Company: PNBK
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025485
Chunk: 184

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 184
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65% as of March 31, 2025, compared to 72.21% as of March 31, 2024. The rate at March 31, 2024 was significantly higher due to reserves on individually evaluated CRE loans that were subsequently charged-off after March 31, 2024. 

The following table provides an allocation of allowance for credit losses on loans by portfolio segment:

(In thousands)March 31, 2025December 31, 2024Allowance for credit lossesPercent of loans in each category to total loansAllowance for credit lossesPercent of loans in each category to total loansCommercial Real Estate$2,275 59.54 %$2,241 59.30 %Residential Real Estate639 13.46 %596 13.03 %Commercial and Industrial1,168 18.15 %1,077 18.32 %Consumer and Other2,607 7.93 %3,386 8.48 %Construction8 0.57 %5 0.54 %Construction to permanent - CRE32 0.35 %— 0.33 %Total Allowance for credit losses$6,729 100.00 %$7,305 100.00 %

Non-performing Assets

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

March 31, 2025December 31, 2024Non-accruing loans:Commercial Real Estate$23,708 $19,334 Residential Real Estate— 109 Commercial and Industrial2,937 3,341 Consumer and Other704 730 Construction to Permanent - CRE2,357 2,357 Total non-accruing loans29,706 25,871 Other real estate owned$2,590 $2,843 Total nonperforming assets$32,296 $28,714 Nonperforming assets to total assets3.38 %2.84 %Nonperforming loans to total loans, net4.45 %3.69 %

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As of March 31, 2025, non-accrual loans increased to $29.7 million, compared to $25.9 million as of December 31, 2024. The non-accrual loans at March 31, 2025