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Stamford's Patriot National Bancorp Announces Strong Second Quarter Results

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STAMFORD, Conn. — Patriot National Bancorp Inc., the parent company of Patriot National Bank, announced its second quarter results on Tuesday.

Patriot reported net income for the second quarter of 2015 of $689,000, or $0.17 per diluted share, compared to $525,000, or $0.13 per diluted share, a year ago and compared to $289,000, or $0.07 per diluted share, last quarter.

Pre-tax income in the second quarter was $1,141,000 compared with $525,000 for the same quarter of last year, a 117 percent improvement. Compared to last quarter, net income increased 138 percent.

Kenneth Neilson, president and chief executive officer said in a press release "This quarter's progress is the result of decisions and strategies developed and implemented in 2014. We continue to focus on working to improve every aspect of our operation."

As of June 30, total assets were $629 million compared to $647 million March 31 and $552 million June 30, 2014.

As of June 30, shareholders' equity was $60.1 million compared to $59.3 million March 31 and $43.3 million a year ago. The company's tangible book value per share was $15.19 on June 30, compared to $15 on March 31 and $11.06 on June 30.

Patriot is headquartered in Stamford and operates 10 branches throughout Southern Connecticut and Westchester. Branches are in Darien, Fairfield, Greenwich, Milford, Norwalk, Stamford, Trumbull, and Westport, Conn, as well as Bedford and Scarsdale, N.Y.

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