Company: PNBK
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052358
Chunk: 133

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 133
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 interest expense incurred thereon attributable to the change in transactional volume in the financial instruments and the rates of interest applicable thereto, comparing the three and nine months ended September 30, 2025 and 2024.

Three Months Ended September 30,Nine Months Ended September 30,2025 compared to 20242025 compared to 2024(In thousands)Increase/(Decrease)Increase/(Decrease)VolumeRateTotalVolumeRateTotalInterest earning assets:Loans$(2,902)$(237)$(3,139)$(6,529)$(1,367)$(7,896)Investments(77)(7)(84)(243)(121)(364)Cash equivalents and other2,527 (574)1,953 5,862 (1,249)4,613 Total interest earning assets(452)(818)(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.