Company: PNBK
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052358
Chunk: 237

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 237
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1,270)(910)(2,737)(3,647)Interest bearing liabilities:Deposit335 (434)(99)2,268 (748)1,520 Borrowings— — — (3,256)4 (3,252)Senior notes(219)35 (184)(360)102 (258)Subordinated debt(37)(36)(73)(84)(96)(180)Note payable and other(2)— (2)(3)— (3)Total interest bearing liabilities77 (435)(358)(1,435)(738)(2,173)Decrease in net interest income$(529)$(383)$(912)$525 $(1,999)$(1,474)

Results of Operations

For the three months ended September 30, 2025, interest income and dividend income was $11.5 million, which decreased $1.3 million as compared to $12.8 million for the quarter ended September 30, 2024. Total interest expense was $6.5 million for the three months ended September 30, 2025, which decreased -$1.3 million as compared to $7.8 million for the three months ended September 30, 2024. Net interest income increased $11,000 from $5.0 million for the three months ended September 30, 2024 to $5.0 million for the three months ended September 30, 2025. 

For the nine months ended September 30, 2025, interest income and dividend income was $35.6 million, which decreased $4.4 million as compared to $40.0 million for the nine months ended September 30, 2024. Total interest expense was $22.4 million, which decreased -$2.2 million as compared to $24.6 million for the nine months ended September 30, 2024. Net interest income was $13.2 million for the nine months ended September 30, 2025, which decreased $2.3 million from $15.4 million for the nine months ended September 30, 2024. 

The decline for both three and nine months ended September 30, 2025 reflects a lower loan balance and narrower net interest margin due to higher deposit costs.

The net interest margin was 2.23% for the quarter ended September 30,