PNBK — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-14

• The Company continued to execute its strategic plan during the six months ended June 30, 2026, with a focus on balance sheet growth, capital optimization, and risk management. Significant regulatory milestones were achieved during and shortly after the quarter. On June 30, 2026, when the OCC formall…

• For the three months ended June 30, 2026, the Company reported net income of $0.1 million, or $0.00 per basic and diluted share, compared to a net loss of $5.0 million, or $(0.06) per share, for the same period in 2025. For the six months ended June 30, 2026, the Company reported a net loss of $1.6 …

• Total investments increased by $15.7 million, or 7.0%, to $240.3 million at June 30, 2026, compared to $224.7 million at December 31, 2025. The investment portfolio continues to be composed primarily of U.S. Government agency and mortgage‑backed securities. The net increase was driven principally by…

• At June 30, 2026, securities of $132.7 million were pledged to the FHLB or FRB at June 30, 2026, compared to $15.1 million at December 31, 2025. Of the June 30, 2026 amount, approximately $98.1 million was pledged to the FHLB to support available borrowing capacity, with no FHLB borrowings outstandi…

• Loans receivable, net, increased to $877.4 million at June 30, 2026 from $585.7 million at December 31, 2025, an increase of approximately $291.7 million or approximately 50%. The increase reflects new loan originations under the Bank's targeted lending initiatives, as well as continued purchases of…

Text removed vs the prior filing · source: 10-Q · 2026-05-15

• During the first quarter of 2026, the Company continued to execute its strategic plan, emphasizing balance sheet management, capital and liquidity management, and risk mitigation in response to ongoing regulatory expectations and evolving market conditions. The Company remains subject to the OCC Agr…

• For the three months ended March 31, 2026, the Company reported a net loss of $1.8 million, or $(0.02) per basic and diluted share, compared to a net loss of $2.8 million, or $(0.21) per share, for the same period in 2025. The improvement in net loss reflects higher net interest income, increased no…

• the Company’s strategic objectives and regulatory capital requirements. For further details, refer to the Consolidated Statements of Cash Flows.

• Total investments increased by $18.6 million, or 8.3%, to $243.3 million at March 31, 2026, compared to $224.7 million at December 31, 2025. The investment portfolio continues to be composed primarily of U.S. Government agency and mortgage‑backed securities. The net increase was driven principally b…

• Loans receivable, net, increased to $751.2 million from $585.7 million at year‑end, driven primarily by $133.1 million of loan purchases concentrated primarily in residential and commercial real estate.

Text added vs the prior filing · source: 10-Q · 2026-08-14

• changes in spreads between market rates. Because these analyses are based on assumptions and estimates, actual results may differ materially from those reflected in the model outputs.

• The tables below present estimated changes in net portfolio value and net interest income under selected instantaneous interest rate shock scenarios at June 30, 2026 and December 31, 2025.

Text removed vs the prior filing · source: 10-Q · 2026-05-15

• The tables below present estimated changes in net portfolio value and net interest income under selected instantaneous interest rate shock scenarios at March 31, 2026 and December 31, 2025.

Text removed vs the prior filing · source: 10-Q · 2026-05-15

• reporting during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Text added vs the prior filing · source: 10-Q · 2026-08-14

• On May 7, 2026, First-Citizens Bank & Trust Company d/b/a Silicon Valley Bank filed a complaint against Patriot Bank, N.A. in the United States District Court for the Southern District of New York (Case No. 1:26-cv-3810), alleging breach of contract and tortious interference with contract, and seeki…

• Patriot has also asserted claims against SVB, its servicer, Carmel, and certain affiliates of the program manager arising from the same underlying circumstances. Patriot’s claims include unjust enrichment, conversion, constructive trust, tortious interference with business relationships and contract…

Text removed vs the prior filing · source: 10-Q · 2026-05-15

• Patriot is from time to time a party to legal proceedings arising in the ordinary course of business. Management believes that the ultimate disposition of all pending legal matters will not have a material adverse effect on the consolidated financial condition, results of operations, or liquidity of…

• On May 7, 2026, First-Citizens Bank & Trust Company d/b/a Silicon Valley Bank filed a complaint against Patriot Bank, N.A. in the United States District Court for the Southern District of New York (Case No. 1:26-cv-3810), alleging breach of contract and tortious interference with contract, and seeki…

Text added vs the prior filing · source: 10-Q · 2026-08-14

• Except as set forth below, there have been no material changes to the risk factors previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as supplemented by our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.

• Our reliance on third-party vendors, program managers, fintech service providers, and other counterparties exposes us to significant third-party risk.

• Our institutional banking, digital payments, treasury, compliance, regulatory reporting, audit, and technology activities depend on third-party relationships, including program managers, processors, technology providers, compliance and monitoring vendors, professional service providers, and other co…

• Third parties may fail to comply with law, contract, or our policies; may have inadequate controls; may experience financial distress, fraud, cyber incidents, operational failures, or business interruption; or may not provide us with timely and accurate data. Because regulators increasingly expect b…

• From time to time, we receive reports from vendors, regulators, or other third parties concerning cybersecurity, privacy, or other data incidents that may involve Bank or customer information maintained by third parties. We investigate and evaluate such matters to determine their nature and scope an…

Text removed vs the prior filing · source: 10-Q · 2026-05-15

• The following risk factor supplements the risk factors previously disclosed in Patriot's Annual Report on Form 10-K for the year ended December 31, 2025. There have been no other material changes to the risk factors disclosed therein.

• Patriot's role as issuing bank under third-party credit and charge card programs exposes it to credit, counterparty, reputational, liquidity, regulatory, litigation, and other risks.

• Patriot originates receivables under certain third-party credit and charge card programs that are expected to be purchased shortly after origination by the applicable program manager or other third parties. If those purchases are not completed as expected, or if a program manager or other counterpar…