Company: PNBK
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025485
Chunk: 5

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 5
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 equivalents and restricted cash at end of period$136,201 $92,775 

PATRIOT NATIONAL BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Continued)

(In thousands)Three Months Ended March 31,20252024Supplemental Disclosures of Cash Flow Information:  Cash paid for interest$9,133 $7,996 Cash refund from income taxes, net$(18)$—    Non-cash transactions:Net change in unrealized (gain) loss on available-for-sale securities$(1,449)$471 Transfers of loans held for sale to loans receivable$1,113 $5,526 Deferred cost for capital raise$(120)$— Deferred debt issuance costs$(23)$— Private Placement Costs for preferred stock$(351)$— Private Placement Costs for common stock$(3,371)$— Senior debt conversion to common stock$(5,000)$— Subordinated debt conversion to common stock $(2,000)$— Accrued interest capitalized into principal$882 $— 

See Accompanying Notes to Consolidated Financial Statements.

7

Table of ContentsPATRIOT NATIONAL BANCORP, INC. AND SUBSIDIARIES Notes to consolidated financial statements (Unaudited)

Note 1.    Basis of Financial Statement Presentation

The accompanying unaudited interim condensed Consolidated Financial Statements of Patriot National Bancorp, Inc. (the “Company” or “PNBK”) and its wholly-owned subsidiaries, Patriot Bank, N.A. (the “Bank”), Patriot National Statutory Trust I and PinPat Acquisition Corporation (collectively, “Patriot”), have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been omitted. The accompanying unaudited interim condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included on the Annual Report on Form 10-K for the year ended December 31, 2024.The Consolidated Balance Sheet at December 31, 2024 presented herein has been derived from the audited Consolidated Financial Statements of the Company at that date, but does not include all of the information and footnotes required by US GA