<SEC-DOCUMENT>0001171843-16-009480.txt : 20160428
<SEC-HEADER>0001171843-16-009480.hdr.sgml : 20160428
<ACCEPTANCE-DATETIME>20160428161910
ACCESSION NUMBER:		0001171843-16-009480
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160428
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160428
DATE AS OF CHANGE:		20160428

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PATRIOT NATIONAL BANCORP INC
		CENTRAL INDEX KEY:			0001098146
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				061559137
		STATE OF INCORPORATION:			CT
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-29599
		FILM NUMBER:		161600352

	BUSINESS ADDRESS:	
		STREET 1:		900 BEDFORD ST
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06901
		BUSINESS PHONE:		2033247500
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_042816.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"><html><head></head><body style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;">&#160;</div></div><p style="font-size: 14pt;" align="center"><strong>UNITED STATES</strong><br><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br><strong>Washington, D.C. 20549<br></strong>______________________</p><p style="font-size: 14pt; text-transform: uppercase;" align="center"><strong>Form 8-K<br></strong>______________________</p><p style="font-size: 12pt;" align="center"><strong>CURRENT REPORT</strong></p><p style="font-size: 12pt;" align="center"><strong>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</strong></p><p align="center">Date of Report (Date of earliest event Reported): <!--April 28, 2016-->April 28, 2016 &#160;</p><p align="center"><strong style="font-size: 14pt;">PATRIOT NATIONAL BANCORP, INC.</strong><br>(Exact Name of Registrant as Specified in Charter)</p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="center" width="33%"><strong>Connecticut</strong></td><td align="center" width="34%"><strong>000-29599</strong></td><td align="center" width="33%"><strong>06-1559137</strong></td></tr><tr valign="top"><td align="center" width="33%">(State or Other Jurisdiction of Incorporation)</td><td align="center" width="34%">(Commission File Number)</td><td align="center" width="33%">(I.R.S. Employer Identification Number)</td></tr></table><p>&#160;</p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom"><td align="center" width="50%"><strong>900 Bedford Street, Stamford, Connecticut 06901<!----></strong></td></tr><tr valign="top"><td align="center" width="50%">(Address of Principal Executive Offices) (Zip Code)</td></tr></table><p align="center"><strong>(203) 252-5900</strong><br>(Registrant's telephone number, including area code)</p><p align="center"><strong>Not Applicable</strong><br>(Former name or former address, if changed since last report)</p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td colspan="3">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:<br><br></td></tr><tr valign="top"><td width="21">&#160;</td><td width="40">[ &#160; ]</td><td nowrap="nowrap">&#160;&#160;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</td></tr><tr valign="top"><td width="21">&#160;</td><td width="40">[ &#160; ]</td><td nowrap="nowrap">&#160;&#160;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</td></tr><tr valign="top"><td width="21">&#160;</td><td width="40">[ &#160; ]</td><td nowrap="nowrap">&#160;&#160;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</td></tr><tr valign="top"><td width="21">&#160;</td><td width="40">[ &#160; ]</td><td nowrap="nowrap">&#160;&#160;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</td></tr></table><div style="margin-top: 12pt; margin-bottom: 3pt;"><div style="font-size: 1pt; border-top: Black 1.1pt solid; border-bottom: Black 2.5pt solid; width: 100%;">&#160;</div>&#160;</div><hr style="page-break-after: always;" noshade="noshade"><p>  <strong> &#160;</strong></p><p><strong>Item 2.02. Results of Operations and Financial Condition.</strong></p><p>On April 28, 2016, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</p><p><strong> &#160;</strong></p><p><strong>Item 9.01. Financial Statements and Exhibits.</strong></p><p>Exhibit 99.1.   Press release dated April 28, 2016</p><p><p> &#160;</p><hr style="page-break-after: always;" noshade="noshade"><p align="center"><strong>SIGNATURE</strong></p><p>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td valign="top" width="49%">&#160;</td><td style="font-size: 12pt;" colspan="2" valign="top"><strong>PATRIOT NATIONAL BANCORP, INC.</strong></td></tr><tr valign="top"><td width="49%">&#160;</td><td width="2%">&#160;</td><td width="49%">&#160;</td></tr><tr valign="top"><td width="49%">&#160;</td><td width="2%">&#160;</td><td width="49%">&#160;</td></tr><tr valign="top"><td width="49%">Date:&#160;April 28, 2016</td><td width="2%">By:&#160;</td><td style="text-decoration: underline;" width="49%">/s/ Neil McDonnell&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td></tr><tr valign="top"><td width="49%">&#160;</td><td width="2%">&#160;</td><td width="49%">Name: Neil McDonnell</td></tr><tr valign="top"><td width="49%">&#160;</td><td width="2%">&#160;</td><td width="49%">Title: Executive Vice President<br>& Chief Financial Officer</td></tr><tr valign="top"><td width="49%">&#160;</td><td width="2%">&#160;</td><td width="49%"></td></tr></table><p></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252"><meta name="GENERATOR" content="MSHTML 8.00.7601.18094"></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><strong>Patriot&#160;National&#160;Bancorp&#160;Announces&#160;a&#160;126%&#160;Increase&#160;in&#160;Earnings&#160;&#160;Over&#160;Same&#160;Period&#160;Last&#160;Year</strong></p><p style="text-align: center;"><p><p align="left">STAMFORD, Conn., April  28, 2016  (GLOBE NEWSWIRE) -- Patriot National Bancorp, Inc. (&#8220;Patriot&#8221;, &#8220;Bancorp&#8221; or the &#8220;Company&#8221;) (NASDAQ:PNBK), the parent company of Patriot Bank, N.A. (the &#8220;Bank&#8221;), today reported net income of $653,000 for the first quarter, or $0.17 diluted income per share.