Patriot National Bancorp (PNBK) Q3 2025 earnings summary

Executive summary

• Net loss for Q3 2025 was $2.7 million ($0.03 per share), a significant improvement from a $27.0 million loss in Q3 2024; nine-month net loss was $10.4 million, down from $30.3 million year-over-year.

• Total assets declined to $950.8 million from $1.01 billion at year-end 2024, mainly due to a $118.8 million reduction in gross loans, partially offset by higher cash balances from capital raises.

• Three major equity issuances in 2025 raised over $90 million, strengthening capital ratios and liquidity.

Financial highlights

• Net interest income for Q3 2025 was $5.0 million, flat year-over-year; nine-month net interest income was $13.2 million, down $2.3 million from 2024 due to intentional loan portfolio reduction.

• Non-interest income for Q3 2025 was $2.2 million, up slightly from $2.1 million in Q3 2024; nine-month non-interest income rose to $7.0 million, driven by Digital Payments Division growth.

• Non-interest expense increased to $10.3 million in Q3 2025 (from $8.4 million), and to $28.8 million for the nine months (from $23.6 million), mainly due to higher salaries and operating costs.

• Provision for credit losses was a credit of $0.4 million in Q3 2025, compared to a $1.0 million provision in Q3 2024; nine-month provision was $1.8 million, down from $4.8 million.

• Net charge-offs for the nine months were $2.1 million, down from $5.8 million in 2024, reflecting a reduction in unsecured consumer loan balances.

Outlook and guidance

• Management continues to restrict loan growth and allow paydowns to strengthen capital ratios.

• The company expects to maintain capital ratios above OCC minimums following recent capital raises.

• New lending programs launched in Q3 2025 are expected to diversify revenue and strengthen client relationships, with early production volumes modest as pilots are validated.