Patriot National Bancorp

Old National's 3rd Quarter Results Supported by Strong Deposit Franchise, Ample Capital, and Expense Discipline

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Tuesday, October 24, 2023

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"With a nearly 3% quarterly increase in total deposits, Old National once again demonstrated the strength and stability of our deposit franchise," said CEO Jim Ryan.

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"With a nearly 3% quarterly increase in total deposits, Old National once again demonstrated the strength and stability of our deposit franchise," said CEO Jim Ryan.
Excluding these transactions and realized debt securities losses from the current quarter, adjusted net income was $149.3 million, or $0.51 per diluted common share.
A loan to deposit ratio of 88% at September 30, 2023, combined with existing funding sources provides strong liquidity.
Average total loans in the third quarter were $32.7 billion, an increase of $394.6 million from the second quarter of 2023.

Keches Law Group Named Official Law Firm of The New England Patriots

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Thursday, September 7, 2023

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FOXBOROUGH, Mass., Sept. 7, 2023 /PRNewswire/ -- Keches Law Group, one of the largest and most well-respected personal injury and workers' compensation law firms in Massachusetts, announced Thursday it has partnered with the New England Patriots as the team's official law firm.

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FOXBOROUGH, Mass., Sept. 7, 2023 /PRNewswire/ -- Keches Law Group, one of the largest and most well-respected personal injury and workers' compensation law firms in Massachusetts, announced Thursday it has partnered with the New England Patriots as the team's official law firm.
"The six-time Super Bowl Champion New England Patriots are beloved to our region but also relevant to football fans across the country, and we are thrilled to partner with a team that defines excellence," Keches Law Managing Partner Sean Flaherty said.
The law firm has also partnered with 98.5 The Sports Hub, flagship station of the Patriots Radio Network, on an initiative called "Catches For College."
For every reception made by the Patriots during the 2023-2024 season, Keches Law Group will donate $100 to the Keches Cares scholarship fund.

Patriot Reports Second Quarter Results

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Friday, August 11, 2023

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STAMFORD, Conn., Aug. 11, 2023 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot,” “Bancorp” or the “Company”) (NASDAQ: PNBK), the parent company of Patriot Bank, N.A.

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STAMFORD, Conn., Aug. 11, 2023 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot,” “Bancorp” or the “Company”) (NASDAQ: PNBK), the parent company of Patriot Bank, N.A.
These results compared to net loss of $53 thousand, or $(0.01) per basic and diluted loss per share for the first quarter of 2023 and net income of $1.3 million, or $0.32 basic and diluted earnings per share reported in the second quarter of 2022.
The Bank reported steady loan growth of almost 6% in the second quarter of 2023, as compared to the prior quarter.
Commenting on the results, Patriot President & CEO David Lowery, stated: “The Bank continued to invest in its long-term strategic plan and numerous value-add initiatives during the second quarter of 2023, which, combined with higher loan loss reserves and increased interest expense, from the extraordinary actions taken to combat inflation, resulted in a loss for the quarter.

Old National's 2nd Quarter Results Supported by Strong Deposit Franchise, Ample Capital, Stable Credit and Expense Discipline

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Tuesday, July 25, 2023

Old National reported second quarter 2023 net income applicable to common shares of $151.0 million, or $0.52 per diluted common share.

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Old National reported second quarter 2023 net income applicable to common shares of $151.0 million, or $0.52 per diluted common share.
Excluding these transactions from the current quarter, adjusted net income was $156.3 million, or $0.54 per diluted common share.
Average total loans in the second quarter were $32.3 billion, an increase of $985.0 million from the first quarter of 2023.
Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Tuesday, July 25, 2023, to review second quarter financial results.

Patriot Bank Announces Appointment of Grace Doherty to the Board of Directors

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Friday, July 21, 2023

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STAMFORD, Conn., July 21, 2023 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot,” “Bancorp” or the “Company”) (NASDAQ: PNBK), the parent company of Patriot Bank, N.A.

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STAMFORD, Conn., July 21, 2023 (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 that Grace Doherty, of Milton MA, has been appointed to the Board of Directors of the Bancorp and the Bank.
Ms. Doherty brings significant experience to Patriot, having led a successful banking career for several regional banks in the New York area.
Patriot Chairman Michael Carrazza said, “Patriot’s Board of Directors is excited to welcome Grace to each of our Boards.

