Patriot National Bancorp Inc. (PNBK, Financial) filed Quarterly Report for the period ended 2009-03-31.
Patriot National Bancorp Inc. is the bank holding company of Patriot National Bank. The Bank is an independent bank engaged in substantially all of the business operations customarily conducted by independent commercial banks. The Bank offers a range of consumer and commercial banking services with anemphasis on serving the needs of individuals small and medium-sized businesses and professionals. Patriot National Bancorp Inc. has a market cap of $17.7 million; its shares were traded at around $3.73 with and P/S ratio of 0.32. Patriot National Bancorp Inc. had an annual average earning growth of 0.9% over the past 5 years.
Total assets increased $57.0 million from $913.4 million at December 31, 2008 to $970.4 million at March 31, 2009. Cash and cash equivalents increased $67.1 million to $91.7 million at March 31, 2009 as compared to $24.6 million at December 31, 2008. The available-for-sale securities portfolio decreased $26.6 million to $25.3 million at March 31, 2009 from $51.9 million at December 31, 2008. The net loan portfolio decreased $3.5 million from $788.6 million at December 31, 2008 to $785.1 million at March 31, 2009. Deposits increased $59.1 million to $843.9 million at March 31, 2009 from $784.8 million at December 31, 2008. The Bank built up its core deposits as customers placed funds in FDIC-insured products during these uncertain economic times. Borrowings remained constant during the same period. Total shareholders equity decreased $1.2 million from $58.8 million at December 31, 2008 to $57.6 million at March 31, 2009.
Bancorp s total assets increased $57.0 million, from $913.4 million at December 31, 2008 to $970.4 million at March 31, 2009. The growth in total assets was funded primarily by deposit growth of $59.1 million. Cash and cash equivalents increased $67.1 million to $91.7 million at March 31, 2009 as compared to $24.6 million at December 31, 2008 as a result of a higher level of short-term deposits at quarter end resulting from increased customer deposits. Federal funds sold increased $5.0 million.
Available-for-sale securities decreased $26.7 million, or 51%, from $52.0 million at December 31, 2008 to $25.3 million at March 31, 2009. The decrease is primarily due to the sale of six government sponsored agency mortgage-backed securities for $20 million, the call of one government sponsored agency obligation for $5.0 million and the redemption of one auction rate preferred security for $1.0 million during the period ended March 31, 2009. Bancorp realized a gain of $434,000 in connection with the sale of the government sponsored agency mortgage-backed securities during the period ended March 31, 2009.
The $85.8 million of non-accrual loans at March 31, 2009 is comprised of exposure to thirty-six borrowers. Loans totaling $67.4 million are collateral dependent and are secured by residential or commercial real estate located within the Bank s market area. In all cases, the Bank has obtained current appraisal reports from independent licensed appraisal firms and discounted those values for estimated liquidation expenses to determine estimated impairment. Based on the Bank s analysis for loan impairment, specific reserves totaling $4.1 million have been established, of which $3.7 million are related to collateral dependent loans. Impairment related to loans totaling $18.4 million to eight borrowers has been measured based on discounted cash flow resulted in specific reserves of $371,000. Such loans are also secured by real estate. Of the $85.8 million of non-accrual loans at March 31, 2009, eight borrowers with aggregate balances of $13.6 million continue to make loan payments and these loans are under 30 days past due as to payments.
Total deposits increased $59.1 million, or 8%, from $784.8 million at December 31, 2008 to $843.9 million at March 31, 2009. Demand deposits decreased $2.9 million, or 5%, which is reflective of decreases in commercial checking of $5.4 million offset by increases in personal accounts and cashier s checks of $900,000 and $1.7 million, respectively. Interest bearing accounts increased $62.0 million, or 8%; money market accounts, certificates of
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Patriot National Bancorp Inc. is the bank holding company of Patriot National Bank. The Bank is an independent bank engaged in substantially all of the business operations customarily conducted by independent commercial banks. The Bank offers a range of consumer and commercial banking services with anemphasis on serving the needs of individuals small and medium-sized businesses and professionals. Patriot National Bancorp Inc. has a market cap of $17.7 million; its shares were traded at around $3.73 with and P/S ratio of 0.32. Patriot National Bancorp Inc. had an annual average earning growth of 0.9% over the past 5 years.
