Patriot National Bancorp Inc. · NASDAQ:PNBK
Patriot National Bancorp — Shareholder Meeting (June 2009)
30 slides from Patriot National Bancorp's shareholder meeting presentation, Jun 17, 2009
Slide 1: Annual Shareholders Meeting
Patriot National Bancorp, Inc. Annual Shareholders Meeting June 17, 2009 Greenwich Hyatt 1
Slide 2: Total Assets
Patriot National Bancorp, Inc. Total Assets All Amounts in Thousands $248,497 $342,469 $405,047 $470,641 $645,983 $807,530 $913,359 2
Slide 3: Total Deposits
Patriot National Bancorp, Inc. Total Deposits All Amounts in Thousands $217,911 $289,992 $367,005 $419,075 $561,452 $672,399 $784,821 3
Slide 4: Full Service Branches In Operation June 2008
Patriot National Bancorp, Inc. 19 Full Service Branches In Operation June 2008 4
Slide 5: Total Net Loans
Patriot National Bancorp, Inc. Total Net Loans All Amounts in Thousands $170,795 $214,421 $263,875 $364,244 $506,884 $685,886 $788,569 5
Slide 6: Real Estate Loans Geographic Distribution
Patriot National Bancorp, Inc. Real Estate Loans Geographic Distribution % of $ Outstanding # of Loans Connecticut Loans 73.98% 82.01% New York Loans 23.48% 16.40% Other State Loans 2.54% 1.59% 6
Slide 7: Loan Portfolio Composition
Patriot National Bancorp, Inc. Loan Portfolio Composition Loan Type Concentrations, December 31, 2008 Commercial Loan, $33,860,527.25 4% 238 Accounts Residential Real Estate, $170,449,784.68, 21%, Home Equity Loan, 104 Accounts $45,022,127.60 Commercial Real Estate, 6% 219 Accounts $262,570,351.65,
Slide 8: Working Out Construction Loans in a Weak Real Estate Market
Patriot National Bancorp, Inc. Working Out Construction Loans in a Weak Real Estate Market Significant Increase in Non-Accrual Loans in 2008 to $80.5 Million Maximum Loan to Value Ratio 65% “as Complete” at Origination Average Loan to Value Ratio “as Complete” at Origination 55% No Construction Loan
Slide 9: Loan Portfolio
Patriot National Bancorp, Inc. Loan Portfolio Significant Concentration in Commercial Real Estate & Construction Loans No Sub-Prime Loan Exposure No Option ARM’s No Negative Amortization Loans No High Loan To Value Ratio Real Estate Loans “At Origination” No High Loan To Value Home Equity Loans Orig
Slide 10: Housing Market for Fairfield County: Homes Sold
Patriot National Bancorp, Inc. Housing Market from 1988 to 1st Quarter 2009 for Fairfield County # of Single Family Homes Sold (annualized), Fairfield County, 1988-Q1 2009 700 600 # of Single Family Homes Sold (annualized) 500 400 300 200 100 0 Year 10
Slide 11: Housing Market for Fairfield County: Median Price
Patriot National Bancorp, Inc. Housing Market from 1988 to 1st Quarter 2009 for Fairfield County Median Single Family Home Sales Price, Fairfield County, 1988-Q1 2009 $800,000 $700,000 Median Single Family Home Sales Price $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $- Year 11
Slide 12: Housing Market for Fairfield County: Prices and Homes Sold
Patriot National Bancorp, Inc. Housing Market from 1988 to 1st Quarter 2009 for Fairfield County Single Family Homes Median Sale Prices and # Sold, Fairfield County, 1988-Q1 2009 $800,000 700 $700,000 600 Median Home Sales Price $600,000 500 # Homes Sold $500,000 400 $400,000 300 $300,000 200 $200,0
Slide 13: Housing Market for Greenwich: Homes Sold
Patriot National Bancorp, Inc. Housing Market from 1988 to 1st Quarter 2009 for Greenwich # of Single Family Homes Sold, Greenwich, CT, 1988-Q1 2009 1200 1000 # of Single Family Homes Sold 800 600 400 200 0 Year 13
Slide 14: Housing Market for Greenwich: Median Price
Patriot National Bancorp, Inc. Housing Market from 1988 to 1st Quarter 2009 for Greenwich Median Single Family Home Sales Price, Greenwich, CT, 1988-Q1 2009 $2,500,000 $2,000,000 Median Single Family Home Sales Price $1,500,000 $1,000,000 $500,000 $- 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997
Slide 15: Housing Market for Greenwich: Prices and Homes Sold
Patriot National Bancorp, Inc. Housing Market from 1988 to 1st Quarter 2009 for Greenwich Single Family Homes Median Sale Prices and # Sold, Greenwich, CT, 1988-Q1 2009 $2,500,000 1200 1000 Median Home Sales Price $2,000,000 # Homes Sold 800 $1,500,000 600 $1,000,000 400 $500,000 200 $- 0 Year Media
