Patriot National Bancorp Inc. (PNBK, Financial) filed Quarterly Report for the period ended 2010-06-30.
Patriot National Bancorp Inc. has a market cap of $8.9 million; its shares were traded at around $1.87 with and P/S ratio of 0.2. Patriot National Bancorp Inc. had an annual average earning growth of 0.9% over the past 5 years.
Total assets decreased $49.9 million from $866.4 million at December 31, 2009 to $816.5 million at June 30, 2010. Cash and cash equivalents decreased $6.8 million from $107.8 million at December 31, 2009 to $101.0 million at June 30, 2010. The available for sale securities portfolio increased $12.3 million from $48.8 million at December 31, 2009 to $61.1 million at June 30, 2010 due to the purchase of $15.2 million in government agency bonds and mortgage-backed securities. The net loan portfolio decreased $41.2 million from $645.2 million at December 31, 2009 to $604.0 million at June 30, 2010. This is the result of continuing efforts to reduce concentration levels within the construction and commercial real estate loan portfolios and loan payoffs, including some on non-accrual status. Deposits decreased $46.1 million from $761.3 million at December 31, 2009 to $715.2 million at June 30, 2010,
Cash and cash equivalents decreased $6.8 million, or 6%, to $101.0 million at June 30, 2010 compared to $107.8 million at December 31, 2009, due mainly to the decrease in cash and due from banks. Cash and due from banks decreased $6.8 million to $90.7 million at June 30, 2010 compared to $97.5 million at December 31, 2009. The decreased level of cash is reflective of the redeployment of excess funds into interest-earning investments and the decline in deposits, which has improved the overall net interest margin.
Available for sale securities increased $12.3 million, or 25%, from $48.8 million at December 31, 2009 to $61.1 million at June 30, 2010. The increase is primarily due to the purchase of one government agency bond for $10.0 million and one government agency mortgage-backed security for $5.2 million during the first quarter of 2010. These purchases are part of management s plan to improve the yield and earnings on the Bank s liquid assets.
Bancorp s net loan portfolio decreased $41.2 million, or 6.4%, from $645.2 million at December 31, 2009 to $604.0 million at June 30, 2010. The decrease is primarily a result of loan payoffs, including some that were impaired and on non-accrual status, resulting in decreases in construction loans of $46.1 million, construction-to-permanent loans of $3.9 million, commercial real estate loans of $5.0 million, commercial loans of $3.0 million and HELOCs of $1.7 million. These decreases were partially offset by an increase of $16.0 million in residential real estate loans. The decrease also reflects net charge-offs for the six months ended June 30, 2010 of $3.0 million. In an effort to reduce its concentration in construction and commercial real estate loans, Bancorp has continued its moratorium of originating new loans in the construction and commercial real estate portfolios.
The $103.9 million of non-accrual loans at June 30, 2010 is comprised of exposure to 57 borrowers, for which a specific reserve of $3.7 million has been established. Of the 103.9 million, loans totaling $101.7 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 $3.7 million are related to collateral dependent impaired loans. Impairment related to a loan to one borrower totaling $2.2 million has been measured based on discounted cash flows resulting in no specific reserve. That loan is also secured by real estate. Of the $103.9 million of non-accrual loans at June 30, 2010, 25 notes with aggregate balances of $31.3 million continue to make loan payments and these loans are current within one month as to payments.
