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

                                   FORM 10-QSB

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

For the Quarter Ended June 30, 2003     Commission file number 000-29599

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

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

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

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

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

Common stock, $2.00 par value per share, 2,400,725 shares issued and outstanding
as of the close of business July 31, 2003.

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



<PAGE>


                                Table of Contents

                                                                           Page
                                                                           ----

Part I     FINANCIAL INFORMATION
------

Item 1.    Consolidated Financial Statements                                 3

Item 2.    Management's Discussion and Analysis or
           Plan of Operation                                                12

Item 3.    Controls and Procedures                                          20

Part II    OTHER INFORMATION
-------

Item 4.    Submission of Matters to a Vote of Security Holders              21

Item 6.    Exhibits and Reports on Form 8-K                                 22




                                       2
<PAGE>



                         PART I - FINANCIAL INFORMATION

ITEM 1.  CONSOLIDATED FINANCIAL STATEMENTS

<TABLE>
PATRIOT NATIONAL BANCORP, INC
CONSOLIDATED BALANCE SHEETS
<CAPTION>
                                                                           June 30,       December 31,
                                                                             2003             2002
                                                                         ------------     ------------
                                                                         (Unaudited)
<S>                                                                      <C>              <C>
ASSETS
Cash and due from banks ............................................     $  6,221,221     $  5,385,757
Federal funds sold .................................................       21,000,000        3,000,000
Short term investments .............................................        8,217,700        3,348,968
                                                                         ------------     ------------
     Cash and cash equivalents .....................................       35,438,921       11,734,725

Available for sale securities (at fair value) ......................       76,263,885       60,618,366
Federal Reserve Bank stock .........................................          691,150          481,050
Federal Home Loan Bank stock .......................................        1,077,300          621,300
Loans receivable (net of allowance for loan losses: 2003 $2,626,675;
     2002 $2,372,454) ..............................................      183,599,561      170,794,939
Accrued interest receivable ........................................        1,233,828        1,311,453
Premises and equipment, net ........................................        1,201,083          789,197
Deferred tax asset, net ............................................          947,900          754,696
Goodwill ...........................................................          930,091          930,091
Other assets .......................................................          691,169          460,936
                                                                         ------------     ------------
         Total assets ..............................................     $302,074,888     $248,496,753
                                                                         ============     ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
     Deposits:
         Noninterest bearing deposits ..............................     $ 24,146,114     $ 25,519,809
         Interest bearing deposits .................................      224,161,275      192,391,451
                                                                         ------------     ------------
              Total deposits .......................................      248,307,389      217,911,260
     Securities sold under agreements to repurchase ................        5,700,000        5,700,000
     Federal Home Loan Bank borrowings .............................       14,000,000        4,000,000
     Trust preferred securities ....................................        8,000,000             --
     Capital lease obligation ......................................          175,949          243,231
     Collateralized borrowings .....................................          299,444          349,444
     Accrued expenses and other liabilities ........................        6,778,488        1,747,863
                                                                         ------------     ------------
              Total liabilities ....................................      283,261,270      229,951,798
                                                                         ------------     ------------
Shareholders' equity
     Common stock, $2 par value: 5,333,333 shares authorized; shares
         issued and outstanding: 2003 - 2,400,725; 2002 - 2,400,525         4,801,450        4,801,050
     Additional paid-in capital ....................................       11,485,449       11,484,649
     Retained earnings .............................................        2,270,848        1,688,158
     Accumulated other comprehensive income - net unrealized
         gain on available for sale securities, net of tax .........          255,871          571,098
                                                                         ------------     ------------
              Total shareholders' equity ...........................       18,813,618       18,544,955
                                                                         ------------     ------------
              Total liabilities and shareholders' equity ...........     $302,074,888     $248,496,753
                                                                         ============     ============
</TABLE>

See accompanying notes to consolidated financial statements.


                                       3
<PAGE>


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

<CAPTION>
                                                          Three Months Ended             Six Months Ended
                                                               June 30,                      June 30,
                                                        2003             2002          2003             2002
                                                    -----------     -----------     -----------     -----------

