Patriot National Bancorp income slips in second quarter

By Kevin Zimmerman

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Patriot National Bancorp Inc., the Stamford-based parent company of Patriot Bank, reported net income of $614,000 or $0.16 diluted income per share for the second quarter, compared with $689,000 or $0.18 diluted income per share in the second quarter of 2015, and $653,000 or $0.16 for the first quarter of this year.

Total assets as of June 30 have increased to $653 million, up 2.7 percent from $636 million at March 31 and $629 million at June 30, 2015. Net loans totaled $523 million (up 9 percent) at June 30, compared to $480 million at March 31 and $489 million at June 30, 2015.

“Growth has, and will continue to be, our primary focus,” said Kenneth T. Neilson, president and CEO. “We have spent the last few years building a solid banking infrastructure, which has given us the foundation to confidently go forward with building our brand, hiring and training additional staff, creating and delivering a best-in-class customer experience, and showing by doing in the communities we serve.”

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