PNBK · PATRIOT NATIONAL BANCORP INC
Patriot National Bancorp, Inc. operates as the holding company for Patriot Bank, N.A. that provides community banking services to individuals, small and medium-sized businesses, and professionals. The company accepts consumer and commercial deposit accounts, such as checking, interest-bearing negotiable order of withdrawal, money market, time certificates of deposit, savings, prepaid deposit, online national money market, individual retirement accounts, and health savings accounts, as well as certificate of deposit account registry service. Its loan portfolio comprises commercial real estate, commercial business, small business administration, construction, purchased residential real estate, and various consumer loans. The company also offers automated clearing house transfers, lockbox, internet banking, bill payment, remote deposit capture, debit card, money order, traveler's check, and automatic teller machine services. It operates in New York; Connecticut; New Jersey; and internationally. Patriot National Bancorp, Inc. was founded in 1994 and is headquartered in Stamford, Connecticut.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $1.18 |
| SO | 117.7M |
| Options | 0.0M |
| Warrants | 0.0M |
| FD SO | 117.7M |
| MC | $139.4M |
| Cash | $109.2M |
| Total debt | $26.5M ⚠ |
| EV | $56.7M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 0.9x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 19.2% |
| Insiders | 31.7% |
| # Institutions | 108 |
| Analysts | 0 |
| Consensus | — |
| Avg target | — |
| Short % float | 1.2% |
| Days to cover | 1.58 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-15. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-29; the float denominator can be unreliable on tiny floats.
Debt figure uncertain — deposit-funded financial institution — debt/EV not a meaningful metric. Verify against the filing before relying on EV.
Financial statements
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Total Revenue | 17.97 | 15.81 | 13.75 | 13.52 |
| Revenue YoY % | 17.6% | 10.8% | (7.9%) | (11.5%) |
| Gross Profit | 7.47 | 6.28 | 5.45 | 4.70 |
| Gross Profit YoY % | 57.2% | 15.3% | (17.7%) | (6.4%) |
| Gross Margin % | 41.5% | 39.7% | 39.7% | 34.8% |
| SG&A | 12.24 | 11.99 | 10.31 | 9.74 |
| Interest Expense | 7.08 | 5.96 | 5.01 | 4.19 |
| Pretax Income | (1.74) | (2.16) | (2.66) | (5.05) |
| Tax Provision | 0.01 | 0.11 | (0.01) | (0.05) |
| Net Income | (1.75) | (2.27) | (2.66) | (5.00) |
| Net Margin % | (9.8%) | (14.4%) | (19.3%) | (37.0%) |
| Diluted EPS | -$0.02 | -$0.01 | -$0.03 | -$0.06 |
| Basic EPS | -$0.02 | -$0.01 | -$0.03 | -$0.06 |
| Diluted Avg Shares | 115.3 | — | 99.9 | 78.1 |
| Basic Avg Shares | 115.3 | — | 99.9 | 78.1 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 61.05 | 58.36 | 60.72 | 64.96 | 47.62 |
| Revenue YoY % | 4.6% | (3.9%) | (6.5%) | 36.4% | — |
| Gross Profit | 23.90 | 21.18 | 26.31 | 28.50 | 33.26 |
| Gross Profit YoY % | 12.8% | (19.5%) | (7.7%) | (14.3%) | — |