<S>                                                 <C>             <C>             <C>             <C>
Interest and Dividend Income
   Interest and fees on loans .................     $ 3,040,352     $ 2,438,451     $ 5,938,354     $ 4,823,456
   Interest and dividends on
      investment securities ...................         484,031         468,547       1,008,246         974,159
   Interest on federal funds sold .............          45,756          39,852          56,756          81,541
                                                    -----------     -----------     -----------     -----------
     Total interest and dividend income .......       3,570,139       2,946,850       7,003,356       5,879,156
                                                    -----------     -----------     -----------     -----------
Interest Expense
   Interest on deposits .......................       1,169,853       1,081,217       2,231,746       2,228,571
   Interest on Federal Home Loan Bank
         borrowings ...........................          79,423          26,106         127,373          26,458
   Interest on Trust Preferred Securities .....          90,890            --            95,791            --
   Interest on other borrowings ...............          35,368          30,414          76,926          48,463
                                                    -----------     -----------     -----------     -----------
     Total interest expense ...................       1,375,534       1,137,737       2,531,836       2,303,492
                                                    -----------     -----------     -----------     -----------
     Net interest income ......................       2,194,605       1,809,113       4,471,520       3,575,664
Provision for Loan Losses .....................          90,000          84,000         255,000         158,000
                                                    -----------     -----------     -----------     -----------
     Net interest income after
        provision for loan losses .............       2,104,605       1,725,113       4,216,520       3,417,664
                                                    -----------     -----------     -----------     -----------
Non-Interest Income
   Mortgage brokerage referral fees ...........         961,489         671,229       1,894,272       1,327,271
   Loan processing fees .......................         225,056         122,257         403,804         247,055
   Fees and service charges ...................          87,240          70,949         157,667         143,794
   Gains and origination fees from loans sold .            --           249,365            --           249,365
   Gain (loss) on sale of investment securities         182,575            --           307,739         (31,275)
   Other income ...............................          21,468          18,965          56,936          40,370
                                                    -----------     -----------     -----------     -----------
     Total non-interest income ................       1,477,828       1,132,765       2,820,418       1,976,580
                                                    -----------     -----------     -----------     -----------
Non-Interest Expenses
   Salaries and benefits ......................       1,944,294       1,502,206       3,831,882       2,910,557
   Occupancy and equipment expenses, net ......         328,284         242,816         598,708         504,885
   Data processing and other outside services .         166,269         143,246         358,506         313,780
   Professional services ......................          87,577         105,790         177,242         176,627
   Advertising and promotional expenses .......          85,952          98,442         155,274         155,438
   Forms, printing and supplies ...............          58,358          41,925         102,436          78,828
   Other operating expenses ...................         335,474         272,735         638,155         493,629
                                                    -----------     -----------     -----------     -----------
     Total non-interest expenses ..............       3,006,208       2,407,160       5,862,203       4,633,744
                                                    -----------     -----------     -----------     -----------
     Income before income taxes ...............         576,225         450,718       1,174,735         760,500
                                                    -----------     -----------     -----------     -----------
Provision for Income Taxes ....................         227,000         163,000         460,000         274,000
                                                    -----------     -----------     -----------     -----------
     Net income ...............................     $   349,225     $   287,718     $   714,735     $   486,500
                                                    ===========     ===========     ===========     ===========
     Basic income per share ...................     $      0.15     $      0.12     $      0.30     $      0.20
                                                    ===========     ===========     ===========     ===========
     Diluted income per share .................     $      0.14     $      0.12     $      0.29     $      0.20
                                                    ===========     ===========     ===========     ===========
     Dividends per share ......................     $     0.030     $     0.025     $     0.055     $     0.045
                                                    ===========     ===========     ===========     ===========
</TABLE>

See accompanying notes to consolidated financial statements.

                                       4
<PAGE>


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

<CAPTION>
                                                          Three Months Ended             Six Months Ended
                                                               June 30,                      June 30,
                                                        2003             2002          2003             2002
                                                    -----------     -----------     -----------     -----------

<S>                                                 <C>             <C>             <C>             <C>
Net income.....................................     $   349,225     $   287,718     $   714,735     $   486,500

Unrealized holding (losses) gains on securities:
   Unrealized holding (losses) gains arising
   during the period, net of taxes.............        (130,739)        249,073        (315,227)         96,626
                                                    -----------     -----------     -----------     -----------

   Comprehensive income........................     $   218,486     $   536,791     $   399,508     $   583,126
                                                    ===========     ===========     ===========     ===========
</TABLE>







See accompanying notes to consolidated financial statements.


