Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
25 July, 2017 00:15 IST
Patriot National Bancorp first-quarter profit jumps 165.75 percent on a YOY basis
Source: IRIS | 09 Jul, 2017, 01.29PM

Powered by IRIS XBRL Data
Comments  |  Post Comment

 

Patriot National Bancorp Inc (PNBK) has reported an 165.75 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $1.73 million, or $0.44 a share in the quarter, compared with $0.65 million, or $0.16 a share for the same period last year.      

Revenue during the quarter grew 29.56 percent to $7.56 million from $5.84 million in the previous year period. Net interest income for the quarter rose 2.01 percent over the prior year period to $5.53 million. Non-interest income for the quarter fell 32.44 percent over the last year period to $0.28 million.

chief executive officer Michael Carrazza stated: “Patriot’s recent jump in performance is a direct result of performance enhancing strategies that we designed and began implementing in the third quarter 2016. The amalgamation of broad-based operational improvements, management changes, asset-class repositioning, and balance sheet reengineering are producing these very positive results, and they remain ongoing. Tackled in this quarter was the successful recovery of a charged-off loan that had been paralyzed in a protracted legal process. Our initiatives support a steady, predictable earnings trend, and our increasing scale will further drive efficiencies.”

Deposits stood at $423.96 million as on Mar. 31, 2017, down 19.91 percent compared with $529.32 million on Mar. 31, 2016.

Noninterest-bearing deposit liabilities were $80.59 million or 19.01 percent of total deposits on Mar. 31, 2017, compared with $76.77 million or 14.50 percent of total deposits on Mar. 31, 2016.

Investments stood at $33.18 million as on Mar. 31, 2017, up 14.91 percent or $4.31 million from year-ago. Shareholders equity was at $62.31 million as on Mar. 31, 2017.

Nonperforming assets moved up 102.43 percent or $2.74 million to $5.41 million on Mar. 31, 2017 from $2.67 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.85 percent in the quarter, up from 0.35 percent in the last year period.

Book value per share was $15.75 for the quarter, down 2.05 percent or $0.33 compared to $16.08 for the same period last year.

Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net



Comments Post comment 
 Post Comment
Name Email
Comment
Security Code type    into this box
US Equities
Innodata Isogen swings to first-quarter loss on a YOY basis - 10-Jul-2017 03:29
Echelon Corp first-quarter loss widens on a YOY basis - 09-Jul-2017 20:32
Diversicare Healthcare Services swings to first-quarter profit on a YOY basis - 09-Jul-2017 19:51
Dextera Surgical third-quarter loss widens on a YOY basis - 09-Jul-2017 18:20
Open Text Corp third-quarter earnings plunge by 68.72 percent on a YOY basis - 09-Jul-2017 15:17
NAPCO Security Technologies third-quarter earnings decline by 12.19 percent on a YOY basis - 09-Jul-2017 14:31
Alaska Communications Systems Group swings to first-quarter loss on a YOY basis - 09-Jul-2017 12:00
Delcath Systems first-quarter loss widens on a YOY basis - 08-Jul-2017 18:33
Edgewater Technology first-quarter loss widens on a YOY basis - 08-Jul-2017 16:21
Citizens Community Bancorp second-quarter profit jumps 38.37 percent on a YOY basis - 07-Jul-2017 20:08
Citizens Community Bancorp second-quarter profit jumps 38.37 percent on a YOY basis - 07-Jul-2017 20:08
more...
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer