Patriot National Bancorp Inc., the parent company of Stamford’s Patriot Bank, announced quarterly pretax earnings of $1.1 million and quarterly net income of $600,000.
Full year pretax income in 2017 was $7 million, $3.9 million higher than the $3.1 million reported in 2016. For the year ended Dec. 31, net income was $4.1 million, more than double the prior year results of $1.9 million.
Patriot CEO Michael Carrazza said that the full-year results marked the strongest earnings in the Stamford bank’s history.
“This is further confirmation that the growth blueprint put in place is yielding successful, value enhancing results,” he said. “We remain keenly focused on pursuing certain strategic initiatives that support growth and diversification of our banking franchise.”
Patriot President Richard Muskus Jr. said the bank’s primary areas of focus moving forward would be adding to its product lines and enhancing its service offerings.
Patriot Bank’s deposits continued to rise and are up 20 percent year-over-year, with loan growth of 24 percent from the prior year fueling a strong growth in net interest income.
During the year, total assets grew by $95 million to $852 million, up from $757 million. Loans totaled $720 million as of year-end 2017, up from the $710 million reported on Sept. 30, 2017, and up from the $582 million reported on Dec. 31, 2016.
Deposits increased during the quarter to $637 million and were up year-over-year as compared with $529 million at the end of 2016.
The bank also announced the declaration of its third consecutive quarterly dividend of $0.01 per share, which will be paid Feb. 16.