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.
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