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Patriot National Bancorp

Nasdaq:PNBK
Snowflake Description

Adequate balance sheet with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PNBK
Nasdaq
$58M
Market Cap
  1. Home
  2. US
  3. Banks
Company description

Patriot National Bancorp, Inc. operates as the holding company for Patriot Bank, N.A. The last earnings update was 66 days ago. More info.


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PNBK Share Price and Events
7 Day Returns
0.6%
NasdaqGM:PNBK
-1.1%
US Banks
-1.2%
US Market
1 Year Returns
-25%
NasdaqGM:PNBK
-6.5%
US Banks
3.4%
US Market
PNBK Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Patriot National Bancorp (PNBK) 0.6% -4.8% -8.1% -25% 11.9% -25.4%
US Banks -1.1% 2.8% -0.5% -6.5% 45.1% 45.5%
US Market -1.2% 1.2% 1.7% 3.4% 35.5% 41.6%
1 Year Return vs Industry and Market
  • PNBK underperformed the Banks industry which returned -6.5% over the past year.
  • PNBK underperformed the Market in United States of America which returned 3.4% over the past year.
Price Volatility
PNBK
Industry
5yr Volatility vs Market

PNBK Value

 Is Patriot National Bancorp undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Patriot National Bancorp to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Patriot National Bancorp.

NasdaqGM:PNBK Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $17.15 * 4.8%
$0.83
Book Value of Equity per Share Median Book Value from the past 5 years. $17.15
Discount Rate (Cost of Equity) See below 11.1%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGM:PNBK
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.6
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.596 (1 + (1- 21%) (214.18%))
1.405
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.41
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.405 * 5.96%)
11.11%

Discounted Cash Flow Calculation for NasdaqGM:PNBK using Excess Returns Model Model

The calculations below outline how an intrinsic value for Patriot National Bancorp is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NasdaqGM:PNBK Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (4.8% – 11.11%) * $17.15)
$-1.08
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $-1.08 / (11.11% - 2.73%)
$-12.87
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $17.15 + $-12.87
$4.28
NasdaqGM:PNBK Discount to Share Price
Calculation Result
Value per share (USD) From above. $4.28
Current discount Discount to share price of $14.85
= -1 x ($14.85 - $4.28) / $4.28
-247.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Patriot National Bancorp is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Patriot National Bancorp's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Patriot National Bancorp's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGM:PNBK PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.63
NasdaqGM:PNBK Share Price ** NasdaqGM (2019-07-18) in USD $14.85
United States of America Banks Industry PE Ratio Median Figure of 594 Publicly-Listed Banks Companies 12.73x
United States of America Market PE Ratio Median Figure of 3,080 Publicly-Listed Companies 17.88x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Patriot National Bancorp.

NasdaqGM:PNBK PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGM:PNBK Share Price ÷ EPS (both in USD)

= 14.85 ÷ 0.63

23.65x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Patriot National Bancorp is overvalued based on earnings compared to the US Banks industry average.
  • Patriot National Bancorp is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Patriot National Bancorp's expected growth come at a high price?
Raw Data
NasdaqGM:PNBK PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 23.65x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
21.5%per year
United States of America Banks Industry PEG Ratio Median Figure of 270 Publicly-Listed Banks Companies 1.19x
United States of America Market PEG Ratio Median Figure of 2,119 Publicly-Listed Companies 1.57x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Patriot National Bancorp, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Patriot National Bancorp's assets?
Raw Data
NasdaqGM:PNBK PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $17.87
NasdaqGM:PNBK Share Price * NasdaqGM (2019-07-18) in USD $14.85
United States of America Banks Industry PB Ratio Median Figure of 594 Publicly-Listed Banks Companies 1.2x
United States of America Market PB Ratio Median Figure of 5,245 Publicly-Listed Companies 1.79x
NasdaqGM:PNBK PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGM:PNBK Share Price ÷ Book Value per Share (both in USD)

= 14.85 ÷ 17.87

0.83x

* Primary Listing of Patriot National Bancorp.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Patriot National Bancorp is good value based on assets compared to the US Banks industry average.
X
Value checks
We assess Patriot National Bancorp's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. Patriot National Bancorp has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

