UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                 AMENDMENT NO. 1
                                 FORM 10-QSB/A


                QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

    For the Quarter Ended June 30, 2002     Commission file number 000-29599

                         PATRIOT NATIONAL BANCORP, INC.
        (Exact name of small business issuer as specified in its charter)

          Connecticut                               06-1559137
   (State of incorporation)            (I.R.S. Employer Identification Number)

                 900 Bedford Street, Stamford, Connecticut 06901
                    (Address of principal executive offices)

                                 (203) 324-7500
                               ------------------
                           (Issuer's telephone number)

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date.

Common stock, $2.00 par value per share, 2,400,525 shares issued and outstanding
as of the close of business July 31, 2002.

Transitional Small Business Disclosure Format (check one):Yes         No   X
                                                              -----      -----



<PAGE>

                                Explanatory Note
                                ----------------

          This amendment is being filed to correct a typographical  error in net
income in the  Company's  consolidated  statement  of income  for the six months
ended June 30, 2002.



<PAGE>


                                Table of Contents

                                                                            Page
                                                                            ----

Part I        FINANCIAL INFORMATION
------

Item 1.       Consolidated Financial Statements                               3






                                       2


<PAGE>

                         PART I - FINANCIAL INFORMATION
                         ------------------------------


Item 1.  Consolidated Financial Statements
-------  ---------------------------------

<TABLE>
PATRIOT NATIONAL BANCORP, INC
CONSOLIDATED BALANCE SHEETS
<CAPTION>
                                                                            June 30,          December 31,
                                                                              2002                2001
                                                                        -------------------------------------
                                                                           (Unaudited)
<S>                                                                        <C>                <C>
ASSETS
Cash and due from banks ............................................       $ 10,960,941       $  7,544,242
Federal funds sold .................................................          7,500,000         12,700,000
Short term investments .............................................          2,786,500          6,788,569
                                                                           ------------       ------------
     Cash and cash equivalents .....................................         21,247,441         27,032,811

Available for sale securities (at fair value) ......................         57,560,390         34,717,930
Federal Reserve Bank stock .........................................            481,050            481,050
Federal Home Loan Bank stock .......................................            621,300            617,900
Loans receivable (net of allowance for loan losses: 2002 $2,062,454;
     2001 $1,894,454) ..............................................        137,953,798        135,680,036
Accrued interest receivable ........................................          1,144,823          1,079,450
Premises and equipment, net ........................................            945,157          1,102,428
Deferred tax asset, net ............................................            618,774            662,296
Goodwill ...........................................................            930,091            930,091
Other assets .......................................................            285,223            265,465
                                                                           ------------       ------------
         Total assets ..............................................       $221,788,047       $202,569,457
                                                                           ============       ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
     Deposits:
         Noninterest bearing deposits ..............................       $ 18,450,586       $ 16,961,636
         Interest bearing deposits .................................        174,040,298        166,302,303
                                                                           ------------       ------------
              Total deposits .......................................        192,490,884        183,263,939
     Securities sold under agreements to repurchase ................          5,700,000               --
     Federal Home Loan Bank borrowings .............................          4,000,000               --
     Capital lease obligation ......................................            306,097            364,836
     Collateralized borrowings .....................................            399,444            474,444
     Accrued expenses and other liabilities ........................          1,010,504          1,060,222
                                                                           ------------       ------------
              Total liabilities ....................................        203,906,929        185,163,441
                                                                           ------------       ------------
Shareholders' equity
     Common stock, $2 par value: 5,333,333 shares authorized;
         2,400,525 shares issued and outstanding ...................          4,801,050          4,801,050
     Additional paid-in capital ....................................         11,484,649         11,484,649
     Retained earnings .............................................          1,242,678            864,202
     Accumulated other comprehensive income - net unrealized
         gain on available for sale securities, net of tax .........            352,741            256,115
                                                                           ------------       ------------
              Total shareholders' equity ...........................         17,881,118         17,406,016
                                                                           ------------       ------------
              Total liabilities and shareholders' equity ...........       $221,788,047       $202,569,457
                                                                           ============       ============
</TABLE>

See accompanying notes to consolidated financial statements.


