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 March 31, 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 April 30, 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                                    19

Part II       OTHER INFORMATION
-------

Item 2.       Changes in Securities                                      20

Item 6.       Exhibits and Reports on Form 8-K                           20

              CERTIFICATIONS                                             22



                                       2
<PAGE>



<TABLE>
<CAPTION>

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

Item 1.  Consolidated Financial Statements

PATRIOT NATIONAL BANCORP, INC
CONSOLIDATED BALANCE SHEETS
                                                                                March 31,    December 31,
                                                                                  2003           2002
                                                                              ------------   ------------
                                                                               (Unaudited)
ASSETS
<S>                                                                          <C>             <C>
Cash and due from banks....................................................  $   3,243,644   $  5,385,757
Federal funds sold ........................................................     11,200,000      3,000,000
Short term investments ....................................................     10,118,640      3,348,968
                                                                              ------------   ------------
     Cash and cash equivalents ............................................     24,562,284     11,734,725

Available for sale securities (at fair value) .............................     49,538,270     60,618,366
Federal Reserve Bank stock ................................................        481,050        481,050
Federal Home Loan Bank stock ..............................................      1,077,300        621,300
Loans receivable (net of allowance for loan losses: 2003 $2,536,675;
     2002 $2,372,454) .....................................................    177,292,052    170,794,939
Accrued interest receivable ...............................................      1,229,637      1,311,453
Premises and equipment, net ...............................................        879,365        789,197
Deferred tax asset, net ...................................................        867,769        754,696
Goodwill ..................................................................        930,091        930,091
Other assets ..............................................................        774,162        460,936
                                                                              ------------   ------------
         Total assets......................................................  $ 257,631,980   $248,496,753
                                                                              ============   ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
     Deposits:
         Noninterest bearing deposits .....................................  $  22,909,178   $ 25,519,809
         Interest bearing deposits ........................................    196,141,472    192,391,451
                                                                              ------------   ------------
              Total deposits ..............................................    219,050,650    217,911,260
     Securities sold under agreements to repurchase .......................      5,700,000      5,700,000
     Federal Home Loan Bank borrowings ....................................      4,000,000      4,000,000
     Trust preferred securities ...........................................      8,000,000           --
     Capital lease obligation .............................................        210,161        243,231
     Collateralized borrowings ............................................        324,444        349,444
     Accrued expenses and other liabilities ...............................      1,679,566      1,747,863
                                                                              ------------   ------------
              Total liabilities ...........................................    238,964,821    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 ....................................................      1,993,650      1,688,158
     Accumulated other comprehensive income - net unrealized
         gain on available for sale securities, net of tax ................        386,610        571,098
                                                                              ------------   ------------
              Total shareholders' equity ..................................     18,667,159     18,544,955
                                                                              ------------   ------------
              Total liabilities and shareholders' equity...................  $ 257,631,980   $248,496,753
                                                                              ============   ============
</TABLE>

See accompanying notes to consolidated financial statements.



