Patriot National Bancorp Q2 net loss $546K vs $1.3M profit a year ago

PATRIOT NATIONAL BANCORP INC

2023-Q2 EPS reported -$0.15

Net loss of $546K ($0.14 diluted loss per share) in Q2 2023 vs net income of $1.3M ($0.32 EPS) in Q2 2022.
Provision for credit losses of $1.2M in Q2 and $2.6M in H1 2023, up from $275K in prior year period.
Total loans grew to $930.7M (6% increase from prior quarter); total assets reached $1.2B as of June 30, 2023.
Net interest margin fell to 2.96% in Q2 2023 from 3.29% in Q1 2023 and 3.27% in Q2 2022.
CEO cites investments in Digital Payments Division; near-term focus on credit quality and expense management.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

PATRIOT NATIONAL BANCORP INC reported the quarter ended June 30, 2023 results: net income net loss of $546 thousand, or $(0.14) basic and diluted loss per share, EPS $(0.14) basic and diluted loss per share.

Period: the quarter ended June 30, 2023
Net income: net loss of $546 thousand, or $(0.14) basic and diluted loss per share
EPS: $(0.14) basic and diluted loss per share
Result: reported results

Exact text from the filing

On August 11, 2023, Patriot National Bancorp, Inc. (the “Company”) issued a press release, a copy of which is attached hereto as Exhibit 99.1, regarding its earnings for the quarter ended June 30, 2023.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

PATRIOT NATIONAL BANCORP INC reported the six months ended June 30, 2023 results: net income net loss was $599 thousand, or $(0.15) basic and diluted loss per share, EPS $(0.15) basic and diluted loss per share.

Period: the six months ended June 30, 2023
Net income: net loss was $599 thousand, or $(0.15) basic and diluted loss per share
EPS: $(0.15) basic and diluted loss per share
Result: reported results

Exact text from the filing

For the six months ended June 30, 2023, net loss was $599 thousand, or $(0.15) basic and diluted loss per share

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Source: SEC EDGAR

accession 0001171843-23-005275

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