                                       3
<PAGE>


<TABLE>
PATRIOT NATIONAL BANCORP INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
<CAPTION>
                                                             Three Months Ended               Six Months Ended
                                                                  June 30,                         June 30,
                                                            2002            2001            2002             2001
                                                        -----------     -----------      -----------      -----------

<S>                                                     <C>             <C>              <C>              <C>
Interest and Dividend Income
   Interest and fees on loans ......................    $ 2,438,451     $ 2,826,483      $ 4,823,456      $ 5,740,573
   Interest and dividends on
      investment securities ........................        468,547         545,250          974,159        1,089,611
   Interest on federal funds sold ..................         39,852          84,471           81,541          367,309
                                                        -----------     -----------      -----------      -----------
     Total interest and dividend income ............      2,946,850       3,456,204        5,879,156        7,197,493
                                                        -----------     -----------      -----------      -----------
Interest Expense
   Interest on deposits ............................      1,081,217       1,685,381        2,228,571        3,652,442
   Interest on other borrowings ....................         39,934            --             40,286             --
   Interest on capital lease obligation ............         11,132          14,925           23,261           30,719
   Interest on collateralized borrowings ...........          5,454           9,463           11,374           20,577
                                                        -----------     -----------      -----------      -----------
     Total interest expense ........................      1,137,737       1,709,769        2,303,492        3,703,738
                                                        -----------     -----------      -----------      -----------
     Net interest income ...........................      1,809,113       1,746,435        3,575,664        3,493,755
Provision for Loan Losses ..........................         84,000          58,500          158,000          102,000
                                                        -----------     -----------      -----------      -----------
     Net interest income after
        provision for loan losses ..................      1,725,113       1,687,935        3,417,664        3,391,755
                                                        -----------     -----------      -----------      -----------
Non-Interest Income
   Mortgage brokerage referral fees ................        671,229         764,009        1,327,271        1,225,339
   Loan processing fees ............................        122,257         137,936          247,055          275,704
   Fees and service charges ........................         70,949          61,707          143,794          126,166
   Gains and origination fees from loans sold ......        249,365          24,510          249,365           40,144
   Loss on impaired investment security ............           --          (117,678)            --           (117,678)
   Loss on sale of investment securities ...........           --              --            (31,275)            --
   Other income ....................................         18,965           2,155           40,370           20,475
                                                        -----------     -----------      -----------      -----------
     Total non-interest income .....................      1,132,765         872,639        1,976,580        1,570,150
7Non-Interest Expenses
   Salaries and benefits ...........................      1,502,206       1,344,595        2,910,557        2,450,022
   Occupancy and equipment expenses, net ...........        242,816         232,482          504,885          448,901
   Data processing and other outside services ......        143,246         160,492          313,780          288,241
   Professional services ...........................        105,790          85,498          176,627          180,819
   Advertising and promotional expenses ............         98,442          70,078          155,438          126,804
   Forms, printing and supplies ....................         41,925          39,090           78,828           77,965
   Regulatory assessments ..........................         24,324          22,889           48,648           46,587
   Directors' fees and expenses ....................         50,900          17,000           75,100           30,900
   Other operating expenses ........................        197,511         259,554          369,881          481,387
                                                        -----------     -----------      -----------      -----------
     Total non-interest expenses ...................      2,407,160       2,231,678        4,633,744        4,131,626
                                                        -----------     -----------      -----------      -----------
     Income before income taxes ....................        450,718         328,896          760,500          830,279
                                                        -----------     -----------      -----------      -----------
Provision for Income Taxes .........................        163,000         120,751          274,000          314,557
                                                        -----------     -----------      -----------      -----------
     Net income ....................................    $   287,718     $   208,145      $   486,500      $   515,722
                                                        ===========     ===========      ===========      ===========
     Basic income per share ........................    $     0.120     $     0.090      $     0.200      $     0.210
                                                        ===========     ===========      ===========      ===========
     Diluted income per share ......................    $     0.120     $     0.090      $     0.200      $     0.210
                                                        ===========     ===========      ===========      ===========
     Dividends per share ...........................    $     0.025     $     0.020      $     0.045      $     0.020
                                                        ===========     ===========      ===========      ===========
</TABLE>

