Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 20, 2019 | Jun. 30, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | PATRIOT NATIONAL BANCORP INC | ||
Entity Central Index Key | 0001098146 | ||
Trading Symbol | pnbk | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding (in shares) | 3,918,910 | ||
Entity Public Float | $ 26.5 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and due from banks: | ||
Noninterest bearing deposits and cash | $ 7,381,000 | $ 3,582,000 |
Interest bearing deposits | 59,056,000 | 45,147,000 |
Total cash and cash equivalents | 66,437,000 | 48,729,000 |
Investment securities: | ||
Available-for-sale securities, at fair value | 39,496,000 | 25,576,000 |
Other investments, at cost | 4,963,000 | 4,962,000 |
Total investment securities | 44,459,000 | 30,538,000 |
Federal Reserve Bank stock, at cost | 2,866,000 | 2,502,000 |
Federal Home Loan Bank stock, at cost | 4,928,000 | 5,889,000 |
Loans receivable (net of allowance for loan and lease losses: 2018: $7,609, 2017: $6,297) | 772,767,000 | 713,350,000 |
Accrued interest and dividends receivable | 3,766,000 | 3,496,000 |
Premises and equipment, net | 35,435,000 | 35,358,000 |
Other real estate owned | 2,945,000 | 0 |
Deferred tax asset | 10,851,000 | 10,397,000 |
Balance | 1,728,000 | |
Core deposit intangible, net | 698,000 | |
Other assets | 4,816,000 | 1,821,000 |
Total assets | 951,696,000 | 852,080,000 |
Liabilities | ||
Noninterest bearing deposits | 84,471,000 | 81,197,000 |
Interest bearing deposits | 658,810,000 | 556,242,000 |
Total deposits | 743,281,000 | 637,439,000 |
Federal Home Loan Bank and correspondent bank borrowings | 100,000,000 | 120,000,000 |
Senior notes, net | 11,778,000 | 11,703,000 |
Subordinated debt, net | 9,723,000 | |
Junior subordinated debt owed to unconsolidated trust, net | 8,094,000 | 8,086,000 |
Note payable | 1,388,000 | 1,580,000 |
Advances from borrowers for taxes and insurance | 2,926,000 | 2,829,000 |
Accrued expenses and other liabilities | 5,166,000 | 3,694,000 |
Total liabilities | 882,356,000 | 785,331,000 |
Commitments and Contingencies | ||
Shareholders' equity | ||
Preferred stock, no par value; 1,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Common stock, $.01 par value, 100,000,000 shares authorized; 2018: 3,984,415 shares issued; 3,910,674 shares outstanding. 2017: 3,973,416 shares issued; 3,899,675 shares outstanding | 40,000 | 40,000 |
Additional paid-in capital | 107,095,000 | 106,875,000 |
Accumulated deficit | (35,790,000) | (38,832,000) |
Less: Treasury stock, at cost: 2018 and 2017, 73,741 and 73,741 shares, respectively | (1,179,000) | (1,179,000) |
Accumulated other comprehensive loss | (826,000) | (155,000) |
Total shareholders' equity | 69,340,000 | 66,749,000 |
Total liabilities and shareholders' equity | $ 951,696,000 | $ 852,080,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Net of allowance for loan and lease losses | $ 7,609 | $ 6,297 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 3,984,415 | 3,973,416 |
Common stock, shares outstanding (in shares) | 3,910,674 | 3,899,675 |
Treasury stock, shares held (in shares) | 73,741 | 73,741 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest and Dividend Income | |||
Interest and fees on loans | $ 37,546 | $ 31,270 | $ 24,391 |
Interest on investment securities | 1,306 | 982 | 544 |
Dividends on investment securities | 490 | 383 | 353 |
Other interest income | 1,033 | 214 | 120 |
Total interest and dividend income | 40,375 | 32,849 | 25,408 |
Interest Expense | |||
Interest on deposits | 9,024 | 4,948 | 2,242 |
Interest on Federal Home Loan Bank borrowings | 1,634 | 702 | 371 |
Interest on senior debt | 915 | 915 | 25 |
Interest on subordinated debt | 767 | 360 | 334 |
Interest on note payable and other | 38 | 31 | 36 |
Total interest expense | 12,378 | 6,956 | 3,008 |
Net interest income | 27,997 | 25,893 | 22,400 |
Provision (Credit) for Loan Losses | 1,303 | (857) | 2,464 |
Net interest income after provision (credit) for loan losses | 26,694 | 26,750 | 19,936 |
Non-interest Income | |||
Loan application, inspection and processing fees | 51 | 73 | 180 |
Deposit fees and service charges | 524 | 590 | 600 |
Gains on sale of loans | 162 | 4 | |
Rental Income | 413 | 399 | 414 |
Other income | 477 | 378 | 362 |
Total non-interest income | 1,627 | 1,444 | 1,556 |
Non-interest Expense | |||
