Patriot National Bancorp Inc., the parent company of Patriot Bank N.A., reported a 28 percent increase in fourth-quarter earnings compared with the third quarter, with net income of $1.045 million or 27 cents diluted income per share. The bank noted that the result represented a figure nearly double its net income of $532,000 or 14 cents diluted income per share posted last year.
As of Dec. 31, 2016, total assets at the bank, which is headquartered in Stamford, increased by $74 million to $757 million, up from the $683 million it reported on Sept. 30, 2016 and the $653 million it disclosed on Dec. 31, 2015. Net loans, up 4 percent, totaled $577 million as of Dec. 31, 2016 compared with $553 million at Sept. 30, 2016 and $479 million at Dec. 31, 2015.
Deposits grew 12 percent or $58 million to $529 million at the end of December 2016 as compared with $471 million on Sept. 30, 2016 and $445 million on Dec. 31, 2015.
“Patriot’s performance, achieving 29 percent earnings growth in the third quarter and 28 percent earnings growth in the fourth quarter, is a direct result of ongoing performance enhancing strategies being executed by our team,” said Chairman and CEO Michael Carrazza.
Carrazza took operational control of Patriot as interim CEO in August 2016. In January, Richard Muskus was internally promoted to president and Joseph Perillo was retained as a senior financial adviser to assist in carrying out performance improvement initiatives.