Patriot National Bancorp reported a net loss of $2.8 million, or $0.21 per basic and diluted share, for the first quarter of 2025. This compares to a net loss of $299,000, or $0.08 per share, in Q1 2024.
Net interest income declined by $1.5 million to $4.0 million in Q1 2025, with the net interest margin compressing to 1.64% from 2.20% year-over-year. This was primarily due to increased deposit costs and a $33.3 million reduction in gross loans.
Non-interest income increased by $481,000 to $2.73 million, driven by the Digital Payments division. However, non-interest expenses rose by $1.5 million to $8.7 million, primarily due to higher salaries, professional services, and regulatory assessments.
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