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PNBK on Nasdaq

Patriot National Bancorp

Logo: WikipediaLover4444, CC BY-SA 4.0, via Wikimedia Commons5

American bank holding company

Patriot Bank, N.A. (PNBK) is the bank holding company for Stamford, Connecticut-based Patriot Bank NA, and is traded on NASDAQ as PNBK. The bank provides retail and commercial banking services and operates seven locations in Fairfield County, Connecticut, one in New Haven County, Connecticut, and one in Westchester County, New York.3 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

1994Founded1

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  • TickerPNBK on Nasdaq1
  • Industryfinancial services1
  • HeadquartersStamford1
  • Websitewww.pnbk.com
  • Incorporated inCT6
  • Business address900 Bedford St, Stamford, Ct 069016
  • Filer categoryNon-accelerated filer, Smaller reporting company6
  • Legal formCorporation4
  • LEI549300T1270P6QIGPD234
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressC/O JOSHUA OLIVER, 06901 Stamford, United States4
  • Registered withSecretary of the State's Commercial Recording Division, 06238974

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Patriot Bank, N.A. (PNBK) is the bank holding company for Stamford, Connecticut-based Patriot Bank NA, and is traded on NASDAQ as PNBK.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income89101112-$12.7M in 2025+351% since 2019
-$40.0M-$20.0M0$20.0M2019: -$2.8M-$2.8M20192020: -$3.8M-$3.8M2020+36%2021: $5.1M$5.1M20212022: $6.2M$6.2M2022+21%2023: -$4.2M-$4.2M20232024: -$39.9M-$39.9M2024+854%2025: -$12.7M-$12.7M2025−68%

Every line of the income statement as filed: the last 3 fiscal years, latest first.12

Period ending2025-12-312024-12-312023-12-31
Interest and fees on loans$36.6M$47.3M$54.3M
Interest on investment securities$2.9M$2.6M$2.7M
Dividends on investment securities$168.0K$287.0K$504.0K
Other interest income$8.2M$2.2M$1.5M
Total interest and dividend income$47.8M$52.4M$59.0M
Interest on deposits$26.7M$26.0M$21.7M
Interest on FHLB, FRB and correspondent bank borrowings$100.0K$3.5M$6.1M
Interest on senior debt$610.0K$1.2M$1.2M
Interest on subordinated debt$1.4M$1.6M$1.5M
Interest on note payable$1.0K$5.0K$8.0K
Total interest expense$28.7M$32.3M$30.5M
Net interest income$19.1M$20.1M$28.5M
Provision for credit losses$1.5M$12.5M$7.4M
Net interest income after provision for credit losses$17.6M$7.6M$21.1M
Loan application, inspection and processing fees$571.0K$625.0K$694.0K
Deposit fees and service charges$1.5M$536.0K$285.0K
(Loss) gain on sales of loans-$2.2M$440.0K$169.0K
Rental income$323.0K$302.0K$395.0K
(Loss) gain on sale of investment securities, net$0-$334.0K$24.0K
Digital payment fee income$9.9M$5.1M$2.3M
Other income$468.0K$1.7M$2.1M
Total non-interest income$10.5M$8.4M$6.0M
Salaries and benefits$22.0M$17.9M$17.6M
Occupancy and equipment expense$3.1M$3.2M$3.4M
Data processing expense$1.7M$1.3M$1.2M
Professional and other outside services$4.3M$3.7M$3.4M
Project expenses, net$0$0$93.0K
Advertising and promotional expense$289.0K$360.0K$269.0K
Loan administration and processing expense$199.0K$167.0K$259.0K
Regulatory assessments$1.7M$1.4M$1.2M
Insurance expense, net$729.0K$316.0K$277.0K
Communications, stationary and supplies$1.4M$973.0K$870.0K
Intangible asset impairment$0$0$1.1M
Other operating expense$5.3M$2.8M$3.1M
Total non-interest expense$40.8M$32.1M$32.7M
(Loss) income before income taxes-$12.7M-$16.1M-$5.6M
Provision (benefit) for income taxes$59.0K$23.8M-$1.5M
Net (loss) income-$12.7M-$39.9M-$4.2M
Basic (loss) earnings per share (usd per share)-$0.17-$10.03-$1.05
Diluted (loss) earnings per common share (usd per share)-$0.17-$10.03-$1.05

