Company: PNBK
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001628280-25-017837
Chunk: 97

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-04-15
Form: 10-K
Item: Item 7
Chunk 97
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876,157 30,457 3.48 %709,214 10,753 1.52 %Demand deposits101,290 140,654 244,128 Other liabilities10,063 8,505 9,651 Total Liabilities952,306 1,025,316 962,993 Shareholders' equity36,135 46,507 62,409 Total Liabilities and Shareholders' Equity$988,441 $1,071,823 $1,025,402 Net interest income$20,077 $28,500 $33,259 Interest margin2.14 %2.79 %3.46 %Interest spread1.76 %2.29 %3.06 %

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The following table presents the change in interest-earning assets and interest-bearing liabilities by major category and the related change in the interest income earned and interest expense incurred thereon attributable to the change in transactional volume in the financial instruments and the rates of interest applicable thereto, comparing the years ended December 31, 2024 to 2023 and December 31, 2023 to 2022.

Year Ended December 31,2024 compared to 20232023 compared to 2022(In thousands)Increase/(Decrease)Increase/(Decrease)VolumeRateTotalVolumeRateTotalInterest earning assets:Loans$(6,572)$(416)$(6,988)$3,850 $9,637 $13,487 Investments(233)(72)(305)59 407 466 Cash equivalents and other1,074 (376)698 (109)1,101 992 Total interest earning assets(5,731)(864)(6,595)3,800 11,145 14,945 Interest bearing liabilities:Deposit(2,032)6,413 4,381 2,430 13,938 16,368 Borrowings(2,490)(175)(2,665)937 1,695 2,632 Senior notes13 (13)— (27)320 293 Subordinated debt— 115 115 — 415 415 Note payable and other(3)— (3)(4)— (4)Total interest bearing liabilities(4,512)6,340 1,828 3,336 16,368 19