                                       5
<PAGE>


<TABLE>
PATRIOT NATIONAL BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
                                                                                      Six Months Ended
                                                                                          June 30,
                                                                                  2003              2002
                                                                              ------------------------------
<S>                                                                           <C>               <C>
Cash Flows from Operating Activities
     Net income .........................................................     $    714,735      $    486,500
     Adjustments to reconcile net income to net cash
     provided by operating activities:
     Amortization and accretion of investment premiums and discounts, net          239,259            (9,737)
     Originations of loans held for sale ................................             --            (208,000)
     Proceeds from sales of loans held for sale .........................             --             208,000
     Gain on sale of loans ..............................................             --            (249,365)
     Provision for loan losses ..........................................          255,000           158,000
     (Gain) loss on sale of investment securities .......................         (307,739)           31,275
     Depreciation and amortization ......................................          177,520           213,885
     Loss on disposal of bank premises and equipment ....................            2,037              --
     Changes in assets and liabilities:
         Increase in deferred loan fees .................................           81,310           164,343
         Decrease (increase) in accrued interest receivable .............           77,625           (65,373)
         Increase in other assets .......................................         (230,233)          (19,757)
         Decrease in accrued expenses and other liabilities .............          (72,669)          (61,722)
                                                                              ------------      ------------
         Net cash provided by operating activities ......................          936,845           648,049
                                                                              ------------      ------------
Cash Flows from Investing Activities
     Purchases of available for sale securities .........................      (35,642,429)      (37,015,836)
     Proceeds from sales of available for sale securities ...............        7,094,321        10,369,844
     Principal repayments on available for sale securities ..............       11,353,924         2,922,141
     Proceeds from maturities of available for sale securities ..........        6,200,000         1,000,000
     Purchase of Federal Home Loan Bank Stock ...........................         (456,000)           (3,400)
     Purchase of Federal Reserve Bank Stock .............................         (210,100)             --
     Net increase in loans ..............................................      (13,140,932)       (3,896,104)
     Proceeds from sale of loan receivable ..............................             --           1,549,365
     Purchases of bank premises and equipment ...........................         (598,343)          (56,614)
     Proceeds from sale of bank premises and equipment ..................            6,900              --
                                                                              ------------      ------------
         Net cash used in investing activities ..........................      (25,392,659)      (25,130,604)
                                                                              ------------      ------------
Cash Flows from Financing Activities
     Net (decrease) increase in demand, savings and money market deposits         (468,360)       13,434,970
     Net increase (decrease) in time certificates of deposits ...........       30,864,489        (4,208,025)
     Increase in FHLB borrowings ........................................       10,000,000         4,000,000
     Proceeds from issuance of trust preferred securities ...............        7,760,000              --
     Debt issuance costs ................................................          240,000              --
     Increase in securities sold under agreements to repurchase .........             --           5,700,000
     Principal payments on capital lease obligation .....................          (67,282)          (58,739)
     Decrease in collateralized borrowings ..............................          (50,000)          (75,000)
     Dividends paid on common stock .....................................         (120,037)          (96,021)
     Proceeds from issuance of common stock .............................            1,200              --
                                                                              ------------      ------------
         Net cash provided by financing activities ......................       48,160,010        18,697,185
                                                                              ------------      ------------
         Net increase (decrease) in cash and cash equivalents ...........       23,704,196        (5,785,370)
</TABLE>


                                       6
<PAGE>



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

<CAPTION>
                                                                                  Six Months Ended
                                                                                      June 30,
                                                                               2003              2002
                                                                           ------------------------------

<S>                                                                        <C>               <C>
Cash and cash equivalents
     Beginning .......................................................       11,734,725        27,032,811
                                                                           ------------      ------------
     Ending ..........................................................     $ 35,438,921      $ 21,247,441
                                                                           ============      ============

Supplemental Disclosures of Cash Flow Information
     Cash paid for:
         Interest ....................................................     $  2,447,679      $  2,317,295
                                                                           ============      ============
         Income Taxes ................................................     $    607,703      $    347,146
                                                                           ============      ============

Supplemental disclosure of noncash investing and financing activities:

     Unrealized holding (loss) gain on available for sale
         securities arising during the period ........................     $   (508,431)     $    140,147
                                                                           ============      ============

     Liabilities for securities purchased but not settled ............     $  5,091,286      $       --
                                                                           ============      ============

     Accrued dividends declared on common stock ......................     $     72,022      $     60,013
                                                                           ============      ============
</TABLE>




See accompanying notes to consolidated financial statements.


                                       7
<PAGE>


Notes to Consolidated Financial Statements

(1)  The  Consolidated  Balance Sheet at December 31, 2002 has been derived from
     the  audited  financial  statements  of  Patriot  National  Bancorp,   Inc.
     ("Bancorp") at that date, but does not include all of the  information  and
     footnotes  required  by  accounting  principles  generally  accepted in the
     United States of America for complete financial statements.

(2)  The accompanying unaudited financial statements and related notes have been
     prepared  pursuant  to the  rules and  regulations  of the  Securities  and
     Exchange   Commission.   Accordingly,   certain  information  and  footnote
     disclosures   normally  included  in  financial   statements   prepared  in
     accordance  with  accounting  principles  generally  accepted in the United
     States  of  America  have  been  omitted.  The  accompanying   consolidated
     financial  statements and related notes should be read in conjunction  with
     the audited financial  statements of Bancorp and notes thereto for the year
     ended December 31, 2002.

     The  information  furnished  reflects,  in the opinion of  management,  all
     normal  recurring  adjustments,  necessary for a fair  presentation  of the
     results for the interim  periods  presented.  The results of operations for
     the three and six months ended June 30, 2003 are not necessarily indicative
     of the results of operations that may be expected for all of 2003.

(3)  Bancorp is required to present  basic  income per share and diluted  income
     per share in its income  statements.  Basic  income per share  amounts  are
     computed by dividing  net income by the weighted  average  number of common
     shares  outstanding.  Diluted  income  per share  assumes  exercise  of all
     potential common stock in weighted average shares  outstanding,  unless the
     effect  is   antidilutive.   Bancorp   is  also   required   to  provide  a
     reconciliation  of the numerator and denominator used in the computation of
     both basic and diluted income per share. The following is information about
     the computation of income per share for the three and six months ended June
     30, 2003 and 2002.

