PATRIOT NATIONAL BANCORP INC

Listed Company

PNBKCIK 0001098146NasdaqNon-AcceleratedSmaller ReportingNational Commercial BanksConnecticutFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-12.71M

Total Assets

$1.09B

Equity

$94.68M

Shares Out

117.09M

Op. Cash Flow

$-14.17M

Business

PATRIOT NATIONAL BANCORP INC is a one-bank holding company that owns Patriot Bank, N.A. and a statutory trust, providing commercial and consumer banking services. The Bank offers commercial real estate and business loans, SBA 7(a) loans, limited consumer loans, deposit products, payment services, and a residential mortgage origination unit that originates and typically sells mortgage loans; it also operates a Digital Payments Division for high-volume payment processing. Key business components include the Bank, the Trust, the Residential Mortgage Division, and the Digital Payments Division. The Bank conducts lending and deposit activities primarily in Fairfield and New Haven Counties in Connecticut and Westchester County, New York, while mortgage origination activity is managed through its mortgage unit based in Jacksonville, Florida.

Summary from filing dated 2025-04-15

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest and fees on loans	37	47	54	41	30
Interest on investment securities	3	3	3	2	2
Dividends on investment securities	168,000	287,000	504,000	384,000	223,000
Other interest income	8	2	1	498,000	89,000
Total interest and dividend income	48	52	59	44	32
Interest on deposits	27	26	22	5	2
Interest on FHLB, FRB and correspondent bank borrowings	100,000	3	6	4	3
Interest on senior debt	610,000	1	1	866,000	913,000
Interest on subordinated debt	1	2	1	1	933,000
Interest on note payable	1,000	5,000	8,000	—	—
Total interest expense	29	32	30	11	—
Net interest income	19	20	29	33	25
Provision for credit losses	2	12	7	2	−500,000
Net interest income after provision for credit losses	18	8	21	31	26
Loan application, inspection and processing fees	571,000	625,000	694,000	386,000	257,000
Deposit fees and service charges	2	536,000	285,000	256,000	251,000
(Loss) gain on sales of loans	−2	440,000	169,000	1	2
Rental income	323,000	302,000	395,000	566,000	543,000
(Loss) gain on sale of investment securities, net	0	−334,000	24,000	0	76,000
Digital payment fee income	10	5	2	683,000	103,000
Other income	468,000	2	2	253,000	1
Total non-interest income	11	8	6	4	4
Salaries and benefits	22	18	18	16	11
Occupancy and equipment expense	3	3	3	3	3
Data processing expense	2	1	1	1	1
Professional and other outside services	4	4	3	3	3
Project expenses, net	0	0	93,000	133,000	2
Advertising and promotional expense	289,000	360,000	269,000	232,000	235,000
Loan administration and processing expense	199,000	167,000	259,000	234,000	134,000
Regulatory assessments	2	1	1	817,000	907,000
Insurance expense, net	729,000	316,000	277,000	271,000	280,000
Communications, stationary and supplies	1	973,000	870,000	616,000	604,000
Intangible asset impairment	0	0	1	0	0
Other operating expense	5	3	3	2	2
Total non-interest expense	41	32	33	27	25
(Loss) income before income taxes	−13	−16	−6	8	5
Provision (benefit) for income taxes	59,000	24	−1	2	−81,000
Net (loss) income	−13	−40	−4	6	5
Basic (loss) earnings per share (usd per share)	−0.17	−10.03	−1.05	1.56	1.29
Diluted (loss) earnings per common share (usd per share)	−0.17	−10.03	−1.05	1.55	1.29

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Noninterest bearing deposits and cash	2	3	2	5	3
Interest bearing deposits	184	144	50	33	44
Restricted cash	21	15	14	0	—
Total cash, cash equivalents and restricted cash	207	163	67	38	47
Available-for-sale securities, at fair value	225	80	89	—	—
Other investments, at cost	0	4	4	4	4
Total investment securities	225	84	94	89	99
Federal Reserve Bank (FRB) stock, at cost	3	1	2	3	3
Federal Home Loan Bank (FHLB) stock, at cost	679,000	779,000	4	4	4
Loans receivable (net of allowance for credit losses: 2025: $(6,839) and 2024: $(7,305))	586	700	833	838	—
Loans held for sale	25	16	21	5	3
Accrued interest and dividends receivable	5	5	7	7	6
Premises and equipment, net	28	29	30	31	32
Other real estate owned	0	3	3	0	0
Deferred tax asset, net	0	0	24	16	12
Core deposit intangible, net	109,000	156,000	203,000	249,000	296,000
Other assets	9	10	9	11	12
Total assets	1,088	1,012	1,093	1,043	948
Noninterest bearing deposits	107	119	110	270	227
Interest bearing deposits	859	847	730	591	522
Total deposits	966	967	840	860	749
FHLB, FRB and correspondent bank borrowings	0	3	171	85	90
Senior notes, net	0	12	12	12	12
Subordinated debt, net	8	10	10	10	10
Junior subordinated debt owed to unconsolidated trust, net	8	8	8	8	8
Note payable	0	162,000	376,000	585,000	791,000
Advances from borrowers for taxes and insurance	893,000	1	1	886,000	1
Accrued expenses and other liabilities	10	7	6	7	11
Total liabilities	993	1,008	1,049	984	881
Common stock, $0.01 par value; authorized 200,000,000 2025 issued shares 115,070,413; outstanding shares 114,996,672; 2024 issued shares 4,065,593; outstanding shares 3,991,852	1	41,000	107	107	106
Additional paid-in capital	206	108	—	—	—
Accumulated deficit	−100	−87	−47	−31	−37
Accumulated other comprehensive loss	−12	−16	−15	−16	−2
Treasury stock	−1	−1	—	—	—
Total shareholders' equity	95	4	44	60	67
Total liabilities and shareholders' equity	1,088	1,012	1,093	1,043	948

