**FORM      10-Q**

| For                the Quarter Ended March 31, 2007 | Commission                file number 000-29599 |
|-----------------------------------------------------|-------------------------------------------------|

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

----

|                    |                                                                      | Page   |
|-------------------------|---------------------------------------------------------------------------|--------|
|                    |                                                                      |   |
| Part                I   | FINANCIAL                INFORMATION                                      |   |
|                    |                                                                      |   |
| Item                1.  | Consolidated                Financial Statements                          | 3      |
|                    |                                                                      |   |
| Item                2.  | Management’s                Discussion and Analysis of              |   |
|                    | Financial                Condition and Results of Operations              | 16     |
|                    |                                                                      |   |
| Item                3.  | Quantitative                and Qualitative Disclosures about Market Risk | 27     |
|                    |                                                                      |   |
| Item                4.  | Controls                and Procedures                                    | 30     |
|                    |                                                                      |   |
| Part                II  | OTHER                INFORMATION                                          |   |
|                    |                                                                      |   |
| Item                1A. | Risk                Factors                                               | 30     |
|                    |                                                                      |   |
| Item                6.  | Exhibits                                                                  | 30     |

----

**PART      I - FINANCIAL INFORMATION**

**Item      1.     **
**Consolidated      Financial Statements**

**PATRIOT      NATIONAL BANCORP, INC.**

**CONSOLIDATED      BALANCE SHEETS**

|                                                                                                   |   | March                  31, |            | December                  31, |   |
|--------------------------------------------------------------------------------------------------------|--------|----------------------------|-----------------|-------------------------------|--------|
|                                                                                                   |   | 2007                       |            | 2006                          |   |
|                                                                                                   |   |                       |            |                          |   |
| **ASSETS**                                                                                             |   |                       |            |                          |   |   |   |
| Cash                  and due from banks                                                               |   | $                          | 11,022,505      |                          | $      | 3,868,670 |   |
| Federal                  funds sold                                                                    |   |                       | 44,200,000      |                          |   | 27,000,000 |   |
| Short                  term investments                                                                |   |                       | 34,390,909      |                          |   | 24,605,869 |   |
| **Cash                  and cash equivalents**                                                         |   |                       | **89,613,414**  |                          |   | **55,474,539** |   |
|                                                                                                   |   |                       |            |                          |   |   |   |
| Available                  for sale securities (at fair value)                                         |   |                       | 66,739,799      |                          |   | 67,093,135 |   |
| Federal                  Reserve Bank stock                                                            |   |                       | 1,911,700       |                          |   | 1,911,700 |   |
| Federal                  Home Loan Bank stock                                                          |   |                       | 1,217,200       |                          |   | 1,217,200 |   |
| Loans                  receivable (net of allowance for loan losses: 2007                  $5,630,432; |   |                       |            |                          |   |   |   |
| 2006                  $5,630,432)                                                                      |   |                       | 548,737,862     |                          |   | 506,884,155 |   |
| Accrued                  interest receivable                                                           |   |                       | 3,773,375       |                          |   | 3,542,173 |   |
| Premises                  and equipment                                                                |   |                       | 5,969,234       |                          |   | 3,690,861 |   |
| Deferred                  tax asset, net                                                               |   |                       | 2,778,431       |                          |   | 2,914,562 |   |
| Goodwill                  and other intangible assets                                                  |   |                       | 1,483,007       |                          |   | 1,487,651 |   |
| Other                  assets                                                                          |   |                       | 1,925,269       |                          |   | 1,766,819 |   |
| **Total                  assets**                                                                      |   | **$**                      | **724,149,291** |                          | **$**  | **645,982,795** |   |
|                                                                                                   |   |                       |            |                          |   |   |   |
| **LIABILITIES                  AND SHAREHOLDERS' EQUITY**                                              |   |                       |            |                          |   |   |   |
| **Liabilities**                                                                                        |   |                       |            |                          |   |   |   |
| Deposits:                                                                                              |   |                       |            |                          |   |   |   |
| Noninterest                  bearing deposits                                                          |   | $                          | 53,750,109      |                          | $      | 56,679,836 |   |
| Interest                  bearing deposits                                                             |   |                       | 586,530,050     |                          |   | 504,771,828 |   |
| **Total                  deposits**                                                                    |   |                       | **640,280,159** |                          |   | **561,451,664** |   |
| Federal                  Home Loan Bank borrowings                                                     |   |                       | 8,000,000       |                          |   | 8,000,000 |   |
| Junior                  subordinated debt owed to unconsolidated trust                                 |   |                       | 8,248,000       |                          |   | 8,248,000 |   |
| Accrued                  expenses and other liabilities                                                |   |                       | 2,812,536       |                          |   | 3,999,786 |   |
| **Total                  liabilities**                                                                 |   |                       | **659,340,695** |                          |   | **581,699,450** |   |
|                                                                                                   |   |                       |            |                          |   |   |   |
| **Shareholders'                  equity**                                                              |   |                       |            |                          |   |   |   |
| Preferred                  stock: 1,000,000 shares authorized; no shares issued                        |   |                       | -               |                          |   | - |   |
| Common                  stock, $2 par value: 60,000,000 shares authorized; shares                      |   |                       |            |                          |   |   |   |
| issued                  and outstanding: 2007 - 4,739,494; 2006 - 4,739,494                            |   |                       | 9,478,988       |                          |   | 9,478,988 |   |
| Additional                  paid in capital                                                            |   |                       | 49,463,307      |                          |   | 49,463,307 |   |
| Retained                  earnings                                                                     |   |                       | 6,325,153       |                          |   | 6,022,012 |   |
| Accumulated                  other comprehensive income - net unrealized                               |   |                       |            |                          |   |   |   |
| loss                  on available for sale securities, net of taxes                                   |   |                       | (458,852        | )                             |   | (680,962 | ) |
| **Total                  shareholders' equity**                                                        |   |                       | **64,808,596**  |                          |   | **64,283,345** |   |
| **Total                  liabilities and shareholders' equity**                                        |   | **$**                      | **724,149,291** |                          | **$**  | **645,982,795** |   |