<TABLE>
<CAPTION>
Quarter ended June 30, 2003
                                              Net Income      Shares       Amount
                                              ------------------------------------
<S>                                           <C>           <C>           <C>
Basic Income Per Share
  Income available to common shareholders     $ 349,225     2,400,725     $   0.15
Effect of Dilutive Securities
  Warrants/Stock Options outstanding ....          --          35,137        (0.01)
                                              ---------     ---------     --------
Diluted Income Per Share
  Income available to common shareholders
  plus assumed conversions ..............     $ 349,225     2,435,862     $   0.14
                                              =========     =========     ========
</TABLE>


                                       8
<PAGE>


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

<CAPTION>
Six months ended June 30, 2003
                                              Net Income      Shares       Amount
                                              ------------------------------------
<S>                                           <C>           <C>           <C>
Basic Income Per Share
  Income available to common shareholders     $ 714,735     2,400,725     $   0.30
Effect of Dilutive Securities
  Warrants/Stock Options outstanding ....          --          35,986        (0.01)
                                              ---------     ---------     --------
Diluted Income Per Share
  Income available to common shareholders
  plus assumed conversions ..............     $ 714,735     2,436,711     $   0.29
                                              =========     =========     ========

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

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

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


                                       9
<PAGE>


     Information  about  reportable   segments  and  a  reconciliation  of  such
     information to the consolidated  financial statements for the three and six
     months ended June 30, 2003 and 2002 is as follows (in thousands):

     Quarter ended June 30, 2003

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

     Net interest income .....       $  2,195       $   --         $  2,195
     Non-interest income .....            303          1,175          1,478
     Non-interest expense ....          2,071            935          3,006
     Provision for loan losses             90           --               90
     Income before taxes .....            336            240            576
     Assets ..................        301,067          1,008        302,075


     Quarter ended June 30, 2002

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

     Net interest income .....       $  1,809       $   --         $  1,809
     Non-interest income .....            317            816          1,133
     Non-interest expense ....          1,774            633          2,407
     Provision for loan losses             84           --               84
     Income before taxes .....            268            183            451
     Assets ..................        220,734          1,054        221,788


     Quarter ended June 30, 2003

                                                     Mortgage     Consolidated
                                       Bank           Broker         Totals
                                       ------------------------------------
     Net interest income .....       $  4,472       $   --         $  4,472
     Non-interest income .....            546          2,274          2,820
     Non-interest expense ....          4,042          1,820          5,862
     Provision for loan losses            255           --              255
     Income before taxes .....            721            454          1,175
     Assets ..................        301,067          1,008        302,075


     Quarter ended June 30, 2002

                                                     Mortgage     Consolidated
                                       Bank           Broker         Totals
                                       ------------------------------------
     Net interest income .....       $  3,576       $   --         $  3,576
     Non-interest income .....            357          1,620          1,977
     Non-interest expense ....          3,364          1,270          4,634
     Provision for loan losses            158           --              158
     Income before taxes .....            411            350            761
     Assets ..................        220,734          1,054        221,788

(5)  Certain  2002  amounts  have been  reclassified  to  conform  with the 2003
     presentation. Such reclassifications had no effect on net income.


                                       10
<PAGE>



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

<TABLE>
<CAPTION>
                                          Three Months Ended                      Six Months Ended
                                             June 30, 2003                          June 30, 2003
                                  Before Tax      Tax       Net of Tax   Before Tax      Tax       Net of Tax
                                   Amount       Effect        Amount       Amount       Effect        Amount
                                  ---------    ---------    ---------    ---------    ---------    ---------
<S>                               <C>          <C>          <C>          <C>          <C>          <C>
Unrealized holding loss
arising during the period .....   $ (28,295)   $  10,752    $ (17,543)   $(200,692)   $  76,263    $(124,429)

Reclassification adjustment
for gains recognized in income     (182,575)      69,379     (113,196)    (307,739)     116,941     (190,798)
                                  ---------    ---------    ---------    ---------    ---------    ---------

Unrealized holding loss on
available for sale securities,
net of taxes ..................   $(210,870)   $  80,131    $(130,739)   $(508,431)   $ 193,204    $(315,227)
                                  =========    =========    =========    =========    =========    =========

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

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

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

(7)  At the end of the first quarter of 2003,  Bancorp created a statutory trust
     of which  Bancorp  owns 100% of the capital  stock.  The trust  issued $8.0
     million in preferred  securities  to investors at an initial rate of 4.41%,
     which rate may adjust  quarterly based on changes to LIBOR. The duration of
     the trust is 35 years with early  redemption at par at the Company's option
     after five  years,  or earlier  in the event of certain  regulatory  or tax
     changes.  The proceeds from the issuance of the preferred  securities  were
     used to purchase junior  subordinated debt from Bancorp.  Bancorp primarily
     invested the funds from the issuance of the debt in the Bank, which in turn
     used the proceeds to fund general  operations of the Bank.  The  securities
     qualify  for up to 25% of  Bancorp's  Tier 1  Capital  with  the  remainder
     qualifying as Tier 2 Capital.

