2014 Q1 Form 10-K Financial Statement

#000119312514114143 Filed on March 25, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q4 2013
Revenue $4.879M $21.65M
YoY Change -11.31% -14.13%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $290.0K $350.0K $1.220M
YoY Change 0.0% 12.9% -0.81%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $870.0K $4.854M
YoY Change -46.53% -34.58%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $319.0K $630.0K -$7.628M
YoY Change -116.13% -143.45% 1322.65%
Income Tax $0.00 -$320.0K -$338.8K
% Of Pretax Income 0.0% -50.79%
Net Earnings $319.0K $950.0K -$7.289M
YoY Change -116.3% -165.52% 1259.46%
Net Earnings / Revenue 6.54% -33.66%
Basic Earnings Per Share -$1.90
Diluted Earnings Per Share $83.12K $247.4K -$1.90
COMMON SHARES
Basic Shares Outstanding 38.77M shares 38.67M shares 3.842M shares
Diluted Shares Outstanding 3.842M shares

Balance Sheet

Concept 2014 Q1 2013 Q4 2013
SHORT-TERM ASSETS
Cash & Short-Term Investments $106.6M $82.60M
YoY Change -32.46%
Cash & Equivalents $59.76M $34.87M
Short-Term Investments $46.85M $47.74M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $14.87M $15.06M $15.10M
YoY Change 253.95% 251.21% 243.18%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00 $0.00
YoY Change -100.0%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $562.5M $541.2M $541.2M
YoY Change -7.61% -12.4% -12.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $3.700M $4.000M $4.000M
YoY Change -11.9% -31.03% -31.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.700M $4.000M $4.000M
YoY Change -11.9% -31.03% -31.03%
LONG-TERM LIABILITIES
Long-Term Debt $8.200M $8.200M $8.200M
YoY Change 0.0% 0.0% 0.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $8.200M $8.200M $8.200M
YoY Change 0.0% 0.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.700M $4.000M $4.000M
Total Long-Term Liabilities $8.200M $8.200M $8.200M
Total Liabilities $519.9M $499.4M $499.4M
YoY Change -7.36% -12.12% -12.12%
SHAREHOLDERS EQUITY
Retained Earnings -$62.37M -$62.68M
YoY Change 13.16%
Common Stock $105.9M $105.9M
YoY Change 0.12%
Preferred Stock
YoY Change
Treasury Stock (at cost) $160.0K $160.0K
YoY Change -0.02%
Treasury Stock Shares 1.170K shares
Shareholders Equity $42.61M $41.84M $41.80M
YoY Change
Total Liabilities & Shareholders Equity $562.5M $541.2M $541.2M
YoY Change -7.61% -12.4% -12.41%

Cashflow Statement

Concept 2014 Q1 2013 Q4 2013
OPERATING ACTIVITIES
Net Income $319.0K $950.0K -$7.289M
YoY Change -116.3% -165.52% 1259.46%
Depreciation, Depletion And Amortization $290.0K $350.0K $1.220M
YoY Change 0.0% 12.9% -0.81%
Cash From Operating Activities $260.0K $1.430M -$4.696M
YoY Change -103.05% -89.92% 48.9%
INVESTING ACTIVITIES
Capital Expenditures $98.00K -$5.630M -$8.360M
YoY Change -59.0% 5530.0% 1045.21%
Acquisitions
YoY Change
Other Investing Activities $3.970M $11.65M $43.99M
YoY Change -22.46% 28.73% -34.44%
Cash From Investing Activities $3.870M $6.020M $35.63M
YoY Change -20.7% -32.74% -46.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 20.77M 4.080M -67.08M
YoY Change -470.89% 22.52% 40.84%
NET CHANGE
Cash From Operating Activities 260.0K 1.430M -4.696M
Cash From Investing Activities 3.870M 6.020M 35.63M
Cash From Financing Activities 20.77M 4.080M -67.08M
Net Change In Cash 24.90M 11.53M -36.15M
YoY Change -369.19% -56.44% -331.88%
FREE CASH FLOW
Cash From Operating Activities $260.0K $1.430M -$4.696M
Capital Expenditures $98.00K -$5.630M -$8.360M
Free Cash Flow $162.0K $7.060M $3.664M
YoY Change -101.85% -50.59% -251.14%

