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

                                  FORM 10 - QSB

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

For the Quarter Ended June 30, 2000         Commission file number 000-29599

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

          Connecticut                                06-1559137
    (State of incorporation)           (IRS employer identification number)

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

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

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

Common stock, $2.00 par value per share, 2,400,375 shares issued and outstanding
as of the close of business July 31, 2000.

Transitional Small Business Disclosure Format:  Yes       No  X
                                                   -----    ------





<PAGE>



                                Table of Contents

Part I                                                                      Page
------                                                                      ----

Item 1.   Consolidated Financial Statements                                    1

Item 2.   Management's Discussion and Analysis or
            Plan of Operation                                                  9


Part II
-------

Item 2    Changes in securities                                               14

Item 4.   Submission of matters to a vote of security holders                 14

Item 6.    Exhibits and reports on Form 8-K                                   15




<PAGE>


                          Part 1 -Financial information

ITEM 1. FINANCIAL STATEMENTS

Patriot National Bancorp, Inc.
Consolidated Balance Sheets

<TABLE>
<CAPTION>
                                                                   June 30,         December 31,
                                                                     2000               1999
                                                                -------------       -------------
ASSETS                                                            Unaudited

<S>                                                             <C>                 <C>
Cash and due from banks ..................................      $   6,232,887       $   2,685,031
Federal funds sold .......................................         17,000,000          18,900,000
Short-term investments-commercial paper ..................               --            10,976,264
                                                                -------------       -------------
          Cash and cash equivalents ......................         23,232,887          32,561,295

Available for sale Securities (at fair value) ............         18,446,998          19,984,309
Held to maturity Securities ..............................         12,299,794          12,301,485
Federal Reserve Bank Stock ...............................            397,150             410,700
Federal Home Loan Bank Stock .............................            593,600             307,000
Loans receivable (net of allowance for loan losses of
  $1,569,103 in 2000 and $1,360,183 in 1999) .............        124,290,700         107,769,911
Accrued interest receivable ..............................          1,358,886             980,777
Premises and equipment, net ..............................          1,004,419             953,656
Deferred tax asset, net ..................................            666,633             562,928
Goodwill (net of accumulated amortization of
  $120,177 in 2000 and $58,180 in 1999) ..................          1,115,951           1,177,948
Other assets (net of accumulated amortization of
  $18,744 in 2000 and $17,285 in 1999) ...................            247,576             184,688
                                                                -------------       -------------
     Total assets ........................................      $ 183,654,594       $ 177,194,697
                                                                =============       =============

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits

     Non-interest bearing deposits .......................      $  14,553,196       $  12,630,926
     Interest bearing deposits ...........................        152,454,175         150,115,428
                                                                -------------       -------------
          Total deposits .................................        167,007,371         162,746,354


Capital lease obligations ................................            518,829             563,687
Collateralized borrowings ................................            475,000             325,000
Accrued expenses and other liabilities ...................            439,798             323,568
                                                                -------------       -------------
          Total liabilities ..............................        168,440,998         163,958,609
                                                                -------------       -------------

SHAREHOLDERS' EQUITY

Common stock ($2 par value);
5,333,333 shares authorized; issued and outstanding
  shares 2,372,702 in 2000 and 2,160,952 in 1999                    4,745,404           4,321,904
Paid in capital ..........................................         11,288,893           9,807,957
Accumulated deficit ......................................           (419,599)           (635,331)
Accumulated other comprehensive income-net
  unrealized loss on available for sale securities .......           (401,102)           (258,442)
                                                                -------------       -------------
          Total shareholders' equity .....................         15,213,596          13,236,088

Total liabilities and shareholders' equity ...............      $ 183,654,594       $ 177,194,697
                                                                =============       =============
</TABLE>

See accompanying Notes to Consolidated Financial Statements.



