Patriot Bank parent company Patriot National Bancorp Inc. reported a nearly 30 percent increase in third-quarter earnings with net income of $814,000 or 21 cents diluted income per share. The result compared favorably with last year’s third-quarter figures of $633,000 net income or 16 cents diluted income per share, and with second-quarter 2016’s $582,000 net loss or -15 cents diluted income per share.
For the quarter ending Sept. 30, total assets increased by $31 million, or nearly 5 percent, to $683 million, compared with $652 million on June 30, 2016, and $641 million on Sept. 30, 2015. Net loans totaled $553 million, up 6 percent, on Sept. 30, 2016 compared with $521 million on June 30, 2016 and $491 million on Sept. 30, 2015. Deposits also grew 5.6 percent, an increase of $25 million over the quarter.
Stamford-based Patriot credited the results in part to its chairman, Michael Carrazza, who took over as CEO after the August resignation of Kenneth Neilson from that role.
“Our team developed and began implementing initiatives aimed at generating stronger and consistent economic performance, which already proved visible this quarter,” Carrazza said. “These value-based, re-engineering disciplines made an immediate difference and are expected to further elevate operating efficiencies and bottom line results. We are looking to make continued strides going forward.”