Patriot National Bancorp, Inc. (“Patriot,” “Bancorp” or the
“Company”) (NASDAQ: PNBK), the parent company of Patriot Bank, N.A.
(the “Bank”), today announced pretax loss of $1.4 million (net
loss of $1.1 million), or $0.27 basic and diluted loss per share
for the quarter ended March 31, 2020. Concurrently, the
institution’s total assets increased 2% to $999.6 million, net loan
portfolio increased 0.7%, deposits grew 4.4%, and net interest
income was up 1.9% for the quarter ended March 31, 2020 as compared
to the fourth quarter of 2019.
In the first quarter of 2020, total assets
increased to $999.6 million, up 2%, at March 31, 2020, as compared
to $979.8 million at December 31, 2019. Net Loan portfolio
increased $5.9 million or 0.7%, from $802.0 million at December 31,
2019 to $807.9 million at March 31, 2020. Deposits increased $33.7
million or 4.4%, from $769.5 million at December 31, 2019 to $803.2
million at March 31, 2020.
In its 2019 Form 10-K filed on April 29, 2020,
Patriot reported a net loss of $2.8 million or $0.72 per share in
the full year 2019, compared with net income of $3.2 million ($0.82
per share) in 2018.
In connection with the COVID-19 impact on its
customer base, staff and the financial community, Patriot has taken
the following actions:
- All branches have remained open
with customers re-directed to non-contact ATMs and Live Banker
ATMs. Lobbies have been closed and customers welcomed by
appointment only. Staff is available to handle all banking
matters, as necessary.
- Daily branch staffing rotation
schedules have been reduced. Staffing schedules have also been
revised with expanded work at home arrangements, when practical, to
better protect employees.
- Patriot’s on-line banking services
are being optimized, with expanded customer call center staff to
better serve customers’ needs and meet significantly higher
transaction volumes from Live Banker ATMs.
- We have connected with our borrower
base in the context of the Coronavirus Aid, Relief and Economic
Security (“CARES”) Act, resulting in requests for payment relief on
loan balances totaling approximately $218.2 million, predominately
commercial real estate loans and commercial industrial loans.
- The Company continues to thoroughly
evaluate incoming deferral requests and if appropriate, will grant
payment deferrals considering regulatory guidance.
The earnings decline in first quarter 2020 was
primarily due to a material increase in provision for loan losses
of $804,000 due primarily to the impact of COVID-19. Fourth
quarter 2019 results had also been negatively impacted by an
increase in loan loss provisions of $1.8 million primarily
associated with a single commercial real estate loan that was
restructured in December of 2019, the inability to successfully
execute SBA loan sales, and higher operating costs.
Michael Carrazza, Patriot’s Chairman and interim
CEO stated: “The past six months have been a challenging
time. Our Allowance for Loan Losses significantly increased
as a result of a single commercial loan and the impact of the
COVID-19 pandemic. In efforts to protect capital given the
uncertainties surrounding the COVID-19 situation, we promptly
adjusted our strategic plan by limiting loan growth, realigning
management resources and further reducing operating expenses.
Loan originations will continue, albeit on a limited basis, until
future uncertainty and the impact of the COVID-19 pandemic are
mitigated.
“In parallel, we have initiated changes at the
senior management level, including the search for a seasoned
community bank leader as our candidate to lead day-to-day
operations as President and CEO. We have identified a
candidate and are currently waiting for the required regulatory
non-objection before proceeding to finalize the appointment.
Lastly, each business unit has undergone heavy analysis of unit
profitability and realignment in addition to material
enterprise-wide cost reductions from the board level down.”
Mr. Carrazza added: “The bank’s foundation
remains strong. We are looking forward to soon naming a new
President and CEO to oversee operations and several new initiatives
we have underway. Our capital ratios continue to receive the
‘well-capitalized’ designation, while the aforementioned strategic
changes are expected to result in a strengthening of those ratios
over the balance of the year. In addition, our SBA and
prepaid card businesses retain untapped potential, which can
provide a significant boost to future growth in profitability.”
