Revenue growth remains inconsistent, with the 2026Q1 net interest income of $7.1 million failing to offset high operating costs, leading to a persistent negative net income of $1.8 million for the period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Net Interest Income | 22.09M | 18.95M | 19.79M | 28M | 32.88M | 25.04M | 23.75M | 24.97M | 27.51M | 25.51M | 22.05M | 20.76M | 17.23M | 16.69M | 17.67M | 19.58M | 21.87M | 18.32M | 26.41M | 24.09M | 19.94M | 14.88M | 11.67M | 9.63M | 7.84M | 6.86M | 6.68M | 4.99M | 3.7M | 2.8M | 2.2M |
| NII Growth % | 93.53% | -4.26% | -29.31% | -14.84% | 31.3% | 5.41% | -4.88% | -9.21% | 7.83% | 15.71% | 6.18% | 20.54% | 3.23% | -5.56% | -9.77% | -10.45% | 19.39% | -30.64% | 9.6% | 20.84% | 34.01% | 27.5% | 21.23% | 22.79% | 14.35% | 2.69% | 33.72% | 34.94% | 32.14% | 27.27% | 69.23% |
| Net Interest Margin % | 1.88% | 1.74% | 1.95% | 2.56% | 3.15% | 2.64% | 2.7% | 2.55% | 2.89% | 2.99% | 2.91% | 3.18% | 2.72% | 3.08% | 2.86% | 2.94% | 2.79% | 2.11% | 2.89% | 2.98% | 3.09% | 3.16% | 2.88% | 2.81% | 3.15% | 3.38% | 3.38% | 2.82% | 3.62% | 3.73% | 4.1% |
| Interest Income | 49.88M | 47.67M | 52.08M | 58.45M | 43.63M | 32.13M | 37.5M | 43.19M | 39.88M | 32.47M | 25.05M | 23.45M | 20.2M | 21.54M | 25.09M | 28.09M | 35.34M | 42.67M | 54.95M | 51.86M | 38.01M | 25.15M | 18.68M | 15.21M | 12.6M | 13.72M | 14.69M | 9.73M | 6.8M | 5.1M | 3.9M |
| Interest Expense | 27.78M | 28.73M | 32.28M | 30.46M | 10.75M | 7.09M | 13.75M | 18.22M | 12.38M | 6.96M | 3.01M | 2.69M | 2.97M | 4.85M | 7.42M | 8.51M | 13.47M | 24.36M | 28.54M | 27.77M | 18.07M | 10.27M | 7.01M | 5.59M | 4.76M | 6.87M | 8.02M | 4.74M | 3.1M | 2.3M | 1.7M |
| Loan Loss Provision | 590K | 1.5M | 12.46M | 7.43M | 1.89M | -500K | 2.17M | 4.97M | 1.3M | -857K | 2.46M | 250K | 0 | 970K | -2.38M | 7.46M | 7.71M | 13.09M | 11.29M | 75K | 1.04M | 1.11M | 556K | 563K | 468K | 250K | 325.9K | 553K | 100K | 200K | 200K |
| Non-Interest Income | 11.08M | 10.48M | 8.48M | 6.25M | 3.75M | 4.51M | 2.2M | 2.78M | 2.02M | 1.76M | 1.85M | 1.79M | 1.94M | 2.27M | 3.27M | 3.38M | 2.32M | 3.24M | 3.82M | 2.23M | 2.36M | 3.23M | 2.7M | 4.81M | 4.11M | 3.51M | 2.69M | 1.22M | 373.81K | 200K | 300K |
| Non-Interest Income % | 18.17% | 18.03% | 14.01% | 9.66% | 7.92% | 12.31% | 5.55% | 6.05% | 4.83% | 5.15% | 6.89% | 7.08% | 8.76% | 9.53% | 11.52% | 10.74% | 6.16% | 7.06% | 6.5% | 4.13% | 5.84% | 11.38% | 12.64% | 24.03% | 24.61% | 20.37% | 15.45% | 11.15% | 5.21% | 3.77% | 7.14% |
| Total Revenue | 60.96M | 58.16M | 60.56M | 64.7M | 47.38M | 36.64M | 39.71M | 45.97M | 41.91M | 34.23M | 26.91M | 25.24M | 22.14M | 23.81M | 28.35M | 31.47M | 37.66M | 45.91M | 58.77M | 54.1M | 40.37M | 28.38M | 21.38M | 20.03M | 16.72M | 17.23M | 17.38M | 10.95M | 7.17M | 5.3M | 4.2M |
