Patriot National Bancorp, Inc. (“Patriot,” “Bancorp” or the
“Company”) (NASDAQ: PNBK), the parent company of Patriot Bank, N.A.
(the “Bank”), today announced pre-tax income of $491,000, and
net income of $323,000, or $0.08 per fully diluted share for
the quarter ended March 31, 2019. The net income was
essentially unchanged from the prior quarter and $742,000 below the
first quarter of 2018.
The decline from the 2018 first quarter was due
to a combination of: a decline in net interest income associated
with higher retail deposit rates; a higher balance of more costly
wholesale funding; and the impact of reserves associated with
non-performing loans. The first quarter results include
an increase in operating expenses associated with the organic
build-up of the Bank’s SBA lending business, expansion of deposit
initiatives, and costs incurred in conjunction with enhancing
processes, controls and documentation in response to the previously
announced Formal Agreement with the Office of the Comptroller of
the Currency (OCC), the Bank’s primary regulator.
In the first quarter of 2019, Patriot recognized
a gain on the sale of SBA loans of $456,000, compared with $93,000
in the prior quarter and none in the first quarter of 2018.
The Bank continues to maintain strong capital ratios and earnings
are expected to return to normalized levels going forward.”
CEO Michael Carrazza stated:
“The first quarter of 2019 resulted in lower than expected
earnings. A confluence of rising deposit rates, cost of
funds, and reserves, was compounded by notable increases in
regulatory compliance costs. The Bank had positioned its
balance sheet, funding costs and operating focus in anticipation of
completing the acquisition of Hana SBL; it was disappointing to not
have been able to obtain regulatory approval to close the
transaction.”
Patriot and Hana SBL mutually agreed to
terminate the transaction in March 2019. In response, Patriot
has increased efforts to organically build its SBA business, while
strengthening internal process and controls to meet current
regulatory standards.
Richard Muskus, Patriot’s
President, added: “We continued to produce positive
results in our core competency of loan originations with
approximately $70 million in new loans funded and committed in the
first quarter of 2019. Further, we have seen our first period
of significant contribution from our growing SBA lending business
and are looking forward to initiating new deposit gathering
initiatives in the second half of the year that are expected to
reduce funding costs and strengthen ongoing Bank operating
performance.”
Regarding enhancements to the operating
environment, Mr. Muskus added: “We are very encouraged by the
progress we have made in strengthening our internal processes and
controls and are maintaining a very productive relationship with
our regulators. These enhancements combined with our other
business initiatives will make us a stronger, more well-rounded and
more profitable Company moving forward.”
Patriot also announced today the declaration of
its eighth consecutive quarterly dividend of $0.01 per share. The
record date for this quarterly dividend will be June 4, 2019 with a
dividend payment date of June 11, 2019.
Financial Results
As of March 31, 2019, total assets were
$953.1 million, as compared to $951.7 million at December
31, 2018 and $870.4 million at March 31, 2018, for a
total asset growth of 10% over the past 12 months. Net loans
receivable totaled $780.7 million, up 1% over $772.8 million at
December 31, 2018, and up 9% over $718.1 million at
March 31, 2018. Deposits continued to grow to $752.8 million
at March 31, 2019, as compared to $743.3 million at December
31, 2018 and $655.3 million at March 31, 2018.
Net interest income was $6.3 million in the
first quarter of 2019, a decrease of 11% and 10% from the prior
quarter and the corresponding 2018 period, respectively. The
decline in both comparisons was due to higher deposit costs, the
impact of non-performing and reduced rate loans and lower loan fees
while the decline from the first quarter of 2019 also reflected the
impact of the cost of sub debt raised in June of 2018.
Net interest margin was 2.87% for the first
quarter of 2019, as compared to 3.20% in the prior quarter and
3.55% for the corresponding 2018 period.
The provision for loan losses in the first
quarter of 2019 was $165,000, as compared to $1.0 million in the
prior quarter and $185,000 for the corresponding 2018 period. The
provision for loan losses in the fourth quarter of 2018 was
primarily due to a large provision booked in December 2018
associated with one loan stemming from operating cash flow
weaknesses and a collateral shortfall.
