Company: PNBK
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025485
Chunk: 107

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 2
Chunk 107
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 loss of $2.8 million for the three months ended March 31, 2025.

Off-Balance Sheet Commitments

The Company’s off-balance sheet commitments primarily consist of commitments to lend of $80.8 million and $87.6 million as of March 31, 2025 and December 31, 2024, respectively.

As of March 31, 2025, the Bank has an irrevocable stand-by letter of credit for a maximum of $45 million, issued by the Federal Home Loan Bank of Boston on behalf of the Bank, with Mastercard as the beneficiary. This letter of credit was originally set to expire on April 30, 2025, but in April 2025, the expiration date was extended to April 30, 2026.

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Average Balances 

The following tables present daily average balance sheets, interest income, interest expense and the corresponding yields earned and rates paid for the three months ended March 31, 2025 and 2024:

(In thousands)Three Months Ended March 31,20252024Average BalanceInterestYieldAverage BalanceInterestYieldAssetsInterest earning assets:Loans$710,481 $9,980 5.70 %$841,077 $12,648 6.03 %Investments86,594 575 2.66 %97,012 732 3.02 %Cash equivalents and restricted cash180,402 1,993 4.48 %46,736 621 5.33 %Total interest earning assets977,477 12,548 5.21 %984,825 14,001 5.70 %Cash and due from banks2,693 2,641 Allowance for credit losses(10,108)(14,755)OREO2,840 2,843 Other assets42,806 69,836 Total Assets$1,015,708 $1,045,390 LiabilitiesInterest bearing liabilities:Deposits$861,878 $7,798 3.67 %$746,101 $6,686 3.59 %Borrowings8,933 98 4.45 %112,073 1,214 4.34 %Senior notes11,207 322 11.49 %11,735 290 9.88 %Subordinated debt17,782