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Patriot National Bancorp Inc - PNBK STOCK NEWS

Welcome to our dedicated page for Patriot National Bancorp news (Ticker: PNBK), a resource for investors and traders seeking the latest updates and insights on Patriot National Bancorp stock.

Patriot National Bancorp Inc (PNBK) is a premier community and commercial bank headquartered in Stamford, Connecticut. Established in 1994, Patriot Bank has played a pivotal role in fostering the growth of individuals, small businesses, nonprofits, and municipalities within Fairfield and New Haven Counties in Connecticut and Westchester County in New York. The bank's comprehensive suite of financial services includes checking accounts, savings accounts, money market accounts, time certificates of deposit, and individual retirement accounts (IRAs).

Patriot Bank's lending portfolio is robust, featuring commercial mortgage and construction loans, commercial loans, home improvement loans, home equity lines of credit, and various personal loans. This extensive range of products ensures that the financial needs of both consumers and businesses are met with tailored solutions.

The bank has earned recognition for its performance and service quality. In 2015, Sandler O’Neill & Partners named Patriot Bank one of the nation’s top-performing small-cap banks, marking it as the only bank in New England to receive such an honor. The bank continues to uphold this standard of excellence through its innovative banking products and exceptional customer service.

Beyond traditional banking, Patriot Bank offers a suite of digital services, including online and mobile banking, interactive teller machines, and various card options such as credit and debit cards. These services are designed to provide customers with convenient, round-the-clock access to their banking needs.

Patriot Bank’s bankers are not only experts in the financial industry but also possess deep local knowledge, ensuring they can provide personalized and impactful advice to their clients. This focus on community, combined with professional acumen, has helped Patriot Bank maintain a strong and loyal customer base.

For the latest updates and to experience Patriot Bank's superior customer service, visit their branches or use their live banker ATMs. You can also contact them at 1-888-PATRIOT or visit their website at www.bankpatriot.com.

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Patriot National Bancorp reported a net income of $1.0 million for Q2 2021, a recovery from a net loss of $1.3 million in Q2 2020. Year-to-date, net income stands at $1.9 million compared to a loss of $2.4 million last year. Total assets increased to $963.1 million, while deposits rose by 11% to $761.2 million. The bank benefited from a $2.0 million Employee Retention Credit, aiding in reduced non-interest expenses and improved margins. The allowance for loan losses is stable at 1.54%. Shareholders' equity grew to $65.9 million, maintaining strong capital ratios.

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Patriot National Bancorp reported a pre-tax income of $1.2 million and a net income of $854,000 for Q1 2021, reversing a loss from the previous year. Key improvements included enhanced net interest margins, core deposit growth, and lower operating expenses. The Bank recognized an $843,000 payroll tax credit, but loan balances decreased due to higher payoffs than originations. Total assets increased to $886.2 million, with deposits rising to $692.9 million. The net interest margin improved to 2.99%, while the provision for loan losses was zero, highlighting a cautious lending approach.

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On April 29, 2021, Patriot National Bancorp announced key executive appointments aimed at strengthening its leadership team. Karen Rojeski joins as Executive Vice President and Chief Credit Officer, bringing extensive experience in community banking. Steven Grunblatt has been promoted to Executive Vice President and Chief Information Officer, having served in technology roles since 2014. David Lowery has been appointed Head of Lending, with a track record in building successful lending services. The CEO emphasizes that these new hires will contribute significantly to the bank's success.

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Patriot National Bancorp reported a net loss of $1.4 million for Q4 2020, worsening from a loss of $87 thousand in Q3 2020. For the fiscal year, net loss reached $3.8 million, up from $2.8 million in 2019. The bank's loan loss provision decreased by 56.3% to $2.2 million. Total assets declined to $880.7 million, with net loans at $719.6 million. Despite challenges, mobile deposits surged 124%, signaling growth in digital engagement. The bank’s capital ratios remain strong, but overall financial performance reflects pandemic-related pressures.

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Patriot National Bancorp (NASDAQ: PNBK) has reorganized its SBA team to enhance its nationwide SBA Business Lending Unit. This strategic move aims to support small businesses in securing necessary capital. The new team includes seasoned professionals like Gary Griffin, the National SBA Sales Manager, and several Vice Presidents with extensive experience in SBA and commercial lending. President and CEO Robert Russell expressed enthusiasm about the new team's potential impact on small businesses and Patriot's growth.

