Company: PNBK
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025485
Chunk: 1

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 1
---
000 shares authorized; As of March 31, 2025: 90,832 shares issued and outstanding; As of December 31, 2024: no shares issued and outstanding.5,099 — Common stock, $.01 par value, 100,000,000 shares authorized; As of March 31, 2025: 73,799,033 shares issued; 73,725,292 shares outstanding; As of December 31, 2024: 4,065,593 shares issued; 3,991,852 shares outstanding.155,964 106,854 Accumulated deficit(89,685)(86,908)Accumulated other comprehensive loss(14,232)(15,681)Total shareholders' equity57,146 4,265 Total liabilities and shareholders' equity$956,612 $1,012,292 

See Accompanying Notes to Consolidated Financial Statements.

3

PATRIOT NATIONAL BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

Three Months Ended March 31,(In thousands, except per share amounts)20252024Interest and Dividend IncomeInterest and fees on loans$9,980 $12,648 Interest on investment securities548 661 Dividends on investment securities27 71 Other interest income1,993 621 Total interest and dividend income12,548 14,001   Interest Expense  Interest on deposits7,798 6,686 Interest on FHLB, FRB and correspondent bank borrowings98 1,214 Interest on senior debt322 290 Interest on subordinated debt375 406 Interest on note payable1 1 Total interest expense8,594 8,597   Net interest income3,954 5,404   Provision for credit losses733 658   Net interest income after provision for credit losses3,221 4,746   Non-interest Income  Loan application, inspection and processing fees211 202 Deposit fees and service charges418 81 Gains on sales of loans43 267 Rental income45 21 Loss on sale of investment securities, net— (24)Digital Payments income1,758 964 Other income253 736 Total non-interest income 2,728 2,247   Non-interest Expense  Salaries and benefits4