<SEC-DOCUMENT>0001193125-17-090171.txt : 20170321
<SEC-HEADER>0001193125-17-090171.hdr.sgml : 20170321
<ACCEPTANCE-DATETIME>20170321093105
ACCESSION NUMBER:		0001193125-17-090171
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170321
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170321
DATE AS OF CHANGE:		20170321

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:		17703162

	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>d342864d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 or 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event Reported):&nbsp;March 21, 2017 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>PATRIOT NATIONAL BANCORP, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified in Charter) </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="75%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TD VALIGN="top" ALIGN="center"><B>Connecticut</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>000-29599</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>06-1559137</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of Incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification Number)</B></P></TD></TR>
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<TD VALIGN="top" COLSPAN="5" ALIGN="center"><B>900 Bedford Street, Stamford, Connecticut 06901</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="5" ALIGN="center"><B>(Address of Principal Executive Offices) (Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(203) 324-7500 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not Applicable </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former
name or former address, if changed since last report) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;2.02</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Results of Operations and Financial Condition. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On March&nbsp;21, 2017, Patriot National Bancorp, Inc.
(&#147;Patriot&#148; or the &#147;Company&#148;) issued a press release, a copy of which is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is hereby incorporated by reference herein, announcing its financial results for the
fourth quarter ended December&nbsp;31, 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>This Current Report on Form 8-K includes &#147;forward-looking statements&#148; within the meaning of
Section&nbsp;27A of the Securities Act of 1933, as amended, and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended, which involve uncertainties and risks. Forward-looking statements include statements, without limitation, regarding
plans for share repurchases. When used in this press release, words such as &#147;estimates,&#148; &#147;expects,&#148; &#147;anticipates,&#148; &#147;projects,&#148; &#147;plans,&#148; &#147;intends,&#148; &#147;believes,&#148;
&#147;forecasts,&#148; &#147;may&#148; and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon Patriot&#146;s expectations at the time it makes them and
various assumptions. Patriot&#146;s expectations, beliefs and projections are expressed in good faith, and it believes there is a reasonable basis for them. However, there can be no assurance that Patriot&#146;s plans will be achieved. Factors that
could cause changes to Patriot&#146;s plans include risks described under the heading &#147;Item 1A Risk Factors&#148; in Patriot&#146;s most recent Form 10-K and in Patriot&#146;s other filings with the Securities and Exchange Commission. Patriot
is under no duty to update any of the forward-looking statements to conform such statements to actual results or events and does not intend to do so. </I></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;9.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits. </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">Exhibits. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:39.10pt; font-size:8pt; font-family:Times New Roman"><B>Exhibit&nbsp;No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman"><B>Description</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press Release dated March 21, 2017 of Patriot National Bancorp, Inc. announcing its financial results for the fourth quarter ended December 31, 2016.</TD></TR>
</TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="3"><FONT STYLE="font-size:10pt"><B>PATRIOT NATIONAL BANCORP, INC.</B></FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Date:&nbsp;March 21, 2017</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Neil McDonnell</P></TD></TR>
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<TD VALIGN="bottom">Name:&nbsp;&nbsp;Neil McDonnell</TD></TR>
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<TD VALIGN="bottom" NOWRAP>Title:&nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President &amp; Chief Financial Officer</TD></TR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d342864dex991.htm
<DESCRIPTION>EX-99.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Contact:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Patriot Bank, N.A.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Michael Carrazza</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Neil M. McDonnell</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">900 Bedford Street</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">CEO &amp; Chairman</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">EVP &amp; CFO</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Stamford, CT 06901</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">203-251-8230</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">203-252-5938</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#7f7f7f"><U>www.BankPatriot.com</U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>2<SUP STYLE="font-size:85%; vertical-align:top">nd</SUP> Consecutive Jump in Earnings at Patriot National
Bancorp </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>Patriot Announces 28% increase in Earnings from Q3 2016 and Sharp Rise in </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>Deposits&nbsp;&amp; Loans; Net Income Doubles from Q4 2015 </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STAMFORD, CT &#150; March&nbsp;21, 2017</B> (GLOBE NEWSWIRE) &#150; Patriot National Bancorp, Inc. (&#147;Patriot&#148;, &#147;Bancorp&#148;) (NASDAQ:
PNBK), the parent company of Patriot Bank, N.A. (the &#147;Bank&#148;), today reported a 28% increase in 4<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> quarter earnings compared to the
3<SUP STYLE="font-size:85%; vertical-align:top">rd</SUP> quarter, with net income of $1,045,000 or $0.27 diluted income per share. This nearly doubles the net income a year ago, which was $532,000, or $0.14 diluted income per share. In the 3<SUP
