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 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.
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.
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.
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.
Patriot National Bancorp (NASDAQ: PNBK) reported a pre-tax loss of $1.4 million and a net loss of $1.1 million for the first quarter of 2020, marking a loss of $0.27 per share. Total assets rose 2% to $999.6 million, while deposits grew 4.4% to $803.2 million. The bank's provision for loan losses increased by $804,000 due to COVID-19 impacts, necessitating reduced loan growth and restructured management. Despite the losses, company capital ratios remain strong, retaining a 'well-capitalized' status while awaiting a new President and CEO.