Patriot National Bancorp, Inc. reported a net loss of $5.0 million for the second quarter of 2025, translating to a loss of $0.06 per share, compared to a net loss of $3.1 million, or $0.77 per share, in the same quarter of the previous year. For the first half of 2025, the company recorded a net loss of $7.8 million, or $0.17 per share, up from a loss of $3.4 million, or $0.85 per share, in the first half of 2024. The decline in financial performance is attributed to a significant reduction in loan balances, which fell by $119.9 million to $587.5 million as of June 30, 2025, as part of a strategic decision to strengthen capital ratios.
Total assets decreased to $930.0 million from $1.01 billion at the end of 2024, primarily due to the decline in gross loans. However, cash and cash equivalents increased to $203.0 million, up from $162.6 million, driven by loan repayments and proceeds from stock issuances. The company completed a $57.75 million private placement in March 2025, which included the issuance of common and preferred stock, significantly bolstering its equity to $66.2 million, compared to $4.3 million at the end of 2024.
In terms of operational metrics, total deposits decreased by $135.7 million to $830.9 million, reflecting management's focus on reducing high-cost deposits. The company also reported a decrease in non-performing loans, which fell to $24.2 million from $25.9 million at the end of 2024. The allowance for credit losses increased to $7.8 million, representing 1.33% of gross loans, as the company adjusted its reserves in response to changing credit conditions.
Looking ahead, Patriot National Bancorp is focused on maintaining its capital ratios above the minimum requirements set by the Office of the Comptroller of the Currency (OCC) following the completion of its private placement. The company is also working to address regulatory requirements related to strategic planning and risk management. Management anticipates that the ongoing adjustments to its loan portfolio and deposit strategies will position the company for improved financial stability and performance in the future.
About PATRIOT NATIONAL BANCORP INC
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