Company: PNBK
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052358
Chunk: 112

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 112
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.8 million, partially offset by a $38.9 million increase in cash, cash equivalents and restricted cash as of September 30, 2025.

Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash increased from $162.6 million at December 31, 2024 to $201.5 million at September 30, 2025. The increase in 2025 was primarily driven by loan repayments and sales of loan receivable, and cash proceeds from issuance of common and preferred stock shares, partially offset by a $135.7 million reduction in deposits. Following the completion of the Private Placement, the Company reduced excess cash by lowering deposits. For further details, refer to the Consolidated Statements of Cash Flows.

53

Investments

The following table is a summary of the Company’s investment securities portfolio, at fair value, as of September 30, 2025 and December 31, 2024:

September 30,December 31,Increase /(Decrease)(In thousands)20252024($)(%)Federal Farm Credit Bank13,902 10,542 3,360 31.87 %Fannie Mae$19,631 $9,053 $10,578 116.85 %FHLMC33,844 14,253 19,591 137.46 %GNMA$30,524 $26,375 $4,149 15.73 %U. S. Government agency and mortgage-backed securities97,902 60,223 37,679 62.56 %Corporate bonds13,495 12,735 760 5.97 %Subordinated notes3,625 3,461 164 4.74 %SBA loan pools3,339 3,573 (234)(6.55)%Total available-for-sale securities, at fair value105,549 79,992 25,557 31.95 %Other investments, at cost— 4,450 (4,450)(100.00)%Total investment securities$105,549 $84,442 $21,107 25.00 %

Total investments increased by $21.1 million, from $84.4 million at December 31, 2024 to $105.5 million at September 30, 2025. The increase in the nine months ended September 30, 2025 was primarily attributable to a