(8)  During the three  months  ended  June 30,  2003 the Bank  entered  into $10
     million in borrowing  transactions  with the Federal Home Loan Bank as part
     of a leveraging  strategy;  these  advances  have  original  terms of three
     months to four years with interest rates ranging from 1.30% to 2.96%

(9)  Bancorp has executed a ten-year lease renewal for its main office  location
     which lease  currently  expires  August 2004 and a ten-year lease for a new
     branch location scheduled to open in the beginning of the fourth quarter of
     2003. The future minimum rental  commitments  under these leases total $2.6
     million.

                                       11
<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  $349,000  ($0.15  basic  income per share and $0.14
diluted  income per share) for the quarter ended June 30, 2003,  compared to net
income of $288,000  ($0.12 basic income per share and $0.12  diluted  income per
share) for the quarter ended June 30, 2002. For the six-month  period ended June
30,  2003,  net  income was  $715,000  ($0.30  basic  income per share and $0.29
diluted  income per share) as compared to net income of  $487,000  ($0.20  basic
income per share and $0.20  diluted  income per share) for the six months  ended
June 30, 2002.

Total assets increased $53.6 million from $248.5 million at December 31, 2002 to
$302.1  million at June 30,  2003.  Cash and cash  equivalents  increased  $23.7
million to $35.4  million at June 30, 2003 from $11.7  million at  December  31,
2002. The available for sale  securities  portfolio  increased  $15.7 million to
$76.3 million at June 30, 2003 from $60.6 million at December 31, 2002.  The net
loan portfolio  increased $12.8 million from $170.8 million at December 31, 2002
to $183.6 million at June 30, 2003.  Deposits  increased $30.4 million to $248.3
million at June 30, 2003 from $217.9  million at December 31,  2002.  Borrowings
and other liabilities  increased $22.9 million to $34.9 million at June 30, 2003
from $12.0 million at December 31, 2002.  Total  shareholders'  equity increased
$269,000 to $18.8  million at June 30, 2003 from $18.5  million at December  31,
2002.

FINANCIAL CONDITION

Assets
------

Bancorp's  total assets  increased $53.6 million from $248.5 million at December
31, 2002 to $302.1 million at June 30, 2003. Cash and cash equivalents increased
$23.7  million  to $35.4  million  at June  30,  2003.  Cash and due from  banks
increased  $0.8 million;  federal funds sold  increased  $18.0 million and short
term investments increased $4.9 million. The increases in federal funds sold and
short term  investments  is due primarily to increases in deposits  largely as a
result of the  opening of two new branch  offices  during the second  quarter of
2003. Available for sale securities increased $15.7 million, net of principal


                                       12
<PAGE>


repayments  on  mortgage  backed  securities;   this  increase   represents  the
investment of funds from the closing of the trust preferred  securities offering
at the end of the first quarter of 2003 and an interest rate leveraging strategy
which was funded by Federal Home Loan Bank borrowings  during the second quarter
of 2003.

Loans
-----

Bancorp's net loan  portfolio  increased  $12.8  million from $170.8  million at
December 31, 2002 to $183.6 million at June 30, 2003.  Increases in construction
loans of $8.5 million,  commercial real estate loans of $5.7 million, commercial
loans of $1.7 million,  and consumer loans of $0.4 million were partially offset
by decreases in residential real estate loans of $3.5 million. At June 30, 2003,
the net loan to deposit  ratio was 73.9% and the net loan to total  assets ratio
was 60.8%. At December 31, 2002, the net loan to deposit ratio was 78.4% and the
net loan to total assets ratio was 68.7%.  Based on loan applications in process
management anticipates strong loan growth during the remainder of 2003.

Critical Accounting Policies
----------------------------

In the ordinary  course of business,  Bancorp has made a number of estimates and
assumptions  relating to reporting results of operations and financial condition
in preparing its financial  statements in conformity with accounting  principles
generally accepted in the United States of America.  Actual results could differ
significantly  from those estimates under different  assumptions and conditions.
The Company believes the following  discussion addresses Bancorp's only critical
accounting  policy,  which is the policy that is most important to the portrayal
of  Bancorp's  financial  results  and  requires  management's  most  difficult,
subjective  and  complex  judgments,  often  as a  result  of the  need  to make
estimates about the effect of matters that are inherently uncertain.

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

The allowance for loan losses,  a material  estimate  susceptible to significant
change in the near-term, is established as losses are estimated to have occurred
through a provision for loan losses charged against operations and is maintained
at a level  that  management  considers  adequate  to absorb  losses in the loan
portfolio. Management's judgment in determining the adequacy of the allowance is
inherently  subjective and is based on the evaluation of individual  loans,  the
known and inherent risk  characteristics  and size of the loan  portfolios,  the
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.

