Company: PNBK
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025485
Chunk: 181

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 181
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, 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 order to strengthen capital ratios. 

SBA loans held for investment were included in the commercial real estate loans and commercial and industrial loan classifications above. As of March 31, 2025 and December 31, 2024, SBA loans included in the commercial real estate loans were $17.0 million and $18.7 million, respectively. SBA loans included in the commercial and industrial loans were $10.6 million and $11.2 million, respectively. 

At March 31, 2025, the net loan to deposit ratio was 77.4% and the net loan to total assets ratio was 69.8%. At December 31, 2024, these ratios were 72.4% and 69.2%, respectively.

The following table provides the composition of the commercial real estate loan portfolio segment as of March 31, 2025 and December 31, 2024:

(In thousands)March 31, 2025December 31, 2024Amount%Amount%Commercial Real EstateCRE owner occupied$83,845 20.89 %$83,934 20.01 %CRE multifamily71,155 17.73 %77,443