Company: PNBK
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001628280-25-040370
Chunk: 107

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 2
Chunk 107
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2 million reduction in unrealized losses on securities, partially offset by the repayment of securities totaling $1.7 million. During the six months ended June 30, 2025, the Bank did not sell any available-for-sale securities.

49

Loans held for investment 

The following table provides the composition of the Company’s loan held for investment portfolio as of June 30, 2025 and December 31, 2024:

(In thousands)June 30, 2025December 31, 2024Amount%Amount%Loan portfolio segment:Commercial Real Estate$370,376 63.04 %419,489 59.30 %Residential Real Estate60,123 10.23 %92,215 13.03 %Commercial and Industrial122,161 20.79 %129,608 18.32 %Consumer and Other33,363 5.68 %59,973 8.48 %Construction1,494 0.25 %3,830 0.54 %Construction to permanent - CRE31 0.01 %2,357 0.33 %Loans receivable, gross587,548 100.00 %707,472 100.00 %Allowance for credit losses(7,795)(7,305)Loans receivable, net$579,753 $700,167 

The Company’s loan portfolio decreased $119.9 million, from $707.5 million at December 31, 2024 to $587.5 million at June 30, 2025. The Company has continued the trend of restricting loan growth and allowing loans to pay down as the balance sheet is reduced in order to strengthen capital ratios. For the three and six months ended June 30, 2025, the Company sold  $15.9 million Home Equity Line of Credit loans and $28.9 million purchased residential restate loans, resulting a recognized net loss of $995,000 on the sale. No loans were sold during the three and six months ended June 30, 2024. 

SBA loans held for investment were included in the commercial real estate loans and commercial and industrial loan classifications above. As of June 30, 2025 and December 31, 2024, SBA loans included in the commercial real estate loans were $10.5 million and $18.7 million, respectively. As of June 30,