Non-interest income was $822,000 in the first
quarter of 2019, 45% higher than the prior quarter, and 155% higher
than the prior year period, primarily due to realized gains on the
sale of SBA loans.
Non-interest expense was $6.5 million in the
first quarter of 2019, 1% higher than the first quarter of the
prior year, and 12% higher than the prior year period. The increase
compared to the first quarter of the prior year was primarily due
to an increase in salaries and benefits associated with the
build-up of the SBA lending team, the completion of the acquisition
of Prime Bank, and increased headcount supporting new deposit
initiatives and the expansion of credit, finance and compliance
support functions.
The income tax provision was $168,000 in the
first quarter of 2019.
As of March 31, 2019, shareholders’ equity
was $69.6 million, an increase of $309,000 as compared to December
31, 2018. Patriot’s book value per share increased to $17.77 at
March 31, 2019, as compared to $17.73 at December 31,
2018.
The Bank’s capital ratios continue to be strong,
as the Bank maintains its “well capitalized” regulatory status. As
of March 31, 2019, the Bank’s Tier 1 leverage ratio was 9.79%,
Tier 1 risk-based capital ratio was 10.99% and total risk-based
capital ratio was 11.91%.
About the Company
Founded in 1994, 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 Bancorp’s interest earning assets and the
interest paid on its interest bearing liabilities, (2) the timing
of repricing of Bancorp’s interest earning assets and interest
bearing liabilities, (3) the effect of changes in governmental
monetary policy, (4) the components of Bancorp’s periodic earnings
and assets, (5) the fact that certain of the income recognized by
Bancorp in any quarter may not be repeated in future periods, (6)
the effect of changes in regulations applicable to Bancorp and the
Bank and the conduct of its business, (7) changes in competition
among financial service companies, including possible further
encroachment of non-banks on services traditionally provided by
banks, (8) the ability of competitors that are larger than Bancorp
to provide products and services which it is impracticable for
Bancorp to provide, (9) the state of the economy and real estate
values in Bancorp’s market areas, and the consequent effect on the
quality of Bancorp’s loans, (10) 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 Bancorp, (11) 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 Bancorp, (12) the
application of generally accepted accounting principles,
consistently applied, (13) the fact that one period of
reported results may not be indicative of future periods,
(14) the state of the economy in the greater New York
metropolitan area and its particular effect on Bancorp customers,
vendors and communities and other such factors, including risk
factors, as may be described in Bancorp’s other filings with the
SEC.
Contacts: |
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Patriot Bank, N.A. |
Richard Muskus |
Joseph Perillo |
Michael Carrazza |
900 Bedford Street |
President |
Chief Financial Officer |
CEO and Chairman |
Stamford, CT 06901 |
203-252-5939 |
203-252-5954 |
203-251-8230 |
www.BankPatriot.com |
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PATRIOT
NATIONAL BANCORP, INC. AND SUBSIDIARY |
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CONSOLIDATED BALANCE SHEETS |
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(Unaudited) |
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Dollars in
thousands |
|
March 31,
2019 |
|
December 31,
2018 |
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March 31,
2018 |
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Assets |
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Noninterest
bearing deposits and cash |
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$ |
6,661 |
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$ |
7,381 |
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$ |
3,865 |
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Interest bearing
deposits |
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|
49,971 |
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|
59,056 |
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|
57,615 |
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Total cash and
cash equivalents |
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|
56,632 |
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|
66,437 |
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|
61,480 |
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Available-for-sale
securities, at fair value |
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40,275 |
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39,496 |
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|
24,793 |
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Other investments,
at cost |
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|
4,963 |
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|
4,963 |
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|
4,962 |
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Total investment
securities |
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45,238 |
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|
|
44,459 |
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|
