Financial Performance - Total interest and dividend income for Q3 2023 was $15,070,000, an increase of 25.2% from $12,039,000 in Q3 2022[14]. - Net interest income after provision for credit losses decreased to $1,837,000 in Q3 2023 from $9,043,000 in Q3 2022, reflecting a decline of 79.7%[14]. - The net loss for Q3 2023 was $3,770,000, compared to a net income of $2,326,000 in Q3 2022[16]. - Basic and diluted loss per share for Q3 2023 was $0.95, compared to earnings per share of $0.59 in Q3 2022[14]. - Comprehensive loss for Q3 2023 was $6,468,000, compared to a comprehensive loss of $1,820,000 in Q3 2022[16]. - For the nine months ended September 30, 2023, Patriot National Bancorp reported a net loss of $5,084,000 compared to a net income of $4,391,000 in the same period of 2022[21]. - The company reported a significant increase in the allowance for loan losses from $10,310,000 as of December 31, 2022, to $25,668,000[85]. - The company reported a net loss of $3.8 million for Q3 2023, compared to a net income of $2.3 million in Q3 2022, resulting in a basic and diluted loss per share of $0.95[177]. Credit Losses and Provisions - Provision for credit losses increased significantly to $4,688,000 in Q3 2023 compared to $200,000 in Q3 2022[14]. - The provision for credit losses significantly increased to $8,233,000 in 2023 from $475,000 in 2022, indicating a substantial rise in expected credit losses[21]. - The allowance for credit losses rose to $25.7 million from $10.3 million, indicating a significant increase of 149.5%[57]. - The allowance for credit losses on unfunded loan commitments was $1.4 million at September 30, 2023[81]. - The Company’s ACL for credit losses on loans was $25.7 million as of September 30, 2023, compared to $9.9 million for the same period in 2022[82]. - The total allowance for credit losses was $25,668,000, with $13,360,000 individually evaluated for impairment and $14,432,000 collectively evaluated[85]. - The elevated provision for credit losses was $8.2 million for the nine months ended September 30, 2023, significantly higher than the $475,000 provision recorded for the first half of 2022[179]. Assets and Liabilities - Total assets increased by $93.4 million to $1.1 billion as of September 30, 2023, primarily due to increases in cash of $40.4 million and loans receivable of $41.6 million[180]. - Cash and cash equivalents rose from $38.5 million at December 31, 2022, to $78.9 million at September 30, 2023, reflecting a strategy to enhance balance sheet liquidity amid banking sector uncertainties[181]. - The company’s total financial liabilities are estimated at $1,084,125,000 as of September 30, 2023, compared to $976,427,000 at the end of 2022, reflecting an increase of about 11%[161]. - The total commitments to extend credit as of September 30, 2023, were $134,512,000, compared to $154,307,000 as of December 31, 2022[135]. Deposits and Borrowings - As of September 30, 2023, total deposits amounted to $837.0 million, a decrease from $860.4 million as of December 31, 2022, reflecting a decline of approximately 2.5%[115]. - Non-interest bearing deposits decreased to $136.1 million as of September 30, 2023, from $269.6 million at December 31, 2022, a decline of approximately 49.5%[115]. - Total borrowings rose significantly from $115.2 million at December 31, 2022, to $245.1 million as of September 30, 2023[200]. - FHLB-B advances increased from $85.0 million to $145.0 million, with a weighted average interest rate of 4.89%[202]. Loan Portfolio - The total loans receivable, net, amounted to $864.2 million, an increase from $838.0 million as of December 31, 2022, representing a growth of 3.0%[57]. - The commercial real estate loan portfolio increased to $499.1 million from $437.4 million, reflecting a growth of 14.1%[57]. - The outstanding unsecured consumer loans totaled $58.6 million as of September 30, 2023, down from $78.9 million at the end of 2022, a decrease of 25.5%[65]. - The commercial and industrial loan portfolio remains stable at $160.5 million as of September 30, 2023, compared to $138.8 million at the end of 2022, an increase of 15.6%[62]. - The total past due loans across all segments amounted to $30,830,000, indicating a need for monitoring and potential risk management[92]. Securities and Investments - The company reported an unrealized holding loss on securities of $3,636,000 for Q3 2023, compared to a loss of $5,587,000 in Q3 2022[16]. - As of September 30, 2023, total available-for-sale securities amounted to $85.686 million, with gross unrealized losses of $25.252 million, reflecting a decline of 22.8% from the amortized cost[47][48]. - The fair value of available-for-sale securities classified as Level 2 is $75,815,000 as of September 30, 2023, compared to $75,093,000 at December 31, 2022, showing a slight increase of 1%[161]. - The fair value of Level 3 available-for-sale securities at the end of Q3 2023 was $9,871,000, down from $10,342,000 at the beginning of the year[167]. Operational Changes - The company initiated a reduction in force on November 1, 2023, resulting in a restructuring charge of approximately $500,000 and an annualized reduction in salary and benefit costs of about $3.5 million[170]. - The company is negotiating with a third-party consumer loan originator/servicer, which is expected to lead to a material recovery of a portion of the allowance for credit losses and commitment reserve associated with its consumer loan portfolio[171]. Regulatory and Compliance - The company continues to monitor SEC actions regarding disclosure requirements and plans accordingly for adoption[46]. - The company has not paid any dividends since 2020 and has no current plans to do so[126].