                                       1
<PAGE>

Consolidated Statements of Income
(Unaudited)
<TABLE>
<CAPTION>
                                                                 Three months   Three months    Six months     Six months
                                                                    Ended           Ended          Ended          Ended
                                                                 June 30,2000   June 30,1999   June 30,2000   June 30,1999
                                                                 ------------   ------------   ------------   ------------

<S>                                                               <C>            <C>            <C>            <C>
Interest and Dividend Income
    Interest and fees on loans ..............................     $2,738,652     $1,658,596     $5,263,291     $3,053,876
    Interest and dividends on investment securities .........        514,982        326,412      1,057,869        661,947
    Interest on federal funds sold ..........................        177,420        133,348        464,182        311,387
                                                                  ----------     ----------     ----------     ----------
                         Total interest and divided income ..      3,431,054      2,118,356      6,785,342      4,027,210
                                                                  ----------     ----------     ----------     ----------

Interest Expense
    Interest on deposits ....................................      1,773,730        912,695      3,583,531      1,753,723
    Interest on capital lease obligation ....................         18,148         21,125         37,141         42,914
    Interest Expense on collateralized borrowings ...........          9,299         16,660
                                                                  ----------     ----------     ----------     ----------
                                    Total interest expense ..      1,801,177        933,820      3,637,332      1,796,637
                                                                  ----------     ----------     ----------     ----------

                                       Net interest income ..      1,629,877      1,184,536      3,148,010      2,230,573

Provision for Loan Losses ...................................        114,000         87,000        223,500        155,000
                                                                  ----------     ----------     ----------     ----------

         Net interest income after provision for loan losses       1,515,877      1,097,536      2,924,510      2,075,573
                                                                  ----------     ----------     ----------     ----------

Non-Interest Income
    Mortgage brokerage referral fees ........................        605,817              0      1,127,487              0
    Fees and service charges ................................         45,880         56,300         84,496        111,298
    Gains and origination fees from loans sold ..............         15,015         25,701         15,015         35,955
    Other income ............................................         15,533         12,328         28,333         44,555
                                                                  ----------     ----------     ----------     ----------
                                 Total non-interest income ..        682,245         94,329      1,255,331        191,808
                                                                  ----------     ----------     ----------     ----------

Non-Interest Expense
    Salaries and benefits ...................................      1,080,560        467,640      2,127,714        932,570
    Occupancy and equipment expense, net ....................        214,712         98,556        401,231        205,374
    Professional services ...................................         70,981         53,831        143,231         95,195
    Advertising and promotional expenses ....................        102,110         83,535        172,980        142,040
    Forms, printing and supplies ............................         40,392         26,738        103,503         62,959
    Directors fees and expenses .............................         24,500         27,500         49,600         51,640
    Data processing .........................................        173,360         54,425        308,652        102,509
    Regulatory assessments ..................................         18,519         14,291         39,870         24,583
    Insurance ...............................................         16,894         10,859         26,637         17,438
    Other operating  expenses ...............................        219,072        141,505        405,538        278,489
                                                                  ----------     ----------     ----------     ----------
                               Total non-interest expenses ..      1,961,100        978,880      3,778,956      1,912,797
                                                                  ----------     ----------     ----------     ----------

                                Income before income taxes ..        237,022        212,985        400,885        354,584
Provision for Income Taxes ..................................        107,903          1,885        185,153          3,085
                                                                  ----------     ----------     ----------     ----------
                                                Net income ..     $  129,119     $  211,100     $  215,732     $  351,499
                                                                  ==========     ==========     ==========     ==========

                                    Basic income per share ..     $     0.06     $     0.11     $     0.10     $     0.18

                                  Diluted income per share ..     $     0.06     $     0.10     $     0.10     $     0.17
</TABLE>

See accompanying Notes to Consolidated Financial Statements


                                       2
<PAGE>

Patriot National Bancorp, Inc.
Consolidated Statements of Comprehensive Income
(unaudited)
<TABLE>
<CAPTION>

                                             Three months    Three months    Six months     Six months
                                                Ended           Ended          Ended          Ended
                                             June 30,2000    June 30,1999   June 30,2000  June 30,1999
                                            ------------------------------------------------------------


<S>                                        <C>               <C>            <C>            <C>
Net income                                 $    129,119      $  211,100     $  215,732     $  351,499

Unrealized holding losses on securities:
  Unrealized holding losses arising
    during the period, net of taxes.             (88,341)      (154,663)      (142,660)      (199,697)


                                           -----------------------------------------------------------

Comprehensive income                       $   40,778        $  56,437      $  73,072      $  151,802
                                           ===========================================================
</TABLE>


See accompanying Notes to Consolidated Financial Statements.


