Company: PNBK
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001628280-25-040370
Chunk: 90

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 90
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Subordinated debt(40)(37)(77)(47)(61)(108)Note payable and other(2)— (2)(2)— (2)Total interest bearing liabilities(584)(304)(888)(550)(341)(891)Decrease in net interest income$(133)$(702)$(835)$(723)$(1,562)$(2,285)

Results of Operations

For the three months ended June 30, 2025, interest income and dividend income was $11.5 million, which decreased $1.7 million as compared to $13.2 million for the quarter ended June 30, 2024. Total interest expense was $7.3 million for the three months ended June 30, 2025, which decreased $888,000 as compared to $8.2 million for the three months ended June 30, 2024. Net interest income decreased $835,000 from $5.0 million for the three months ended June 30, 2024 to $4.2 million for the three months ended June 30, 2025. 

For the six months ended June 30, 2025, interest income and dividend income was $24.0 million, which decreased $3.2 million as compared to $27.2 million for the six months ended June 30, 2024. Total interest expense was $15.9 million, which decreased $891,000 as compared to $16.8 million for the six months ended June 30, 2024. Net interest income was $8.1 million for the six months ended June 30, 2025, which decreased $2.3 million from $10.4 million for the six months ended June 30, 2024. 

The decline for both three and six months ended June 30, 2025 reflects a lower loan balance and narrower net interest margin due to higher deposit costs.

The net interest margin was 1.85% for the quarter ended June 30, 2025, compared to 2.14% for the quarter ended June 30, 2024. For the six months ended June 30, 2025 and 2024, the net interest margin was 1.74% and 2.17%, respectively. The decline in interest margins for the three and six months ended June 30, 2025 compared to the same periods in