Company: PNBK
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052358
Chunk: 113

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 113
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 $25 million purchase, $4.5 million reduction in Other Investment, $3.8 million reduction in unrealized losses on securities, partially offset by principal paydown of $3.4 million.  During the nine months ended September 30, 2025, the Bank did not sell any available-for-sale securities.

As of September 30, 2025 and December 31, 2024, forty-two out of forty-six and 44 out of 44, respectively, available-for-sale securities had unrealized losses with an aggregate decline of 15.6% and 20.2% from the amortized cost of those securities, respectively.

Loans held for investment 

The following table provides the composition of the Company’s loan held for investment portfolio as of September 30, 2025 and December 31, 2024:

(In thousands)September 30, 2025December 31, 2024Amount%Amount%Loan portfolio segment:Commercial Real Estate$360,802 61.29 %419,489 59.30 %Residential Real Estate83,671 14.21 %92,215 13.03 %Commercial and Industrial123,358 20.96 %129,608 18.32 %Consumer and Other20,802 3.53 %59,973 8.48 %Construction— — %3,830 0.54 %Construction to permanent - CRE31 0.01 %2,357 0.33 %Loans receivable, gross588,664 100.00 %707,472 100.00 %Allowance for credit losses(7,187)(7,305)Loans receivable, net$581,477 $700,167 

The Company’s loan portfolio decreased $118.8 million, from $707.5 million at December 31, 2024 to $588.7 million at September 30, 2025. The Company has continued the trend of restricting loan growth and allowing loans to pay down as the balance sheet is reduced in order to strengthen capital ratios. For the nine months ended September 30, 2025, the Company sold 

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$15.9 million Home Equity Line of Credit loans and $28.9 million purchased residential restate loans, resulting in a recognized net loss of $1.0 million on the sale.  No loans were sold during the three