Company: PNBK
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001628280-25-040370
Chunk: 229

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 229
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, up from $8.0 million for the three months ended June 30, 2024. For the six months ended June 30, 2025, non-interest expense  totaled $18.5 million, compared to $15.2 million for the six months ended June 30, 2024. The increase in 2025 is primarily attributed to the higher salaries and benefits, along with other operating expense.

Provision for income taxes

The Company reported a benefit for income taxes of $49,000 and $48,000 for the three and six months ended June 30, 2025, respectively, compared to a benefit for income taxes of $924,000 and $858,000 for the three and six months ended June 30, 2024, respectively.

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Liquidity

The Company measures liquidity in two primary ratios: on-hand liquidity to total liabilities, and total liquidity to total liabilities.  On-hand liquidity is comprised of interest-bearing cash and cash equivalents and unpledged available-for-sale securities.  Total liquidity includes on-hand liquidity, plus total available credit lines, plus availability of brokered deposits which is subject to internal limitations.  The Company monitors other metrics in addition to on-hand liquidity and total liquidity to manage concentration risk in certain types of liabilities.

The Company's on-hand liquidity and total liquidity ratios as of June 30, 2025 and December 31, 2024, are as follows:

(In thousands)June 30, 2025December 31, 2024On-hand liquidityInterest-bearing cash and cash equivalents$185,010 $144,273 Available-for-sale securities, at fair value80,627 79,992 Less: pledged available-for-sale securities(72,372)(60,223)Total on-hand liquidity193,265 164,042 Borrowing capacityFHLB borrowing capacity46,509 48,692 FRB borrowing capacity65,986 64,742 Unsecured credit lines from correspondent banks— 5,000 Brokered deposit capacity67,122 69,702 Total borrowing capacity179,617 188,136 Less: used borrowing capacityFHLB capacity used (including the standby letter of credit)(45,671)(48,459)FRB capacity used— — Outstanding brokered deposits(67,122)(69,702)Total used borrowing capacity(112,793)(118,161)Total liquidity$260,089