Company: PNBK
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052358
Chunk: 217

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 217
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September 30, 2025December 31, 2024Amount%Amount%Loan portfolio segment:Commercial Real Estate$360,802 61.29 %419,489 59.30 %Residential Real Estate83,671 14.21 %92,215 13.03 %Commercial and Industrial123,358 20.96 %129,608 18.32 %Consumer and Other20,802 3.53 %59,973 8.48 %Construction— — %3,830 0.54 %Construction to permanent - CRE31 0.01 %2,357 0.33 %Loans receivable, gross588,664 100.00 %707,472 100.00 %Allowance for credit losses(7,187)(7,305)Loans receivable, net$581,477 $700,167 

The Company’s loan portfolio decreased $118.8 million, from $707.5 million at December 31, 2024 to $588.7 million at September 30, 2025. The Company has continued the trend of restricting loan growth and allowing loans to pay down as the balance sheet is reduced in order to strengthen capital ratios. For the nine months ended September 30, 2025, the Company sold 

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$15.9 million Home Equity Line of Credit loans and $28.9 million purchased residential restate loans, resulting in a recognized net loss of $1.0 million on the sale.  No loans were sold during the three and nine months ended September  30, 2024.  

SBA loans held for investment were included in the commercial real estate loans and commercial and industrial loan classifications above. As of September 30, 2025 and December 31, 2024, SBA loans included in the commercial real estate loans were $9.9 million and $18.7 million, respectively. As of September 30, 2025 and December 31, 2024, SBA loans included in the commercial and industrial loans were $8.8 million and $11.2 million, respectively. 

At September 30, 2025, the net loan to deposit ratio was 70.0% and the net loan to total assets ratio was 61.2%. At December 31, 2024, these ratios were 72.4% and