Company: PNBK
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025485
Chunk: 2

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 2
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,511 4,156 Occupancy and equipment expense748 817 Data processing expense385 324 Professional and other outside services1,081 841 Project expenses, net— — Advertising and promotional expense153 46 Loan administration and processing expense104 8 Regulatory assessments455 219 Insurance expense, net70 76 Communications, stationary and supplies228 149 Other operating expense990 590 Total non-interest expense8,725 7,226   Loss before income taxes(2,776)(233)  Provision for income taxes1 66   Net loss$(2,777)$(299)Basic loss per share$(0.21)$(0.08)Diluted loss per share$(0.21)$(0.08)

See Accompanying Notes to Consolidated Financial Statements.

4

PATRIOT NATIONAL BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited)

(In thousands)Three Months Ended March 31,20252024Net loss$(2,777)$(299)Other comprehensive income (loss)Unrealized holding gain on securities1,449 (600)Reclassification for realized loss on sale of investment securities— 24 Net change in unrealized gain (loss)1,449 (576)Income tax benefit — 105 Unrealized gain (loss) on securities, net of tax1,449 (471)Comprehensive loss$(1,328)$(770)

See Accompanying Notes to Consolidated Financial Statements.

5

PATRIOT NATIONAL BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited) 

Three Months Ended March 31, 2025(In thousands, except shares)Number of Common StockNumber of Preferred StockPreferred StockCommonStockAccumulatedDeficit Accumulated Other Comprehensive (Loss) Income TotalBalance at December 31, 20243,991,852—$— $106,854 $(86,908) $(15,681)$4,265 Comprehensive (loss) income:Net loss——— — (2,777) — (2,777)Unrealized holding gain on available-for-sale securities, net of tax——— — —  1,449 1