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

                                  FORM 10 - QSB

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

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

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

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

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

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


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

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

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




<PAGE>



                                Table of Contents

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

Item 1.   Consolidated Financial Statements                                 1

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

Part II
-------

Item 2    Changes in securities                                            13

Item 6    Exhibits and Reports on Form 8-K                                 14



<PAGE>



Item 1. Financial Statements

Patriot National Bancorp, Inc.
Consolidated Balance Sheets

<TABLE>
<CAPTION>

                                                          September 30,      December 31,
Assets                                                        2000              1999
                                                        ---------------------------------
                                                           Unaudited

<S>                                                     <C>               <C>
Cash and due from banks ............................    $   5,400,879     $   2,685,031
Federal funds sold .................................       21,000,000        18,900,000
Short-term investments-commercial paper ............             --          10,976,264
                                                        -------------------------------
          Cash and cash equivalents ................       26,400,879        32,561,295

Available for sale securities (at fair value) ......       20,678,389        19,984,309
Held to maturity securities ........................       12,298,939        12,301,485
Federal Reserve Bank stock .........................          457,900           410,700
Federal Home Loan Bank stock .......................          593,600           307,000
Loans receivable (net of allowance for loan losses
  of $1,633,603 in 2000 and $1,360,183 in 1999) ....      129,039,795       107,769,911
Accrued interest receivable ........................        1,268,175           980,777
Premises and equipment, net ........................          967,208           953,656
Deferred tax asset, net ............................          487,967           562,928

Goodwill(net of accumulated amortization of
   $151,176 in 2000 and $58,180 in 1999) ...........        1,084,952         1,177,948
Other assets (net of accumulated amortization of
   $19,616 in 2000 and $17,285 in 1999) ............          344,260           184,688
                                                        -------------------------------
     Total assets ..................................    $ 193,622,064     $ 177,194,697
                                                        ===============================

Liabilities and Shareholders' Equity

 Deposits

     Non-interest bearing deposits .................    $  17,113,001     $  12,630,926
     Interest bearing deposits .....................      159,067,980       150,115,428
                                                        -------------------------------
          Total deposits ...........................      176,180,981       162,746,354

Capital lease obligations ..........................          495,367           563,687
Collateralized borrowings ..........................          475,000           325,000
Accrued expenses and other liabilities .............          458,004           323,568
                                                        -------------------------------
          Total liabilities ........................      177,609,352       163,958,609
                                                        -------------------------------

Shareholders' equity
 Common stock, $2 par value;
 5,333,333 shares authorized; issued and outstanding
 2,400,375 shares in 2000 and 2,160,952 in 1999 ....        4,800,750         4,321,904
 Paid in capital ...................................       11,483,770         9,807,957
 Accumulated deficit ...............................         (138,400)         (635,331)
 Accumulated other comprehensive income - net
    unrealized loss on available for sale
     securities ....................................         (133,408)         (258,442)
                                                        -------------------------------
          Total shareholders' equity ...............       16,012,712        13,236,088
                                                        -------------------------------

          Total liabilities and shareholders' equity    $ 193,622,064     $ 177,194,697
                                                        ===============================
</TABLE>


See accompanying Notes to Consolidated Financial Statements



                                       1
<PAGE>


Patriot National Bancorp, Inc.
Consolidated Statements of Income
(unaudited)

<TABLE>
<CAPTION>

                                                                 Three months  Three months    Nine months    Nine months
                                                                    Ended          Ended          Ended          Ended
                                                                September 30,  September 30,  September 30,  September 30,
                                                                    2000           1999           2000           1999
                                                                ----------------------------------------------------------

Interest and Dividend Income

    <S>                                                         <C>            <C>            <C>            <C>
    Interest and fees on loans ..............................   $ 2,974,102    $ 1,995,469    $ 8,237,393    $ 5,049,345
    Interest and dividends on Investment securities .........       514,497        368,677      1,572,366      1,030,624
    Interest on federal funds sold ..........................       355,300        151,947        819,482        463,334
                                                                --------------------------------------------------------
                          Total interest and divided income       3,843,899      2,516,093     10,629,241      6,543,303
                                                                --------------------------------------------------------

