Company: PNBK
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001628280-25-017837
Chunk: 84

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-04-15
Form: 10-K
Item: Item 7
Chunk 84
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 receivable, net$700,167 $832,934 $838,006 

The gross loans receivable decreased $141.4 million or 16.7%, from $848.9 million at December 31, 2023 to $707.5 million at December 31, 2024. The Company has continued the trend of restricting loan growth and allowing loans to pay down as the balance sheet is reduced in order to strengthen capital ratios. 

SBA loans held for investment were included in the commercial real estate loans and commercial and industrial loan classifications above. As of December 31, 2024 and 2023, SBA loans included in the commercial real estate loans were $18.7 million and $12.9 million, respectively. SBA loans included in the commercial and industrial loan were $11.2 million and $17.1 million as of December 31, 2024 and 2023, respectively.

At December 31, 2024, the net loan to deposit ratio was 72.4% and the net loan to total assets ratio was 69.2%. At December 31, 2023, these ratios were 99.1% and 76.2%, respectively.  The net loan to deposit ratio and net loan to total assets improvement as of December 31, 2024 compared to as of December 31, 2023 was due to the loan runoff as well as increasing deposits and cash and cash equivalents to supplement liquidity at the Company during 2024.

The following table provides the composition of the commercial real estate loan portfolio segment as of December 31, for each of the years shown:

December 31,(In thousands)202420232022Amount%Amount%Amount%Commercial Real EstateCRE owner occupied$83,934 20.01 %$83,120 17.61 %$72,896 16.67 %CRE multifamily77,443 18.46 %82,342 17.44 %52,550 12.01 %CRE office55,900 13.33 %61,368 13.00 %50,179 11.47 %CRE retail46,946 11.19 %63,918 13.54 %56,471 12.91 %Other CRE non-owner occupied155,266 37.01 %181,345 38.41 %205,347 46