Patriot National Bancorp Inc - PNBK STOCK NEWS

Patriot National Bancorp (NASDAQ: PNBK) has announced the promotion of David Lowery to President and CEO of Patriot Bank, effective late April 2023, succeeding Robert Russell. Russell is leaving to pursue another career opportunity after enhancing earnings and operations during his tenure. Lowery, who served as Chief Lending Officer for two years, has significantly contributed to the bank's growth in commercial and consumer sectors. The Board of Directors has expressed unanimous support for Lowery's promotion and is committed to providing resources for continued growth.

Patriot National Bancorp reported Q4 2022 net income of $1.8 million ($0.45 per share), down from $2.3 million in Q3 2022. Annual net income rose to $6.2 million for 2022, a 21.6% increase from 2021. Pre-tax income grew 95% to $7.8 million, excluding non-recurring items. Notable growth in loans (14.7%) and deposits (14.9%) was achieved, with net interest margin increasing to 3.77% in Q4 2022. Total assets reached $1 billion, while non-interest income declined to $3.6 million due to lower SBA loan sales. Shareholders' equity decreased to $59.6 million, resulting in a book value of $15.03 per share.

Patriot National Bancorp (NASDAQ: PNBK) has announced the issuance of $12 million in 8.50% Fixed-Rate Senior Notes due 2026. The proceeds will be used to fully repay its existing 7.50% Senior Notes, due at the end of 2022. These new Notes will earn interest semi-annually, starting July 15, 2023. The Chairman, Michael Carrazza, highlighted the strategic importance of this refinancing, which will provide the company with more time to achieve its objectives. The offering was facilitated by Keefe, Bruyette & Woods and PNC FIG Advisory.

Patriot National Bancorp (PNBK) reported a net income of $2.3 million for Q3 2022, up from $1.3 million in Q2 2022 and Q3 2021. Earnings per share rose to $0.59, with total assets reaching $1.1 billion, supported by a 16.7% loan growth and an 11.5% increase in deposits. The net interest margin improved to 3.68% as net interest income rose 46.9% year-over-year. Notably, the company appointed Tom Slater as Chief Credit Officer. Despite a drop in book value per share from $17.02 to $14.66, excluding valuation impacts, the adjusted book value per share increased to $18.21.

Patriot National Bancorp, Inc. (NASDAQ: PNBK) announced the promotion of Al Botta, Jr. to Executive Vice President and Chief Payments Officer. Botta, who joined Patriot Bank in 2018, has over 20 years of experience in the payments industry, significantly growing the Bank's payments division. President and CEO Robert Russell praised Botta's leadership and expressed confidence in enhancing the Bank's revenue streams. Founded in 1994, Patriot provides banking solutions to individuals and small businesses across the U.S., emphasizing community involvement and client relationships.

Patriot National Bancorp (NASDAQ: PNBK) reported a net income of $1.3 million for Q2 2022, translating to $0.32 per share, an increase from $800,000, or $0.20 per share in Q1 2022. Total assets rose to $1.0 billion, with loan and deposit growth of 16.2% and 13.1% respectively. Net interest income grew by 30% year-over-year to $7.7 million, supported by improved net interest margins of 3.17%. The company faced a provision for loan losses of $275,000, and total shareholders' equity decreased to $59.8 million, impacted by declining market values amid rising interest rates.

On July 20, 2022, Patriot National Bancorp announced the mutual termination of its Merger Agreement with American Challenger Development Corp. Initially dated November 14, 2021, the agreement was terminated due to unmet closing conditions. While both parties are in discussions for a modified transaction, the outcome remains uncertain. The Boards of Directors for both companies unanimously approved the decision to terminate, releasing each other from any claims related to the agreement.