----

**PATRIOT      NATIONAL BANCORP, INC.**

**CONSOLIDATED      STATEMENTS OF INCOME**

**(Unaudited)**

|                                                                 |   | **Three                  Months Ended** |           |
|----------------------------------------------------------------------|--------|-----------------------------------------|----------------|
|                                                                 |   | **March                  31,**          |           |
|                                                                 |   | **2007**                                |           | **2006** |   |
|                                                                 |   |                                    |           |   |   |
| Interest                  and Dividend Income                        |   |                                    |           |   |   |   |   |
| Interest                  and fees on loans                     |   | $                                       | 10,336,121     |   | $ | 7,198,489 |   |
| Interest                  and dividends                         |   |                                    |           |   |   |   |   |
| on                  investment securities                       |   |                                    | 1,015,259      |   |   | 778,827 |   |
| Interest                  on federal funds sold                 |   |                                    | 213,228        |   |   | 62,776 |   |
|  **Total                  interest and dividend income**        |   |                                    | **11,564,608** |   |   | **8,040,092** |   |
|                                                                 |   |                                    |           |   |   |   |   |
| Interest                  Expense                                    |   |                                    |           |   |   |   |   |
| Interest                  on deposits                           |   |                                    | 5,693,242      |   |   | 3,086,045 |   |
| Interest                  on Federal Home Loan Bank borrowings  |   |                                    | 98,450         |   |   | 185,398 |   |
| Interest                  on subordinated debt                  |   |                                    | 171,398        |   |   | 155,036 |   |
| Interest                  on other borrowings                   |   |                                    | -              |   |   | 2,306 |   |
|  **Total                  interest expense**                    |   |                                    | **5,963,090**  |   |   | **3,428,785** |   |
|                                                                 |   |                                    |           |   |   |   |   |
|  **Net                  interest income**                       |   |                                    | **5,601,518**  |   |   | **4,611,307** |   |
|                                                                 |   |                                    |           |   |   |   |   |
| Provision                  for Loan Losses                           |   |                                    | -              |   |   | 572,800 |   |
|                                                                 |   |                                    |           |   |   |   |   |
|  **Net                  interest income after**                 |   |                                    |           |   |   |   |   |
|  **provision                  for loan losses**                 |   |                                    | **5,601,518**  |   |   | **4,038,507** |   |
|                                                                 |   |                                    |           |   |   |   |   |
| Noninterest                  Income                                  |   |                                    |           |   |   |   |   |
| Mortgage                  brokerage referral fees               |   |                                    | 288,334        |   |   | 366,806 |   |
| Loan                  processing fees                           |   |                                    | 48,602         |   |   | 67,217 |   |
| Fees                  and service charges                       |   |                                    | 181,342        |   |   | 145,199 |   |
| Other                  income                                   |   |                                    | 66,736         |   |   | 51,043 |   |
|  **Total                  noninterest income**                  |   |                                    | **585,014**    |   |   | **630,265** |   |
|                                                                 |   |                                    |           |   |   |   |   |
| Noninterest                  Expenses                                |   |                                    |           |   |   |   |   |
| Salaries                  and benefits                          |   |                                    | 3,091,955      |   |   | 2,313,572 |   |
| Occupancy                  and equipment expense, net           |   |                                    | 947,064        |   |   | 646,104 |   |
| Data                  processing and other outside services     |   |                                    | 412,329        |   |   | 423,289 |   |
| Professional                  services                          |   |                                    | 136,335        |   |   | 128,573 |   |
| Advertising                  and promotional expenses           |   |                                    | 199,302        |   |   | 145,040 |   |
| Loan                  administration and processing expenses    |   |                                    | 38,819         |   |   | 30,477 |   |
| Other                  real estate operations                   |   |                                    | (6,962         | ) |   | - |   |
| Other                  noninterest expenses                     |   |                                    | 524,271        |   |   | 351,774 |   |
|  **Total                  noninterest expenses**                |   |                                    | **5,343,113**  |   |   | **4,038,829** |   |
|                                                                 |   |                                    |           |   |   |   |   |
|  **Income                  before income taxes**                |   |                                    | **843,419**    |   |   | **629,943** |   |
|                                                                 |   |                                    |           |   |   |   |   |
| Provision                  for Income Taxes                          |   |                                    | 327,000        |   |   | 231,000 |   |
|                                                                 |   |                                    |           |   |   |   |   |
|  **Net                  income**                                |   | **$**                                   | **516,419**    |   | **$** | **398,943** |   |
|                                                                 |   |                                    |           |   |   |   |   |
|  **Basic                  income Per Share**                    |   | **$**                                   | **0.11**       |   | **$** | **0.12** |   |
|                                                                 |   |                                    |           |   |   |   |   |
|  **Diluted                  income Per Share**                  |   | **$**                                   | **0.11**       |   | **$** | **0.12** |   |
|                                                                 |   |                                    |           |   |   |   |   |
|  **Dividends                  per share**                       |   | **$**                                   | **0.045**      |   | **$** | **0.040** |   |

----

**PATRIOT      NATIONAL BANCORP, INC**

**CONSOLIDATED      STATEMENTS OF COMPREHENSIVE INCOME (LOSS)**

**(Unaudited)**

|                                                              |   | Three                  Months Ended |        |
|-------------------------------------------------------------------|--------|-------------------------------------|-------------|
|                                                              |   | March                  31,          |        |
|                                                              |   | 2007                                |        | 2006 |   |
|                                                              |   |                                |        |   |   |
| Net                  income                                       |   | $                                   | 516,419     |   | $ | 398,943 |   |
|                                                              |   |                                |        |   |   |   |   |
| Unrealized                  holding gains (losses) on securities: |   |                                |        |   |   |   |   |
| Unrealized                  holding gains (losses) arising        |   |                                |        |   |   |   |   |
| during                  the period, net of taxes                  |   |                                | 222,110     |   |   | (104,025 | ) |
|                                                              |   |                                |        |   |   |   |   |
| **Comprehensive                  income**                         |   | **$**                               | **738,529** |   | **$** | **294,918** |   |