| Revenue Growth % | 10.23% | -3.96% | -6.41% | 36.55% | 29.32% | -7.73% | -13.63% | 9.69% | 22.43% | 27.2% | 6.61% | 14.04% | -7.03% | -16.03% | -9.91% | -16.43% | -17.98% | -21.87% | 8.64% | 34.01% | 42.25% | 32.73% | 6.75% | 19.8% | -2.98% | -0.84% | 58.66% | 52.7% | 35.35% | 26.19% | 55.56% |
| Non-Interest Expense | 44.2M | 40.57M | 31.91M | 32.45M | 26.99M | 25.04M | 27.94M | 26.5M | 24.14M | 21.11M | 18.3M | 18.8M | 18.21M | 25.61M | 23.85M | 30.96M | 31.64M | 30.13M | 29.11M | 22.04M | 17.58M | 14.63M | 12.26M | 11.66M | 9.81M | 8.68M | 7.69M | 5.25M | 3.47M | 2.7M | 1.9M |
| Efficiency Ratio | 72.51% | 69.77% | 52.7% | 50.15% | 56.96% | 68.33% | 70.37% | 57.64% | 57.61% | 61.67% | 68.01% | 74.48% | 82.25% | 107.58% | 84.11% | 98.36% | 84.03% | 65.63% | 49.54% | 40.74% | 43.54% | 51.57% | 57.33% | 58.21% | 58.69% | 50.34% | 44.27% | 47.89% | 48.42% | 50.94% | 45.24% |
| Operating Income | -11.62M | -12.65M | -16.1M | -5.63M | 7.76M | 5.01M | -4.16M | -3.72M | 4.09M | 7.02M | 3.14M | 3.5M | 959K | -7.63M | -536K | -15.46M | -15.17M | -21.67M | -10.18M | 4.21M | 3.68M | 2.36M | 1.56M | 2.22M | 1.67M | 1.44M | 1.34M | 415.14K | 500K | 100K | 400K |
| Operating Margin % | -19.06% | -21.75% | -26.58% | -8.71% | 16.37% | 13.68% | -10.47% | -8.08% | 9.75% | 20.51% | 11.66% | 13.87% | 4.33% | -32.04% | -1.89% | -49.12% | -40.29% | -47.19% | -17.32% | 7.79% | 9.12% | 8.33% | 7.29% | 11.07% | 10.01% | 8.36% | 7.73% | 3.79% | 6.97% | 1.89% | 9.52% |
| Operating Income Growth % | - | 21.41% | -185.76% | -172.62% | 54.74% | 220.62% | -11.84% | -190.94% | -41.81% | 123.84% | -10.4% | 265.07% | 112.57% | -1323.13% | 96.53% | -1.88% | 29.96% | -112.91% | -341.43% | 14.47% | 55.78% | 51.57% | -29.68% | 32.56% | 16.15% | 7.29% | 223.4% | -16.97% | 400% | -75% | - |
| Pretax Income | -11.62M | -12.65M | -16.1M | -5.63M | 7.76M | 5.01M | -4.16M | -3.72M | 4.09M | 7.02M | 3.14M | 3.5M | 959K | -7.63M | -536K | -15.46M | -15.17M | -21.67M | -10.18M | 4.21M | 3.68M | 2.36M | 1.56M | 2.22M | 1.67M | 1.44M | 1.34M | 415.14K | 500K | 100K | 400K |
| Pretax Margin % | -19.06% | -21.75% | -26.58% | -8.71% | 16.37% | 13.68% | -10.47% | -8.08% | 9.75% | 20.51% | 11.66% | 13.87% | 4.33% | -32.04% | -1.89% | -49.12% | -40.29% | -47.19% | -17.32% | 7.79% | 9.12% | 8.33% | 7.29% | 11.07% | 10.01% | 8.36% | 7.73% | 3.79% | 6.97% | 1.89% | 9.52% |
| Income Tax | 71K | 59K | 23.79M | -1.45M | 1.6M | -81K | -337K | -899K | 890K | 2.88M | 1.21M | 1.36M | -14.75M | -339K | 0 | 0 | 225K | 2.21M | -3.06M | 1.54M | 1.27M | 957K | 633K | 877K | 621K | 564K | 575.4K | 66.5K | -100K | -200K | 100K |
