Company: PNBK
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052358
Chunk: 205

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 205
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42     Interest rate swap liability$— $42 $— $42 December 31, 2024: U. S. Government agency and mortgage-backed securities$— $60,223 $— $60,223 Corporate bonds— 1,612 11,123 12,735 Subordinated notes— 3,461 — 3,461 SBA loan pools— 3,573 — 3,573 Municipal bonds— — — — Available-for-sale securities$— $68,869 $11,123 $79,992     Interest rate swap receivable$— $83 $— $83     Interest rate swap liability$— $83 $— $83 As of September 30, 2025 and December 31, 2024, four corporate bonds were classified as Level 3 instruments. The fair values of these securities were determined using a present value approach. The discount rate assumed was determined based on unobservable inputs in a pricing model. During the three and nine months ended September 30, 2025 and 2024, the Company had no transfers into or out of Levels 1, 2 or 3.The reconciliation of the beginning and ending balances during the three and nine months ended September 30, 2025 and 2024 for Level 3 available-for-sale securities is as follows:Three Months Ended September 30,Nine Months Ended September 30,(In thousands)2025202420252024Level 3 fair value, beginning of period$11,477 $10,365 $11,123 $10,262 Unrealized gain281 776 635 879 Level 3 fair value, end of period$11,758 $11,141 $11,758 $11,141 Patriot discloses fair value information about financial instruments, whether or not recognized in the consolidated balance sheet, for which it is practicable to estimate that value. Certain financial instruments are excluded from disclosure requirements and, accordingly, the aggregate fair value amounts presented do not necessarily represent the complete underlying value of financial instruments included in the Consolidated Financial Statements.

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Table of ContentsPATRIOT NATIONAL BANCORP, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited)

Patriot measures certain financial assets and financial liabilities at fair value