Company: PNBK
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025485
Chunk: 36

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 36
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.5 million as of March 31, 2025 and December 31, 2024, respectively. Interest Bearing DDA is net of deposits sold through the IntraFi network.  There were $116.9 million in deposits sold as of March 31, 2025, and no deposits sold as of December 31, 2024.As of March 31, 2025, contractual maturities of Certificates of Deposit (“CDs”), and brokered deposits is summarized as follows:(In thousands)Certificates of Deposit $250,000 or lessCertificates of Deposit  more than $250,000Brokered Deposits Total 1 year or less$152,650 $54,789 $37,716 $245,155 More than 1 year through 2 years26,966 11,812 31,967 70,745 More than 2 years through 3 years3,057 501 — 3,558 More than 3 years through 4 years140 — — 140 More than 4 years through 5 years106 — — 106 $182,919 $67,102 $69,683 $319,704 

Note 7.    Derivatives

Patriot is party to interest rate swap derivatives that are not designated as hedging instruments. Under a program, Patriot will execute interest rate swaps with commercial lending customers to facilitate their respective risk management strategies. These interest rate swaps with customers are simultaneously offset by interest rate swaps that Patriot executes with a third party, such that Patriot minimizes its net risk exposure resulting from such transactions. Because the interest rate swaps associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. The changes in the fair value of the swaps offset each other, except for the credit risk of the counterparties, which is determined by taking into consideration the risk rating, probability of default and loss given default for all counterparties.As of March 31, 2025 and December 31, 2024, Patriot did not have any cash pledged for collateral on its interest rate swaps. No net gain or loss was recognized in other noninterest income on the Consolidated Statements of Operations during the three months ended March 31, 2025 and 2024.Information about the valuation methods used to measure the fair value of derivatives is provided in