See accompanying notes to consolidated financial statements

                                       4
<PAGE>


<TABLE>
PATRIOT NATIONAL BANCORP, INC
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

<CAPTION>

                                                             Three Months Ended               Six Months Ended
                                                                  June 30,                         June 30,
                                                            2002            2001            2002             2001
                                                        -----------     -----------      -----------      -----------
<S>                                                     <C>             <C>              <C>              <C>
Net income .....................................        $   287,718     $   208,145      $   486,500      $   515,722

Unrealized holding gains (losses) on securities:
   Unrealized holding gains (losses) arising
   during the period, net of taxes .............            249,073         (37,503)          96,626           90,950
                                                        -----------     -----------      -----------      -----------

   Comprehensive income ........................        $   536,791     $   170,642      $   583,126      $   606,672
                                                        ===========     ===========      ===========      ===========
</TABLE>


See accompanying notes to consolidated financial statements.


                                       5
<PAGE>


<TABLE>
PATRIOT NATIONAL BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

<CAPTION>
                                                                                    Six Months Ended
                                                                                         June 30,
                                                                                  2002              2001
                                                                              ------------------------------
<S>                                                                           <C>               <C>
Cash Flows from Operating Activities
     Net income .........................................................     $    486,500      $    515,722
     Adjustments to reconcile net income to net cash
     provided by operating activities:
     Amortization and accretion of investment premiums and discounts, net           (9,737)           (6,726)
     Originations of loans held for sale ................................         (208,000)      (20,509,950)
     Proceeds from sales of loans held for sale .........................          208,000        20,509,950
     Gain on sale of loans ..............................................         (249,365)             --
     Provision for loan losses ..........................................          158,000           102,000
     Loss on impaired investment security ...............................             --             117,678
     Loss on sale of investment securities ..............................           31,275              --
     Depreciation and amortization ......................................          213,885           213,082
     Changes in assets and liabilities:
         Increase in deferred loan fees .................................          164,343            61,362
         (Increase) decrease in accrued interest receivable .............          (65,373)           24,052
         Increase in other assets .......................................          (19,757)         (100,087)
         (Decrease) increase in accrued expenses and other liabilities ..          (61,722)           19,576
                                                                              ------------      ------------
         Net cash provided by operating activities ......................          648,049           946,659
                                                                              ------------      ------------
Cash Flows from Investing Activities
     Purchases of available for sale securities .........................      (37,015,836)      (10,115,072)
     Proceeds from sales of available for sale securities ...............       10,369,844         6,000,000
     Principal repayments on available for sale securities ..............        2,922,141         1,953,830
     Proceeds from maturities of available for sale securities ..........        1,000,000           499,290
     Proceeds from maturities of held to maturity securities ............             --             500,000
     Purchase of Federal Reserve Bank Stock .............................             --              (5,850)
     Purchase of Federal Home Loan Bank Stock ...........................           (3,400)          (24,300)
     Net increase in loans ..............................................       (3,896,104)       (7,075,027)
     Proceeds from sale of loan receivable ..............................        1,549,365              --
     Purchases of bank premises and equipment ...........................          (56,614)         (243,140)
                                                                              ------------      ------------
         Net cash used in investing activities ..........................      (25,130,604)       (8,510,269)
                                                                              ------------      ------------
Cash Flows from Financing Activities
     Net increase in demand, savings and money market deposits ..........       13,434,970        14,020,453
     Net decrease in time certificates of deposits ......................       (4,208,025)      (28,496,878)
     Increase in FHLB borrowings ........................................        4,000,000              --
     Increase in securities sold under agreements to repurchase .........        5,700,000              --
     Principal payments on capital lease obligation .....................          (58,739)          (51,283)
     Decrease in collateralized borrowings ..............................          (75,000)             --
     Dividends paid on common stock .....................................          (96,021)             --
     Proceeds from issuance of common stock .............................             --               1,179
                                                                              ------------      ------------
         Net cash provided by financing activities ......................       18,697,185       (14,526,529)
                                                                              ------------      ------------
         Net decrease in cash and cash equivalents ......................       (5,785,370)      (22,090,139)