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Corporate structure

Patriot National Bancorp is part of a group headed by Patriot Bank, National Association. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Patriot National Bancorp

  • Alon Abady Filed SCHEDULE 13G on Patriot National Bancorp, latest Jun 10, 2026
  • Steven Sugarman Filed SCHEDULE 13D/A on Patriot National Bancorp, latest Mar 31, 2026 (4 filings since Apr 2, 2025)
  • LMI Partners, LLC Filed SCHEDULE 13G/A on Patriot National Bancorp, latest Sep 15, 2025
  • FHNB LLC Filed SCHEDULE 13D on Patriot National Bancorp, latest Apr 11, 2025
  • AllianceBernstein Filed SCHEDULE 13G/A on Patriot National Bancorp, latest Mar 7, 2025 (4 filings since Dec 10, 2021)
  • Siguler Guff Advisers, LLC Filed SC 13G/A on Patriot National Bancorp, latest Oct 10, 2024
  • Don Blackhurst Filed SCHEDULE 13D on Patriot National Bancorp, latest Sep 30, 2024
  • AFP Forty Six Corp. Filed SC 13D/A on Patriot National Bancorp, latest Oct 10, 2023
  • SIGULER GUFF ADVISERS, LLC Filed SC 13G/A on Patriot National Bancorp, latest Jan 20, 2023

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Patriot National Bancorp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$48.3M12 Dec 31, 2025$48.1M12 Dec 31, 2024+0.4%
Accumulated depreciation$20.2M12 Dec 31, 2025$19.2M12 Dec 31, 2024+5.0%
Property and equipment, net$28.1M12 Dec 31, 2025$28.9M12 Dec 31, 2024−2.6%
Operating-lease assets (leased space)$1.1M12 Dec 31, 2025$1.5M12 Dec 31, 2024−24.4%

Investments

ItemLatestA year beforeChange
Loans, net of allowance$585.7M12 Dec 31, 2025$700.2M12 Dec 31, 2024−16.3%
Deposits held (banks)$965.8M12 Dec 31, 2025$966.6M12 Dec 31, 2024−0.1%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$012 Dec 31, 2025$012 Dec 31, 2024
Finite-lived intangibles, net$109.0K12 Dec 31, 2025$156.0K12 Dec 31, 2024−30.1%

Properties, in its own words

We own or lease buildings that are used in the normal course of our business. The Company owns its corporate headquarters, located at 900 Bedford Street, Stamford, Connecticut. At December 31, 2025, the Bank operated 8 branches in portions of Connecticut and New York. See Note 1 “Nature of Operations and Summary of Significant Accounting Policies,” Note 6

Premises and Equipment,” and Note 12 “Leases” in the “Notes to the Consolidated Financial Statements” of this Form 10-K for information with respect to the amounts at which our premises and equipment are carried.

The rest of Item 2

The following table summarizes Patriot’s owned and leased properties as of December 31, 2025:

Street Address · City · County · State

Owned:

233 Post Road · Darien · Fairfield · Connecticut

1755 Black Rock Turnpike · Fairfield · Fairfield · Connecticut

100 Mason Street · Greenwich · Fairfield · Connecticut

900 Bedford Street · Stamford · Fairfield · Connecticut

999 Bedford Street · Stamford · Fairfield · Connecticut

771 Boston Post Road · Milford · New Haven · Connecticut

50 Charles Street · Westport · Fairfield · Connecticut

Leased:

16 River Street · Norwalk · Fairfield · Connecticut

415 Post Road East · Westport · Fairfield · Connecticut

495 Central Park Avenue · Scarsdale · Westchester · New York

7 Old Tavern Road · Orange · New Haven · Connecticut

1200 Riverplace Blvd · Jacksonville · Duval County · Florida

9647 Brighton Way · Beverly Hills · Los Angeles · California

Item 2 of the 10-K filed Mar 31, 2026.16

The story

On August 31, 1994, Patriot National Bank obtained its charter and opened for business as a community bank. In 1999, Patriot National Bancorp, Incorporated was organized as a Bank Holding Company headquartered in Stamford, Connecticut. The Patriot National Statutory Trust I was founded on March 11, 2003, to issue trust preferred securities and invest the proceeds in subordinated debentures issued by the company.