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CY2012Q2 pnbk Restructuring Charges Related To Consolidation Of Branches Lease Liability Charges
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CY2010Q4 us-gaap Stock Issued During Period Shares Acquisitions
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PATRIOT NATIONAL BANCORP INC
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CY2013 dei Entity Filer Category
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CY2013 dei Document Type
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10-K
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2013-12-31
CY2013 dei Entity Central Index Key
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0001098146
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <u>Significant group concentrations of credit risk</u></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Most of the Company&#x2019;s activities are with customers located within Fairfield and New Haven Counties in Connecticut and Westchester County and New York City. Note 3 discusses the types of securities in which the Company invests. Note 4 discusses the types of lending in which the Company engages. The Company does not have any significant concentrations to any one industry or customer.</p> </div>
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CY2012 us-gaap Income Tax Examination Description
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CY2012 us-gaap Current State And Local Tax Expense Benefit
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CY2012 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
2531929
CY2012 us-gaap Interest Expense Subordinated Notes And Debentures
InterestExpenseSubordinatedNotesAndDebentures
299683
CY2012 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
45226033
CY2012 us-gaap Interest Expense
InterestExpense
7419452
CY2012 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
CY2012 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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28931
CY2012 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-182296
CY2012 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
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InterestExpenseDomesticDepositLiabilitiesMoneyMarket
71808
CY2012 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
35000000
CY2012 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
66369544
CY2012 us-gaap Professional And Contract Services Expense
ProfessionalAndContractServicesExpense
2601133
CY2012 us-gaap Allowance For Loan And Lease Losses Write Offs
AllowanceForLoanAndLeaseLossesWriteOffs
1070356
CY2012 us-gaap Financing Receivable Modifications Post Modification Recorded Investment2
FinancingReceivableModificationsPostModificationRecordedInvestment2
6126226
CY2012 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
799323
CY2012 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
4570
CY2012 us-gaap Interest Expense Domestic Deposit Liabilities
InterestExpenseDomesticDepositLiabilities
5351477
CY2012 us-gaap Repurchase Agreements Interest Expense Amount
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309398
CY2012 us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
9651
CY2012 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
CY2012 us-gaap Interest Expense Deposits
InterestExpenseDeposits
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CY2012 us-gaap Proceeds From Sale Of Loans Receivable
ProceedsFromSaleOfLoansReceivable
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CY2012 us-gaap Other Expense From Real Estate Partnership Operations
OtherExpenseFromRealEstatePartnershipOperations
127099
CY2012 us-gaap Proceeds From Sale Of Mortgage Loans Held For Sale
ProceedsFromSaleOfMortgageLoansHeldForSale
3763021
CY2012 us-gaap Proceeds From Sale Of Federal Reserve Stock
ProceedsFromSaleOfFederalReserveStock
25650
CY2012 us-gaap Proceeds From Sale Of Other Real Estate
ProceedsFromSaleOfOtherRealEstate
3347391
CY2012 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
86338
CY2012 us-gaap Income Tax Effects Allocated Directly To Equity
IncomeTaxEffectsAllocatedDirectlyToEquity
CY2012 us-gaap Amortization Of Intangible Assets
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CY2012 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
CY2012 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
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CY2012 us-gaap Interest Expense Domestic Deposit Liabilities Notice Of Withdrawal
InterestExpenseDomesticDepositLiabilitiesNoticeOfWithdrawal
16435
CY2012 us-gaap Restructuring Charges
RestructuringCharges
939492
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OccupancyNet
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CY2012 us-gaap Related Party Costs
RelatedPartyCosts
3725