Financial Performance - For the three months ended June 30, 2023, total interest and dividend income increased to $15,309,000, up 57.5% from $9,687,000 in the same period of 2022[15]. - The company reported a net loss of $546,000 for the three months ended June 30, 2023, compared to a net income of $1,265,000 in the same period of 2022[15]. - Net loss for the six months ended June 30, 2023, was $599,000 compared to a net income of $2,065,000 in 2022, representing a significant decline[22]. - Comprehensive loss for the three months ended June 30, 2023, was $2,187,000, compared to a comprehensive loss of $2,901,000 in the same period of 2022[17]. - The company’s basic loss per share for the three months ended June 30, 2023, was $0.14, compared to earnings of $0.32 per share in the same period of 2022[15]. Credit Losses and Provisions - The provision for credit losses increased significantly to $1,231,000 for the three months ended June 30, 2023, compared to $275,000 in the same period of 2022[15]. - Provision for credit losses increased to $2,567,000 in 2023 from $275,000 in 2022, indicating a rise in expected credit losses[22]. - The total allowance for credit losses increased to $16.9 million as of June 30, 2023, from $10.3 million at December 31, 2022, due to the adoption of CECL[187]. - The charge-offs for the six months ended June 30, 2023, totaled $4.468 million[85]. - The recoveries for the six months ended June 30, 2023, amounted to $460,000[85]. Interest and Expenses - The interest expense for the three months ended June 30, 2023, was $7,596,000, significantly higher than $1,967,000 in the same period of 2022[15]. - Total non-interest expense rose to $8,063,000 for the three months ended June 30, 2023, an increase of 24% from $6,502,000 in the same period of 2022[15]. - Cash paid for interest surged to $12,609,000 in 2023 from $3,482,000 in 2022, reflecting higher borrowing costs[23]. Assets and Equity - As of June 30, 2023, total shareholders' equity was $52,445,000, down from $54,609,000 at the end of the previous quarter[19]. - Total assets rose by $119.4 million to $1.2 billion as of June 30, 2023, primarily driven by increases in cash and loans receivable[180]. - Total cash and cash equivalents at the end of the period increased to $70,809,000 in 2023 from $37,516,000 in 2022[22]. Loans and Deposits - The company originated $132,611,000 in loans receivable in 2023, compared to $138,414,000 in 2022, indicating a slight decrease in loan origination activity[22]. - The total deposits held by the company amounted to $863.4 million, a slight increase from $860.4 million as of December 31, 2022[115]. - The net loan to deposit ratio was 105.8% and the net loan to total assets ratio was 78.6% as of June 30, 2023, compared to 106.2% and 80.3% at December 31, 2022, respectively[185]. Securities and Investments - As of June 30, 2023, the total available-for-sale securities amounted to $90.547 million, with an amortized cost of $112.163 million, resulting in gross unrealized losses of $21.679 million[48]. - The fair value of U.S. Government agency and mortgage-backed securities was $67.248 million as of June 30, 2023, with unrealized losses of $15.007 million[48]. - The company does not intend to sell the debt securities and expects to recover their amortized cost, which may be at maturity[50]. Risk Management - The company has established credit policies that limit commercial real estate loans to 75% of the market value of the underlying collateral[59]. - The company employs an independent third-party loan review expert for semi-annual assessments of its risk rating process, ensuring compliance and accuracy in risk evaluations[88]. - The company monitors credit quality through various indicators, including cash flow, loan-to-value ratios, and debt service coverage ratios[86]. Regulatory and Compliance - The Tier 1 leverage ratio for Patriot Bank, N.A. as of June 30, 2023, was 8.70%, down from 9.27% as of December 31, 2022, remaining above the required 9.00% under the Community Bank Leverage Ratio framework[142][143]. - The company adopted ASU 2016-13 effective January 1, 2023, which did not have a material impact on the consolidated financial statements[45]. Shareholder Information - The total share-based compensation expense for the six months ended June 30, 2023, was $46,000, which included $28,000 attributable to employees and $18,000 for external directors[128]. - As of June 30, 2023, the unrecognized compensation expense for unvested restricted shares was $190,000, expected to be recognized over a weighted average remaining life of 2.3 years[127].