</TABLE>


                                       6
<PAGE>


<TABLE>
PATRIOT NATIONAL BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS, Continued
(Unaudited)

<CAPTION>
                                                                                    Six Months Ended
                                                                                         June 30,
                                                                                  2002              2001
                                                                              ------------------------------
<S>                                                                           <C>               <C>

Cash and cash equivalents
     Beginning ..........................................................        27,032,811        33,065,071
                                                                               ------------      ------------
     Ending .............................................................     $  21,247,441      $ 10,974,932
                                                                               ============      ============

Supplemental Disclosures of Cash Flow Information
     Cash paid for:
         Interest .......................................................     $   2,317,295     $   3,700,114
                                                                               ============      ============
         Income Taxes ...................................................     $     347,146     $     645,700
                                                                               ============      ============

Supplemental disclosure of noncash investing and financing activities:
     Transfer of held to maturity securities to
         available for sale securities ..................................     $        --       $  11,796,300
                                                                               ============      ============

     Unrealized holding gain on available for sale
         securities arising during the period ...........................     $     140,147     $     152,209
                                                                               ============      ============

     Dividends declared on common stock .................................     $      60,013     $      48,007
                                                                               ============      ============
</TABLE>


See accompanying notes to consolidated financial statements.


                                       7
<PAGE>


Notes to Consolidated Financial Statements

(1)    The Consolidated Balance Sheet at December 31, 2001 has been derived from
       the  audited  financial  statements  of Patriot  National  Bancorp,  Inc.
       ("Bancorp") at that date, but does not include all of the information and
       footnotes  required by accounting  principles  generally  accepted in the
       United States of America for complete financial statements.

(2)    The accompanying  unaudited  financial  statements and related notes have
       been prepared pursuant to the rules and regulations of the Securities and
       Exchange  Commission.   Accordingly,  certain  information  and  footnote
       disclosures   normally  included  in  financial  statements  prepared  in
       accordance with accounting  principles  generally  accepted in the United
       States  of  America  have been  omitted.  The  accompanying  consolidated
       financial statements and related notes should be read in conjunction with
       the audited  financial  statements  of Bancorp and notes  thereto for the
       year ended December 31, 2001.

       The information  furnished  reflects,  in the opinion of management,  all
       adjustments,  consisting of normal  recurring  accruals,  necessary for a
       fair  presentation of the results of the interim periods  presented.  The
       results of  operations  for the three and six months  ended June 30, 2002
       are not  necessarily  indicative of the results of operations that may be
       expected for all of 2002.

(3)    Bancorp is required to present basic income per share and diluted  income
       per share in its income  statements.  Basic income per share  amounts are
       computed by dividing net income by the weighted  average number of common
       shares  outstanding.  Diluted  income per share  assumes  exercise of all
       potential common stock in weighted average shares outstanding, unless the
       effect  is   antidilutive.   Bancorp  is  also   required  to  provide  a
       reconciliation  of the numerator and denominator  used in the computation
       of both basic and diluted income per share.  The following is information
       about the  computation  of income  per share for the three and six months
       ended June 30, 2002 and 2001.

