Company: PNBK
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001628280-25-017837
Chunk: 19

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-04-15
Form: 10-K
Item: Item 8
Chunk 19
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 OF OPERATIONS 

Year Ended December 31,(In thousands, except per share amounts)202420232022Interest and Dividend IncomeInterest and fees on loans$47,322 $54,310 $40,823 Interest on investment securities2,565 2,653 2,307 Dividends on investment securities287 504 384 Other interest income2,188 1,490 498 Total interest and dividend income52,362 58,957 44,012 Interest Expense   Interest on deposits26,049 21,668 5,300 Interest on FHLB, FRB and correspondent bank borrowings3,476 6,141 3,509 Interest on senior debt1,159 1,159 866 Interest on subordinated debt1,596 1,481 1,066 Interest on note payable5 8 12 Total interest expense32,285 30,457 10,753 Net interest income20,077 28,500 33,259 Provision for credit losses12,455 7,429 1,885 Net interest income after provision for credit losses7,622 21,071 31,374 Non-interest Income   Loan application, inspection and processing fees625 694 386 Deposit fees and service charges536 285 256 Gains on sales of loans440 169 1,461 Rental income302 395 566 (Loss) gain on sale of investment securities, net(334)24 — Digital Payments income5,109 2,294 683 Other income1,684 2,144 253 Total non-interest income 8,362 6,005 3,605 Non-interest Expense   Salaries and benefits17,896 17,598 15,506 Occupancy and equipment expense3,208 3,410 3,428 Data processing expense1,320 1,228 1,185 Professional and other outside services3,700 3,369 2,664 Project expenses, net— 93 133 Advertising and promotional expense360 269 232 Loan administration and processing expense167 259 234 Regulatory assessments1,363 1,176 817 Insurance expense, net316 277 271 Communications, stationary and supplies973 870 616 Intangible asset impairment— 1