                                       3
<PAGE>

<TABLE>
<CAPTION>


PATRIOT NATIONAL BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
                                                                   Three Months Ended
                                                                        March 31,
                                                                   2003          2002
                                                               -------------------------
<S>                                                            <C>           <C>
Interest and Dividend Income
     Interest and fees on loans ............................   $ 2,898,001   $ 2,385,004
     Interest and dividends on investment securities .......       524,215       505,614
     Interest on federal funds sold ........................        11,000        41,687
                                                               -----------   -----------
         Total interest and dividend income ................     3,433,216     2,932,305
                                                               -----------   -----------
Interest Expense
     Interest on deposits ..................................     1,061,893     1,147,354
     Interest on securities sold under agreements
         to repurchase .....................................        29,632          --
     Interest on Federal Home Loan Bank borrowings .........        47,950           352
     Interest on trust preferred securities ................         4,901          --
     Interest on capital lease obligation ..................         7,930        12,129
     Interest on collateralized borrowings .................         3,995         5,920
                                                               -----------   -----------
         Total interest expense ............................     1,156,301     1,165,755
                                                               -----------   -----------
         Net interest income ...............................     2,276,915     1,766,550
Provision for Loan Losses ..................................       165,000        74,000
                                                               -----------   -----------
         Net interest income after provision for loan losses     2,111,915     1,692,550
                                                               -----------   -----------
Non-Interest Income
     Mortgage brokerage referral fees ......................       932,783       656,042
     Loan processing fees ..................................       178,346       124,798
     Fees and service charges ..............................        70,427        72,845
     Gain (loss) on sale of investment securities ..........       125,165       (31,275)
     Other income ..........................................        35,870        21,406
                                                               -----------   -----------
         Total non-interest income .........................     1,342,591       843,816
                                                               -----------   -----------
Non-Interest Expenses
     Salaries and benefits .................................     1,887,589     1,408,351
     Occupancy and equipment expense, net ..................       270,424       262,069
     Data processing and other outside services ............       192,236       170,532
     Professional services .................................        89,667        70,838
     Advertising and promotional expenses ..................        69,322        56,996
     Forms, printing and supplies ..........................        44,078        36,902
     Regulatory assessments ................................        27,125        24,324
     Directors' fees and expenses ..........................        29,162        24,200
     Other non-interest expenses ...........................       246,393       172,371
                                                               -----------   -----------
         Total non-interest expenses .......................     2,855,996     2,226,583
                                                               -----------   -----------
         Income before income taxes ........................       598,510       309,783

Provision for Income Taxes .................................       233,000       111,000
                                                               -----------   -----------
         Net income ........................................   $   365,510   $   198,783
                                                               ===========   ===========
         Basic income per share ............................   $      0.15   $      0.08
                                                               ===========   ===========
         Diluted income per share ..........................   $      0.15   $      0.08
                                                               ===========   ===========
         Dividends per share ...............................   $     0.025   $     0.020
                                                               ===========   ===========
</TABLE>

See accompanying notes to consolidated financial statements



                                       4
<PAGE>

<TABLE>
<CAPTION>


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

                                                                             Three Months  Ended
                                                                                   March 31,
                                                                              2003         2002
                                                                         ---------------------------

<S>                                                                        <C>          <C>
     Net income:........................................................   $ 365,510    $ 198,783

     Unrealized holding losses on securities:
       Unrealized holding losses arising
         during the period, net of taxes ...............................    (184,488)    (152,447)
                                                                           ---------    ---------


         Comprehensive income ..........................................   $ 181,022    $  46,336
                                                                           =========    =========
</TABLE>


































See accompanying notes to consolidated financial statements.



                                       5
<PAGE>

<TABLE>
<CAPTION>


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

                                                                                       Three Months Ended
                                                                                           March  31,
                                                                                      2003            2002
                                                                                 -----------------------------
<S>                                                                              <C>             <C>
Cash Flows from Operating Activities
          Net income .........................................................   $    365,510    $    198,783
          Adjustments to reconcile net income to net cash
          provided by operating activities:
          Amortization and accretion of investment premiums and discounts, net         94,816         (15,529)
          Originations of loans held for sale ................................           --          (208,000)
          Proceeds from sales of loans held for sale .........................           --           208,000
          Provision for loan losses ..........................................        165,000          74,000
          (Gain) loss on sale of investment securities .......................       (125,165)         31,275
          Depreciation and amortization ......................................         86,386         106,611
          Loss on disposal of bank premises and equipment ....................          2,037            --
          Changes in assets and liabilities:
              Decrease in deferred loan fees .................................        (10,283)         (2,026)
              Decrease in accrued interest receivable ........................         81,816         104,398
              Increase in other assets .......................................       (313,226)       (234,167)
              Decrease in accrued expenses and other liabilities .............        (68,297)        (86,568)
                                                                                 ------------    ------------
              Net cash provided by operating activities ......................        278,594         176,777
                                                                                 ------------    ------------
     Cash Flows from Investing Activities
          Purchases of available for sale securities .........................           --       (10,059,531)
          Proceeds from sales of available for sale securities ...............      3,840,709      10,369,844
          Principal repayments on available for sale securities ..............      4,972,173       1,428,113
          Proceeds from maturities of available for sale securities ..........      2,000,000       1,000,000
          Purchase of Federal Home Loan Bank Stock ...........................       (456,000)         (3,400)
          Net (increase) decrease in loans ...................................     (6,651,830)      4,562,766
          Purchases of bank premises and equipment ...........................       (185,489)        (39,021)
          Proceeds from sale of bank premises and equipment ..................          6,900            --
                                                                                 ------------    ------------
              Net cash provided by investing activities ......................      3,526,463       7,258,771
                                                                                 ------------    ------------
     Cash Flows from Financing Activities
          Net decrease in demand, savings and money market deposits ..........     (3,180,504)     (2,057,291)
          Net increase in time certificates of deposits ......................      4,319,894         622,017
          Increase in FHLB borrowings ........................................           --         1,965,000
          Proceeds from issuance of trust preferred securities ...............      8,000,000            --
          Principal payments on capital lease obligation .....................        (33,070)        (28,871)
          Decrease in collateralized borrowings ..............................        (25,000)        (50,000)
          Dividends paid on common stock .....................................        (60,018)        (48,011)
          Proceeds from issuance of common stock .............................          1,200            --
                                                                                 ------------    ------------
              Net cash provided by financing activities ......................      9,022,502         402,844
                                                                                 ------------    ------------
              Net increase in cash and cash equivalents ......................     12,827,559       7,838,392
</TABLE>







