secwatch.observer — SEC 8-K summary
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Issuer:     PATRIOT NATIONAL BANCORP INC (PNBK)
CIK:        0001098146
Form:       8-K
Filed at:   2023-10-30T23:59:59+00:00
Accession:  0001628280-23-035514
Event type: other_material
Sentiment:  negative
Materiality: 0.70
Item codes: 4.02
LLM model:  deepseek-v4-flash:cloud@v2

Patriot National Bancorp restates Q1/Q2 2023 due to CECL error; equity impact ~$5.3M
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- Audit committee concluded no reliance on Q1 and Q2 2023 10-Qs; restatements to be filed.
- CECL transition adjustment error from unsupported data on purchased unsecured consumer loan portfolio.
- Preliminary impact: $5.3M net of tax reduction to shareholders' equity; net loss increases Q1 +$650k, Q2 +$70k.
- Company negotiating with third-party originator/servicer to recover losses.
- Error due to understated weighted average life, incorrect loss rate, and inadequate delinquency adjustment.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1098146/000162828023035514/0001628280-23-035514-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1098146/000162828023035514/pnbk-20231025.htm
  HTML page:      https://secwatch.observer/filing/0001628280-23-035514

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