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Late last year, several ailing banks landed new equity and several hit the ground running in 2011. Still, analysts caution that some recaps could hit the wall in 2012.
December 19
After suffering losses on real estate loans for three straight years, Patriot National Bancorp in Stamford, Conn., has now turned a profit in two consecutive quarters.
The $666 million-asset company said after the market closed Monday that it earned $443,000 in the fourth quarter, compared to a loss of $4.1 million in the fourth quarter of 2010. It reported a profit of $255,000 in last year's third quarter.
The company attributed the results to improved credit quality and a widening net interest margin resulting from double-digit loan growth.
Nonperforming assets fell from $106 million, or 13.5% assets at Dec. 31, 2010, to $23.4 million, of 3.52% of assets, at the end of 2011.
Meanwhile, total loans rose 11%, to $501 million, which helped boost the net interest margin by 50 basis points year over year, to 3.20%.
"Our team's success in executing our recovery plan on schedule allowed us to end the year with two consecutive quarters of profitability … and restore the bank to stable footing," Chairman Michael Carrazza said in a news release.
For the year, Patriot lost $15.5 million, though that was largely related to