                                       3
<PAGE>

Consolidated  Statements  of Cash Flows
Six months  ended June 30, 2000 and 1999
(unaudited)

<TABLE>
<CAPTION>
                                                                     2000              1999
                                                                 ------------      ------------

<S>                                                             <C>               <C>
Cash Flows from Operating Activities
    Net income .............................................     $    215,732      $    351,499
    Adjustments to reconcile net income to net cash provided
      by operating activites:
    Amortization and accretion of investment
     premiums and discounts, net ...........................           (3,350)           27,155
    Originations of loans held for sale ....................       (1,521,410)       (2,014,950)
    Proceeds from sales of loans held for sale .............        1,521,410         2,014,950
    Gain on sale of available for sale securities ..........                0           (42,031)
    Provision for loan losses ..............................          223,500           155,000
    Depreciation and amortization ..........................          197,005           122,411
    Professional fees paid by issuance of common stock .....                0             4,719
    Director's fees paid by issuance of common stock .......                0            50,044
    Changes in assets and liabilities:
     Decrease in deferred loan fees ........................          (63,681)          (16,946)
     Increase in accrued interest receivable ...............         (378,109)         (238,077)
     Increase in other assets ..............................          (63,354)           (8,997)
     Increase in accrued expenses and other liabilities ....          116,230            13,434
                                                                 ------------      ------------
Net cash provided by operating activities ..................          243,973           418,211
                                                                 ------------      ------------

Cash Flows from Investing Activities
  Purchases of Federal Home Loan Bank stock ................         (286,600)                0
  Purchases of available for sale securities ...............                0       (10,562,517)
  Redemption of Federal Reserve Bank stock .................           13,550                 0
  Proceeds from maturities of available for sale securities                 0           500,000
  Proceeds from sales of available for sale securities .....                0         6,350,708
  Principal repayments on available for sale securities ....        1,295,985                 0
  Purchase of held to maturity securities ..................                0        (8,966,053)
  Net increase in loans ....................................      (16,680,607)      (18,314,231)
  Purchases of bank premises and equipment .................         (185,304)         (103,822)
  Recoveries on other real estate owned ....................                0            18,800
  Purchase of assets of mortgage company ...................                0          (167,269)
                                                                 ------------      ------------
Net cash used in investing activities ......................      (15,842,976)      (31,244,384)
                                                                 ------------      ------------

Cash Flows from Financing Activities
  Net increase in demand, savings and money market deposits        13,264,940         6,083,753
  Net (decrease) increase in time certificates of deposit ..       (9,003,923)       12,154,403
  Principal payments on capital lease obligation ...........          (44,858)          (39,086)
  Increase in collateralized borrowings ....................          150,000                 0
  Proceeds from issuance of common stock ...................        1,904,436            10,091
                                                                 ------------      ------------
Net cash provided by financing activities ..................        6,270,595        18,209,161
                                                                 ------------      ------------

Net decrease in cash and cash equivalents ..................       (9,328,408)      (12,617,012)

Cash and cash equivalents
  Beginning ................................................       32,561,295        29,567,353
                                                                 ------------      ------------

  Ending ...................................................     $ 23,232,887      $ 16,950,341
                                                                 ============      ============
</TABLE>

See accompanying Notes to Consolidated Financial Statements.


                                       4
<PAGE>

Patriot National Bancorp, Inc.
Consolidated Statements of Cash Flows, continued
Six months ended June 30, 2000 and 1999
(unaudited)

<TABLE>
<CAPTION>
                                                                         2000             1999
                                                                      ----------       ----------
<S>                                                                   <C>              <C>
Suppmental Disclosures of Cash Flow Information
Cash paid for:
     Interest .................................................       $3,637,332       $1,796,637
                                                                      ==========       ==========

     Income taxes .............................................       $   53,000       $    3,085
                                                                      ==========       ==========

Supplemental Disclosures of Noncash Investing and
     Financing Activities


     Purchase of assets of mortgage company:
              Purchase price ..................................       $        0       $1,500,000
              Direct acquisition costs ........................                0           17,269
                                                                      ----------       ----------
                                                                      $        0       $1,517,269
                                                                      ==========       ==========
      Fair value of asset acquired:
                Goodwill ......................................       $        0       $1,517,269
                                                                      ==========       ==========

      Source of Funds
               Cash ...........................................       $        0       $  167,269
                Issuance of capital stock .....................                0        1,350,000
                                                                      ----------       ----------
                                                                      $        0       $1,517,269
                                                                      ==========       ==========

      Accrued prior year director and professional fees settled
        in common stock .......................................       $        0       $   24,965
                                                                      ==========       ==========
</TABLE>


See accompanying Notes to Consolidated Financial Statements.


