Patriot National Bancorp, Inc. reported a net loss of $1.8 million, or $(0.02) per share, for the first quarter of 2026, an improvement from a net loss of $2.8 million, or $(0.21) per share, in the same period of 2025. The increase in net interest income to $7.1 million from $4.0 million was a significant factor in this improvement, driven by higher yields on loans and investment securities, alongside a reduction in interest expenses. Total interest expense decreased to $7.6 million, reflecting lower average rates on interest-bearing deposits and the payoff of senior notes in 2025. The net interest margin rose to 2.46%, up from 1.64% in the prior year, indicating effective balance sheet management.
Total assets increased to $1.18 billion as of March 31, 2026, compared to $1.09 billion at the end of 2025, primarily due to a rise in loans receivable and investment securities. Loans receivable net of allowances grew to $751.2 million, up from $585.7 million, largely driven by $133.1 million in loan purchases, particularly in residential and commercial real estate. The composition of the loan portfolio shifted, with commercial real estate loans comprising 55.7% and residential real estate loans increasing to 25.1% of total loans.
The company’s total deposits rose to $1.05 billion, an increase from $965.8 million at the end of 2025. This growth was supported by an increase in interest-bearing deposits, which totaled $966.1 million, up from $859.0 million. The company also reported a decrease in brokered deposits, reflecting ongoing efforts to manage liquidity and reduce deposit concentrations. The net loan-to-deposit ratio increased to 71.7% from 60.6%, indicating a strategic repositioning of the balance sheet.
In terms of operational developments, Patriot National Bancorp has continued to focus on enhancing its credit risk management and compliance with regulatory expectations, particularly under the OCC Agreement. The allowance for credit losses increased to $7.8 million, or 1.02% of gross loans, reflecting the initial allowance recorded on loans purchased during the quarter. The company also reported a decrease in non-accrual loans to $22.9 million from $29.7 million year-over-year, indicating improved credit performance.
Looking ahead, Patriot National Bancorp aims to continue its strategic initiatives focused on balance sheet optimization and risk management. The company remains committed to enhancing its operational capabilities and compliance measures while navigating the evolving market conditions. The management believes that the current liquidity position is sufficient to meet expected funding needs and anticipated deposit fluctuations.
About PATRIOT NATIONAL BANCORP INC
Patriot National Bancorp, Inc. is a bank holding company for Patriot Bank, N.A., offering commercial and consumer banking services primarily in Connecticut and New York. Its core activities include deposit-taking, commercial real estate, business, SBA, and mortgage lending. The company emphasizes personalized service, community engagement, and diversified financial products, operating through a network of branches and digital channels in a competitive regulatory environment.
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