Company: PNBK
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052358
Chunk: 73

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 73
---
 (“Unity”) notified the Company of its desire to convert the entire outstanding principal balance and accrued unpaid interest of the Senior Notes, totaling $2,005,027, into 2,673,369 shares of Common Stock at a conversion price of $0.75 per share. Similarly, on July 26, 2025, American Bank Incorporated (“AmBank”) provided notice to convert its outstanding principal balance and accrued unpaid interest of its Senior Note, amounting to $803,443, into 1,071,258 shares of Common Stock at the same conversion price of $0.75 per share. 

FINANCIAL CONDITION

Total assets decreased $61.5 million to $950.8 million as of September 30, 2025, compared to $1.01 billion at December 31, 2024, primarily due to the decline in gross loans receivable of $118.8 million, partially offset by a $38.9 million increase in cash, cash equivalents and restricted cash as of September 30, 2025.

Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash increased from $162.6 million at December 31, 2024 to $201.5 million at September 30, 2025. The increase in 2025 was primarily driven by loan repayments and sales of loan receivable, and cash proceeds from issuance of common and preferred stock shares, partially offset by a $135.7 million reduction in deposits. Following the completion of the Private Placement, the Company reduced excess cash by lowering deposits. For further details, refer to the Consolidated Statements of Cash Flows.

53

Investments

The following table is a summary of the Company’s investment securities portfolio, at fair value, as of September 30, 2025 and December 31, 2024:

September 30,December 31,Increase /(Decrease)(In thousands)20252024($)(%)Federal Farm Credit Bank13,902 10,542 3,360 31.87 %Fannie Mae$19,631 $9,053 $10,578 116.85 %FHLMC33,844 14,253 19,591 137.46 %GNMA$30,524 $26,375 $4,149 15.73 %U. S. Government agency and mortgage-backed securities97,902 60,223 37,679