Following shareholder approval of the acquisition of Prime Bank in late October, Patriot National Bancorp, the holding company of Stamford-based Patriot Bank, is committed to continuing its earnings growth.

The company reported third quarter net income of $1 million, up almost $200,000 from the third quarter of 2016. Net interest income for the quarter was $7.1 million, up 23 percent from the third quarter of last year. The margin, at 3.65 percent, increased four basis points from the linked quarter, but is down 20 basis points from this time last year.

Total noninterest income for the quarter was $386,000, down slightly from the third quarter of 2016.

“This quarter’s milestone is further confirmation of the steady progress we expect to achieve from the operational disciplines put in place and management’s focus on growth and value accretion,” CEO Michael Carrazza said in a statement. “While pleased in reaching these milestones, content we are not. Internal mandates have been set to materially beat third quarter performance and further enhance key operating metrics in the fourth quarter. The expected closing of our acquisition of Prime Bank will further add to our earnings momentum.”

As of June 30 of this year, Prime had approximately $73 million in total assets, $56 million in deposits and $28 million in total loans. Closing is pending receipt of regulatory approvals, which is targeted before year-end.

“We have created greater capacity to build a high quality loan portfolio, achieve critical mass in attractive product lines and enhance service offerings to our customers,” Richard Muskus, Patriot’s president said in a statement. “These are the primary areas of focus and will continue to add to our profitability and franchise value.”

Total assets at Patriot were roughly $826 million following the third quarter, up close to $145 million year-over-year. Total deposits, at $605 million, are up about $135 million year-over-year, while net loans reached past $700 million, up about $150 million year-over-year.

The provision for loan losses in the quarter was $545,000, up close to $200,000 from the third quarter. The company had a year-to-date credit provision of $944,000 versus a provision for loan losses of roughly $2.3 million through the first nine months of 2016.