U.S. markets close in 4 hours 23 minutes
  • S&P 500

    4,229.07
    -54.67 (-1.28%)
     
  • Dow 30

    33,715.41
    -283.63 (-0.83%)
     
  • Nasdaq

    12,705.30
    -260.04 (-2.01%)
     
  • Russell 2000

    1,954.44
    -46.29 (-2.31%)
     
  • Crude Oil

    91.10
    +0.60 (+0.66%)
     
  • Gold

    1,761.10
    -10.10 (-0.57%)
     
  • Silver

    18.99
    -0.47 (-2.44%)
     
  • EUR/USD

    1.0046
    -0.0046 (-0.45%)
     
  • 10-Yr Bond

    2.9940
    +0.1140 (+3.96%)
     
  • GBP/USD

    1.1812
    -0.0121 (-1.01%)
     
  • USD/JPY

    137.0130
    +1.1510 (+0.85%)
     
  • BTC-USD

    21,375.53
    -2,083.40 (-8.88%)
     
  • CMC Crypto 200

    507.32
    -34.28 (-6.33%)
     
  • FTSE 100

    7,544.68
    +2.83 (+0.04%)
     
  • Nikkei 225

    28,930.33
    -11.77 (-0.04%)
     

Patriot Reports Second Quarter 2022 Net Income of $1.3 million; continued growth in loans and deposits

  • Oops!
    Something went wrong.
    Please try again later.
·15 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
Patriot National Bancorp Inc.
Patriot National Bancorp Inc.

STAMFORD, Conn., Aug. 05, 2022 (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 net income of $1.3 million, or $0.32 basic and diluted earnings per share for the quarter ended June 30, 2022, compared to $800,000, or $0.20 per basic and diluted earnings per share for the first quarter of 2022 and net income of $1.0 million, or $0.26 basic and diluted earnings per share reported in the second quarter of 2021. The 2021 second quarter included the benefit of a non-recurring employee retention tax credit (“ERC”) of $1.1 million.

For the six months ended June 30, 2022, net income was $2.1 million, or $0.52 basic and diluted earnings per share, compared to a net income of $1.9 million, or $0.48 basic and $0.47 diluted earnings per share for the six months ended June 30, 2021. The first half of 2021 results included the recognition of an ERC of $2.0 million, while no ERC was recognized in 2022.

Along with reporting a substantial improvement in net interest income and strong earnings, the Bank reported loan growth of 16.2% and deposit growth of 13.1% compared to December 31, 2021. Net interest margin improved to 3.17% for the first half of 2022, up from 2.90% for the first half of 2021. The Bank’s prepaid debit card program continues to be an increasing, low-cost funding source and has tripled in size to $166.7 million as of June 30, 2022, from $50.0 million in July 2020. The portfolio growth provides a substantial improvement to the Bank’s net interest margin and overall funding costs.

Patriot President & CEO Robert Russell stated: “The Bank continued its path of strong financial performance and quality asset generation during the second quarter of 2022. Our net interest margin remained solid at 3.17%. The Bank remains focused on its balance sheet and improvement in nonperforming assets both of which had positive contributions during the quarter.

As disclosed on July 20, 2022, Patriot and American Challenger Development Corporation mutually agreed to terminate the previously announced Merger Agreement due to closing conditions that could not be attained. The parties remain in active discussions regarding the potential for a modified transaction. “Aside from our focus on meaningful strategic activities, Patriot’s organic platform and financial performance continues to grow and improve,” Russell added.

Financial Results:

As of June 30, 2022, total assets increased $100.7 million to $1.0 billion, as compared to $948.5 million on December 31, 2021, primarily due to the increase in net loans which increased from $729.6 million on December 31, 2021, to $849.2 million on June 30, 2022. Total deposits increased from $748.6 million on December 31, 2021, to $846.8 million on June 30, 2022.

Net interest income for the three months ended June 30, 2022, was $7.7 million, an increase of $1.8 million or 30.0% from the second quarter of 2021. Net interest income for the six months ended June 30, 2022 was $14.4 million, an increase of $2.3 million or 19.7% from the first half of 2021. These increases were primarily attributable to the growth in the loan portfolio over the past year.

