Company: PNBK
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001628280-25-017837
Chunk: 88

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-04-15
Form: 10-K
Item: Item 7
Chunk 88
---
 ratio of 1.03% as of December 31, 2024, compared to ACL to loans ratio of 1.88% as of December 31, 2023. 

Nonaccrual loans was $25.9 million as of December 31, 2024, compared to $18.1 million as of December 31, 2023. The ACL to nonaccrual loans ratio was 28.24% as of December 31, 2024, compared to 87.85% as of December 31, 2023. The rate at December 31, 2023 was significantly higher due to reserves on individually evaluated CRE loans that were subsequently charged-off in the fourth quarter of 2024. Nonaccrual CRE loans of $13.6 million have been charged-off to net realizable value as of December 31, 2024.  

The following table provides an allocation of allowance for credit losses by portfolio segment and the percentage of the loans to total loans:

December 31,202420232022(In thousands)Allowance for credit lossesPercent of loans in each category to total loansAllowance for credit lossesPercent of loans in each category to total loansAllowance for loan lossesPercent of loans in each category to total loansCommercial Real Estate$2,241 59.30 %$6,089 55.62 %$6,966 51.57 %Residential Real Estate596 13.03 %607 12.58 %665 14.63 %Commercial and Industrial1,077 18.32 %1,269 19.27 %1,403 16.36 %Consumer and Other3,386 8.48 %7,843 11.74 %1,207 16.63 %Construction5 0.54 %4 0.50 %24 0.58 %Construction to permanent - CRE— 0.33 %113 0.29 %10 0.23 %Unallocated— N/A— N/A35 N/ATotal Allowance for credit losses$7,305 100.00 %$15,925 100.00 %$10,310 100.00 %

25

Nonperforming Assets

The following table presents non-accrual and accruing loans which were past due by over 90 days for the