Interest Expense

    Interest on deposits ....................................     2,107,567      1,131,857      5,691,098      2,885,580
    Interest on capital lease obligation ....................        17,540         21,520         54,681         64,434
    Interest expense on collateralized borrowings ...........        11,969              0         28,629              0
                                                                --------------------------------------------------------
                          Total interest expense                  2,137,076      1,153,377      5,774,408      2,950,014
                                                                --------------------------------------------------------
                          Net interest income                     1,706,823      1,362,716      4,854,833      3,593,289


Provision for Loan Losses ...................................        64,500        171,000        288,000        326,000
                                                                --------------------------------------------------------
       Net interest income after provision for loan losses ..     1,642,323      1,191,716      4,566,833      3,267,289
                                                                --------------------------------------------------------


Non-Interest Income

    Mortgage brokerage referral fees ........................       645,449        489,524      1,772,936        489,524
    Fees and service charges ................................        56,023         41,277        140,519        152,575
    Gains and origination fees from loans sold ..............        20,105         13,508         35,120         49,464
    Other income ............................................        25,615         54,263         53,948         98,818
                                                                --------------------------------------------------------
                          Total non-interest income                 747,192        598,572      2,002,523        790,381
                                                                --------------------------------------------------------

Non-Interest Expenses

    Salaries and benefits ...................................     1,093,932        819,914      3,221,646      1,752,484
    Occupancy and equipment expense, net ....................       224,884        125,471        626,115        330,845
    Professional services ...................................        97,380         76,698        240,611        171,893
    Advertising and promotional expenses ....................        75,883         95,311        248,863        237,351
    Forms, printing and supplies ............................        31,059         42,936        134,562        105,895
    Directors fees  and expenses ............................         1,072         23,200         50,672         74,840
    Data processing .........................................       131,173         77,969        439,825        180,478
    Regulatory assessments ..................................        21,557         13,935         61,427         38,518
    Insurance ...............................................        24,504          8,841         51,141         26,279
    Other operating expenses ................................       192,043        224,683        597,581        503,172
                                                                --------------------------------------------------------
                          Total non-interest expenses             1,893,487      1,508,958      5,672,443      3,421,755
                                                                --------------------------------------------------------

                          Income before income taxes                496,028        281,330        896,914        635,915

Provision for Income Taxes ..................................       214,829         20,001        399,982         23,086
                                                                --------------------------------------------------------
                                      Net income                $   281,199        261,329    $   496,931    $   612,829
                                                                ========================================================
                              Basic income per share            $      0.12    $      0.12    $      0.22    $      0.29
                                                                ========================================================
                              Diluted income per share          $      0.12    $      0.12    $      0.22    $      0.29
                                                                ========================================================
</TABLE>


See accompanying Notes to Consolidated Financial Statements.

                                        2
<PAGE>




Patriot National Bancorp, Inc.
Consolidated Statements of Comprehensive Income
(unaudited)

<TABLE>
<CAPTION>

                                                     Three months        Three months        Nine months         Nine months
                                                        Ended               Ended               Ended               Ended
                                                  September 30,2000   September 30,1999   September 30,2000   September 30,1999
                                                  -----------------------------------------------------------------------------


<S>                                                   <C>                 <C>                 <C>                 <C>
Net income ....................................       $ 281,199           $ 261,329           $ 496,931           $ 612,829

Unrealized holding gain( losses) on securities:
  Unrealized holding gains (losses) arising
    during the period, net of taxes ...........         267,694              (2,386)            125,034            (244,114)
 Less: Reclassification adjustment for
   gains included in net income ...............                                                                      42,031

                                                  -----------------------------------------------------------------------------
Comprehensive income ..........................       $ 548,893           $ 258,943           $ 621,965           $ 410,746
                                                  =============================================================================
</TABLE>


See accompanying Notes to Consolidated Financial Statements.




                                       3
<PAGE>



Consolidated  Statements of Cash Flows
Nine months ended  September 30, 2000 and 1999
(unaudited)

<TABLE>
<CAPTION>

                                                                        2000              1999
                                                                 -----------------------------------

