Company: PNBK
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025485
Chunk: 161

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 161
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 the Private Placement.(Net loss in thousands)Three Months Ended March 31,20252024Basis loss per share:Net loss attributable to Common shareholders$(2,777)$(299)Divided by:Weighted average shares outstanding13,289,6443,976,073Basic loss per share of common stock$(0.21)$(0.08)Diluted loss per share:Net loss attributable to Common shareholders$(2,777)$(299)Weighted average shares outstanding13,289,6443,976,073Effect of potentially dilutive restricted shares of common stock— (1)— (2)Divided by:Weighted average diluted shares outstanding13,289,6443,976,073Diluted loss per share of common stock$(0.21)$(0.08)(1)The weighted average diluted shares outstanding does not include 112,771 anti-dilutive restricted shares of common stock for the three months ended March 31, 2025.(2)The weighted average diluted shares outstanding does not include 22,269 anti-dilutive restricted shares of common stock for the three months ended March 31, 2024.

Note 10.  Commitments and Contingencies

Financial Instruments with Off-Balance Sheet RiskIn the normal course of business, Patriot is a party to financial instruments with off-balance-sheet risk to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit and involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the balance sheet. The contractual amounts of these instruments reflect the extent of involvement Patriot has in particular classes of financial instruments.The contractual amount of commitments to extend credit and standby letters of credit represents the maximum amount of potential accounting loss should: the contract be fully drawn upon; the customer default; and the value of any existing collateral become worthless. Patriot applies its credit policies to entering commitments and conditional obligations and, as with its lending activates, evaluates each customer’s creditworthiness on a case-by-case basis. Management believes that it effectively mitigates the credit risk of these financial instruments through its credit approval processes, establishing credit limits, monitoring the on-going creditworthiness of recipients and grantees, and the receipt of collateral as deemed necessary.

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Table of ContentsPATRIOT NATIONAL BANCORP, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited)

Financial instruments with credit risk at