PNBK Future Performance

 How is Patriot National Bancorp expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Patriot National Bancorp, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
21.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Patriot National Bancorp expected to grow at an attractive rate?
  • Patriot National Bancorp's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Patriot National Bancorp's earnings growth is expected to exceed the United States of America market average.
  • Unable to compare Patriot National Bancorp's revenue growth to the United States of America market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
NasdaqGM:PNBK Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGM:PNBK Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 21.5%
United States of America Banks Industry Earnings Growth Rate Market Cap Weighted Average 1.9%
United States of America Banks Industry Revenue Growth Rate Market Cap Weighted Average 3.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGM:PNBK Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGM:PNBK Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
NasdaqGM:PNBK Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 28 4 2
2018-12-31 28 6 3
2018-09-30 29 8 3
2018-06-30 29 10 4
2018-03-31 28 8 3
2017-12-31 25 7 4
2017-09-30 24 5 5
2017-06-30 23 4 4
2017-03-31 20 4 3
2016-12-31 21 5 2
2016-09-30 21 5 1
2016-06-30 21 5 1

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Patriot National Bancorp's earnings are expected to grow significantly at over 20% yearly.
  • Unable to determine if Patriot National Bancorp is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGM:PNBK Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Patriot National Bancorp Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGM:PNBK Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
NasdaqGM:PNBK Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.63
2018-12-31 0.82
2018-09-30 0.89
2018-06-30 0.95
2018-03-31 0.89
2017-12-31 1.06
2017-09-30 1.18
2017-06-30 1.12
2017-03-31 0.76
2016-12-31 0.49
2016-09-30 0.36
2016-06-30 0.31

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Patriot National Bancorp will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Patriot National Bancorp's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Patriot National Bancorp has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

PNBK Past Performance

  How has Patriot National Bancorp performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Patriot National Bancorp's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Patriot National Bancorp's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Patriot National Bancorp's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Patriot National Bancorp's 1-year earnings growth is negative, it can't be compared to the US Banks industry average.
Earnings and Revenue History
Patriot National Bancorp's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Patriot National Bancorp Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGM:PNBK Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 28.12 2.45 20.22
2018-12-31 28.32 3.20 19.33
2018-09-30 29.01 3.47 18.64
2018-06-30 28.74 3.71 18.50
2018-03-31 27.76 3.48 18.79
2017-12-31 25.39 4.15 18.25
2017-09-30 24.15 4.59 17.00
2017-06-30 23.10 4.39 16.30
2017-03-31 20.50 3.01 15.88
2016-12-31 21.49 1.93 16.36
2016-09-30 20.82 1.42 16.22
2016-06-30 20.85 1.24 16.46
2016-03-31 22.97 2.51 16.49
2015-12-31 22.35 2.14 16.53
2015-09-30 21.93 -0.79 16.88
2015-06-30 20.99 15.84 16.61
2015-03-31 19.85 15.68 16.17
2014-12-31 19.23 15.71 15.72
2014-09-30 19.26 19.06 14.75
2014-06-30 18.47 -0.58 15.40
2014-03-31 18.47 -5.01 16.61
2013-12-31 18.21 -7.29 18.28
2013-09-30 17.69 -9.68 19.37
2013-06-30 19.29 -7.30 19.94
2013-03-31 21.09 -3.04 20.07
2012-12-31 23.45 -0.54 19.64
2012-09-30 25.73 1.35 20.60

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Patriot National Bancorp has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Patriot National Bancorp used its assets less efficiently than the US Banks industry average last year based on Return on Assets.
  • Unable to establish if Patriot National Bancorp improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Patriot National Bancorp's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Patriot National Bancorp has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

PNBK Health

 How is Patriot National Bancorp's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of Patriot National Bancorp's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Patriot National Bancorp Company Filings, last reported 3 months ago.

NasdaqGM:PNBK Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 69.65 121.38 57.05
2018-12-31 69.34 131.27 66.72
2018-09-30 68.92 121.01 49.23
2018-06-30 68.36 140.89 85.64
2018-03-31 67.61 141.34 61.99
2017-12-31 66.75 141.37 48.73
2017-09-30 66.31 151.40 28.41
2017-06-30 65.30 141.42 10.84
2017-03-31 64.44 145.45 60.27
2016-12-31 62.57 159.48 92.29
2016-09-30 62.58 145.05 45.51
2016-06-30 61.91 138.09 46.49
2016-03-31 62.31 145.04 67.01
2015-12-31 61.46 142.03 85.38
2015-09-30 60.90 130.23 59.34
2015-06-30 60.08 108.25 53.09
2015-03-31 59.30 128.25 65.96
2014-12-31 58.74 128.25 73.23
2014-09-30 60.70 140.25 57.59
2014-06-30 43.32 80.25 59.93
2014-03-31 42.61 88.25 59.76
2013-12-31 41.84 65.25 34.84
2013-09-30 40.56 50.25 23.34
2013-06-30 43.14 43.25 25.09
2013-03-31 47.67 65.25 61.76
2012-12-31 49.57 65.25 70.99
2012-09-30 51.13 75.25 44.54
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • Patriot National Bancorp has an acceptable proportion of non-loan assets held.
  • Patriot National Bancorp's liabilities are made up of primarily low risk sources of funding.
  • Loans at Patriot National Bancorp are broadly funded by customer deposits.
  • Patriot National Bancorp's level of assets compared to its equity is moderate (i.e. an appropriate level of borrowing to fund lending).
  • Patriot National Bancorp has a low allowance for bad loans.
  • Patriot National Bancorp has a high level of bad loans (greater than 2%).
X
Financial health checks
We assess Patriot National Bancorp's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Patriot National Bancorp has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

PNBK Dividends

 What is Patriot National Bancorp's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0.27%
Current annual income from Patriot National Bancorp dividends.
If you bought $2,000 of Patriot National Bancorp shares you are expected to receive $5 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Patriot National Bancorp's pays a lower dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • Patriot National Bancorp's dividend is below the markets top 25% of dividend payers in United States of America (3.76%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGM:PNBK Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
United States of America Banks Industry Average Dividend Yield Market Cap Weighted Average of 479 Stocks 3.1%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2016 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGM:PNBK Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
NasdaqGM:PNBK Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-16 0.040 0.262
2019-04-10 0.040 0.253
2019-02-28 0.040 0.267
2018-11-15 0.040 0.255
2018-11-14 0.040 0.201
2018-08-17 0.040 0.188
2018-08-13 0.040 0.202
2018-02-02 0.040 0.206
2017-10-31 0.040 0.224
2017-07-21 0.040 0.238
2010-11-10 0.000 0.000
2010-11-09 0.000 0.000
2010-08-05 0.000 0.000
2010-05-10 0.000 0.000
2010-03-17 0.000 0.000
2010-03-16 0.000 0.000
2010-03-15 0.000 0.000
2009-11-09 0.000 0.000
2009-08-07 0.000 0.000
2009-05-12 0.000 0.000
2008-12-19 1.800 4.210
2008-09-19 1.800 1.796

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Patriot National Bancorp is not paying a notable dividend for United States of America, therefore no need to check if the payments are stable.
  • Patriot National Bancorp is not paying a notable dividend for United States of America, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of Patriot National Bancorp's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of Patriot National Bancorp's dividends as it is not paying a notable one for United States of America.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Patriot National Bancorp's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Patriot National Bancorp afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Patriot National Bancorp has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

PNBK Management

 What is the CEO of Patriot National Bancorp's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Michael Carrazza
COMPENSATION $803,636
AGE 53
TENURE AS CEO 2.9 years
CEO Bio

Mr. Michael A. Carrazza has been Chief Executive Officer of Patriot National Bancorp Inc. and Patriot Bank, National Association since August 19, 2016. Mr. Carrazza serves as the Managing Partner and Chief Executive Officer at Solaia Capital Advisors LLC and founded it in 2007. Mr. Carrazza serves as a Managing Member of Solaia Financial Group LLC. He is the Founder of subsequent Solaia affiliates. He served as the Interim Chief Executive Officer of Patriot National Bancorp Inc. and Patriot Bank, N.A. since August 19, 2016. He served as the Managing Director at Bard Capital Group, LLC, where he sponsored transactions in the industrial sector. He was also a Co-Founder at the firm, where he sponsored several transactions in the industrial sector. Previously, he was a Principal at the GlenRock Group, where Mr. Carrazza structured and financed the leveraged buyout of International Surface Preparation Group, Inc. from U.S. Filter/Vivendi. He was also a Principal at Conifer Capital Group. In addition to his private equity activities, Mr. Carrazza has worked as an Internal Banker for Mitchell Madison Group and served on its Executive Team, where he assisted in its global expansion and managed its subsequent sale to USWeb/CKS. He led the financing and restructuring of Mitchell Madison Group. Previously, he began his career at The Goldman Sachs Group, Inc. where he provided automation, infrastructure and process strategies for its Investment banking, treasury, operations and finance divisions. He has been the Chairman of the Board of Patriot Bank, N.A. since October 2010. Mr. Carrazza has been the Chairman and Director of Patriot National Bancorp Inc. since October 15, 2010, following its recapitalization in 2010. He is credited for having architected the rescue and turnaround of Patriot National Bank and the relaunch of Bank of Ireland’s former U.S. Asset-Based Lending business as Siena Lending Group. He serves as the Chairman and Director of Patriot National Bank. He also serves as a Director of AmQuip Crane Rental. Mr. Carrazza is an Advisory Counsel Member of the Bard Center for Entrepreneurship at the University of Colorado and involved in several charitable activities. He serves as a Director of Blastrac and International Surface Preparation Corp. charitable activities. Mr. Carrazza has more than 20 years of operating and investing experience across a variety of industry sectors. Mr. Carrazza holds an MBA degree in Finance from The Stern School of Business at New York University and a B.S. degree in Electrical Engineering from The Pennsylvania State University and studied at The Juilliard School.

