Company: PNBK
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052358
Chunk: 7

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 7
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 common stock(4,023)— Net cash used in financing activities(54,383)(90,933)Net increase in cash, cash equivalents and restricted cash38,920 6,236   Cash, cash equivalents and restricted cash at beginning of period162,610 66,536   Cash, cash equivalents and restricted cash at end of period$201,530 $72,772 

PATRIOT NATIONAL BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Continued)

(In thousands)Nine Months Ended September 30,20252024Supplemental Disclosures of Cash Flow Information:Cash paid for interest$23,262 $25,182 Cash (refund from) paid for income taxes, net(18)500    Net change in unrealized gain on available-for-sale securities(3,760)(2,217)Transfers of loans held for sale to loans receivable4,048 5,526 Transfers of loans receivable to loans held for sale— (4,339)Retained beneficial interest606 — Capitalized servicing assets48 119 Capitalized project costs98 — Operating lease right-of-use assets10 300 Increase (decrease) in interest rate swaps(41)(24)Deferred cost for capital raise(120)— Deferred debt issuance costs23 — Preferred Stock conversion to Common Stock5,099 — Senior debt conversion to common stock(9,705)— Subordinated debt conversion to common stock (2,000)— Accrued interest capitalized into principal1,098 93 

See Accompanying Notes to Consolidated Financial Statements.

10

Table of ContentsPATRIOT NATIONAL BANCORP, INC. AND SUBSIDIARIES Notes to consolidated financial statements (Unaudited)

Note 1.    Basis of Financial Statement Presentation

The accompanying unaudited interim condensed Consolidated Financial Statements of Patriot National Bancorp, Inc. (the “Company” or “PNBK”) and its wholly-owned subsidiaries, Patriot Bank, N.A. (the “Bank”), Patriot National Statutory Trust I and PinPat Acquisition Corporation (collectively, “Patriot”), have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United