STYLE="font-size:85%; vertical-align:top">rd</SUP> quarter of 2016, Patriot reported a healthy rise in net income of $814,000, or $0.21 diluted income per share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2016, total assets increased by $74 million (nearly 11%) to $757 million, as compared to $683 million at September&nbsp;30, 2016 and
$653 million at December&nbsp;31, 2015. Net loans, up 4%, totaled $577 million as of December&nbsp;31, 2016 compared to $553 million at September&nbsp;30, 2016 and $479 million at December&nbsp;31, 2015. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Deposits grew 12% or $58 million to $529 million at December&nbsp;31, 2016, as compared to $471 million at September&nbsp;30, 2016 and $445 million at
December&nbsp;31, 2015. Deposit growth was one of the key initiatives launched in the 3<SUP STYLE="font-size:85%; vertical-align:top">rd</SUP> quarter and continued through December&nbsp;31, 2016. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Recent management changes and operational initiatives have contributed to Patriot&#146;s notable boost in profitability over the last two quarters. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Patriot&#146;s performance, achieving 29% earnings growth in the 3<SUP STYLE="font-size:85%; vertical-align:top">rd</SUP> quarter and 28% earnings
growth in the 4<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> quarter is a direct result of ongoing performance enhancing strategies being executed by our team,&#148; <B>said Michael Carrazza</B>. &#147;These results evidence the
effectiveness of our strategies.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Carrazza took operational control of Patriot, as interim CEO, in August 2016 to carry out a series of
value-enhancing strategies and to reposition the executive team. In January 2017, Mr.&nbsp;Richard Muskus was internally promoted to President and Mr.&nbsp;Joseph Perillo was retained as a senior financial advisor to assist in the execution of
performance improvement initiatives. &#147;We expect these enhancements to contribute to a steady increase in franchise value,&#148; added Mr.&nbsp;Carrazza. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The loan pipeline remains strong and continued growth is expected. Patriot&#146;s net interest margin was 3.75%
for the 4<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> quarter, as compared to 3.85% in the prior quarter and 3.60% in the 4<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> quarter of 2015. Net interest income, before provision for
loan losses, increased by $161,000 or 2.8%, as compared to the 3<SUP STYLE="font-size:85%; vertical-align:top">rd</SUP> quarter of 2016, and $796,000 or 15.7% compared to the 4<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> quarter of 2015.
The continued increase in net interest income is the result of loan and deposit growth. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The provision for loan losses in the quarter, reflecting an
increase in loan growth, was $150,000, as compared to $355,000 in the 3<SUP STYLE="font-size:85%; vertical-align:top">rd</SUP> quarter of 2016 and zero for the 4<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> quarter of 2015. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Non-interest income decreased by $44,000, or 10.7%, over last quarter and increased $24,000, or 7%, over the same period last year. Non-interest expense
declined $27,000, or 0.6%, over last quarter and by $194,000, or 4.2%, compared to the fourth quarter of 2015. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2016,
shareholders&#146; equity was unchanged at $62.6 million, when compared to the prior quarter. This was a direct result of stock repurchases under the Company&#146;s stock repurchase program. Shareholders&#146; equity was $61.5 million a year ago.
The Company&#146;s book value per share increased to $16.08 at December&nbsp;31, 2016, compared to $15.80 at September&nbsp;30, 2016 and $15.54 at December&nbsp;31,&nbsp;2015. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Bank&#146;s capital ratios continue to be strong, as the Bank maintained its &#147;well capitalized&#148; regulatory status. As of December&nbsp;31, 2016,
Tier 1 leverage ratio was 10.52%, Tier 1 risk based capital was 11.18% and total risk based capital was 11.93%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>About the Company </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Since opening its doors in 1994, the Company&#146;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&#151;and that together, all will prosper. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>&#147;Safe Harbor&#148; Statement Under Private
Securities Litigation Reform Act of 1995 </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain statements contained in Bancorp&#146;s public statements, including this one, may be forward
looking and subject to a variety of risks and uncertainties. These factors include, but are not limited to, (1)&nbsp;changes in prevailing interest rates which would affect the interest earned on Bancorp&#146;s interest earning assets and the
interest paid on its interest bearing liabilities, (2)&nbsp;the timing of repricing of Bancorp&#146;s interest earning assets and interest bearing liabilities, (3)&nbsp;the effect of </P>

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changes in governmental monetary policy, (4)&nbsp;the effect of changes in regulations applicable to Bancorp and the Bank and the conduct of its business, (5)&nbsp;changes in competition among
financial service companies, including possible further encroachment of non-banks on services traditionally provided by banks, (6)&nbsp;the ability of competitors that are larger than Bancorp to provide products and services which it is
impracticable for Bancorp to provide, (7)&nbsp;the state of the economy and real estate values in Bancorp&#146;s market areas, and the consequent effect on the quality of Bancorp&#146;s loans, (8)&nbsp;recent governmental initiatives that are
expected to have a profound effect on the financial services industry and could dramatically change the competitive environment of the Company, (9)&nbsp;other legislative or regulatory changes, including those related to residential mortgages,
changes in accounting standards, and Federal Deposit Insurance Corporation (&#147;FDIC&#148;) premiums that may adversely affect the Company, (10)&nbsp;the application of generally accepted accounting principles, consistently applied, (11)&nbsp;the
fact that one period of reported results may not be indicative of future periods, (12)&nbsp;the state of the economy in the greater New York metropolitan area and its particular effect on the Company&#146;s customers, vendors and communities and
other such factors, including risk factors, as may be described in Bancorp&#146;s other filings with the SEC. </P>
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