| Effective Tax Rate % | -0.61% | -0.47% | -147.76% | 25.81% | 20.57% | -1.62% | 8.11% | 24.19% | 21.78% | 40.94% | 38.48% | 38.79% | -1538.06% | 4.44% | 0% | 0% | -1.48% | -10.22% | 30.11% | 36.47% | 34.41% | 40.49% | 40.59% | 39.55% | 37.12% | 39.16% | 42.86% | 16.02% | -20% | -200% | 25% |
| Net Income | -11.69M | -12.71M | -39.88M | -4.18M | 6.16M | 5.09M | -3.82M | -2.82M | 3.2M | 4.15M | 1.93M | 2.14M | 15.71M | -7.29M | -536K | -15.46M | -15.4M | -23.88M | -7.11M | 2.68M | 2.42M | 1.41M | 926.4K | 1.34M | 1.05M | 876.39K | 767.17K | 348.64K | 600K | 300K | 300K |
| Net Margin % | -19.17% | -21.85% | -65.86% | -6.46% | 13% | 13.9% | -9.62% | -6.13% | 7.63% | 12.12% | 7.17% | 8.49% | 70.97% | -30.61% | -1.89% | -49.12% | -40.89% | -52.01% | -12.1% | 4.95% | 5.98% | 4.96% | 4.33% | 6.69% | 6.29% | 5.09% | 4.41% | 3.18% | 8.36% | 5.66% | 7.14% |
| Net Income Growth % | 72.41% | 68.13% | -854.34% | -167.83% | 20.95% | 233.39% | -35.57% | -188.14% | -22.93% | 114.87% | -9.94% | -86.36% | 315.52% | -1259.89% | 96.53% | -0.39% | 35.52% | -235.77% | -365.58% | 10.88% | 71.7% | 51.84% | -30.9% | 27.44% | 20.04% | 14.24% | 120.05% | -41.89% | 100% | 0% | 142.86% |
| Net Income (Continuing) | -11.69M | -12.71M | -39.88M | -4.18M | 6.16M | 5.09M | -3.82M | -2.82M | 3.2M | 4.15M | 1.93M | 2.14M | 15.71M | -7.29M | -536K | -15.46M | -15.4M | -23.88M | -7.11M | 2.68M | 2.42M | 1.41M | 926.4K | 1.34M | 1.05M | 876.39K | 767.17K | 348.64K | 600K | 300K | 300K |
| EPS (Diluted) | -0.15 | -0.16 | -10.01 | -1.05 | 1.56 | 1.29 | -0.97 | -0.72 | 0.78 | 1.06 | 0.49 | 0.55 | 4.05 | -2.00 | -0.14 | -4.03 | -12.99 | -50.23 | -14.98 | 5.60 | 6.60 | 5.10 | 3.70 | 5.50 | 4.30 | 3.60 | 3.30 | 1.60 | 4.70 | 2.50 | 2.40 |
| EPS Growth % | 98.6% | 98.4% | -853.33% | -167.31% | 20.93% | 232.99% | -34.72% | -192.31% | -26.42% | 116.33% | -10.91% | -86.42% | 302.5% | -1328.57% | 96.53% | 68.98% | 74.14% | -235.31% | -367.5% | -15.15% | 29.41% | 37.84% | -32.73% | 27.91% | 19.44% | 9.09% | 106.25% | -65.96% | 88% | 4.17% | 140% |
| EPS (Basic) | - | -0.16 | -10.01 | -1.05 | 1.56 | 1.29 | -0.97 | -0.72 | 0.78 | 1.06 | 0.49 | 0.55 | 4.08 | -2.00 | -0.14 | -4.03 | -12.99 | -50.23 | -14.98 | 5.60 | 6.70 | 5.20 | 3.80 | 5.60 | 4.40 | 3.70 | 3.40 | 1.70 | 4.80 | 2.50 | 2.50 |
| Diluted Shares Outstanding | 78.12M | 78.12M | 3.98M | 3.96M | 3.96M | 3.95M | 3.94M | 3.92M | 3.92M | 3.91M | 3.95M | 3.92M | 3.88M | 3.8M | 3.84M | 3.84M | 1.19M | 475.38K | 474.89K | 477.53K | 365.93K | 275.81K | 250.38K | 243.77K | 244.65K | 243.44K | 232.48K | 217.9K | 129.03K | 120K | 125K |
Persistent Operating Margin Deficit
According to recent financial disclosures, PNBK's net interest income reached $7.1 million in 2026Q1, marking a significant rebound from the $3.9 million trough in 2025Q1, though this growth appears heavily influenced by volatile funding costs rather than a sustainable expansion of the core loan portfolio.