Valley Bank Invested More than $3.4 Billion to Support Its Communities in 2022

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Thursday, May 25, 2023

Valley National Bancorp (NASDAQ: VLY), the holding company for Valley National Bank, released “Inspiring Change” – the Bank’s 2022 Corporate Social Responsibility (CSR) Report that highlights its commitment to drive social, economic, and environmental success within the communities it serves.

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Valley National Bancorp (NASDAQ: VLY), the holding company for Valley National Bank, released “Inspiring Change” – the Bank’s 2022 Corporate Social Responsibility (CSR) Report that highlights its commitment to drive social, economic, and environmental success within the communities it serves.
In 2022, Valley invested more than $3.4 Billion to support organizations and communities in New Jersey, New York, Florida, Alabama, California, and Illinois.
“Valley has an unwavering dedication to foster positive change in our communities,” said Bernadette Mueller, Executive Vice President and Chief CSR-CRA Officer.
Through the acquisition of Bank Leumi USA last year, Valley expanded its CSR efforts to Los Angeles, Palo Alto and Chicago.

Patriot Reports Break Even First Quarter

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Friday, May 12, 2023

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STAMFORD, Conn., May 12, 2023 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot,” “Bancorp” or the “Company”) (NASDAQ: PNBK), the parent company of Patriot Bank, N.A.

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STAMFORD, Conn., May 12, 2023 (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 loss of $53.0 thousand, or $(0.01) basic and diluted loss per share for the quarter ended March 31, 2023.
Net interest margin decreased 48bps from 3.77% reported in the fourth quarter of 2022, but increased 23bps from 3.06% for the first quarter of last year.
The effective tax rate for the first quarter of 2023 and 2022 was 26.4% and 28.0%, respectively.

Old National's 1st Quarter Results Supported by Strong Deposit Franchise, Ample Liquidity, Stable Credit and Expense Discipline

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Tuesday, April 25, 2023

“Our positive first quarter results underscore the stability of Old National's low-cost deposit franchise and the granularity and strength of our loan portfolio and revenue streams.

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“Our positive first quarter results underscore the stability of Old National's low-cost deposit franchise and the granularity and strength of our loan portfolio and revenue streams.
When you also factor in another quarter of excellent expense discipline, stable credit and ample liquidity, you can see why Old National finds itself exceptionally well-positioned for whatever headwinds may lie ahead."
Average total loans in the first quarter were $31.3 billion, an increase of $532.6 million from the fourth quarter of 2022.
Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Tuesday, April 25, 2023, to review first quarter financial results.

Patriot Bank Announces Promotion of Chief Lending Officer to President & CEO

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Wednesday, March 29, 2023

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STAMFORD, Conn., March 29, 2023 (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (“Patriot,” “Bancorp” or the “Company”) (NASDAQ: PNBK), the parent company of Patriot Bank, N.A.

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STAMFORD, Conn., March 29, 2023 (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 the promotion of David Lowery to become President and CEO of the Bank, succeeding Robert Russell.
Since joining Patriot two years ago, Mr. Lowery has served as the Bank’s Chief Lending Officer.
He is committed to continuing the growth and enhancement of the bank’s lending and operating platform in his role as President and CEO.

Patriot Reports Fourth Quarter 2022 Net Income of $1.8 million, $0.45 per share; Full Year Net Income of $6.2 million, $1.56 per share

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Tuesday, March 7, 2023

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(the “Bank”), today announced net income of $1.8 million, or $0.45 basic and diluted earnings per share for the quarter ended December 31, 2022.

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(the “Bank”), today announced net income of $1.8 million, or $0.45 basic and diluted earnings per share for the quarter ended December 31, 2022.
Pre-tax income for the year ended 2022 of $7.8 million increased $3.8 million or 95% from the full year 2021 results, exclusive of non-recurring items.
Net interest income for the three months ended December 31, 2022 was $9.6 million, an increase of $2.7 million or 38.6% from the fourth quarter of 2021.
As of December 31, 2022, shareholders’ equity was $59.6 million, as compared with $67.3 million on December 31, 2021.