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Patriot National Bancorp

PNBK on Nasdaq. Market value $110m.

Watch this stockFree. We tell you when something changes.

Should I look at this?

Look carefully before going further

Why it could be worth it

Nothing stands out yet.

What to watch out for

Read the warning sign in its own filings

This is not advice.

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Who owns it

None of the long-term investors we follow own it. 67 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

  • Alon Abady
    Passive investor
    at least 10.0%
    (filed with 3 related holders)
    Since 20 March 2025
  • Sugarman Steven
    Insider or founder
    at least 9.5%+1.7 pts
    (filed with 2 related holders)
    Since 25 March 2025
    What they said

    The Reporting Persons are filing this Amendment to report the transactions set forth in the second paragaph of Item 3 above. No Reporting Person has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4…

    Read the filing
  • FHNB LLC
    Passive investor
    at least 9.0%
    (filed with 11 related holders)
    Since 20 March 2025
    What they said

    On March 20, 2025, FHNB purchased 6,666,667 Shares for approximately $5 million cash as part of the $57.75 million Private Placement of securities by the Issuer, as reported on the Issuer's Current Report on Form 8-K filed with the SEC on March 26, 2025. The foregoing summary of…

    Read the filing
  • AllianceBernstein L.P.
    Passive investor
    Sold down below 5%
    Since 28 February 2025
  • LMI Partners, LLC
    Passive investor
    Sold down below 5%
    Since 15 September 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 2 insiders bought $242,957 of shares on the open market.

  • De Tomasi Mario
    Director
    Bought
    Date
    8 September 2026
    Shares
    63,000
    Price
    $0.96
    Value
    $60,480
  • De Tomasi Mario
    Director
    Bought
    Date
    27 May 2026
    Shares
    85,000
    Price
    $0.96
    Value
    $81,600
  • De Tomasi Mario
    Director
    Bought
    Date
    20 May 2026
    Shares
    87,719
    Price
    $1.15
    Value
    $100,877
  • Magzanyan Anahit
    Director
    Bought
    Date
    3 March 2026
    Shares
    400
    Price
    n/a
    Value
    n/a

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

1 serious warning sign in Patriot National Bancorp’s filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 31 Mar 2026, plus the 10-Q filed 14 Aug 2026 and 10 later 8-Ks.

  • Weak checks on its own accounts

    Serious

    The company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.

    “Based on that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were not effective as of June 30, 2026 because the Company had not yet completed the testing and evaluation necessary to conclude that the material weakness in internal control over financial reporting previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 had been remediated.”
    Show the full paragraph
    As of June 30, 2026, the Company carried out an evaluation, under the supervision and with the participation of its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company’s disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934. Based on that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were not effective as of June 30, 2026 because the Company had not yet completed the testing and evaluation necessary to conclude that the material weakness in internal control over financial reporting previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 had been remediated.

    From the 10-Q filed 14 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “As a result, the Company ended RSM US LLP’s (“RSM”) engagement as the Company’s independent registered public accounting firm on August 22, 2025.”

    From an 8-K filed 26 August 2025: Change of auditor. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.