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Stock impact report

Patriot warns of quarterly loss, progresses on capital raise [Yahoo! Finance]

Patriot National Bancorp Inc. (PNBK) 
US:NASDAQ Investor Relations: bankpatriot.com/patriot/for-investors
Company Research Source: Yahoo! Finance
Patriot National Bancorp in Stamford, Connecticut, said it has attracted investor interest as it pursues a capital raise, but the company also expects to post another quarterly loss tied to vulnerable commercial real estate loans. The $974 million-asset Patriot, which has yet to report its fourth-quarter earnings, disclosed in a regulatory filing late Friday that it expects to report a $9.5 million net loss, compared with $900,000 in net income a year earlier. The company cited a $7.7 million loan-loss provision linked to two large CRE loans. In the third quarter, Patriot reported a $27 million third-quarter loss that reflected the full valuation of a $25.1 million deferred tax asset. Banks recognize a valuation allowance after concluding they may not be able to realize some or all of a deferred tax asset. In Patriot's case, this resulted in a hit to its capital. The bank's 9.29% total capital ratio on Sept. 30 fell short of the 11.5% regulatory threshold needed to qualify as wel Show less Read more
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