Company: PNBK
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025485
Chunk: 140

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 140
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122,375 $53,498 $3,823 $2,357 $674,209 

16

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

(In thousands)Commercial Real Estate Residential Real Estate Commercial and Industrial Consumer and Other Construction Construction to Permanent - CRE Total December 31, 2024Allowance for credit losses:Individually evaluated loans$403 $— $60 $— $— $— $463 Collectively evaluated loans1,838 596 1,017 3,386 5 — 6,842 Total allowance for credit losses$2,241 $596 $1,077 $3,386 $5 $— $7,305 Loans receivable, gross:Individually evaluated loans$19,335 $— $3,323 $— $— $2,357 $25,015 Collectively evaluated loans400,154 92,215 126,285 59,973 3,830 — 682,457 Total loans receivable, gross$419,489 $92,215 $129,608 $59,973 $3,830 $2,357 $707,472 Patriot monitors the credit quality of its loans receivable on an ongoing basis. Credit quality is monitored by reviewing certain indicators, including cash flow from business operations, loan to value ratios, debt service coverage ratios, and credit scores.Patriot employs a risk rating system as part of the risk assessment of its loan portfolio. At origination, credit officers are required to assign a risk rating to each loan in their portfolio, which is ratified or modified by the Loan Committee to which the loan is submitted for approval. If financial developments occur on a loan in the credit officer’s portfolio of responsibility, the risk rating is reviewed and adjusted, as applicable. In carrying out its oversight responsibilities, the Loan Committee can adjust a risk rating based on available information. In addition, the risk ratings on all commercial loans over $250,000 are reviewed by the Credit Department either annually or biannually, or every 4 years, depending upon the amount of the Bank’s exposure and other credit metrics.Additionally, Patriot retains an independent third-party loan review firm to perform a semi-annual analysis of the results of its