Patriot National Bancorp Inc. of Stamford, Conn., announced Thursday that its second-quarter earnings jumped 45% from a year earlier, to $508,000.
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The $559 million-asset company attributed the earnings increase to loan and deposit growth, which improved its net interest income and net interest margin.
Patriot's net interest income jumped 42%, to $4.97 million, and its net interest margin climbed 34 basis points, to 3.8%. Its net interest income for the first half rose 39%, to $9.58 million.
Noninterest income fell 29% in the second quarter, to $581,000, and 21% in the first half, to $1.2 million. The company attributed the drop to a decline in mortgage brokerage referral fees and loan processing fees.