Salaries and benefits | 11,741 | 10,915 | 9,489 |
Occupancy and equipment expense | 3,159 | 3,133 | 3,110 |
Data processing expense | 1,313 | 1,139 | 939 |
Professional and other outside services | 2,177 | 2,050 | 1,747 |
Merger and tax initiative project expenses | 2,098 | 640 | |
Advertising and promotional expense | 258 | 322 | 394 |
Loan administration and processing expense | 93 | 63 | 54 |
Regulatory assessments | 1,142 | 844 | 603 |
Insurance expense | 90 | 233 | 222 |
Communications, stationary and supplies | 503 | 381 | 402 |
Other operating expense | 1,661 | 1,452 | 1,395 |
Total non-interest expense | 24,235 | 21,172 | 18,355 |
Income before income taxes | 4,086 | 7,022 | 3,137 |
Provision for Income Taxes | 890 | 2,875 | 1,207 |
Net income | $ 3,196 | $ 4,147 | $ 1,930 |
Basic earnings per share (in dollars per share) | $ 0.82 | $ 1.06 | $ 0.49 |
Diluted earnings per share (in dollars per share) | $ 0.82 | $ 1.06 | $ 0.49 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net income | $ 3,196 | $ 4,147 | $ 1,930 |
Other comprehensive income: | |||
Unrealized holding (loss) gain on securities | (860) | (64) | 52 |
Income tax effect | 189 | 25 | (20) |
Reclassification for realized losses on sale of investment securities | 0 | 6 | |
Income tax effect | 0 | (2) | |
Total other comprehensive (loss) income | (671) | (35) | 32 |
Comprehensive income | $ 2,525 | $ 4,112 | $ 1,962 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2015 | 3,956,207 | |||||
Balance at Dec. 31, 2015 | $ 40 | $ 106,568 | $ (44,832) | $ (160) | $ (152) | $ 61,464 |
Net income | 1,930 | 1,930 | ||||
Other comprehensive income | 32 | 32 | ||||
Total comprehensive income | 1,930 | 32 | 1,962 | |||
Purchase of treasury stock (in shares) | (72,471) | |||||
Purchase of treasury stock | (1,017) | (1,017) | ||||
Share-based compensation expense | 161 | 161 | ||||
Vesting of restricted stock (in shares) | 8,161 | |||||
Balance (in shares) at Dec. 31, 2016 | 3,891,897 | |||||
Balance at Dec. 31, 2016 | $ 40 | 106,729 | (42,902) | (1,177) | (120) | 62,570 |
Net income | 4,147 | 4,147 | ||||
Other comprehensive income | (35) | (35) | ||||
Total comprehensive income | 4,147 | (35) | $ 4,112 | |||
Purchase of treasury stock (in shares) | (100) | (72,471) | ||||
Purchase of treasury stock | (2) | $ (2) | ||||
Share-based compensation expense | 146 | 146 | ||||
Vesting of restricted stock (in shares) | 7,878 | |||||
Common stock dividends | (77) | (77) | ||||
Balance (in shares) at Dec. 31, 2017 | 3,899,675 | |||||
Balance at Dec. 31, 2017 | $ 40 | 106,875 | (38,832) | (1,179) | (155) | 66,749 |
Net income | 3,196 | 3,196 | ||||
Other comprehensive income | (671) | (671) | ||||
Total comprehensive income | 3,196 | (671) | $ 2,525 | |||
Purchase of treasury stock (in shares) | 0 | |||||
Share-based compensation expense | 220 | $ 220 | ||||
Vesting of restricted stock (in shares) | 10,999 | |||||
Common stock dividends | (154) | (154) | ||||
Vesting of restricted stock | ||||||
Balance (in shares) at Dec. 31, 2018 | 3,910,674 | |||||
Balance at Dec. 31, 2018 | $ 40 | $ 107,095 | $ (35,790) | $ (1,179) | $ (826) | $ 69,340 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows from Operating Activities: | |||
Net income | $ 3,196,000 | $ 4,147,000 | $ 1,930,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Amortization of investment premiums, net | 15,000 | 86,000 | 131,000 |
Amortization and accretion of purchase loan premiums and discounts | 523,000 | 650,000 | 219,000 |
Amortization of debt issuance costs | 97,000 | 82,000 | 9,000 |
Provision (credit) for loan losses | 1,303,000 | (857,000) | 2,464,000 |
Depreciation and amortization | 1,486,000 | 1,269,000 | 1,209,000 |
Amortization of core deposit intangible | 50,000 | ||
Loss on sales of available-for-sale securities | (6,000) | ||
Share-based compensation | 220,000 | 146,000 | 161,000 |
(Increase) decrease in deferred income taxes | (265,000) | 2,258,000 | 1,111,000 |
Net (gain) loss on sale or acquisition of other real estate owned | 9,000 | (11,000) | |
Changes in assets and liabilities: | |||
Increase in accrued interest and dividends receivable | (270,000) | (770,000) | (716,000) |
Increase in other assets | (981,000) | (2,000) | (657,000) |
Increase (decrease) in accrued expenses and other liabilities | 211,000 | 278,000 | (1,325,000) |
Net cash provided by operating activities | 5,585,000 | 7,290,000 | 4,525,000 |
