Company: PNBK
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001628280-25-040370
Chunk: 87

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 87
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 Placement on March 20, 2025, and a net proceeds of  $10.47 million from a registered direct offering on June 3, 2025, and a net unrealized gain in investments of $2.2 million, partially offset by a net loss of $7.8 million for the six months ended June 30, 2025.

Off-Balance Sheet Commitments

The Company’s off-balance sheet commitments primarily consist of commitments to lend of $53.7 million and $87.6 million as of June 30, 2025 and December 31, 2024, respectively.

59

As of June 30, 2025, the Bank has an irrevocable stand-by letter of credit for a maximum of $45 million, issued by the Federal Home Loan Bank of Boston on behalf of the Bank, with Mastercard as the beneficiary. This letter of credit was originally set to expire on April 30, 2025, but in April 2025, the expiration date was extended to April 30, 2026.

Average Balances 

The following tables present daily average balance sheets, interest income, interest expense and the corresponding yields earned and rates paid for the three months ended June 30, 2025 and 2024:

(In thousands)Three Months Ended June 30,20252024Average BalanceInterestYieldAverage BalanceInterestYieldASSETSInterest Earning Assets:Loans$657,729 $9,103 5.55 %$805,682 $11,993 5.97 %Investments87,193 586 2.69 %94,956 710 2.99 %Cash equivalents and other162,714 1,805 4.45 %39,422 514 5.23 %Total interest earning assets907,636 11,494 5.08 %940,060 13,217 5.64 %Cash and due from banks2,340 12,949 Allowance for credit losses(6,523)(12,980)OREO2,590 2,843 Other assets41,976 59,418 Total Assets$948,019 $1,002,290 LiabilitiesInterest bearing liabilities:Deposits$770,389 $6,793 3.54 %$706,327 $6,285 3.57 %Borrowings