----

**PATRIOT      NATIONAL BANCORP, INC**

**CONSOLIDATED      STATEMENTS OF SHAREHOLDERS’ EQUITY**

**(Unaudited)**

|                                                      |   |                       |      |   |   |       |   |     |       | Accumulated   |   |      |   |
|-----------------------------------------------------------|--------|----------------------------|-----------|--------|--------|------------|--------|----------|------------|---------------|--------|-----------|--------|
|                                                      |   |                       |      |   |   | Additional |   |     |       | Other         |   |      |   |
|                                                      |   | Number                  of |      | Common |   | Paid-In    |   | Retained |       | Comprehensive |   |      |   |
|                                                      |   | Shares                     |      | Stock  |   | Capital    |   | Earnings |       | Loss          |   | Total     |   |
| **Three                  months ended March 31, 2006**    |   |                       |      |   |   |       |   |     |       |          |   |      |   |
|                                                      |   |                       |      |   |   |       |   |     |       |          |   |      |   |   |   |   |   |   |   |
| Balance                  at December 31, 2005             |   |                       | 3,230,649 |   | $      | 6,461,298  |   | $        | 21,709,224 |          | $      | 4,308,242 |   | $ | (1,104,149 | ) | $ | 31,374,615 |   |
|                                                      |   |                       |      |   |   |       |   |     |       |          |   |      |   |   |   |   |   |   |   |
| Comprehensive                  income                     |   |                       |      |   |   |       |   |     |       |          |   |      |   |   |   |   |   |   |   |
| Net                  income                               |   |                       |      |   |   |       |   |     |       |          |   | 398,943   |   |   |   |   |   | 398,943 |   |
| Unrealized                  holding loss on available for |   |                       |      |   |   |       |   |     |       |          |   |      |   |   |   |   |   |   |   |
| sale                  securities, net of taxes            |   |                       |      |   |   |       |   |     |       |          |   |      |   |   | (104,025 | ) |   | (104,025 | ) |
| Total                  comprehensive income               |   |                       |      |   |   |       |   |     |       |          |   |      |   |   |   |   |   | 294,918 |   |
|                                                      |   |                       |      |   |   |       |   |     |       |          |   |      |   |   |   |   |   |   |   |
| Dividends                                                 |   |                       |      |   |   |       |   |     |       |          |   | (129,226  | )      |   |   |   |   | (129,226 | ) |
|                                                      |   |                       |      |   |   |       |   |     |       |          |   |      |   |   |   |   |   |   |   |
| Balance,                  March 31, 2006                  |   |                       | 3,230,649 |   | $      | 6,461,298  |   | $        | 21,709,224 |          | $      | 4,577,959 |   | $ | (1,208,174 | ) | $ | 31,540,307 |   |
|                                                      |   |                       |      |   |   |       |   |     |       |          |   |      |   |   |   |   |   |   |   |
| **Three                  months ended March 31, 2007**    |   |                       |      |   |   |       |   |     |       |          |   |      |   |   |   |   |   |   |   |
|                                                      |   |                       |      |   |   |       |   |     |       |          |   |      |   |   |   |   |   |   |   |
| Balance                  at December 31, 2006             |   |                       | 4,739,494 |   | $      | 9,478,988  |   | $        | 49,463,307 |          | $      | 6,022,012 |   | $ | (680,962 | ) | $ | 64,283,345 |   |
|                                                      |   |                       |      |   |   |       |   |     |       |          |   |      |   |   |   |   |   |   |   |
| Comprehensive                  income                     |   |                       |      |   |   |       |   |     |       |          |   |      |   |   |   |   |   |   |   |
| Net                  income                               |   |                       |      |   |   |       |   |     |       |          |   | 516,419   |   |   |   |   |   | 516,419 |   |
| Unrealized                  holding gain on available for |   |                       |      |   |   |       |   |     |       |          |   |      |   |   |   |   |   |   |   |
| sale                  securities, net of taxes            |   |                       |      |   |   |       |   |     |       |          |   |      |   |   | 222,110 |   |   | 222,110 |   |
| Total                  comprehensive income               |   |                       |      |   |   |       |   |     |       |          |   |      |   |   |   |   |   | 738,529 |   |
|                                                      |   |                       |      |   |   |       |   |     |       |          |   |      |   |   |   |   |   |   |   |
| Dividends                                                 |   |                       |      |   |   |       |   |     |       |          |   | (213,278  | )      |   |   |   |   | (213,278 | ) |
|                                                      |   |                       |      |   |   |       |   |     |       |          |   |      |   |   |   |   |   |   |   |
| Balance,                  March 31, 2007                  |   |                       | 4,739,494 |   | $      | 9,478,988  |   | $        | 49,463,307 |          | $      | 6,325,153 |   | $ | (458,852 | ) | $ | 64,808,596 |   |

----

**PATRIOT      NATIONAL BANCORP, INC.**

**CONSOLIDATED      STATEMENTS OF CASH FLOWS**

**(Unaudited)**

|                                                                                  |   | Three                  Months Ended |            |
|---------------------------------------------------------------------------------------|--------|-------------------------------------|-----------------|
|                                                                                  |   | March                  31,          |            |
|                                                                                  |   | 2007                                |            | 2006 |   |
|                                                                                  |   |                                |            |   |   |
| Cash                  Flows from Operating Activities                                 |   |                                |            |   |   |   |   |
| Net                  income                                                           |   | $                                   | 516,419         |   | $ | 398,943 |   |
| Adjustments                  to reconcile net income to net cash                      |   |                                |            |   |   |   |   |
| provided                  by operating activities:                                    |   |                                |            |   |   |   |   |
| Amortization                  and accretion of investment premiums and discounts, net |   |                                | 48,349          |   |   | 55,187 |   |
| Provision                  for loan losses                                            |   |                                | -               |   |   | 572,800 |   |
| Amortization                  of core deposit intangible                              |   |                                | 4,644           |   |   | - |   |
| Depreciation                  and amortization                                        |   |                                | 236,919         |   |   | 153,185 |   |
| Loss                  on disposal of bank premises and equipment                      |   |                                | 137             |   |   | - |   |
| Changes                  in assets and liabilities:                                   |   |                                |            |   |   |   |   |
| Increase                  in deferred loan fees                                       |   |                                | 22,793          |   |   | 210,838 |   |
| Increase                  in accrued interest receivable                              |   |                                | (231,202        | ) |   | (225,515 | ) |
| Increase                  in other assets                                             |   |                                | (158,450        | ) |   | (160,304 | ) |
| Decerase                  in accrued expenses and other liabilities                   |   |                                | (1,187,250      | ) |   | (628,870 | ) |
| **Net                  cash (used in) provided by operating activities**              |   |                                | **(747,641**    | **)** |   | **376,264** |   |
|                                                                                  |   |                                |            |   |   |   |   |
| Cash                  Flows from Investing Activities                                 |   |                                |            |   |   |   |   |
| Purchases                  of available for sale securities                           |   |                                | (3,000,125      | ) |   | - |   |
| Principal                  repayments on available for sale securities                |   |                                | 3,663,353       |   |   | 3,278,530 |   |
| Purchase                  of Federal Reserve Bank Stock                               |   |                                | -               |   |   | (650 | ) |
| Purchase                  of Federal Home Loan Bank Stock                             |   |                                | -               |   |   | (152,000 | ) |
| Net                  increase in loans                                                |   |                                | (41,876,500     | ) |   | (44,602,214 | ) |
| Purchases                  of bank premises and equipment                             |   |                                | (2,515,429      | ) |   | (199,284 | ) |
| **Net                  cash used in investing activities**                            |   |                                | **(43,728,701** | **)** |   | **(41,675,618** | **)** |
|                                                                                  |   |                                |            |   |   |   |   |
| Cash                  Flows from Financing Activities                                 |   |                                |            |   |   |   |   |
| Net                  decrease in demand, savings and money market deposits            |   |                                | 10,987,458      |   |   | 2,538,946 |   |
| Net                  increase in time certificates of deposits                        |   |                                | 67,841,037      |   |   | 21,941,068 |   |
| Proceeds                  from FHLB borrowings                                        |   |                                | -               |   |   | 19,718,000 |   |
| Principal                  repayments of FHLB borrowings                              |   |                                | -               |   |   | (6,718,000 | ) |
| Dividends                  paid on common stock                                       |   |                                | (213,278        | ) |   | (129,226 | ) |
| **Net                  cash provided by financing activities**                        |   |                                | **78,615,217**  |   |   | **37,350,788** |   |
|                                                                                  |   |                                |            |   |   |   |   |
| **Net                  increase (decrease) in cash and cash equivalents**             |   |                                | **34,138,875**  |   |   | **(3,948,566** | **)** |
|                                                                                  |   |                                |            |   |   |   |   |
| Cash                  and cash equivalents                                            |   |                                |            |   |   |   |   |
| Beginning                                                                             |   |                                | 55,474,539      |   |   | 15,967,605 |   |
|                                                                                  |   |                                |            |   |   |   |   |
| Ending                                                                                |   | $                                   | 89,613,414      |   | $ | 12,019,039 |   |