29,755 |
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FRB & FHLB
stock, at cost |
|
|
7,405 |
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|
|
7,794 |
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|
8,415 |
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Gross loans
receivable |
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|
788,536 |
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|
780,376 |
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|
724,555 |
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Allowance for loan
losses |
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|
(7,823 |
) |
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|
(7,609 |
) |
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|
(6,485 |
) |
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Net loans
receivable |
|
|
780,713 |
|
|
|
772,767 |
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|
|
718,070 |
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|
|
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|
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Accrued interest
and dividends receivable |
|
|
3,621 |
|
|
|
3,766 |
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|
|
3,505 |
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Premises and
equipment, net |
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|
35,335 |
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|
35,435 |
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|
35,638 |
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Other real estate
owned |
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|
2,945 |
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|
2,945 |
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- |
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Deferred tax
asset, net |
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|
10,357 |
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|
|
10,851 |
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|
|
11,335 |
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Goodwill |
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|
1,107 |
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|
|
1,728 |
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- |
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Core deposit
intangible, net |
|
|
680 |
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|
|
698 |
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|
|
- |
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Other assets |
|
|
9,075 |
|
|
|
4,816 |
|
|
|
2,219 |
|
|
Total
assets |
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$ |
953,108 |
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|
$ |
951,696 |
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|
$ |
870,417 |
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Liabilities and Shareholders' Equity |
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Deposits |
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Noninterest
bearing deposits |
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$ |
82,248 |
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$ |
84,471 |
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$ |
71,736 |
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Interest bearing
deposits |
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|
670,573 |
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|
|
658,810 |
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|
|
583,562 |
|
|
|
|
|
|
752,821 |
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|
|
743,281 |
|
|
|
655,298 |
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|
|
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Federal Home Loan
Bank and correspondent bank borrowings |
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|
90,000 |
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100,000 |
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|
|
120,000 |
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Senior
notes, net |
|
|
11,796 |
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|
11,778 |
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|
11,722 |
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Subordinated debt,
net |
|
|
9,731 |
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|
|
9,723 |
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|
- |
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Junior
subordinated debt owed to unconsolidated trust, net |
|
|
8,096 |
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|
|
8,094 |
|
|
|
8,088 |
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Note payable |
|
|
1,339 |
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|
|
1,388 |
|
|
|
1,532 |
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Advances from
borrowers for taxes and insurance |
|
|
1,922 |
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|
|
2,926 |
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|
|
1,904 |
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Accrued expenses
and other liabilities |
|
|
7,754 |
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|
|
5,166 |
|
|
|
4,268 |
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|
|
Total
liabilities |