Financial Performance - Net interest income for Q1 2023 was $8,013 thousand, an increase of 19.1% compared to $6,726 thousand in Q1 2022[15]. - Net loss for Q1 2023 was $53 thousand, a decline from a net income of $800 thousand in Q1 2022[15]. - Comprehensive income for Q1 2023 was $1,194 thousand, compared to a comprehensive loss of $4,682 thousand in Q1 2022[16]. - For the three months ended March 31, 2023, the net income attributable to common shareholders was $(53,000), compared to $800,000 for the same period in 2022, resulting in a basic earnings per share of $(0.01) versus $0.20[131]. - The Company reported a net loss of $53,000 for Q1 2023, compared to a net income of $800,000 in Q1 2022, reflecting a significant decline in earnings[172]. Asset and Liability Management - Total assets increased to $1,100,012 thousand as of March 31, 2023, up from $1,043,359 thousand at December 31, 2022, representing a growth of 5.4%[12]. - Total deposits decreased slightly to $856,468 thousand as of March 31, 2023, from $860,446 thousand at December 31, 2022[12]. - The accumulated deficit increased to $37,581 thousand as of March 31, 2023, from $31,337 thousand at December 31, 2022[12]. - Shareholders' equity decreased to $54,609 thousand as of March 31, 2023, down from $59,583 thousand at December 31, 2022[12]. - The total financial liabilities as of March 31, 2023, are estimated at $1,032,380, compared to $969,211 as of December 31, 2022, indicating an increase of approximately 6.5%[160]. Credit Losses and Provisions - The provision for credit losses was $1,336 thousand in Q1 2023, compared to no provision in Q1 2022[15]. - The allowance for credit losses increased to $17.801 million as of March 31, 2023, compared to $10.310 million as of December 31, 2022, representing a significant rise of approximately 72.5%[54]. - The elevated provision for credit losses was $1.3 million in Q1 2023, contrasting with no provision recorded in Q1 2022, indicating increased risk management measures[173]. - The allowance for credit loss increased to $700,000 as of March 31, 2023, from $8,000 as of December 31, 2022, primarily due to the adoption of CECL[134]. Loan Portfolio and Performance - As of March 31, 2023, the total loans receivable, net, amounted to $860.968 million, an increase from $838.006 million as of December 31, 2022, reflecting a growth of approximately 2.3%[54]. - The commercial real estate loan segment reached $464.410 million as of March 31, 2023, up from $437.443 million at the end of 2022, indicating an increase of about 6.2%[54]. - The total past due loans across all segments amounted to $23,769,000, indicating potential credit risk[89]. - Total nonperforming assets rose to $27.2 million as of March 31, 2023, compared to $19.7 million as of December 31, 2022, representing a 37.5% increase[188]. - The commercial real estate segment reported a total of $432,144,000 in loans, with $4,387,000 classified as pass loans and $11,367,000 as substandard[89]. Deposits and Funding - Total deposits as of March 31, 2023, were $856.5 million, a slight decrease from $860.4 million at December 31, 2022[114]. - Non-interest bearing deposits decreased to $152.8 million as of March 31, 2023, from $269.6 million at December 31, 2022[114]. - The total value of certificates of deposit and brokered deposits was $311.5 million as of March 31, 2023[115]. - The balance of non-interest bearing deposits decreased by 43.34% to $152.8 million as of March 31, 2023, from $269.6 million at December 31, 2022[194]. Investment Securities - The investment securities portfolio increased by $7.2 million to $96.2 million, with a notable rise in U.S. Government agency and mortgage-backed securities by 14.38%[179]. - The fair value of available-for-sale securities increased from $75,093 as of December 31, 2022, to $81,531 as of March 31, 2023, representing an increase of about 8.5%[162]. - The total available-for-sale securities amounted to $111.141 million as of March 31, 2023, compared to $105.605 million as of December 31, 2022, showing an increase of approximately 5.0%[53]. Interest Income and Expense - Interest income recognized on non-accruing loans for the three months ended March 31, 2023, was $282,000, compared to $90,000 for the same period in 2022, reflecting a 213.3% increase[93]. - Interest expense for the three months ended March 31, 2023, was $1.4 million, compared to $737,000 for the same period in 2022, indicating an increase of 89.4%[199]. - The net interest margin decreased by 48 basis points to 3.29% from 3.77% in Q4 2022, but increased by 