&#160; This is compared to $289,000 a year ago, or $0.07 diluted income per share. In the fourth quarter of 2015, the Company reported $532,000 net income, or $0.14 diluted income per share.&#160; This is a 126% increase in earnings over the same period last year and a 23% increase over the prior quarter.<br></p><p align="justify">Kenneth T. Neilson, President and CEO stated &#8220;Growth has, and will continue to be, our primary focus.&#160; We have spent the last few years building a solid banking infrastructure, which has given us the foundation to confidently go forward with building our brand, hiring and training additional staff, creating and delivering a best-in-banking customer experience, and showing by doing in the communities we serve.&#8221;</p><p align="justify">Michael Carrazza, Chairman said &#8220;We continue to look for acquisition opportunities to better leverage our infrastructure and improve our returns.&#8221;</p><p align="justify">Net interest income before provision for loan losses increased by $344,000 or 6.8%, compared to the fourth quarter of 2015 and increased by $348,000, or 6.9%, as compared to the first quarter of 2015. The growth in net interest income this quarter, over the prior year&#8217;s first quarter and last quarter is primarily the result of an increase in loan yields and loan fees. Patriot&#8217;s net interest margin was 3.76% for the first quarter compared to 3.62% in the prior quarter and 3.49% in the first quarter of 2015.</p><p align="justify">No provisions for loan losses were recorded since the first quarter of 2015. The lack of provision during these periods is the result of the credit quality of the loan portfolio and continued improvement in regional economic trends.&#160; The Company has now experienced six consecutive quarters of net recoveries.</p><p align="justify">Non-Interest Income increased by $66,000, or 19%, over last quarter and by $16,000, or 4%, over the same period last year.&#160; Loan fees and rental income increased over both prior periods.</p><p align="justify">Non-interest expense in the first quarter of 2016 increased $156,000, or 3.4%, compared to the fourth quarter of 2015, as a result of increased compensation costs. Compared to the first quarter of 2015, non-interest expenses were relatively flat with a slight increase of $33,000 despite compensation costs increasing by over $200,000.</p><p align="justify">As of March 31, 2016, total assets have decreased slightly to $636 million, compared to $654 million at December 31,&#160;2015 and $647 million at March 31, 2015.&#160; Net loans totaled $480 million at March 31,&#160;2016 compared to $479 million at December 31, 2015 and $494 million at March 31, 2015. While loans decreased $14 million from the first quarter of 2015, April&#8217;s loan activity has been strong with the loan portfolio now exceeding $500 million and the pipeline at a record level.&#160;&#160; Deposits were $426 million at March 31, 2016 compared to $447 million at December 31, 2015 and $457 million at March 31,&#160;2015. Deposits have increased by over $10 million since the end of March.</p><p align="justify">At March 31, 2016, shareholders&#8217; equity was $62.3 million compared to $61.5 million at December 31,&#160;2015 and $59.3 million a year ago.&#160; The Company&#8217;s tangible book value per share was $15.75 at March 31, 2016 compared to $15.54 at December 31, 2015 and $15.00 at March 31,&#160;2015.&#160;</p><p align="justify"><strong><u>About the Company </u></strong></p><p align="justify">Patriot National Bancorp, Inc. is headquartered in Stamford, Connecticut and the Bank has 10 full service branches, eight in Connecticut and two in New York.</p><p align="justify">Since opening its doors in 1994, the Company&#8217;s mission has been to serve our local communities by helping our neighbors and neighborhood businesses thrive. All lending is handled locally and is specific to each borrower, and the commitment to local businesses goes further to connect, support and grow businesses in both the for-profit and nonprofit sectors, along with municipalities. Patriot believes a well-connected community is a strong community&#8212;and that together, all will prosper.</p><p align="justify"><strong><u>&#8220;Safe Harbor&#8221; Statement Under Private Securities Litigation Reform Act of 1995 </u></strong></p><p align="justify">Certain statements contained in Bancorp&#8217;s public statements, including this one, may be forward looking and subject to a variety of risks and uncertainties. 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">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td></tr></table></p><p>Contact:<br>Patriot&#160;Bank,&#160;N.A.<br>900&#160;Bedford&#160;Street<br>Stamford,&#160;CT&#160;&#160;06901<br>www.BankPatriot.com<br><br>Kenneth&#160;T.&#160;Neilson<br>President&#160;&&#160;CEO<br>203-252-5962<br><br>Neil&#160;M.&#160;McDonnell<br>EVP&#160;&&#160;CFO<br>203-252-5938</p></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
