PNBKHIGH SIGNALFINANCIAL10-K

PNBK substantially reduced its net losses while cutting debt by half and dramatically scaling back share repurchases.

The meaningful reduction in net losses suggests the bank is stabilizing after what appears to have been a difficult prior period, though remaining in negative territory indicates ongoing challenges. The 50% debt reduction and virtual elimination of share buybacks signal management is focusing on balance sheet repair and capital preservation rather than shareholder returns.

Comparing 2026-03-31 vs 2025-04-15View on EDGAR →
FINANCIAL ANALYSIS

PNBK showed mixed but generally improving financial health with net losses substantially narrowing while total debt declined by half to $16.4M. Cash reserves decreased modestly to $38.5M, and the company essentially suspended share repurchase activity, falling from $1.0M to just $2K. The overall picture suggests a bank in recovery mode, prioritizing debt reduction and cash preservation while working toward profitability.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
-99.8%
$1.0M→$2K

Buyback activity reduced 99.8% — capital being redeployed elsewhere or cash conservation underway.

Net Income
P&L
+68.1%
-$39.9M→-$12.7M

Net income grew 68.1% — bottom-line growth signals improving overall business health.

Total Debt
Balance Sheet
-50.3%
$33.1M→$16.4M

Debt reduced 50.3% — deleveraging strengthens balance sheet and reduces financial risk.

Cash & Equivalents
Balance Sheet
-18.2%
$47.0M→$38.5M

Cash decreased 18.2% — monitor burn rate and upcoming capital needs.

LANGUAGE CHANGES
NEW — 2026-03-31
PRIOR — 2025-04-15
ADDED
Management s Discussion and Analysis of Financial Condition Results of Operations 21 ITEM 7A.
Form 10-K Summary 107 SIGNATURES 108 Safe Harbor Statement Under Private Securities Litigation Reform Act of 1995 This Annual Report on Form 10-K contains statements that relate to future events and expectations and, as such, constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995.
(exclusive of its subsidiaries, PNBK or the Holding Company ) is a Connecticut corporation and a registered bank holding company.
The Holding Company s principal asset is Patriot Bank, N.A., a national banking association headquartered in Stamford, Connecticut (the Bank ) and its other wholly owned subsidiaries are Patriot National Statutory Trust I and PinPat Acquisition Corporation (collectively with PNBK and Bank, the Company , we , us , or our ).
The Bank, a member of the Federal Reserve System (the Federal Reserve ), operates under a national bank charter issued by the Office of the Comptroller of the Currency ( OCC ), and its deposits are insured by the Federal Deposit Insurance Corporation ( FDIC ) up to applicable limits.
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REMOVED
Management s Discussion and Analysis - Financial Condition Results of Operations 19 ITEM 7A.
(the Company or PNBK ), a Connecticut corporation, is a one-bank holding company for Patriot Bank, N.A, a national banking association headquartered in Stamford, Fairfield County, Connecticut (the Bank ) (collectively, Patriot ).
The Bank received its charter and commenced operations as a national bank on August 31, 1994.
The Bank has a total of eight branch offices comprised of seven branch offices located in Fairfield and New Haven Counties, Connecticut and one branch office located in Westchester County, New York as of December 31, 2024.
On March 11, 2003, the Company formed Patriot National Statutory Trust I (the Trust ) for the sole purpose of issuing trust preferred securities and investing the proceeds in subordinated debentures issued by the Company.
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