Company: PNBK
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001628280-25-040370
Chunk: 59

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 59
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 December 31, 2024:(In thousands)Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total June 30, 2025: U. S. Government agency and mortgage-backed securities$— $60,390 $— $60,390 Corporate bonds— 1,714 11,477 13,191 Subordinated notes— 3,544 — 3,544 SBA loan pools— 3,502 — 3,502 Municipal bonds— — — — Available-for-sale securities$— $69,150 $11,477 $80,627     Interest rate swap receivable$— $47 $— $47     Interest rate swap liability$— $47 $— $47 December 31, 2024: U. S. Government agency and mortgage-backed securities$— $60,223 $— $60,223 Corporate bonds— 1,612 11,123 12,735 Subordinated notes— 3,461 — 3,461 SBA loan pools— 3,573 — 3,573 Municipal bonds— — — — Available-for-sale securities$— $68,869 $11,123 $79,992     Interest rate swap receivable$— $83 $— $83     Interest rate swap liability$— $83 $— $83 As of June 30, 2025 and December 31, 2024, four corporate bonds were classified as Level 3 instruments. The fair values of these securities were determined using a present value approach. The discount rate assumed was determined based on unobservable inputs in a pricing model. During the three and six months ended June 30, 2025 and 2024, the Company had no transfers into or out of Levels 1, 2 or 3.The reconciliation of the beginning and ending balances during the three and six months ended June 30, 2025 and 2024 for Level 3 available-for-sale securities is as follows:Three Months Ended June 30,Six Months Ended June 30,(In thousands)2025202420252024Level 3 fair value, beginning of period$10