Company: PNBK
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001628280-25-040370
Chunk: 224

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 224
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As of June 30, 2025, the Bank has an irrevocable stand-by letter of credit for a maximum of $45 million, issued by the Federal Home Loan Bank of Boston on behalf of the Bank, with Mastercard as the beneficiary. This letter of credit was originally set to expire on April 30, 2025, but in April 2025, the expiration date was extended to April 30, 2026.

Average Balances 

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

(In thousands)Three Months Ended June 30,20252024Average BalanceInterestYieldAverage BalanceInterestYieldASSETSInterest Earning Assets:Loans$657,729 $9,103 5.55 %$805,682 $11,993 5.97 %Investments87,193 586 2.69 %94,956 710 2.99 %Cash equivalents and other162,714 1,805 4.45 %39,422 514 5.23 %Total interest earning assets907,636 11,494 5.08 %940,060 13,217 5.64 %Cash and due from banks2,340 12,949 Allowance for credit losses(6,523)(12,980)OREO2,590 2,843 Other assets41,976 59,418 Total Assets$948,019 $1,002,290 LiabilitiesInterest bearing liabilities:Deposits$770,389 $6,793 3.54 %$706,327 $6,285 3.57 %Borrowings121 3 9.94 %112,335 1,214 4.33 %Senior notes6,674 183 10.97 %11,770 289 9.82 %Subordinated debt16,266 327 8.06 %18,019 404 8.99 %Note Payable70 — — %286 2 2.80 %Total interest bearing liabilities793,520 7,306 3.69 %848,737 8,194 3.87 %Demand deposits86,353 103,158