|
|
883,459 |
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|
|
882,356 |
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|
|
802,812 |
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Preferred
Stock |
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|
- |
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- |
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- |
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Common stock |
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|
40 |
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|
|
40 |
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|
40 |
|
Additional paid-in
capital |
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|
107,143 |
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|
107,095 |
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|
106,928 |
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Accumulated
deficit |
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|
(35,517 |
) |
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|
(35,790 |
) |
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|
(37,805 |
) |
Treasury stock, at
cost |
|
|
(1,179 |
) |
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|
(1,179 |
) |
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|
(1,179 |
) |
Accumulated other
comprehensive loss |
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|
(838 |
) |
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|
(826 |
) |
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|
(379 |
) |
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Total Shareholders'
Equity |
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|
69,649 |
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|
69,340 |
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|
67,605 |
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Total
Liabilities and Shareholders' Equity |
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$ |
953,108 |
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|
$ |
951,696 |
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$ |
870,417 |
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PATRIOT
NATIONAL BANCORP, INC. AND SUBSIDIARY |
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CONSOLIDATED STATEMENTS OF
INCOME |
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(Unaudited) |
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Three Months Ended |
Dollars in
thousands, except per share data |
|
March 31, 2019 |
|
December 31, 2018 |
|
March 31, 2018 |
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|
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|
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Interest and
Dividend Income |
|
|
|
|
|
|
|
|
|
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Interest and fees
on loans |
|
$ |
9,741 |
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|
$ |
10,158 |
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|
$ |
8,774 |
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|
Interest on
investment securities |
|
|
385 |
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|
|
385 |
|
|
|
266 |
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|
Dividends on
investment securities |
|
|
118 |
|
|
|
116 |
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|
|
121 |
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|
Other interest
income |
|
|
327 |
|
|
|
270 |
|
|
|
151 |
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|
|
Total interest and dividend
income |
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|
10,571 |
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|
|
10,929 |
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|
9,312 |
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Interest
Expense |
|
|
|
|
|
|
|
|
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|
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Interest on
deposits |
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|
3,264 |
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|
|
2,913 |
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|
|
1,657 |
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|
Interest on
Federal Home Loan Bank borrowings |
|
|
439 |
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|
|
389 |
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|
|
257 |
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|
Interest on senior
debt |
|
|
229 |
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|
|
229 |
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|
|
229 |
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Interest on
subordinated debt |
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|
289 |
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|
|
278 |
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|
|
99 |
|
|
Interest on note
payable and other |
|
|
6 |
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|
|
15 |
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|
|
7 |
|
|
|
Total interest expense |
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|
4,227 |
|
|
|
3,824 |
|
|
|
2,249 |
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
|
6,344 |
|
|
|
7,105 |
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|
|
7,063 |
