Patriot National Bancorp, Inc. reported a net loss of $12.7 million for the fiscal year ending December 31, 2025, a significant improvement from a net loss of $39.9 million in 2024. The company’s total assets increased by 7.5% to $1.09 billion, driven by a $140.2 million rise in investment securities and a $44.5 million increase in cash and cash equivalents. However, loans receivable decreased by 16.2% to $592.6 million, reflecting the company's strategic decision to reduce loan exposure and enhance liquidity. The net interest income also declined to $19.1 million from $20.1 million in the previous year, primarily due to lower average loan balances.
In 2025, Patriot National Bancorp undertook a substantial transformation of its capital structure and management team, which included a recapitalization that raised approximately $57.75 million through a private placement. This capital infusion was critical in addressing the capital requirements set forth in a Formal Agreement with the Office of the Comptroller of the Currency (OCC), which mandated improvements in governance, risk management, and capital planning. The company’s capital ratios exceeded the minimum requirements established by the OCC, with a common equity tier 1 capital ratio of 18.66% as of December 31, 2025.
Operationally, the bank has focused on relationship-driven banking and specialized financial services targeting high-net-worth individuals, entrepreneurs, and underbanked clients. The bank's branch network consists of eight locations, primarily in Connecticut and New York, with plans for further geographic expansion. As of December 31, 2025, the bank employed 107 full-time staff, reflecting a reconstitution of its senior management team to support its strategic repositioning efforts.
The company’s outlook remains cautious as it continues to navigate the challenges posed by the Formal Agreement and the need for ongoing remediation efforts. Management has initiated steps to enhance internal controls and risk management practices, particularly in light of identified deficiencies in documentation and execution of controls. The bank's strategic plan aims to align its products and services with targeted customer segments while managing risks associated with its legacy portfolio. The company has expressed its commitment to improving its financial performance and operational resilience in the coming years.
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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