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 $1.2 million and
net income of $854 thousand, or $0.22 basic and diluted earnings
per share for the quarter ended March 31, 2021, compared to a net
loss of $1.1 million reported in the first quarter of 2020.
Profitability in the first quarter was achieved
as the Bank demonstrated improved net interest margins, core
deposit growth, lower operating expenses, and a lower loan loss
provision. In addition, during the quarter the Bank recognized a
payroll tax credit of $843 thousand under the Employee Retention
Credit program of the CARES Act. These factors were partially
offset by a lower loan balance as loan payoffs outpaced new loan
originations. Further improvements in profitability are projected
as loan balances begin to grow and SBA loan and sale activity
resumes.
Since 2020, the Bank had provided CARES Act
payment deferrals on approximately $232.7 million of loans. A
significant percentage of the loans deferred as a result of the
CARES Act have now resumed normal payments. The balance of loans
remaining on deferral in conjunction with the CARES Act had
declined to $37.7 million at March 31, 2021.
Patriot President & CEO Robert
Russell stated: “The Bank continues to make progress in
the areas of income creation and expense management during
challenging operational circumstances. Staff remain focused on
service and process improvements to help Patriot become an
efficient and high performing organization. We remain steadfast in
our pursuit of efficiency and performance. The leadership team has
expanded with experienced banking professionals now added to our
team to help us achieve our goals and strengthen the Bank’s
accountability culture.” Mr. Russell added: “we believe the changes
and our culture have us on the right path of success for us, our
customers and our communities.”
Financial Results:
As of March 31, 2021, total assets increased to
$886.2 million, as compared to $880.7 million at December 31, 2020.
Net loans totaled $666.3 million versus $719.6 million as of
December 31, 2020. Total deposits increased from $685.7 million at
December 31, 2020 to $692.9 million at March 31, 2021.
Excluding the decline in brokered deposits,
total deposits increased $23.8 million during the quarter due to
stronger retail banking activity in the first quarter along with a
$9.4 million growth in the prepaid debit card business during the
first quarter of 2021.
These balance sheet changes have significantly
strengthened the Bank’s capital ratios and at the same time
improved its net interest margin. These foundational changes
position Patriot for continued growth in profitability in 2021 as
net interest margins are expected to continue to improve and as
business activity rebounds from the impact of the pandemic and
returns to more normalized levels.
In the first quarter of 2021, net interest
income was $6.1 million and declined $197 thousand, or 3.1%
from the first quarter of 2020. Net interest margin showed strong
improvement and resulted in a 2.99% margin in the first quarter of
2021, compared with 2.72% for the first quarter of 2020. The impact
of the improving net interest margin was mitigated by the lower
loan balance associated with a cautious approach to lending during
the pandemic. As economic activity expands, loan balances are
expected to grow, further improving net interest income.
The provision for loan losses for the first
quarter of 2021 was zero, compared to $804 thousand for the first
quarter of 2020. No provision was required for the first quarter of
2021 due to the declining loan balance and the need for lower
pooled reserves as the economic recovery accelerates. In the first
quarter of 2020, the provision for loan losses was primarily due to
an additional reserve attributable to COVID-19 pandemic.
The Allowance for Loan Losses at March 31, 2021
totaled 1.54% of total loans, compared with 1.45% at December 31,
2020.
Non-interest income was $442 thousand and $421
thousand for the first quarter of 2021 and 2020,
respectively. The increase was primarily attributable
to an increase in gains on sales of SBA loans from the first
quarter of 2021.
Non-interest expense was $5.4 million and $7.4
million for the first quarter of 2021 and 2020, respectively. The
decrease in non-interest expense in 2021 was primarily driven by an
Employee Retention Credit of $843 thousand under the Employee
Retention Credit program of the CARES Act, a reduction of $800
thousand in compensation and benefits due to staffing adjustments
made during 2020, and a reduction of $212 thousand in regulatory
assessments expense.
For the first quarter of 2021, a provision for
income taxes of $319 thousand was recorded, compared to a benefit
for income taxes of $359 thousand for the first quarter of
2020.