Cash Flows from Investing Activities: | |||
Proceeds from maturity or sales on available-for-sale securities | 37,032,000 | 16,929,000 | 7,870,000 |
Principal repayments on available-for-sale securities | 2,267,000 | 2,361,000 | |
Purchases of available-for-sale securities | (18,562,000) | (20,576,000) | (3,000,000) |
Purchases of other investments | (513,000) | (512,000) | |
Proceeds from maturity of other investments | 512,000 | ||
Purchases of Federal Reserve Bank stock | (364,000) | (393,000) | (34,000) |
Redemptions (purchases) of Federal Home Loan Bank stock | 961,000 | (280,000) | 961,000 |
Decrease (increase) in originated loans receivable, net | 5,259,000 | (63,139,000) | (49,373,000) |
Purchases of loans receivable | (47,074,000) | (73,022,000) | (52,005,000) |
Purchase of premises and equipment | (1,142,000) | (3,060,000) | (3,529,000) |
Proceeds from sale of other real estate owned | 842,000 | ||
Escrow deposit for pending acquisition | (500,000) | ||
Net cash used in business combination | (5,071,000) | ||
Net cash used in investing activities | (27,195,000) | (140,850,000) | (99,110,000) |
Cash Flows from Financing Activities: | |||
Increase in deposits, net | 59,658,000 | 108,115,000 | 84,659,000 |
Repayments of FHLB and correspondent bank borrowings | (29,800,000) | (18,000,000) | 6,000,000 |
Proceeds from issuance of subordinated note, net | 9,709,000 | ||
Proceeds from issuance of senior notes, net | 11,708,000 | ||
Principal repayments of note payable | (192,000) | (189,000) | (185,000) |
Decrease in advances from borrowers for taxes and insurance | 97,000 | 153,000 | 309,000 |
Purchases of treasury stock | (2,000) | (1,017,000) | |
Dividends paid on common stock | (154,000) | (77,000) | |
Net cash provided by financing activities | 39,318,000 | 90,000,000 | 101,474,000 |
Net decrease in cash and cash equivalents | 17,708,000 | (43,560,000) | 6,889,000 |
Cash and cash equivalents at beginning of period | 48,729,000 | 92,289,000 | 85,400,000 |
Cash and cash equivalents at end of period | 66,437,000 | 48,729,000 | 92,289,000 |
Cash paid for interest | 11,246 | 6,424 | 3,413 |
Cash paid for income taxes | 1,243,000 | 515,000 | 360,000 |
Purchase of premises and equipment | 415,000 | 808,000 | 1,018,000 |
Increase in accrued expense and other liabilities | (415,000) | (808,000) | (1,018,000) |
Transfers of loans receivable to other real estate owned | 1,954,000 | 840,000 | |
Increase in debt issuance costs | 82,000 | ||
Increase in accrued expense and other liabilities | (82,000) | ||
Business Combination Non-Cash Disclosures | |||
Assets acquired in business combination (net of cash received) | 60,173,000 | ||
Liabilities acquired in business combination | 56,123,000 | ||
Contingent liability assumed in business combination | $ 707,000 |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | Note 1. Nature of Operations and Summary of Significant Accounting Policies Patriot National Bancorp, Inc. (the "Company"), a Connecticut corporation, is a bank holding company that was organized in 1999. seven two On March 11, 2003, March 26, 2003, first not On May 10, 2018 The preparation of consolidated financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and to disclose contingent assets and liabilities. Actual results could differ from those estimates. Management has identified accounting for the allowance for loan losses, the analysis and valuation of its investment securities, the valuation of deferred tax assets, and accounting for the business combination as certain of Patriot’s more significant accounting policies and estimates, in that they are critical to the presentation of Patriot’s financial condition and results of operations. As they concern matters that are inherently uncertain, these estimates require management to make subjective and complex judgments in the preparation of Patriot’s Consolidated Financial Statements. These and other of Patriot’s significant accounting policies are summarized below. Certain prior period amounts have been reclassified to conform to current year presentation. Summary of Significant Accounting Policies Principles of consolidation and basis of financial statement presentation The Consolidated Financial Statements include the accounts of Patriot, and the Bank's wholly owned subsidiaries, PinPat Acquisition Corporation and ABC HOLD Co, LLC, (inactive) and