                                       6
<PAGE>

<TABLE>
<CAPTION>


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

                                                                                         Three Months Ended
                                                                                              March  31,
                                                                                         2003           2002
                                                                                    ----------------------------

<S>                                                                                    <C>            <C>
Cash and cash equivalents
          Beginning ..............................................................     11,734,725     27,032,811
                                                                                     ------------   ------------
          Ending .................................................................   $ 24,562,284   $ 34,871,203
                                                                                     ============   ============

     Supplemental Disclosures of Cash Flow Information
          Cash paid for:
              Interest............................................................   $  1,151,523   $  1,199,407
                                                                                     ============   ============
              Income Taxes........................................................   $     60,014   $     52,995
                                                                                     ============   ============

     Supplemental disclosure of noncash investing and financing activities:

          Unrealized holding loss on available for sale
              securities arising during the period................................   $   (297,561)  $   (255,229)
                                                                                     ============   ============

          Accrued dividends declared on common stock..............................   $     60,018   $     48,011
                                                                                     ============   ============
     </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
         adjustments,  consisting of normal recurring accruals, necessary for a
         fair presentation of the results of the interim periods presented. The
         results of  operations  for the three  months ended March 31, 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 months ended March 31, 2003 and 2002.
<TABLE>
<CAPTION>

         Quarter ended March 31, 2003
                                                    Net Income     Shares     Amount
                                                    ---------------------------------
<S>                                                  <C>         <C>         <C>
         Basic Income Per Share
           Income available to common shareholders   $ 365,510   2,400,725   $   0.15
         Effect of Dilutive Securities
           Warrants/Stock Options outstanding ....        --        36,834       --
                                                     ---------   ---------   --------
         Diluted Income Per Share
           Income available to common shareholders
           plus assumed conversions ..............   $ 365,510   2,437,559   $   0.15
                                                     =========   =========   ========
</TABLE>




                                       8
<PAGE>

<TABLE>
<CAPTION>



         Quarter ended March 31, 2002
                                                    Net Income     Shares     Amount
                                                    ---------------------------------
<S>                                                  <C>         <C>         <C>
         Basic Income Per Share
           Income available to common shareholders   $ 198,783   2,400,525   $   0.08
         Effect of Dilutive Securities
           Warrants/Stock Options outstanding ....        --        24,831    --
                                                     ---------   ---------   --------
         Diluted Income Per Share
           Income available to common shareholders
           plus assumed conversions ..............   $ 198,783   2,425,356   $   0.08
                                                     =========   =========   ========
</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.