23 basis points from 3.06% in Q1 2022[174]. Risk Management - The Company’s commercial and industrial loans are subject to various risks, including economic downturns and changes in interest rates[75]. - The risk rating system includes an eleven-point scale, with assets classified as "substandard" indicating potential loss risk due to weaknesses in the obligor's net worth or paying capacity[85]. - The company monitors credit quality through indicators such as cash flow, loan-to-value ratios, and debt service coverage ratios[82]. Regulatory Compliance - The Bank's Tier 1 leverage ratio was 9.25% as of March 31, 2023, compared to 9.27% as of December 31, 2022, meeting the "greater than 9 percent" requirement under the CBLR framework[138]. - The Company adopted ASC 326 effective January 1, 2023, which did not have a material impact on its consolidated financial statements[43].

Financial Performance - Total assets increased to $1,043,359 thousand in 2022, up from $948,481 thousand in 2021, representing a growth of approximately 10%[214]. - Net interest income rose to $33,259 thousand in 2022, compared to $25,261 thousand in 2021, marking an increase of about 32%[215]. - Net income for 2022 was $6,161 thousand, up from $5,094 thousand in 2021, reflecting a growth of approximately 21%[215]. - Total deposits increased to $860,446 thousand in 2022, up from $748,562 thousand in 2021, indicating a growth of around 15%[214]. - Non-interest income decreased to $3,605 thousand in 2022 from $4,423 thousand in 2021, a decline of about 18%[215]. - The provision for loan losses was $1,885 thousand in 2022, compared to a credit of $500 thousand in 2021, indicating a shift in loan loss provisioning[215]. - Total non-interest expense increased to $27,222 thousand in 2022, up from $25,171 thousand in 2021, representing an increase of approximately 8%[215]. - The accumulated deficit improved to $(31,337) thousand in 2022 from $(37,498) thousand in 2021, showing a reduction of about 16%[219]. - Comprehensive loss for 2022 was $(7,847) thousand, compared to comprehensive income of $3,975 thousand in 2021, indicating a significant decline[217]. - Basic earnings per share increased to $1.56 in 2022 from $1.29 in 2021, reflecting a growth of approximately 21%[215]. Loan Portfolio and Allowance for Loan Losses - The Company's allowance for loan and lease losses totaled $10.3 million as of December 31, 2022, with $4.3 million related to loans collectively evaluated for impairment and $6.0 million for loans individually evaluated[207]. - The allowance for loan and lease losses was $10.3 million as of December 31, 2022, compared to $9.9 million in 2021[322]. - The allowance for loan losses may increase to reflect the decline in the performance of the loan portfolio and higher incurred losses[349]. - The company actively monitors credit quality indicators, including cash flow from business operations and debt service coverage ratios[344]. - Individually evaluated loans for impairment totaled $18.92 million as of December 31, 2022, while collectively evaluated loans amounted to $829.40 million[344]. - The allowance for loan and lease losses for commercial real estate increased to $6.97 million in 2022 from $5.06 million in 2021, a rise of approximately 37.7%[344]. - The company incurred net charge-offs of $1.6 million for unsecured consumer loans in 2022, with total outstanding loans from this program reaching $78.9 million[335]. - The company has established credit policies that limit the extension of credit on commercial real estate loans to 75% of the market value of the underlying collateral[323]. - The company recorded an employee retention credit of $2.9 million for the year ended December 31, 2021, which was included as a reduction to salaries and benefits non-interest expense[304]. Interest Rate Risk and Management - The Company aims to maximize long-term profitability while minimizing exposure to interest rate fluctuations by maintaining a proper balance between the timing and volume of assets and liabilities re-pricing[189]. - Management conducts quarterly interest income simulations to estimate the impact of changes in interest rates on net interest income under various assumptions[192]. - The Management Asset and Liability Committee monitors interest rate risk and reports to the Board of Directors, ensuring compliance with investment and liquidity policies[190]. - The estimated net interest income under a +200 basis point interest rate scenario is $46,131 thousand, which is a decrease of $1,177 thousand or 2.49% from the base