have been prepared in conformity with US GAAP. All significant intercompany balances and transactions have been eliminated. Cash and cash equivalents Patriot considers all short-term, highly liquid investments purchased with an original maturity of three Patriot maintains amounts due from banks which, at times, may not Federal Reserve Bank and Federal Home Loan Bank stock The Bank is required to maintain an investment in capital stock of the Federal Home Loan Bank of Boston (“FHLB”), as collateral, in an amount equal to a percentage of its outstanding mortgage loans and loans secured by residential properties, including mortgage-backed securities. Additionally, the Bank is required to maintain an investment in the capital stock of the Federal Reserve Bank (“FRB”), as collateral, in an amount equal to one six one Shares in the FHLB and FRB are purchased and redeemed based upon their $100 Included in the Bank’s investment portfolio are shares in the FHLB and FRB of $7.8 $8.4 December 31, 2018 2017, December 31, 2018 2017 no Investment Securities Management determines the appropriate classification of securities at the date individual investment securities are acquired, and the appropriateness of such classification is reassessed at each balance sheet date. Debt securities, if any, that management has the positive intent and ability to hold to maturity are classified as “held to maturity” and are recorded at amortized cost. “Trading” securities, if any, are carried at fair value with unrealized gains and losses recognized in earnings. Securities classified as “available-for-sale” are recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss), net of taxes. Purchase premiums and discounts are recognized in interest income using the interest method of accounting, in order to achieve a constant effective yield over the contractual term of the securities. Patriot conducts a quarterly review and evaluation of the securities portfolio to determine if a decline in the fair value of any security below its cost basis is an other-than-temporary impairment (“OTTI”). Our evaluation of OTTI considers the duration and severity of the impairment, our intent to hold the securities, whether or not Security transactions are recorded on the trade date. Realized gains and losses on the sale of securities are determined using the specific identification method, recorded on the trade date, and reported in non-interest income for the period. At December 31, 2018 2017, $4.5 December 31, 2018 2017, Loans receivable Loans that Patriot has the intent and ability to hold until maturity or for the foreseeable future generally are reported at their outstanding unpaid principal balances adjusted for unearned income, an allowance for loan losses, if any, and any unamortized discount, premium and deferred fees. Interest income is accrued based on unpaid principal balances. Loan application fees are reported as non-interest income, while other certain direct origination costs, or for purchased loans, any discounts or premiums are deferred and amortized to interest income as a level yield adjustment over the respective term of the loan. Loans are placed on non-accrual status or charged off when collection of principal or interest is considered doubtful. The accrual of interest on loans is discontinued no 90 no 180 Accrued uncollected interest income on loans that are placed on non-accrual status or have been charged off is reversed against interest income. Interest income on such non-performing loans is accounted for on the cash-basis of accounting until qualifying for return to accrual status. Any cash received on non-accrual or charged off loans is first Patriot’s real estate loans are collateralized by real estate located principally in Fairfield and New Haven Counties in Connecticut and Westchester County, New York. Accordingly, the ultimate collectability of a substantial portion of Patriot’s loan portfolio is susceptible to regional real estate market conditions. A loan is considered impaired when, based on current information and events, it is probable that Patriot will be unable to collect the scheduled payments of principal or interest when due, according to the loan’s contractual terms. Factors considered by management in determining impairment include payment status and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and shortfalls generally