 Quarter ended June 30, 2002
                                             Net Income      Shares      Amount
                                             -----------------------------------
 Basic Income Per Share
   Income available to common shareholders   $  287,718    2,400,525     $ 0.12
 Effect of Dilutive Securities
   Warrants/Stock Options outstanding               -         25,398        -
                                             -----------------------------------
 Diluted Income Per Share
   Income available to common shareholders
   plus assumed conversions                  $  287,718    2,425,923     $ 0.12
                                             ===================================


                                       8
<PAGE>


Quarter ended June 30, 2001
                                             Net Income      Shares      Amount
                                             -----------------------------------
Basic Income Per Share
  Income available to common shareholders    $  208,145    2,400,525     $ 0.09
Effect of Dilutive Securities
  Warrants/Stock Options outstanding                  -       24,621        -
                                             -----------------------------------
Diluted Income Per Share
  Income available to common shareholders
  plus assumed conversions                  $   208,145    2,425,146       0.09
                                             ===================================

Six months ended June 30, 2002
                                             Net Income      Shares      Amount
                                             -----------------------------------
Basic Income Per Share
  Income available to common shareholders    $  486,500    2,400,525     $ 0.20
Effect of Dilutive Securities
  Warrants/Stock Options outstanding                  -       25,114        -
                                             -----------------------------------
Diluted Income Per Share
  Income available to common shareholders
  plus assumed conversions                   $  486,500    2,425,639     $ 0.20
                                             ===================================

Six months ended June 30, 2001
                                             Net Income      Shares      Amount
                                             -----------------------------------
Basic Income Per Share
  Income available to common shareholders    $  515,722    2,400,450     $ 0.21
Effect of Dilutive Securities
  Warrants/Stock Options outstanding                  -       27,112        -
                                             -----------------------------------
Diluted Income Per Share
  Income available to common shareholders
  plus assumed conversions                   $  515,722    2,427,562     $ 0.21
                                             ===================================


(4)    Bancorp has two reportable segments, the commercial bank and the mortgage
       broker.  The  commercial  bank  provides its  commercial  customers  with
       products  such as commercial  mortgage and  construction  loans,  working
       capital loans, equipment loans and other business financing arrangements,
       and provides its consumer customers with residential mortgage loans, home
       equity loans and other consumer  installment  loans.  The commercial bank
       segment  also  attracts   deposits  from  both  consumer  and  commercial
       customers,  and invests such deposits in loans,  investments  and working
       capital.  The commercial bank's revenues are generated primarily from net
       interest income from its lending, investment and deposit activities.

       The mortgage  broker  solicits and processes  conventional  mortgage loan
       applications  from  consumers  on  behalf  of  permanent   investors  and
       originates loans for sale. Revenues are generated from loan brokerage and
       application  processing fees received from permanent  investors and gains
       and origination fees from loans sold.



                                       9
<PAGE>


       Information  about  reportable  segments  and a  reconciliation  of  such
       information to the  consolidated  financial  statements for the three and
       six months ended June 30, 2002 and 2001 is as follows (in thousands):

       Quarter ended June 30, 2002
                                                      Mortgage    Consolidated
                                         Bank          Broker        Totals
                                         --------------------------------------

       Net interest income .....     $   1,809      $    --       $   1,809
       Non-interest income .....           317            816         1,133
       Non-interest expense ....         1,774            633         2,407
       Provision for loan losses            84           --              84
       Income before taxes .....           268            183           451
       Assets ..................       220,791            997       221,788

       Quarter ended June 30, 2001

                                                      Mortgage    Consolidated
                                         Bank          Broker        Totals
                                         --------------------------------------

