Company: PNBK
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001628280-25-040370
Chunk: 5

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 5
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Six Months Ended June 30, 2024(In thousands, except shares)Number of SharesCommonStockAccumulatedDeficitAccumulated Other Comprehensive LossTotalBalance at January 1, 20243,976,073 $106,670 $(47,026)$(15,261)$44,383 Comprehensive loss:      Net loss— — (3,380)— (3,380)Unrealized holding loss on available-for-sale securities, net of tax— — — (541)(541)Total comprehensive loss— — (3,380)(541)(3,921)Share-based compensation expense— 65 — — 65 Balance at June 30, 20243,976,073 $106,735 $(50,406)$(15,802)$40,527 

See Accompanying Notes to Consolidated Financial Statements.

7

PATRIOT NATIONAL BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) 

(In thousands)Six Months Ended June 30,20252024Cash Flows from Operating Activities:Net loss$(7,778)$(3,380)Adjustments to reconcile net loss to net cash (used in) provided by operating activities:Accretion of investment premiums and discounts, net(77)(68)Amortization and accretion of purchase loan premiums and discounts, net(21)76 Amortization of debt issuance costs106 88 Amortization of core deposit intangible24 24 Amortization of servicing assets of sold SBA loans68 140 Provision for credit losses2,257 3,750 Depreciation and amortization534 557 Loss on sales of available-for-sale securities— 24 Gain on sale of premises and equipment(1)(3)Share-based compensation1,296 65 Increase in deferred tax assets— (906)Decrease in deferred tax liabilities(48)— Originations of loans held for sale, net(406,732)(274,325)Proceeds from sale of loans held for sale403,450 280,134 Loss (gain) on sale of loans, net916 (321)Write-down of other real estate owned253 — Changes in assets and liabilities:  Decrease in accrued interest and dividends receivable564 767 Decrease