                                       5
<PAGE>

Notes to Consolidated Financial Statements

1.   The  Consolidated  Balance Sheet at December 31, 1999 has been derived from
     the  audited  financial  statements  of  Patriot  National  Bancorp,   Inc.
     ("Bancorp") at that date, but does not include all of the  information  and
     footnotes required by generally accepted accounting principles for complete
     financial statements.

2.   The accompanying  unaudited  consolidated  financial statements and related
     notes  have been  prepared  pursuant  to the rules and  regulations  of the
     Securities and Exchange  Commission.  Accordingly,  certain information and
     footnote  disclosures normally included in financial statements prepared in
     accordance with generally accepted accounting principles have been omitted.
     The accompanying consolidated financial statements and related notes should
     be read in conjunction with the audited financial statements of Bancorp and
     notes thereto for the fiscal year ended December 31, 1999.

     The  information  furnished  reflects,  in the opinion of  management,  all
     adjustments,  consisting of normal recurring accruals, necessary for a fair
     presentation of the results of the interim periods  presented.  The results
     of  operations  for the six months ended June 30, 2000 are not  necessarily
     indicative  of the results of  operations  that may be expected  for all of
     2000.

3.   Bancorp is required to present  basic  income per share and diluted  income
     per share in its income  statements.  Basic  income per share  amounts  are
     computed by dividing  net income by the weighted  average  number of common
     shares  outstanding.  Diluted  income per share assumes the exercise of all
     potential common stock in weighted average shares  outstanding,  unless the
     effect  is   antidilutive.   Bancorp   is  also   required   to  provide  a
     reconciliation  of the numerator and denominator used in the computation of
     both basic and diluted income per share. The following is information about
     the  computation  of income per share for the quarters and six months ended
     June 30, 2000 and 1999.

<TABLE>
Quarter ended June 30, 2000

<CAPTION>
                                              Net Income       Shares         Amount
                                              ----------       ------         ------
<S>                                           <C>             <C>            <C>
Basic Income Per Share
  Income available to common stockholders     $  129,119      2,166,100      $  0.06
  Effect of Dilutive Securities
  Warrants and options outstanding                     -         34,966            -
                                              --------------------------------------
 Diluted Income Per Share
  Income available to common stockholders
  plus assumed conversions                    $  129,119      2,201,066      $  0.06
                                              ======================================
</TABLE>


                                       6
<PAGE>



<TABLE>
Quarter ended June 30, 1999

<CAPTION>
                                                      Net Income         Shares         Amount
                                                      ----------         ------         ------
<S>                                                    <C>             <C>             <C>
       Basic Income Per Share

         Income available to common stockholders       $ 211,100       2,001,378       $   0.11
         Effect of Dilutive Securities
         Warrants  outstanding .................           --             28,255            --
                                                       ---------       ---------       ---------
       Diluted Income Per Share
         Income available to common stockholders
         plus assumed conversions ..............       $ 211,100       2,029,633       $   0.10
                                                       =========       =========       ==========
</TABLE>



<TABLE>
       Six months ended June 30, 2000

<CAPTION>
                                                       Net Income       Shares          Amount
                                                       ----------       ------          ------
<S>                                                    <C>             <C>             <C>
       Basic Income Per Share

         Income available to common stockholders       $ 215,732       2,163,526       $   0.10
         Effect of Dilutive Securities
         Warrants  and options outstanding .....            --            46,470            --
                                                       ---------       ---------       ---------
       Diluted Income Per Share
         Income available to common stockholders
         plus assumed conversions ..............       $ 215,732       2,209,996       $   0.10
                                                       =========       =========       ========
</TABLE>


<TABLE>
       Six months ended June 30, 1999

<CAPTION>
                                                      Net Income        Shares          Amount
                                                      ----------        ------          ------
<S>                                                    <C>             <C>             <C>
       Basic Income Per Share

         Income available to common stockholders       $ 351,499       1,999,837       $   0.18
         Effect of Dilutive Securities
         Warrants outstanding ..................            --            31,959            --
                                                       ---------       ---------       ---------
       Diluted Income Per Share
         Income available to common stockholders
         plus assumed conversions .........            $ 351,499       2,031,796       $   0.17
                                                       =========       =========       =========
</TABLE>


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

     The mortgage  broker  solicits and  processes  conventional  mortgage  loan
     applications  from  consumers and  originates  loans on behalf of permanent
     investors,  and revenues are generated  from loan  brokerage  fees received
     from permanent investors.



