Company: PNBK
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052358
Chunk: 78

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 78
---
 charge-offs(436)(1,512)(2,871)(6,877)Recoveries:Residential Real Estate1 — 1 — Commercial and Industrial3 160 109 238 Consumer and Other227 263 688 828 Total recoveries231 423 798 1,066 Net charge-offs(205)(1,089)(2,073)(5,811)Provision for credit losses(403)1,084 1,955 4,870 Balance at end of the period$7,187 $14,984 $7,187 $14,984 Ratios:Net charge-offs to average loans (annualized)(0.14)%(0.56)%(0.42)%(0.96)%Allowance for credit losses to total loans1.22 %1.98 %1.22 %1.98 %Allowance for credit losses to nonaccrual loans27.67 %41.01 %27.67 %41.01 %

56

For the three months ended September 30, 2025, net charge-offs decreased $1.9 million to $205,000, with a net charge-offs to average loans ratio of 0.14%, compared to $1.1 million and 0.56% for the three months ended September 30, 2024. 

For the nine months ended September 30, 2025, net charge-offs declined $3.7 million to $2.1 million, with a net charge-offs to average loans ratio of 0.36% , down from $5.8 million and 0.96% for the nine months ended September 30, 2024. 

The reduction in net charge-offs for both three and nine months ended September 30, 2025 was primary driven by a $3.7 million decrease in charge-offs related to purchased unsecured consumer loans as the portfolio balances have declined.

The average loan balance decreased by $63.3 million, from $783.8 million for the three months ended September 30, 2025, to $588.4 million for the three months ended September 30, 2025. For the nine-month period, the average loan balance decreased $158.3 million, from $810.1 million in 2024 to $651.8 million in 2025. This decrease in average loan balance for the