Company: PNBK
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001628280-25-017837
Chunk: 103

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-04-15
Form: 10-K
Item: Item 7
Chunk 103
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 (loss) per share - Basic and Diluted of each of the quarters in the year ended December 31, 2023 does not agree to the amount of Basic and Diluted earnings per share presented on the Consolidated Statement of Operations for the year ended December 31, 2023, due to the impact of rounding to the nearest cent on the amount of Earnings per share - Basic and Diluted for the three months ended December 31, 2023 (i.e., the "Fourth Quarter").

(6) The weighted average diluted shares outstanding did not include 491, 1,528, 1,651, and 15,622 anti-dilutive restricted shares of common stock as of March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023, respectively.

35

LIQUIDITY AND CAPITAL RESOURCES

The Company measures liquidity in two primary ratios: on-hand liquidity to total liabilities, and total liquidity to total liabilities.  On-hand liquidity is comprised of interest-bearing cash and cash equivalents and unpledged available-for-sale securities.  Total liquidity includes on-hand liquidity, plus total available credit lines, plus availability of brokered deposits which is subject to internal limitations.  The Company monitors other metrics in addition to on-hand liquidity and total liquidity to manage concentration risk in certain types of liabilities.

The Company's on-hand liquidity and total liquidity ratios for the year ended December 31, 2024 and December 31, 2023, are as follows:

(In thousands)December 31, 2024December 31, 2023On-hand liquidityInterest-bearing cash and cash equivalents$144,273 $50,322 Available-for-sale securities, at fair value79,992 89,187 Less: pledged available-for-sale securities(60,223)(68,465)Total on-hand liquidity164,042 71,044 Borrowing capacityFHLB borrowing capacity48,692 174,533 FRB borrowing capacity64,742 81,401 Unsecured credit lines from correspondent banks5,000 22,000 Brokered deposit capacity69,702 126,047 Total borrowing capacity188,136 403,981 Less: used borrowing capacityFHLB capacity used (including the standby letter of credit)(48,459)(173,147)FRB capacity used— (70,000)Outstanding brokered deposits(69