Cash Flows from Operating Activities

    <S>                                                            <C>              <C>
    Net income .............................................       $    496,931     $    612,829
    Adjustments to reconcile net income to net cash provided
      by operating activites:
    Amortization and accretion of investment
     premiums and discounts, net ...........................             (8,013)         (15,721)
    Originations of loans held for sale ....................         (9,906,130)      (2,014,950)
    Proceeds from sales of loans held for sale .............          9,906,130        2,014,950
    Gain on sale of available for sale securities ..........               --             42,031
    Provision for loan losses ..............................            288,000          326,000
    Gain on sale of other real estate owned ................               --            (32,238)
    Depreciation and amortization ..........................            307,184          197,427
    Professional fees paid by issuance of common stock .....               --             20,222
    Directors' fees paid by issuance of common stock .......               --             55,044
    Changes in assets and liabilities:
     Increase in deferred loan fees ........................            188,423            5,202
     Increase in accrued interest receivable ...............           (287,398)        (270,755)
     (Increase) decrease in other assets ...................           (162,647)          19,890
     Increase (decrease) in accrued expenses and other
      liabilities ..........................................            134,436             (866)

                                                                 -----------------------------------
Net cash provided by operating activities ..................            956,916          959,065
                                                                 -----------------------------------

Cash Flows from Investing Activities

  Purchases of Federal Reserve Bank stock ..................            (60,750)        (170,700)
  Purchases of Federal Home Loan Bank stock ................           (286,600)            --
  Purchases of available for sale securities ...............         (3,000,000)     (10,478,433)
  Redemption of Federal Reserve Bank stock .................             13,550             --
  Proceeds from maturities of available for sale securities.               --            500,000
  Proceeds from sales of available for sale securities .....               --          6,350,708
  Purchases of held to maturity securities .................               --         (8,966,053)
  Proceeds from maturities of held to maturity securities ..               --            500,000
  Principal repayments on available for sale securities ....          2,518,209          461,468
  Net increase in loans ....................................        (21,746,307)     (32,826,784)
  Purchases of bank premises and equipment .................           (226,400)        (123,074)
  Recoveries on other real estate owned ....................               --             18,800
  Proceeds from the sale of other real estate owned ........               --             53,905
  Purchase of assets of mortgage company ...................               --           (167,269)
                                                                 -----------------------------------
Net cash used in investing activities ......................        (22,788,298)     (44,847,432)
                                                                 -----------------------------------

Cash Flows from Financing Activities

  Net increase in demand, savings and money market
   deposits ................................................         18,460,310        1,924,113

  Net (decrease) increase in time certificates of deposit ..         (5,025,683)      44,990,743
  Principal payments on capital lease obligation ...........            (68,320)         (59,569)
  Increase in collateralized borrowings ....................            150,000             --
  Proceeds from issuance of common stock ...................          2,154,659           10,095
                                                                 -----------------------------------
Net cash provided by financing activities ..................         15,670,966       46,865,382
                                                                 -----------------------------------

Net (decrease) increase in cash and cash equivalents .......         (6,160,416)       2,977,015

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

  Ending ...................................................       $ 26,400,879     $ 32,544,368
                                                                 ===================================
</TABLE>



See accompanying Notes to Consolidated Financial Statements





                                       4
<PAGE>



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

<TABLE>
<CAPTION>

                                                                            2000              1999
                                                                      ---------------------------------

Suppmental Disclosures of Cash Flow Information
Cash paid for:

     <S>                                                                 <C>              <C>
     Interest .................................................          $5,507,545       $2,950,014
                                                                         ===========================

     Income taxes .............................................          $  439,328       $   23,086
                                                                         ===========================

Supplemental Disclosures of Noncash Investing and
     Financing Activities

     Purchase of assets of mortgage company:

              Purchase price ..................................          $        0       $1,130,409
              Direct acquisition costs ........................                   0           17,269
                                                                         -------------  ------------
                                                                         $        0       $1,147,678
                                                                         =============  ============
      Fair value of asset acquired:

                Goodwill ......................................          $        0       $1,147,678
                                                                         ===========================

      Source of Funds

               Cash ...........................................          $        0       $  167,269
               Issuance of capital stock ......................                   0          980,409
                                                                         -------------  ------------
                                                                         $        0       $1,147,678
                                                                         =============  ============

      Accrued prior year director and professional fees settled
        in common stock .......................................          $        0       $   19,965
                                                                         =============  ============
</TABLE>


See accompanying Notes to Consolidated Financial Statements




                                       5
<PAGE>



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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

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

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

<TABLE>
<CAPTION>

Quarter ended September 30, 2000


                                                         Net Income       Shares         Amount
                                                         ----------       ------         ------

