Patriot National Bancorp, Inc. (PNBK)
NASDAQFinancialsBanks - RegionalSnapshot 2026-09-04
$1.11-0.89%
Close 2026-09-04 · 1-day change
NASDAQFinancialsBanks - RegionalSnapshot 2026-09-04
Warn: Management is running behind on a stated commitment.
The bank aims to grow assets by $700 million. This could add $1 million monthly net income. Operating losses have improved from -$9.55M to -$1.74M. Management is focused on cutting losses and reaching profit.
The bank is still losing money with negative cash flow. Recent sharp stock selloff shows investor doubts. Leadership changes and past legal issues add risk.
The price is about 1% above our fair value near $1. Analysts expect 7% revenue growth. Our view sees limited growth and ongoing losses.
Breaks if: asset growth falls short of $700 million next year
Expand asset base by $700 million to generate over $1 million per month in additional net income.
This is not a price target or investment advice.
A long-form read on the 1–3 year hold thesis. It updates when the weekly evidence changes.
This investment represents a turnaround story in the financial sector. The company is currently loss-making and has volatile management, but recent M&A activity may provide some momentum.
The market appears to have low expectations for PNBK, with a valuation that suggests it is unjustified compared to peers. There is a notable expectations gap, indicating that investors may not anticipate significant improvements in performance.
Management is focused on improving profitability and reducing operating losses, with some early signs of progress. However, recent financial performance remains weak, and the company has a high risk profile.
The long-term thesis hinges on the performance of sector bellwethers like HDB, IBN, and PNC, as their results will impact PNBK's momentum. Additionally, management's ability to meet their stated priorities will be crucial.
The most important moves since the prior daily snapshot.
Our read on the company is unchanged since the prior snapshot.
as of 2026-09-04
Review the evidence to watch, what would become a concern, and what would make it less concerning.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Newly stated in 2026-Q2. Management links $700 million asset growth to over $1 million monthly net income increase. Actual net income improved from negative $1.755 million in 2026-Q1 to positive $143,000 in 2026-Q2, showing early signs of progress but still modest absolute levels.
“We estimate that $700 million in asset growth over current levels could result in over $1 million per month in additional net income.”
Breaks if: operating losses worsen beyond -$1.74M next year
Focus on reducing operating losses and moving toward profitability.
Stated in 6 of last 6 quarters. Operating income improved from negative $5.05 million in 2025-Q2 to negative $1.384 million in 2026-Q2, and net income improved from negative $5.001 million to positive $143,000 in the same period. The trajectory shows delivering progress on reducing losses and moving toward profitability.
“Operating income was negative $1.384 million but net income turned positive.”
“Operating income negative $1.742 million and net income negative $1.755 million.”
“Operating income negative $2.162 million and net income negative $2.275 million.”
“Operating income negative $2.662 million and net income negative $2.657 million.”
“Operating income negative $5.05 million and net income negative $5.001 million.”
“Operating income negative $2.776 million and net income negative $2.777 million.”
Breaks if: net income falls below -$1.76M next year
Focus on reducing operating losses and moving toward profitability.
Stated in 6 of last 6 quarters. Operating income improved from negative $5.05 million in 2025-Q2 to negative $1.384 million in 2026-Q2, and net income improved from negative $5.001 million to positive $143,000 in the same period. The trajectory shows delivering progress on reducing losses and moving toward profitability.
“Operating income was negative $1.384 million but net income turned positive.”
“Operating income negative $1.742 million and net income negative $1.755 million.”
“Operating income negative $2.162 million and net income negative $2.275 million.”
“Operating income negative $2.662 million and net income negative $2.657 million.”
“Operating income negative $5.05 million and net income negative $5.001 million.”
“Operating income negative $2.776 million and net income negative $2.777 million.”
Over the next 1 to 3 years, PNBK's trajectory will depend on both sector performance and management execution. Not investment advice.