As of March 31, 2021, shareholders’ equity was
$63.9 million, compared with $63.2 million at December 31, 2020.
Patriot’s book value per share was $16.21 at March 31, 2021,
compared with $16.03 at December 31, 2020. The Bank’s capital
ratios continue to be strong, maintaining its “well capitalized”
regulatory status. As of March 31, 2021, the Bank’s Tier 1 leverage
ratio was 10.12%, Tier 1 risk-based capital ratio was 12.07% and
total risk-based capital ratio was 13.32%.
About the Company:
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 Stamford,
Connecticut, Florida, Georgia, Ohio, along with a Rhode Island
operations center.
Founded in 1994, and now celebrating its 27th
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.
PATRIOT NATIONAL BANCORP, INC. AND
SUBSIDIARIES |
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
March 31, 2021 |
|
December 31, 2020 |
|
March 31, 2020 |
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
Cash and due from banks: |
|
|
|
|
|
|
Noninterest bearing deposits and cash |
$ |
2,593 |
|
|
$ |
3,006 |
|
|
$ |
1,806 |
|
|
Interest bearing deposits |
|
81,681 |
|
|
|
31,630 |
|
|
|
50,350 |
|
|
|
|
Total cash and cash equivalents |
|
84,274 |
|
|
|
34,636 |
|
|
|
52,156 |
|
|
Investment securities: |
|
|
|
|
|
|
Available-for-sale securities, at fair value |
|
57,893 |
|
|
|
49,262 |
|
|
|
44,830 |
|
|
Other investments, at cost |
|
4,450 |
|
|
|
4,450 |
|
|
|
4,450 |
|
|
|
|
Total
investment securities |
|
62,343 |
|
|
|
53,712 |
|
|
|
49,280 |
|
|
|
|
|
|
|
|
|
|
|
Federal Reserve Bank stock, at cost |
|
2,744 |
|
|
|
2,783 |
|
|
|
2,897 |
|
|
Federal Home Loan Bank stock, at cost |
|
4,503 |
|
|
|
4,503 |
|
|
|
4,477 |
|
|
|
|
|
|
|
|
|
|
|
Gross loans receivable |
|
676,676 |
|
|
|
730,180 |
|
|
|
818,841 |
|
|
Allowance for loan losses |
|
(10,426 |
) |
|
|
(10,584 |
) |
|
|
(10,916 |
) |
|
|
Net loans receivable |
|
666,250 |
|
|
|
719,596 |
|
|
|
807,925 |
|
|
|
|
|
|
|
|
|
|
|
SBA loans held for sale |
|
2,829 |
|
|
|
1,217 |
|
|
|
17,996 |
|
|
Accrued interest and dividends receivable |
|
6,270 |
|
|
|
6,620 |
|
|
|
3,801 |
|
|
Premises and equipment, net |
|
33,128 |
|
|
|
33,423 |
|
|
|
34,312 |
|
|
Other real estate owned |
|
1,216 |
|
|
|
1,906 |
|
|
|
2,400 |
|
|
Deferred tax asset, net |
|
11,274 |
|
|
|
11,496 |
|
|
|
11,989 |
|
|
Goodwill |
|
1,107 |
|
|
|
1,107 |
|
|
|
1,107 |
|
|
Core deposit intangible, net |
|
331 |
|
|
|
343 |
|
|
|
605 |
|
|
Other assets |
|
9,919 |
|
|
|
9,387 |
|
|
|
10,634 |
|
|
|
Total assets |
$ |
886,188 |
|
|
$ |
880,729 |
|
|
$ |
999,579 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
Noninterest bearing deposits |
$ |
173,520 |
|
|
$ |
158,676 |
|
|
$ |
83,583 |
|
|
|
Interest bearing deposits |
|
519,358 |
|
|
|
526,980 |
|
|
|
719,631 |
|
|
|
|
Total
deposits |
|
692,878 |
|
|
|
685,656 |
|
|
|
803,214 |
|
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank and correspondent bank borrowings |