Financial Results
As of March 31, 2020, total assets were $999.6
million, as compared to $979.8 million at December 31, 2019 and
$953.1 million at March 31, 2019, for a total asset growth of 4.9%
over the past 12 months. Net loans receivable totaled $807.9
million, as compared to $802.0 million at December 31, 2019 and
$780.7 million at March 31, 2019, up 3.5% over the past 12 months.
Deposits totaled $803.2 million at March 31, 2020, as compared to
$769.5 million at December 31, 2019 and $752.8 million at March 31,
2019, a 6.7% increase over the past 12 months.
Net interest income was $6.3 million in the
first quarter of 2020, an increase of 1.9% from the fourth quarter
of 2019, and a decline of 0.6% from the first quarter of 2019.
Net interest margin was 2.72% in the first
quarter of 2020, as compared to 2.65% in the fourth quarter of 2019
and 2.88% in the first quarter of 2019. The decline in net
interest margin as compared to the first quarter of 2019 reflects
the increase in retail deposit costs associated with an
increasingly competitive local rate environment and the increase in
the rate paid on FHLB borrowings associated with the conversion of
certain borrowings from a low variable initial rate to a higher
fixed rate. This was partially offset by a higher loan volume.
The provision for loan losses in the first
quarter of 2020 was $804,000, as compared to $1.8 million in the
fourth quarter of 2019 and $165,000 in the first quarter of 2019.
The 2020 increase as compared to the first quarter of 2019 was
primarily due to an increase in the specific reserve for a cash
flow-dependent loan and additional reserve attributable to
COVID-19. In the fourth quarter of 2019, the provision for loan
losses included an additional allowance of loan loss reserve of
$1.5 million in connection with accounting for one troubled debt
restructuring.
Noninterest income was $421,000 in the first
quarter of 2020, 3.2% higher than the fourth quarter of 2019, and
43.6% lower than the first quarter of 2019. The decrease in
noninterest income as compared to the first quarter of 2019 was
due to lower realized gains on the sale of SBA loans of $368,000 in
the first quarter of 2020. Noninterest expense was $7.4
million in the first quarter of 2020, 8.4% higher than the fourth
quarter of 2019, and 14.3% higher than the first quarter of 2019.
The increase in non-interest expense in 2020 was primarily related
to higher staff salaries and benefits for the build-up of the SBA
team, new deposit initiatives, and expansion of credit, finance and
compliance support functions.
The income tax benefit was $359,000 in the first
quarter of 2020, representing an effective tax rate of 25%.
As of March 31, 2020, shareholders’ equity was
$64.6 million, a decrease of $2.4 million, as compared to December
31, 2019. Patriot’s book value per share decreased to $16.43 at
March 31, 2020, as compared to $17.04 at December 31, 2019.
The Bank’s capital ratios continue to be strong, maintaining its
“well capitalized” regulatory status. As of March 31, 2020, the
Bank’s Tier 1 leverage ratio was 9.16%, Tier 1 risk-based capital
ratio was 10.51% and total risk-based capital ratio was 11.76%.
Patriot temporarily suspended its quarterly
dividend and expects to resume when the current economic
uncertainties are settled.
Patriot Bank is headquartered in Stamford and
operates 9 branch locations: in Scarsdale, NY; and Darien,
Fairfield, Greenwich, Milford, Norwalk, Orange, Stamford, Westport,
Ct. with Express Banking locations at Bridgeport/ Housatonic
Community College, downtown New Haven and Trumbull at Westfield
Mall. The Bank also maintains SBA lending offices in Jacksonville,
Indianapolis, and Stamford, along with a Rhode Island operations
center.
