Patriot National Bancorp Inc. (PNBK, Financial) filed Quarterly Report for the period ended 2009-06-30.
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 $14.1 million; its shares were traded at around $2.95 with and P/S ratio of 0.3. Patriot National Bancorp Inc. had an annual average earning growth of 0.9% over the past 5 years.
Total assets increased $67.4 million from $913.4 million at December 31, 2008 to $980.8 million at June 30, 2009. Cash and cash equivalents increased $153.1 million to $177.7 million at June 30, 2009 as compared to $24.6 million at December 31, 2008. This increase is a result of Bancorp placing excess overnight funds at the Federal Reserve Bank in order to enhance the yield on this segment of the portfolio. The available-for-sale securities portfolio decreased $18.6 million to $33.4 million at June 30, 2009 from $52.0 million at December 31, 2008 as Bancorp sold $20 million in securities. The net loan portfolio decreased $75.7 million from $788.6 million at December 31, 2008 to $712.9 million at June 30, 2009. This is the result of loan payoffs and efforts to reduce concentration levels within the construction and commercial real estate loan portfolios. Deposits increased $74.6 million to $859.4 million at June 30, 2009 from $784.8 million at December 31, 2008. Core deposits
Bancorp s total assets increased $67.4 million from $913.4 million at December 31, 2008 to $980.8 million at June 30, 2009. The growth in total assets was funded primarily by deposit growth of $74.6 million. Cash and cash equivalents increased $153.1 million to $177.7 million at June 30, 2009 as compared to $24.6 million at December 31, 2008 as a result of Bancorp placing excess overnight funds at the Federal Reserve Bank in order to enhance the yield on this segment of the portfolio. Federal funds sold remained constant at $20.0 million.
Bancorp s net loan portfolio decreased $75.7 million from $788.6 million at December 31, 2008 to $712.9 million at June 30, 2009. The significant decrease is primarily a result of loan payoffs and decreases in construction loans of $37.5 million, commercial real estate loans of $20.6 million, construction-to-permanent loans of $14.7 million and commercial loans of $9.5 million, offset by increases of $5.1 million in residential real estate loans and $1.3 million in home equity loans. The decrease in the loan portfolio is also a result of net charge-offs for the six months ended June 30, 2009 of $7.2 million and the shift of $5.4 million to Other Real Estate Owned. Also, in an effort to reduce its concentration in construction and commercial real estate loans, Bancorp has not been originating new loans in these portfolios.
The $119.9 million of non-accrual loans at June 30, 2009 is comprised of exposure to forty-three borrowers, for which a specific reserve of $4.4 million has been established. Loans totaling $111.3 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 are related to collateral dependent loans. Impairment related to loans totaling $8.6 million to six borrowers has been measured based on discounted cash flows resulted in specific reserves of $285,000. Such loans are also secured by real estate. Of the $119.9 million of non-accrual loans at June 30, 2009, twenty-five borrowers with aggregate balances of $48.8 million continue to make loan payments and these loans are current as to payments.
Total deposits increased $74.6 million, or 9%, from $784.8 million at December 31, 2008 to $859.4 million at June 30, 2009. Demand deposits increased $2.2 million. Interest bearing accounts increased $72.4 million, money market accounts, savings deposits and certificates of deposits increased $50.3 million, $13.5 million, and $4.8 million, respectively. NOW accounts increased $3.8 million primarily due to growth in IOLTA accounts. Money market accounts increased as customers refrained from locking in long-term rates in the current lower rate environment. The growth is also attributable to depositors placing funds in FDIC-insured products during these uncertain economic times.
