Company: PNBK
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025485
Chunk: 0

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
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Item 1: Consolidated Financial Statements

PATRIOT NATIONAL BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETSMarch 31, 2025December 31, 2024(In thousands, except share data)UnauditedAssetsCash and due from banks:Noninterest bearing deposits and cash$2,530 $3,295 Interest bearing deposits118,505 144,273 Restricted cash15,166 15,042 Total cash, cash equivalents and restricted cash136,201 162,610 Investment securities:  Available-for-sale securities, at fair value80,651 79,992 Other investments, at cost4,450 4,450 Total investment securities85,101 84,442   Federal Reserve Bank (FRB) stock, at cost1,028 1,377 Federal Home Loan Bank (FHLB) stock, at cost679 779 Loans receivable (net of allowance for credit losses: 2025: $(6,729) and 2024: $(7,305))667,480 700,167 Loans held for sale20,814 15,702 Accrued interest and dividends receivable5,047 5,488 Premises and equipment, net28,691 28,865 Other real estate owned2,590 2,843 Core deposit intangible, net144 156 Other assets8,837 9,863 Total assets$956,612 $1,012,292   Liabilities  Deposits:  Noninterest bearing deposits$80,363 $119,212 Interest bearing deposits782,071 847,385 Total deposits862,434 966,597   FHLB, FRB and correspondent bank borrowings— 3,000 Senior notes, net7,610 11,861 Subordinated debt, net8,112 9,898 Junior subordinated debt owed to unconsolidated trust, net8,149 8,147 Note payable109 162 Advances from borrowers for taxes and insurance3,429 1,472 Accrued expenses and other liabilities9,623 6,890 Total liabilities899,466 1,008,027 Commitments and Contingencies Shareholders' equityPreferred stock, no par value; 1,000,