Company: PNBK
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001628280-25-017837
Chunk: 94

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-04-15
Form: 10-K
Item: Item 7
Chunk 94
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 - Digital Payments186,365 164,450 — Money market195,369 166,294 164,827 Money market - Digital Payments 66,654 33,986 46,173 Certificates of deposit, $250,000 or less174,095 175,988 165,793 Certificates of deposit, more than $250,00065,278 64,745 59,877 Brokered deposits69,702 40,526 48,698 Total Interest bearing847,385 730,255 590,810 Total Deposits$966,597 $840,311 $860,446 Total Digital Payments deposits$265,542 $213,383 $197,268 Total retail branch bank deposits$412,960 $394,819 $430,650 Total uninsured deposits$297,845 $334,300 $343,980 Uninsured deposits to total deposits30.81 %39.78 %39.98 %Non-GAAP uninsured deposits to total deposits excluding Digital Payments deposits15.80 %20.06 %22.35 %

Total deposits increased by $126.3 million during 2024, rising from $840.3 million as of December 31, 2023, to $966.6 million as of December 31, 2024. The growth was primarily driven by higher deposits in the Digital Payments Division, an increase in brokered deposits, increased online money market deposits and higher retail branch deposits. The Company raised additional deposits to lower borrowings, including the Fed Bank Term Funding Program (“BTFP”) as $70 million of BTFP borrowings were repaid during 2024, as well as a reduction in outstanding advances with the FHLB.  

Non-GAAP Financial Measures:

In addition to evaluating the Company's financial performance in accordance with U.S. generally accepted accounting principles ("GAAP"), management may evaluate certain non-GAAP financial measures, such as uninsured deposits to total deposits excluding Digital Payments deposits. A computation and reconciliation of non-GAAP financial measures used for these purposes is contained in the accompanying Reconciliation of GAAP to Non-GAAP Measures tables. We believe that by excluding Digital Payments deposits, management can present a view of uninsured deposits that better reflects the Company's traditional deposit base, providing investors with useful information for understanding our uninsured deposits position and financial stability. Digital Payments deposits are analyzed for FDIC insurance at the