Company: PNBK
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052358
Chunk: 234

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 234
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64

Equity

Equity increased $90.8 million, from $4.3 million at December 31, 2024 to $95.0 million at September 30, 2025. This increase was primarily due to a net capital raise of $57.75 million from the Private Placement on March 20, 2025, net proceeds of $10.47 million from a registered direct offering on June 3, 2025, net proceeds of $24.0 million from a registered direct offering on September 2, 2025, and a net reduction  of $3.8 million in net unrealized losses on securities, partially offset by a net loss of $10.4 million for the nine months ended September 30, 2025.

Off-Balance Sheet Commitments

The Company’s off-balance sheet commitments primarily consist of commitments to lend of $48.7 million and $87.6 million as of September 30, 2025 and December 31, 2024, respectively.

As of September 30, 2025, the Bank has an irrevocable stand-by letter of credit for a maximum of $45 million, issued by the Federal Home Loan Bank of Boston on behalf of the Bank, with Mastercard as the beneficiary. This letter of credit was originally set to expire on April 30, 2025, but in April 2025, the expiration date was extended to April 30, 2026.

65

Average Balances 

The following tables present daily average balance sheets, interest income, interest expense and the corresponding yields earned and rates paid for the three months ended September 30, 2025 and 2024:

(In thousands)Three Months Ended September 30,20252024Average BalanceInterestYieldAverage BalanceInterestYieldASSETSInterest Earning Assets:Loans$588,449 $8,565 5.77 %$783,787 $11,704 5.92 %Investments92,367 646 2.80 %96,654 729 3.02 %Cash equivalents and other210,849 2,332 4.39 %27,509 381 5.49 %Total interest earning assets891,665 11,543 5.14 %907,950 12,814 5.60 %Cash and due from banks(1,609)24,653 Allowance