                                       7
<PAGE>


     Information  about  reportable  segments,  and  a  reconciliation  of  such
     information to the consolidated financial statements as of June 30, 2000 is
     as follows (in thousands):

Six months ended June 30, 2000

                                                     Mortgage      Consolidated
                                        Bank          Broker          Totals
                                     -------------------------------------------
     Net interest income .....       $  3,148           --          $  3,148
     Non-interest income .....            128          1,127           1,255
     Non-interest expense ....          2,576          1,203           3,779
     Provision for loan losses            224           --               224
     Income before taxes .....            477            (76)            401
     Assets ..................        183,583             72         183,655




Quarter ended June 30, 2000

                                                  Mortgage    Consolidated
                                      Bank         Broker        Totals
                                     -------------------------------------
     Net interest income .....       $1,630         --          $1,630
     Non-interest income .....           76          606           682
     Non-interest expense ....        1,242          719         1,961
     Provision for loan losses          114         --             114
     Income before taxes .....          351         (11 )          237



     Bancorp did not have a mortgage  brokerage  segment in the first six months
     of 1999 as such  operations  relate to  Pinnacle,  a  division  of the Bank
     acquired on June 30, 1999.

5.   During the quarter  ended June 30,  2000,  Bancorp  issued an  aggregate of
     211,750 shares of its $2 par value common stock through a private placement
     offering  of 208,416  shares,  and the  issuance  of 3,334  shares upon the
     exercise of stock warrants.  The proceeds from the sale of these shares was
     $1,904,436.


                                       8
<PAGE>


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

         a.   Plan of Operation

Not  applicable  since Bancorp had revenues from  operations in each of the last
two fiscal years.

         b.   Management's  Discussion  and   Analysis  of  Financial  Condition
              and  Results of Operations

Summary
-------

Bancorp  had net  income of  $129,000  ($0.06  basic  income per share and $0.06
diluted  income per share) for the quarter ended June 30, 2000,  compared to net
income of $211,000  ($0.11 basic income per share and $0.10  diluted  income per
share) for the quarter ended June 30, 1999. On a pre-tax basis, income increased
11.3% during the quarter  ended June 30,  2000.  For the six- month period ended
June 30, 2000,  net income was  $216,000  which  represents a decrease  from the
$351,000  earned during the period ended June 30, 1999.  During that same period
however, pre-tax income increased 13%, from $355,000 to $401,000.

Total assets  increased $6.5 million from $177.2 million at December 31, 1999 to
$183.7 million at June 30, 2000. The net loan portfolio  increased $16.5 million
from $107.8  million at December  31, 1999 to $124.3  million at June 30,  2000.
Loan growth was funded  through  the  proceeds  from  maturities  of  short-term
investments and growth in deposits. For the quarter ended June 30, 2000, Bancorp
recorded a provision  for loan losses of $114,000 as compared to $87,000 for the
corresponding  period in 1999. The increase in the loan loss provision is due to
the growth in the loan  portfolio.  During  the  quarter  ended  June 30,  2000,
Bancorp  recorded net loan charge offs of $15,000 as compared to net  recoveries
from loans  charged  off of $12,000  during  the same  period in 1999.  Deposits
increased  $4.3  million  from  $162.7  million at  December  31, 1999 to $167.0
million at June 30, 2000.  Total  Shareholder's  Equity  increased $2 million to
$15.2 million at June 30, 2000.  The increase was due primarily to proceeds from
the private placement of the Bancorp's common stock on June 30, 2000.

FINANCIAL CONDITION

Assets
------

Bancorp's  total assets  increased  $6.5 million from $177.2 million at December
31, 1999 to $183.7 million at June 30, 2000. Cash and cash equivalents decreased
$9.3 million at June 30, 2000 as compared to December 31, 1999 due mainly to the
maturity  of $11  million  of  short-term  investments.  Cash and due from banks
increased $3.5 million and federal funds sold decreased $1.9 million.

Loans
-----

Bancorp's net loan  portfolio  increased  $16.5  million from $107.8  million at
December  31, 1999 to $124.3  million at June 30,  2000.  Loan growth was funded
through the maturity of short-term  investments and deposit growth.  At June 30,
2000, the net loan to deposit ratio was 74.42% and


                                       9
<PAGE>


the net loan to asset ratio was 67.68%.  At December 31,  1999,  the net loan to
deposit  ratio was 66.22%,  and the net loan to asset ratio was 60.82%.  Bancorp
experienced  robust loan demand during the first half of 2000 and,  although the
higher  interest  rate  environment  may slow loan demand  somewhat,  management
believes that loan growth will remain strong for the remainder of 2000.

