Company: PNBK
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001628280-25-040370
Chunk: 57

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 57
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 result, the carrying amount is considered a reasonable estimate of fair value.The Company considers its own credit worthiness in determining the fair value of its senior notes, subordinated notes, notes payable and junior subordinated debt.Federal Home Loan Bank BorrowingsThe fair value of FHLB advances is estimated using a discounted cash flow calculation that applies current FHLB interest rates for advances of similar maturity to a schedule of maturities of such advances. Patriot does not record FHLB advances at fair value on a recurring basis.Off-balance sheet financial instrumentsOff-balance sheet financial instruments are based on interest rate changes and fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. Patriot does not record the off-balance-sheet financial instruments (i.e., commitments to extend credit) at fair value on a recurring basis.

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

The following table provides a comparison of the carrying amounts and estimated fair values of Patriot’s financial assets and liabilities as of June 30, 2025 and December 31, 2024:(In thousands)June 30, 2025December 31, 2024Fair Value Hierarchy Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial Assets:Cash and noninterest bearing balances due from banksLevel 1$2,632 $2,632 $3,295 $3,295 Interest-bearing deposits due from banksLevel 1185,010 185,010 144,273 144,273 Restricted cashLevel 115,330 15,330 15,042 15,042 Available-for-sale securitiesLevel 269,150 69,150 68,869 68,869 Available-for-sale securitiesLevel 311,477 11,477 11,123 11,123 Other investmentsLevel 24,450 4,450 4,450 4,450 Federal Reserve Bank stockLevel 22,351 2,351 1,377 1,377 Federal Home Loan Bank stockLevel 2679 679 779 779 Loans receivable, netLevel 3579,753 566,585 700,167 675,901 Loans held for saleLevel 215,298 15,298 15,702 15,702