Company: PNBK
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025485
Chunk: 182

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 182
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18.46 %CRE office50,657 12.62 %55,900 13.33 %CRE retail46,484 11.58 %46,946 11.19 %Other CRE non-owner occupied149,262 37.19 %155,266 37.01 %Total $401,403 100.00 %$419,489 100.00 %

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The following table provides the commercial real estate loan portfolio segment by geographic concentrations as of March 31, 2025 and December 31, 2024:

(In thousands)March 31, 2025December 31, 2024Amount%Amount%New York$198,670 49.49 %$208,093 49.61 %Connecticut95,089 23.69 %98,342 23.44 %New Jersey24,416 6.08 %26,861 6.40 %Outside Market (1)83,228 20.73 %86,193 20.55 %Total Commercial Real Estate$401,403 100.00 %$419,489 100.00 %

(1) Outside Market consists of loans in all other states, none of which are greater than 5% of the total.

Allowance for Credit Losses ("ACL") on Loans

The allowance for credit losses on loans was $6.7 million as of March 31, 2025, compared to $7.3 million as of December 31, 2024, a reduction of $576,000. The decrease in allowance was mainly due to reduction in loan balances and the recognition of charge-offs on the unsecured consumer loan portfolio. Based upon the overall assessment and evaluation of the loan portfolio at March 31, 2025, management believes $6.7 million in the allowance for credit losses, which represented 1.00% of gross loans outstanding, is adequate under prevailing economic conditions to absorb existing losses in the loan portfolio. 

The following table provides detail of activity in the allowance for credit losses on loans for the three months ended March 31, 2025 and 2024:

Three Months Ended March 31,(In thousands)20252024Balance at beginning of the period$7,305 $15,925 Charge-offs:Commercial Real Estate(635)(158)Residential Real Estate— (21)Commercial and Industrial(