Allowance for Loan Losses
-------------------------

The provision for loan losses is a charge  against income and an addition to the
allowance for loan losses. Management's judgement in determining the adequacy of
the  allowance  is  based  on  an  evaluation  of  individual  loans,  the  risk
characteristics  and  size of the  loan  portfolio,  an  assessment  of  current
economic and real estate  market  conditions,  estimates of the current value of
underlying collateral, past loan loss experience, review of regulatory authority
examination  reports  and  evaluations  of  specific  loans and  other  relevant
factors.

Based upon this evaluation, management believes the allowance for loan losses of
$1.6  million  at  June  30,  2000,   which  represents  1.25%  of  gross  loans
outstanding, is adequate, under prevailing economic conditions, to absorb losses
on existing  loans which may become  uncollectible.  At December 31,  1999,  the
allowance for loan losses was $1.4 million or 1.25% of gross loans outstanding.

Analysis of Allowance for Loan Losses at June 30,
-------------------------------------------------

         (Thousands of dollars)                2000              1999
         --------------------------------------------------------------

         Balance at beginning of period       $1,360             $785
                                              ------------------------
         Charge-offs                             (15)             (17)

         Recoveries                                0               29
                                              ------------------------
         Net (charge-offs) recoveries            (15)              12
                                              ------------------------
         Provision charged to operations         224              155
                                              ------------------------
         Balance at end of period             $1,569             $952
                                              ========================


         Ratio of net (charge-offs)
           recoveries during the period
           to average loans outstanding
           during the period                  (0.00%)           0.02%
                                              ========================


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

The following table presents non-accruing and past due loans as of June 30, 2000
and December 31, 1999.



                                       10
<PAGE>



(Thousands of dollars)              2000                1999
----------------------------------------------------------------

Loans delinquent over 90
    days still accruing             $   482           $  475
Non-accruing loans                    1,711                91
                                   ---------------------------
                                     $2,193           $  566
                                   ===========================

% of  Total  Loans                    1.74%             .52%
% of  Total Assets                    1.19%             .32%


The increase in non-accruing loans is due to two loans for which management does
not anticipate any loss due to sufficient loan to value ratios.

Potential Problem Loans
-----------------------

At June 30, 2000,  Bancorp had no loans other than those described  above, as to
which  management  has  significant  doubts as to the ability of the borrower to
comply with the present repayment terms.

Deposits
--------

Total  deposits  increased $4.3 million from $162.7 million at December 31, 1999
to $167.0  million at June 30,  2000.  Certificates  of deposit  decreased  $9.0
million as Bancorp  did not  aggressively  price such  deposits in a rising rate
environment.  These  deposits  were  replaced  with  $11.4  million in high cost
checking  accounts.  Other NOW, DDA and Money  Market  Accounts  increased  $5.9
million, but Savings Accounts decreased by $4.0 million.

RESULTS OF OPERATIONS

Interest and dividend income and expense
----------------------------------------

Bancorp's  interest and dividend income increased 62%, or $1.3 million,  for the
quarter ended June 30, 2000 over the  comparable  period in 1999.  This increase
reflects a 65.2%  increase in the loan portfolio over the past twelve months and
a 54.5% increase in federal funds sold over the same period. The rising interest
rate  environment  also was a positive  factor  improving the yields on variable
rate loans and overnight  investments.  For the six-month  period ended June 30,
2000,  interest  and  dividend  income  was $6.8  million  representing  a 68.5%
increase over the comparable period in 1999. Interest earning asset growth and a
rising interest rate environment were again the cause of the increase.

Interest  expense  increased  92.9% to $1.8  million for the quarter  ended June
30,2000  compared to the same period in 1999. The increase was due to the growth
in deposits of 55.3% over the past twelve months.  The increase was primarily in
higher yielding  certificates  of deposit.  Rising interest rates also increased
funding costs on the Bankcorp's certificate of deposit portfolio.



                                       11
<PAGE>



Non-interest income
-------------------

Non-interest  income  increased  $588,000  and  $1.1  million  respectively  for
three-month  and six- month periods  ended June 30, 2000.  The increase in other
non-interest  income is  attributed  to the  acquisition  of a  mortgage  broker
operation  ("Pinnacle") in June 1999, which offers mortgage  brokerage  services
and generated  approximately $606,000 mortgage brokerage referral fee revenue in
the  second  quarter  of 2000 and $1.1  million  for the six  months  ended June
30,2000.

