Company: PNBK
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001628280-25-040370
Chunk: 206

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 206
---
30, 2025, compared to $1.01 billion at December 31, 2024, primarily due to the decline in gross loans receivable of $119.9 million, partially offset by a $40.4 million increase in cash, cash equivalents and restricted cash as of June 30, 2025.

Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash increased from $162.6 million at December 31, 2024 to $203.0 million at June 30, 2025. The increase in 2025 was primarily driven by loan repayments and sale of loan receivable, and cash proceeds from issuance of common and preferred stock shares, partially offset by a $135.7 million reduction in deposits. Following the completion of the Private Placement, the Company reduced excess cash by lowering deposits. For further details, refer to the Consolidated Statements of Cash Flows.

Investments

The following table is a summary of the Company’s investment securities portfolio, at fair value, at the dates shown:

June 30,December 31,Increase /(Decrease)(In thousands)20252024($)(%)U. S. Government agency and mortgage-backed securities$60,390 $60,223 $167 0.28 %Corporate bonds13,191 12,735 456 3.58 %Subordinated notes3,544 3,461 83 2.40 %SBA loan pools3,502 3,573 (71)(1.99)%Total available-for-sale securities, at fair value80,627 79,992 635 0.79 %Other investments, at cost4,450 4,450 — — %Total investment securities$85,077 $84,442 $635 0.75 %

Total investments increased by $700,000, from $84.4 million at December 31, 2024 to $85.1 million at June 30, 2025. The increase in the six months ended June 30, 2025 was primarily attributable to a $2.2 million reduction in unrealized losses on securities, partially offset by the repayment of securities totaling $1.7 million. During the six months ended June 30, 2025, the Bank did not sell any available-for-sale securities.

49

Loans held for investment 

The following table provides the composition of the Company’s loan