Company: PNBK
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001628280-25-040370
Chunk: 210

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 210
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 bps of Q-Factors was applied, but because the application is on a pool-by-pool basis, the net effect is only 12 bps across total loans.

51

The following table provides detail of activity in the allowance for credit losses on loans for the three and six months ended June 30, 2025 and 2024:

Three Months Ended June 30,Six Months Ended June 30,(In thousands)2025202420252024Balance at beginning of the period$6,729 $13,777 $7,305 $15,925 Charge-offs:Commercial Real Estate— — (635)(158)Residential Real Estate— — — (21)Commercial and Industrial(11)(404)(130)(814)Consumer and Other(754)(1,849)(1,670)(4,372)Total charge-offs(765)(2,253)(2,435)(5,365)Recoveries:Commercial and Industrial20 72 106 78 Consumer and Other209 260 461 565 Total recoveries229 332 567 643 Net charge-offs(536)(1,921)(1,868)(4,722)Provision for credit losses1,602 3,133 2,358 3,786 Balance at end of the period$7,795 $14,989 $7,795 $14,989 Ratios:Net charge-offs to average loans (annualized)(0.08)%(0.24)%(0.55)%(1.15)%Allowance for credit losses to total loans1.33 %1.93 %1.33 %1.93 %Allowance for credit losses to nonaccrual loans32.15 %40.11 %32.15 %40.11 %

For the three months ended June 30, 2025, net charge-offs decreased $1.4 million to $536,000, with a net charge-offs to average loans ratio of 0.08%, compared to $1.9 million and 0.24% for the three months ended June 30, 2024. 

For the six months ended June 30, 2025, net charge-offs declined $2.9 million to $1.9 million, with a net charge-offs to average loans ratio of 0.55% , down from $4.7 million