About the Company
Founded in 1994, and now celebrating its 26th
year, Patriot National Bancorp, Inc. (“Patriot” or “Bancorp”) is
the parent holding company of Patriot Bank N.A. (“Bank”), a
nationally chartered bank headquartered in Stamford, CT. Patriot
operates with full service branches in Connecticut and New York and
provides lending products and services nationally. Patriot’s
mission is to serve its local community and nationwide customer
base by providing a growing array of banking solutions to meet the
needs of individuals and small businesses owners. Patriot places
great value in the integrity of its people and how it conducts
business. An emphasis on building strong client relationships and
community involvement are cornerstones of our philosophy as we seek
to maximize shareholder value.
“Safe Harbor” Statement Under Private
Securities Litigation Reform Act of 1995
Certain statements contained in Bancorp’s public
statements, including this one, may be forward looking and subject
to a variety of risks and uncertainties. These factors include, but
are not limited to: (1) changes in prevailing interest rates which
would affect the interest earned on the Company’s interest earning
assets and the interest paid on its interest bearing liabilities;
(2) the timing of re-pricing of the Company’s interest earning
assets and interest bearing liabilities; (3) the effect of changes
in governmental monetary policy; (4) the effect of changes in
regulations applicable to the Company and the Bank and the conduct
of its business; (5) changes in competition among financial service
companies, including possible further encroachment of non-banks on
services traditionally provided by banks; (6) the ability of
competitors that are larger than the Company to provide products
and services which it is impracticable for the Company to provide;
(7) the state of the economy and real estate values in the
Company’s market areas, and the consequent effect on the quality of
the Company’s loans; (8) demand for loans and deposits in our
market area; (9) recent governmental initiatives that are expected
to have a profound effect on the financial services industry and
could dramatically change the competitive environment of the
Company; (10) other legislative or regulatory changes, including
those related to residential mortgages, changes in accounting
standards, and Federal Deposit Insurance Corporation (“FDIC”)
premiums that may adversely affect the Company; (11) the
application of generally accepted accounting principles,
consistently applied; (12) the fact that one period of reported
results may not be indicative of future periods; (13) the state of
the economy in the greater New York metropolitan area and its
particular effect on the Company's customers, vendors and
communities and other such factors, including risk factors, as may
be described in the Company’s other filings with the Securities and
Exchange Commission (the “SEC”); (14) political, social, legal and
economic instability, civil unrest, war, catastrophic events, acts
of terrorism; (15) widespread outbreaks of infectious diseases,
including the ongoing novel coronavirus (COVID-19) outbreak; (16)
changes in the level and direction of loan delinquencies and
write-offs and changes in estimates of the adequacy of the
allowance for loan losses; (17) our ability to access
cost-effective funding; (18) our ability to implement and change
our business strategies; (19) changes in the quality or composition
of our loan or investment portfolios; (20) technological changes
that may be more difficult or expensive than expected; (21) our
ability to manage market risk, credit risk and operational risk in
the current economic environment; (22) our ability to enter new
markets successfully and capitalize on growth opportunities; (23)
changes in consumer spending, borrowing and savings habits; (24)
our ability to retain key employees; and (25) our compensation
expense associated with equity allocated or awarded to our
employees.