Non-interest expenses
---------------------

Non-interest  expenses  increased  from $979,000 for the three months ended June
30, 1999 to $2.0 million for the three  months ended June 30, 2000.  For the six
months ended June 30,  2000,  non-  interest  expenses  were $3.8 million  which
represents  an  increase of $1.9  million  over the  comparable  period in 1999.
Salaries and benefits  increased  $613,000 and $1.2 million,  respectively,  and
occupancy  and  equipment  expense  increased  $116,000  and  $196,000  from the
comparable  periods in 1999. The overall  increase in non-interest  expenses was
due to the  acquisition  of Pinnacle as of June 30, 1999,  the opening of a bank
branch office in the fourth quarter of 1999, the continued expansion of Pinnacle
including  the  opening  of a new office in the first  quarter of 2000,  and the
overall growth of the Bank.

Income Taxes
------------

Bancorp recorded income tax expense of $108,000 and $185,000 for the three-month
and six- month periods ended June 30, 2000. This compares to the prior year when
the  expense  was $2,000 and $3,000 as  Bancorp  recognized  a benefit  from the
utilization of available net operating loss carry forwards.

LIQUIDITY

Bancorp's  liquidity  position  was 23.53% and 24.83% at June 30, 2000 and 1999,
respectively.  The liquidity ratio is defined as the percentage of liquid assets
to total  assets.  The  following  categories  of  assets  as  described  in the
accompanying  consolidated balance sheets are considered liquid assets: cash and
due from banks, federal funds sold, short-term  investments,  available-for-sale
securities  and  held-to-maturity  securities  maturing  in one  year  or  less.
Liquidity is a measure of Bancorp's  ability to generate  adequate  cash to meet
financial   obligations.   The  principal  cash   requirements  of  a  financial
institution are to cover downward fluctuations in deposit accounts and increases
in its loan portfolio.  Management  believes  Bancorp's  short-term  assets have
sufficient liquidity to cover potential  fluctuations in deposit accounts,  loan
demand and to meet other anticipated cash requirements.

CAPITAL

The following table illustrates the Bancorp's  regulatory capital ratios at June
30, 2000 and December 31, 1999 respectively:


                                       12
<PAGE>



                                              2000              1999
                                              ----              ----

Leverage Capital                              8.47%            7.21%
Tier 1 Risk-based Capital                     9.89%            8.91%
Total Risk-based Capital                     10.97%            9.90%

Capital  adequacy is one of the most  important  factors used to  determine  the
safety and soundness of individual  banks and the banking  system.  Based on the
above  ratios,  Bancorp  believes  that at June 30, 2000 it is  considered to be
"well   capitalized"   under   applicable   regulations.    To   be   considered
"well-capitalized,"  an institution must generally have a leverage capital ratio
of at least  5%, a Tier 1  risk-based  capital  ratio of at least 6% and a total
risk-based capital ratio of at least 10%.

At the  Bancorp's  annual  meeting held June 14, 2000,  shareholders  approved a
private  placement of up to $5 million of common stock.  Bancorp intends to sell
the  stock in one or more  closings  as the need  arises.  The  proceeds  of the
offerings will be used to provide the Bank with  additional  capital  sufficient
for the Bank to continue to be "well  capitalized"  for regulatory  purposes and
the balance of the net proceeds of the offering  will be retained by Bancorp for
working  capital and other  general  corporate  purposes.  $1.9 million from the
first closing was sold on June 30, 2000.

Impact of Inflation and Changing Prices
---------------------------------------

Bancorp's  consolidated  financial  statements  have been  prepared  in terms of
historical dollars,  without considering changes in relative purchasing power of
money over time due to inflation.  Unlike most industrial  companies,  virtually
all of the assets and  liabilities  of a financial  institution  are monetary in
nature.  As a  result,  interest  rates  have a  more  significant  impact  on a
financial  institution's  performance  than the  effect  of  general  levels  of
inflation.  Interest rates do not  necessarily  move in the same direction or in
the same  magnitude as the prices of goods and services.  Notwithstanding  this,
inflation can directly affect the value of loan collateral, in particular,  real
estate.  Inflation,  or  disinflation,   could  significantly  affect  Bancorp's
earnings in future periods.

