Patriot National Bancorp Inc. in Stamford, Conn., said Thursday that a turnaround plan it implemented last year helped it narrow its net loss by 36%, to $15.4 million.
Improved asset quality and net interest margin, as well as a capital raise, helped, the company said.
Christopher Maher, Patriot National's president and chief executive, said in a press release that the "groundwork is in place to restructure the balance sheet." The company had already announced plans to sell $65 million in nonperforming loans.
Patriot said its bank is again well capitalized after raising $50.4 million in October. The company said that at the end of the year its total risk-based capital ratio was 17.08%.