|
90,000 |
|
|
|
90,000 |
|
|
|
90,000 |
|
|
Senior notes, net |
|
11,946 |
|
|
|
11,927 |
|
|
|
11,871 |
|
|
Subordinated debt, net |
|
9,789 |
|
|
|
9,782 |
|
|
|
9,760 |
|
|
Junior subordinated debt owed to unconsolidated trust, net |
|
8,112 |
|
|
|
8,110 |
|
|
|
8,104 |
|
|
Note payable |
|
943 |
|
|
|
994 |
|
|
|
1,143 |
|
|
Advances from borrowers for taxes and insurance |
|
2,158 |
|
|
|
3,786 |
|
|
|
2,637 |
|
|
Accrued expenses and other liabilities |
|
6,425 |
|
|
|
7,255 |
|
|
|
8,227 |
|
|
|
|
Total liabilities |
|
822,251 |
|
|
|
817,510 |
|
|
|
934,956 |
|
|
|
|
|
|
|
|
|
|
|
Commitments and Contingencies |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
|
Preferred stock |
|
- |
|
|
|
- |
|
|
|
- |
|
|
Common stock |
|
106,363 |
|
|
|
106,329 |
|
|
|
106,213 |
|
|
Accumulated deficit |
|
(41,738 |
) |
|
|
(42,592 |
) |
|
|
(39,845 |
) |
|
Accumulated other comprehensive loss |
|
(688 |
) |
|
|
(518 |
) |
|
|
(1,745 |
) |
|
|
|
Total shareholders' equity |
|
63,937 |
|
|
|
63,219 |
|
|
|
64,623 |
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
886,188 |
|
|
$ |
880,729 |
|
|
$ |
999,579 |
|
|
|
|
|
|
|
|
|
|
|
PATRIOT NATIONAL BANCORP, INC. AND
SUBSIDIARIES |
|
|
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
(In thousands, except per share amounts) |
March 31, 2021 |
|
December 31, 2020 |
|
March 31, 2020 |
|
|
|
|
|
|
|
|
Interest and Dividend Income |
|
|
|
|
|
|
Interest and fees on loans |
$ |
7,743 |
|
$ |
8,113 |
|
|
$ |
10,033 |
|
|
Interest on investment securities |
|
310 |
|
|
326 |
|
|
|
416 |
|
|
Dividends on investment securities |
|
34 |
|
|
86 |
|
|
|
138 |
|
|
Other interest income |
|
24 |
|
|
22 |
|
|
|
135 |
|
|
|
Total interest and dividend income |
|
8,111 |
|
|
8,547 |
|
|
|
10,722 |
|
|
|
|
|
|
|
|
|
Interest Expense |
|
|
|
|
|
|
Interest on deposits |
|
785 |
|
|
1,134 |
|
|
|
3,200 |
|
|
Interest on Federal Home Loan Bank borrowings |
|
733 |
|
|
708 |
|
|
|
697 |
|
|
Interest on senior debt |
|
229 |
|
|
229 |
|
|
|
229 |
|
|
Interest on subordinated debt |
|
234 |
|
|
235 |
|
|
|
268 |
|
|
Interest on note payable and other |
|
4 |
|
|
4 |
|
|
|
5 |
|
|
|
Total interest expense |
|
1,985 |
|
|
2,310 |
|
|
|
4,399 |
|
|
|
|
|
|
|
|
|
|
|
Net
interest income |
|
6,126 |
|
|
6,237 |
|
|
|
6,323 |
|
|
|
|
|
|
|
|
|
Provision for loan losses |
|
- |
|
|
371 |
|
|
|
804 |
|
|
|
|
|
|
|
|
|
|
|
Net
interest income after provision for loan losses |
|
6,126 |
|
|
5,866 |
|
|
|
5,519 |
|
|
|
|
|
|
|
|
|
Non-interest Income |
|
|
|
|
|
|
Loan application, inspection and processing fees |
|
63 |
|
|
76 |
|
|
|
53 |
|
|
Deposit fees and service charges |
|
65 |
|
|
68 |
|
|
|
114 |
|
|
Gains on sale of loans |
|
94 |
|
|
102 |
|
|
|
12 |
|
|
Rental income |
|
130 |
|
|
130 |
|
|
|
131 |
|
|
Other income |
|
90 |
|
|
89 |
|
|
|
111 |
|
|
|
Total non-interest income |
|
442 |
|
|
465 |
|
|
|
421 |
|
|
|
|
|
|
|
|
|
