Patriot National Bancorp Inc., the parent company of Patriot Bank, reported first-quarter net income of $1.73 million, a huge 165 percent increase over a year ago and its third consecutive quarter of earnings momentum. First-quarter earnings also increased over the prior quarter by 66 percent.
The Stamford bank noted that its current quarter results included the impact of a substantial recovery of a loan that was charged-off last year.
As of March 31, 2017, total assets increased to $775 million, as compared to $757 million on Dec. 31, 2016, and $636 million on March 31, 2016. Net loans totaled $625 million, up 8 percent over $577 million as of Dec. 31 and 30 percent over $480 million at March 31, 2016.
Deposits grew 6 percent or $32 million to $561 million at March 31, 2017 as compared with $529 million on Dec. 31 and $424 million on March 31, 2016. Patriot has seen total deposits grow an aggregate of 32 percent over the last year.
“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,” Patriot CEO Michael Carrazza said. “The amalgamation of broad-based operational improvements, management changes, asset-class re-positioning, and balance sheet re-engineering are producing these very positive results, and they remain ongoing.”