2012. The company reported it earned $909,000, or $0.02 basic and diluted income per share, for the nine months ended September 30, 2012 compared to a net loss of $15.9 million, or $0.41 basic and diluted loss per share, for the nine months ended September 30, 2011. Net interest income was $13,775,000 against $14,924,000 a year ago. The decline compared to the first nine months of the prior year was due to the overall lower rate environment and the change in the balance sheet mix. Income before income taxes was $909,000 against loss of $15,903,000 a year ago. Book value per share was $1.33 against $1.32 a year ago. Tangible book value per share was $1.33 against $1.32 a year ago.
For the quarter ended September 30, 2012, the company earned $18,000 compared to $255,000 for the third quarter a year ago. Basic and diluted earnings per share were $0.00 against $0.01 a year ago. Net interest income was $4,232,000 against $4,946,000 a year ago. Interest income decreased 13.4% compared to the third quarter a year ago as a result of the lower interest rate environments impact on loans that re-priced, loan payoffs, and the overall loan mix. Income before income taxes was $18,000 against $255,000 a year ago.
The company is on track to surpass targeted levels of asset quality improvement by year-end and will continue to implement core earnings profitability strategies in the fourth quarter of 2012.
Patriot National Bancorp, Inc. is a one-bank holding company for Patriot Bank, N.A (the Bank). The Bank has a total of nine branch offices comprised of eight branch offices located in Fairfield and New Haven Counties, Connecticut and one branch office located in Westchester County, New York. It offers commercial real estate loans, commercial business loans, small business administration (SBA) loans and a variety of consumer loans to individuals, small and medium-sized businesses and professionals. Its consumer and commercial deposit accounts offering include checking, interest-bearing negotiable order of withdrawal, money market, time certificates of deposit, savings, prepaid deposit accounts, on-line national money market accounts, certificate of deposit account registry service, individual retirement accounts and others. Other services offered by the Bank include lockbox, Internet banking, bill paying, remote deposit capture, debit cards, money orders, travelers' checks, and ATMs.
Patriot National Bancorp Inc. Announces Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2012; Provides Earnings Guidance for the Fourth Quarter of 2012