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Patriot National Bancorp (NASDAQ:PNBK) announced the appointment of Patrick Trombly as Senior Vice President and Deputy Chief Credit Officer. Trombly, who has significant experience in credit and lending, previously held positions at Axos Bank, City National Bank, and Citibank. This strategic hire aims to enhance the Bank's credit culture and lending capabilities. CEO Robert Russell emphasized the importance of strong leadership during challenging times, highlighting the value Trombly brings to the Bank's efforts in supporting customers and maximizing shareholder value.

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Patriot National Bancorp (NASDAQ: PNBK) reported a net loss of $87,000 for Q3 2020, improving from a loss of $1.3 million in Q2 2020. The nine-month net loss totaled $2.4 million. Total assets fell 5.8% to $922.9 million, with net loans decreasing to $740.1 million. Deposits dropped 7.1% to $727.4 million, largely due to reduced wholesale brokered deposits. The bank's net interest income was $5.9 million, a 3.9% increase from Q2 2020 but a 5.4% decline year-over-year. Non-interest income surged 81% from Q2. The company has suspended its quarterly dividend due to pandemic uncertainties.

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Patriot National Bancorp (NASDAQ: PNBK) reported a pre-tax loss of $1.7 million for Q2 2020, with a net loss of $1.3 million and $0.32 per share. Year-to-date, losses are $2.4 million, compared to $1.3 million last year. Key factors include a higher loan loss provision due to COVID-19, and decreased net interest and non-interest income. Total assets fell 2% to $979.5 million. Despite this, deposits grew 5% excluding brokered deposits. Operational efficiency improved with a focus on online banking. CEO Robert Russell emphasized the path to future growth and profitability amidst challenges.

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Patriot National Bancorp (NASDAQ: PNBK) has successfully completed the acquisition of approximately $52 million in pre-paid debit card deposits from a national provider. This acquisition positions Patriot as the depository and issuing bank, enhancing its ability to manage funds and payments effectively. The transaction is expected to lower the Bank's cost of funds and will be pivotal in its deposit gathering strategy, potentially increasing net interest margins. The authorization was granted by the Office of the Controller of the Currency.

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Patriot National Bancorp (PNBK) appointed Robert G. Russell, Jr. as President and CEO of both the company and its banking subsidiary, Patriot Bank. Russell brings over 30 years of community banking experience, previously serving at Millington Bank and NJM Bank. Under his leadership, Patriot Bank aims to enhance growth and banking services. As of Q1 2020, the bank's total assets rose 2% to $999.6 million, net loans reached $808 million, and deposits grew by 4.4%. This leadership change is viewed as a strategic move to leverage Russell’s expertise in community banking.

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FAQ

What is the current stock price of Patriot National Bancorp (PNBK)?

The current stock price of Patriot National Bancorp (PNBK) is $3.7143 as of April 16, 2024.

What is the market cap of Patriot National Bancorp (PNBK)?

The market cap of Patriot National Bancorp (PNBK) is approximately 14.8M.

What services does Patriot National Bancorp Inc offer?

Patriot National Bancorp Inc provides checking and savings accounts, money market accounts, CDs, IRAs, and a wide range of loan options including commercial mortgages, construction loans, home improvement loans, and personal loans.

Where is Patriot Bank headquartered?

Patriot Bank is headquartered in Stamford, Connecticut.

In which areas does Patriot Bank operate?

Patriot Bank operates in Fairfield and New Haven Counties in Connecticut and Westchester County in New York.

What is unique about Patriot Bank’s service?

Patriot Bank combines deep local knowledge with extensive banking experience to offer personalized, top-tier banking products and creative solutions.

What digital services does Patriot Bank offer?

Patriot Bank offers online and mobile banking, interactive teller machines, and a variety of credit and debit cards.

How can I contact Patriot Bank?

You can contact Patriot Bank at 1-888-PATRIOT or visit their website at www.bankpatriot.com.

When was Patriot Bank founded?

Patriot Bank was founded in 1994.

Has Patriot Bank received any notable recognitions?

Yes, in 2015, Sandler O’Neill & Partners named Patriot Bank one of the nation’s top-performing small-cap banks.

What types of loans does Patriot Bank offer?

Patriot Bank offers commercial mortgage and construction loans, commercial loans, home improvement loans, home equity lines of credit, and personal loans.

Can I access banking services outside of branch hours?

Yes, Patriot Bank provides online and mobile banking services, as well as interactive teller machines, allowing for 24/7 access.

Patriot National Bancorp Inc

Nasdaq:PNBK

PNBK Rankings

PNBK Stock Data

14.77M
3.98M
39.29%
42.14%
0.07%
Banks - Regional
National Commercial Banks
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United States of America
STAMFORD