In 2006, Patriot National Bank purchased a branch office and opened two new branch offices in New York, expanding its geographical footprint into New York State. In August 2017, Patriot announced the signing of a definitive merger agreement pursuant to acquire Prime Bank of Orange, CT, expanding its community banking presence in Connecticut.

In September 2015, the bank announced the bank announced its new name “Patriot Bank”. In July 2017, Patriot announced the resumption of quarterly dividends for shareholders in July 2017, for the first time since 2008.

From Wikipedia’s article on Patriot National Bancorp, shared under CC BY-SA 4.0.7

Leadership

Who has led Patriot National Bancorp, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Angelo Decaro2006–2009
  2. Christopher Maher2010–2011
  3. Kenneth T. Neilson2013–2016
  4. Michael A. Carrazza2018
  5. Robert Glenn Russell2020
  6. David Christopher Lowery2024
  7. Steven Sugarman2025–now

Chair

  1. Angelo Decaro2006–2009
  2. Michael A. Carrazza2011–now

President

  1. Charles F. Howell2006–2009
  2. Christopher Maher2010–2011
  3. Kenneth T. Neilson2013–2016
  4. Richard A. Muskus Jr.2018–2019
  5. Robert Glenn Russell2020
  6. Steven Sugarman2025–now

Chief financial officer

  1. Connell Robert F. O.2006–2008
  2. Christina L. Maier2014
  3. Neil Michael McDonnell2016
  4. Joseph D. Perillo2017–2021
  5. Carlos P. Salas2025–now

Chief operating officer

  1. Philip W. Wolford2006–2007
  2. Susan Neilson2016
  3. Peter D. Cureau2016
1995200020052010201520202025
Board members and other officers (44)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive Vice President and Chief Financial OfficerDavid P. Finn named Apr 1, 202572
  • Executive Vice President and Chief Payments OfficerAlbert P. Botta named Dec 22, 202273
  • DirectorEmile N. Van den Bol named Dec 22, 2022 to Apr 1, 202572

Subsidiaries and ownership

Parent company (GLEIF)

Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record.

Timeline

  1. Sep 24, 20268-K Entered a material agreement74
  2. Sep 23, 20268-K Entered a material agreement; New debt or obligation75
  3. Aug 17, 20268-K Regulation FD disclosure76
  4. Jul 31, 20268-K Regulation FD disclosure77
  5. Jul 13, 20268-K Regulation FD disclosure78
  6. Jul 1, 20268-K Regulation FD disclosure79
  7. May 26, 20268-K Shareholder vote80
  8. May 6, 20268-K Regulation FD disclosure81
  9. Apr 28, 20268-K Entered a material agreement; Executive or director change82
  10. Apr 8, 20268-K Executive or director change83
  11. Mar 10, 20268-K Regulation FD disclosure84
  12. Dec 31, 20258-K Regulation FD disclosure85
  13. Jul 8, 2025New chief executive Steven Sugarman becomes CEO17
  14. May 8, 2024New chief executive David Christopher Lowery becomes CEO18
  15. Jul 21, 2020New chief executive Robert Glenn Russell becomes CEO19
  16. Oct 12, 2018Parent Directly consolidated by Patriot Bank, National Association4
  17. Feb 7, 2018New chief executive Michael A. Carrazza becomes CEO20
  18. Jul 29, 2013New chief executive Kenneth T. Neilson becomes CEO21
  19. Oct 20, 2010New chief executive Christopher Maher becomes CEO22
  20. Oct 3, 2006New chief executive Angelo Decaro becomes CEO23
  21. 1994Founded Founded1

Calendar

Coming up

  1. Nov 13, 2026Reports results for the quarter ending Sep/202686

When it reported results

  1. Feb 21, 2025Reported quarterly or annual results87
  2. Aug 14, 2023Reported quarterly or annual results88
  3. May 15, 2023Reported quarterly or annual results89
  4. Mar 7, 2023Reported quarterly or annual results90
  5. Aug 5, 2022Reported quarterly or annual results91

