Leases

3 Months Ended

Mar. 31, 2026

We have operating leases for offices, branches, equipment and other items.

In the first quarter of 2026, the Bank opened a leased banking office in Beverly Hills, California that supports relationship development and client coverage in the Los Angeles market.

The variable lease cost primarily represents variable payments such as common area maintenance and utilities, which are included in the occupancy and equipment expenses on the Consolidated Statements of Operations.


	Three Months Ended March 31,
(In thousands)	2026		2025
Operating lease cost	$	141	$	108

Supplemental balance sheet information related to our operating lease arrangements is presented below:


	Three Months Ended March 31,
(In thousands)	2026			2025
Operating Leases:
Operating lease right-of-use assets	$	3,048		$	1,134
Operating lease liabilities	$	3,117		$	1,203
Weighted average remaining lease term	5.6 years			8.0 years
Weighted average discount rate %	3.9		%	3.7		%

The table below presents the supplemental cash flow information related to the leases:


	Three Months Ended March 31,
(In thousands)	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	142	$	99

PATRIOT NATIONAL BANCORP INC 10-Q