         Information  about  reportable  segments and a  reconciliation  of such
         information  to the  consolidated  financial  statements  for the three
         months ended March 31, 2003 and 2002 is as follows (in thousands):

         Quarter ended March 31, 2003

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

         Net interest income .........   $  2,277   $   --     $  2,277
         Non-interest income .........        243      1,100      1,343
         Non-interest expense ........      1,970        886      2,856
         Provision for loan losses ...        165       --          165
         Income before taxes .........        385        214        599
         Assets ......................    256,550      1,082    257,632



                                       9
<PAGE>



         Quarter ended March 31, 2002

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

         Net interest income .........   $  1,767   $   --     $  1,767
         Non-interest income .........         40        804        844
         Non-interest expense ........      1,590        637      2,227
         Provision for loan losses ...         74       --           74
         Income before taxes .........        143        167        310
         Assets ......................    201,904      1,028    202,932


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

(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>

                                                                                          2003
                                                                          ------------------------------------
                                                                          Before-Tax                Net-of-Tax
                                                                              Amount       Taxes        Amount
                                                                          ------------------------------------
         <S>                                                              <C>          <C>          <C>
         Unrealized holding loss arising
            during the period .........................................   $(172,396)   $  65,510    $(106,886)
         Less reclassification adjustment
            for gains recognized in income ............................    (125,165)      47,563      (77,602)
                                                                          ---------    ---------    ---------
         Unrealized holding loss on available
             for sale securities, net of taxes ........................   $(297,561)   $ 113,073    $(184,488)
                                                                          =========    =========    =========


                                                                                          2002
                                                                          ------------------------------------
                                                                          Before-Tax                Net-of-Tax
                                                                              Amount       Taxes        Amount
                                                                          ------------------------------------
         Unrealized holding loss arising
              during the period .......................................   $(286,503)   $ 115,375    $(171,128)
         Add reclassification adjustment
              for losses recognized in income .........................      31,275      (12,594)      18,681
                                                                          ---------    ---------    ---------
         Unrealized holding loss on available
              for sale securities, net of taxes .......................   $(255,228)   $ 102,781    $(152,447)
                                                                          =========    =========    =========
</TABLE>










                                       10
<PAGE>



(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.





























                                       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  $366,000  ($0.15  basic  income per share and $0.15
diluted income per share) for the quarter ended March 31, 2003,  compared to net
income of $199,000  ($0.08 basic income per share and $0.08  diluted  income per
share) for the quarter ended March 31, 2002.

Total assets  increased $9.1 million from $248.5 million at December 31, 2002 to
$257.6  million at March 31, 2003.  Cash and cash  equivalents  increased  $12.8
million to $24.5  million at March 31, 2003 from $11.7  million at December  31,
2002. The available for sale  securities  portfolio  decreased  $11.1 million to
$49.5 million at March 31, 2003 from $60.6 million at December 31, 2002. The net
loan  portfolio  increased $6.5 million from $170.8 million at December 31, 2002
to $177.3 million at March 31, 2003.  Deposits  increased $1.1 million to $219.0
million at March 31,  2003 from  $217.9  million at  December  31,  2002.  Total
shareholders'  equity increased $122,000 to $18.7 million at March 31, 2003 from
$18.5 million at December 31, 2002.

FINANCIAL CONDITION

Assets

Bancorp's  total assets  increased  $9.1 million from $248.5 million at December
31,  2002 to  $257.6  million  at March  31,  2003.  Cash  and cash  equivalents
increased  $12.8 million to $24.5  million at March 31, 2003.  Cash and due from
banks  decreased  $2.1 million;  federal funds sold  increased  $8.2 million and
short term  investments  increased $6.8 million.  The increases in federal funds
sold and short term  investments  is due  primarily to the closing at the end of
March of the trust preferred  securities  offering of $8.0 million;  these funds
were  reinvested  in  mortgage  backed  securities  in the  beginning  of April.
Available  for  sale  securities   decreased  $11.1  million  due  to  principal
repayments on mortgage  backed  securities,  redemptions  and calls on bonds and
money  market  preferred  equities,  as  well  as  the  sale  of a  mutual  fund
investment.