The Bank’s net interest margin showed continued improvement, with an increase to 3.17% for the six months ended June 30, 2022, compared with 2.90% for the six months ended June 30, 2021.

A provision for loan losses of $275,000 was recorded for the three and six months ended June 30, 2022. There was no provision for loans losses recorded in the second quarter and first half of 2021. As of June 30, 2022, the allowance for loan losses was 1.16% of total loans, compared with 1.34% on December 31, 2021.

Non-interest income for the quarter ended June 30, 2022 and 2021 was $798,000 and $753,000, respectively. Non-interest income for the six months ended June 30, 2022 and 2021, was $1.6 million and $1.2 million, respectively. The increase in the first half of 2022 was primarily attributable to gains from sales of SBA loans totaling $509,000 along with higher non-interest income from the prepaid card program.

Non-interest expense for the quarter ended June 30, 2022 and 2021, was $6.5 million and $5.3 million, respectively. Non-interest expense for the six months ended June 30, 2022 and 2021, was $12.9 million and $10.7 million, respectively. The increase in the first half of 2022 was primarily due to an increase in salary and benefit expenses as the Company recognized an ERC of $2.0 million in the first half of 2021. The organization was no longer eligible for the ERC under the CARES Act program in 2022.

For the six months ended June 30, 2022, a provision for income taxes of $787,000 was recorded, compared to a provision for income taxes of $702,000 for the six months ended June 30, 2021.

As of June 30, 2022, shareholders’ equity was $59.8 million, compared with $67.3 million on December 31, 2021. Patriot’s book value per share was $15.11 on June 30, 2022, compared with $17.02 on December 31, 2021. The change was attributable to a decline in the market value of the Bank’s investment portfolio during the quarter associated with rising market interest rates.

* * * * *

About the Company:

Founded in 1994, and now celebrating its 28th year, Patriot National Bancorp, Inc. (“Patriot” or “Bancorp”) is the parent holding company of Patriot Bank N.A. (“Bank”), a nationally chartered bank headquartered in Stamford, CT. The Bank is headquartered in Stamford and operates 9 branch locations: in Scarsdale, NY; and Darien, Fairfield, Greenwich, Milford, Norwalk, Orange, Stamford, Westport, CT with Express Banking locations at Bridgeport/ Housatonic Community College, downtown New Haven and Trumbull at Westfield Mall. The Bank also maintains SBA lending offices in Stamford, Connecticut, Florida, Georgia, Mississippi, along with a Rhode Island operations center.

Patriot’s mission is to serve its local community and nationwide customer base by providing a growing array of banking solutions to meet the needs of individuals and small businesses owners. Patriot places great value in the integrity of its people and how it conducts business. An emphasis on building strong client relationships and community involvement are cornerstones of Patriot’s philosophy as it seeks to maximize shareholder value.

