Patriot Natl Stock Price, News & Analysis

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.

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.

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.

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.

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.

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.