Patriot National Bancorp Inc. (PNBK, Financial) filed Quarterly Report for the period ended 2009-09-30.
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 $9.5 million; its shares were traded at around $2 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 increased $24.0 million from $913.4 million at December 31, 2008 to $937.4 million at September 30, 2009. Cash and cash equivalents increased $128.6 million to $153.2 million at September 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 $20.1 million to $31.9 million at September 30, 2009 from $52.0 million at December 31, 2008. The net loan portfolio decreased $86.3 million from $788.6 million at December 31, 2008 to $702.3 million at September 30, 2009. This is the result of loan payoffs, including some on non-accrual status, and efforts to reduce concentration levels within the construction and commercial real estate loan portfolios. Deposits increased $44.3 million to $829.1 million at September 30, 2009
Available for sale securities decreased $20.1 million, or 39%, from $52.0 million at December 31, 2008 to $31.9 million at September 30, 2009. The decrease is primarily due to the sale of six government sponsored agency mortgage-backed securities for $20 million, the call of two government sponsored agency obligations for $10.0 million and the redemption of one auction rate preferred security for $1.0 million, which was partially offset by the purchase of two government sponsored agency mortgage-backed securities for $9.3 million
Bancorp s net loan portfolio decreased $86.3 million from $788.6 million at December 31, 2008 to $702.3 million at September 30, 2009. The significant decrease is primarily a result of loan payoffs, including some on non-accrual status, resulting in decreases in construction loans of $62.2 million, commercial real estate loans of $20.9 million, construction-to-permanent loans of $19.5 million and commercial loans of $10.2 million, partially offset by an increase of $26.7 million in residential real estate loans. The decrease in the loan portfolio is also a result of net charge-offs for the nine months ended September 30, 2009 of $7.6 million and the transfer of $7.7 million to Other Real Estate Owned for foreclosures on loans secured by real estate. Also, in an effort to reduce its concentration in construction and commercial real estate loans, Bancorp suspended the origination of new loans in these portfolios.
The $137.9 million of non-accrual loans at September 30, 2009 is comprised of exposure to sixty borrowers, for which a specific reserve of $6.7 million has been established. Loans totaling $125.5 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 $6.2 million are related to collateral dependent loans. Impairment related to loans totaling $12.4 million to six borrowers has been measured based on discounted cash flows resulted in specific reserves of $549,000. Such loans are also secured by real estate. Of the $137.9 million of non-accrual loans at September 30, 2009, twenty-two borrowers with aggregate balances of $31.9 million continue to make loan payments and these loans are current as to payments.
Total deposits increased $44.2 million, or 6%, from $784.8 million at December 31, 2008 to $829.0 million at September 30, 2009. Demand deposits decreased $2.1 million. Interest bearing accounts increased $46.4 million, which is comprised of increases in money market accounts and savings deposits of $38.2 million and $18.3 million, respectively and offset by a decrease in certificates of deposit of $11.2 million. NOW accounts increased $1.1 million primarily due to growth in IOLTA accounts. The increase in money market accounts and decrease in certificates of deposit is attributable to customers refraining from locking into 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. The FDIC has also extended the increased level of insurance from $100,000 to $250,000 until December 31, 2013.
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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 $9.5 million; its shares were traded at around $2 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 $13.9 million ($2.93 basic and diluted loss per share) for the quarter ended September 30, 2009, as compared to a net loss of $1.9 million ($0.40 basic and diluted loss per share) for the quarter ended September 30, 2008. For the nine-month period ended September 30, 2009, Bancorp incurred a net loss of $19.7 million ($4.14 basic and diluted loss per share) as compared to a net loss of $1.4 million ($0.29 basic and diluted loss per share) for the nine months ended September 30, 2008. Bancorp s net interest margin for the quarter ended September 30, 2009 was 1.76% as compared to 3.30% for the quarter ended September 30, 2008. The decrease in net interest margin is a result of a considerable increase in non-accrual loans and a buildup in the liquidity levels. For the nine-month period ended September 30, 2009, Bancorp s net interest margin was 2.04% as compared to 3.24% for the nine months ended September 30, 2008. Interest income decreased by 26% for the quarter ended September 30, 2009 when compared to the quarter ended September 30, 2008. For the nine months ended September 30, 2009, interest income declined by 21% as compared to the nine months ended September 30, 2008. The significant decline is primarily due to the increased levels of non-accrual loans within the two reporting periods.Total assets increased $24.0 million from $913.4 million at December 31, 2008 to $937.4 million at September 30, 2009. Cash and cash equivalents increased $128.6 million to $153.2 million at September 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 $20.1 million to $31.9 million at September 30, 2009 from $52.0 million at December 31, 2008. The net loan portfolio decreased $86.3 million from $788.6 million at December 31, 2008 to $702.3 million at September 30, 2009. This is the result of loan payoffs, including some on non-accrual status, and efforts to reduce concentration levels within the construction and commercial real estate loan portfolios. Deposits increased $44.3 million to $829.1 million at September 30, 2009
Available for sale securities decreased $20.1 million, or 39%, from $52.0 million at December 31, 2008 to $31.9 million at September 30, 2009. The decrease is primarily due to the sale of six government sponsored agency mortgage-backed securities for $20 million, the call of two government sponsored agency obligations for $10.0 million and the redemption of one auction rate preferred security for $1.0 million, which was partially offset by the purchase of two government sponsored agency mortgage-backed securities for $9.3 million
Bancorp s net loan portfolio decreased $86.3 million from $788.6 million at December 31, 2008 to $702.3 million at September 30, 2009. The significant decrease is primarily a result of loan payoffs, including some on non-accrual status, resulting in decreases in construction loans of $62.2 million, commercial real estate loans of $20.9 million, construction-to-permanent loans of $19.5 million and commercial loans of $10.2 million, partially offset by an increase of $26.7 million in residential real estate loans. The decrease in the loan portfolio is also a result of net charge-offs for the nine months ended September 30, 2009 of $7.6 million and the transfer of $7.7 million to Other Real Estate Owned for foreclosures on loans secured by real estate. Also, in an effort to reduce its concentration in construction and commercial real estate loans, Bancorp suspended the origination of new loans in these portfolios.
The $137.9 million of non-accrual loans at September 30, 2009 is comprised of exposure to sixty borrowers, for which a specific reserve of $6.7 million has been established. Loans totaling $125.5 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 $6.2 million are related to collateral dependent loans. Impairment related to loans totaling $12.4 million to six borrowers has been measured based on discounted cash flows resulted in specific reserves of $549,000. Such loans are also secured by real estate. Of the $137.9 million of non-accrual loans at September 30, 2009, twenty-two borrowers with aggregate balances of $31.9 million continue to make loan payments and these loans are current as to payments.
Total deposits increased $44.2 million, or 6%, from $784.8 million at December 31, 2008 to $829.0 million at September 30, 2009. Demand deposits decreased $2.1 million. Interest bearing accounts increased $46.4 million, which is comprised of increases in money market accounts and savings deposits of $38.2 million and $18.3 million, respectively and offset by a decrease in certificates of deposit of $11.2 million. NOW accounts increased $1.1 million primarily due to growth in IOLTA accounts. The increase in money market accounts and decrease in certificates of deposit is attributable to customers refraining from locking into 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. The FDIC has also extended the increased level of insurance from $100,000 to $250,000 until December 31, 2013.
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