CEO Compensation
  • Michael's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
  • Michael's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Patriot National Bancorp management team in years:

2.5
Average Tenure
57
Average Age
  • The tenure for the Patriot National Bancorp management team is about average.
Management Team

Michael Carrazza

TITLE
Chairman & CEO
COMPENSATION
$804K
AGE
53
TENURE
2.9 yrs

Rick Muskus

TITLE
President & Director
COMPENSATION
$346K
AGE
51
TENURE
2.5 yrs

Joseph Perillo

TITLE
Executive VP & CFO
COMPENSATION
$269K
AGE
63
TENURE
2.2 yrs

Fred Staudmyer

TITLE
Secretary & Chief Human Resources Officer
COMPENSATION
$264K
AGE
63
TENURE
4.7 yrs

Judith Corprew

TITLE
AGE
57
TENURE
0.2 yrs
Board of Directors Tenure

Average tenure and age of the Patriot National Bancorp board of directors in years:

7.6
Average Tenure
55
Average Age
  • The tenure for the Patriot National Bancorp board of directors is about average.
Board of Directors

Michael Carrazza

TITLE
Chairman & CEO
COMPENSATION
$804K
AGE
53
TENURE
8.8 yrs

Rick Muskus

TITLE
President & Director
COMPENSATION
$346K
AGE
51
TENURE
2 yrs

Emile Van den Bol

TITLE
Independent Director
COMPENSATION
$101K
AGE
55
TENURE
8.8 yrs

Ed Constantino

TITLE
Lead Independent Director
COMPENSATION
$91K
AGE
72
TENURE
0.8 yrs

Brent Ciurlino

TITLE
Independent Director
COMPENSATION
$13K
AGE
60
TENURE
0.8 yrs

Raymond Smyth

TITLE
Independent Director
COMPENSATION
$95K
AGE
73
TENURE
7.6 yrs

Michael Weinbaum

TITLE
Independent Director
COMPENSATION
$61K
AGE
52
TENURE
8.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
05. Apr 19 Sell Frederick Staudmyer Individual 21. May 18 12. Mar 19 -2,875 $22.00 $-49,489
X
Management checks
We assess Patriot National Bancorp's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Patriot National Bancorp has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

PNBK News

Simply Wall St News

Could The Patriot National Bancorp, Inc. (NASDAQ:PNBK) Ownership Structure Tell Us Something Useful?

View our latest analysis for Patriot National Bancorp NasdaqGM:PNBK Ownership Summary, July 17th 2019 What Does The Institutional Ownership Tell Us About Patriot National Bancorp? … We can see that Patriot National Bancorp does have institutional investors; and they hold 5.7% of the stock. … Insider Ownership Of Patriot National Bancorp The definition of an insider can differ slightly between different countries, but members of the board of directors always count.

Simply Wall St -

Should You Worry About Patriot National Bancorp, Inc.'s (NASDAQ:PNBK) CEO Pay Cheque?

Check out our latest analysis for Patriot National Bancorp How Does Michael Carrazza's Compensation Compare With Similar Sized Companies? … With a total shareholder return of 17% over three years, Patriot National Bancorp, Inc. … We compared total CEO remuneration at Patriot National Bancorp, Inc.

Simply Wall St -

The Patriot National Bancorp (NASDAQ:PNBK) Share Price Is Up 26% And Shareholders Are Holding On

(NASDAQ:PNBK) share price is up 26% in the last five years, that's less than the market return. … During the five years of share price growth, Patriot National Bancorp moved from a loss to profitability. … We can see that the Patriot National Bancorp share price is up 16% in the last three years.

Simply Wall St -

Despite Its High P/E Ratio, Is Patriot National Bancorp, Inc. (NASDAQ:PNBK) Still Undervalued?

