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PNBK

Patriot National Bancorp, Inc.

PNBK

Patriot National Bancorp, Inc. • NASDAQ
$1.43 ▲ 3.62% (+0.05)
Market Cap $154.05 M
52w High $7.47
52w Low $0.90
Dividend Yield 0%
P/E -0.56
Volume 123.83K
Outstanding Shares 107.72M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $13.742M ▲ $10.302M ▲ $-2.657M ▲ -19.335% ▲ $-0.034 ▲ $-2.343M ▲
Q2-2025 $13.511M ▼ $9.731M ▲ $-5.001M ▼ -37.014% ▼ $-0.064 ▲ $-4.714M ▼
Q1-2025 $15.172M ▲ $8.621M ▲ $-2.777M ▲ -18.303% ▲ $-0.21 ▲ $-2.486M ▲
Q4-2024 $14.218M ▼ $8.411M ▲ $-9.548M ▲ -67.154% ▲ $-2.4 ▲ $-9.232M ▼
Q3-2024 $14.871M $8.338M $-26.954M -181.252% $-6.78 $-1.994M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $272.544M ▲ $950.752M ▲ $855.729M ▼ $95.023M ▲
Q2-2025 $195.869M ▲ $929.953M ▼ $863.752M ▼ $66.201M ▲
Q1-2025 $121.035M ▼ $956.612M ▼ $899.466M ▼ $57.146M ▲
Q4-2024 $167.36M ▲ $1.012B ▲ $1.008B ▲ $4.265M ▼
Q3-2024 $162.309M $974.083M $957.697M $16.386M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-2.657M ▲ $-5.238M ▼ $-18.11M ▼ $21.906M ▲ $-1.442M ▼ $-5.257M ▼
Q2-2025 $-5.001M ▼ $921K ▲ $87.28M ▲ $-21.43M ▲ $66.771M ▲ $918K ▲
Q1-2025 $-2.777M ▲ $-5.811M ▼ $34.261M ▼ $-54.859M ▼ $-26.409M ▼ $-5.881M ▼
Q4-2024 $-9.548M ▲ $-2.572M ▲ $43.097M ▲ $49.313M ▲ $89.838M ▲ $-2.475M ▲
Q3-2024 $-26.954M $-2.591M $20.633M $-38.922M $-20.88M $-2.652M

Five-Year Company Overview

Income Statement

Income Statement Patriot National’s revenue base has been small but slowly growing over the past few years. Profitability, however, has been inconsistent: the bank was modestly profitable in 2021 and 2022, slipped to roughly breakeven in 2023, and moved into a clear loss in 2024. The recent year shows pressure from higher costs and/or credit and restructuring items, which more than offset revenues. Earnings per share have been especially volatile, suggesting capital changes and one‑off items are having a big impact on reported results. Overall, the income statement tells a story of a bank in transition, with early digital ambitions not yet translating into steady profits.

Balance Sheet

Balance Sheet The balance sheet shows a small institution that has been gradually growing its asset base. Cash levels have risen meaningfully in the most recent year, which fits with the recapitalization and a push to support new digital initiatives. Debt has come down sharply from the prior year, reducing financial strain, but reported equity has shrunk to a very thin layer, indicating limited buffer against future losses. This mix points to a cleaner funding profile but also a fragile capital position that will likely keep regulators and management focused on risk control. The bank has room to grow, but it has little margin for major missteps.

Cash Flow

Cash Flow Cash generation from the core business has hovered around break-even, with small inflows in earlier years turning slightly negative in 2023 and then stabilizing again. Free cash flow essentially mirrors operating cash flow, since capital spending has been minimal. This pattern suggests a cautious investment stance: the bank is not burning large amounts of cash, but it is also not yet consistently generating strong internal cash to fund expansion. For a transforming bank, this means growth in digital and BaaS activities likely relies on careful capital management and external funding, rather than surplus cash from operations.

Competitive Edge

Competitive Edge Patriot National operates as a niche regional bank with a hybrid strategy: it combines a traditional community banking base in Connecticut and New York with a fintech‑friendly Banking‑as‑a‑Service model. Its partnerships with payment and technology providers give it access to modern digital capabilities without building everything itself, which can be an advantage for speed and flexibility. At the same time, it competes against both larger, well‑capitalized banks and fast‑moving fintechs, all chasing similar customers and transaction flows. Regulatory scrutiny—especially around BaaS partnerships—adds another competitive hurdle, as any misstep can slow new deals. Overall, its edge rests on execution quality, regulatory discipline, and its ability to scale niche partnerships faster than peers.

Innovation and R&D

Innovation and R&D Instead of heavy in‑house R&D, Patriot National’s innovation model leans on strategic partnerships with fintech firms for card issuing, property management payments, merchant services, and transaction monitoring. This “plug‑and‑play” approach allows the bank to offer advanced digital products—like embedded banking for fintechs and specialized tools for landlords and small businesses—without carrying full development costs. The emerging Digital Payments Division is central to this strategy, aiming to generate fee income and low‑cost deposits from a broad mix of programs. The key opportunities lie in deepening these partnerships and expanding the BaaS client base; the key risks are technology integration, partner concentration, compliance demands, and the possibility that larger banks or sponsors crowd the same niches. Innovation is clearly a strategic priority, but it is still in the build‑out and proof‑of‑concept phase from a financial standpoint.

Summary

Patriot National Bancorp is a small, community‑rooted bank undergoing a substantial shift toward digital payments and Banking‑as‑a‑Service. Financially, it has moved from modest profits to recent losses, with thin equity and near break‑even cash flows highlighting both the strain and the early stage of its transformation. The balance sheet clean‑up and higher cash balances show progress on funding and liquidity, but the capital cushion is limited, which raises the importance of disciplined risk and cost control. Competitively, its blend of local banking relationships and fintech partnerships gives it a distinctive niche, yet it faces intense competition and heightened regulatory expectations. The next few years will likely hinge on whether management can scale the Digital Payments Division, stabilize earnings, and prove that the BaaS‑driven model can deliver durable, less volatile profitability without overstretching its risk profile.