Patriot National Bancorp Inc. (PNBK, Financial) filed Quarterly Report for the period ended 2012-09-30.
Patriot National Bancorp has a market cap of $51.9 million; its shares were traded at around $1.2 with a P/E ratio of 33.8 and P/S ratio of 1.6.
Available-for-sale securities decreased $48.2 million, or 72%, from $66.5 million at December 31, 2011 to $18.3 million at September 30, 2012. This decrease is primarily due to sales of $41.9 million of government agency mortgage-backed securities and $3.3 million of corporate bonds, principal pay downs of $7.6 million on mortgage backed securities and $5.0 million in proceeds from a called government agency bond. These were partially offset by purchases of government agency bonds and mortgage-backed securities of $7.5 million and $2.5 million, respectively.
Bancorps net loan portfolio decreased $8.1 million, or 2%, from $501.2 million at December 31, 2011 to $493.1 million at September 30, 2012. The decrease is primarily a result of $81.2 million in residential loan sales, partially offset by new loan growth in residential mortgages of $31.8 million. Commercial real estate increased $39.9 million. There were increases in commercial loans of $9.3 million and consumer home equity loans of $1.3 million. These were partially offset with decreases in construction and construction to permanent of $6.1 million and $5.7 million, respectively.
For the quarter ended September 30, 2012, average interest earning assets increased $8.6 million, or 1%, to $591.1 million from $582.5 million for the quarter ended September 30, 2011, resulting in interest income for Bancorp of $6.0 million compared to $6.9 million for the same period in 2011. Interest and fees on loans decreased $652,000 or 11%, from $6.2 million for the quarter ended September 30, 2011 to $5.5 million for the quarter ended September 30, 2012. This decrease is primarily the result of lower average interest rates on new loan growth, partially offset by an increase of $25.4 million in the average balance of the loan portfolio. When compared to the same period last year, interest income on investments decreased by 41% due to an decrease of $38.7 million in the average balance of investments outstanding. Income on interest-bearing deposits in banks increased from $1,000 to $22,000 for the quarter ended September 30, 2012 compared to the quarter ended September 30, 2011, which is reflective of the increase in the yields earned on excess funds.
For the nine months ended September 30, 2012, non-interest income increased $87,000, or 3%, to $2.7 million as compared to $2.6 million for the nine months ended September 30, 2011. This is primarily due to increases in gains on sale of loans and investment securities of $215,000 and $137,000 respectively. These were partially offset by decreases in other income from interest of $111,000 from federal tax refunds received in 2011, $107,000 decrease in earnings on the cash surrender value of life insurance, $65,000 lower fees and service charges on deposit accounts, and a decrease of $26,000 in earnings on an equity investment when compared to the nine months ended September 30, 2011.
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Patriot National Bancorp has a market cap of $51.9 million; its shares were traded at around $1.2 with a P/E ratio of 33.8 and P/S ratio of 1.6.
Highlight of Business Operations:
Total assets decreased $50.5 million from $665.8 million at December 31, 2011 to $615.3 million at September 30, 2012. Cash and cash equivalents decreased $10.9 million from $55.4 million at December 31, 2011 to $44.5 million at September 30, 2012. Securities decreased $48.3 million from $76.2 million at December 31, 2011 to $27.9 million September 30, 2012. This decrease is primarily due to sales of $45.2 million of available for sale securities, comprised of $41.9 million of mortgage-backed securities and $3.3 million in corporate bonds. In addition, there were principal paydowns of $7.6 million on mortgage backed securities and $5.0 million from proceeds on a called government agency bond, partially offset by purchases of government agency bonds and mortgage backed securities of $7.5 million and $2.5 million, respectively. The net loan portfolio decreased $8.1 million from $501.2 million at December 31, 2011 to $493.1 million at September 30, 2012. This decrease is primarily a result of $81.2 million in sales of residential loans, partially offset with loan growth of $39.9 million and $31.8 million in commercial and residential real estate, respectively. Deposits decreased $61.0 million from $544.9 million at December 31, 2011 to $483.9 million at September 30, 2012. The Bank continued to reduce its concentration in high costs of certificates of deposit. The overall cost of deposits decreased from 1.28% at December 31, 2011 to 1.07% at September 30, 2012. Borrowings increased $10.0 million from $57.0 million at December 31, 2011 to $67.0 million at September 30, 2012.Available-for-sale securities decreased $48.2 million, or 72%, from $66.5 million at December 31, 2011 to $18.3 million at September 30, 2012. This decrease is primarily due to sales of $41.9 million of government agency mortgage-backed securities and $3.3 million of corporate bonds, principal pay downs of $7.6 million on mortgage backed securities and $5.0 million in proceeds from a called government agency bond. These were partially offset by purchases of government agency bonds and mortgage-backed securities of $7.5 million and $2.5 million, respectively.
Bancorps net loan portfolio decreased $8.1 million, or 2%, from $501.2 million at December 31, 2011 to $493.1 million at September 30, 2012. The decrease is primarily a result of $81.2 million in residential loan sales, partially offset by new loan growth in residential mortgages of $31.8 million. Commercial real estate increased $39.9 million. There were increases in commercial loans of $9.3 million and consumer home equity loans of $1.3 million. These were partially offset with decreases in construction and construction to permanent of $6.1 million and $5.7 million, respectively.
For the quarter ended September 30, 2012, average interest earning assets increased $8.6 million, or 1%, to $591.1 million from $582.5 million for the quarter ended September 30, 2011, resulting in interest income for Bancorp of $6.0 million compared to $6.9 million for the same period in 2011. Interest and fees on loans decreased $652,000 or 11%, from $6.2 million for the quarter ended September 30, 2011 to $5.5 million for the quarter ended September 30, 2012. This decrease is primarily the result of lower average interest rates on new loan growth, partially offset by an increase of $25.4 million in the average balance of the loan portfolio. When compared to the same period last year, interest income on investments decreased by 41% due to an decrease of $38.7 million in the average balance of investments outstanding. Income on interest-bearing deposits in banks increased from $1,000 to $22,000 for the quarter ended September 30, 2012 compared to the quarter ended September 30, 2011, which is reflective of the increase in the yields earned on excess funds.
For the nine months ended September 30, 2012, non-interest income increased $87,000, or 3%, to $2.7 million as compared to $2.6 million for the nine months ended September 30, 2011. This is primarily due to increases in gains on sale of loans and investment securities of $215,000 and $137,000 respectively. These were partially offset by decreases in other income from interest of $111,000 from federal tax refunds received in 2011, $107,000 decrease in earnings on the cash surrender value of life insurance, $65,000 lower fees and service charges on deposit accounts, and a decrease of $26,000 in earnings on an equity investment when compared to the nine months ended September 30, 2011.
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