are not Impaired loans also include loans modified in troubled debt restructurings (“TDR”), where concessions have been granted to borrowers experiencing financial difficulties. These concessions could include a reduction in the interest rate on the loan, payment extensions, forgiveness of principal, forbearance or other actions intended to maximize collection. TDRs are generally placed on non-accrual status until the loan qualifies for return to accrual status. Loans qualify for return to accrual status once they have demonstrated compliance with the restructured terms of the loan agreement and have performed for a minimum of six Lower balance lending arrangements, such as consumer installment loans, are evaluated for impairment by pooling the loans into homogenous groupings. Accordingly, Patriot does not Acquired Loans Acquired loans are initially recorded at their acquisition date fair values. The carryover of allowance for loan losses is prohibited as any credit losses in the acquired loans are included in the determination of the fair value of the loans at the acquisition date. Fair values for acquired loans are based on a discounted cash flow methodology that involves assumptions and judgments as to credit risk, prepayment risk, liquidity risk, default rates, loss severity, payment speeds, collateral values and discount rate. Acquired Impaired Loans- Purchase Credit Impaired “PCI” Loans Acquired loans that exhibit evidence of deterioration in credit quality since origination and for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payments are accounted for as PCI loans under Accounting Standards Codification (“ASC”) 310 30. not PCI loans are initially measured at fair value, which includes estimated future credit losses expected to be incurred over the life of the loan. Accordingly, the associated allowance for credit losses related to these loans is not Acquired loans that met the criteria for non-accrual of interest prior to acquisition were not may Acquired Non-impaired Loans Acquired loans that do not 310 30 may 310 20. Subsequent to the purchase date, the methods used to estimate the allowance for loan losses for the acquired non-impaired loans are consistent with the policy for allowance for loan losses described below. Allowance for loan and lease losses The allowance for loan and lease losses (“ALLL”) is regularly evaluated by management, based upon the nature and volume of the loan portfolio, periodic review of loan collectability using historical experience rates, adverse situations potentially affecting individual borrowers’ ability to repay, the estimated value of any underlying collateral, and prevailing economic conditions on overall segments of the loan portfolio. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The non-specific ALLL by loan segment is calculated using a systematic methodology, consisting of a quantitative and qualitative analytical component, applied on a quarterly basis to homogeneous loans. The model is comprised of six Management monitors a distinct set of risk characteristics for each loan segment. Additionally, management assesses and monitors risk and performance on a disaggregated basis, including an internal risk rating system for loans included in the Commercial loan segment and analyzing the type of collateral, lien position, and loan-to-value (i.e., LTV) ratio for loans included in the Consumer loan segment. Management’s ALLL process first not Another key assumption is the look-back period (“LBP”), which represents the historical data period utilized to calculate loss rates. A three After considering the historic loss calculations, management applies additional qualitative adjustments to the ALLL to reflect the inherent risk of loss that exists in the loan portfolio at the balance sheet date. Qualitative adjustments are made based upon changes in economic conditions, loan portfolio and asset quality data, and credit process changes, such as credit policies or underwriting standards. Evaluation of the ALLL requires considerable judgment, in order to adequately estimate and provide for the risk of loss inherent in the loan portfolio segments. Qualitative adjustments are aggregated into the nine ● Changes in lending policies and procedures, including underwriting standards, collection, charge-off, and recovery practices not ● Changes in national, regional, and local