Patriot National Bancorp Inc., the parent company of Patriot Bank N.A., has announced its intention to begin making quarterly dividends for shareholders of the community bank’s stock for the first time since 2008.
Patriot declared its first quarterly dividend of 1 cent per share, with a record date of July 24 and a dividend payment date of Aug. 1. This is the first time since the financial crisis that the bank has declared a dividend.
“Patriot’s improving performance is a direct result of ongoing operational efficiencies, product diversification and asset growth,” CEO Michael Carrazza said. “These changes continue to yield a positive impact, which now serve as a catalyst to reactivate the bank’s dividend policy.”
Patriot has 3,894,128 shares outstanding as of June 30.
At the end of its 2016 fiscal year, Patriot surpassed the three quarters of a billion-dollar milestone. In the first fiscal quarter of 2017, Patriot reported net income of $1.73 million or 44 cents per diluted share, a 165 percent increase over the prior year. First-quarter earnings increased 66 percent over the prior quarter.
As of March 31, total bank assets increased to $775 million, as compared with $636 million on March 31, 2016. Net loans totaled $625 million, up 30 percent over $480 million on March 31, 2016. Deposits grew to $561 million as of March 31, compared with $424 million at March 31, 2016. The bank has seen total deposits grow an aggregate of 32 percent over the last year.
Patriot National Bancorp Inc. is headquartered in Stamford. The bank has branches in Connecticut and New York.