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

210 filings to the SEC since October 2021: 5 annual reports, 17 quarterly reports, 65 major events, 63 insider forms, 15 large holders, 4 private raises, 41 other. The latest 20:

  1. Oct 2, 20264 EDGAR
  2. Oct 1, 2026D EDGAR
  3. Sep 24, 2026424B5 EDGAR
  4. Sep 24, 20268-K EDGAR
  5. Sep 23, 20268-K EDGAR
  6. Sep 10, 20264 EDGAR
  7. Aug 27, 20264 EDGAR
  8. Aug 17, 20268-K EDGAR
  9. Aug 14, 202610-Q EDGAR
  10. Jul 31, 20264 EDGAR
  11. Jul 31, 20264 EDGAR
  12. Jul 31, 20264 EDGAR
  13. Jul 31, 20264 EDGAR
  14. Jul 31, 20268-K EDGAR
  15. Jul 13, 20268-K EDGAR
  16. Jul 2, 20264 EDGAR
  17. Jul 2, 20264 EDGAR
  18. Jul 2, 20264 EDGAR
  19. Jul 2, 20264 EDGAR
  20. Jul 2, 20264 EDGAR

The 210 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

9 open-market trades by officers, directors and large owners since October 2021: 9 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 8, 2026De Tomasi MarioDirectorBuy63,000$0.96$60.5KForm 4
May 27, 2026De Tomasi MarioDirectorBuy85,000$0.96$81.6KForm 4
May 20, 2026De Tomasi MarioDirectorBuy87,719$1.15$100.9KForm 4
Mar 3, 2026Magzanyan AnahitDirectorBuy400Form 4
Aug 19, 2025Magzanyan AnahitDirectorBuy500Form 4
Jul 24, 2025Magzanyan AnahitDirectorBuy175Form 4
Jul 17, 2025Magzanyan AnahitDirectorBuy375Form 4
May 13, 2025Carrazza Michael A.Chairman of the BoardBuy865,990$0.75$649.5KForm 4
Mar 20, 2025Sugarman StevenPresident and CEOBuy7,019,978$0.75$5.3MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Steven A. SugarmanPresident and Chief Executive Officer of the Company; President and Chief Executive Officer of the Bank51$115.4K$7.3M101
2025William Paul SimmonsExecutive Vice President and Chief Credit Officer of the Bank64$249.2K$1.4M101
2025Carlos P. SalasChief Financial Officer of the Company; Chief Financial Officer of the Bank54$156.7K$1.3M101
2025David Lowery*Former Chief Executive Officer of the Company; former President and Chief Executive Officer of the Bank$167.7K$188.0K101
2024David Lowery*Former Chief Executive Officer of the Company; former President and Chief Executive Officer of the Bank$400.0K$659.9K101