Highlight of Business Operations:
Bancorp incurred a net loss of $1.1 million ($0.23 basic and diluted loss per share) for the quarter ended March 31, 2009, as compared to net income of $151,000 ($0.03 basic and diluted income per share) for the quarter ended March 31, 2008. Significant declines in interest rates, which include the Federal Reserve Bank lowering rates, resulted in a 58 basis point decline in Bancorp s net interest margin for the quarter ended March 31, 2009 of 2.45% as compared to 3.03% for the quarter ended March 31, 2008. In addition, interest income on loans decreased by 12% due to the level of non-accrual loans for the quarter ended March 31, 2009 as compared to the quarter ended March 31, 2008. These two factors, combined with a provision for loan losses of $1.6 million during the quarter resulted in the net loss of $1.1 million for the quarter ended March 31, 2009.Total assets increased $57.0 million from $913.4 million at December 31, 2008 to $970.4 million at March 31, 2009. Cash and cash equivalents increased $67.1 million to $91.7 million at March 31, 2009 as compared to $24.6 million at December 31, 2008. The available-for-sale securities portfolio decreased $26.6 million to $25.3 million at March 31, 2009 from $51.9 million at December 31, 2008. The net loan portfolio decreased $3.5 million from $788.6 million at December 31, 2008 to $785.1 million at March 31, 2009. Deposits increased $59.1 million to $843.9 million at March 31, 2009 from $784.8 million at December 31, 2008. The Bank built up its core deposits as customers placed funds in FDIC-insured products during these uncertain economic times. Borrowings remained constant during the same period. Total shareholders equity decreased $1.2 million from $58.8 million at December 31, 2008 to $57.6 million at March 31, 2009.
Bancorp s total assets increased $57.0 million, from $913.4 million at December 31, 2008 to $970.4 million at March 31, 2009. The growth in total assets was funded primarily by deposit growth of $59.1 million. Cash and cash equivalents increased $67.1 million to $91.7 million at March 31, 2009 as compared to $24.6 million at December 31, 2008 as a result of a higher level of short-term deposits at quarter end resulting from increased customer deposits. Federal funds sold increased $5.0 million.
Available-for-sale securities decreased $26.7 million, or 51%, from $52.0 million at December 31, 2008 to $25.3 million at March 31, 2009. The decrease is primarily due to the sale of six government sponsored agency mortgage-backed securities for $20 million, the call of one government sponsored agency obligation for $5.0 million and the redemption of one auction rate preferred security for $1.0 million during the period ended March 31, 2009. Bancorp realized a gain of $434,000 in connection with the sale of the government sponsored agency mortgage-backed securities during the period ended March 31, 2009.
The $85.8 million of non-accrual loans at March 31, 2009 is comprised of exposure to thirty-six borrowers. Loans totaling $67.4 million are collateral dependent and are secured by residential or commercial real estate located within the Bank s market area. In all cases, the Bank has obtained current appraisal reports from independent licensed appraisal firms and discounted those values for estimated liquidation expenses to determine estimated impairment. Based on the Bank s analysis for loan impairment, specific reserves totaling $4.1 million have been established, of which $3.7 million are related to collateral dependent loans. Impairment related to loans totaling $18.4 million to eight borrowers has been measured based on discounted cash flow resulted in specific reserves of $371,000. Such loans are also secured by real estate. Of the $85.8 million of non-accrual loans at March 31, 2009, eight borrowers with aggregate balances of $13.6 million continue to make loan payments and these loans are under 30 days past due as to payments.
Total deposits increased $59.1 million, or 8%, from $784.8 million at December 31, 2008 to $843.9 million at March 31, 2009. Demand deposits decreased $2.9 million, or 5%, which is reflective of decreases in commercial checking of $5.4 million offset by increases in personal accounts and cashier s checks of $900,000 and $1.7 million, respectively. Interest bearing accounts increased $62.0 million, or 8%; money market accounts, certificates of
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