Company: PNBK
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001628280-25-017837
Chunk: 95

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-04-15
Form: 10-K
Item: Item 7
Chunk 95
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 Program Manager level.  Certain accounts are reciprocal deposits through the IntraFi network and therefore the entire deposit balances qualify for FDIC insurance.  The remaining deposit balances are aggregated at the Program Manager level, and any deposits exceeding $250,000 are considered uninsured. 

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The non-GAAP financial measures should not be considered a substitute for GAAP basis measures and results, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure.

Reconciliation of GAAP to Non-GAAP Measures:

December 31,(Dollars in thousands)202420232022Non-GAAP Uninsured deposits to total deposits excluding Digital Payments depositsTotal deposits$966,597 $840,311 $860,446 Digital Payments deposits265,542 213,383 197,268 Non-GAAP total deposits excluding Digital Payments deposits$701,055 $626,928 $663,178 Total uninsured deposits$297,845 $334,300 $343,980 Total uninsured Digital Payments deposits187,048 208,524 195,778 Total uninsured deposits excluding Digital Payments deposits$110,797 $125,776 $148,202 Non-GAAP uninsured deposits to total deposits excluding Digital Payments deposits15.80 %20.06 %22.35 %

Borrowings

As of December 31, 2024 and 2023, total borrowings were $33.1 million and $201.1 million, respectively. Borrowings consist of Federal Home Loan Bank (“FHLB”) advances, FRB borrowing, senior notes, junior subordinated debentures, and a note payable to the seller from whom the Fairfield branch building was purchased in 2015.

Shareholders’ Equity

Equity decreased $40.1 million from $44.4 million at December 31, 2023 to $4.3 million at December 31, 2024. The decrease was primarily due to a net loss of $39.9 million for the year ended December 31, 2024.  For more information on the net loss for the year ended December 31, 2024 see Results of Operations section of this Management’s Discussion and Analysis.  

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Average Balances 

The following table presents average balance sheets, interest income, interest expense and the corresponding yields earned, and rates paid for each of the years in the three-year period ended December 31, 2024