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$69.8M 2022–2025
Money received by yearMoney received by year, 2022–2025: $69.8M in all. Private raises (Form D) $69.8M.$0$20M$40M$60M2022 · Private raises (Form D): $12.0M2022202320242025 · Private raises (Form D): $57.8M2025
Figures by year
YearPrivate raises (Form D)Total
2025$57.8M$57.8M
2022$12.0M$12.0M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Mar 20, 2025Raised $57.8 million in a private offering of equity72 Form D: 72 investors so far Form D
  2. Dec 21, 2022Raised $12 million in a private offering of debt73 Form D: 5 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 67. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Vanguard Capital Management LLC4,346,777$4.2M0.0%−54,755
Angel Oak Capital Advisors, LLC2,662,136$2.5M3.2%−504,123
Corient Private Wealth LP1,919,309$1.8M0.0%+440
Geode Capital Management, LLC986,548$945.1K0.0%−870,559
Millennium Management LLC752,658$720.7K0.0%New
BlackRock, Inc.637,425$610.3K0.0%−3,132,548
Vanguard Fiduciary Trust Co533,646$511.2K0.0%−97,971
Marshall Wace, Llp491,531$471.9K0.0%New
Composition Wealth, LLC434,748$416.3K0.0%No change
Curated Wealth Partners LLC427,980$409.8K0.0%−399,360
HighTower Advisors, LLC323,866$310.1K0.0%+28,835
Goldman Sachs Group Inc294,811$282.3K0.0%+157,481
Point72 Asset Management, L.P.294,294$281.8K0.0%+209,439
Lido Advisors, LLC275,397$263.7K0.0%+12
Susquehanna International Group, Llp261,699$250.6K0.0%+142,743
State Street Corp219,207$209.9K0.0%−488,634
Axxcess Wealth Management, LLC213,334$204.3K0.0%No change
Aster Capital Management (DIFC) Ltd210,080$201.2K0.0%New
Northern Trust Corp196,491$188.1K0.0%−635,430
Sanctuary Advisors, LLC188,089$180.1K0.0%+173,061
Citadel Advisors LLC185,461$177.6K0.0%+134,315
Qube Research & Technologies Ltd153,388$146.9K0.0%New
Aqr Capital Management LLC151,948$145.5K0.0%+140,252
Bridgeway Capital Management, LLC125,000$119.7K0.0%New
Rinkey Investments121,828$116.7K0.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Patriot National Bancorp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARPATRIOT NATIONAL BANCORP INC2
  • CIK0001098146
  • Employer ID (EIN)06-155913716
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company16
  • Incorporated inConnecticut16
  • Fiscal year endsDecember 312
  • Industry code (SIC)6021 National Commercial Banks2
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance2
  • Business address900 Bedford St, Stamford, CT 069012
  • Phone20332475002
  • Shares outstanding118,742,200 as of Aug 14, 202614
  • Public float$71.2M as of Jun 30, 202516
  • AuditorBaker Tilly US, LLP, New York, New York PCAOB ID 23; no auditor attestation of internal control over financial reporting16
  • On EDGAR sinceFeb 18, 20002
  • Filings952 in all: 4 (339), 8-K (255), 10-Q (63), 3 (57), SC 13G/A (23), 10-K (20), DEF 14A (18), 10QSB (17)2
    All 52 form types

    DEFA14A (13), 10-K/A (12), SC 13D/A (11), DEF 14C (10), SC 13G (9), UPLOAD (8), 10KSB (7), 4/A (7), PRE 14A (6), SC 13D (6), 10-Q/A (5), 5 (5), CORRESP (5), D (5), DEFA14C (4), 424B5 (3), EFFECT (3), S-3 (3), SB-2/A (3), SCHEDULE 13D (3), SCHEDULE 13D/A (3), 3/A (2), DEFR14A (2), NT 10-K (2), NT 10-Q (2), S-8 (2), SCHEDULE 13G/A (2), 10KSB/A (1), 10QSB/A (1), 424B3 (1), 424B4 (1), 8-A12G (1), 8-K/A (1), 8-K12G3 (1), ARS (1), D/A (1), DEFR14C (1), PRE 14C (1), S-1 (1), S-1/A (1), S-1MEF (1), S-8 POS (1), SB-2 (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Mar 31, 2026
    Quarterly report (10-Q) Aug 14, 2026
    Proxy statement (DEF 14A) Apr 27, 2026
    Latest 8-K (8-K) Sep 24, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.01 per sharePNBKNASDAQ Global Market

From the cover page of the 10-K filed Mar 31, 2026 (Section 12(b) of the Exchange Act).16

Risk factors and legal proceedings

The risks Patriot National Bancorp names in Item 1A of its 10-K filed Mar 31, 2026: 35 risks under these headings, as written.16

