Business
Patriot Reports 1st Quarter 2020 Loan Growth, and Deposit Growth offset by impact of COVID-19 Precautions and Provisions
Management’s strategic investment in digital banking plays key role in servicing throughout COVID-19 period STAMFORD, Conn., June 22, 2020 (GLOBE NEWSWIRE) --
About this update from Patriot National Bancorp Inc.
[{"type":"text","content":"Management’s strategic investment in digital banking plays key role in servicing throughout COVID-19 period\nSTAMFORD, Conn., June 22, 2020 (GLOBE NEWSWIRE) -- 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. \n 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 Comp...