Company: PNBK
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025485
Chunk: 45

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 45
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 OCC notified the Bank that, in connection with the entry into the OCC Agreement, the individual minimum capital ratios previously established on April 17, 2024 for the Bank has been terminated.The Capital Plan and Higher Minimums Articles in the OCC Agreement established capital minimums that need to be met and maintained.  The Bank is required to maintain the following ratios: a common equity tier 1 capital ratio of 10.00%, a Tier 1 capital ratio of 10.00%, a Tier 1 leverage ratio of 9.00% and a total capital ratio of 11.50%. As of March 31, 2025, the Private Placement resulted in capital ratios that are in excess of the minimums required by the OCC Agreement. Although the Private Placement on March 20, 2025, has resulted in the Bank's capital ratios exceeding both standard "well capitalized" levels and the higher minimums set forth in the Formal Agreement, the Bank remains classified as "adequately capitalized" rather than "well capitalized" due to the specific terms of that agreement.

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

The Company and Bank’s regulatory capital amounts and ratios at March 31, 2025 and December 31, 2024 are summarized as follows:March 31, 2025December 31, 2024Patriot National Bancorp, Inc.Patriot Bank, N.A.Patriot National Bancorp, Inc.Patriot Bank, N.A.(Dollar amounts in thousands)AmountRatioAmountRatioAmountRatioAmountRatioTotal Capital (to risk weighted assets):Actual$93,939 13.41 %$98,985 14.13 %$44,534 6.07 %$56,536 7.71 %To be Well Capitalized(1)— — 70,029 10.00 %— — 73,309 10.00 %For capital adequacy56,028 8.00 %56,023 8.00 %58,667 8.00 %58,648 8.00 %Individual minimum capital ratio(2)— — %80,533 11.50 %— — %84,306 11.50 %Tier 1 Capital (to risk weighted assets):Actual82,111