Company: PNBK
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025485
Chunk: 180

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 180
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 due to the decline in gross loans receivable of $33.3 million and a $26.4 million decline in cash, cash equivalents and restricted cash as of March 31, 2025.

Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash decreased from $162.6 million at December 31, 2024 to $136.2 million at March 31, 2025. The decrease in 2025 was primarily due to a $104.2 million reduction in deposits offset by cash received on loans held for investment and cash proceeds on issuance of common and preferred stock shares.  After completion of the Private Placement, the Company reduced excess cash by lowering deposits. For further details, refer to the Consolidated Statements of Cash Flows.

Investments

The following table is a summary of the Company’s investment securities portfolio, at fair value, at the dates shown:

March 31,December 31,Increase /(Decrease)(In thousands)20252024($)(%)U. S. Government agency and mortgage-backed securities$61,001 $60,223 $778 1.29 %Corporate bonds12,637 12,735 (98)(0.77)%Subordinated notes3,550 3,461 89 2.57 %SBA loan pools3,463 3,573 (110)(3.08)%Total available-for-sale securities, at fair value80,651 79,992 659 0.82 %Other investments, at cost4,450 4,450 — — %Total investment securities$85,101 $84,442 $659 0.78 %

Total investments increased by $700,000, from $84.4 million at December 31, 2024 to $85.1 million at March 31, 2025. The increase in the three months ended March 31, 2025 was primarily attributable to a $1.4 million unrealized gain on securities, partially offset by the amortization of securities totaling $827,000. During the three months ended March 31, 2025, the Bank did not sell any available-for-sale securities.

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Loans held for investment 

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

(In thousands)March 31, 2025December 31