“Safe Harbor” Statement Under Private Securities Litigation Reform Act of 1995:
Certain statements contained in Bancorp’s public statements, including this one, may be forward looking. These forward-looking statements are based on Patriot’s current expectations and assumptions regarding Patriot’s businesses, the economy, and other future conditions. Because forward-looking statements relate to future results and occurrences, they are subject to inherent risks, uncertainties, changes in circumstances and other factors that are difficult to predict. Many possible events or factors could affect Patriot’s future financial results and performance and could cause the actual results, performance, or achievements of Patriot to differ materially from any anticipated results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others: (1) changes in prevailing interest rates which would affect the interest earned on the Company’s interest earning assets and the interest paid on its interest bearing liabilities; (2) the timing of re-pricing of the Company’s interest earning assets and interest bearing liabilities; (3) the effect of changes in governmental monetary policy; (4) the effect of changes in regulations applicable to the Company and the Bank and the conduct of its business; (5) changes in competition among financial service companies, including possible further encroachment of non-banks on services traditionally provided by banks; (6) the ability of competitors that are larger than the Company to provide products and services which it is impracticable for the Company to provide; (7) the state of the economy and real estate values in the Company’s market areas, and the consequent effect on the quality of the Company’s loans; (8) demand for loans and deposits in our market area; (9) recent governmental initiatives that are expected to have a profound effect on the financial services industry and could dramatically change the competitive environment of the Company; (10) other legislative or regulatory changes, including those related to residential mortgages, changes in accounting standards, and Federal Deposit Insurance Corporation (“FDIC”) premiums that may adversely affect the Company; (11) the application of generally accepted accounting principles, consistently applied; (12) the fact that one period of reported results may not be indicative of future periods; (13) the state of the economy in the greater New York metropolitan area and its particular effect on the Company's customers, vendors and communities; (14) political, social, legal and economic instability, civil unrest, war, catastrophic events, acts of terrorism; (15) widespread outbreaks of infectious diseases, including the ongoing novel coronavirus (COVID-19) outbreak; (16) changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses; (17) our ability to access cost-effective funding; (18) our ability to implement and change our business strategies; (19) changes in the quality or composition of our loan or investment portfolios; (20) technological changes that may be more difficult or expensive than expected; (21) our ability to manage market risk, credit risk and operational risk in the current economic environment; (22) our ability to enter new markets successfully and capitalize on growth opportunities; (23) changes in consumer spending, borrowing and savings habits; (24) our ability to retain key employees; (25) our compensation expense associated with equity allocated or awarded to our employees; and (26) other such factors, including risk factors, as may be described in the Company’s other filings with the Securities and Exchange Commission.


PATRIOT NATIONAL BANCORP, INC. AND SUBSIDIARIES

 

 

 

 

 

CONSOLIDATED BALANCE SHEETS (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

June 30, 2022

 

December 31, 2021

 

June 30, 2021

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

Cash and due from banks:

 

 

 

 

 

 

Noninterest bearing deposits and cash

$

4,507

 

 

$

3,264

 

 

$

2,397

 

 

Interest bearing deposits

 

33,009

 

 

 

43,781

 

 

 

113,794

 

 

 

 

Total cash and cash equivalents

 

37,516

 

 

 

47,045

 

 

 

116,191

 

 

Investment securities:

 

 

 

 

 

 

Available-for-sale securities, at fair value

 

76,971

 

 

 

94,341

 

 

 

108,612

 

 

Other investments, at cost

 

4,450

 

 

 

4,450

 

 

 

4,450

 

 

 

 

Total investment securities

 

81,421

 

 

 

98,791

 

 

 

113,062

 

 

 

 

 

 

 

 

 

 

 

Federal Reserve Bank stock, at cost

 

2,762

 

 

 

2,843

 

 

 

2,744

 

 

Federal Home Loan Bank stock, at cost

 

4,474

 

 

 

4,184

 

 

 

4,185

 

 

 

 

 

 

 

 

 

 

 

Gross loans receivable

 

859,107

 

 

 

739,488

 

 

 

670,896

 

 

Allowance for loan losses

 

(9,929

)

 

 

(9,905

)

 

 

(10,362

)

 

 

Net loans receivable

 

849,178

 

 

 

729,583

 

 

 

660,534

 

 

 

 

 

 

 

 

 

 

 

SBA loans held for sale

 

7,556

 

 

 

3,129

 

 

 

2,636

 

 

Accrued interest and dividends receivable

 

5,727

 

 

 

5,822

 

 

 

6,207

 

 

Premises and equipment, net

 

31,128

 

 

 

31,500

 

 

 

32,824

 

 

Other real estate owned

 

-

 

 

 

-

 

 

 

1,216

 

 

Deferred tax asset

 

14,910

 

 

 

12,146

 

 

 

10,560

 

 

Goodwill

 

1,107

 

 

 

1,107

 

 

 

1,107

 

 

Core deposit intangible, net

 

273

 

 

 

296

 

 

 

319

 

 

Other assets

 

13,128

 

 

 

12,035

 

 

 

11,469

 

 

 

Total assets

$

1,049,180

 

 

$

948,481

 

 

$

963,054

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

Noninterest bearing deposits

$

271,165

 

 

$

226,713

 

 

$

218,374

 

 

 

Interest bearing deposits

 

575,618

 

 

 

521,849

 

 

 

542,824

 

 

 

 

Total deposits

 

