Welcome to our dedicated page for Patriot Natl news (Ticker: PNBK), a resource for investors and traders seeking the latest updates and insights on Patriot Natl stock.
Patriot National Bancorp reports news as the bank holding company for Patriot Bank, N.A., a community banking institution providing consumer and commercial banking services. Its business includes deposit accounts, commercial mortgage and construction loans, commercial loans, home equity lines, personal loans, online and mobile banking, cards, ATMs and related banking services for individuals, small and medium-sized businesses, professionals and municipalities.
Recurring company updates cover quarterly operating results, loan and deposit trends, credit reserves, liquidity, capital raises and balance-sheet actions. News also includes board and senior leadership changes, banking operations, digital banking and payments initiatives, and developments affecting Patriot Bank’s lending platform and client-service strategy.
Patriot National Bancorp (NASDAQ: PNBK) reported a net income of $800,000, or $0.20 per share, for Q1 2022, down from $854,000, or $0.22 per share, in Q1 2021. The first quarter of 2021 benefited from an employee retention tax credit. Key highlights include a 4.6% loan growth and a 4.2% deposit increase. Net interest income rose to $6.8 million, with a net interest margin of 3.06%. Total assets reached $975.5 million. The merger with American Challenger Development Corp is nearing completion, pending regulatory approvals.
Patriot National Bancorp (NASDAQ: PNBK) reported a net income of $1.9 million for Q4 2021, compared to a net loss of $1.4 million in Q4 2020. For the full year, net income reached $5.1 million versus a loss of $3.8 million in 2020. The Bank benefited from $2.9 million in payroll tax credits from the CARES Act but incurred $1.85 million in merger-related expenses with American Challenger. Total assets grew to $948.5 million, with loans increasing to $729.6 million. The net interest margin improved to 3.05%, and prepaid debit card deposits surged to $150.4 million, enhancing funding costs.
Patriot National Bancorp (NASDAQ: PNBK) has extended the maturity of $12 million in senior notes originally due on December 22, 2021, until June 30, 2022. This extension maintains existing terms, allowing repayment before the new maturity date. The action aims to facilitate the company's plan to raise $80 million in subordinated notes for recapitalization and a proposed reverse subsidiary merger with American Challenger Development Corp., announced on November 15, 2021.
Kroll Bond Ratings Agency has assigned a preliminary deposit and issuer rating of BBB and a preferred stock rating of BBB- to the digital-first national bank being formed by the merger of American Challenger Development Corp. and Patriot National Bancorp (NASDAQ: PNBK). This merger is expected to create significant overcapitalization, aided by common equity contributions. The ratings are contingent on successful merger completion and recapitalization efforts. Chairman Michael Carrazza expressed optimism regarding the merger, stating it is an exciting, industry-disrupting endeavor.
Patriot National Bancorp has announced a definitive agreement to acquire American Challenger Development Corp in a strategic merger expected to create a digital-first national bank. The total transaction value is approximately $119 million, with American Challenger shareholders receiving shares of Patriot common stock. Additionally, Patriot has secured $540 million in a private placement, aiming for a total capital raise of at least $890 million. The merger and recapitalization are designed to enhance operational efficiencies and customer experience, with the deal anticipated to close in Q1 2022.
Patriot National Bancorp (NASDAQ: PNBK) reported a net income of $1.3 million for Q3 2021, a turnaround from a net loss of $87,000 in Q3 2020. Year-to-date, net income reached $3.2 million, up from a loss of $2.4 million in the same period last year. Key highlights include growth in prepaid deposits to $142.4 million and a $300,000 credit to provision for loan losses, indicating improved asset quality. Total assets rose to $952.3 million, while total deposits increased to $734.7 million. Book value per share improved to $16.89, from $16.03 at year-end 2020.
On September 27, 2021, Patriot National Bancorp (NASDAQ: PNBK) announced the promotion of David Lowery to Executive Vice President and Chief Lending Officer. Having joined the bank in April 2021, Lowery leads various lending divisions including SBA and Commercial Real Estate. His prior experience includes significant roles at Iberiabank and M&T Bank. President and CEO Robert Russell praised Lowery's leadership in enhancing credit quality and management. Patriot Bank, headquartered in Stamford, CT, operates 9 branches and focuses on delivering banking solutions for individuals and small businesses.
Patriot National Bancorp, Inc. (NASDAQ: PNBK) announced the passing of longstanding director Raymond B. Smyth on September 22, 2021, after a severe illness. Mr. Smyth had served on the board since 2008 and was a prominent figure in the Stamford community. A retired partner from Masotti & Masotti accounting firm, he contributed significantly to local organizations, including the Kiwanis Club and Trinity Catholic High School. Patriot expresses its condolences to his family and honors his impact on the company and community.
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.
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.