Contacts: |
|
|
|
|
Patriot Bank, N.A.900 Bedford StreetStamford, CT
06901www.BankPatriot.com |
|
Joseph PerilloChief Financial Officer203-252-5954 |
|
Michael CarrazzaChairman & interim CEO203-251-8230 |
|
|
|
|
|
PATRIOT NATIONAL BANCORP, INC. AND
SUBSIDIARIES |
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands, except share data) |
March 31, 2020 |
|
December 31, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
Cash and due
from banks: |
|
|
|
|
|
|
|
Noninterest bearing deposits and cash |
$ |
1,806 |
|
|
$ |
2,693 |
|
|
$ |
6,661 |
|
|
$ |
7,381 |
|
Interest bearing deposits |
|
50,350 |
|
|
|
36,711 |
|
|
|
49,971 |
|
|
|
59,056 |
|
Total cash and cash equivalents |
|
52,156 |
|
|
|
39,404 |
|
|
|
56,632 |
|
|
|
66,437 |
|
Investment
securities: |
|
|
|
|
|
|
|
Available-for-sale securities, at fair value |
|
44,830 |
|
|
|
48,317 |
|
|
|
40,275 |
|
|
|
39,496 |
|
Other investments, at cost |
|
4,450 |
|
|
|
4,450 |
|
|
|
4,963 |
|
|
|
4,963 |
|
Total investment securities |
|
49,280 |
|
|
|
52,767 |
|
|
|
45,238 |
|
|
|
44,459 |
|
|
|
|
|
|
|
|
|
Federal
Reserve Bank stock, at cost |
|
2,897 |
|
|
|
2,897 |
|
|
|
2,892 |
|
|
|
2,866 |
|
Federal Home
Loan Bank stock, at cost |
|
4,477 |
|
|
|
4,477 |
|
|
|
4,513 |
|
|
|
4,928 |
|
|
|
|
|
|
|
|
|
Gross loans
receivable |
|
818,841 |
|
|
|
812,164 |
|
|
|
788,536 |
|
|
|
780,376 |
|
Allowance
for loan losses |
|
(10,916 |
) |
|
|
(10,115 |
) |
|
|
(7,823 |
) |
|
|
(7,609 |
) |
Net loans receivable |
|
807,925 |
|
|
|
802,049 |
|
|
|
780,713 |
|
|
|
772,767 |
|
|
|
|
|
|
|
|
|
SBA loans
held for sale |
|
17,996 |
|
|
|
15,282 |
|
|
|
- |
|
|
|
- |
|
Accrued
interest and dividends receivable |
|
3,801 |
|
|
|
3,603 |
|
|
|
3,621 |
|
|
|
3,766 |
|
Premises and
equipment, net |
|
34,312 |
|
|
|
34,568 |
|
|
|
35,335 |
|
|
|
35,435 |
|
Other real
estate owned |
|
2,400 |
|
|
|
2,400 |
|
|
|
2,945 |
|
|
|
2,945 |
|
Deferred tax
asset, net |
|
11,989 |
|
|
|
11,133 |
|
|
|
10,357 |
|
|
|
10,851 |
|
Goodwill |
|
1,107 |
|
|
|
1,107 |
|
|
|
1,107 |
|
|
|
1,728 |
|
Core deposit
intangible, net |
|
605 |
|
|
|
623 |
|
|
|
680 |
|
|
|
698 |
|
Other
assets |
|
10,634 |
|
|
|
9,526 |
|
|
|
9,075 |
|
|
|
4,816 |
|
Total assets |
$ |
999,579 |
|
|
$ |
979,836 |
|
|
$ |
953,108 |
|
|
$ |
951,696 |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
Noninterest bearing deposits |
$ |
83,583 |
|
|
$ |
88,135 |
|
|
$ |
82,248 |
|
|
$ |
84,471 |
|
Interest bearing deposits |
|
719,631 |
|
|
|
681,400 |
|
|
|
670,573 |
|
|
|
658,810 |
|
Total deposits |
|
803,214 |
|
|
|
769,535 |
|
|
|
752,821 |
|
|
|
743,281 |
|
|
|
|
|
|
|
|
|
Federal Home
Loan Bank and correspondent bank borrowings |