                                       13
<PAGE>


The allowance for loan losses is maintained at a level that management  believes
is adequate to absorb  probable  losses on existing loans based on an evaluation
of the  collectibility  of loans and prior loan loss  experience.  A risk rating
system is utilized to measure the  adequacy of the  allowance  for loan  losses.
Under this  system,  each loan is assigned a risk  rating  between one and nine,
which has a corresponding  loan loss factor  assigned,  with one being the least
risk and nine  reflecting  the most risk or a complete  loss.  Risk  ratings are
assigned by the originating  loan officer or loan committee at the initiation of
the transactions and are reviewed and changed,  when necessary,  during the life
of the loan.  Loan loss reserve  factors are multiplied  against the balances in
each risk rating category to arrive at the  appropriate  level for the allowance
for loan losses. Loans assigned a risk rating of six or above are monitored more
closely  by  the  credit  administration   officers.  Loan  quality  control  is
continually  monitored  by  management  subject  to  oversight  by the  board of
directors through its members who serve on the loan committee,  and the adequacy
of the  allowance  for loan losses is  presented to and reviewed by the board of
directors on a quarterly  basis. The methodology for determining the adequacy of
the allowance for loan losses is consistently applied; however, revisions may be
made to the methodology and assumptions based on historical  information related
to charge-off and recovery experience and management's evaluation of the current
loan portfolio.

Based upon this evaluation, management believes the allowance for loan losses of
$2.6  million  at  June  30,  2003,   which  represents  1.41%  of  gross  loans
outstanding, is adequate, under prevailing economic conditions, to absorb losses
on existing  loans which may become  uncollectible.  At December 31,  2002,  the
allowance for loan losses was $2.4 million or 1.37% of gross loans outstanding.

Analysis of Allowance for Loan Losses
-------------------------------------
                                                            June 30,
     (Thousands of dollars)                            2003          2002
     ----------------------------------------------------------------------
     Balance at beginning of period ............     $ 2,373       $ 1,894
                                                     -------       -------
     Charge-offs ...............................          (1)         --
     Recoveries ................................        --              10
                                                     -------       -------
     Net (charge-offs) recoveries ..............          (1)           10
                                                     -------       -------
     Provision charged to operations ...........         255           158
                                                     -------       -------
     Balance at end of period ..................     $ 2,627       $ 2,062
                                                     =======       =======
     Ratio of net (charge-offs) recoveries
              during the period to average loans
              outstanding during the period ....       (0.00%)        0.01%
                                                     =======       =======


                                       14
<PAGE>


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

The following table presents non-accruing and past due loans:

                                       June 30,    December 31,
       (Thousands of dollars)            2003         2002
       --------------------------------------------------------
       Loans delinquent over 90
                days still accruing     $  385      $1,172
       Non-accruing loans .........        150         201
                                        ------      ------

       Total ......................     $  535      $1,373
                                        ======      ======

       % of Total Loans ...........       0.29%       0.79%
       % of Total Assets ..........       0.18%       0.56%

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

At June 30, 2003,  Bancorp had no loans, other than those disclosed in the table
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 $30.4 million from $217.9 million at December 31, 2002
to $248.3 million at June 30, 2003.  Noninterest bearing deposits decreased $1.4
million due  primarily to  fluctuations  in personal  demand  deposit  accounts.
Although the balances in demand accounts decreased in the period end comparison,
the  trend in the  average  balances  shows an  overall  increase  in  balances.
Interest  bearing deposits  increased $31.8 million.  Money market fund accounts
and   certificates  of  deposit   increased  $2.2  million  and  $30.9  million,
respectively; savings accounts decreased $1.5 million. Increases in certificates
of deposit are due primarily to two new branch opening promotions.

Trust Preferred Securities
--------------------------

As  indicated  in Note 7,  Bancorp  created a statutory  trust which issued $8.0
million in preferred  securities to investors.  Management elected to create the
trust for the reason  that it  provides  an  inexpensive  means of  raising  new
capital to support  core  growth and  leverage  without  diluting  the rights of
existing  shareholders.  In addition to the  favorable  regulatory  treatment of
these  securities,  there are favorable tax reasons that support this  decision.
The proceeds of the trust will be used to fund general operations of the Bank.


                                       15
<PAGE>


Borrowings
----------

During the second quarter Bancorp  executed a leveraging  strategy by purchasing
$10 million in  mortgage  backed  securities  which was funded by $10 million in
Federal Home Loan Bank borrowings.

Other Liabilities
-----------------

At the end of the second quarter,  Bancorp purchased  mortgage backed securities
which  settled in July;  this  transaction  of $5.1  million was recorded on the
basis of the trade date method of  accounting  and as such is reflected in other
liabilities.

RESULTS OF OPERATIONS

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

Bancorp's  interest  and  dividend  income  increased  $623,000 or 21.2% for the
quarter ended June 30, 2003 as compared to the same period in 2002. Interest and
fees on loans  increased  24.7% or  $602,000  from $2.4  million for the quarter
ended June 30, 2002 to $3.0 million for the quarter ended June 30, 2003. For the
six months  ended June 30, 2003,  interest and dividend  income was $7.0 million
which  represents an increase of $1.1 million or 19.1%  compared to interest and
dividend  income of $5.9 million for the same period last year.  These increases
are the result of the increase in the investment and loan  portfolios  despite a
decrease in the interest rate environment.

