Company: PNBK
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025485
Chunk: 77

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 77
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Total interest bearing liabilities899,924 8,594 3.87 %888,257 8,597 3.88 %Demand deposits94,074 105,812 Other liabilities9,521 6,551 Total Liabilities1,003,519 1,000,620 Shareholders' equity12,189 44,770 Total Liabilities and Shareholders' Equity$1,015,708 $1,045,390 Net interest income$3,954 $5,404 Interest margin1.64 %2.20 %Interest spread1.34 %1.82 %

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The following table presents the change in interest-earning assets and interest-bearing liabilities by major category and the related change in the interest income earned and interest expense incurred thereon attributable to the change in transactional volume in the financial instruments and the rates of interest applicable thereto, comparing the three months ended March 31, 2025 and 2024.

Three Months Ended March 31,2025 compared to 2024(In thousands)Increase/(Decrease)VolumeRateTotalInterest earning assets:Loans$(2,221)$(447)$(2,668)Investments(94)(63)(157)Cash equivalents and other1,750 (378)1,372 Total interest earning assets(565)(888)(1,453)Interest bearing liabilities:Deposit1,151 (39)1,112 Borrowings(1,119)3 (1,116)Senior notes(13)45 32 Subordinated debt— (31)(31)Note payable and other— — — Total interest bearing liabilities19 (22)(3)Decrease in net interest income$(584)$(866)$(1,450)

Results of Operations

For the three months ended March 31, 2025, interest income and dividend income was $12.5 million, which decreased $1.5 million as compared to $14.0 million for the quarter ended March 31, 2024. Total interest expense was $8.6 million for the three months ended March 31, 2025, which decreased $3,000 as compared to $8.6 million for the three months ended March 31, 2024. Net interest income decreased $1.5 million from $5.4 million for the three months ended March 31,