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Accretion of investment premiums and discounts, net	−336,000	−160,000	−116,000	−51,000	267,000
Amortization and accretion of purchase loan premiums and discounts, net	−174,000	17,000	2	3	2
Amortization of debt issuance costs	193,000	177,000	177,000	38,000	111,000
Amortization of core deposit intangible	47,000	47,000	46,000	47,000	47,000
Amortization of servicing assets of sold SBA loans	153,000	229,000	114,000	98,000	67,000
Impairment of intangible assets	0	0	1	0	0
Depreciation and amortization	986,000	1	1	1	2
Loss (gain) on sales of available-for-sale securities	0	334,000	−24,000	0	−76,000
Gain on sale of premises and equipment	−1,000	−3,000	0	0	−550,000
Share-based compensation	5	184,000	105,000	86,000	150,000
Decrease (increase) in deferred tax assets	0	23	−4	1	—
Increase in deferred tax liabilities	59,000	724,000	0	0	—
Originations of loans held for sale, net	−909	−577	−189	−24	−17
Proceeds from sale of loans held for sale	896	582	174	23	16
Gains on sale of loans held for sale, net	2	−440,000	−169,000	−1	−2
Net gain on sale and write-down of other real estate owned	77,000	0	0	—	—
Decrease in accrued interest and dividends receivable	619,000	2	48,000	−1	798,000
(Increase) decrease in other assets	808,000	−1	2	−879,000	−2
Decrease in accrued expenses and other liabilities	−78,000	−103,000	−500,000	−2	3
Net cash provided by (used in) operating activities	−14	3	−11	7	8
Proceeds from maturity or sales on available-for-sale securities	0	8	2	4	78
Principal repayments on available-for-sale securities	4	4	4	7	12
Purchases of available-for-sale securities	−145	−2	−10	−19	−136
Proceeds from maturity of other investments	4	0	0	—	0
(Purchases) redemptions of Federal Reserve Bank stock	−2	713,000	537,000	310,000	319,000
(Purchases) redemptions of Federal Home Loan Bank stock	100,000	3	−328,000	216,000	−60,000
Origination of loans receivable	0	−49	−146	−211	−220
Purchases of loans receivable	−26	−187,000	−21	−141	−89
Payments received on loans receivable	141	170	144	240	298
Purchases of premises and equipment	−172,000	−55,000	−412,000	−414,000	−430,000
Proceeds from sale of premises and equipment	1,000	13,000	0	0	2
Proceeds from sale of other real estate owned	3	0	0	0	2
Net cash provided by (used in) investing activities	−21	135	−27	−122	−55
Increase (decrease) in deposits, net	−811,000	126	−20	112	63
(Repayments) proceeds from FHLB daily borrowing, net	−3	−68	16	−5	—
Repayments of FHLB long term borrowings	0	−30	0	0	—
Proceeds from FRB and correspondent bank borrowings	70	42	286	40	—
Repayments of FRB and correspondent bank borrowings	−70	−112	−216	−40	—
Principal repayments of senior notes	−3	0	0	−12	0
Principal repayments of note payable	−162,000	−214,000	−209,000	−206,000	−203,000
Increase in advances from borrowers for taxes and insurance	−579,000	308,000	278,000	−215,000	−3
Proceeds from preferred stock issuance	5	0	0	—	—
Private Placement Costs for preferred stock	−351,000	0	0	—	—
Proceeds from common stock issuance	86	0	0	—	—
Private Placement Costs for common stock	−4	0	0	—	—
Net cash (used in) provided by financing activities	79	−42	66	106	60
Net increase (decrease) in cash, cash equivalents and restricted cash	45	96	28	−9	12
Cash paid for interest	29	32	30	10	7
Cash paid (refund) for income taxes, net	−16,000	66,000	4	102,000	140,000
Change in unrealized loss (gain) on available-for-sale securities, net of tax	−4	420,000	−384,000	14	1
Transfers of loans held for sale to loans receivable	4	6	0	—	—
Transfers of loans receivable to loans held for sale	0	−4	0	—	—
Transfers of loans receivable to OREO	0	0	3	0	0
Capitalized servicing assets	48,000	138,000	85,000	—	335,000
Capitalized project costs	142,000	0	0	—	—
Retained beneficial interest	518,000	0	0	—	—
Operating lease right-of-use assets / liabilities	10,000	177,000	16,000	80,000	373,000
Increase (decrease) in interest rate swaps	−44,000	9,000	−129,000	−535,000	449,000
Deferred cost for capital raise	−120,000	−120,000	0	−825,000	825,000
Deferred debt issuance costs	−23,000	0	56,000	—	—
Decrease in premises and equipment recorded under other liabilities	−35,000	0	0	0	10,000
Senior debt conversion to common stock	−10	0	0	—	—
Subordinated debt conversion to common stock	−2	0	0	—	—
Accrued interest capitalized into principal	1	0	0	—	—
Preferred Stock conversion to Common Stock	5	0	0	—	—
Decrease in premises and equipment recorded under other liabilities	0	−65,000	0	0	−62,000
Expected credit loss for loans - ASC 326 adoption	0	0	13	0	0
Expected credit loss for unfunded loan commitments - ASC 326 adoption	0	0	3	0	0
Deferred tax assets - ASC 326 adoption	0	0	−4	0	0
Retained earnings adjustment - ASC 326 adoption	0	0	12	0	0

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro