Company: PNBK
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052358
Chunk: 108

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 108
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2.7 million or $0.03 basic and diluted loss per share for the quarter ended September 30, 2025, compared to a net loss of $27.0 million or $6.78 basic and diluted loss per share for the quarter ended September 30, 2024. 

For the nine months ended September 30, 2025, the net loss was $10.4 million, or $0.16 basic and diluted loss per share, compared to a net loss of $30.3 million, or $7.63 basic and diluted loss per share for the nine months ended September 30, 2024. This represents a year-over-year decrease in net loss of $19.9 million. 

For the three months ended September 30, 2025, net interest income increased $11,000 compared to the three months ended September 30, 2024. For the nine months ended September 30, 2025, net interest income decreased $2.3 million, compared to the nine months ended September 30, 2024, due to an intentional decline in loan balances. The Company reported a decrease in gross loans of $118.8 million in 2025, from $707.5 million at December 31, 2024 to $588.7 million at September 30, 2025. The Company has continued the trend of restricting loan growth and allowing loans to pay down as the balance sheet is reduced in order to strengthen capital ratios. 

Private Placement 

51

On March 20, 2025, the Company entered into (i) securities purchase agreements with its President and director, Steven Sugarman, and three co-lead investors, and (ii) securities purchase agreements with other accredited investors (collectively, and together with the Co-Lead Investors and the Lead Party).

In addition, on March 20, 2025, the Company completed a $57.8 million private placement of: (i) shares of the Company’s common stock, par value 0.01 per share (“Common Stock”), at a purchase price of $0.75 per share, and (ii) shares of a new series of the Company’s preferred stock, no par value per share, designated as Series A Non-Cumulative Perpetual Convertible Preferred Stock (the “Series A Preferred Stock”), with a liquidation preference of $60 per share (the “Private Placement”).

The Private Placement included the issuance of: