Stamford-based Patriot Bank posts second-quarter loss
STAMFORD — Patriot National Bancorp, the parent company of Patriot Bank, has reported a loss of $1.3 million for the past quarter, as it continued to deal with the disruption of the coronavirus crisis.
Stamford-based Patriot’s earnings for the second quarter reflected a pandemic-related loan-loss provision of $910,000 and other factors, including year-over-year declines in interest and dividend income and non-interest income.
“The past six months have been incredibly challenging to U.S. businesses and consumers, but we have capably managed through the pandemic, while strengthening our valued customer base,” Patriot Chairman Michael Carrazza said in a statement this week. “With strategic adjustments to our balance sheet, we believe we have initiated steps to bolster our capital position to bridge us through what we hope is the tail end of the pandemic and back to profitability.”
Among other indicators, Patriot’s total assets decreased 2 percent to about $980 million. Its net loan portfolio dipped 3 percent to $781 million. Deposits decreased 3 percent to $783 million.
Through the federal CARES Act, the bank said it has provided payment relief on loan balances totaling about $223 million — mainly for commercial real estate loans and industrial loans.
To expand its funding base, the bank completed last month a $52 million prepaid debit card transaction.
Also last month, Patriot announced the hiring of a new CEO and president, Robert Russell.
“I believe the bank has established the right foundation for future growth and enhanced profitability,” Russell said in a statement. “Patriot’s focus on organic growth of customer deposits is making an impact at the local branch level and our national on-line deposit gathering has also seen success. The bank has invested in building strong customer relationships, a well-developed technology platform and intends to continue to leverage those activities.”
All of Patriot’s branches have remained open, with customers redirected to “non-contact” ATMs and remotely staffed live-banker ATMs. Lobbies have been closed, with customers seen by appointment only.
Patriot operates branches in Greenwich, Stamford, Darien, Norwalk, Westport, Fairfield, Milford and Orange as well as in Scarsdale, N.Y.
Among online services, Patriot officials pointed to the expansion of the bank’s call center staff to better serve customers’ needs and meet increased volume at its live-banker ATMs.
From Jan. 1 to June 30, Patriot’s mobile deposits increased 163 percent, use of its mobile app banking rose 31 percent and average monthly log-ins rose 16 percent, according to company data.
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