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|
|
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|
|
|
|
|
|
|
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Provision for loan
losses |
|
|
165 |
|
|
|
1,018 |
|
|
|
185 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after provision for loan losses |
|
|
6,179 |
|
|
|
6,087 |
|
|
|
6,878 |
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|
|
|
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|
|
|
|
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|
|
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Non-interest
Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan application,
inspection and processing fees |
|
|
14 |
|
|
|
15 |
|
|
|
8 |
|
|
Deposit fees and
service charges |
|
|
127 |
|
|
|
132 |
|
|
|
134 |
|
|
Gains on sale of
loans |
|
|
456 |
|
|
|
93 |
|
|
|
- |
|
|
Rental income |
|
|
130 |
|
|
|
131 |
|
|
|
84 |
|
|
Other income |
|
|
95 |
|
|
|
194 |
|
|
|
96 |
|
|
|
Total non-interest
income |
|
|
822 |
|
|
|
565 |
|
|
|
322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
benefits |
|
|
3,184 |
|
|
|
3,324 |
|
|
|
2,769 |
|
|
Occupancy and
equipment expense |
|
|
917 |
|
|
|
813 |
|
|
|
741 |
|
|
Data processing
expense |
|
|
370 |
|
|
|
341 |
|
|
|
317 |
|
|
Professional and
other outside services |
|
|
771 |
|
|
|
583 |
|
|
|
572 |
|
|
Merger/tax
initiative project expenses |
|
|
80 |
|
|
|
330 |
|
|
|
523 |
|
|
Advertising and
promotional expenses |
|
|
115 |
|
|
|
64 |
|
|
|
78 |
|
|
Loan
administration and processing expenses |
|
|
14 |
|
|
|
25 |
|
|
|
13 |
|
|
Regulatory
assessments |
|
|
315 |
|
|
|
317 |
|
|
|
252 |
|
|
Insurance
expenses |
|
|
41 |
|
|
|
38 |
|
|
|
55 |
|
|
Material and
communications |
|
|
134 |
|
|
|
134 |
|
|
|
113 |
|
|
Other operating
expenses |
|
|
569 |
|
|
|
467 |
|
|
|
358 |
|
|
|
Total non-interest
expense |
|
|
6,510 |
|
|
|
6,436 |
|
|
|
5,791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
|
491 |
|
|
|
216 |
|
|
|
1,409 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
(benefit) for Income Taxes |
|
|
168 |
|
|
|
(110 |
) |
|
|
344 |
|
|
|
Net
income |
|
$ |
323 |
|
|
$ |
326 |
|
|
$ |
1,065 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
0.08 |
|
|
$ |
0.08 |
|
|
$ |
0.27 |
|
|
|
Diluted earnings per
share |
|
$ |
0.08 |
|
|
$ |
0.08 |
|
|
$ |
0.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL
RATIOS AND OTHER DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
|
|
March 31,
2019 |
|
|
December 31,
2018 |
|
March 31,
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly
Performance Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
323 |
|
|
$ |
326 |
|
|
$ |
1,065 |
|
|
|
Return on Average Assets |
|
|
0.14 |
% |
|
|
0.14 |
% |
|
|
0.51 |
% |
|
|
Return on Average Equity |
|
|
1.87 |
% |
|
|
1.85 |
% |
|
|
6.37 |
% |
|
|
Net Interest Margin |
|
|
2.87 |
% |
|
|
3.20 |
% |
|
|
3.55 |
% |
|
|
Efficiency Ratio |
|
|
90.83 |
% |
|
|
83.91 |
% |
|
|
78.41 |
% |
|
|
Efficiency Ratio excluding
project costs |
|
|
89.72 |
% |
|
|
79.61 |
% |
|
|
71.32 |
% |
|
|
% increase loans |
|
|
1.05 |
% |
|
|
2.24 |
% |
|
|
0.68 |
% |
|
|
% increase deposits |
|
|
1.28 |
% |
|
|
3.30 |
% |
|
|
2.80 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
Quality: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
28,029 |
|
|
$ |
19,186 |
|
|
$ |
5,036 |
|
|
|
Other real estate owned |
|
$ |
2,945 |
|
|
$ |
2,945 |
|
|
$ |
- |
|
|
|
Total nonperforming assets |
|
$ |
30,974 |
|
|
$ |
22,131 |
|
|
$ |
5,036 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans / loans |
|
|
3.55 |
% |
|
|
2.46 |
% |
|
|
0.70 |
% |
|
|
Nonperforming assets /
assets |
|
|
3.25 |
% |
|
|
2.33 |
% |
|
|
0.58 |
% |
|
|
Allowance for loan losses |
|
$ |
7,823 |
|
|
$ |
7,609 |
|
|
$ |
6,485 |
|
|
|
Valuation reserve |
|
$ |
1,384 |
|
|
$ |
1,712 |
|
|
$ |
- |
|
|
|
Allowance for loan losses with
valuation reserve |
|
$ |
9,207 |
|
|
$ |
9,321 |
|
|
$ |
6,485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses /
loans |
|
|
0.99 |
% |
|
|
0.98 |
% |
|
|
0.90 |
% |
|
|
Allowance / nonaccrual
loans |
|
|
27.91 |
% |
|
|
39.66 |
% |
|
|
128.77 |
% |
|
|
Allowance for loan losses and
valuation reserve / loans |
|
|
1.17 |
% |
|
|
1.19 |
% |
|
|
0.90 |
% |
|
|
Allowance for loan losses and
valuation reserve / nonaccrual loans |
|
|
32.85 |
% |
|
|
48.58 |
% |
|
|
128.77 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loan charge-offs |
|
$ |
- |
|
|
$ |
16 |
|
|
$ |
- |
|
|
|
Gross loan (recoveries) |
|
$ |
(49 |
) |
|
$ |
(2 |
) |
|
$ |
(3 |
) |
|
|
Net loan charge-offs
(recoveries) |
|
$ |
(49 |
) |
|
$ |
14 |
|
|
$ |
(3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Data and Capital Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share (1) |
|
$ |
17.77 |
|
|
$ |
17.73 |
|
|
$ |
17.32 |
|
|
|
Shares outstanding |
|
|
3,919,610 |
|
|
|
3,910,674 |
|
|
|
3,902,610 |
|
Bank Capital Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage Ratio |
|
|
9.79 |
% |
|
|
9.84 |
% |
|
|
9.72 |
% |
|
|
Tier 1 Capital |
|
|
10.99 |
% |
|
|
10.62 |
% |
|
|
10.90 |
% |
|
|
Total Risk Based Capital |
|
|
11.91 |
% |
|
|
11.50 |
% |
|
|
11.76 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Book
value per share represents shareholders' equity divided by
outstanding shares. |
|
|
|
|
|
|
|
|
|
|
|
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