846,783

 

 

 

748,562

 

 

 

761,198

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank and correspondent bank borrowings

 

100,000

 

 

 

90,000

 

 

 

90,000

 

 

Senior notes, net

 

12,000

 

 

 

12,000

 

 

 

11,965

 

 

Subordinated debt, net

 

9,825

 

 

 

9,811

 

 

 

9,796

 

 

Junior subordinated debt owed to unconsolidated trust, net

 

8,123

 

 

 

8,119

 

 

 

8,114

 

 

Note payable

 

689

 

 

 

791

 

 

 

893

 

 

Advances from borrowers for taxes and insurance

 

2,967

 

 

 

1,101

 

 

 

3,607

 

 

Accrued expenses and other liabilities

 

8,991

 

 

 

10,753

 

 

 

11,619

 

 

 

 

Total liabilities

 

989,378

 

 

 

881,137

 

 

 

897,192

 

 

 

 

 

 

 

 

 

 

 

Commitments and Contingencies

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

 

 

 

 

Preferred stock

 

-

 

 

 

-

 

 

 

-

 

 

Common stock

 

106,520

 

 

 

106,479

 

 

 

106,409

 

 

Accumulated deficit

 

(35,433

)

 

 

(37,498

)

 

 

(40,716

)

 

Accumulated other comprehensive loss

 

(11,285

)

 

 

(1,637

)

 

 

169

 

 

 

 

Total shareholders' equity

 

59,802

 

 

 

67,344

 

 

 

65,862

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders' equity

$

1,049,180

 

 

$

948,481

 

 

$

963,054

 

 

 

 

 

 

 

 

 

 

 


PATRIOT NATIONAL BANCORP, INC. AND SUBSIDIARIES

 

 

 

 

 

 

 

 

 

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

(In thousands, except per share amounts)

June 30, 2022

 

March 31, 2022

 

June 30, 2021

 

June 30, 2022

 

June 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and Dividend Income

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

$

9,044

 

$

7,664

 

$

7,267

 

$

16,708

 

$

15,010

 

 

Interest on investment securities

 

510

 

 

570

 

 

420

 

 

1,080

 

 

730

 

 

Dividends on investment securities

 

65

 

 

65

 

 

57

 

 

130

 

 

91

 

 

Other interest income

 

68

 

 

21

 

 

23

 

 

89

 

 

47

 

 

 

Total interest and dividend income

 

9,687

 

 

8,320

 

 

7,767

 

 

18,007

 

 

15,878

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

757

 

 

409

 

 

623

 

 

1,166

 

 

1,408

 

 

Interest on Federal Home Loan Bank borrowings

 

747

 

 

737

 

 

741

 

 

1,484

 

 

1,474

 

 

Interest on senior debt

 

210

 

 

210

 

 

228

 

 

420

 

 

457

 

 

Interest on subordinated debt

 

251

 

 

234

 

 

233

 

 

485

 

 

467

 

 

Interest on note payable and other

 

2

 

 

4

 

 

4

 

 

6

 

 

8

 

 

 

Total interest expense

 

1,967

 

 

1,594

 

 

1,829

 

 

3,561

 

 

3,814

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

7,720

 

 

6,726

 

 

5,938

 

 

14,446

 

 

12,064

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for loan losses

 

275

 

 

-

 

 

-

 

 

275

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income after provision for loan losses

 

7,445

 

 

6,726

 

 

5,938

 

 

14,171

 

 

12,064

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest Income

 

 

 

 

 

 

 

 

 

 

 

Loan application, inspection and processing fees

 

89

 

 

87

 

 

61

 

 

176

 

 

124

 

 

Deposit fees and service charges

 

60

 

 

64

 

 

64

 

 

124

 

 

129

 

 

Gains on sale of loans

 

301

 

 

208

 

 

258

 

 

509

 

 

352

 

 

Rental income

 

132

 

 

192

 

 

140

 

 

324

 

 

270

 

 

Loss on sale of investment securities

 

-

 

 

-

 

 

93

 

 

-

 

 

93

 

 

Other income

 

216

 

 

263

 

 

137

 

 

479

 

 

227

 