|
90,000 |
|
|
|
100,000 |
|
|
|
90,000 |
|
|
|
100,000 |
|
Senior
notes, net |
|
11,871 |
|
|
|
11,853 |
|
|
|
11,796 |
|
|
|
11,778 |
|
Subordinated
debt, net |
|
9,760 |
|
|
|
9,752 |
|
|
|
9,731 |
|
|
|
9,723 |
|
Junior
subordinated debt owed to unconsolidated trust, net |
|
8,104 |
|
|
|
8,102 |
|
|
|
8,096 |
|
|
|
8,094 |
|
Note
payable |
|
1,143 |
|
|
|
1,193 |
|
|
|
1,339 |
|
|
|
1,388 |
|
Advances
from borrowers for taxes and insurance |
|
2,637 |
|
|
|
3,681 |
|
|
|
1,922 |
|
|
|
2,926 |
|
Accrued
expenses and other liabilities |
|
8,227 |
|
|
|
8,726 |
|
|
|
7,754 |
|
|
|
5,166 |
|
Total liabilities |
|
934,956 |
|
|
|
912,842 |
|
|
|
883,459 |
|
|
|
882,356 |
|
|
|
|
|
|
|
|
|
Commitments
and Contingencies |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
|
|
Preferred
stock |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Common
stock |
|
106,213 |
|
|
|
106,170 |
|
|
|
106,004 |
|
|
|
105,956 |
|
Accumulated
deficit |
|
(39,845 |
) |
|
|
(38,773 |
) |
|
|
(35,517 |
) |
|
|
(35,790 |
) |
Accumulated
other comprehensive loss |
|
(1,745 |
) |
|
|
(403 |
) |
|
|
(838 |
) |
|
|
(826 |
) |
Total shareholders' equity |
|
64,623 |
|
|
|
66,994 |
|
|
|
69,649 |
|
|
|
69,340 |
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
999,579 |
|
|
$ |
979,836 |
|
|
$ |
953,108 |
|
|
$ |
951,696 |
|
|
|
|
|
|
|
|
|
PATRIOT NATIONAL BANCORP, INC. AND
SUBSIDIARIES |
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
(In
thousands, except per share amounts) |
March 31, 2020 |
|
December 31, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
|
|
|
|
|
|
|
Interest and Dividend Income |
|
|
|
|
|
|
|
Interest and fees on loans |
$ |
10,033 |
|
|
$ |
10,223 |
|
|
$ |
9,755 |
|
$ |
10,158 |
|
Interest on investment securities |
|
416 |
|
|
|
460 |
|
|
|
379 |
|
|
385 |
|
Dividends on investment securities |
|
138 |
|
|
|
109 |
|
|
|
118 |
|
|
116 |
|
Other interest income |
|
135 |
|
|
|
161 |
|
|
|
333 |
|
|
270 |
|
Total interest and dividend income |
|
10,722 |
|
|
|
10,953 |
|
|
|
10,585 |
|
|
10,929 |
|
|
|
|
|
|
|
|
|
Interest Expense |
|
|
|
|
|
|
|
Interest on deposits |
|
3,200 |
|
|
|
3,533 |
|
|
|
3,264 |
|
|
2,913 |
|
Interest on Federal Home Loan Bank borrowings |
|
697 |
|
|
|
708 |
|
|
|
439 |
|
|
389 |
|
Interest on senior debt |
|
229 |
|
|
|
229 |
|
|
|
229 |
|
|
229 |
|
Interest on subordinated debt |
|
268 |
|
|
|
273 |
|
|
|
289 |
|
|
278 |
|
Interest on note payable and other |
|
5 |
|
|
|
5 |
|
|
|
6 |
|
|
15 |
|
Total interest expense |
|
4,399 |
|
|
|
4,748 |
|
|
|
4,227 |
|
|
3,824 |
|
|
|
|
|
|
|
|
|
Net interest income |
|
6,323 |
|
|
|
6,205 |
|
|
|
6,358 |
|
|
7,105 |
|
