Company: PNBK
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052358
Chunk: 222

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 222
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 Estate805 14.21 %596 13.03 %Commercial and Industrial3,430 20.96 %1,077 18.32 %Consumer and Other448 3.53 %3,386 8.48 %Construction— — %5 0.54 %Construction to permanent - CRE— 0.01 %— 0.33 %Total Allowance for credit losses$7,187 100.00 %$7,305 100.00 %

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Non-performing Assets

The following table presents non-performing assets as of September 30, 2025 and December 31, 2024:

September 30, 2025December 31, 2024Non-accruing loans:Commercial Real Estate$20,109 $19,334 Residential Real Estate57 109 Commercial and Industrial5,463 3,341 Consumer and Other310 730 Construction to Permanent - CRE31 2,357 Total non-accruing loans25,970 25,871 Other real estate owned$— $2,843 Total nonperforming assets$25,970 $28,714 Nonperforming assets to total assets2.73 %2.84 %Nonperforming loans to total loans, net4.47 %3.69 %

As of September 30, 2025, non-accrual loans decreased to $26.0 million, compared to $28.7 million as of December 31, 2024. The non-accrual loans at September 30, 2025 was comprised of 177 borrowers. Of these, 20 loans were individually evaluated, and the specific reserve was $1.7 million. All individually evaluated loans were collateral dependent loans, the Bank has obtained appraisal reports from independent licensed appraisal firms and discounted those values based on the Bank’s experience selling Other Real Estate Owned (“OREO”) properties and for estimated selling costs to determine estimated impairment. No individually evaluated loans were cash flow dependent loans.

As of December 31, 2024, the $28.7 million of non-accrual loans was comprised of 335 borrowers. Of which, 14 loans were individually evaluated, and a specific reserve of $0.5 million was established. 

Loans held for sale

SBA loans held for sale totaled zero as of September 30