Company: PNBK
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025485
Chunk: 150

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 150
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, but not collected for loans that are placed on non-accrual status or charged-off, is reversed against interest income. The interest on these loans is generally accounted for on the cash-basis method until qualifying for return to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current, future payments are reasonably assured, after at least six months of timely payment history. The Bank considers loans under $100,000 and consumer installment loans to be pools of smaller homogeneous loan balances, and therefore are collectively evaluated for credit losses, and not individually evaluated for credit losses.

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Table of ContentsPATRIOT NATIONAL BANCORP, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited)

If non-accrual loans had been performing in accordance with the original contractual terms, additional interest income (net of cash collected) of approximately $1.2 million and $573,000 would have been recognized during the three months ended March 31, 2025 and 2024, respectively. Interest income collected and recognized on non-accruing loans for the three months ended March 31, 2025 and 2024 was $18,000 and $20,000, respectively. 

Individually Evaluated LoansThe following table reflects information about the individually evaluated loans by segment as of March 31, 2025 and December 31, 2024: (In thousands)March 31, 2025December 31, 2024Recorded Investment Principal Outstanding Related Allowance Recorded Investment Principal Outstanding Related Allowance With no related allowance recorded:Commercial Real Estate$17,106 $33,372 $— $18,361 $34,224 $— Commercial and Industrial2,922 7,428 — 1,831 2,251 — Construction to permanent - CRE— — — 2,357 2,476 — 20,028 40,800 — 22,549 38,951 — With a related allowance recorded:Commercial Real Estate6,602 6,725 278 974 969 403 Commercial and Industrial— — — 1,492 1,810 60 Construction to permanent - CRE2,357 2,476 32 — — — 8,959 9,201 310 2,466 2,