| Gross Margin % | 39.1% | 36.3% | 43.3% | 43.9% | 69.8% |
| SG&A | 44.29 | 40.77 | 32.08 | 32.71 | 27.22 |
| Interest Expense | 22.23 | 19.11 | 20.08 | 30.46 | 10.75 |
| Pretax Income | (11.62) | (12.65) | (16.10) | (5.63) | 7.76 |
| Tax Provision | 0.07 | 0.06 | 23.79 | (1.45) | 1.60 |
| Net Income | (11.69) | (12.71) | (39.88) | (4.18) | 6.16 |
| Net Margin % | (19.1%) | (21.8%) | (65.7%) | (6.4%) | 12.9% |
| Diluted EPS | -$0.12 | -$0.17 | -$10.03 | -$1.05 | $1.55 |
| Basic EPS | -$0.12 | -$0.17 | -$10.03 | -$1.05 | $1.56 |
| Diluted Avg Shares | 115.3 | 76.8 | 4.0 | 4.0 | 4.0 |
| Basic Avg Shares | 115.3 | 76.8 | 4.0 | 4.0 | 4.0 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 109.19 | 207.13 | 201.53 | 202.97 |
| Net PPE | 28.46 | 28.12 | 28.21 | 28.42 |
| Operating Lease ROU | 3.05 | 1.13 | — | — |
| Goodwill | — | 0.00 | — | — |
| Intangible Assets | 0.10 | 0.11 | 0.12 | 0.13 |
| Other Assets | 1,036.00 | 851.35 | 720.89 | 698.43 |
| Total Assets | 1,176.79 | 1,087.84 | 950.75 | 929.95 |
| Long-term Debt | — | 16.45 | — | — |
| Other Liabilities | 1,086.59 | 976.71 | 855.73 | 863.75 |
| Total Liabilities | 1,086.59 | 993.16 | 855.73 | 863.75 |
| Retained Earnings | (101.37) | (99.62) | (97.34) | (94.69) |
| Total Equity | 90.21 | 94.68 | 95.02 | 66.20 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 109.19 | 207.13 | 162.61 | 66.54 | 38.49 |
| Net PPE | 28.46 | 28.12 | 28.86 | 29.88 | 30.64 |
| Operating Lease ROU | 3.05 | 1.13 | 1.50 | 1.70 | 2.20 |
| Goodwill | — | 0.00 | 0.00 | 0.00 | 1.11 |
| Intangible Assets | 0.10 | 0.11 | 0.16 | 0.20 | 0.25 |
| Other Assets | 1,036.00 | 851.35 | 819.16 | 995.11 | 970.67 |
| Total Assets | 1,176.79 | 1,087.84 | 1,012.29 | 1,093.42 | 1,043.36 |
| Long-term Debt | — | 16.45 | 33.10 | 201.10 | 115.20 |
| Other Liabilities | 1,086.59 | 976.71 | 974.93 | 847.94 | 868.58 |
| Total Liabilities | 1,086.59 | 993.16 | 1,008.03 | 1,049.04 | 983.78 |
| Retained Earnings | (101.37) | (99.62) | (86.91) | (47.03) | (31.34) |
| Total Equity | 90.21 | 94.68 | 4.26 | 44.38 | 59.58 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Net Income | (1.75) | (2.27) | (2.66) | (5.00) |
| D&A | 0.21 | 0.22 | 0.23 | 0.28 |
| Stock-Based Comp | 2.28 | 2.13 | 1.81 | 1.11 |
| Δ Working Cap & Other | (3.65) | (4.12) | (4.62) | 4.52 |
| Operating Cash Flow | (2.91) | (4.04) | (5.24) | 0.92 |
| CapEx | (0.55) | (0.08) | (0.02) | (0.00) |
| Other Investing | (185.62) | (123.88) | (18.09) | 87.28 |
| Investing Cash Flow | (186.17) | (123.95) | (18.11) | 87.28 |
| Stock Issuance | 0.00 | 0.00 | 25.84 | 14.44 |
| Other Financing | 91.14 | 133.59 | (3.93) | (35.87) |
| Financing Cash Flow | 91.14 | 133.59 | 21.91 | (21.43) |
| Free Cash Flow | (3.46) | (4.12) | (5.26) | 0.92 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | (11.69) | (12.71) | (39.88) | (4.18) | 6.16 |
| D&A | 0.95 | 0.99 | 1.08 | 1.19 | 1.32 |
| Stock-Based Comp | 7.33 | 5.23 | 0.18 | 0.10 | 0.09 |
| Δ Working Cap & Other | (7.87) | (7.68) | 41.30 | (7.83) | (0.54) |
