Company: PNBK
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025485
Chunk: 172

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 172
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165 $1,000,091 

37

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

The following tables detail the financial assets measured at fair value on a recurring basis and the valuation techniques utilized relative to the fair value hierarchy, as of March 31, 2025 and December 31, 2024:(In thousands)Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total March 31, 2025: U. S. Government agency and mortgage-backed securities$— $61,001 $— $61,001 Corporate bonds— 1,669 10,968 12,637 Subordinated notes— 3,550 — 3,550 SBA loan pools— 3,463 — 3,463 Municipal bonds— — — — Available-for-sale securities$— $69,683 $10,968 $80,651     Interest rate swap receivable$— $62 $— $62     Interest rate swap liability$— $62 $— $62 December 31, 2024: U. S. Government agency and mortgage-backed securities$— $60,223 $— $60,223 Corporate bonds— 1,612 11,123 12,735 Subordinated notes— 3,461 — 3,461 SBA loan pools— 3,573 — 3,573 Municipal bonds— — — — Available-for-sale securities$— $68,869 $11,123 $79,992     Interest rate swap receivable$— $83 $— $83     Interest rate swap liability$— $83 $— $83 As of March 31, 2025 and December 31, 2024, four corporate bonds were classified as Level 3 instruments. The fair values of these securities were determined using a present value approach. The discount rate assumed was determined based on unobservable inputs in a pricing model. During the three months ended March 31, 2025 and 2024, the Company had no transfers into or out of Levels 1