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Patriot National Bancorp Inc. has a market cap of $8.9 million; its shares were traded at around $1.87 with and P/S ratio of 0.2. 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 $1.4 million ($0.29 basic and diluted loss per share) for the quarter ended June 30, 2010, as compared to a net loss of $4.6 million ($0.98 basic and diluted loss per share) for the quarter ended June 30, 2009. For the six-month period ended June 30, 2010, Bancorp incurred a net loss of $4.5 million ($0.95 basic and diluted loss per share) compared to net loss of $5.7 million ($1.21 basic and diluted loss per share) for the six months ended June 30, 2009. Bancorp incurred a pre-tax loss of $1.4 million for the quarter ended June 30, 2010, compared to a pre-tax loss of $8.3 million for the quarter ended June 30, 2009. For the six-month period ended June 30, 2010, Bancorp incurred a pre-tax loss of $4.3 million compared to a pre-tax loss of $9.7 million for the six months ended June 30, 2009. Bancorp s net interest margin for the quarter ended June 30, 2010 was 3.12% as compared to 1.91% for the quarter ended June 30, 2009. For the six-month period ended June 30, 2010 Bancorp s net interest margin was 3.11% as compared to 2.18% for the six months ended June 30, 2009. The increase in the net interest margin is a result of redeploying excess liquidity, a significant reduction in higher rate certificates of deposit and investment purchases. For the six months ended June 30, 2010, the impact of the collection of past due interest from non-accrual loans had a positive impact of 42 basis points on the net interest margin. Interest income and interest expense decreased by 14% and 47%, respectively, for the quarter ended June 30, 2010 compared to the quarter ended June 30, 2009. For the six months ended June 30, 2010, interest income and interest expense declined by 18% and 46%, respectively, compared to the six months ended June 30, 2009. The significant decline is primarily due to the cost of funds decreasing by 120 basis points for the six months ended June 30, 2010 as compared to the same period in 2009, due to substantial declines in interest rates paid on deposits.Total assets decreased $49.9 million from $866.4 million at December 31, 2009 to $816.5 million at June 30, 2010. Cash and cash equivalents decreased $6.8 million from $107.8 million at December 31, 2009 to $101.0 million at June 30, 2010. The available for sale securities portfolio increased $12.3 million from $48.8 million at December 31, 2009 to $61.1 million at June 30, 2010 due to the purchase of $15.2 million in government agency bonds and mortgage-backed securities. The net loan portfolio decreased $41.2 million from $645.2 million at December 31, 2009 to $604.0 million at June 30, 2010. This is the result of continuing efforts to reduce concentration levels within the construction and commercial real estate loan portfolios and loan payoffs, including some on non-accrual status. Deposits decreased $46.1 million from $761.3 million at December 31, 2009 to $715.2 million at June 30, 2010,
Cash and cash equivalents decreased $6.8 million, or 6%, to $101.0 million at June 30, 2010 compared to $107.8 million at December 31, 2009, due mainly to the decrease in cash and due from banks. Cash and due from banks decreased $6.8 million to $90.7 million at June 30, 2010 compared to $97.5 million at December 31, 2009. The decreased level of cash is reflective of the redeployment of excess funds into interest-earning investments and the decline in deposits, which has improved the overall net interest margin.
Available for sale securities increased $12.3 million, or 25%, from $48.8 million at December 31, 2009 to $61.1 million at June 30, 2010. The increase is primarily due to the purchase of one government agency bond for $10.0 million and one government agency mortgage-backed security for $5.2 million during the first quarter of 2010. These purchases are part of management s plan to improve the yield and earnings on the Bank s liquid assets.
Bancorp s net loan portfolio decreased $41.2 million, or 6.4%, from $645.2 million at December 31, 2009 to $604.0 million at June 30, 2010. The decrease is primarily a result of loan payoffs, including some that were impaired and on non-accrual status, resulting in decreases in construction loans of $46.1 million, construction-to-permanent loans of $3.9 million, commercial real estate loans of $5.0 million, commercial loans of $3.0 million and HELOCs of $1.7 million. These decreases were partially offset by an increase of $16.0 million in residential real estate loans. The decrease also reflects net charge-offs for the six months ended June 30, 2010 of $3.0 million. In an effort to reduce its concentration in construction and commercial real estate loans, Bancorp has continued its moratorium of originating new loans in the construction and commercial real estate portfolios.
The $103.9 million of non-accrual loans at June 30, 2010 is comprised of exposure to 57 borrowers, for which a specific reserve of $3.7 million has been established. Of the 103.9 million, loans totaling $101.7 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 $3.7 million are related to collateral dependent impaired loans. Impairment related to a loan to one borrower totaling $2.2 million has been measured based on discounted cash flows resulting in no specific reserve. That loan is also secured by real estate. Of the $103.9 million of non-accrual loans at June 30, 2010, 25 notes with aggregate balances of $31.3 million continue to make loan payments and these loans are current within one month as to payments.
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