| Operating Cash Flow | (11.27) | (14.17) | 2.68 | (10.71) | 7.04 |
| CapEx | (0.65) | (0.17) | (0.06) | (0.41) | (0.41) |
| Other Investing | (240.31) | (20.35) | 135.07 | (26.76) | (121.64) |
| Investing Cash Flow | (240.95) | (20.52) | 135.01 | (27.18) | (122.05) |
| Stock Issuance | 40.27 | 85.57 | 0.00 | 0.00 | — |
| Dividends Paid | — | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Financing | 184.94 | (6.36) | (41.62) | 65.93 | 106.46 |
| Financing Cash Flow | 225.22 | 79.21 | (41.62) | 65.93 | 106.46 |
| Free Cash Flow | (11.92) | (14.34) | 2.63 | (11.13) | 6.62 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Current Ratio | — | — | — | — |
| Quick Ratio | — | — | — | — |
| Debt / Equity | 12.05 | 10.49 | 9.01 | 13.05 |
| EBITDA Margin % | — | — | — | — |
| Working Capital | — | — | — | — |
| Net Debt | — | (190.68) | — | — |
| ROE % | (1.9%) | (2.4%) | (2.8%) | (7.6%) |
| ROA % | (0.1%) | (0.2%) | (0.3%) | (0.5%) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | — | — | — | — | — |
| Quick Ratio | — | — | — | — | — |
| Debt / Equity | 12.05 | 10.49 | 236.35 | 23.64 | 16.51 |
| EBITDA Margin % | — | — | — | — | — |
| Working Capital | — | — | — | — | — |
| Net Debt | — | (190.68) | (129.51) | 134.56 | 76.71 |
| ROE % | (13.0%) | (13.4%) | (935.1%) | (9.4%) | 10.3% |
| ROA % | (1.0%) | (1.2%) | (3.9%) | (0.4%) | 0.6% |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-05-29 | De Tomasi Mario | Director | 2026-05-27 | P | 85,000 | $0.96 | $81,600 |
| 2026-05-27 | Simmons William Paul | Officer (EVP & Chief Credit Officer) | 2026-05-20 | A | 74,983 | — | $0 |
| 2026-05-27 | Salas Carlos P | Director, Officer (EVP & Chief Financial Officer) | 2026-05-20 | A | 74,983 | — | $0 |
| 2026-05-22 | De Tomasi Mario | Director | 2026-05-20 | P | 87,719 | $1.15 | $100,877 |
| 2026-05-22 | De Tomasi Mario | Director | 2025-07-01 | A | 66,667 | — | $0 |
| 2026-05-05 | Salas Carlos P | Director, Officer (EVP & Chief Financial Officer) | 2026-04-30 | M | 333,333 | — | $0 |
| 2026-05-05 | Salas Carlos P | Director, Officer (EVP & Chief Financial Officer) | 2026-04-30 | F | (123,683) | $1.23 | -$152,130 |
| 2026-05-05 | Salas Carlos P | Director, Officer (EVP & Chief Financial Officer) | 2026-04-30 | M | 333,333 | — | $0 |
| 2026-05-04 | Salas Carlos P | Director, Officer (EVP & Chief Financial Officer) | 2026-04-30 | M | 333,333 | — | $0 |
| 2026-05-04 | Salas Carlos P | Director, Officer (EVP & Chief Financial Officer) | 2026-04-30 | F | (121,776) | $1.23 | -$149,784 |
| 2026-05-04 | Salas Carlos P | Director, Officer (EVP & Chief Financial Officer) | 2026-04-30 | M | 333,333 | — | $0 |
| 2026-05-04 | Simmons William Paul | Officer (EVP & Chief Credit Officer) | 2026-04-30 | M | 333,333 | — | $0 |
| 2026-05-04 | Simmons William Paul | Officer (EVP & Chief Credit Officer) | 2026-04-30 | F | (121,776) | $1.23 | -$149,784 |
| 2026-05-04 | Simmons William Paul | Officer (EVP & Chief Credit Officer) | 2026-04-30 | M | 333,333 | — | $0 |
