Company: PNBK
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052358
Chunk: 216

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 216
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 value, as of September 30, 2025 and December 31, 2024:

September 30,December 31,Increase /(Decrease)(In thousands)20252024($)(%)Federal Farm Credit Bank13,902 10,542 3,360 31.87 %Fannie Mae$19,631 $9,053 $10,578 116.85 %FHLMC33,844 14,253 19,591 137.46 %GNMA$30,524 $26,375 $4,149 15.73 %U. S. Government agency and mortgage-backed securities97,902 60,223 37,679 62.56 %Corporate bonds13,495 12,735 760 5.97 %Subordinated notes3,625 3,461 164 4.74 %SBA loan pools3,339 3,573 (234)(6.55)%Total available-for-sale securities, at fair value105,549 79,992 25,557 31.95 %Other investments, at cost— 4,450 (4,450)(100.00)%Total investment securities$105,549 $84,442 $21,107 25.00 %

Total investments increased by $21.1 million, from $84.4 million at December 31, 2024 to $105.5 million at September 30, 2025. The increase in the nine months ended September 30, 2025 was primarily attributable to a $25 million purchase, $4.5 million reduction in Other Investment, $3.8 million reduction in unrealized losses on securities, partially offset by principal paydown of $3.4 million.  During the nine months ended September 30, 2025, the Bank did not sell any available-for-sale securities.

As of September 30, 2025 and December 31, 2024, forty-two out of forty-six and 44 out of 44, respectively, available-for-sale securities had unrealized losses with an aggregate decline of 15.6% and 20.2% from the amortized cost of those securities, respectively.

Loans held for investment 

The following table provides the composition of the Company’s loan held for investment portfolio as of September 30, 2025 and December 31, 2024:

(In thousands)