Non-interest Expense |
|
|
|
|
|
|
Salaries and benefits |
|
2,216 |
|
|
3,357 |
|
|
|
3,861 |
|
|
Occupancy and equipment expenses |
|
920 |
|
|
833 |
|
|
|
949 |
|
|
Data processing expenses |
|
350 |
|
|
377 |
|
|
|
390 |
|
|
Professional and other outside services |
|
852 |
|
|
691 |
|
|
|
784 |
|
|
Project expenses, net |
|
10 |
|
|
664 |
|
|
|
94 |
|
|
Advertising and promotional expenses |
|
62 |
|
|
77 |
|
|
|
147 |
|
|
Loan administration and processing expenses |
|
24 |
|
|
39 |
|
|
|
24 |
|
|
Regulatory assessments |
|
228 |
|
|
318 |
|
|
|
440 |
|
|
Insurance expenses |
|
60 |
|
|
70 |
|
|
|
70 |
|
|
Communications, stationary and supplies |
|
145 |
|
|
105 |
|
|
|
120 |
|
|
Other operating expenses |
|
528 |
|
|
708 |
|
|
|
492 |
|
|
|
Total non-interest expense |
|
5,395 |
|
|
7,239 |
|
|
|
7,371 |
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
1,173 |
|
|
(908 |
) |
|
|
(1,431 |
) |
|
|
|
|
|
|
|
|
Provision (benefit) for income taxes |
|
319 |
|
|
474 |
|
|
|
(359 |
) |
|
|
Net
income (loss) |
$ |
854 |
|
$ |
(1,382 |
) |
|
$ |
(1,072 |
) |
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share |
$ |
0.22 |
|
$ |
(0.35 |
) |
|
$ |
(0.27 |
) |
|
|
Diluted earnings (loss) per share |
$ |
0.22 |
|
$ |
(0.35 |
) |
|
$ |
(0.27 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL RATIOS AND OTHER DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
March 31, 2021 |
|
December 31, 2020 |
|
March 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Performance Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
854 |
|
|
$ |
(1,382 |
) |
|
$ |
(1,072 |
) |
|
|
|
Return on Average Assets |
|
|
0.39 |
% |
|
|
-0.61 |
% |
|
|
-0.44 |
% |
|
|
|
Return on Average Equity |
|
|
5.42 |
% |
|
|
-8.41 |
% |
|
|
-6.37 |
% |
|
|
|
Net Interest Margin |
|
|
2.99 |
% |
|
|
2.93 |
% |
|
|
2.72 |
% |
|
|
|
Efficiency Ratio |
|
|
82.14 |
% |
|
|
108.04 |
% |
|
|
109.38 |
% |
|
|
|
Efficiency Ratio excluding project costs |
|
|
81.99 |
% |
|
|
98.58 |
% |
|
|
107.99 |
% |
|
|
|
% (decrease) increase in loans |
|
|
-7.33 |
% |
|
|
-2.81 |
% |
|
|
0.82 |
% |
|
|
|
% increase in deposits excluding brokered deposits |
|
|
4.66 |
% |
|
|
1.25 |
% |
|
|
7.08 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality: |
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
24,587 |
|
|
$ |
20,005 |
|
|
$ |
16,450 |
|
|
|
|
Other real estate owned |
|
$ |
1,216 |
|
|
$ |
1,906 |
|
|
$ |
2,400 |
|
|
|
|
Total nonperforming assets |
|
$ |
25,803 |
|
|
$ |
21,911 |
|
|
$ |
18,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans / loans |
|
|
3.63 |
% |
|
|
2.74 |
% |
|
|
2.01 |
% |
|
|
|
Nonperforming assets / assets |
|
|
2.91 |
% |
|
|
2.49 |
% |
|
|
1.89 |
% |
|
|
|
Allowance for loan losses |
|
$ |
10,426 |
|
|
$ |
10,584 |
|
|
$ |
10,916 |
|
|
|
|
Valuation reserve |
|
$ |
477 |
|
|
$ |
482 |
|
|
$ |
1,100 |
|
|
|
|
Allowance for loan losses with valuation reserve |
|
$ |
