Patriot National Bancorp Inc., the parent of Patriot Bank, posted second quarter pretax income of $1.4 million and net income of $804,000, significant increases over the year-ago quarter’s pretax loss of $948,000 and net loss of $582,000. For the six months ended June 30, net income was $2.5 million, compared with $71,000 for the first half of 2016.
Based in Stamford, the bank has Westchester branches in Scarsdale and Bedford in addition to its Connecticut locations.
The comparative results for the first six months of 2016 and 2017 were affected by a troubled loan that was ultimately resolved. In the first half of 2016, Patriot took significant loan-loss provisions, but aggressively worked toward a recovery, which was successfully accomplished in the first quarter of 2017, according to the bank.
Excluding the impact of the loan-loss provision, which primarily included loan losses and related recoveries, the bank’s second-quarter net income was up 42 percent from the first quarter of 2017 and net income for the six-month period ending June 30 was 28 percent higher than the same period in 2016.
Compared with a year ago, loans increased 28 percent while deposits increased 26 percent, fueling the strong growth in net interest income.
Total assets were $773 million as of June 30, essentially unchanged from the end of the first quarter, when they had increased by $18 million. Total assets had been $652 million on June 30, 2016. Loans totaled $679 million as of June 30, up 8 percent from the $631 million reported March 31, 2017, and up 28 percent from the $529 million reported June 30, 2016.
Deposits remained essentially unchanged during the quarter at $562 million and were up 26 percent year-over-year as compared with $446 million at the end of the second quarter of 2016.