Patriot National Bancorp Inc. (PNBK) Wednesday reported a profit for the second quarter compared to a loss last year, driven mainly by recovery of loan losses and lower non-interest expenses.
The Stamford, Connecticut-based company's second-quarter net profit was $345 thousand or $0.01 per share, compared to a net loss of $7.18 million or $0.19 per share last year.
Net interest income for the quarter dropped to $4.38 million from $5.04 million in the year-ago quarter. Total non-interest income decreased to $455 thousand from $710 thousand in the prior-year quarter.
For the quarter, the company posted a recovery of loan losses of $1.71 million compared to a provision for loan losses of $1.48 million last year.
Non-interest expense for the quarter decreased to $6.21 million from $11.44 million in the prior-year quarter.
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