Company: PNBK
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052358
Chunk: 154

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 154
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 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company is currently assessing the OBBBAs potential impact on its Consolidated Financial Statements, which are expected to be immaterial.Recently adopted Accounting Pronouncements ASU 2023-09In December 2023, the FASB issued ASU 2023‑09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires more detailed disclosures of income taxes paid net of refunds received, income from continuing operations before income tax expense or benefit, and income tax expense from continuing operations. This standard was adopted by the Company for annual periods beginning on January 1, 2025.  The adoption of this standard did not have a material impact on the Company’s Consolidated Financial Statements.

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Table of ContentsPATRIOT NATIONAL BANCORP, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited)

 Note 3.     Available-for-Sale Securities

The amortized cost, gross unrealized gains, gross unrealized losses and fair values of available-for-sale securities at September 30, 2025 and December 31, 2024 are as follows:(In thousands)Amortized CostGross Unrealized GainsGross Unrealized (Losses)Fair ValueSeptember 30, 2025:Federal Farm Credit Bank$13,903 $— $(2,748)$11,155 Fannie Mae19,631 31 (1,939)17,723 FHLMC33,844 132 (3,888)30,088 GNMA30,524 — (4,400)26,124 U. S. Government agency and mortgage-backed securities97,902 163 (12,975)85,090 Corporate bonds15,996 — (2,501)13,495 Subordinated notes4,000 — (375)3,625 SBA loan pools4,146 — (807)3,339 Total available-for-sale securities$122,044