Patriot reports second quarter 2019 net loss of $1.66 million; Assets Up 5% as loans and deposits expand & SBA lending business grows; Declares quarterly dividend
Patriot National Bancorp Inc. (PNBK)
US:NASDAQ Investor Relations:
bankpatriot.com/patriot/for-investors
Company Research
Source: GlobeNewswire
STAMFORD, Conn., Aug. 23, 2019 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot,” “Bancorp” or the “Company”) (NASDAQ: PNBK), the parent company of Patriot Bank, N.A. (the “Bank”), today announced a pre-tax loss of $2.29 million, and net loss of $1.66 million, or $0.42 per fully diluted share for the quarter ended June 30, 2019, even as bank assets, loans, deposits and investment in its retail and SBA lending network continues to expand. The quarterly loss results from an increase in the provision for loan losses of $2.9 million in the quarter and $3.1 million, year-to-date, largely associated with a $2.3 million charge-off on a single non-performing commercial loan. This resulted in a year-to-date net loss of $1.33 million, or $0.34 per fully diluted share, as compared to a net income of $2.1 million, or $0.54 per fully diluted shares in the prior year. The second quarter and full-year results also reflect an increase in operating expenses associated with the organic
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