The recent 80.2% year-over-year growth in NII suggests a potential stabilization in interest-earning assets, yet the underlying volatility warrants caution. Investors should monitor whether this trajectory can be maintained without further compressing the already thin net interest margin in a competitive regional deposit environment.
As reported in quarterly filings, the bank's net interest margin has remained stagnant at approximately 0.4% to 0.6% over the last ten quarters, indicating that the institution struggles to effectively pass through rate increases to its loan book while managing high-cost deposit liabilities in Fairfield County.
The persistent inability to expand NIM beyond 0.6% suggests that the bank's asset-liability management is constrained by its local deposit base. This lack of margin expansion prevents the bank from generating the necessary spread to cover its elevated non-interest expense base.
Based on the reported efficiency ratios, which peaked at 75.8% in 2025Q4, PNBK appears to be operating with a cost structure that is disproportionately high relative to its revenue generation, suggesting that the current branch-heavy model lacks the necessary scale to achieve meaningful operating leverage.
The efficiency ratio consistently exceeding 60% highlights a fundamental misalignment between the bank's fixed overhead and its current revenue capacity. Without a significant reduction in non-interest expenses or a substantial increase in loan volume, the bank may continue to struggle with negative operating margins.
Data from recent income statements reveals significant fluctuations in provision expenses, including a notable $7.7 million charge in 2024Q4, which suggests that the bank's credit quality remains sensitive to localized economic shifts within its concentrated commercial real estate and business loan portfolios.
The erratic nature of these provisions implies that the bank is frequently adjusting its allowance for credit losses to account for potential asset deterioration. This volatility complicates earnings predictability and suggests that the bank's credit risk management is currently in a reactive rather than proactive posture.
Quick answers to the most common questions about buying PNBK stock.
Patriot National Bancorp, Inc. (PNBK) reported a net loss of $12.7M for the fiscal year ending 2025.
Patriot National Bancorp, Inc. (PNBK) reported an operating income of $-12.7M, resulting in an operating profit margin of -21.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Patriot National Bancorp, Inc. (PNBK) generated $27.9M in gross profit for the year, representing a gross profit margin of 48.0%. This demonstrates the company's core pricing power and production efficiency.