Slide 16: Construction Loans Paid Off in 2008
Patriot National Bancorp, Inc. Construction Loans Paid Off in 2008 $110.5 Million in Patriot Construction Loans Were Paid Off or Refinanced at Other Institutions No Charge Offs Taken on Any Construction Loans Paid Off During 2008 The Average Outstanding Loan Balance on Paid Off Construction Loans Wa
Slide 17: Interest Rate Risk Exposure
Patriot National Bancorp, Inc. Interest Rate Risk Exposure No Long Term Fixed Rate Mortgages Held In Portfolio 17
Slide 18: Allowance For Loan Losses
Patriot National Bancorp, Inc. Allowance For Loan Losses All Amounts in Thousands $2,372 $2,934 $3,481 $4,588 $5,630 $5,673 $16,247 $15.1 Million Added To Allowance For Loan Losses In The Past 7 Years 2008 Write downs $715,000 2009 Write downs through March 31, 2009 $1.2 Million 18
Slide 19: Analysis Of Allowance For Loan Losses
Patriot National Bancorp, Inc. Analysis Of Allowance For Loan Losses 2008 2007 2006 2005 2004 2003 2002 (Thousands of Dollars) Balance At Beginning Of Period $5,673 $5,630 $4,588 $3,481 $2,934 $2,372 $1,894 * Net Recoveries (Charge-Offs) (715) (32) 2 (3) (9) (1) 10 Additions Charged To Operations 11
Slide 20: Asset Quality
Patriot National Bancorp, Inc. Asset Quality Investment Securities Portfolio (Available For Sale) No Sub-Prime Loan Exposure In Investment Portfolio All Mortgage Backed Securities Held In Portfolio Are U.S. Government Agency or Government Sponsored Agency Securities 20
Slide 21: Net Interest Income
Patriot National Bancorp, Inc. Net Interest Income All Amounts in Thousands $7,840 $9,626 $11,670 $14,879 $19,940 $24,095 $27,211 +14% +23% +21% +27% +34% +21% +13% % Increase over prior year 21
Slide 22: Significant Unusual 2008 Events
Patriot National Bancorp, Inc. Significant Unusual 2008 Events $11.3 Million Provisions to Allowance for Loan Losses $2.1 Million Impairment Charges on Investment Grade Auction Rate Securities* $1.4 Million Goodwill Impairment Charges $1.05 FHLMC – 100% Write Off * Note: All Auction Rate Securities
Slide 23: Net Income
Patriot National Bancorp, Inc. Net Income All Amounts in Thousands $1,052 $1,341 $926 $1,407 $2,415 $2,678 ($7,112) 23
Slide 24: Earnings Per Share
Patriot National Bancorp, Inc. Earnings Per Share Basic $0.44 $0.56 $0.38 $0.52 $0.67 $0.56 ($1.50) Fully Diluted $0.43 $0.55 $0.37 $0.51 $0.66 $0.56 ($1.50) 24
Slide 25: Navigating Through The Economic Storm
Patriot National Bancorp, Inc. Navigating Through The Economic Storm Steps Taken The Bank Currently has a Moratorium on Construction Loans and Commercial Real Estate Loans to Reduce Exposure The Bank’s Asset and Loan Growth Will be Modest Re-Appraisal Program Formed Experience Loan Workout Team 25
Slide 26: Steps Taken
Patriot National Bancorp, Inc. Steps Taken Eliminated Executive Bonuses in 2008 And 2009 Implemented a Salary Freeze on All Officers Assistant Vice President and Above Closed Long Island Lending Office Reduced the Number of Salary Based Commercial Real Estate Loan Officers by Nine Reduced Annual Mar
Slide 27: 2009 Prospects
Patriot National Bancorp, Inc. 2009 Prospects Non-Performing Loans Expected to Increase NPL’s Expected to Peak in the 4th Quarter 2009 and Then Trend Down in 2010 Continued Significant Provisions to Allowance For Loan Losses Net Operating Losses Writedowns of Construction Loans Until Disposed Of Lim
Slide 28: Return To Profitability
Patriot National Bancorp, Inc. Return To Profitability Dependent on End of Recession and Stabilization And Improvement in Local Real Estate Markets 28
Slide 29: The Future
Patriot National Bancorp, Inc. The Future Fewer Competitors The Bank Will Be Well Positioned Provided Capital is Raised and Problems Loans Are Resolved Patriot Has 19 Full Service Branches in One of The Most Desirable Real Estate Markets in The U.S. Loan and Deposit Pricing More Favorable for Banks
Slide 30: Annual Shareholders Meeting
Patriot National Bancorp, Inc. Annual Shareholders Meeting June 17, 2009 Greenwich Hyatt 30
Patriot National Bancorp — Shareholder Meeting (June 2009) on 6ix