Patriot Bank reports April loan spike
Patriot National Bancorp more than doubled earnings in the first quarter thanks to $650,000 or 17 cents a share, despite declines from in loans outstanding from a year ago.
Stamford-based Patriot Bank has eight Connecticut branches and two in New York, with deposits totaling $426 million as of March 31, down $21 million or 7 percent from a year earlier.
First-quarter loans outstanding were down $14 million or 3 percent to $470 million; since the close of the quarter, Patriot Bank indicated it has seen an April surge in lending that has pushed its portfolio above the $500 million mark. As of March 31, Patriot National Bancorp listed problem loans at $5.4 million, up from $500,000 in the first quarter of 2015.
In a statement, Patriot National Bancorp (Nasdaq: PNBK) controlling shareholder and Chairman Michael Carrazza indicated the company continues to look for acquisition opportunities to improve its returns.