         Basic Income Per Share

           <S>                                            <C>            <C>            <C>
           Income available to common stockholders ...    $ 281,199      2,397,969      $   0.12
           Effect of Dilutive Securities
           Warrants and options outstanding ..........                      26,738
                                                          ---------      ---------      --------
         Diluted Income Per Share
           Income available to common stockholders
           plus assumed conversions ..................    $ 281,199      2,424,707      $   0.12
                                                          =========      =========      ========



Quarter ended September 30, 1999

                                                         Net Income       Shares         Amount
                                                         ----------       ------         ------

         Basic Income Per Share

           Income available to common stockholders ...    $ 261,329      2,198,757      $   0.12
           Effect of Dilutive Securities
           Warrants and options outstanding ..........                      39,495
                                                          ---------      ---------    ----------
         Diluted Income Per Share
           Income available to common stockholders
           plus assumed conversions ..................    $ 261,329      2,238,252      $   0.12
                                                          =========      =========    ==========
</TABLE>

                                        6
<PAGE>


<TABLE>
<CAPTION>

Nine months ended September 30, 2000
                                                         Net Income       Shares         Amount
                                                         ----------       ------         ------

Basic Income Per Share

  <S>                                                    <C>             <C>             <C>
  Income available to common stockholders ............   $ 496,931       2,242,244       $   0.22
  Effect of Dilutive Securities
  Warrants  and options outstanding ..................                      40,401
                                                         ---------       ---------       --------

Diluted Income Per Share
  Income available to common stockholders
  plus assumed conversions ...........................   $ 496,931       2,282,645       $   0.22
                                                         =========       =========       ========


Nine months ended September 30, 1999

                                                         Net Income       Shares         Amount
                                                         ----------       ------         ------


Basic Income Per Share

  Income available to common stockholders ............   $ 612,829       2,080,579       $   0.29
  Effect of Dilutive Securities
  Warrants  and options outstanding ..................                      27,016
                                                         ---------       ---------       --------
Diluted Income Per Share

       Income available to common stockholders
       plus assumed conversions ......................   $ 612,829       2,107,595       $   0.29
                                                         =========       =========       ========
</TABLE>




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

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

         Information  about reportable  segments,  and a reconciliation  of such
         information to the  consolidated  financial  statements for the quarter
         and nine-month periods as follows (in thousands):



                                        7


<PAGE>


<TABLE>
<CAPTION>

Nine months ended September 30, 2000                                     Elimination of
                                                               Mortgage   Intersegment    Consolidated
                                                    Bank        Broker       Revenue         Totals
                                                -------------------------------------------------------
        <S>                                      <C>           <C>          <C>            <C>
        Net interest income ............         $  4,855      $    -       $    -         $  4,855
        Non-interest income ............              194        1,932         (123)          2,003
        Non-interest expense ...........            3,772        1,900           -            5,672
        Provision for loan losses ......              288           -            -              288
        Income before taxes ............              865           32           -              897
        Assets .........................          193,544           78           -          193,622





Quarter ended September 30, 2000
                                                                         Elimination of
                                                               Mortgage   Intersegment    Consolidated
                                                    Bank        Broker       Revenue         Totals
                                                -------------------------------------------------------
        Net interest income ............         $  1,707      $    -       $    -          $ 1,707
        Non-interest income ............               65          805         (123)            747
        Non-interest expense ...........            1,196          697           -            1,893
        Provision for loan losses ......               65           -            -               65
        Income before taxes ............              388          108           -              496




Nine months ended September 30, 1999
                                                                         Elimination of
                                                               Mortgage   Intersegment    Consolidated
                                                    Bank        Broker       Revenue         Totals
                                                -------------------------------------------------------
        Net interest income ............         $  3,593      $    -       $    -          $ 3,593
        Non-interest income ............              295          495           -              790
        Non-interest expense ...........            3,124          298           -            3,422
        Provision for loan losses ......              326           -            -              326
        Income before taxes ............              444          192           -              636
        Assets .........................          150,659           -            -          150,659




Quarter ended September 30, 1999
                                                                         Elimination of
                                                               Mortgage   Intersegment    Consolidated
                                                    Bank        Broker       Revenue         Totals
                                                -------------------------------------------------------
        Net interest income ............         $  1,363      $    -       $    -          $ 1,363
        Non-interest income ............              104          495           -              599
        Non-interest expense ...........            1,211          298           -            1,509
        Provision for loan losses ......              171           -            -              171
        Income before taxes ............               89          192           -              281
</TABLE>



