Company: PNBK
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001628280-25-017837
Chunk: 102

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-04-15
Form: 10-K
Item: Item 7
Chunk 102
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 tables present the summarized quarterly results of operations (unaudited) to the Consolidated Financial Statements for the calendar year 2023:

(In thousands, except per share amounts)First QuarterSecond QuarterThird QuarterFourth Quarter2023Interest and dividend income$13,646 $15,309 $15,070 $14,932 Interest expense5,633 7,596 8,545 8,683 Net interest income8,013 7,713 6,525 6,249 Provision (credit) for credit losses2,220 1,325 4,688 (804)(1)Non-interest income835 829 1,169 3,172 (2)Non-interest expense7,584 8,063 8,109 8,953 (3)(Loss) income before income taxes(956)(846)(5,103)1,272 (Benefit) provision for income taxes(257)(231)(1,333)367 Net (loss) income$(699)$(615)$(3,770)$905 (4)(Loss) earnings per shareBasic$(0.18)$(0.16)$(0.95)$0.23 Diluted$(0.18)$(0.16)$(0.95)$0.23 (5)Weighted average shares outstanding - Basic3,965,1863,965,1863,965,1863,965,733(6)Weighted average shares outstanding - Diluted3,965,1863,965,1863,965,1863,965,733(6)

(1) In the fourth quarter of 2023, the provision for credit loss decreased to a credit , primarily due to decrease in loan balance and the reversal of a commitment reserve associated with its consumer loan portfolio that was no longer needed as the result of the termination of the commitments.

(2) The non-interest income was primarily attributable to an income of $1.3 million resulted from a credit loss sharing agreement entered with a seller/servicer of consumer loans. 

(3) During the fourth quarter of 2023, the increase in non-interest expense was primarily attributable to an impairment charge for goodwill totaled $1.1 million. 

(4) Due to significant changes above, the net income increased to $905,000, compared to net losses in the first three quarters of 2023. 

(5) The sum of Earnings