Company: PNBK
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025485
Chunk: 99

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 2
Chunk 99
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DA - Digital Payments (net of $95,346 in deposits sold as of March 31, 2025)130,086 186,365 (56,279)(30.20)%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