Company: PNBK
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025485
Chunk: 188

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 188
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13.43 %15.80 %

Total deposits decreased by $104.2 million, from $966.6 million as of December 31, 2024, to $862.4 million as of March 31, 2025. The reduction was primarily driven by $116.9 million in deposits which were sold through the IntraFi network as of March 31, 2025.  There were no such deposit sales as of December 31, 2024.

Non-GAAP Financial Measures:

In addition to evaluating the Company's financial performance in accordance with U.S. generally accepted accounting principles ("GAAP"), management may evaluate certain non-GAAP financial measures, such as uninsured deposits to total deposits excluding Digital Payments deposits. A computation and reconciliation of non-GAAP financial measures used for these purposes is contained in the accompanying Reconciliation of GAAP to Non-GAAP Measures tables. We believe that by excluding Digital Payments deposits, management can present a view of uninsured deposits that better reflects the Company's traditional deposit base, providing investors with useful information for understanding our uninsured 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