Business
Patriot Reports 3rd Quarter 2019 Income: Total Assets Grow to $972.0 million & Deposits to $762.1 Million
Declares 9th Consecutive Quarterly Dividend, with Assets, Net Loans & Deposits All Up Over Prior Year, While Adding Newest Market, Dallas, Texas, to SBA
About this update from Patriot National Bancorp Inc.
[{"type":"text","content":"Declares 9th Consecutive Quarterly Dividend, with Assets, Net Loans & Deposits All Up Over Prior Year, While Adding Newest Market, Dallas, Texas, to SBA Lending Expansion\nSTAMFORD, Conn., Nov. 29, 2019 (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 income of $35,000 (net income of $27,000), or $0.01 per fully diluted share for the quarter ended September 30, 2019. The Bank also announced the declaration of its 9th consecutive quarterly dividend of $0.01 per share. The record date for this quarterly dividend will be December 9, 2019, with a dividend payment date of December 19, 2019.\n As of September 30, 2019, the Bank’s total assets were $972.0 million, up 6% as comparable to the same period last year, as both net loans receivable grew to $791.9 million, up 5%, while deposits totaled $762.1 million, an increase of $42.6 million, or 6%, over the same period one year earlier. Patriot continues to maintain strong capital ratio, with earnings expected to return to normalized levels in future periods. As reported in its second quarter financials, the Bank had previously taken a charge-off related to a non-performing $2.3 million loan, resulting in a net loss of $1.3 million, or $0.33 per fully diluted share, for the nine months ended September 30, 2019. This compares to a net income of $2.9 million, or $0.73 per fully diluted shares, in the prior year. The Bank has commenced actions in effort to pursue a recovery of this loan. The third quarter and full year results also reflect lower net interest income and a temporary increase in operating expenses associated with the organic buildup of the SBA lending business, expansion of deposit initiatives, and significant costs incurred in conjunction with strengthening institutional infrastructure, processes, controls and documentation to address regulatory requirements and to prepare crossing the $1 billion threshold. Patriot has prioritized the expansion of its regional retail locations into urban centers across southern Connecticut, resulting in the bank having a presence in every major I95 corridor community, from downtown Greenwich to downtown New Haven, Connecticut, plus Scarsdale, NY. Simultaneously it built out a new SBA lending practice, open...