Company: PNBK
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025485
Chunk: 128

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 128
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 and depletion. The amendments in ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The amendments in ASU 2024-03 can be applied on a prospective basis or retrospective basis and early adoption is permitted. The amendments in ASU 2025-01 clarify the effective date of ASU 2024-03 stating that all public business entities are required to adopt the update in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. ASU 2025-01 does not change the effective date of ASU 2024-03 but was issued to provide clarity on the effective date for public business entities that do not have a calendar year-end. The Company is currently evaluating the potential impact of the adoption of ASU 2024-03 and ASU 2025-01 on its disclosures.

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

 Note 3.     Available-for-Sale Securities

The amortized cost, gross unrealized gains, gross unrealized losses and fair values of available-for-sale securities at March 31, 2025 and December 31, 2024 are as follows:(In thousands)Amortized CostGross Unrealized GainsGross Unrealized (Losses)Fair ValueMarch 31, 2025:U. S. Government agency and mortgage-backed securities$75,116 $— $(14,115)$61,001 Corporate bonds15,996 — (3,359)12,637 Subordinated notes4,000 — (450)3,550 SBA loan pools4,345 — (882)3,463 Total available-for-sale securities$99,457 $— $(18,806)$80,651 December 31, 2024:U. S. Government agency and mortgage-backed securities$75,689 $— $(15,466)$60,223 Corporate bonds15,996 — (3,261)12,735 Subordinated notes4,000 — (539)3,461 SBA loan pools4,562 — (989)3,573 Total available