----

**PATRIOT      NATIONAL BANCORP, INC.**

**CONSOLIDATED      STATEMENTS OF CASH FLOWS, Continued**

**(Unaudited)**

|                                                                                    |   | Three                  Months Ended |      |
|-----------------------------------------------------------------------------------------|--------|-------------------------------------|-----------|
|                                                                                    |   | March                  31,          |      |
|                                                                                    |   | 2007                                |      | 2006 |   |
|                                                                                    |   |                                |      |   |   |
| Supplemental                  Disclosures of Cash Flow Information                      |   |                                |      |   |   |   |   |
| Cash                  paid for:                                                         |   |                                |      |   |   |   |   |
| Interest                                                                                |   | $                                   | 5,953,409 |   | $ | 3,378,376 |   |
|                                                                                    |   |                                |      |   |   |   |   |
| Income                  taxes                                                           |   | $                                   | 195,000   |   | $ | 115,000 |   |
|                                                                                    |   |                                |      |   |   |   |   |
| Supplemental                  disclosures of noncash investing and financing activites: |   |                                |      |   |   |   |   |
|                                                                                    |   |                                |      |   |   |   |   |
| Unrealized                  holding gain (loss) on available for sale                   |   |                                |      |   |   |   |   |
| securities                  arising during the period                                   |   | $                                   | 358,241   |   | $ | (167,780 | ) |
|                                                                                    |   |                                |      |   |   |   |   |
| Dividends                  declared on common stock                                     |   | $                                   | 213,278   |   | $ | 129,226 |   |

----

**PATRIOT      NATIONAL BANCORP, INC.**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

**Note      1.     **
**Basis      of Financial Statement Presentation**

**Note      2.     **
**Investments**

|                                                 |   | March                  31, |       | December                  31, |   |
|------------------------------------------------------|--------|----------------------------|------------|-------------------------------|--------|
|                                                 |   | 2007                       |       | 2006                          |   |
|                                                 |   |                       |       |                          |   |
| U.                  S. Government Agency and         |   |                       |       |                          |   |   |   |
| sponsored                  agency obligations        |   | $                          | 16,660,507 |                          | $      | 16,566,822 |   |
| Mortgage-backed                  securities          |   |                       | 40,029,167 |                          |   | 43,476,313 |   |
| Money                  market preferred              |   |                       |       |                          |   |   |   |
| equity                  securities                   |   |                       | 10,050,125 |                          |   | 7,050,000 |   |
| Total                  Available for Sale Securities |   | $                          | 66,739,799 |                          | $      | 67,093,135 |   |

----

|                                                 |   |      |       | Gross      |   | Gross      |   |   |     |
|------------------------------------------------------|--------|-----------|------------|------------|--------|------------|--------|--------|----------|
|                                                 |   | Amortized |       | Unrealized |   | Unrealized |   | Fair   |     |
|                                                 |   | Cost      |       | Gains      |   | Losses     |   | Value  |     |
| U.                  S. Government sponsored          |   |      |       |       |   |       |   |   |     |   |   |   |   |
| agency                  obligations                  |   | $         | 17,000,000 |       | $      | -          |   | $      | (339,493 | ) | $ | 16,660,507 |   |
| Mortgage-backed                  securities          |   |      | 40,429,758 |       |   | 46,726     |   |   | (447,317 | ) |   | 40,029,167 |   |
| Money                  market preferred              |   |      |       |       |   |       |   |   |     |   |   |   |   |
| equity                  securities                   |   |      | 10,050,125 |       |   | -          |   |   | -        |   |   | 10,050,125 |   |
| Total                  Available For Sale Securities |   | $         | 67,479,883 |       | $      | 46,726     |   | $      | (786,810 | ) | $ | 66,739,799 |   |

----

**Note      3.     **
**Loans**

|                                         |   | March                  31, |        | December                  31, |   |
|----------------------------------------------|--------|----------------------------|-------------|-------------------------------|--------|
|                                         |   | 2007                       |        | 2006                          |   |
| Real                  Estate                 |   |                       |        |                          |   |   |   |
| Commercial                                   |   | $                          | 191,659,379 |                          | $      | 166,799,341 |   |
| Residential                                  |   |                       | 92,571,625  |                          |   | 91,077,687 |   |
| Construction                                 |   |                       | 216,636,464 |                          |   | 203,828,453 |   |
| Commercial                                   |   |                       | 26,715,750  |                          |   | 23,997,640 |   |
| Consumer                  installment        |   |                       | 1,359,753   |                          |   | 1,251,300 |   |
| Consumer                  home equity        |   |                       | 26,823,419  |                          |   | 26,933,277 |   |
| Total                  Loans                 |   |                       | 555,766,390 |                          |   | 513,887,698 |   |
| Premiums                  on purchased loans |   |                       | 290,351     |                          |   | 292,543 |   |
| Net                  deferred fees           |   |                       | (1,688,447  | )                             |   | (1,665,654 | ) |
| Allowance                  for loan losses   |   |                       | (5,630,432  | )                             |   | (5,630,432 | ) |
| Loans                  receivable, net       |   | $                          | 548,737,862 |                          | $      | 506,884,155 |   |

**Analysis      of Allowance for Loan Losses**

|   |                                             |   | Three                  months ending |   |
|--------|--------------------------------------------------|--------|--------------------------------------|--------|
|   |                                             |   | March                  31,           |   |
|   | *(Thousands                  of dollars)*        |   | 2007                                 |   | 2006 |   |
|   |                                             |   |                                 |   |   |   |
|   | Balance                  at beginning of period  |   | $                                    | 5,630  |   | $ | 4,588 |   |
|   | Charge-offs                                      |   |                                 | -      |   |   | - |   |
|   | Recoveries                                       |   |                                 | -      |   |   | - |   |
|   | Net                  recoveries                  |   |                                 | -      |   |   | - |   |
|   | Provision                  charged to operations |   |                                 | -      |   |   | 573 |   |
|   | Balance                  at end of period        |   | $                                    | 5,630  |   | $ | 5,161 |   |
|   |                                             |   |                                 |   |   |   |   |   |
|   | Ratio                  of net recoveries during  |   |                                 |   |   |   |   |   |
|   | the                  period to average loans     |   |                                 |   |   |   |   |   |
|   | outstanding                  during the period.  |   |                                 | 0.00   | % |   | 0.00 | % |

----

**Note      4.     **
**Deposits**

|                                                   |   | March                  31, |        | December                  31, |   |
|--------------------------------------------------------|--------|----------------------------|-------------|-------------------------------|--------|
|                                                   |   | 2007                       |        | 2006                          |   |
|                                                   |   |                       |        |                          |   |
| Noninterest                  bearing                   |   | $                          | 53,750,109  |                          | $      | 56,679,836 |   |
|                                                   |   |                       |        |                          |   |   |   |
| Interest                  bearing                      |   |                       |        |                          |   |   |   |
| NOW                                                    |   |                       | 39,521,574  |                          |   | 26,881,927 |   |
| Savings                                                |   |                       | 28,605,186  |                          |   | 25,993,452 |   |
| Money                  market                          |   |                       | 39,601,432  |                          |   | 40,935,628 |   |
| Time                  certificates, less than $100,000 |   |                       | 283,424,984 |                          |   | 248,414,014 |   |
| Time                  certificates, $100,000 or more   |   |                       | 195,376,874 |                          |   | 162,546,807 |   |
| Total                  interest bearing                |   |                       | 586,530,050 |                          |   | 504,771,828 |   |
| Total                  Deposits                        |   | $                          | 640,280,159 |                          | $      | 561,451,664 |   |

