PATRIOT NATIONAL BANCORP INC PNBK
Patriot National Bancorp, Inc. (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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $47.8M | $52.4M | $59.0M | $44.0M | $32.4M | $37.9M | $43.6M | $40.4M | $32.8M | $25.4M |
| Interest expense | $19.1M | $20.1M | $28.5M | $33.3M | $7.1M | $13.8M | $18.2M | $12.4M | $7.0M | $3.0M |
| Pre-tax income | -$12.7M | -$16.1M | -$5.6M | $7.8M | $5.0M | -$4.2M | -$3.7M | $4.1M | $7.0M | $3.1M |
| Income tax | $59.0K | $23.8M | $1.5M | $1.6M | $81.0K | $337.0K | $899.0K | $890.0K | $2.9M | $1.2M |
| Net income | -$12.7M | -$39.9M | -$4.2M | $6.2M | $5.1M | -$3.8M | -$2.8M | $3.2M | $4.1M | $1.9M |
| EPS, basic | -0.17 | -10.03 | -1.05 | 1.56 | 1.29 | -0.97 | -0.72 | 0.82 | 1.06 | 0.49 |
| EPS, diluted | -0.17 | -10.03 | -1.05 | 1.55 | 1.29 | -0.97 | -0.72 | 0.82 | 1.06 | 0.49 |
| Shares, diluted (wtd. avg.) | $76.8M | $4.0M | $4.0M | $4.0M | $4.0M | $3.9M | $3.9M | $3.9M | $3.9M | $4.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $207.1M | $162.6M | $66.5M | $38.5M | $47.0M | $34.6M | $39.4M | $66.4M | $48.7M | $92.3M |
| Property, plant and equipment | $28.1M | $28.9M | $29.9M | $30.6M | $31.5M | $33.4M | $34.6M | $35.4M | $35.4M | $32.8M |
| Goodwill | $0 | $0 | $0 | $1.1M | $1.1M | $1.1M | $1.1M | $1.7M | $1.7M | — |
| Other intangibles | $109.0K | $156.0K | $203.0K | $249.0K | $296.0K | $343.0K | $623.0K | $698.0K | — | — |
| Total assets | $1.09B | $1.01B | $1.09B | $1.04B | $948.5M | $880.7M | $979.8M | $951.7M | $852.1M | $756.7M |
| Long-term debt | $16.4M | $33.1M | $201.1M | $115.2M | $120.7M | $120.8M | $130.9M | $131.0M | $141.4M | $159.5M |
| Total liabilities | $993.2M | $1.01B | $1.05B | $983.8M | $881.1M | $817.5M | $912.8M | $882.4M | $785.3M | $694.1M |
| Retained earnings | -$99.6M | -$86.9M | -$47.0M | -$31.3M | -$37.5M | -$42.6M | -$38.8M | -$35.8M | -$38.8M | -$42.9M |
| Total equity | $94.7M | $4.3M | $44.4M | $59.6M | $67.3M | $63.2M | $67.0M | $69.3M | $66.7M | $62.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$14.2M | $2.7M | -$10.7M | $7.0M | $7.6M | $6.3M | -$11.9M | $5.3M | $7.3M | $4.5M |
| Depreciation and amortisation | $986.0K | $1.1M | $1.2M | $1.3M | $1.5M | $1.5M | $1.6M | $1.5M | $1.3M | $1.2M |
| Stock-based compensation | $5.2M | $184.0K | $105.0K | $86.0K | $150.0K | $159.0K | $214.0K | $220.0K | $146.0K | $161.0K |
| Capital expenditure | $172.0K | $55.0K | $412.0K | $414.0K | $430.0K | $70.0K | $552.0K | $1.1M | $3.1M | $3.5M |
| Investing cash flow | -$20.5M | $135.0M | -$27.2M | -$122.1M | -$55.2M | $82.9M | -$41.8M | -$26.9M | -$140.8M | -$99.1M |
| Financing cash flow | $79.2M | -$41.6M | $65.9M | $106.5M | $60.0M | -$94.0M | $26.7M | $39.3M | $90.0M | $101.5M |
| Dividends paid | $0 | $0 | $0 | $0 | $0 | $0 | $155.0K | $154.0K | $77.0K | — |
| Buybacks | — | — | — | — | — | — | — | — | $2.0K | $1.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-017156.
Others in SIC 6021
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| BAC | BANK OF AMERICA CORP /DE/ | $438.31B | 16.5x | 6.8% |
| WFC | WELLS FARGO & COMPANY/MN | $272.07B | 14.4x | -3.8% |
| C | CITIGROUP INC | $240.92B | 19.7x | 5.6% |
| COF | CAPITAL ONE FINANCIAL CORP | $136.66B | 54.5x | 36.3% |
| USB | US BANCORP \DE\ | $98.73B | 13.7x | 4.4% |
| PNC | PNC FINANCIAL SERVICES GROUP, INC. | $97.98B | 14.8x | 7.2% |
| TFC | TRUIST FINANCIAL CORP | $63.10B | 13.5x | -2.1% |