                                       12
<PAGE>



Loans

Bancorp's  net loan  portfolio  increased  $6.5 million  from $170.8  million at
December 31, 2002 to $177.3  million at March 31, 2003.  Increases in commercial
loans of $2.3  million,  construction  loans of $2.5  million,  commercial  real
estate of $1.2  million and home equity  loans of $1.2  million  were  partially
offset by decreases in residential  real estate loans of $1.1 million.  At March
31,  2003,  the net loan to  deposit  ratio  was 80.9% and the net loan to total
assets ratio was 68.8%.  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.

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



                                       13
<PAGE>



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
$2.5  million  at  March  31,  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
                                                             March 31,
         (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 ...........       165          74
                                                       -------     -------
         Balance at end of period ..................   $ 2,537     $ 1,978
                                                       =======     =======
         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:

                                       March 31,  December 31,
         (Thousands of dollars)          2003        2002
         -----------------------------------------------------
         Loans delinquent over 90
                  days still accruing   $  846      $1,172
         Non-accruing loans .........      150         201
                                        ------      ------

         Total ......................   $  996      $1,373
                                        ======      ======

         % of Total Loans ...........     0.55%       0.79%
         % of Total Assets ..........     0.39%       0.56%

Potential Problem Loans

At March 31, 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 $1.1 million from $217.9 million at December 31, 2002
to $219.0 million at March 31, 2003. Noninterest bearing deposits decreased $2.6
million due  primarily to lower  levels of volatile  commercial  demand  deposit
accounts.  Interest bearing deposits  increased $3.7 million.  Money market fund
accounts and  certificates  of deposit  increased $2.4 million and $4.3 million,
respectively.  NOW accounts and savings accounts decreased $1.4 million and $1.6
million, respectively.

Trust Preferred Securities

As indicated in Note 7, the Company  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.

RESULTS OF OPERATIONS

Interest and dividend income and expense

Bancorp's  interest  and  dividend  income  increased  $501,000 or 17.1% for the
quarter  ended March 31,  2003 as compared to the same period in 2002.  Interest
and fees on loans



                                       15
<PAGE>



increased  21.5% or $513,000  from $2.4 million for the quarter  ended March 31,
2002 to $2.9 million for the quarter ended March 31, 2003;  this increase is the
result of the  increase  in the loan  portfolio  despite a lower  interest  rate
environment.

Bancorp's  interest expense decreased 0.8% or $9,000 for the quarter ended March
31, 2003 as compared to the same period in 2002.  Increases in interest  bearing
deposits  and  borrowings  were  offset by a lower  interest  rate  environment.
Included  in  interest  expense  for the three  months  ended March 31, 2003 was
$48,000  relating to FHLB Advances,  $30,000  relating to securities  sold under
agreements to repurchase  transactions entered into during the second quarter of
2002, and $5,000 relating to the placement of trust preferred  securities at the
end of the first quarter of 2003.

Non-interest income

Non-interest  income increased 59.1% or $499,000 to $1.3 million for the quarter
ended March 31, 2003 as compared  to  $844,000  for the  comparable  period last
year.  The  continued  favorable  interest  rate  environment  for borrowers has
resulted  in the  maintenance  of an  historical  high  mortgage  brokerage  and
referral fees.  Mortgage brokerage and referral fees increased 42.2% or $277,000
to $933,000 for the quarter ended March 31, 2003 as compared to $656,000 for the
same  period  last year.  Loan  processing  fees  increased  42.9% or $53,000 to
$178,000 for the quarter  ended March 31, 2003 compared to $125,000 for the same
period in 2002. During the first quarter of 2003 Bancorp recorded gains on sales
of investment  securities of $125,000 as compared to a loss of $31,000  recorded
in the first  quarter of 2002.  Included in the results for the first quarter of
2003 is a gain of $117,000 on an investment  security for which Bancorp recorded
a write-down in 2001 made for the permanent 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.