 

 

Total non-interest income

 

798

 

 

814

 

 

753

 

 

1,612

 

 

1,195

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest Expense

 

 

 

 

 

 

 

 

 

 

 

Salaries and benefits

 

3,763

 

 

3,346

 

 

2,447

 

 

7,109

 

 

4,663

 

 

Occupancy and equipment expenses

 

881

 

 

836

 

 

778

 

 

1,717

 

 

1,698

 

 

Data processing expenses

 

283

 

 

330

 

 

362

 

 

613

 

 

712

 

 

Professional and other outside services

 

559

 

 

789

 

 

714

 

 

1,348

 

 

1,566

 

 

Project expenses, net

 

29

 

 

52

 

 

1

 

 

81

 

 

11

 

 

Advertising and promotional expenses

 

73

 

 

68

 

 

77

 

 

141

 

 

139

 

 

Loan administration and processing expenses

 

42

 

 

105

 

 

14

 

 

147

 

 

38

 

 

Regulatory assessments

 

179

 

 

174

 

 

208

 

 

353

 

 

436

 

 

Insurance expenses

 

76

 

 

77

 

 

75

 

 

153

 

 

135

 

 

Communications, stationary and supplies

 

139

 

 

135

 

 

144

 

 

274

 

 

289

 

 

Other operating expenses

 

478

 

 

517

 

 

466

 

 

995

 

 

994

 

 

 

Total non-interest expense

 

6,502

 

 

6,429

 

 

5,286

 

 

12,931

 

 

10,681

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

1,741

 

 

1,111

 

 

1,405

 

 

2,852

 

 

2,578

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

476

 

 

311

 

 

383

 

 

787

 

 

702

 

 

 

Net income

$

1,265

 

$

800

 

$

1,022

 

$

2,065

 

$

1,876

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

0.32

 

$

0.20

 

$

0.26

 

$

0.52

 

$

0.48

 

 

 

Diluted earnings per share

$

0.32

 

$

0.20

 

$

0.26

 

$

0.52

 

$

0.47

 

 

 

 

 

 

 

 

 

 

 

 

 

 


FINANCIAL RATIOS AND OTHER DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

 

(Dollars in thousands)

 

June 30, 2022

 

March 31, 2022

 

June 30, 2021

 

June 30, 2022

 

June 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarterly Performance Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

1,265

 

 

$

800

 

 

$

1,022

 

 

$

2,065

 

 

$

1,876

 

 

 

 

Return on Average Assets

 

 

0.50%

 

 

 

0.34%

 

 

 

0.46%

 

 

 

0.42%

 

 

 

0.42%

 

 

 

 

Return on Average Equity

 

 

8.20%

 

 

 

4.88%

 

 

 

6.34%

 

 

 

6.49%

 

 

 

5.87%

 

 

 

 

Net Interest Margin

 

 

3.27%

 

 

 

3.06%

 

 

 

2.82%

 

 

 

3.17%

 

 

 

2.90%

 

 

 

 

Efficiency Ratio

 

 

76.33%

 

 

 

85.27%

 

 

 

78.99%

 

 

 

80.53%

 

 

 

80.56%

 

 

 

 

Efficiency Ratio excluding project costs

 

 

76.00%

 

 

 

84.58%

 

 

 

78.98%

 

 

 

80.03%

 

 

 

80.47%

 

 

 

 

% increase (decrease) in loans

 

 

11.09%

 

 

 

4.58%

 

 

 

-0.85

%

 

 

16.18%

 

 

 

-8.12%

 

 

 

 

% increase in deposits

 

 

8.58%

 

 

 

4.18%

 

 

 

9.86%

 

 

 

13.12%

 

 

 

11.02%

 

 

 

 

% increase in deposits excluding brokered deposits

 

9.02%

 

 

 

1.83%

 

 

 

10.96%

 

 

 

11.01%

 

 

 

16.14%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality:

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonaccrual loans

 

$

23,324

 

 

$

23,466

 

 

$

24,524

 

 

$

23,324

 

 

$

24,524

 

 

 

 

Other real estate owned

 

$

-

 

 

$

-

 

 

$

1,216

 

