Company: PNBK
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052358
Chunk: 0

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 0
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Item 1: Consolidated Financial Statements

3

PATRIOT NATIONAL BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETSSeptember 30, 2025December 31, 2024(In thousands, except share data)UnauditedAssetsCash and due from banks:Noninterest bearing deposits and cash$2,106 $3,295 Interest bearing deposits178,889 144,273 Restricted cash20,535 15,042 Total cash, cash equivalents and restricted cash201,530 162,610 Investment securities:  Available-for-sale securities, at fair value105,549 79,992 Other investments, at cost— 4,450 Total investment securities105,549 84,442   Federal Reserve Bank (FRB) stock, at cost2,452 1,377 Federal Home Loan Bank (FHLB) stock, at cost679 779 Loans receivable (net of allowance for credit losses: 2025: $(7,187) and 2024: $(7,305))581,479 700,167 Loans held for sale18,408 15,702 Accrued interest and dividends receivable4,257 5,488 Premises and equipment, net28,210 28,865 Other real estate owned— 2,843 Core deposit intangible, net121 156 Other assets8,067 9,863 Total assets$950,752 $1,012,292   Liabilities  Deposits:  Noninterest bearing deposits$87,766 $119,212 Interest bearing deposits743,089 847,385 Total deposits830,855 966,597   FHLB, FRB and correspondent bank borrowings— 3,000 Senior notes, net— 11,861 Subordinated debt, net8,283 9,898 Junior subordinated debt owed to unconsolidated trust, net8,155 8,147 Note payable— 162 Advances from borrowers for taxes and insurance2,391 1,472 Accrued expenses and other liabilities6,045 6,890 Total liabilities855,729 1,008,027 Commitments and Contingencies Shareholders' equityCommon stock, $.01 par value per share, 200,000