Non-interest expenses

Non-interest  expenses  increased  28.3% or  $629,000  to $2.9  million  for the
quarter  ended March 31, 2003 from $2.2 million for the quarter  ended March 31,
2002.  Salaries and  benefits  expense  increased  34.0%,  or $479,000,  to $1.9
million for the quarter  ended March 31, 2003 from $1.4  million for the quarter
ended  March 31,  2002,  due  primarily  to higher  levels  of  commissions  and
production related incentive compensation accruals.  Other non-interest expenses
increased $74,000 or 42.9% to $246,000 for the quarter ended March 31, 2003 from
$172,000 for the quarter  ended March 31, 2002;  $50,000 of this increase is due
to increases in loan  processing  expenses as a result of increased loan volumes
due to the low interest rate environment.



                                       16
<PAGE>



Bancorp has received  regulatory  approval to establish three additional  branch
locations  which  will  result in  additional  capital  expenditures  as well as
increases in salaries and benefits and  occupancy and  equipment  expenses.  The
first of the three branches opened in April 2003;  management  anticipates  that
the second branch will open in the second  quarter of 2003, and the third branch
in the third quarter of 2003.

Income Taxes

Bancorp  recorded income tax expense of $233,000 for the quarter ended March 31,
2003 as compared to $111,000 for the quarter  ended March 31, 2002.  This change
is related  primarily to the change in pre-tax  income.  The effective tax rates
for the quarters ended March 31, 2003 and March 31, 2002 were 38.9% and 35.8%.

LIQUIDITY

Bancorp's  liquidity  ratio was  28.8%  and  32.8% at March  31,  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 March 31,
2003 and December 31, 2002 respectively:

                                              March 31, 2003   December 31, 2002
                                              --------------   -----------------

     Leverage Capital .......................          9.50%             6.99%
     Tier 1 Risk-based Capital ..............         11.92%             9.13%
     Total Risk-based Capital ...............         14.14%            10.39%

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

                                              March 31, 2003   December 31, 2002
                                              --------------   -----------------

     Leverage Capital .......................          9.85%             6.98%
     Tier 1 Risk-based Capital ..............         12.38%             9.11%
     Total Risk-based Capital ...............         13.63%            10.36%



                                       17
<PAGE>



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  March   31,   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,  (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.





                                       18
<PAGE>



Item 3.  Controls and Procedures

Based on an evaluation of Bancorp's disclosure controls and procedures performed
by Bancorp's Chief Executive  Officer and its Chief Financial  Officer within 90
days of the filing of 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 rules and forms issued by the  Securities and
Exchange  Commission.   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  officer  or  officers  and  its  principal
financial  officer or officers,  or persons  performing  similar  functions,  as
appropriate to allow timely decisions regarding required disclosure.

Since the date of the  evaluation  described  above,  there were no  significant
changes  in  Bancorp's   internal  controls  or  in  other  factors  that  could
significantly  affect these controls,  and there were no corrective actions with
regard to significant deficiencies and material weaknesses.





















                                       19
<PAGE>



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

Item 2.  Changes in Securities

     (a)  Not applicable

     (b)  Not applicable

     (c)  On January 2, 2003, Bancorp issued 200 shares of its Common Stock upon
          exercise of certain  warrants  that were  granted by Patriot  National
          Bank (the  "Bank")  in 1994 in  connection  with its  organization  to
          persons who assisted the Bank in meeting its pre-opening expenses. The
          exercise price per share of these warrants is $6.00.  The  obligations
          under  these  warrants  were  assumed  by Bancorp at the time the Bank
          became a wholly owned subsidiary of Bancorp.

          The total amount  received by Bancorp for these shares was $1,200.  No
          underwriter  was used in connection  with the sale of these 200 shares
          nor were any  underwriting  discounts  or  commissions  paid.  Bancorp
          claims an  exemption  from  registration  for the sale of these shares
          under Rule 504 under the Securities Act of 1933, on the basis that the
          aggregate exercise price for all of the warrants issued to individuals
          involved in the organization of the Bank is less than $1,000,000.

     (d)  Not applicable

Item 6.  Exhibits and Reports on Form 8-K

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


          99   Certification  of Chief  Executive  Officer  and Chief  Financial
               Officer  Pursuant to 18 U.S.C.  Section 1350, as Adopted Pursuant
               to Section 906 of the Sarbanes-Oxley Act of 2002.

