Company: PNBK
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001628280-25-017837
Chunk: 101

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-04-15
Form: 10-K
Item: Item 7
Chunk 101
---
 QuarterFourth Quarter2024Interest and dividend income$14,001 $13,217 $12,814 $12,330 Interest expense8,597 8,194 7,815 7,679 Net interest income5,404 5,023 4,999 4,651 Provision for credit losses658 3,092 1,026 7,679 (1)Non-interest income2,247 2,063 2,115 1,937 Non-interest expense7,226 7,999 8,396 8,460 Loss before income taxes(233)(4,005)(2,308)(9,551)Provision (benefit) for income taxes66 (924)24,646 (3)(2)Net loss$(299)$(3,081)$(26,954)$(9,548)(3)Loss per shareBasic$(0.08)$(0.77)$(6.78)$(2.40)Diluted$(0.08)$(0.77)$(6.78)$(2.40)Weighted average shares outstanding - Basic3,976,0733,976,0733,976,0733,976,673(4)Weighted average shares outstanding - Diluted3,976,0733,976,0733,976,0733,976,673(4)

(1) In the fourth quarter of 2024, the provision for credit loss increased , primarily attributable to significant charge-offs for two individually evaluated commercial real estate loans.

(2) In the third quarter of 2024, a full valuation allowance on the Company’s U.S. federal and state deferred tax assets was recorded. This resulted in an increase in the Company’s income tax expense of approximately $25 million. 

(3) Due to significant changes above, the net loss in the fourth quarter of 2024 decreased to $9.5 million, compared to a $27.0 million net loss in the third quarter of 2024. 

(4) The weighted average diluted shares outstanding did not include 22,269, 8,695, 91,697, and 93,710 anti-dilutive restricted shares of common stock as of March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024, respectively.

34

The following