Patriot National Bancorp posts strongest earnings in its history

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.