Patriot National Bancorp, Inc. reported a net loss of $2.7 million, or $0.03 per share, for the third quarter of 2025, a significant improvement compared to a net loss of $27.0 million, or $6.78 per share, in the same period last year. For the nine months ending September 30, 2025, the company recorded a net loss of $10.4 million, down from $30.3 million in the prior year. The decrease in losses is attributed to a reduction in loan balances and improved management of credit losses, with the allowance for credit losses decreasing to $7.2 million from $15.0 million year-over-year.
Total assets decreased to $950.8 million as of September 30, 2025, down from $1.01 billion at the end of 2024, primarily due to a $118.8 million decline in gross loans receivable. This reduction reflects the company's strategy to limit loan growth and strengthen capital ratios. Cash and cash equivalents increased to $201.5 million, driven by loan repayments and proceeds from equity offerings, while total deposits fell by $135.7 million to $830.9 million, indicating a shift in the company's funding strategy.
In terms of operational developments, Patriot National Bancorp has expanded its geographic footprint into the greater Los Angeles area and launched new lending programs, including an unsecured line of credit and a commercial real estate lending program. The company also reported a notable increase in non-interest income, reaching $7.0 million for the nine months ended September 30, 2025, compared to $6.4 million in the same period last year, largely due to growth in its Digital Payments Division.
The company has made significant strides in capital management, completing a $57.75 million private placement in March 2025 and a registered direct offering in June 2025, which bolstered its capital ratios above the minimum requirements set by the Office of the Comptroller of the Currency (OCC). As of September 30, 2025, the company reported a total capital ratio of 21.29% and a Tier 1 capital ratio of 19.27%, both exceeding the regulatory thresholds.
Looking ahead, Patriot National Bancorp aims to continue its focus on strengthening its capital position and managing credit risk while exploring growth opportunities in new markets. The company remains committed to enhancing its operational efficiency and adapting to changing market conditions, with a cautious approach to loan origination and a focus on maintaining liquidity.
About PATRIOT NATIONAL BANCORP INC
Patriot National Bancorp, Inc. is a bank holding company for Patriot Bank, N.A., offering commercial and consumer banking services primarily in Connecticut and New York. Its core activities include deposit-taking, commercial real estate, business, SBA, and mortgage lending. The company emphasizes personalized service, community engagement, and diversified financial products, operating through a network of branches and digital channels in a competitive regulatory environment.
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