"Safe Harbor" Statement Under Private Securities Litigation Reform Act of 1995
------------------------------------------------------------------------------

Certain statements contained in Bancorp's public reports, including this report,
and in particular  in this  "Management's  Discussion  and Analysis of Financial
Condition  and Results of  Operation,"  may be forward  looking and subject to a
variety of risks and uncertainties.  These factors include,  but are not limited
to, (1) changes in  prevailing  interest  rates which would  affect the interest
earned  on  Bancorp's  interest  earning  assets  and the  interest  paid on its
interest bearing liabilities,  (2) the timing of repricing of Bancorp's interest
earning assets and interest  bearing  liabilities,  (3) the effect of changes in
governmental   monetary  policy,  (4)  the  effect  of  changes  in  regulations
applicable to Bancorp and the conduct of its business, (5) changes in


                                       13
<PAGE>


competition  among  financial  service  companies,  including  possible  further
encroachment of non- banks on services  traditionally  provided by banks and the
impact of recently enacted federal  legislation,  (6) the ability of competitors
which are larger  than  Bancorp to provide  products  and  services  which it is
impracticable  for Bancorp to provide,  (7) the effect of  Bancorp's  opening of
branches,  and (8) the  effect  of any  decision  by  Bancorp  to  engage in any
business not  historically  permitted to it. Other such factors may be described
in Bancorp's filings with the SEC.

PART II - OTHER INFORMATION
---------------------------

Item 2.  Changes in Securities

          a.   Not applicable

          b.   Not applicable

          c.   During  the  quarter  ended  June 30,  2000,  Bancorp  issued  an
               aggregate of 211,750 shares of its common stock,  par value $2.00
               per share (the "common  stock").  208,416  shares of common stock
               were sold in a private  placement for an aggregate  selling price
               of approximately $1.9 million approved by the shareholders at the
               annual  meeting  held on June 14.  These  shares  were  issued in
               transactions  exempt from the  registration  requirements  of the
               Securities  Act of 1933 under rule 506 of Regulation D under such
               act. Each  purchaser of such shares is an Accredited  Investor as
               such term is defined in rule 506 of  Regulation  D. The remaining
               3,334 shares were issued to accredited investors as the result of
               the exercise of warrants previously granted.

          d.   Not applicable

Item 4.   Submission of Matters to a Vote of Security Holders

          (a)  The Annual  Meeting of  Shareholders  (the  "Annual  Meeting") of
               Patriot National Bancorp, Inc. was held on June 14, 2000.

          (b)  Not applicable  pursuant to Instruction 3 to Item 4 of Part II of
               Form 10 - QSB.

          (c)  The following is a brief description of the matters voted upon at
               the Annual  Meeting and the number of votes cast for,  against or
               withheld  as well  as the  number  of  abstentions  to each  such
               matter:



                                       14
<PAGE>



          (i)  The election of nine directors for the ensuing year.

                                                             Withheld
                                                             Authority
                                                  For       to Vote for

               Herbert A. Bregman .....       15,728,463      544,725
               Angelo DeCaro ..........       16,105,563      167,625
               Fred A. DeCaro, Jr .....       15,410,124      863,064
               John A. Geoghegan ......       16,103,263      164,925
               L. Morris Glucksman.....       15,698,124      575,064
               Michael Intrieri .......       15,321,024      952,164
               Richard Naclerio .......       15,715,863      557,325
               Salvatore Travato ......       16,089,363      183,825
               Philip W. Wolford ......       16,103,263      164,925




          (ii) The  proposal to approve a private  placement of up to $5 million
               of common stock.

                          For            Against     Abstain
                       1,344,558          24,100     59,305



          (iii)  The consideration  of a proposal to ratify the  appointment  of
                 McGladrey  &  Pullen, LLP as independent  accountants  for  the
                 Bankcorp for the year ending December 31, 2000.

                            For          Against     Abstain
                        1,791,431         14,296      2,405

          (d)  Not applicable

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

          a.   Exhibits

           No.                 Description
           ---                 -----------

           27            Financial Data Schedule



                                       15
<PAGE>



          b.   Report on Form 8-K


          A Current  Report on Form 8-K dated June 30, 2000 was filed by Bancorp
with the  Securities  and  Exchange  Commission  on July 18,  2000.  This report
responded to item 5 of the Form 8-K.


                                   SIGNATURES

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


Patriot National Bancorp, Inc.

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


August 14, 2000



                                       16