Patriot National Bancorp sees 126 percent earnings increase

By Kevin Zimmerman

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Patriot National Bancorp reported net income of $653,000 for the first quarter, or $0.17 diluted income per share  ̶  an impressive 126 percent increase over the same period last year and a 23 percent rise over the fourth quarter of 2015, when the company reported net income of $532,000 or $0.14 diluted income per share.

As of March 31, total assets at the Stamford-based bank decreased slightly to $636 million, compared to $654 million at December 31, 2015, and $647 million at March 31, 2015. Net loans totaled $480 million at March 31 compared to $479 million at December 31, 2015 and $494 million at March 31, 2015.

While loans decreased $14 million from the first quarter of 2015, the company characterized April’s loan activity as “strong with the loan portfolio now exceeding $500 million and the pipeline at a record level.” Deposits were $426 million at the end of the quarter, compared to $447 million at the end of the fourth quarter 2015 and $457 million at March 31, 2015; the company added that deposits have increased by over $10 million since the end of March.

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