| 2026-05-04 | Miranda Angie | Officer (EVP & Chief Risk Officer) | 2026-04-30 | M | 150,000 | — | $0 |
| 2026-05-04 | Miranda Angie | Officer (EVP & Chief Risk Officer) | 2026-04-30 | F | (56,718) | $1.23 | -$69,763 |
| 2026-05-04 | Miranda Angie | Officer (EVP & Chief Risk Officer) | 2026-04-30 | M | 150,000 | — | $0 |
| 2026-04-24 | Magzanyan Anahit | Director | 2026-03-03 | P | 400 | — | $0 |
| 2026-04-24 | Magzanyan Anahit | Director | 2025-08-19 | P | 500 | — | $0 |
| 2026-04-24 | Magzanyan Anahit | Director | 2025-07-24 | P | 175 | — | $0 |
| 2026-04-24 | Magzanyan Anahit | Director | 2025-07-17 | P | 375 | — | $0 |
| 2026-03-31 | Sugarman Steven | Director, Officer (President and CEO) | 2026-03-25 | M | 2,089,043 | — | $0 |
| 2026-03-31 | Sugarman Steven | Director, Officer (President and CEO) | 2026-03-25 | M | 4,049,593 | — | $0 |
| 2025-10-23 | Sugarman Steven | Director, Officer (President and CEO) | 2025-10-20 | A | 1,147,031 | — | $0 |
| 2025-10-23 | Sugarman Steven | Director, Officer (President and CEO) | 2025-10-16 | M | (2,000,000) | — | $-0 |
| 2025-10-23 | Sugarman Steven | Director, Officer (President and CEO) | 2025-10-16 | M | 2,000,000 | — | $0 |
| 2025-08-14 | Simmons William Paul | Officer (EVP & Chief Credit Officer) | 2025-08-13 | A | 1,000,000 | — | $0 |
| 2025-08-14 | Sugarman Steven | Director, Officer (President) | 2025-08-13 | A | 552,927 | — | $0 |
| 2025-08-14 | Miranda Angie | Officer (EVP & Chief Risk Officer) | 2025-08-07 | A | 450,000 | — | $0 |
| 2025-08-14 | Sugarman Steven | Director, Officer (President) | 2025-07-03 | M | 1,533,333 | — | $0 |
| 2025-08-14 | Sugarman Steven | Director, Officer (President) | 2025-07-03 | M | 466,667 | — | $0 |
| 2025-08-14 | Sugarman Steven | Director, Officer (President) | 2025-07-03 | C | (19,167) | — | $-0 |
| 2025-08-14 | Sugarman Steven | Director, Officer (President) | 2025-07-03 | C | (5,833) | — | $-0 |
| 2025-07-08 | Sugarman Steven | Director, Officer (President and CEO) | 2025-07-03 | C | (19,167) | — | $-0 |
| 2025-07-08 | Sugarman Steven | Director, Officer (President and CEO) | 2025-07-03 | C | 1,533,333 | — | $0 |
| 2025-07-08 | Sugarman Steven | Director, Officer (President and CEO) | 2025-07-03 | C | (5,833) | — | $-0 |
| 2025-07-08 | Sugarman Steven | Director, Officer (President and CEO) | 2025-07-03 | C | 466,667 | — | $0 |
| 2025-05-15 | Carrazza Michael A. | Director, Officer (Chairman of the Board) | 2025-05-13 | P | 865,990 | $0.75 | $649,492 |
| 2025-04-01 | Sugarman Steven | Director, Officer (President) | 2025-03-20 | P | 7,019,978 | $0.75 | $5,264,984 |
| 2025-04-01 | Sugarman Steven | Director, Officer (President) | 2025-03-20 | P | 19,167 | — | $0 |
| 2025-04-01 | Sugarman Steven | Director, Officer (President) | 2025-03-20 | J | 5,833 | — | $0 |
| 2025-04-01 | Sugarman Steven | Director, Officer (President) | 2025-03-20 | A | 4,049,593 | — | $0 |
| 2024-09-11 | Finn David | Officer (EVP & Senior Finance Officer) | 2024-08-19 | A | 53,125 | — | $0 |