Patriot National Bancorp in Stamford, Conn., plans to restate its second-quarter results to address a loan issue.
The $653 million-asset company disclosed in a regulatory filing Friday that it will increase its loan-loss reserve for the quarter by nearly $2 million to reflect "information and further analysis regarding the full collectability of this loan."
As a result, Patriot National lost $582,313 in the second quarter. It had previously reported a profit of $614,000.
"The company will vigorously pursue its avenues of recovery, including insurance coverage and third party claims, and believes that its pursuit of these remedies will result in a substantial recovery of this loan in future periods," the filing said.