15008605

A ^CPatri National Banco

Annual Report

for the Year Ended December 31, 2014 '-M UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM 10-K

ANNUAL REPORT PERSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Year Ended December 31,2014 Commission file number 000-29599 PATRIOT NATIONAL BANCORP, INC. (Exact name of registrant as specified in its charter)

Connecticut 06-1559137 (State ofincorporation) (I.R.S. Employer Identification Number)

900 Bedford Street, Stamford, 06901 (Address of principal executive offices)

(2031324-7500 (Registrant's telephone number, including area code) Securities

registered under Section 12(b) ofthe Exchange Act: None

Securities registered under Section 12(b)of the Exchange Act: Common Stock, par value $0.01 per share

Indicate by check mark if the registrant in a well-known seasoned issuer, as defined in Rule 405 ofthe Securities Act of 1933. Yes No X

Indicate bycheck mark if theregistrant isnotrequired to file reports pursuant to Section 13 of 15(d) of theSecurities Exchange Act of 1934. Yes No X

Check whether theregistrant (1)filed allreports required to befiled bySection 13 or 15(d) of theSecurities Exchange Actof 1934 during thepast 12 months (orforsuch shorter period thattheregistrant was required to file such reports), and(2)hasbeen subject to such filing requirements for the past 90 days: Yes X No

Checkif disclosure of delinquentfilers in responseto Item405 of Regulation S-K is not contained in this form, and no disclosure will becontained, to thebestof registrant's knowledge, indefinitive proxy or information statements incorporated byreference in Part III ofthis Form 10K or any amendment to this Form 10K Yes No X

Indicate bycheck mark whether theregistrant has submitted electronically andposted on itscorporate Web site, if any, every Interactive Data File required tobesubmitted and posted pursuant toRule 405 of Regulation S-T (§232.405 of this chapter) during thepreceding 12 months (orforsuch shorter period that theregistrant was required to submit andpost such files).

Yes X No Indicateby check mark whether the registrantis a largeaccelerated filer,an acceleratedfiler, a non-accelerated filer, or a smaller reporting company in Rule 12b-2of the Exchange Act:

LargeAcceleratedFiler AcceleratedFiler Non-Accelerated Filer SmallerReporting Company X

Indicateby check mark whether the registrant is a shell company(as defined in Rule 12b-2of the Exchange Act): Yes No X

Aggregate market valueof the votingstockheldby non-affiliates of theregistrant as of June 30,2014 basedon the lastsale price as reportedon the NASDAQGlobalMarket:$6.8million

Numberof sharesof the registrant's Commonstock, $0.01 par valueper share, 3,948,067 shares outstandingas of February28, 2015.

Document Incorporated hv Reference

Proxy or Information Statement for 2014Annual meeting of Shareholders. (A definitive proxyor Information statement will be filed with the Securitiesand ExchangeCommissionwithin 120days after the close of the Fiscal year covered by this form 10-K.)

Incorporated into part III ofthis Form 10-K. PATRIOT NATIONAL BANCORP, INC.

2014 FORM 10-K ANNUAL REPORT

TABLE OF CONTENTS

PARTI 2

ITEM1. Business 2 ITEM 1A. Risk Factors 9 ITEM IB. Unresolved StaffComments 16 ITEM2. Properties 16 ITEM3. LegalProceedings 16 ITEM4. Mine SafetyDisclosures 16

PART II 17

ITEM 5. Marketfor Registrant'sCommon Equity, Related Shareholder Mattersand Issuer PurchasesofEquity Securities 17 ITEM6. SelectedFinancialData 20 ITEM7. Management'sDiscussion and AnalysisofFinancialCondition and ResultsofOperation 21 ITEM7A. Quantitativeand QualitativeDisclosuresabout MarketRisk 40 ITEM8. FinancialStatementsand SupplementaryData 42 ITEM9. Changes in and Disagreementswith Accountantson Accounting and FinancialDisclosure 44 ITEM9A. Controls and Procedur