Company: PNBK
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052358
Chunk: 123

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 123
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 our Consolidated Financial Statements in their entirety and not to rely on any single financial measure.

Reconciliation of U.S. GAAP to Non-GAAP Measures (unaudited):

(Dollars in thousands)September 30, 2025December 31, 2024Non-GAAP Uninsured deposits to total deposits excluding Digital Payments depositsTotal deposits$830,855 $966,597 Digital Payments deposits236,886 265,542 Non-GAAP total deposits excluding Digital Payments deposits593,969 701,055 Total uninsured deposits$175,745 $297,845 Total uninsured Digital Payments deposits101,821 187,048 Total uninsured deposits excluding Digital Payments deposits73,924 110,797 Non-GAAP uninsured deposits to total deposits excluding Digital Payments deposits12.45 %15.80 %

Borrowings

Total borrowings were $16.4 million and $33.1 million as of September 30, 2025 and December 31, 2024, respectively. Borrowings consist primarily of Federal Home Loan Bank (“FHLB”) advances, senior notes, subordinated notes, junior subordinated debentures and a note payable. The senior notes, subordinated notes and junior subordinated debentures contain affirmative covenants that require the Company to maintain its and its subsidiaries’ legal entity and tax status, pay its income tax obligations on a timely basis, and comply with SEC and FDIC reporting requirements. 

Federal Home Loan Bank borrowings

As of September 30, 2025, the Company had $114.6 million in book value and $78.7 million in discounted value of pledged collateral with the FHLB-B. The pledged collateral consisted of a mixture of residential and commercial real estate loans and lines of credit.  The maximum borrowing capacity is limited to the lesser of 5.00% of the Bank’s most recently reported Call Report total assets or the discount value of the pledged collateral. Accordingly, as of September 30, 2025 the Company’s maximum borrowing capacity with the FHLB-B is $48.0 million. Of this amount, $45.0 million was used by a standby letter of credit, as described further in Note 10 Financial Instruments with Off-Balance-Sheet Risk. Additionally, $250,000 of the maximum borrowing capacity was used by an overnight line of credit designed to cover the Bank for temporary overdraft positions. As of September 30,