Company: PNBK
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025485
Chunk: 37

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 37
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 Note 13 to the Consolidated Financial Statements.The following table presents summary information regarding these derivatives for the periods presented (dollars in thousands):(In thousands)NotionalAmount Maturity(Years) Fixed Rate VariableRate Fair Value March 31, 2025Classified in Other Assets:3rd party interest rate swap$1,280 4.304.38 %1 Mo. SOFR + 2.00%$62     Classified in Other Liabilities:    Customer interest rate swap1,280 4.304.38 %1 Mo. SOFR + 2.00%(62)December 31, 2024Classified in Other Assets:3rd party interest rate swap1,290 4.504.38 %1 Mo. SOFR + 2.00%83     Classified in Other Liabilities:    Customer interest rate swap1,290 4.504.38 %1 Mo. SOFR + 2.00%(83)

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

Note 8.     Share-Based Compensation and Employee Benefit Plan 

In 2011, the Company adopted the Patriot National Bancorp, Inc. 2012 Stock Plan (the “2012 Plan”). The 2012 Plan was amended in 2020 and renamed as the Patriot National Bancorp, Inc. 2020 Restricted Stock Award Plan (the “2020 Plan”). A copy of the 2020 Plan was filed as Exhibit 10.1 to the Company’s Amendment No. 1 to Annual Report on Form 10-K/A for the year ended  December 31, 2020 filed on April 30, 2021. The 2020 Plan provides an incentive to directors and employees of the Company by the grant of restricted stock awards (“RSA”).On November 10, 2022, the Board of Directors approved the Amendment and Restatement of the 2020 Plan (the “Amended and Restated 2020 Plan”), which was approved and ratified by shareholders of the Company on December 14, 2022.The 2020 Plan was amended primarily to (i) reduce the total number of shares authorized for issuance thereunder from 3,000,000 shares to 400,000 shares; and (ii) limit the maximum number of shares of Company’s Common Stock granted