 

$

-

 

 

$

1,216

 

 

 

 

Total nonperforming assets

 

$

23,324

 

 

$

23,466

 

 

$

25,740

 

 

$

23,324

 

 

$

25,740

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonaccrual loans / loans

 

 

2.71%

 

 

 

3.03%

 

 

 

3.66%

 

 

 

2.71%

 

 

 

3.66%

 

 

 

 

Nonperforming assets / assets

 

 

2.22%

 

 

 

2.41%

 

 

 

2.67%

 

 

 

2.22%

 

 

 

2.67%

 

 

 

 

Allowance for loan losses

 

$

9,929

 

 

$

9,737

 

 

$

10,362

 

 

$

9,929

 

 

$

10,362

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses / loans

 

 

1.16%

 

 

 

1.26%

 

 

 

1.54%

 

 

 

1.16%

 

 

 

1.54%

 

 

 

 

Allowance / nonaccrual loans

 

 

42.57%

 

 

 

41.49%

 

 

 

42.25%

 

 

 

42.57%

 

 

 

42.25%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loan charge-offs

 

$

100

 

 

$

185

 

 

$

80

 

 

$

285

 

 

$

352

 

 

 

 

Loan recoveries

 

$

(17

)

 

$

(17

)

 

$

(16

)

 

$

(34

)

 

$

(130

)

 

 

 

Net loan charge-offs

 

$

83

 

 

$

168

 

 

$

64

 

 

$

251

 

 

$

222

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Data and Capital Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per share (1)

 

$

15.11

 

 

$

15.84

 

 

$

16.69

 

 

$

15.11

 

 

$

16.69

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares outstanding

 

 

3,957,269

 

 

 

3,956,492

 

 

 

3,947,276

 

 

 

3,957,269

 

 

 

3,947,276

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bank Leverage Ratio

 

 

9.44%

 

 

 

9.94%

 

 

 

10.10%

 

 

 

9.44%

 

 

 

10.10%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Book value per share represents shareholders' equity divided by outstanding shares.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2022

 

March 31, 2022

 

June 30, 2021

 

 

 

 

 

 

Non-interest bearing:

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest bearing

 

$

137,320

 

 

$

120,835

 

 

$

135,477

 

 

 

 

 

 

 

Prepaid DDA

 

 

133,845

 

 

 

116,990

 

 

 

82,897

 

 

 

 

 

 

 

 

Total non-interest bearing

 

 

271,165

 

 

 

237,825

 

 

 

218,374

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest bearing:

 

 

 

 

 

 

 

 

 

 

 

 

NOW

 

 

35,973

 

 

 

42,272

 

 

 

36,085

 

 

 

 

 

 

 

Savings

 

 

99,686

 

 

 

105,871

 

 

 

99,264

 

 

 

 

 

 

 

Money market

 

 

151,212

 

 

 

117,049

 

 

 

123,327

 

 

 

 

 

 

 

Money market - prepaid deposits

 

 

32,891

 

 

 

29,770

 

 

 

54,922

 

 

 

 

 

 

 

Certificates of deposit, less than $250,000

 

 

169,690

 

 

 

158,625

 

 

 

152,700

 

 

 

 

 

 

 

Certificates of deposit, $250,000 or greater

 

 

51,491

 

 

 

53,513

 

 

 

63,690

 

 

 

 

 

 

 

Brokered deposits

 

 

34,675

 

 

 

34,924

 

 

 

12,836

 

 

 

 

 

 

 

 

Total Interest bearing

 

 

575,618

 

 

 

542,024

 

 

 

542,824

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Deposits

 

$

846,783

 

 

$

779,849

 

 

$

761,198

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Prepaid deposits

 

$

166,736

 

 

$

146,760

 

 

$

137,819

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total deposits excluding brokered deposits

 

$

812,108

 

 

$

744,925

 

 

$

748,362

 

 

 

 

 

 


Contacts:

 

 

Patriot Bank, N.A.

Joseph Perillo

Robert Russell

900 Bedford Street

Chief Financial Officer

President & CEO

Stamford, CT 06901

203-252-5954

203-252-5939

www.BankPatriot.com