10,903 |
|
|
$ |
11,066 |
|
|
$ |
12,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses / loans |
|
|
1.54 |
% |
|
|
1.45 |
% |
|
|
1.33 |
% |
|
|
|
Allowance / nonaccrual loans |
|
|
42.40 |
% |
|
|
52.91 |
% |
|
|
66.36 |
% |
|
|
|
Allowance for loan losses and valuation reserve / loans |
|
|
1.61 |
% |
|
|
1.51 |
% |
|
|
1.47 |
% |
|
|
|
Allowance for loan losses and valuation reserve / nonaccrual
loans |
|
|
44.34 |
% |
|
|
55.32 |
% |
|
|
73.05 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loan charge-offs |
|
$ |
272 |
|
|
$ |
968 |
|
|
$ |
44 |
|
|
|
|
Gross loan (recoveries) |
|
$ |
(114 |
) |
|
$ |
(10 |
) |
|
$ |
(41 |
) |
|
|
|
Net loan charge-offs (recoveries) |
|
$ |
158 |
|
|
$ |
958 |
|
|
$ |
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Data and Capital Ratios |
|
|
|
|
|
|
|
|
|
Book value per share (1) |
|
$ |
16.21 |
|
|
$ |
16.03 |
|
|
$ |
16.43 |
|
|
|
|
Shares outstanding |
|
|
3,944,272 |
|
|
|
3,943,572 |
|
|
|
3,932,841 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank Capital Ratios: |
|
|
|
|
|
|
|
|
|
Leverage Ratio |
|
|
10.12 |
% |
|
|
9.80 |
% |
|
|
9.16 |
% |
|
|
|
Tier 1 Capital |
|
|
12.07 |
% |
|
|
11.25 |
% |
|
|
10.51 |
% |
|
|
|
Total Risk Based Capital |
|
|
13.32 |
% |
|
|
12.50 |
% |
|
|
11.76 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Book value per
share represents shareholders' equity divided by outstanding
shares. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
(In
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2021 |
|
December 31, 2020 |
|
March 31, 2020 |
|
|
Non-interest bearing: |
|
|
|
|
|
|
|
|
Non-interest bearing |
|
$ |
104,766 |
|
|
$ |
99,344 |
|
|
$ |
83,583 |
|
|
|
Prepaid DDA |
|
|
68,754 |
|
|
|
59,332 |
|
|
|
- |
|
|
|
|
Total non-interest bearing |
|
|
173,520 |
|
|
|
158,676 |
|
|
|
83,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing: |
|
|
|
|
|
|
|
|
NOW |
|
|
34,433 |
|
|
|
30,529 |
|
|
|
28,265 |
|
|
|
Savings |
|
|
103,025 |
|
|
|
98,635 |
|
|
|
59,567 |
|
|
|
Money market |
|
|
131,844 |
|
|
|
146,389 |
|
|
|
132,629 |
|
|
|
Certificates of deposit, less than $250,000 |
|
|
165,130 |
|
|
|
160,968 |
|
|
|
205,311 |
|
|
|
Certificates of deposit, $250,000 or greater |
|
|
66,470 |
|
|
|
49,172 |
|
|
|
68,444 |
|
|
|
Brokered deposits |
|
|
18,456 |
|
|
|
41,287 |
|
|
|
225,415 |
|
|
|
|
Total Interest bearing |
|
|
519,358 |
|
|
|
526,980 |
|
|
|
719,631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Deposits |
|
$ |
692,878 |
|
|
$ |
685,656 |
|
|
$ |
803,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Contacts: |
|
|
|
Patriot Bank, N.A. |
Joseph Perillo |
Robert Russell |
Michael Carrazza |
900 Bedford Street |
Chief Financial Officer |
President & CEO |
Chairman |
Stamford, CT 06901 |
203-252-5954 |
203-252-5939 |
203-251-8230 |
www.BankPatriot.com |
|
|
|
Patriot National Bancorp (NASDAQ:PNBK)
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