|
|
|
|
|
|
|
|
Provision for Loan Losses |
|
804 |
|
|
|
1,769 |
|
|
|
165 |
|
|
1,018 |
|
|
|
|
|
|
|
|
|
Net interest income after provision for loan
losses |
|
5,519 |
|
|
|
4,436 |
|
|
|
6,193 |
|
|
6,087 |
|
|
|
|
|
|
|
|
|
Non-interest Income |
|
|
|
|
|
|
|
Loan application, inspection and processing fees |
|
53 |
|
|
|
39 |
|
|
|
14 |
|
|
15 |
|
Deposit fees and service charges |
|
114 |
|
|
|
126 |
|
|
|
127 |
|
|
132 |
|
Gains on sale of loans |
|
12 |
|
|
|
27 |
|
|
|
380 |
|
|
93 |
|
Rental income |
|
131 |
|
|
|
130 |
|
|
|
130 |
|
|
131 |
|
Other income |
|
111 |
|
|
|
86 |
|
|
|
95 |
|
|
194 |
|
Total non-interest income |
|
421 |
|
|
|
408 |
|
|
|
746 |
|
|
565 |
|
|
|
|
|
|
|
|
|
Non-interest Expense |
|
|
|
|
|
|
|
Salaries and benefits |
|
3,861 |
|
|
|
3,409 |
|
|
|
3,184 |
|
|
3,324 |
|
Occupancy and equipment expenses |
|
949 |
|
|
|
923 |
|
|
|
917 |
|
|
813 |
|
Data processing expenses |
|
390 |
|
|
|
375 |
|
|
|
370 |
|
|
341 |
|
Professional and other outside services |
|
784 |
|
|
|
777 |
|
|
|
709 |
|
|
583 |
|
Project expenses, net |
|
94 |
|
|
|
188 |
|
|
|
80 |
|
|
330 |
|
Advertising and promotional expenses |
|
147 |
|
|
|
125 |
|
|
|
115 |
|
|
64 |
|
Loan administration and processing expenses |
|
24 |
|
|
|
54 |
|
|
|
14 |
|
|
25 |
|
Regulatory assessments |
|
440 |
|
|
|
371 |
|
|
|
315 |
|
|
317 |
|
Insurance expenses (income) |
|
70 |
|
|
|
(24 |
) |
|
|
41 |
|
|
38 |
|
Communications, stationary and supplies |
|
120 |
|
|
|
135 |
|
|
|
134 |
|
|
134 |
|
Other operating expenses |
|
492 |
|
|
|
466 |
|
|
|
569 |
|
|
467 |
|
Total non-interest expense |
|
7,371 |
|
|
|
6,799 |
|
|
|
6,448 |
|
|
6,436 |
|
|
|
|
|
|
|
|
|
(Loss) income before income taxes |
|
(1,431 |
) |
|
|
(1,955 |
) |
|
|
491 |
|
|
216 |
|
|
|
|
|
|
|
|
|
(Benefit) provision for Income Taxes |
|
(359 |
) |
|
|
(443 |
) |
|
|
168 |
|
|
(110 |
) |
Net (loss) income |
$ |
(1,072 |
) |
|
$ |
(1,512 |
) |
|
$ |
323 |
|
$ |
326 |
|
|
|
|
|
|
|
|
|
Basic (loss) earnings per share |
$ |
(0.27 |
) |
|
$ |
(0.39 |
) |
|
$ |
0.08 |
|
$ |
0.08 |
|
Diluted (loss) earnings per share |
$ |
(0.27 |
) |
|
$ |
(0.39 |
) |
|
$ |
0.08 |
|
$ |
0.08 |
|
|
|
|
|
|
|
|
|
FINANCIAL RATIOS AND OTHER DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
(Dollars in thousands) |
March 31, 2020 |
|
December 31, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
|
|
|
|
|
|
|
Quarterly Performance Data: |
|
|
|
|
|
|
|
Net (loss) income |
$ |
(1,072 |
) |
|
$ |
(1,512 |
) |
|
$ |
323 |
|
|
$ |
326 |
|
Return on Average Assets |
|
-0.44 |
% |
|
|
-0.61 |
% |
|
|
0.14 |
% |
|
|
0.14 |
% |
Return on Average Equity |
|
-6.37 |
% |
|
|
-8.74 |