  • Risks Relating to Regulatory Oversight, Remediation and Strategic Repositioning
  • The Bank is subject to the Formal Agreement, and failure to satisfy its requirements could result in additional supervisory or enforcement actions, restrictions on our business, and other material adverse consequences.
  • The Bank is in “troubled condition” for regulatory purposes, which may subject us to heightened scrutiny, limit our flexibility, and adversely affect our business and growth prospects.
  • Our business is undergoing a substantial strategic repositioning and we may not successfully execute the transition to our revised business model.
  • Our remediation efforts are extensive and ongoing and they may not be effective, timely, or sustainable.
  • We are subject to numerous laws and governmental regulations and to regular examinations by regulators of our business and compliance with laws and regulations, and our failure to comply with such laws and regulations or to adequately address any matters identified during our examinations could materially and adversely affect us.
  • Regulations addressing consumer privacy and data use and security could increase our costs and impact our reputation.
  • The Bank may be required to pay significantly higher FDIC premiums, special assessments, or taxes that could adversely affect its earnings.
  • Changing regulation of corporate governance and public disclosure.
  • Litigation and regulatory actions, including enforcement actions, could subject us to significant fines, penalties, judgments or other requirements resulting in increased expenses or restrictions on our business activities.
  • We depend on a new management team and Board, and our failure to have prudent change management including to retain, integrate, and effectively align new leadership could impair execution of our strategy and remediation efforts.
  • Risks Relating to Institutional Banking, Digital Payments and BSA/AML
The other 25 risks
  • Our institutional banking and digital payments activities involve heightened operational, compliance, fraud, and BSA/AML risks.
  • Deficiencies in our BSA/AML, sanctions, customer identification, or suspicious activity monitoring programs could result in enforcement action, penalties, losses, and reputational damage.
  • Our reliance on third-party program managers, fintech relationships, vendors, and other counterparties exposes us to significant third-party risk.
  • Digital Payments and Institutional Banking Deposits can be highly concentrated and have significant volatility which could result in heightened Liquidity Risks to the Bank.
  • Our reliance on Program Managers increases our exposure to risks from third party negligence or misconduct.
  • Risks Relating to Credit, Concentrations and Legacy Assets
  • Our legacy portfolio, including criticized, classified, nonperforming, or non-core assets, may continue to adversely affect our results of operations, capital, and management attention.
  • Our commercial real estate and other secured lending activities expose us to concentration risk, collateral risk, and credit losses.
  • Our allowance for credit losses may prove insufficient, and changes in estimates, portfolio performance, or supervisory expectations could require additional provisions.
  • Risks Relating to Capital, Liquidity and Balance Sheet Management
  • If we fail to maintain sufficient capital, we may be subject to restrictions, may be unable to execute our strategy, and may need to raise additional capital on unfavorable terms or at all.
  • Our liquidity could be adversely affected by deposit volatility, funding concentration, market disruption, deterioration in our regulatory or financial condition, or the characteristics of our deposit base.
  • Our deposit strategy may not produce the funding mix, stability, cost, or scale we expect.
  • Changes in interest rates, asset-liability mismatches, and market values may adversely affect our net interest income, liquidity, capital, and financial condition.
  • Risks Relating to Operations, Technology and Competition
  • Our operating model depends on enhancements to infrastructure, data, reporting, and controls, and failures in those areas could impair decision-making, financial reporting, and risk management.
  • Management concluded that our disclosure controls and procedures and internal control over financial reporting were not effective as of December 31, 2025, and if we fail to remediate the underlying control deficiencies in a timely manner, our business, financial condition, results of operations, and access to capital could be adversely affected.
  • The Company is subject to certain general affirmative debt covenants, which if it cannot comply, may result in default and actions taken against it by its debt holders.
  • The Bank is subject to environmental liability risk associated with its lending activities.
  • Negative public opinion regarding us could adversely affect our stock price, business, results of operations, and financial condition.
  • A cyberattack, fraud event, information security breach, payments disruption, or technology failure could affect us materially and adversely.
  • The development and use of artificial intelligence presents risks and challenges that may adversely impact our business.
  • We face intense competition in our markets and in our target client segments, and we may not be able to compete effectively.
  • The Company is subject to risks associated with taxation.
  • Risks Relating to the Company and its Common Stock
  • The Holding Company depends on dividends and other distributions from the Bank, which are restricted and may be further limited by regulation and supervisory actions.
  • Our common stock price may be volatile, and shareholders may experience dilution or other adverse effects from future capital actions or market perceptions of our business and regulatory status.
  • Risks Relating to General Economic and Market Conditions
  • We may be adversely affected by national financial markets and economic conditions, as well as local conditions.
  • Natural disasters, acts of war or terrorism, the impact of health epidemics and other adverse external events could detrimentally affect our financial condition and results of operations.
  • Risks related to environmental and other global matters

Legal proceedings

Other than ordinary routine litigation incidental to its business, neither the Company nor the Bank has any pending legal proceedings to which the Company or the Bank is a party or any of its property is subject.

The opening of Item 3, Legal Proceedings.16

Sources

The numbers on this page point here. Each one links to the record it came from.

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