**Note      5.     **
**Borrowings**

**Note      6.     **
**Income      per share**

----

| Three                  months ended March 31, 2007       |   |                        |                            |   |   |      |   |
|----------------------------------------------------------|--------|-----------------------------|---------------------------------|--------|--------|-----------|--------|
|                                                     |   | Net                  Income |                            | Shares |   | Amount    |   |
| Basic                  Income Per Share                  |   |                        |                            |   |   |      |   |   |   |   |
| Income                  available to common shareholders |   | $                           | 516,419                         |   |   | 4,739,494 |   | $ | 0.11 |   |
| Effect                  of Dilutive Securities           |   |                        |                            |   |   |      |   |   |   |   |
| Stock                  Options outstanding               |   |                        | -                               |   |   | 37,750    |   |   | - |   |
| Diluted                  Income Per Share                |   |                        |                            |   |   |      |   |   |   |   |
| Income                  available to common shareholders |   |                        |                            |   |   |      |   |   |   |   |
| plus                  assumed conversions                |   | $                           | 516,419                         |   |   | 4,777,244 |   | $ | 0.11 |   |
|                                                     |   |                        |                            |   |   |      |   |   |   |   |
| Three                  months ended March 31, 2006       |   |                        |                            |   |   |      |   |   |   |   |
|                                                     |   |                        |  Net                Income |   |   | Shares    |   |   | Amount |   |
| Basic                  Income Per Share                  |   |                        |                            |   |   |      |   |   |   |   |
| Income                  available to common shareholders |   | $                           | 398,943                         |   |   | 3,230,649 |   | $ | 0.12 |   |
| Effect                  of Dilutive Securities           |   |                        |                            |   |   |      |   |   |   |   |
| Stock                  Options outstanding               |   |                        | -                               |   |   | 40,518    |   |   | - |   |
| Diluted                  Income Per Share                |   |                        |                            |   |   |      |   |   |   |   |
| Income                  available to common shareholders |   |                        |                            |   |   |      |   |   |   |   |
| plus                  assumed conversions                |   | $                           | 398,943                         |   |   | 3,271,167 |   | $ | 0.12 |   |

----

**Note      7.     **
**Other      Comprehensive Income**

|                                            |   | Three                  Months Ended |                                      |
|-------------------------------------------------|--------|-------------------------------------|-------------------------------------------|
|                                            |   | March                  31, 2007     |                                      |
|                                            |   | Before                  Tax         |                                      |   |   | Net                  of Tax |   |
|                                            |   | Amount                              |                                      | Tax                  Effect |   | Amount |   |
|                                            |   |                                |                                      |   |   |   |   |   |   |   |
| Unrealized                  holding gain        |   |                                |                                      |   |   |   |   |   |   |   |
| arising                  during the period      |   | $                                   | 358,241                                   |   | $ | (136,131 | ) | $ | 222,110 |   |
|                                            |   |                                |                                      |   |   |   |   |   |   |   |
| Reclassification                  adjustment    |   |                                |                                      |   |   |   |   |   |   |   |
| for                  gains recognized in income |   |                                | -                                         |   |   | - |   |   | - |   |
|                                            |   |                                |                                      |   |   |   |   |   |   |   |
| Unrealized                  holding gain on     |   |                                |                                      |   |   |   |   |   |   |   |
| available                  for sale securities, |   |                                |                                      |   |   |   |   |   |   |   |
| net                  of taxes                   |   | $                                   | 358,241                                   |   | $ | (136,131 | ) | $ | 222,110 |   |
|                                            |   |                                |                                      |   |   |   |   |   |   |   |
|                                            |   |                                | Three                  Months Ended  |   |
|                                            |   |                                | March                  31, 2006      |   |
|                                            |   |                                | Before                  Tax               |   |   |   |   |   | Net                  of Tax |   |
|                                            |   |                                |  Amount                              |   |   | Tax                  Effect |   |   | Amount |   |
|                                            |   |                                |                                      |   |   |   |   |   |   |   |
| Unrealized                  holding loss        |   |                                |                                      |   |   |   |   |   |   |   |
| arising                  during the period      |   | $                                   | (167,780                                  | ) | $ | 63,755 |   | $ | (104,025 | ) |
|                                            |   |                                |                                      |   |   |   |   |   |   |   |
| Reclassification                  adjustment    |   |                                |                                      |   |   |   |   |   |   |   |
| for                  gains recognized in income |   |                                | -                                         |   |   | - |   |   | - |   |
|                                            |   |                                |                                      |   |   |   |   |   |   |   |
| Unrealized                  holding loss on     |   |                                |                                      |   |   |   |   |   |   |   |
| available                  for sale securities, |   |                                |                                      |   |   |   |   |   |   |   |
| net                  of taxes                   |   | $                                   | (167,780                                  | ) | $ | 63,755 |   | $ | (104,025 | ) |

**Note      8.     **
**Financial      Instruments with Off-Balance Sheet Risk**

----

|   | Commitments                  to extend credit:       |   |   |        |   |
|--------|------------------------------------------------------|--------|--------|-------------|--------|
|   | Future                  loan commitments             |   | $      | 69,280,725  |   |
|   | Unused                  lines of credit              |   |   | 47,485,782  |   |
|   | Undisbursed                  construction loans      |   |   | 155,808,850 |   |
|   | Financial                  standby letters of credit |   |   | 1,266,399   |   |
|   |                                                 |   | $      | 273,841,756 |   |

**Note      9.     **
**Income      Taxes**

*Accounting      for Uncertainty in Income Taxes*
*Accounting      for Income Taxes*

----

**Note      10.     **
**Recent      Accounting Pronouncements**

*The      Fair Value Option for Financial Assets and Financial Liabilities - Including      an      amendment of FASB No. 155 (“SFAS 159”)*

**Item      2.     **
**Management's      Discussion and Analysis of Financial Condition and Results of      Operations**

**"SAFE      HARBOR" STATEMENT UNDER PRIVATE SECURITIES LITIGATION REFORM ACT OF      1995**

----

**CRITICAL      ACCOUNTING POLICIES**

***Allowance      for Loan Losses***

----

**SUMMARY**

----

**FINANCIAL      CONDITION**

***Assets***

***Investments***

***Federal      Home Loan Bank Stock***

***Loans***

----

***Allowance      for Loan Losses***

***Non-Accrual,      Past Due and Restructured Loans***

|   |                                           |   | March                  31 |                          | December                  31, |   |
|--------|------------------------------------------------|--------|---------------------------|-------------------------------|-------------------------------|--------|
|   | *(Thousands                  of dollars)*      |   | 2007                      |                          | 2006                          |   |
|   |                                           |   |                      |                          |                          |   |
|   | Loans                  delinquent over 90 days |   | $                         | 1,910                         |                          | $      | 1,897 |   |
|   | still                  accruing                |   |                      |                          |                          |   |   |   |
|   | Non                  accruing loans            |   |                      | 2,874                         |                          |   | 2,904 |   |
|   | Total                                          |   | $                         | 4,784                         |                          | $      | 4,801 |   |
|   | %                  of Total Loans              |   |                      | 0.86  %             |                          |   | 0.93  % |   |
|   | %                  of Total Assets             |   |                      | 0.66                   % |                          |   | 0.74  % |   |