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



                                       20
<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)

May 14, 2003
















                                       21
<PAGE>



                                  CERTIFICATION
                           BY CHIEF EXECUTIVE OFFICER
                             PURSUANT TO RULE 13A-14

I, Angelo De Caro, certify that:

1. I have  reviewed  this  quarterly  report on Form 10-QSB of Patriot  National
Bancorp, Inc;

2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.  The  registrant's  other  certifying  officer  and  I  are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

     (a)  designed  such  disclosure  controls  and  procedures  to ensure  that
material  information  relating to the  registrant,  including its  consolidated
subsidiary,  is made known to us by others within those  entities,  particularly
during the period in which this quarterly report is being prepared;

     (b) evaluated the effectiveness of the registrant's disclosure controls and
procedures  as of a date  within  90  days  prior  to the  filing  date  of this
quarterly report (the "Evaluation Date"); and

     (c)  presented  in  this  quarterly   report  our  conclusions   about  the
effectiveness of the disclosure  controls and procedures based on our evaluation
as of the Evaluation Date;

5. The registrant's other certifying officer and I have disclosed,  based on our
most recent evaluation,  to the registrant's auditors and the Audit Committee of
the  registrant's  Board of  Directors  (or persons  performing  the  equivalent
functions):

     (a) all  significant  deficiencies  in the design or  operation of internal
controls  which  could  adversely  affect  the  registrant's  ability to record,
process,  summarize  and  report  financial  data  and have  identified  for the
registrant's auditors any material weaknesses in internal controls; and



                                       22
<PAGE>



     (b) any fraud,  whether or not material,  that involves management or other
employees who have a significant role in the registrant's internal controls; and

6. The  registrant's  other  certifying  officer  and I have  indicated  in this
quarterly report whether there were any significant changes in internal controls
or in other factors that could significantly affect internal controls subsequent
to the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.

                                           /s/ Angelo De Caro
                                          ------------------------------------
                                          Angelo De Caro,
                                          Chairman and Chief Executive Officer
                                          (Principal executive officer)


May 14, 2003


















                                       23
<PAGE>



                                  CERTIFICATION
                           BY CHIEF FINANCIAL OFFICER
                             PURSUANT TO RULE 13A-14

I, Robert F. O'Connell, certify that:

1. I have  reviewed  this  quarterly  report on Form 10-QSB of Patriot  National
Bancorp, Inc;

2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.  The  registrant's  other  certifying  officer  and  I  are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

     (a)  designed  such  disclosure  controls  and  procedures  to ensure  that
material  information  relating to the  registrant,  including its  consolidated
subsidiary,  is made known to us by others within those  entities,  particularly
during the period in which this quarterly report is being prepared;

     (b) evaluated the effectiveness of the registrant's disclosure controls and
procedures  as of a date  within  90  days  prior  to the  filing  date  of this
quarterly report (the "Evaluation Date"); and

     (c)  presented  in  this  quarterly   report  our  conclusions   about  the
effectiveness of the disclosure  controls and procedures based on our evaluation
as of the Evaluation Date;

5. The registrant's other certifying officer and I have disclosed,  based on our
most recent evaluation,  to the registrant's auditors and the Audit Committee of
the  registrant's  Board of  Directors  (or persons  performing  the  equivalent
functions):

     (a) all  significant  deficiencies  in the design or  operation of internal
controls  which  could  adversely  affect  the  registrant's  ability to record,
process,  summarize  and  report  financial  data  and have  identified  for the
registrant's auditors any material weaknesses in internal controls; and



                                       24
<PAGE>



     (b) any fraud,  whether or not material,  that involves management or other
employees who have a significant role in the registrant's internal controls; and

6. The  registrant's  other  certifying  officer  and I have  indicated  in this
quarterly report whether there were any significant changes in internal controls
or in other factors that could significantly affect internal controls subsequent
to the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.

                                           /s/ Robert F. O'Connell
                                          -------------------------------
                                          Robert F. O'Connell,
                                          Senior Executive Vice President
                                          (Principal financial officer)


May 14, 2003








                                       25