       Net interest income .....     $   1,746      $    --       $   1,746
       Non-interest income .....           (74)           947           873
       Non-interest expense ....         1,553            679         2,232
       Provision for loan losses            58           --              58
       Income before taxes .....            61            268           329
       Assets ..................       182,576          1,152       183,728

       Six months ended June 30, 2002

                                                      Mortgage    Consolidated
                                         Bank          Broker        Totals
                                         --------------------------------------

       Net interest income .....     $   3,576      $    --       $   3,576
       Non-interest income .....           357          1,620         1,977
       Non-interest expense ....         3,364          1,270         4,634
       Provision for loan losses           158           --             158
       Income before taxes .....           411            350           761
       Assets ..................       220,791            997       221,788

       Six months ended June 30, 2001

                                                      Mortgage    Consolidated
                                         Bank          Broker        Totals
                                         --------------------------------------

       Net interest income .....     $   3,494      $    --       $   3,494
       Non-interest income .....            11          1,559         1,570
       Non-interest expense ....         2,922          1,210         4,132
       Provision for loan losses           102           --             102
       Income before taxes .....           481            349           830
       Assets ..................       182,576          1,152       183,728

(5)    Certain  2001  amounts  have been  reclassified  to conform with the 2002
       presentation. Such reclassifications had no effect on net income.



                                       10
<PAGE>


(6)    In June 2001, the Financial  Accounting  Standards  Board issued SFAS No.
       142  "Goodwill  and  Other  Intangible  Assets."  SFAS No.  142 no longer
       permits the  amortization  of goodwill  and  indefinite-lived  intangible
       assets.  Instead,  these  assets  must  be  reviewed  annually  (or  more
       frequently under prescribed conditions) for impairment in accordance with
       this  statement.  This  impairment test uses a fair value approach rather
       than the undiscounted cash flows approach previously required by SFAS No.
       121,  "Accounting  for  the  Impairment  of  Long-Lived  Assets  and  for
       Long-Lived Assets to Be Disposed Of." The goodwill  impairment test under
       SFAS No. 142  requires a two-step  approach,  which is  performed  at the
       reporting  unit level,  as defined in SFAS No. 142.  Step one  identifies
       potential  impairments  by comparing the fair value of the reporting unit
       to its carrying  amount.  Step two, which is only performed if there is a
       potential  impairment,  compares  the  carrying  amount of the  reporting
       unit's  goodwill to its implied value, as defined in SFAS No. 142. If the
       carrying  amount of the  reporting  unit's  goodwill  exceeds the implied
       value of that  goodwill,  an  impairment  loss is recognized in an amount
       equal to that excess.

       Bancorp adopted the provisions of SFAS No. 142 effective  January 1, 2002
       and, as a result,  goodwill is no longer amortized,  and is evaluated for
       impairment  under  SFAS No.  142.  Based on  Bancorp's  initial  goodwill
       impairment  test, no impairment  losses have been  recognized  related to
       goodwill  upon the  adoption of SFAS No. 142.  Bancorp  will  perform the
       required  annual  impairment  reviews as of  October 31 of each year.  In
       addition, the following represents the effect of adopting SFAS No. 142 on
       Bancorp's net income and earnings per share for all periods presented.

<TABLE>
<CAPTION>
                                       Three Months Ended              Six Months Ended
                                            June 30,                        June 30,
                                      2002            2001            2002           2001
                                  ---------------------------     ---------------------------
<S>                               <C>             <C>             <C>             <C>
Reported net income .........     $   287,718     $   208,145     $   486,500     $   515,722
Add goodwill amortization....            --            31,003            --            61,930
                                  -----------     -----------     -----------     -----------
Adjusted net income .........     $   287,718     $   239,148     $   486,500     $   577,652
                                  ===========     ===========     ===========     ===========

Basic earnings per share
  Reported net income .......     $      0.12     $      0.09     $      0.20     $      0.21
  Goodwill amortization .....            --              0.01            --              0.03
                                  -----------     -----------     -----------     -----------
  Adjusted net income .......     $      0.12     $      0.10     $      0.20     $      0.24
                                  ===========     ===========     ===========     ===========