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



                                       8
<PAGE>




5.       During  the  quarter  ended  September  30,  2000,  Bancorp  issued  an
         aggregate of 27,673  shares of its $2 par value common stock  through a
         private placement offering.  The proceeds from the sale of these shares
         was $250,223

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  $281,000  ($0.12  basic  income per share and $0.12
diluted income per share) for the quarter ended September 30, 2000,  compared to
net income of $261,000  ($0.12 basic income per share and $0.12  diluted  Income
per share) for the quarter ended September 30, 1999. On a pre-tax basis,  income
increased 76.3% during the quarter ended September 30, 2000 compared to the same
period in 1999. For the nine- month period ended  September 30, 2000, net income
was $497,000 which  represents a decrease of  $116,000from  the $613,000  earned
during the nine-month  period ended September 30, 1999. During that same period,
however, pre-tax income increased 41%, from $636,000 to $897,000.

Total assets increased $16.4 million from $177.2 million at December 31, 1999 to
$193.6  million at September 30, 2000. The net loan  portfolio  increased  $21.2
million from $107.8  million at December 31, 1999 to $129.0 million at September
30,  2000.  Loan growth was funded  through  growth in deposits and the proceeds
from maturities of short-term  investments.  For the quarter ended September 30,
2000,  Bancorp  recorded a  provision  for loan losses of $65,000 as compared to
$171,000  for the  corresponding  period in 1999.  The decrease in the loan loss
provision  is due to  continued  strength  in the  credit  quality  of the  loan
portfolio  and  strong  local  economic  conditions.  During the  quarter  ended
September 30, 2000, there were no loan charge-offs as compared to net recoveries
from loans  charged  off of $10,000  during  the same  period in 1999.  Deposits
increased  $13.5  million  from $162.7  million at  December  31, 1999 to $176.2
million at September 30, 2000. Total Shareholder's Equity increased $2.8 million
to $16.0  million at  September  30, 2000.  The  increase  was due  primarily to
proceeds from the private  placement of the  Bancorp's  common stock on June 30,
2000.

FINANCIAL CONDITION

ASSETS

Bancorp's  total assets  increased $16.4 million from $177.2 million at December
31, 1999 to $193.6  million at  September  30, 2000.  Cash and cash  equivalents
decreased  $6.2 million at  September  30, 2000 as compared to December 31, 1999
due mainly to the maturity of $11 million of  short-term  investments.  Cash and
due from banks  increased  $2.7 million and federal  funds sold  increased  $2.1
million as compared to December 31, 1999.

LOANS

Bancorp's net loan  portfolio  increased  $21.2  million from $107.8  million at
December 31, 1999 to $129.0  million at September 30, 2000.  Construction  loans
increased $8.1 million,  commercial real estate loans increased $5.5 million and
home equity  loans  increased  $6.5  million,  reflecting  the strong local real
estate market. Commercial lines of credit increased $2.1 as Bancorp continues to
expand into small business lending.



                                       9
<PAGE>



Loan growth was funded  through  deposit  growth and the maturity of  short-term
investments.  At September 30, 2000, the net loan to deposit ratio was 73.2% and
the net loan to asset ratio was 66.6%.  At December  31,  1999,  the net loan to
deposit  ratio was 66.2%,  and the net loan to asset  ratio was  60.8%.  Bancorp
experienced  robust  loan demand  during the first nine months of 2000  although
management believes that loan growth will moderate somewhat during the remainder
of the year due to the higher interest rate environment.

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

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

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

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

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

     Balance at beginning of period                   $1,360             $785
                                                      -----------------------
     Charge-offs                                         (14)             (19)
     Recoveries                                            0               41
                                                      -----------------------
     Net (charge-offs) recoveries                        (14)              22
                                                      -----------------------
     Provision charged to operations                     288              326
                                                      -----------------------
     Balance at end of period                         $1,634           $1,133
                                                      =======================


     Ratio of net (charge-offs) recoveries
       during the period to average loans
       outstanding during the period                   (0.00%)           0.03%
                                                      =======           ======



                                       10
<PAGE>


NON-ACCRUAL, PAST DUE AND RESTRUCTURED LOANS

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

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

Loans delinquent over 90
    days still accruing               $  660            $  475
Non-accruing loans                     1,694                91
                                     -------------------------