Bancorp's  interest  expense  increased  20.9% or $238,000 for the quarter ended
June 30,  2003 as compared  to the same  period in 2002.  Increases  in interest
bearing deposits accounts resulted in an increase of 8.2% or $89,000 in interest
expense  for the quarter  ended June 30,  2003  compared to the same period last
year. Increases in borrowing transactions resulted in an increase of $149,000 in
interest  expense  for the  quarter  ended June 30, 2003 as compared to the same
period in 2002. For the six months ended June 30, 2003,  total interest  expense
increased  $228,000 or 9.9% to $2.5  million as compared to $2.3 million for the
six months ended June 30, 2002.  Included in interest  expense for the three and
six months ended June 30, 2003 is $91,000 and $96,000,  respectively, due to the
closing of an offering  of trust  preferred  securities  at the end of the first
quarter of 2003.  These increases in interest  expenses are due to higher levels
of  interest  bearing  liabilities  partially  offset by a lower  interest  rate
environment.

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

Non-interest  income increased 30.5% or $345,000 to $1.5 million for the quarter
ended June 30, 2003 as compared to $1.1 million for the  comparable  period last
year.  The  continued  favorable  interest  rate  environment  for borrowers has
resulted in the

                                       16
<PAGE>


maintenance of an historical  high level of mortgage  brokerage and referral fee
income.  Mortgage  brokerage  and referral fees  increased  43.2% or $290,000 to
$961,000  for the quarter  ended June 30,  2003 as compared to $671,000  for the
same period  last year.  Loan  processing  fees  increased  84.1% or $103,000 to
$225,000 for the quarter  ended June 30, 2003  compared to $122,000 for the same
period in 2002.  During the second  quarter of 2003  Bancorp  recorded  gains on
sales of  investment  securities  of  $183,000.  Included in the results for the
quarter  ended  June  30,  2002  is a  gain  of  $249,000  from  the  sale  of a
nonperforming loan.

For the six months ended June 30, 2003,  non-interest  income increased $844,000
or 42.3% to $2.8  million as  compared  to $2.0  million  for the same period in
2002.  Mortgage  brokerage and referral fees increased $567,000 or 42.7% to $1.9
million  for the six months  ended June 30,  2003 from $1.3  million for the six
months ended June 30, 2002.  Loan  processing  fees increased  63.5% or $157,000
from  $247,000  for the six months  ended June 30, 2002 to $404,000  for the six
months  ended  June 30,  2003.  The  favorable  interest  rate  environment  for
borrowers  cited  earlier  resulted in the  increases in mortgage  brokerage and
referral  fees and loan  processing  fees.  Included  in the results for the six
months  ended  June 30,  2003 are  gains on sales of  investment  securities  of
$308,000,  some of which is  attributable to a gain of $117,000 on an investment
security for which Bancorp recorded a write-down in 2001 made for the impairment
of a debt security due to the  deterioration  in the financial  condition of the
issuer;  in March 2003 Bancorp received the proceeds from a tender offer made by
the  issuer  at a  price  of  100%  of  par  for  the  above  security  under  a
comprehensive refinancing plan. Included in the results for the six months ended
June 30, 2002 is a gain of $249,000 from the sale of a nonperforming loan.

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

Non-interest  expenses  increased  24.9% or  $599,000  to $3.0  million  for the
quarter  ended June 30, 2003 from $2.4  million  for the quarter  ended June 30,
2002.  Salaries and  benefits  expense  increased  29.4%,  or $442,000,  to $1.9
million  for the quarter  ended June 30, 2003 from $1.5  million for the quarter
ended  June 31,  2002,  due  primarily  to  higher  levels  of  commissions  and
production  related  incentive  compensation  accruals,  as well as to  staffing
additions  made  for  the  opening  of two new  branch  offices.  Occupancy  and
equipment  expense,  net  increased  $85,000 or 35% to $328,000  for the quarter
ended June 30,  2003 from  $243,000  for the  quarter  ended  June 30,  2002 due
primarily  to  the   establishment  of  additional   branch   locations.   Other
non-interest  expenses  increased  $62,000 or 23.0% to $335,000  for the quarter
ended June 30, 2003 from  $273,000  for the quarter  ended June 30,  2002;  this
increase  is due to  increases  in  loan  processing  expenses  as a  result  of
increased loan volumes due to the low interest rate environment.

For the six months ended June 30, 2003,  non-interest  expenses  increased  $1.2
million or 26.5% to $5.9 million from $4.6 million for the same period last year
for similar reasons cited above. Salary and benefits expense increased $921,000;
occupancy and equipment

                                       17
<PAGE>


expense, net increased $94,000.  Other non-interest expenses increased $145,000;
$115,000 of this increase is due to increases in loan processing expenses.

Bancorp has  received  regulatory  approval to establish  an  additional  branch
location  which  will  result  in  additional  capital  expenditures  as well as
increases  in salaries  and  benefits  and  occupancy  and  equipment  expenses.
Management anticipates that this branch will open in the beginning of the fourth
quarter of 2003.

