Company: PNBK
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025485
Chunk: 35

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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 million and $4.3 million, respectively. These loans are recorded at the lower of aggregate cost or market value. For the three months ended March 31, 2025, a total gain on sale of $43,000 was recorded. A servicing asset of $50,000 was recognized for the three months ended March 31, 2025. No residential mortgage loans held for sale were originated and sold during the three months ended March 31, 2024. During the three months ended March 31, 2025, $1.1 million residential mortgage loans previously classified as held for sale were transferred to held for investment. No residential mortgage held for sale loans were transferred to held for investment in the three months ended March 31, 2024.

The following table presents an analysis of the activity in the servicing assets for SBA loans and residential mortgage loans for the three months ended March 31, 2025 and 2024:Three Month Ended March 31,(In thousands)20252024Beginning balance$766 $857 Servicing rights capitalized26 64 Servicing rights amortized(14)(19)Servicing rights disposed(14)— Ending balance$764 $902 

Note 6.    Deposits

The following table presents the balance of deposits held, by category as of March 31, 2025 and December 31, 2024:(In thousands)March 31, 2025December 31, 2024Non-interest bearing$80,363 $119,212 Interest bearing:Negotiable order of withdrawal accounts25,228 31,549 Savings deposits38,362 38,743 Interest bearing DDA131,299 205,995 Money market267,478 262,023 Certificates of deposit, $250,000 or less182,919 174,095 Certificates of deposit, more than $250,00067,102 65,278 Brokered deposits69,683 69,702 Interest bearing, Total782,071 847,385 Total Deposits$862,434 $966,597 

26

Table of ContentsPATRIOT NATIONAL BANCORP, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited)

The deposits from Digital Payments Division are included in the non-interest-bearing deposits, interest bearing DDA and money market deposits, and totaled approximately $161.1 million and $265