earnings
confidence high
sentiment negative
materiality 0.65
Patriot posts Q1 net loss of $53K, EPS $(0.01); provision for credit losses $1.3M
PATRIOT NATIONAL BANCORP INC
2023-Q1 EPS reported
-$0.01
- Net loss $53K ($0.01 per share) vs Q1 2022 net income $800K ($0.20 EPS).
- Provision for credit losses $1.3M in Q1 2023 vs zero in Q1 2022.
- Net interest margin 3.29%, down 48bps from Q4 2022, up 23bps YoY.
- Loans grew 3.6% to $878.8M; deposits stable at $856.5M from Dec 2022.
- CECL adoption increased allowance by $7.4M, cumulative deficit adjustment $6.2M net.