Company: PNBK
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025485
Chunk: 68

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 68
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)%Money market242,508 195,369 47,139 24.13 %Money market - Digital Payments 24,970 66,654 (41,684)(62.54)%Certificates of deposit, $250,000 or less182,919 174,095 8,824 5.07 %Certificates of deposit, more than $250,00067,102 65,278 1,824 2.79 %Brokered deposits69,683 69,702 (19)(0.03)%Total Interest bearing782,071 847,385 (65,314)(7.71)%Total Deposits$862,434 $966,597 $(104,163)(10.78)%Total Digital Payments deposits$161,106 $265,542 $(104,436)(39.33)%Total retail branch bank deposits$394,760 $412,960 $(18,200)(4.41)%Total uninsured deposits246,216 297,845 (51,629)(17.33)%Uninsured deposits to total deposits28.55 %30.81 %Non-GAAP uninsured deposits to total deposits excluding Digital Payments deposits13.43 %15.80 %

Total deposits decreased by $104.2 million, from $966.6 million as of December 31, 2024, to $862.4 million as of March 31, 2025. The reduction was primarily driven by $116.9 million in deposits which were sold through the IntraFi network as of March 31, 2025.  There were no such deposit sales as of December 31, 2024.

Non-GAAP Financial Measures:

In addition to evaluating the Company's financial performance in accordance with U.S. generally accepted accounting principles ("GAAP"), management may evaluate certain non-GAAP financial measures, such as uninsured deposits to total deposits excluding Digital Payments deposits. A computation and reconciliation of non-GAAP financial measures used for these purposes is contained in the accompanying Reconciliation of GAAP to Non-GAAP Measures tables. We believe that by excluding Digital Payments deposits, management can present a view of uninsured deposits that better reflects the Company's traditional deposit base, providing investors with useful information for understanding our uninsured deposits position and financial stability. Digital Payments deposits are analyzed for FDIC insurance at the Program Manager level.  Certain accounts are reciprocal deposits through the IntraFi network and therefore the entire deposit balances qualify