Diluted earnings per share
  Reported net income .......     $      0.12     $      0.09     $      0.20     $      0.21
  Goodwill amortization .....            --              0.01            --              0.03
                                  -----------     -----------     -----------     -----------
   Adjusted net income ......     $      0.12     $      0.10     $      0.20     $      0.24
                                  ===========     ===========     ===========     ===========
</TABLE>




                                       11
<PAGE>



(7)    Other  comprehensive  income which is  comprised  solely of the change in
       unrealized  gains  and  losses on  available  for sale  securities  is as
       follows:

<TABLE>
<CAPTION>
                                            Three Months Ended                      Six Months Ended
                                              June 30, 2002                           June 30, 2002
                                  Before Tax        Tax       Net of Tax    Before Tax     Tax       Net of Tax
                                    Amount         Effect       Amount        Amount      Effect       Amount
                               --------------------------------------------------------------------------------
<S>                                 <C>          <C>          <C>          <C>          <C>          <C>
Unrealized holding gain
arising during the period .......   $ 395,375    $(146,302)   $ 249,073    $ 108,872    $ (33,810)   $  75,062

Reclassification adjustment
for losses recognized in income..        --           --           --         31,275       (9,711)      21,564
                                    ---------    ---------    ---------    ---------    ---------    ---------

Unrealized holding gain on
available for sale securities,
net of taxes ....................   $ 395,375    $(146,302)   $ 249,073    $ 140,147    $ (43,521)   $  96,626
                                    =========    =========    =========    =========    =========    =========


<CAPTION>
                                            Three Months Ended                      Six Months Ended
                                              June 30, 2002                           June 30, 2002
                                  Before Tax        Tax       Net of Tax    Before Tax     Tax       Net of Tax
                                    Amount         Effect       Amount        Amount      Effect       Amount
                               --------------------------------------------------------------------------------

<S>                                 <C>          <C>          <C>          <C>          <C>          <C>
Unrealized holding loss
arising during the period .......   $(334,614)   $ 134,725    $(199,889)   $(119,617)   $  48,142    $ (71,475)

Adjustment for unrealized
losses of held to maturity
securities transferred to
available for sale securities ...     154,147      (62,061)      92,086      154,147      (62,039)      92,108

Reclassification adjustment for
losses recognized in income .....     117,679      (47,379)      70,300      117,679      (47,362)      70,317
                                    ---------    ---------    ---------    ---------    ---------    ---------

Unrealized holding (loss) gain
on available for sale securities,
net of taxes ....................   $ (62,788)   $  25,285    $ (37,503)   $ 152,209    $ (61,259)   $  90,950
                                    =========    =========    =========    =========    =========    =========
</TABLE>


(8)     During the six  months  ended June 30,  2002 the Bank  entered  into the
        following borrowing transactions:


                    Amount                   Rate               Maturity
                    ------                   ----               --------

        Securities sold under agreements to repurchase:

                   $2,900,000                1.92%             08/23/2002
                   $2,800,000                2.69%             05/23/2003

         Federal Home Loan Bank Advances:

                   $2,000,000                4.48%             05/13/2005
                   $2,000,000                5.11%             05/14/2004



                                       12
<PAGE>


                                   SIGNATURES

In accordance with the requirements of the Securities  Exchange Act of 1934, the
registrant has caused this amendment to its report to be signed on its behalf by
the undersigned thereunto duly authorized.

                                   PATRIOT NATIONAL BANCORP, INC.
                                   (Registrant)


                                   By:  /s/ Robert F. O'Connell
                                        ---------------------------
                                        Robert F. O'Connell,
                                        Senior Executive Vice President
                                        Chief Financial Officer

                                        (On behalf of the registrant and as
                                         chief financial officer)

August 15, 2002