Last $1.51 USD
Change Today -0.09 / -5.62%
Volume 5.2K
PNBK On Other Exchanges
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NASDAQ GM
As of 8:10 PM 02/27/15 All times are local (Market data is delayed by at least 15 minutes).

patriot national bancorp inc (PNBK) Key Developments

Patriot National Bancorp Inc. Proposes Amendments to Certificate of Incorporation

Patriot National Bancorp Inc. proposed amendments to the company’s Certificate of Incorporation to effect a reverse stock split of the outstanding shares of the company’s common stock at a ratio of one-for-ten to its upcoming annual general meeting going to be held on December 23, 2014.

Patriot National Bancorp Inc., Annual General Meeting, Dec 23, 2014

Patriot National Bancorp Inc., Annual General Meeting, Dec 23, 2014., at 10:00 US Eastern Standard Time. Location: At the offices of Robinson & Cole LLP. Agenda: To elect six directors to serve until the company’s annual meeting of shareholders to be held in 2015 and until their successors are elected; to ratify the appointment of KPMG LLP to serve as the independent registered public accounting firm for Patriot National Bancorp, Inc. for the 2014 fiscal year; to amend the company’s Certificate of Incorporation to effect a reverse stock split of the outstanding shares of the company’s common stock at a ratio of one-for-ten; and to transact any other business which may properly come before the meeting.

Patriot National Seeks Acquisitions

Patriot National Bancorp Inc. (NasdaqGM:PNBK) will consider acquisitions. Patriot National is carrying out a reverse stock split. Upon its effectiveness, the number of authorized shares of common stock that are not issued or outstanding would increase. These additional shares may be issued in the future for a variety of corporate purposes including, but not limited to, raising additional capital, strategic partnering arrangements, equity incentive plans, acquisitions of assets or businesses, stockholder right plans, and stock splits or stock dividends.

Patriot National Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014

Patriot National Bancorp Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, interest and dividend income interest and fees on loans was $4,792,000 against $5,427,000 a year ago. Net interest income was $4,286,000 against $4,531,000 a year ago. Net interest income after provision for loan losses was $4,286,000 against $3,531,000 a year ago. Income before income taxes was $449,000 against loss before income taxes of $2,370,000 a year ago. Net income was $17,261,000 or $0.45 per basic and diluted share against net loss of $2,370,000 or $0.06 per basic and diluted share a year ago. Book value per share of the company was $1.55 at September 30, 2014 compared to $1.05 at September 30, 2013. For the nine months, interest and dividend income interest and fees on loans was $14,150,000 against $15,668,000 a year ago. Net interest income was $12,429,000 against $12,438,000 a year ago. Net interest income after provision for loan losses was $12,429,000 against $11,468,000 a year ago. Income before income taxes was $1,293,000 against loss before income taxes of $8,260,000 a year ago. Net income was $18,105,000 or $0.47 per basic and diluted share against net loss of $8,239,000 or $0.21 per basic and diluted share a year ago. Tangible Book value of the company was $1.55 at September 30, 2014 compared to $1.05 at September 30, 2013.

Patriot National Bancorp, Inc Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Reports Net Loan Charge-Offs for the Second Quarter Ended June 30, 2014

Patriot National Bancorp Inc. reported unaudited earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net income of $525,000 or $0.01 per diluted share compared to net loss of $3,912,000 in the second quarter of 2013. Interest income was decreased by 8.5% from the second quarter of last year. The decreases were due to lower loan balances outstanding and the low interest rate environment. Net interest income was $4,134,000, a 3.1% increase compared with $4,009,000 for the first quarter of 2014 and a 2.5% increase from the $4,033,000 for the second quarter of last year. Total interest and dividend income was $4,856,000 against $5,309,000 a year ago. Net interest income after provision for loan losses was $4,134,000 against $4,033,000 a year ago. Income before income taxes was $525,000 against loss before income taxes of $3,912,000 a year ago. For the six months, the company net income of $844,000 or $0.02 basic and diluted income per share, an increase of $6.7 million, compared to net loss of $5,869,000 or $0.15 basic and diluted loss per share for the six months ended June 30, 2013. Results for the quarter and six months ended June 30, 2013 included prepayment penalty fees on borrowings of $2.7 million and net restructuring charges of $394,000. Excluding these expenses, net income at June 30, 2014 increased $1.3 million or $0.03 per share and $3.6 million or $0.09 per share from the prior year's quarter and year-to-date net income, respectively. Total interest and dividend income was $9,735,000 against $10,810,000 a year ago. Net interest income was $8,143,000 against $7,907,000 a year ago. Net interest income after provision for loan losses was $8,143,000 against $7,937,000 a year ago. Income before income taxes was $844,000 against loss before income taxes of $5,890,000 a year ago. For the second quarter ended June 30, 2014, the company reported net loan charge-offs of $266,000 against $395,000 a year ago.

 

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