                                      $2,354            $  566
                                     =========================

% of  Total  Loans                      1.80%           .52%
% of  Total Assets                      1.22%           .32%

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

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

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

DEPOSITS

Total deposits  increased $13.5 million from $162.7 million at December 31, 1999
to $176.2 million at September 30, 2000. Non-interest bearing deposits increased
by $4.5  million  due to higher  levels of  commercial  DDA  accounts.  Interest
bearing deposits increased $9.0 million from December 31, 1999.  Certificates of
deposit  decreased  $5.0  million as  Bancorp  did not  aggressively  price such
deposits in a rising rate  environment.  These deposits were replaced with $17.4
million in a new high yield checking account product,  as well as an increase in
NOW  accounts of $1.7  million as compared to December  31,  1999.  In addition,
savings accounts  decreased by $5.2 million resulting from a shift to high yield
checking accounts.

RESULTS OF OPERATIONS

INTEREST AND DIVIDEND INCOME AND EXPENSE

Bancorp's interest and dividend income increased 52.8%, or $1.3 million, for the
quarter  ended  September  30,  2000 over the  comparable  period in 1999.  This
increase  reflects a 44.1%  increase in the loan  portfolio over the past twelve
months.  The  rising  interest  rate  environment  also  was a  positive  factor
improving the yields on variable rate loans and overnight  investments.  For the
nine-month  period ended  September 30, 2000,  interest and dividend  income was
$10.6 million  representing a 62.4% increase over the comparable period in 1999.
Interest  earning asset growth and a higher interest rate environment were again
the cause of the increase.

Interest expense increased 85.3% to $2.1 million for the quarter ended September
30,2000  compared to the same period in 1999.  For the nine month  period  ended
September 30, 2000 interest  expense  increased $2.8 million,  or 95.7% from the
same  period  in  1999.   The  higher  funding  costs  reflect  an  increase  in
certificates of deposit of $31.9 million during the month of September 1999. The
impact of this growth for the 1999  reporting  periods is minimal,  but is fully
reflected in the cost of funds for 2000.



                                       11
<PAGE>




NON-INTEREST INCOME

Non-interest income increased $149,000 and $1.2 million,  respectively,  for the
three-month  and nine- month  periods  ended  September 30, 2000 compared to the
same  periods  in  1999.  The  increase  in  non-interest  income  is  primarily
attributed to the  acquisition of a mortgage  broker  operation  ("Pinnacle") in
June 1999, which offers mortgage brokerage services and generated  approximately
$645,000  in fee revenue in the third  quarter of 2000 and $1.8  million for the
nine months ended September 30,2000.  Mortgage brokerage fees increased $156,000
in the quarter ended September 30, 2000 compared to the comparable period in the
prior year due to a higher number of loan origination  employees in the mortgage
division resulting in increased volume.

NON-INTEREST EXPENSES

Non-interest  expenses  increased  from $1.5  million for the three months ended
September  30, 1999 to $1.9  million for the three months  ended  September  30,
2000. For the nine months ended September 30, 2000, non- interest  expenses were
$5.7 million,  which  represents an increase of $2.3 million over the comparable
period in 1999.  Salaries and  benefits  increased  $274,000  and $1.5  million,
respectively,   and  occupancy  and  equipment  expense  increased  $99,000  and
$295,000, respectively from the comparable periods in 1999. The overall increase
in  non-interest  expenses was due to the acquisition of Pinnacle as of June 30,
1999,  the opening of a bank branch  office in the fourth  quarter of 1999,  the
continued  expansion  of Pinnacle  including  the opening of a new office in the
first quarter of 2000, and the overall growth of the Bank.

INCOME TAXES

Bancorp recorded income tax expense of $215,000 and $400,000 for the three-month
and nine- month  periods  ended  September  30, 2000, as compared to $20,000 and
$23,000,  respectively,  for the same periods in 1999 when Bancorp  recognized a
benefit from the utilization of available net operating loss carry forwards.

