August 7, 2018

Patriot Bank's 2Q profits soar

Photo | Contributed
Photo | Contributed
Michael Carrazza, Chairman and CEO of Patriot National Bancorp, Inc. rings the closing bell at the Nasdaq Stock Market last May.

Patriot National Bancorp Inc., which acquired Orange-based Prime Bank in May, saw its second-quarter profits jump 29 percent compared to a year ago, the Stamford-based banking firm said Monday.

For the quarter ended June 30, Patriot reported net income of $1 million, or 26 cents a share, up from $804,000, or 21 cents a share, during the second quarter of 2017.

The figure includes $592,000 in expenses related to Patriot's acquisition of Prime Bank and Los Angeles-based Hana Small Business Lending, the company said.

CEO Michael Carrazza noted that the increase in profits follows the company's best earnings-year in history in 2017.

"We are pleased with the execution of our planned initiatives for the first half of 2018, while core earnings and assets continue to grow," he said in a statement.

Patriot said its total assets at the end of the second quarter grew 20 percent to $930 million, up from $870 million at the end of June 2017.

Patriot has two branches in New Haven County, in Orange and Milford.

Reach Natalie Missakian at news@newhavenbiz.com

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