case[196]. - The estimated net portfolio value under a +200 basis point interest rate scenario is $146,888 thousand, reflecting a decrease of $15,357 thousand or 9.47% from the base case[196]. - The estimated net portfolio value under a -200 basis point interest rate scenario is $155,386 thousand, reflecting a decrease of $6,859 thousand or 4.23% from the base case[196]. Goodwill and Impairment Testing - The Company’s goodwill balance was $1.1 million as of December 31, 2022, with an annual impairment test performed on October 31[210]. - The Company evaluates goodwill for impairment annually, with the last assessment conducted on October 31, and no impairment was indicated[278]. Securities and Investments - As of December 31, 2022, the fair value of available-for-sale securities was approximately $84.52 million, with gross unrealized losses of $21.09 million, representing a depreciation of 20.3% from amortized cost[315][316]. - The amortized cost of U.S. Government agency and mortgage-backed securities was $73.48 million as of December 31, 2022, with gross unrealized losses of $14.43 million[315]. - The company’s available-for-sale securities included corporate bonds with an amortized cost of $19.77 million and gross unrealized losses of $5.13 million as of December 31, 2022[315]. - The fair value of available-for-sale securities with stated maturity dates was $105.6 million as of December 31, 2022, compared to $96.5 million in 2021[320]. - The total amount of SBA loans held for sale increased to $5.2 million in 2022 from $3.1 million in 2021, with $3.1 million in commercial and industrial loans and $2.1 million in commercial real estate loans[375]. Cash Flow and Financing Activities - Cash flows from operating activities provided $7,036,000 in 2022, slightly down from $7,596,000 in 2021[221]. - Total cash and cash equivalents at the end of 2022 were $38,493,000, a decrease from $47,045,000 at the end of 2021[221]. - Cash paid for interest increased to $10,472,000 in 2022 from $7,210,000 in 2021[222]. - Net cash used in investing activities was $122,051,000 in 2022, compared to $55,205,000 in 2021[221]. - Net cash provided by financing activities was $106,463,000 in 2022, up from $60,018,000 in 2021[221]. Regulatory and Compliance Matters - The Company recognizes interest and penalties related to income tax matters in income tax expense[290]. - Directors and officers of the Company have had transactions with the Company, which were conducted in the ordinary course of business[299]. - The Company’s only business segment is Community Banking, which represented all revenues and income for the years ended December 31, 2022, 2021, and 2020[297]. - The company is not required to maintain cash reserves with the Federal Reserve Bank as of December 31, 2022, due to the elimination of reserve requirements[314]. Other Financial Metrics - The company completed the acquisition of Prime Bank in May 2018, which is included in the consolidated financial statements from the date of acquisition[226]. - The company had no applicable material accounting pronouncements adopted during 2022[307]. - The company transferred $274,000 and $281,000 of SBA loans from held for sale to held for investment in 2022 and 2021 respectively[375]. - The company recognized revenue based on ASC 606 principles, which require revenue recognition upon the completion of performance obligations[305].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 000-29599 PATRIOT NATIONAL BANCORP, INC. (Exact name of registrant as specified in its charter) Connecticut 06-1559137 (State or other juri ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 000-29599 PATRIOT NATIONAL BANCORP, INC. (Exact name of registrant as specified in its charter) Connecticut 06-1559137 (State or o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 000-29599 PATRIOT NATIONAL BANCORP, INC. (Exact name of registrant as specified in its charter) Connecticut 06-1559137 (State or ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR Commission file number 000-29599 PATRIOT NATIONAL BANCORP, INC. (Exact name of registrant as specified in its charter) Connecticut 06-1559137 (State or other jurisdiction of incorporation or organization) ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 000-29599 PATRIOT NATIONAL BANCORP, INC. (Exact name of registrant as specified in its charter) Connecticut 06-1559137 (State ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 000-29599 PATRIOT NATIONAL BANCORP, INC. 900 Bedford Street, Stamford, Connecticut 06901 (Address of principal executive offices) ...