LIQUIDITY

Bancorp's  liquidity  position was 25.12% and 29.83% at  September  30, 2000 and
1999,  respectively.  The liquidity ratio is defined as the percentage of liquid
assets to total assets.  The following  categories of assets as described in the
accompanying  consolidated balance sheets are considered liquid assets: cash and
due from banks, federal funds sold, short-term  investments,  available-for-sale
securities  and  held-to-maturity  securities  maturing  in one  year  or  less.
Liquidity is a measure of Bancorp's  ability to generate  adequate  cash to meet
financial   obligations.   The  principal  cash   requirements  of  a  financial
institution are to cover downward fluctuations in deposit accounts and increases
in its loan portfolio.  Management  believes  Bancorp's  short-term  assets have
sufficient  liquidity to cover loan demand,  potential  fluctuations  in deposit
accounts and to meet other anticipated cash requirements.

CAPITAL

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

                                              2000             1999
                                              ----             ----

Leverage Capital                              7.97%            7.21%
Tier 1 Risk-based Capital                     9.88%            8.91%
Total Risk-based Capital                     10.96%            9.90%

Capital  adequacy is one of the most  important  factors used to  determine  the
safety and soundness of individual  banks and the banking  system.  Based on the
above ratios, Bancorp believes that at September 30, 2000 it is



                                       12
<PAGE>




considered  to  be  "well  capitalized"  under  applicable  regulations.  To  be
considered  "well-capitalized,"  an  institution  must generally have a leverage
capital  ratio of at least 5%, a Tier 1 risk-based  capital ratio of at least 6%
and a total risk-based capital ratio of at least 10%.

At Bancorp's annual meeting held June 14, 2000,  shareholders approved a private
placement of up to $5 million of common stock. Bancorp intends to sell the stock
in one or more closings as the need arises.  The proceeds of the offerings  will
be used to provide the Bank with additional  capital  sufficient for the Bank to
continue to be "well capitalized" for regulatory purposes and the balance of the
net proceeds of the offering will be retained by Bancorp for working capital and
other general  corporate  purposes.  As of September 30, 2000, net proceeds from
the private placement aggregated $2.1 million.

IMPACT OF INFLATION AND CHANGING PRICES

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

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

Certain statements contained in Bancorp's public reports, including this report,
and in particular  in this  "Management's  Discussion  and Analysis of Financial
Condition  and Results of  Operation,"  may be forward  looking and subject to a
variety of risks and uncertainties.  These factors include,  but are not limited
to, (1) changes in  prevailing  interest  rates which would  affect the interest
earned  on  Bancorp's  interest  earning  assets  and the  interest  paid on its
interest bearing liabilities,  (2) the timing of repricing of Bancorp's interest
earning assets and interest  bearing  liabilities,  (3) the effect of changes in
governmental   monetary  policy,  (4)  the  effect  of  changes  in  regulations
applicable  to  Bancorp  and  the  conduct  of  its  business,  (5)  changes  in
competition  among  financial  service  companies,  including  possible  further
encroachment of non- banks on services  traditionally  provided by banks and the
impact of recently enacted federal  legislation,  (6) the ability of competitors
which are larger  than  Bancorp to provide  products  and  services  which it is
impracticable  for Bancorp to provide,  (7) the effect of  Bancorp's  opening of
branches,  and (8) the  effect  of any  decision  by  Bancorp  to  engage in any
business not  historically  permitted to it. Other such factors may be described
in Bancorp's filings with the SEC.

PART II - OTHER INFORMATION

Item 2.    Changes in Securities

       a.     Not applicable

       b.     Not applicable

       c.     During the quarter  ended  September 30, 2000,  Bancorp  issued an
              aggregate of 27,673  shares of its common  stock,  par value $2.00
              per  share  (the  "common  stock").  The  shares  were sold for an
              aggregate  selling  price of  approximately  $250,000 in a private
              placement  approved by the shareholders at the annual meeting held
              on June 14. These shares were issued in  transactions  exempt from
              the registration  requirements of the Securities Act of 1933 under
              rule 506 of  Regulation D under such act.  Each  purchaser of such
              shares  is an  Accredited  Investor  as such  term is  defined  in
              Regulation D.



                                       13
<PAGE>




       d.     Not applicable

Item 6.    Exhibits and Reports on Form 8-K

       a      Exhibits

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

                  27                            Financial Data Schedule

       b      Report on Form 8-K

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

                                   SIGNATURES

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

Patriot National Bancorp, Inc.

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


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

November 14, 2000



                                       14

<PAGE>


                                  EXHIBIT INDEX


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

        27                            Financial Data Schedule















                                       15