We'll show how you can use Patriot National Bancorp, Inc.'s (NASDAQ:PNBK) P/E ratio to inform your assessment of the investment opportunity. … Patriot National Bancorp has a P/E ratio of 18.96, based on the last twelve months. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

Should You Worry About Patriot National Bancorp, Inc.'s (NASDAQ:PNBK) CEO Pay Cheque?

First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Michael Carrazza's Compensation Compare With Similar Sized Companies. … We examined a group of similar sized companies, with market capitalizations of below US$200m

Simply Wall St -

Do Institutions Own Patriot National Bancorp, Inc. (NASDAQ:PNBK) Shares?

A look at the shareholders of Patriot National Bancorp, Inc. … Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … Patriot National Bancorp is a smaller company with a market capitalization of US$59m, so it may still be flying under the radar of many institutional investors.

Simply Wall St -

Financial Metrics For Patriot National Bancorp, Inc. (NASDAQ:PNBK)

As a small-cap bank stock with a market capitalisation of US$57m, Patriot National Bancorp, Inc.’s (NASDAQ:PNBK) risk and profitability are largely determined by the underlying economic growth of the US regions in which it operates. … The Basel III reforms are aimed at banking regulations to improve financial institutions’ ability to absorb shocks caused by economic stress which could expose banks like Patriot National Bancorp to vulnerabilities. … We can gauge Patriot National Bancorp’s risk-taking behaviour by analysing three metrics for leverage and liquidity which I will take you through now.

Simply Wall St -

Is Patriot National Bancorp, Inc. (NASDAQ:PNBK) Exposed To Too Much Risk?

Credit risk is one of the biggest risk Patriot National Bancorp, Inc. … This is because bad debt is written off as an expense and impacts Patriot National Bancorp’s bottom line and shareholders’ value. … Today we will analyse Patriot National Bancorp’s level of bad debt and liabilities in order to understand the risk involved with investing in Patriot National Bancorp?

Simply Wall St -

Should You Be Tempted To Sell Patriot National Bancorp Inc (NASDAQ:PNBK) Because Of Its P/E Ratio?

To keep it practical, we'll show how Patriot National Bancorp Inc's (NASDAQ:PNBK) P/E ratio could help you assess the value on offer. … Based on the last twelve months, Patriot National Bancorp's P/E ratio is 18.55. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

What You Should Know About Patriot National Bancorp Inc’s (NASDAQ:PNBK) Liquidity

As a small-cap bank stock with a market capitalisation of US$84m, Patriot National Bancorp Inc’s (NASDAQ:PNBK) risk and profitability are largely determined by the underlying economic growth of the US regions in which it operates. … The Basel III reforms are aimed at banking regulations to improve financial institutions’ ability to absorb shocks caused by economic stress which could expose banks like Patriot National Bancorp to vulnerabilities. … Strong management of leverage and liquidity could place the bank in a protected position at the face of macro headwinds.

Simply Wall St -

PNBK Company Info

Description

Patriot National Bancorp, Inc. operates as the holding company for Patriot Bank, N.A. that provides community banking services to individuals, small and medium-sized businesses, and professionals. The company offers consumer and commercial deposit accounts, such as checking accounts, interest-bearing negotiable order of withdrawal accounts, money market accounts, time certificates of deposit, savings accounts, individual retirement accounts, and health savings accounts, as well as certificate of deposit account registry service. Its loan portfolio comprises commercial real estate, commercial business, construction, and consumer loans. The company also offers automated clearing house transfers, lockbox, Internet banking, bill payment, remote deposit capture, debit card, money order, traveler’s check, and automatic teller machine services. Patriot National Bancorp, Inc. provides its products and services through its eight branch offices located in Fairfield and New Haven Counties, Connecticut; and one branch offices located in Westchester County, New York. The company was founded in 1994 and is headquartered in Stamford, Connecticut. Patriot National Bancorp, Inc. is a subsidiary of PNBK Holdings LLC.

Details
Name: Patriot National Bancorp, Inc.
PNBK
Exchange: NasdaqGM
Founded: 1994
$58,240,363
3,921,910
Website: http://www.bankpatriot.com
Address: Patriot National Bancorp, Inc.
900 Bedford Street,
Stamford,
Connecticut, 06901,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGM PNBK Common Stock Nasdaq Global Market US USD 31. Aug 1994
Number of employees
Current staff
Staff numbers
118
Patriot National Bancorp employees.
Industry
Regional Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/20 23:50
End of day share price update: 2019/07/18 00:00
Last estimates confirmation: 2019/02/26
Last earnings filing: 2019/05/15
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.