PATRIOT NATIONAL BANCORP INC (PNBK): debt financing — Patriot National reports preliminary Q4 net loss of $9.5M; book value crashes to $1.07 from $11.16

PATRIOT NATIONAL BANCORP INC

2024-FY EPS reported -$10.03

Preliminary Q4 2024 net loss ~$9.5M ($2.40 loss per share) vs prior year net income $0.9M ($0.23 EPS).
Provision for credit losses ~$7.7M primarily on two large commercial real estate loans.
Book value per share fell to $1.07 as of Dec 31, 2024, from $11.16 a year earlier.
Extended grace period for Jan 15 interest payment on 8.5% Senior Notes to April 1, 2025.
Negotiating ~$60M equity investment at $0.75/share to recapitalize bank and address debt.

item 1.01 item 2.03 item 2.02 item 7.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

PATRIOT NATIONAL BANCORP INC amended senior notes at 8.5% maturing Due 2026.

Instrument: senior notes
Rate: 8.5%
Maturity: Due 2026
Event: amendment

Exact text from the filing

Effective as of February 14, 2025, Patriot National Bancorp, Inc., a Connecticut corporation (the “Company”), amended its 8.5% Senior Notes Due 2026 (the “Notes”) to extend the grace period for the interest payment due January 15, 2025 to April 1, 2025 (the “Amendment”).

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101 debt financings filed in the last 30 days. Browse all debt financings →

PATRIOT NATIONAL BANCORP INC filing history →

Source: SEC EDGAR

accession 0001628280-25-007070

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