PATRIOT NATIONAL BANCORP INC
For the period ended Dec 31, 2023. Filed Apr 1, 2024.
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FY2023 · Filed Apr 1, 2024
PNBK$0.84-4.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets as of December 31, and
CONSOLIDATED BALANCE SHEETS
| December 31, | ||
|---|---|---|
| (In thousands, except share data) | 2023 | 2022 |
| Assets | ||
| Cash and due from banks: | ||
| Noninterest bearing deposits and cash | $2,195 | $5,182 |
| Interest bearing deposits | 50,322 | 33,311 |
| Restricted cash | 14,019 | — |
| Total cash, cash equivalents and restricted cash | 66,536 | 38,493 |
| Investment securities: | ||
| Available-for-sale securities, at fair value | 89,187 | 84,520 |
| Other investments, at cost | 4,450 | 4,450 |
| Total investment securities | 93,637 | 88,970 |
| Federal Reserve Bank (FRB) stock, at cost | 2,090 | 2,627 |
| Federal Home Loan Bank (FHLB) stock, at cost | 4,202 | 3,874 |
| Loans receivable (net of allowance for credit losses: 2023: $15,925 and 2022: $10,310) | 832,934 | 838,006 |
| Loans held for sale | 20,767 | 5,211 |
| Accrued interest and dividends receivable | 7,219 | 7,267 |
| Premises and equipment, net | 29,875 | 30,641 |
| Other real estate owned | 2,843 | — |
| Deferred tax asset | 24,134 | 15,527 |
| Goodwill | — | 1,107 |
| Core deposit intangible, net | 203 | 249 |
| Other assets | 8,985 | 11,387 |
| Total assets | $1,093,425 | $1,043,359 |
| Liabilities | ||
| Deposits: | ||
| Noninterest bearing deposits | $110,056 | $269,636 |
| Interest bearing deposits | 730,255 | 590,810 |
| Total deposits | 840,311 | 860,446 |
| FHLB, FRB and correspondent bank borrowings | 171,000 | 85,000 |
| Senior notes, net | 11,723 | 11,640 |
| Subordinated debt, net | 9,869 | 9,840 |
| Junior subordinated debt owed to unconsolidated trust, net | 8,137 | 8,128 |
| Note payable | 376 | 585 |
| Advances from borrowers for taxes and insurance | 1,164 | 886 |
| Accrued expenses and other liabilities | 6,462 | 7,251 |
| Total liabilities | 1,049,042 | 983,776 |
| Commitments and Contingencies | ||
| Shareholders' equity | ||
| Preferred stock, no par value; 1,000,000 shares authorized, no shares issued and outstanding | — | — |
| Common stock, $.01 par value, 100,000,000 shares authorized; As of December 31, 2023: 4,049,814 shares issued; 3,976,073 shares outstanding; As of December 31, 2022: 4,038,927 shares issued; 3,965,186 shares outstanding; | 106,670 | 106,565 |
| Accumulated deficit | (47,026) | (31,337) |
| Accumulated other comprehensive loss | (15,261) | (15,645) |
| Total shareholders' equity | 44,383 | 59,583 |
| Total liabilities and shareholders' equity | $1,093,425 | $1,043,359 |
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