Company: PNBK
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052358
Chunk: 93

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 93
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Note Payable17 — — %232 1 1.71 %Total interest bearing liabilities763,115 6,533 3.40 %816,254 7,815 3.80 %Demand deposits79,678 101,026 Other liabilities7,950 8,609 Total Liabilities850,743 925,889 Shareholders' equity76,458 41,743 Total Liabilities and Shareholders' Equity$927,201 $967,632 Net interest income$5,010 $4,999 Interest margin2.23 %2.18 %Interest spread1.74 %1.80 %

66

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

(In thousands)Nine Months Ended September 30,20252024Average BalanceInterestYieldAverage BalanceInterestYieldAssetsInterest earning assets:Loans$651,773 $27,648 5.67 %$810,086 $36,345 5.98 %Investments88,739 1,807 2.72 %96,209 2,171 3.01 %Cash equivalents and restricted cash184,767 6,130 4.44 %37,851 1,516 5.34 %Total interest earning assets925,279 35,585 5.14 %944,146 40,032 5.65 %Cash and due from banks2,603 13,468 Allowance for credit losses(8,106)(14,129)OREO1,932 2,843 Other assets41,610 58,639 Total Assets$963,318 $1,004,967 LiabilitiesInterest bearing liabilities:Deposits$792,458 $20,681 3.49 %$717,299 $19,160 3.56 %Borrowings2,985 101 4.52 %103,582 3,354 4.31 %Senior notes6,885 610 11.81 %11,770 869 9.84 %Subordinated debt16,822 1,040 8.27 %18,019 1,219 9