P
PATRIOT NATIONAL BANCORP INC
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
117.67M
Op. Cash Flow
$-14.17M
Business
Patriot National Bancorp Inc. is a bank holding company whose principal asset is Patriot Bank, N.A., a national bank chartered by the OCC. The Bank offers commercial lending, deposit products, treasury management, and institutional banking services focused on entrepreneurs, high-net-worth individuals, businesses, digital payments clients, and underbanked but creditworthy segments in the Tri-State market. The Bank operates eight branch offices in Connecticut and New York, serves clients through relationship-based banking and digital channels, and is undergoing strategic repositioning following a January 2025 Formal Agreement with the OCC.
Summary from 10-K filed 2026-03-31
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | 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 | Trend | 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 | Trend | 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
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Frequently asked questions
What is PATRIOT NATIONAL BANCORP INC's CIK number?
PATRIOT NATIONAL BANCORP INC's SEC CIK number is 0001098146 (1098146). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find PATRIOT NATIONAL BANCORP INC's SEC filings?
All of PATRIOT NATIONAL BANCORP INC's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.