Company: PNBK
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001628280-25-040370
Chunk: 0

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-08-14
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 SHEETSJune 30, 2025December 31, 2024(In thousands, except share data)UnauditedAssetsCash and due from banks:Noninterest bearing deposits and cash$2,632 $3,295 Interest bearing deposits185,010 144,273 Restricted cash15,330 15,042 Total cash, cash equivalents and restricted cash202,972 162,610 Investment securities:  Available-for-sale securities, at fair value80,627 79,992 Other investments, at cost4,450 4,450 Total investment securities85,077 84,442   Federal Reserve Bank (FRB) stock, at cost2,351 1,377 Federal Home Loan Bank (FHLB) stock, at cost679 779 Loans receivable (net of allowance for credit losses: 2025: $(7,795) and 2024: $(7,305))579,753 700,167 Loans held for sale15,298 15,702 Accrued interest and dividends receivable4,924 5,488 Premises and equipment, net28,416 28,865 Other real estate owned2,590 2,843 Core deposit intangible, net132 156 Other assets7,761 9,863 Total assets$929,953 $1,012,292   Liabilities  Deposits:  Noninterest bearing deposits$106,950 $119,212 Interest bearing deposits723,907 847,385 Total deposits830,857 966,597   FHLB, FRB and correspondent bank borrowings— 3,000 Senior notes, net5,803 11,861 Subordinated debt, net8,277 9,898 Junior subordinated debt owed to unconsolidated trust, net8,152 8,147 Note payable54 162 Advances from borrowers for taxes and insurance2,976 1,472 Accrued expenses and other liabilities7,633 6,890 Total liabilities863,752 1,008,027 Commitments and Contingencies Shareholders' equityPreferred stock, no par value; 1,000,000