**Potential      Problem Loans**

----

***Deposits***

***Borrowings***

***Capital***

***Off-Balance      Sheet Arrangements***

----

**RESULTS      OF OPERATIONS**

***Interest      and dividend income and expense***

|                                           |   | Three                  months ended March 31, |                                                 |
|------------------------------------------------|--------|-----------------------------------------------|------------------------------------------------------|
|                                           |   |                                          |                                                 | 2007 |   |   |   |   |   | 2006 |   |   |   |
|                                           |   |                                          |                                                 | Interest |   |   |   |   |   | Interest |   |   |   |
|                                           |   | Average                                       |                                                 | Income/ |   | Average |   | Average |   | Income/ |   | Average |   |
|                                           |   | Balance                                       |                                                 | Expense |   | Rate |   | Balance |   | Expense |   | Rate |   |
|                                           |   | *(dollars                  in thousands)*     |                                                 |
| Interest                  earning assets:      |   |                                          |                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans                                          |   |                                          | $                    530,741                         |   |   | $                    10,336 |   |   | 7.79 | % |   | $                    389,994 |   |   | $ 7,198 |   |   | 7.38 | % |
| Federal                  funds sold and        |   |                                          |                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| other                  cash equivalents        |   |                                          | 41,073                                               |   |   | 527 |   |   | 5.13 | % |   | 6,260 |   |   | 68 |   |   | 4.35 | % |
| Investments                                    |   |                                          | 69,330                                               |   |   | 701 |   |   | 4.04 | % |   | 79,952 |   |   | 774 |   |   | 3.87 | % |
| Total                  interest                |   |                                          |                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| earning                  assets                |   |                                          | 641,144                                              |   |   | 11,564 |   |   | 7.21 | % |   | 476,206 |   |   | 8,040 |   |   | 6.75 | % |
|                                           |   |                                          |                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash                  and due from banks       |   |                                          | 4,578                                                |   |   |   |   |   |   |   |   | 5,574 |   |   |   |   |   |   |   |
| Premises                  and equipment, net   |   |                                          | 4,898                                                |   |   |   |   |   |   |   |   | 2,327 |   |   |   |   |   |   |   |
| Allowance                  for loan losses     |   |                                          | (5,630                                               | ) |   |   |   |   |   |   |   | (4,857 | ) |   |   |   |   |   |   |
| Other                  assets                  |   |                                          | 9,485                                                |   |   |   |   |   |   |   |   | 6,345 |   |   |   |   |   |   |   |
| Total                  Assets                  |   |                                          |                    $                    654,475 |   |   |   |   |   |   |   |   | $                    485,595 |   |   |   |   |   |   |   |
|                                           |   |                                          |                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest                  bearing liabilities: |   |                                          |                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deposits                                       |   |                                          | $                    518,298                         |   |   | $                    5,693 |   |   | 4.39 | % |   | $                    379,080 |   |   | $                    3,086 |   |   | 3.26 | % |
| FHLB                  advances                 |   |                                          | 8,000                                                |   |   | 98 |   |   | 4.90 | % |   | 16,480 |   |   | 186 |   |   | 4.51 | % |
| Subordinated                  debt             |   |                                          | 8,248                                                |   |   | 171 |   |   | 8.29 | % |   | 8,248 |   |   | 155 |   |   | 7.52 | % |
| Other                  borrowings              |   |                                          | -                                                    |   |   | - |   |   | - |   |   | 193 |   |   | 2 |   |   | 4.15 | % |
| Total                  interest                |   |                                          |                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| bearing                  liabilities           |   |                                          | 534,546                                              |   |   | 5,962 |   |   | 4.46 | % |   | 404,001 |   |   | 3,429 |   |   | 3.40 | % |
|                                           |   |                                          |                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Demand                  deposits               |   |                                          | 49,651                                               |   |   |   |   |   |   |   |   | 45,606 |   |   |   |   |   |   |   |
| Accrued                  expenses and          |   |                                          |                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| other                  liabilities             |   |                                          | 5,405                                                |   |   |   |   |   |   |   |   | 4,213 |   |   |   |   |   |   |   |
| Shareholders'                  equity          |   |                                          | 64,873                                               |   |   |   |   |   |   |   |   | 31,775 |   |   |   |   |   |   |   |
| Total                  liabilities and equity  |   |                                          | $                    654,475                         |   |   |   |   |   |   |   |   | $                    485,595 |   |   |   |   |   |   |   |
|                                           |   |                                          |                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  interest income           |   |                                          |                                                 |   |   | $                    5,602 |   |   |   |   |   |   |   |   | $                    4,611 |   |   |   |   |
| Interest                  margin               |   |                                          |                                                 |   |   |   |   |   | 3.50 | % |   |   |   |   |   |   |   | 3.87 | % |
| Interest                  spread               |   |                                          |                                                 |   |   |   |   |   | 2.75 | % |   |   |   |   |   |   |   | 3.35 | % |

----

|   |                                           |   | Three                  months ended March 31, |   |   |
|--------|------------------------------------------------|--------|-----------------------------------------------|--------|--------|
|   |                                           |   | 2007                  vs 2006                 |   |   |
|   |                                           |   | Fluctuations                  in Interest     |   |   |
|   |                                           |   | Income/Expense                                |   |   |
|   |                                           |   | Due                  to change in:            |   |   |
|   |                                           |   | Volume                                        |   | Rate   |   | Total |   |   |
|   |                                           |   | *(dollars                  in thousands)*     |   |   |
|   | Interest                  earning assets:      |   |                                          |   |   |   |   |   |   |   |   |   |
|   | Loans                                          |   | $                                             | 2,722  |   | $ | 416 |   | $ | 3,138 |   |   |
|   | Federal                  funds sold and        |   |                                          |   |   |   |   |   |   |   |   |   |
|   | other                  cash equivalents        |   |                                          | 445    |   |   | 14 |   |   | 459 |   |   |
|   | Investments                                    |   |                                          | (261   | )      |   | 188 |   |   | (73 | ) |   |
|   | Total                  interest                |   |                                          |   |   |   |   |   |   |   |   |   |
|   | earning                  assets                |   |                                          | 2,906  |   |   | 618 |   |   | 3,524 |   |   |
|   |                                           |   |                                          |   |   |   |   |   |   |   |   |   |
|   | Interest                  bearing liabilities: |   |                                          |   |   |   |   |   |   |   |   |   |
|   | Deposits                                       |   | $                                             | 1,336  |   | $ | 1,271 |   | $ | 2,607 |   |   |
|   | FHLB                  advances                 |   |                                          | (189   | )      |   | 101 |   |   | (88 | ) |   |
|   | Subordinated                  debt             |   |                                          | -      |   |   | 16 |   |   | 16 |   |   |
|   | Other                  borrowings              |   |                                          | (2     | )      |   | - |   |   | (2 | ) |   |
|   | Total                  interest                |   |                                          |   |   |   |   |   |   |   |   |   |
|   | bearing                  liabilities           |   |                                          | 1,145  |   |   | 1,388 |   |   | 2,533 |   |   |
|   |                                           |   |                                          |   |   |   |   |   |   |   |   |   |
|   | Net                  interest income           |   | $                                             | 1,761  |   | $ | (770 | ) | $ | 991 |   |   |

----

***Provision      for loan losses***

***Noninterest      income***

----

**Noninterest      expenses**

***Income      Taxes***

**LIQUIDITY**

----

**CAPITAL**

|   |                                       |   | March                  31, 2007 |   | December                  31, 2006 |   |
|--------|--------------------------------------------|--------|---------------------------------|--------|------------------------------------|--------|
|   | Total                  Risk-based Capital  |   |                            | 13.76  | %                                  |   |   | 15.34 | % |   |
|   | Tier                  1 Risk-based Capital |   |                            | 12.76  | %                                  |   |   | 14.22 | % |   |
|   | Leverage                  Capital          |   |                            | 10.98  | %                                  |   |   | 11.63 | % |   |

|   |                                       |   | March                  31, 2007 |   |   | December                  31, 2006 |        |
|--------|--------------------------------------------|--------|---------------------------------|--------|--------|------------------------------------|-------------|
|   | Total                  Risk-based Capital  |   |  13.52                     | %      |   |                               |  15.02 | % |   |
|   | Tier                  1 Risk-based Capital |   |  12.52                     | %      |   |                               |  13.90 | % |   |
|   | Leverage                  Capital          |   |  10.77                     | %      |   |                               |  11.37 | % |   |

**IMPACT      OF INFLATION AND CHANGING PRICES**

----

**Item      3.     **
**Quantitative      and Qualitative Disclosures about Market Risk**

**Qualitative      Aspects of Market Risk**

**Quantitative      Aspects of Market Risk**

----

|                                  |   | Basis  |                                   | Interest                  Rate |   | March                  31, |   | December                  31, |                                 |
|---------------------------------------|--------|--------|----------------------------------------|--------------------------------|--------|----------------------------|--------|-------------------------------|--------------------------------------|
|                                  |   | Points |  Risk                  Guidelines | 2007                           |   | 2006                       |   |
|                                  |   |   |                                   |                           |   |                       |   |                          |                                 |
| Gap                  percentage total |   |   |                                   |                           |   | +/-                  15 %  |   |                          | -4.14                   %       |   |   | 1.53                    % |   |
| Net                  interest income  |   |   | 200                                    |                           |   | +/-                  15 %  |   |                          | 9.99                    %       |   |   | 11.22                   % |   |
|                                  |   |   | -200                                   |                           |   | +/-                  15 %  |   |                          | -10.64                  %            |   |   | -12.04 % |   |
| Net                  portfolio value  |   |   | 200                                    |                           |   | +/-                  25 %  |   |                          | -4.72                    % |   |   | -3.25                    % |   |
|                                  |   |   | -200                                   |                           |   | +/-                  25 %  |   |                          | -0.06                   %       |   |   | 1.19                    % |   |

----

| Net                  Interest Income and Economic Value |
|---------------------------------------------------------|
| Summary                  Performance                    |
|                                                    |
| March                  31, 2007                         |
|                                                    | Net                  Interest Income |   | Net                  Portfolio Value |
| Projected                  Interest                     | Estimated | $                  Change | %                  Change |   | Estimated | $                  Change | %                  Change |
| Rate                  Scenario                          | Value | from                  Base | from                  Base |   | Value | from                  Base | from                  Base |
| +                  200                                  | 26,722 | 2,427 | 9.99% |   | 76,874 | (3,806) | -4.72% |
| +                  100                                  | 25,521 | 1,226 | 5.05% |   | 79,348 | (1,332) | -1.65% |
| BASE                                                    | 24,295 |   |   |   | 80,680 |   |   |
| -                  100                                  | 23,085 | (1,210) | -4.98% |   | 81,270 | 590 | 0.73% |
| -                  200                                  | 21,710 | (2,585) | -10.64% |   | 80,634 | (46) | -0.06% |
|                                                    |
| December                  31, 2006                      |
|                                                    | Net                  Interest Income |   | Net                  Portfolio Value |
| Projected                  Interest                     | Estimated | $                  Change | %                  Change |   | Estimated | $                  Change | %                  Change |
| Rate                  Scenario                          | Value | from                  Base | from                  Base |   | Value | from                  Base | from                  Base |
| +                  200                                  | 23,940 | 2,415 | 11.22% |   | 68,230 | (2,290) | -3.25% |
| +                  100                                  | 22,750 | 1,225 | 5.69% |   | 69,491 | (1,029) | -1.46% |
| BASE                                                    | 21,525 |   |   |   | 70,520 |   |   |
| -                  100                                  | 20,307 | (1,218) | -5.66% |   | 71,533 | 1,013 | 1.44% |
| -                  200                                  | 18,934 | (2,591) | -12.04% |   | 71,359 | 839 | 1.19% |

----

**Item      4.     **
**Controls      and Procedures**

**PART      II - OTHER INFORMATION**

**Item      1A.     **
**Risk      Factors**

| **Item                6.** | **Exhibits** |                                                                                                                                                                                                                                                                                                                  |
|----------------------------|--------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                       |         |                                                                                                                                                                                                                                                                                                                  |
|                       | No.          | Description                                                                                                                                                                                                                                                                                                           |
|                       |         |                                                                                                                                                                                                                                                                                                                  |
|                       | 2            | Agreement                and Plan of Reorganization dated as of June 28, 1999 between Bancorp                and                the Bank (incorporated by reference to Exhibit 2 to Bancorp’s Current                Report on Form 8-K dated December 1, 1999 (Commission File No.                000-29599)). |

