Company: PNBK
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001628280-25-040370
Chunk: 75

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 75
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 compared to 40.11% as of June 30, 2024. The rate at June 30, 2024 was significantly higher due to reserves on individually evaluated CRE loans that were subsequently charged-off after June 30, 2024. 

52

The following table provides an allocation of allowance for credit losses on loans by portfolio segment:

(In thousands)June 30, 2025December 31, 2024Allowance for credit lossesPercent of loans in each category to total loansAllowance for credit lossesPercent of loans in each category to total loansCommercial Real Estate$2,436 63.04 %$2,241 59.30 %Residential Real Estate519 10.23 %596 13.03 %Commercial and Industrial1,785 20.79 %1,077 18.32 %Consumer and Other3,050 5.68 %3,386 8.48 %Construction5 0.25 %5 0.54 %Construction to permanent - CRE— 0.01 %— 0.33 %Total Allowance for credit losses$7,795 100.00 %$7,305 100.00 %

Non-performing Assets

The following table presents non-performing assets as of June 30, 2025 and December 31, 2024:

June 30, 2025December 31, 2024Non-accruing loans:Commercial Real Estate$20,893 $19,334 Residential Real Estate— 109 Commercial and Industrial2,869 3,341 Consumer and Other453 730 Construction to Permanent - CRE31 2,357 Total non-accruing loans24,246 25,871 Other real estate owned$2,590 $2,843 Total nonperforming assets$26,836 $28,714 Nonperforming assets to total assets2.89 %2.84 %Nonperforming loans to total loans, net4.18 %3.69 %

As of June 30, 2025, non-accrual loans decreased to $24.2 million, compared to $25.9 million as of December 31, 2024. The non-accrual loans at June 30, 2025 was comprised of 166 borrowers. Of these, 14 loans were