Company: PNBK
Filing Date: 2025-02-21
Form Type: 8-K
Source: 0001628280-25-007070
Chunk: 1

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-02-21
Form: 8-K
Item: Item 2.03
Chunk 1
---
Item 2.03

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 above is incorporated by reference in this Item 2.03.

Item 2.02. Results of Operations and Financial Condition.

The Company is providing the following financial results, on a preliminary unaudited basis, for the quarter ended December 31, 2024.

The Company expects its net loss to be approximately $9.5 million, or approximately $(2.40) basic and diluted loss per share for the quarter ended December 31, 2024, compared to the net income of $0.9 million, or $0.23 basic and diluted earnings per share for the quarter ended December 31, 2023. Book value per share, which is shareholders’ equity divided by outstanding shares, is expected to be approximately $1.07 as of December 31, 2024, compared to $11.16 per share as of December 31, 2023. Financial results for the quarter ended December 31, 2024 are expected to be adversely impacted by an expected provision for credit losses of approximately $7.7 million primarily related to two large commercial real estate loans.

The information contained in this Item 2.02 of the Current Report on Form 8-K is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “ Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “ Securities Act”), or the Exchange Act, except as otherwise expressly stated in such filing.

Item 7.01 Regulation FD Disclosure.