----

|   | No.      | Description                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|--------|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |     |                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | 3(i)     | Certificate                of Incorporation of Bancorp, (incorporated by reference to Exhibit                3(i) to                Bancorp’s Current Report on Form 8-K dated December 1, 1999 (Commission                File No. 000-29599)).                                                                                                                                                                                        |
|   |     |                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | 3(i)(A)  | Certificate                of Amendment of Certificate of Incorporation of Patriot National                Bancorp,                Inc. dated July 16, 2004 (incorporated by reference to Exhibit 3(i)(A)                to                Bancorp's Annual Report on Form 10-KSB for the year ended December                31,                2004 (Commission File No. 000-29599)).                                                        |
|   |     |                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | 3(i)(B)  | Certificate                of Amendment of Certificate of Incorporation of Patriot National                Bancorp,                Inc. dated June 15, 2006 (incorporated by reference to Exhibit 3(i)(B)                to                Bancorp’s Quarterly Report of Form 10-Q for the quarter ended September                30, 2006 (commission File No. 000-29599)).                                                            |
|   |     |                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | 3(ii)    | By-laws                of Bancorp (incorporated by reference to Exhibit 3(ii) to Bancorp’s                Current Report on Form 8-K dated December 1, 1999 (Commission File                No.                000-29599)).                                                                                                                                                                                                             |
|   |     |                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | 4        | Reference                is made to the Rights Agreement dated April 19, 2004 by and between                Patriot National Bancorp, Inc. and Registrar and Transfer Company                filed as                Exhibit 99.2 to Bancorp’s Report on Form 8-K filed on April 19, 2004,                which is incorporated herein by reference.                                                                                    |
|   |     |                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | 10(a)(1) | 2001                Stock Appreciation Rights Plan of Bancorp (incorporated by reference                to                Exhibit 10(a)(1) to Bancorp’s Annual Report on Form 10-KSB for the year                ended December 31, 2001 (Commission File No.                000-29599)).                                                                                                                                     |
|   |     |                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | 10(a)(3) | Employment                Agreement, dated as of October 23, 2000, as amended by a First Amendment,                dated as of March 21, 2001, among the Bank, Bancorp and Charles F.                Howell                (incorporated by reference to Exhibit 10(a)(4) to Bancorp’s Annual Report                on Form 10-KSB for the year ended December 31, 2000 (Commission File                No.                000-29599)). |

----

|   | No.       | Description                                                                                                                                                                                                                                                                                                                                                                                       |
|--------|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |      |                                                                                                                                                                                                                                                                                                                                                                                              |
|   | 10(a)(4)  | Change                of Control Agreement, dated as of January 1, 2007 among Angelo De                Caro and Patriot National Bank and Bancorp (incorporated by reference                to Exhibit 10(a)(4) to Bancorp’s Annual Report on Form 10-K for the year                ended December 31, 2006 (Commission File No.                000-29599)).                 |
|   |      |                                                                                                                                                                                                                                                                                                                                                                                              |
|   | 10(a)(5)  | Employment                Agreement dated as of November 3, 2003 among Patriot National Bank,                Bancorp and Robert F. O’Connell (incorporated by reference to Exhibit                10(a)(5) to Bancorp’s Annual Report on Form 10-KSB for the year ended                December 31, 2003 (Commission File No. 000-29599)).                                            |
|   |      |                                                                                                                                                                                                                                                                                                                                                                                              |
|   | 10(a)(6)  | Change                of Control Agreement, dated as of January 1, 2007 among                Robert F. O’Connell and Patriot National Bank and Bancorp                (incorporated by reference to Exhibit 10(a)(6) to Bancorp’s Annual Report                on Form 10-K for the year ended December 31, 2006 (Commission                File No. 000-29599)). |
|   |      |                                                                                                                                                                                                                                                                                                                                                                                              |
|   | 10(a)(8)  | Employment                Agreement dated as of January 1, 2007 between Patriot National Bank                and                Marcus Zavattaro (incorporated by reference to Exhibit 10(a)(8) to                Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2006                (Commission File No. 000-29599)).                                           |
|   |      |                                                                                                                                                                                                                                                                                                                                                                                              |
|   | 10(a)(9)  | License                agreement dated July 1, 2003 between Patriot National Bank and L.                Morris                Glucksman (incorporated by reference to Exhibit 10(a)(9) to Bancorp’s                Annual Report on Form 10-KSB for the year ended December 31, 2003                (Commission File No. 000-29599)).                                                  |
|   |      |                                                                                                                                                                                                                                                                                                                                                                                              |
|   | 10(a)(10) | Employment                Agreement dated as of January 1, 2007 among the Bank, Bancorp and                Charles                F. Howell (incorporated by reference to Exhibit 10(a)(10) to Bancorp’s                Annual Report on Form 10-K for the year ended December 31, 2006                (Commission File No. 000-29599)).                                               |
|   |      |                                                                                                                                                                                                                                                                                                                                                                                              |
|   | 10(a)(11) | Change                of Control Agreement, dated as of January 1, 2007 among Charles F.                Howell,                Patriot National Bank and Bancorp (incorporated by reference to Exhibit                10(a)(11) to Bancorp’s Annual Report on Form 10-K for the year ended                December 31, 2006 (Commission File No.                000-29599)).           |

----

|   | No.       | Description                                                                                                                                                                                                                                                                                                                                                                            |
|--------|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |      |                                                                                                                                                                                                                                                                                                                                                                                   |
|   | 10(a)(12) | 2005                Director Stock Award Plan (incorporated by reference to Exhibit 10(a)(12)                to Bancorp’s Quarterly Report on Form 10-Q for the quarter ended June 30,                2006 (Commission File No. 000-295999)).                                                                                                                                    |
|   |      |                                                                                                                                                                                                                                                                                                                                                                                   |
|   | 10(a)(13) | Change                of Control Agreement, dated as of January 1, 2007 between Martin                G. Noble                and Patriot National Bank(incorporated by reference to Exhibit 10(a)(13)                to Bancorp’s Annual Report on Form 10-K for the year ended December 31,                2006 (Commission File No. 000-29599)).                         |
|   |      |                                                                                                                                                                                                                                                                                                                                                                                   |
|   | 10(a)(14) | Change                of Control Agreement, dated as of January 1, 2007 among Philip W.                Wolford,                Patriot National Bank and Bancorp(incorporated by reference to Exhibit                10(a)(14) to Bancorp’s Annual Report on Form 10-K for the year ended                December 31, 2006 (Commission File No.                000-29599)). |
|   |      |                                                                                                                                                                                                                                                                                                                                                                                   |
|   | 10(c)     | 1999                Stock Option Plan of the Bank (incorporated by reference to Exhibit                10(c)                to Bancorp’s Current Report on Form 8-K dated December 1, 1999 (Commission                File No. 000-29599)).                                                                                                                                      |
|   |      |                                                                                                                                                                                                                                                                                                                                                                                   |
|   | 14        | Code                of Conduct for Senior Financial Officers (incorporated by reference                to                Exhibit 14 to Bancorp’s Annual Report on Form 10-KSB for the year ended                December 31, 2004 (Commission File No. 000-29599).                                                                                                               |
|   |      |                                                                                                                                                                                                                                                                                                                                                                                   |
|   | 21        | Subsidiaries                of Bancorp (incorporated by reference to Exhibit 21 to Bancorp’s Annual                Report on Form 10-KSB for the year ended December 31, 1999 (Commission                File No. 000-29599)).                                                                                                                                                   |
|   |      |                                                                                                                                                                                                                                                                                                                                                                                   |
|   | 31(1)     | Rule                13a-14(a)/15d-14(a) Certification of Chief Executive                Officer                                                                                                                                                                                                                                                                                        |
|   |      |                                                                                                                                                                                                                                                                                                                                                                                   |
|   | 31(2)     | Rule                13a-14(a)/15d-14(a) Certification of Chief Financial                Officer                                                                                                                                                                                                                                                                                        |
|   |      |                                                                                                                                                                                                                                                                                                                                                                                   |
|   | 32        | Section                1350 Certifications                                                                                                                                                                                                                                                                                                                                             |

----

**SIGNATURES**

|   | 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)                                     |

----