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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 $14.1 million; its shares were traded at around $2.95 with and P/S ratio of 0.3. 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 $4.6 million ($0.98 basic and diluted loss per share) for the quarter ended June 30, 2009, as compared to net income of $396,000 ($0.08 basic and diluted income per share) for the quarter ended June 30, 2008. For the six-month period ended June 30, 2009, Bancorp incurred a net loss of $5.7 million ($1.21 basic and diluted loss per share) as compared to net income of $547,000 ($0.12 basic income per share and $0.11 diluted income per share) for the six months ended June 30, 2008. Bancorp s net interest margin for the quarter ended June 30, 2009 was 1.91% as compared to 3.37% for the quarter ended June 30, 2008. For the six-month period ended June 30, 2009 Bancorp s net interest margin was 2.18% as compared to 3.20% for the six months ended June 30, 2008. Interest income and fees on loans decreased by 23% for the quarter ended June 30, 2009 when compared to the quarter ended June 30, 2008. For the six months ended June 30, 2009, interest income declined by 17% as compared to the six months ended June 30, 2008. The significant decline is primarily due to the increased levels of non-accrual loans within the two reporting periods.Total assets increased $67.4 million from $913.4 million at December 31, 2008 to $980.8 million at June 30, 2009. Cash and cash equivalents increased $153.1 million to $177.7 million at June 30, 2009 as compared to $24.6 million at December 31, 2008. This increase is a result of Bancorp placing excess overnight funds at the Federal Reserve Bank in order to enhance the yield on this segment of the portfolio. The available-for-sale securities portfolio decreased $18.6 million to $33.4 million at June 30, 2009 from $52.0 million at December 31, 2008 as Bancorp sold $20 million in securities. The net loan portfolio decreased $75.7 million from $788.6 million at December 31, 2008 to $712.9 million at June 30, 2009. This is the result of loan payoffs and efforts to reduce concentration levels within the construction and commercial real estate loan portfolios. Deposits increased $74.6 million to $859.4 million at June 30, 2009 from $784.8 million at December 31, 2008. Core deposits
Bancorp s total assets increased $67.4 million from $913.4 million at December 31, 2008 to $980.8 million at June 30, 2009. The growth in total assets was funded primarily by deposit growth of $74.6 million. Cash and cash equivalents increased $153.1 million to $177.7 million at June 30, 2009 as compared to $24.6 million at December 31, 2008 as a result of Bancorp placing excess overnight funds at the Federal Reserve Bank in order to enhance the yield on this segment of the portfolio. Federal funds sold remained constant at $20.0 million.
Bancorp s net loan portfolio decreased $75.7 million from $788.6 million at December 31, 2008 to $712.9 million at June 30, 2009. The significant decrease is primarily a result of loan payoffs and decreases in construction loans of $37.5 million, commercial real estate loans of $20.6 million, construction-to-permanent loans of $14.7 million and commercial loans of $9.5 million, offset by increases of $5.1 million in residential real estate loans and $1.3 million in home equity loans. The decrease in the loan portfolio is also a result of net charge-offs for the six months ended June 30, 2009 of $7.2 million and the shift of $5.4 million to Other Real Estate Owned. Also, in an effort to reduce its concentration in construction and commercial real estate loans, Bancorp has not been originating new loans in these portfolios.
The $119.9 million of non-accrual loans at June 30, 2009 is comprised of exposure to forty-three borrowers, for which a specific reserve of $4.4 million has been established. Loans totaling $111.3 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 are related to collateral dependent loans. Impairment related to loans totaling $8.6 million to six borrowers has been measured based on discounted cash flows resulted in specific reserves of $285,000. Such loans are also secured by real estate. Of the $119.9 million of non-accrual loans at June 30, 2009, twenty-five borrowers with aggregate balances of $48.8 million continue to make loan payments and these loans are current as to payments.
Total deposits increased $74.6 million, or 9%, from $784.8 million at December 31, 2008 to $859.4 million at June 30, 2009. Demand deposits increased $2.2 million. Interest bearing accounts increased $72.4 million, money market accounts, savings deposits and certificates of deposits increased $50.3 million, $13.5 million, and $4.8 million, respectively. NOW accounts increased $3.8 million primarily due to growth in IOLTA accounts. Money market accounts increased as customers refrained from locking in long-term rates in the current lower rate environment. The growth is also attributable to depositors placing funds in FDIC-insured products during these uncertain economic times.
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