Company: PNBK
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052358
Chunk: 121

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 121
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.9 million of Federal net operating loss carryforwards (“NOL”) that are offset by $15.5 million in §382 limitations imposed by the Internal Revenue Code. After applying the limitation, Patriot has $33.4 million post-change NOL which do not expire. Patriot has not performed an analysis on the post-change NOL, but the potential impact of any additional limitation would not be material to the financial statements due to the fact that the NOL are fully offset by a valuation allowance.

Patriot has approximately $63.5 million of NOLs available for Connecticut tax purposes at September 30, 2025, which may be used to offset up to 50% of taxable income in any year. Approximately $63.2 million of the NOL will expire between 2030 and 2044 and approximately $3.3 million of the NOL will expire beginning in 2055.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. We are currently assessing its impact on our Consolidated Financial Statements.

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Deposits

The following table is a summary of the Company’s deposits at the dates shown:

(In thousands)September 30,December 31,Increase/(Decrease)20252024$%Non-interest bearing:Non-interest bearing$82,385 $106,689 $(24,304)(22.78)%Non-interest bearing DDA- Digital Payments5,381 12,523 (7,142)(57.03)%Total non-interest bearing87,766 119,212 (31,446)(26.38)%Interest bearing:Negotiable order of withdrawal accounts (NOW)22,845 31,549 (8,704)(27.59)%Savings32,478 38,743 (6,265)(16.17)%Interest bearing DDA 19,707 — 19,707 #DIV/0!Interest bearing DDA - Digital Payments 138,913 110,448 28,465 25.77 %Money market152,728 195,369