Company: PNBK
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001628280-25-017837
Chunk: 7

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-04-15
Form: 10-K
Item: Item 8
Chunk 7
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 Loans receivable (net of allowance for credit losses: 2024: $(7,305) and 2023: $(15,925))700,167 832,934 Loans held for sale15,702 20,767 Accrued interest and dividends receivable5,488 7,219 Premises and equipment, net28,865 29,875 Other real estate owned2,843 2,843 Deferred tax asset— 24,134 Core deposit intangible, net156 203 Other assets9,863 8,985 Total assets$1,012,292 $1,093,425 LiabilitiesDeposits:Noninterest bearing deposits$119,212 $110,056 Interest bearing deposits847,385 730,255 Total deposits966,597 840,311 FHLB, FRB and correspondent bank borrowings3,000 171,000 Senior notes, net11,861 11,723 Subordinated debt, net9,898 9,869 Junior subordinated debt owed to unconsolidated trust, net8,147 8,137 Note payable162 376 Advances from borrowers for taxes and insurance1,472 1,164 Accrued expenses and other liabilities6,890 6,462 Total liabilities1,008,027 1,049,042 Commitments and ContingenciesShareholders' equityPreferred stock, no par value; 1,000,000 shares authorized, no shares issued and outstanding— — Common stock, $.01 par value, 100,000,000 shares authorized; As of December 31, 2024: 4,065,593 shares issued; 3,991,852 shares outstanding; As of December 31, 2023: 4,049,814 shares issued; 3,976,073 shares outstanding;106,854 106,670 Accumulated deficit(86,908)(47,026)Accumulated other comprehensive loss(15,681)(15,261)Total shareholders' equity4,265 44,383 Total liabilities and shareholders' equity$1,012,292 $1,093,425 

See Accompanying Notes to Consolidated Financial Statements.

45

Table of ContentsPATRIOT NATIONAL BANCORP, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS