Rochester, NY 8/29/2009 12:37:10 AM
Patriot National Bancorp Reports Quarterly Results
Patriot National Bancorp Inc.
Patriot National Bancorp, In the parent of Patriot National Bank, reported a net loss for the quarter ended June 30, same year of $4.6 million $0.98 per share compared to net income of $396,000 $0.08 per share for the quarter ended last June 30, 2008. For the six months ended last June 30,the net loss was $5.7 million $1.21 per share compared to net income of $547,000 ($0.12 basic income per share and $0.11 diluted income per share for the six months ended June 30, 2008.
The net loss for the quarter was primarily the result of the loan loss provision and the impact on interest income from a higher level of non-accrual loans. The loan loss provision for the current quarter was $6.0 million compared to $1.1 million for the same period in the prior year. The loan loss reserve last June , of $16.6 million represents 2.27% of total loans compared to 2.02% last year when the loan loss reserve totaled $16.2 million. Charge-offs and write downs for the most recent quarter were $6.1 million. The vast majority of the charge offs and write downs were based on the reappraisal of real estate collateral and not losses on the sales of the properties.
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