Photograph: Matthew Brown / Hearst Connecticut Media
STAMFORD — Patriot Nationwide Bancorp, the father or mother firm of Patriot Bank, has reported a lack of $1.three million for the previous quarter, because it continued to cope with the disruption of the coronavirus disaster.
Stamford-based Patriot’s earnings for the second quarter mirrored a pandemic-related loan-loss provision of $910,000 and different elements, together with year-over-year declines in curiosity and dividend revenue and non-interest revenue.
“The past six months have been incredibly challenging to U.S. businesses and consumers, but we have capably managed through the pandemic, while strengthening our valued customer base,” Patriot Chairman Michael Carrazza stated in a press release this week. “With strategic adjustments to our balance sheet, we believe we have initiated steps to bolster our capital position to bridge us through what we hope is the tail end of the pandemic and back to profitability.”
Amongst different indicators, Patriot’s complete property decreased 2 p.c to about $980 million. Its web loan portfolio dipped three p.c to $781 million. Deposits decreased three p.c to $783 million.
Via the federal CARES Act, the bank stated it has supplied fee aid on loan balances totaling about $223 million — primarily for business actual property loans and industrial loans.
To develop its funding base, the bank accomplished final month a $52 million pay as you go debit card transaction.
Additionally final month, Patriot introduced the hiring of a brand new CEO and president, Robert Russell.
“I believe the bank has established the right foundation for future growth and enhanced profitability,” Russell stated in a press release. “Patriot’s focus on organic growth of customer deposits is making an impact at the local branch level and our national on-line deposit gathering has also seen success. The bank has invested in building strong customer relationships, a well-developed technology platform and intends to continue to leverage those activities.”
All of Patriot’s branches have remained open, with prospects redirected to “non-contact” ATMs and remotely staffed live-banker ATMs. Lobbies have been closed, with prospects seen by appointment solely.
Patriot operates branches in Greenwich, Stamford, Darien, Norwalk, Westport, Fairfield, Milford and Orange in addition to in Scarsdale, N.Y.
Amongst on-line providers, Patriot officers pointed to the enlargement of the bank’s name middle workers to higher serve prospects’ wants and meet elevated quantity at its live-banker ATMs.
From Jan. 1 to June 30, Patriot’s cell deposits elevated 163 p.c, use of its cell app banking rose 31 p.c and common month-to-month log-ins rose 16 p.c, in keeping with firm information.
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