% |
|
|
1.87 |
% |
|
|
1.85 |
% |
Net Interest Margin |
|
2.72 |
% |
|
|
2.65 |
% |
|
|
2.88 |
% |
|
|
3.20 |
% |
Efficiency Ratio |
|
109.28 |
% |
|
|
102.80 |
% |
|
|
90.78 |
% |
|
|
83.91 |
% |
Efficiency Ratio excluding project costs |
|
107.90 |
% |
|
|
101.47 |
% |
|
|
89.65 |
% |
|
|
79.61 |
% |
%
increase loans |
|
0.82 |
% |
|
|
1.48 |
% |
|
|
1.05 |
% |
|
|
2.24 |
% |
%
increase deposits |
|
4.38 |
% |
|
|
0.98 |
% |
|
|
1.28 |
% |
|
|
3.30 |
% |
|
|
|
|
|
|
|
|
Asset Quality: |
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
16,450 |
|
|
$ |
18,049 |
|
|
$ |
28,029 |
|
|
$ |
19,186 |
|
Other real estate owned |
$ |
2,400 |
|
|
$ |
2,400 |
|
|
$ |
2,945 |
|
|
$ |
2,945 |
|
Total nonperforming assets |
$ |
18,850 |
|
|
$ |
20,449 |
|
|
$ |
30,974 |
|
|
$ |
22,131 |
|
|
|
|
|
|
|
|
|
Nonaccrual loans / loans |
|
2.01 |
% |
|
|
2.22 |
% |
|
|
3.55 |
% |
|
|
2.46 |
% |
Nonperforming assets / assets |
|
1.89 |
% |
|
|
2.09 |
% |
|
|
3.25 |
% |
|
|
2.33 |
% |
Allowance for loan losses |
$ |
10,916 |
|
|
$ |
10,115 |
|
|
$ |
7,823 |
|
|
$ |
7,609 |
|
Valuation reserve |
$ |
1,100 |
|
|
$ |
1,258 |
|
|
$ |
1,384 |
|
|
$ |
1,712 |
|
Allowance for loan losses with valuation reserve |
$ |
12,016 |
|
|
$ |
11,373 |
|
|
$ |
9,207 |
|
|
$ |
9,321 |
|
|
|
|
|
|
|
|
|
Allowance for loan losses / loans |
|
1.33 |
% |
|
|
1.25 |
% |
|
|
0.99 |
% |
|
|
0.98 |
% |
Allowance / nonaccrual loans |
|
66.36 |
% |
|
|
56.04 |
% |
|
|
27.91 |
% |
|
|
39.66 |
% |
Allowance for loan losses and valuation reserve / loans |
|
1.47 |
% |
|
|
1.40 |
% |
|
|
1.17 |
% |
|
|
1.19 |
% |
Allowance for loan losses and valuation reserve / nonaccrual
loans |
|
73.05 |
% |
|
|
63.01 |
% |
|
|
32.85 |
% |
|
|
48.58 |
% |
|
|
|
|
|
|
|
|
Gross loan charge-offs |
$ |
44 |
|
|
$ |
71 |
|
|
$ |
- |
|
|
$ |
16 |
|
Gross loan (recoveries) |
$ |
(41 |
) |
|
$ |
(11 |
) |
|
$ |
(49 |
) |
|
$ |
(2 |
) |
Net loan charge-offs (recoveries) |
$ |
3 |
|
|
$ |
60 |
|
|
$ |
(49 |
) |
|
$ |
14 |
|
|
|
|
|
|
|
|
|
Capital Data and Capital Ratios |
|
|
|
|
|
|
|
Book value per share (1) |
$ |
16.43 |
|
|
$ |
17.04 |
|
|
$ |
17.77 |
|
|
$ |
17.73 |
|
Shares outstanding |
|
3,932,841 |
|
|
|
3,930,669 |
|
|
|
3,919,610 |
|
|
|
3,910,674 |
|
Bank Capital Ratios: |
|
|
|
|
|
|
|
Leverage Ratio |
|
9.16 |
% |
|
|
9.28 |
% |
|
|
9.79 |
% |
|
|
9.84 |
% |
Tier 1 Capital |
|
10.51 |
% |
|
|
10.64 |
% |
|
|
10.99 |
% |
|
|
10.62 |
% |
Total Risk Based Capital |
|
11.76 |
% |
|
|
11.83 |
% |
|
|
11.91 |
% |
|
|
11.50 |
% |
|
|
|
|
|
|
|
|
(1) Book value per share represents shareholders' equity divided
by outstanding shares.
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