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306421
CY2012 us-gaap Labor And Related Expense
LaborAndRelatedExpense
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910591
CY2012 us-gaap Restructuring Costs
RestructuringCosts
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CY2012 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
CY2012 us-gaap Loans And Leases Receivable Related Parties Additions
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CY2012 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
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CY2012 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
CY2012 pnbk Interest Expense Domestic Deposit Liabilities One Lakh Or More
InterestExpenseDomesticDepositLiabilitiesOneLakhOrMore
2225726
CY2012 pnbk Troubled Debt Restructuring Residential Loan
TroubledDebtRestructuringResidentialLoan
364000
CY2012 pnbk Financing Receivable Modifications Number Of Contracts During Period
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CY2012 pnbk Transfer Of Other Real Estate Owned To Premises And Equipment
TransferOfOtherRealEstateOwnedToPremisesAndEquipment
950000
CY2012 pnbk Troubled Debt Restructured Other Than Loans
TroubledDebtRestructuredOtherThanLoans
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InterestOnInvestmentSecurities
1507614
CY2012 pnbk Deposit Fees And Service Charges
DepositFeesAndServiceCharges
856604
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PermanentTroubledDebtRestructuredLoans
4900000
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NumberOfSecuritiesSoldUnderAgreementToRepurchase
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CY2012 pnbk Amortization And Accretion Of Purchase Loan Premiums And Discounts Net
AmortizationAndAccretionOfPurchaseLoanPremiumsAndDiscountsNet
11477
CY2012 pnbk Regulatory Assessment
RegulatoryAssessment
1724224
CY2012 pnbk Interest Expense Domestic Deposit Liabilities Less Than One Lakh
InterestExpenseDomesticDepositLiabilitiesLessThanOneLakh
2706666
CY2012 pnbk Weighted Average Contractual Life Exercised Granted
WeightedAverageContractualLifeExercisedGranted
P10Y
CY2012 pnbk Income Tax Reconciliation Write Off Of Deferred Tax Assets
IncomeTaxReconciliationWriteOffOfDeferredTaxAssets
CY2012 pnbk Share Based Compensation Stock Options Weighted Average Grant Date Fair Value Granted
ShareBasedCompensationStockOptionsWeightedAverageGrantDateFairValueGranted
0.90
CY2012 pnbk Number Of Dilutive Securities Stock
NumberOfDilutiveSecuritiesStock
0 shares
CY2012 pnbk Financing Receivable Post Modification Number Of Contracts
FinancingReceivablePostModificationNumberOfContracts
5 Relationships
CY2012 pnbk Decrease Increase In Deferred Loan Costs
DecreaseIncreaseInDeferredLoanCosts
-183914
CY2012 pnbk Income Tax Reconciliation Change In Cash Surrender Value Of Life Insurance
IncomeTaxReconciliationChangeInCashSurrenderValueOfLifeInsurance
-175814
CY2012 pnbk Reduction Of Deposits To Held For Sale
ReductionOfDepositsToHeldForSale
24705381
CY2012 pnbk Upgraded Amount Of Commercial Real Estate Loan
UpgradedAmountOfCommercialRealEstateLoan
4700000
CY2012 pnbk Allocated Deferred Income Tax Expense Benefit
AllocatedDeferredIncomeTaxExpenseBenefit
CY2012 pnbk Loan Application Inspection And Processing Fees
LoanApplicationInspectionAndProcessingFees
101339
CY2012 pnbk Allowance For Loan And Lease Losses Transferred To Loan Held For Sale
AllowanceForLoanAndLeaseLossesTransferredToLoanHeldForSale
CY2012 pnbk Reduction Of Branch Assets Held For Sale
ReductionOfBranchAssetsHeldForSale
88244
CY2012 pnbk Income Tax Effects Allocated Directly To Operation
IncomeTaxEffectsAllocatedDirectlyToOperation
CY2012 pnbk Insurance Expense
InsuranceExpense
471057
CY2012 pnbk Loans And Leases Receivable Non Performing Assets Sold Cash Purchase Price
LoansAndLeasesReceivableNonPerformingAssetsSoldCashPurchasePrice
98500000
CY2012 pnbk Material And Communications
MaterialAndCommunications
503513
CY2012 pnbk Increase Decrease In Loan
IncreaseDecreaseInLoan
60645644
CY2012 pnbk Financing Receivable Pre Modification Number Of Contracts
FinancingReceivablePreModificationNumberOfContracts
6 Relationships
CY2012 pnbk Principal Repayments On Available For Sale Securities
PrincipalRepaymentsOnAvailableForSaleSecurities
-7775420
CY2012 pnbk Payments For Capital Improvements Of Other Real Estate Owned
PaymentsForCapitalImprovementsOfOtherRealEstateOwned
111463
CY2012Q1 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
12 Employees
CY2012Q1 us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
39445
CY2012Q1 us-gaap Severance Costs1
SeveranceCosts1
445429
CY2012Q1 us-gaap Business Exit Costs1
BusinessExitCosts1
10333
CY2012Q1 us-gaap Restructuring Charges
RestructuringCharges
495207
CY2012Q2 us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
1100000

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