Company: PNBK
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025485
Chunk: 3

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 3
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,449 Total comprehensive (loss) income——— — (2,777) 1,449 (1,328)Preferred stock issuance90,8325,099 — — — 5,099 Common stock issuance69,733,440—— 48,929 — — 48,929 Share-based compensation expense——181 —  — 181 Balance at March 31, 202573,725,29290,832$5,099 $155,964 $(89,685) $(14,232)$57,146 

Three Months Ended March 31, 2024(In thousands, except shares)Number of SharesCommonStockAccumulatedDeficitAccumulated Other Comprehensive LossTotalBalance at December 31, 20233,976,073 $106,670  $(47,026) $(15,261) $44,383 Comprehensive loss:         Net loss— —  (299) —  (299)Unrealized holding loss on available-for-sale securities, net of tax— —  —  (471) (471)Total comprehensive loss— —  (299) (471) (770)Share-based compensation expense— 24  —  —  24 Balance at March 31, 20243,976,073 $106,694  $(47,325) $(15,732) $43,637 

See Accompanying Notes to Consolidated Financial Statements.

6

PATRIOT NATIONAL BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)Three Months Ended March 31,20252024Cash Flows from Operating Activities:Net loss$(2,777)$(299)Adjustments to reconcile net loss to net cash provided by (used in) operating activities:Accretion of investment premiums and discounts, net(37)(38)Amortization and accretion of purchase loan premiums and discounts, net(37)154 Amortization of debt issuance costs106 43 Amortization of core deposit intangible12 12 Amortization of servicing assets of sold SBA loans28 19 Provision for credit losses733 658 Depreciation and amortization250 284 Loss on