Company: PNBK
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025485
Chunk: 100

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 2
Chunk 100
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 deposits position and financial stability. Digital Payments deposits are analyzed for FDIC insurance at the Program Manager level.  Certain accounts are reciprocal deposits through the IntraFi network and therefore the entire deposit balances qualify for FDIC insurance.  The remaining deposit balances are aggregated at the Program Manager level, and any deposits exceeding $250,000 are considered uninsured. 

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The non-GAAP financial measures should not be considered a substitute for GAAP basis measures and results, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure.

Reconciliation of GAAP to Non-GAAP Measures (unaudited):

(Dollars in thousands)March 31, 2025December 31, 2024Non-GAAP Uninsured deposits to total deposits excluding Digital Payments depositsTotal deposits$862,434 $966,597 Digital Payments deposits161,106 265,542 Non-GAAP total deposits excluding Digital Payments deposits701,328 701,055 Total uninsured deposits$246,216 $297,845 Total uninsured Digital Payments deposits152,017 187,048 Total uninsured deposits excluding Digital Payments deposits94,199 110,797 Non-GAAP uninsured deposits to total deposits excluding Digital Payments deposits13.43 %15.80 %

Borrowings 

Total borrowings were $24.0 million and $33.1 million as of March 31, 2025 and December 31, 2024, respectively. Borrowings consist primarily of FHLB advances, FRB advances, senior notes, subordinated notes, junior subordinated debentures and a note payable. The senior notes, subordinated notes and junior subordinated debentures contain affirmative covenants that require the Company to maintain its and its subsidiaries’ legal entity and tax status, pay its income tax obligations on a timely basis, and comply with SEC and FDIC reporting requirements. 

Federal Home Loan Bank borrowings

As of March 31, 2025, the Company had $163.5 million in book value and $108.4 million in discounted value of pledged collateral with the FHLB-B. The pledged collateral consisted of a mixture of residential and commercial real estate loans and lines of credit.  The maximum borrowing capacity is limited to the lesser of 5.00% of the Bank’s most recently reported Call Report total assets or the discount value of the pledged collateral. Accordingly, as of March 31,