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

Bancorp  recorded  income tax expense of $227,000 for the quarter ended June 30,
2003 as compared to $163,000 for the quarter  ended June 30,  2002.  For the six
months  ended June 30,  2003,  income tax  expense  was  $460,000 as compared to
$274,000 for the same period last year.  These changes are related  primarily to
the change in pre-tax  income as well as to an increase in the  Connecticut  tax
rate.  The effective tax rates for the quarters ended June 30, 2003 and June 30,
2002 were 39.3% and 36.2%,  respectively;  the  effective  tax rates for the six
months ended June 30, 2003 and June 30, 2002 were 39.1% and 36.0%, respectively.

LIQUIDITY

Bancorp's  liquidity  ratio  was  37.0%  and  35.5% at June 30,  2003 and  2002,
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  and available for
sale  securities.  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 loan demand, potential fluctuations in
deposit  accounts,  the costs related to opening new branch  offices and to meet
other anticipated cash requirements.

CAPITAL

The following table illustrates  Bancorp's regulatory capital ratios at June 30,
2003 and December 31, 2002 respectively:

                                       June 30, 2003     December 31, 2002
                                       -------------     -----------------

    Leverage Capital ............           8.61%              6.99%
    Tier 1 Risk-based Capital....          11.25%              9.13%
    Total Risk-based Capital.....          13.34%             10.39%


                                       18
<PAGE>


The following table illustrates the Bank's regulatory capital ratios at June 30,
2003 and December 31, 2002 respectively:

                                       June 30, 2003     December 31, 2002
                                       -------------     -----------------

      Leverage Capital ........             8.96%              6.98%
      Tier 1 Risk-based Capital            11.71%              9.11%
      Total Risk-based Capital             12.95%             10.36%

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,  both Bancorp and the Bank are considered to be "well capitalized"
at   June   30,   2003   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%.

The increase in capital  ratios is due  primarily to the  formation in the first
quarter of 2003 of a statutory trust as indicated in Note 7.

IMPACT OF INFLATION AND CHANGING PRICES

Bancorp's  consolidated  financial  statements  have been  prepared  in terms of
historical dollars, without considering changes in the 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  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
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,

                                       19
<PAGE>


(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 effects
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 future filings with the SEC.


ITEM 3.  CONTROLS AND PROCEDURES

Based on an evaluation of the effectiveness of Bancorp's disclosure controls and
procedures  performed  by  Bancorp's  management,   with  the  participation  of
Bancorp's Chief Executive  Officer and its Chief Financial Officer as of the end
of the period  covered by this report,  Bancorp's  Chief  Executive  Officer and
Chief  Financial  Officer  concluded  that  Bancorp's  disclosure  controls  and
procedures have been effective.

As used herein,  "disclosure  controls and procedures"  means controls and other
procedures of Bancorp that are designed to ensure that  information  required to
be  disclosed  by Bancorp  in the  reports  that it files or  submits  under the
Securities Exchange Act is recorded, processed,  summarized and reported, within
the time  periods  specified  in the  Commission's  rules and forms.  Disclosure
controls and procedures  include,  without  limitation,  controls and procedures
designed to ensure that  information  required to be disclosed by Bancorp in the
reports  that  it  files  or  submits  under  the  Securities  Exchange  Act  is
accumulated and  communicated to Bancorp's  management,  including its principal
executive  and  principal  financial  officers,  or persons  performing  similar
functions,   as  appropriate  to  allow  timely  decisions   regarding  required
disclosure.

There were no changes in Bancorp's  internal  control over  financial  reporting
identified  in  connection  with  the  evaluation  described  in  the  preceding
paragraph that occurred during Bancorp's fiscal quarter ended June 30, 2003 that
has materially affected, or is reasonably likely to materially affect, Bancorp's
internal control over financial reporting.


                                       20
<PAGE>


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

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 17, 2003.

    (b)  Not  applicable  pursuant  to  Instruction  3 to  Item 4  of Part II of
         Form10-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:

         (i)  The election of eleven directors for the ensuing year:

                                                                        Withheld
                                                                    Authority to
                                                    For                 Vote For

         Angelo De Caro                         21,712,119               635,899
         Fred A. DeCaro, Jr.                    21,539,096               988,922
         John J. Ferguson                       21,737,419               610,599
         John A. Geoghegan                      21,737,419               610,599
         L. Morris Glucksman                    21,711,019               636,999
         Charles F. Howell                      21,713,219               634,799
         Michael Intrieri                       21,675,357               672,661
         Richard Naclerio                       21,734,119               613,899
         Robert F. O'Connell                    21,713,219               634,799
         Paul C. Settelmeyer                    21,675,952               671,066
         Philip W. Wolford                      21,711,624               636,394


         (ii)  The  consideration  of a proposal  to ratify the  appointment  of
               McGladrey & Pullen,  LLP as independent  auditors for Bancorp for
               the year ending December 31, 2003.

                        For                 Against            Abstain
                      2,026,983              2,955               1,700

    (d)  Not applicable.


                                       21
<PAGE>


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

         (a)    No.     Description
                ---     -----------

                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 Certification

         (b)  The issuer filed no reports on Form 8-K during the second  quarter
              of 2003.


                                       22
<PAGE>


                                   SIGNATURES

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

                                        PATRIOT NATIONAL BANCORP, INC.
                                        (Registrant)


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

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

August 13, 2003


                                       23