Company: PNBK
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025485
Chunk: 61

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 61
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 3,461 89 2.57 %SBA loan pools3,463 3,573 (110)(3.08)%Total available-for-sale securities, at fair value80,651 79,992 659 0.82 %Other investments, at cost4,450 4,450 — — %Total investment securities$85,101 $84,442 $659 0.78 %

Total investments increased by $700,000, from $84.4 million at December 31, 2024 to $85.1 million at March 31, 2025. The increase in the three months ended March 31, 2025 was primarily attributable to a $1.4 million unrealized gain on securities, partially offset by the amortization of securities totaling $827,000. During the three months ended March 31, 2025, the Bank did not sell any available-for-sale securities.

43

Loans held for investment 

The following table provides the composition of the Company’s loan held for investment portfolio as of March 31, 2025 and December 31, 2024:

(In thousands)March 31, 2025December 31, 2024Amount%Amount%Loan portfolio segment:Commercial Real Estate$401,403 59.54 %419,489 59.30 %Residential Real Estate90,753 13.46 %92,215 13.03 %Commercial and Industrial122,375 18.15 %129,608 18.32 %Consumer and Other53,498 7.93 %59,973 8.48 %Construction3,823 0.57 %3,830 0.54 %Construction to permanent - CRE2,357 0.35 %2,357 0.33 %Loans receivable, gross674,209 100.00 %707,472 100.00 %Allowance for credit losses(6,729)(7,305)Loans receivable, net$667,480 $700,167 

The Company’s loan portfolio decreased $33.3 million, from $707.5 million at December 31, 2024 to $674.2 million at March 31, 2025. The Company has continued the trend of restricting loan growth and allowing loans to pay down as the balance sheet is reduced in