Company: PNBK
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001628280-25-017837
Chunk: 83

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-04-15
Form: 10-K
Item: Item 7
Chunk 83
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88,970 

Total investments decreased $9.2 million or 9.8%, from $93.6 million at December 31, 2023 to $84.4 million at December 31, 2024. This decrease in 2024 was primarily attributable to $8.3 million sale of available-for-sale securities and $3.6 million in repayments and maturity of principal on available-for-sale securities, which was partially offset by the purchases of available-for-sale securities of $2.3 million, and net unrealized gain of $614,000 for the available-for-sale securities, associated with rising market interest rates. During the year ended December 31, 2024, the Bank sold $8.3 million available-for-sale securities and recognized $334,000 net loss on sale. In 2023, the Bank sold $1.8 million available-for-sale securities and recognized net gain on sale of securities of $24,000. There was no sale of available-for-sale securities during the year ended December 31, 2022.

21

Loans held for investment

The following table provides the composition of the Company’s loan held for investment portfolio as of December 31, for each of the years shown:

December 31,(In thousands)202420232022Amount%Amount%Amount%Loan portfolio segment:Commercial Real Estate$419,489 59.30 %$472,093 55.62 %$437,443 51.57 %Residential Real Estate92,215 13.03 %106,783 12.58 %124,140 14.63 %Commercial and Industrial129,608 18.32 %163,565 19.27 %138,787 16.36 %Consumer and Other59,973 8.48 %99,688 11.74 %141,091 16.63 %Construction3,830 0.54 %4,266 0.50 %4,922 0.58 %Construction to permanent - CRE2,357 0.33 %2,464 0.29 %1,933 0.23 %Loans receivable, gross707,472 100.00 %848,859 100.00 %848,316 100.00 %Allowance for credit losses(7,305)(15,925)(10,310)Loans