Patriot National Bancorp Inc - PNBK STOCK NEWS

Patriot National Bancorp reported a pre-tax income of $1.2 million and a net income of $854,000 for Q1 2021, reversing a loss from the previous year. Key improvements included enhanced net interest margins, core deposit growth, and lower operating expenses. The Bank recognized an $843,000 payroll tax credit, but loan balances decreased due to higher payoffs than originations. Total assets increased to $886.2 million, with deposits rising to $692.9 million. The net interest margin improved to 2.99%, while the provision for loan losses was zero, highlighting a cautious lending approach.

On April 29, 2021, Patriot National Bancorp announced key executive appointments aimed at strengthening its leadership team. Karen Rojeski joins as Executive Vice President and Chief Credit Officer, bringing extensive experience in community banking. Steven Grunblatt has been promoted to Executive Vice President and Chief Information Officer, having served in technology roles since 2014. David Lowery has been appointed Head of Lending, with a track record in building successful lending services. The CEO emphasizes that these new hires will contribute significantly to the bank's success.

Patriot National Bancorp reported a net loss of $1.4 million for Q4 2020, worsening from a loss of $87 thousand in Q3 2020. For the fiscal year, net loss reached $3.8 million, up from $2.8 million in 2019. The bank's loan loss provision decreased by 56.3% to $2.2 million. Total assets declined to $880.7 million, with net loans at $719.6 million. Despite challenges, mobile deposits surged 124%, signaling growth in digital engagement. The bank’s capital ratios remain strong, but overall financial performance reflects pandemic-related pressures.

Patriot National Bancorp (NASDAQ: PNBK) has reorganized its SBA team to enhance its nationwide SBA Business Lending Unit. This strategic move aims to support small businesses in securing necessary capital. The new team includes seasoned professionals like Gary Griffin, the National SBA Sales Manager, and several Vice Presidents with extensive experience in SBA and commercial lending. President and CEO Robert Russell expressed enthusiasm about the new team's potential impact on small businesses and Patriot's growth.

Patriot National Bancorp (NASDAQ:PNBK) announced the appointment of Patrick Trombly as Senior Vice President and Deputy Chief Credit Officer. Trombly, who has significant experience in credit and lending, previously held positions at Axos Bank, City National Bank, and Citibank. This strategic hire aims to enhance the Bank's credit culture and lending capabilities. CEO Robert Russell emphasized the importance of strong leadership during challenging times, highlighting the value Trombly brings to the Bank's efforts in supporting customers and maximizing shareholder value.

Patriot National Bancorp (NASDAQ: PNBK) reported a net loss of $87,000 for Q3 2020, improving from a loss of $1.3 million in Q2 2020. The nine-month net loss totaled $2.4 million. Total assets fell 5.8% to $922.9 million, with net loans decreasing to $740.1 million. Deposits dropped 7.1% to $727.4 million, largely due to reduced wholesale brokered deposits. The bank's net interest income was $5.9 million, a 3.9% increase from Q2 2020 but a 5.4% decline year-over-year. Non-interest income surged 81% from Q2. The company has suspended its quarterly dividend due to pandemic uncertainties.

Patriot National Bancorp (NASDAQ: PNBK) reported a pre-tax loss of $1.7 million for Q2 2020, with a net loss of $1.3 million and $0.32 per share. Year-to-date, losses are $2.4 million, compared to $1.3 million last year. Key factors include a higher loan loss provision due to COVID-19, and decreased net interest and non-interest income. Total assets fell 2% to $979.5 million. Despite this, deposits grew 5% excluding brokered deposits. Operational efficiency improved with a focus on online banking. CEO Robert Russell emphasized the path to future growth and profitability amidst challenges.

Patriot National Bancorp (NASDAQ: PNBK) has successfully completed the acquisition of approximately $52 million in pre-paid debit card deposits from a national provider. This acquisition positions Patriot as the depository and issuing bank, enhancing its ability to manage funds and payments effectively. The transaction is expected to lower the Bank's cost of funds and will be pivotal in its deposit gathering strategy, potentially increasing net interest margins. The authorization was granted by the Office of the Controller of the Currency.

Patriot National Bancorp (PNBK) appointed Robert G. Russell, Jr. as President and CEO of both the company and its banking subsidiary, Patriot Bank. Russell brings over 30 years of community banking experience, previously serving at Millington Bank and NJM Bank. Under his leadership, Patriot Bank aims to enhance growth and banking services. As of Q1 2020, the bank's total assets rose 2% to $999.6 million, net loans reached $808 million, and deposits grew by 4.4%. This leadership change is viewed as a strategic move to leverage Russell’s expertise in community banking.