economic and business conditions and developments that affect the collectability of the loan portfolio, including the condition of various market segments; ● Changes in the nature and volume of the loan portfolio and terms of loans; ● Changes in the experience, ability and depth of lending management and staff; ● Changes in the volume and loss severity of past due loans, the volume of non-accrual loans, and the volume and loss severity of adversely classified or graded loans; ● Changes in the quality of the loan review system; ● Changes in the value of the underlying collateral for collateral-dependent loans; ● The existence and effect of any concentrations of credit and changes in the level of such concentrations; and ● The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in our current loan portfolio. Patriot provides for loan losses by consistently applying the documented ALLL methodology. Loan losses are charged to the allowance as incurred and recoveries are credited to the ALLL. Additions to the ALLL are charged against income, based on various factors which, in management’s judgment, deserve current recognition in estimating probable losses. Loan losses are charged-off in the period the loans, or portions thereof, are deemed uncollectible. Generally, Patriot will record a loan charge-off (including a partial charge-off) to reduce a loan to the estimated fair value of the underlying collateral, less costs to sell, for collateral dependent loans. Subsequent recoveries, if any, are credited to the ALLL. Patriot regularly reviews the loan portfolio and makes adjustments for loan losses, in order to maintain the allowance for loan losses in accordance with US GAAP. The allowance for loan losses consists primarily of the following three ( 1 Allowances are established for impaired loans (generally defined by Patriot as non-accrual loans, troubled debt restructured loans, and loans that were previously classified as troubled debt restructurings but have been upgraded). The amount of impairment provided as an allowance is represented by the deficiency, if any, between the present value of expected future cash flows discounted at the original loan’s effective interest rate or the underlying collateral value, less estimated costs to sell, if the loan is collateral dependent, and the carrying value of the loan. Impaired loans that have no not ( 2 General allowances are established for loan losses on a portfolio basis for loans that do not three may may In addition, a risk rating system is utilized to evaluate the general component of the ALLL. Under this system, management assigns risk ratings between one six ( 3 An unallocated component is maintained in the ALLL to cover uncertainties that could affect management's estimate of probable losses. The unallocated component of the ALLL reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies applied to estimating specific and general losses in the loan portfolio. In underwriting a loan secured by real property, a property appraisal is required to be performed by an independent licensed appraiser that has been approved by Patriot’s Board of Directors. Appraisals are subject to review by independent third may In the third 2018, The Bank further segmented its loan pools by Pass, Special Mention, and Substandard risk ratings and assigned additional risk premiums to each group. The qualitative and economic factors for all of the pools and subsegments were also evaluated, with Pass loans receiving adjustments to reflect their credit profile relative to the non-impaired criticized assets. These adjustments generally flow through the qualitative factors addressing severity of past due loans and other similar conditions and the nature and volume of the portfolio and terms of the loans. The Bank’s leveraged lending portfolio was evaluated relative to the rest of the Commercial & Industrial (“C&I”) pool and an additional risk premium was assigned to those loans in aggregate, and is reflected in the “commercial and industrial” category in the ALLL calculation. These loans were isolated due their risk parameters and profile, including higher leverage than the rest of the Bank’s C&I portfolio. The change in methodology resulted in better alignment of the credit characteristics of the various risk grades and loan types with the calculated allowance. The provision of $1.3 2018 Acquired loans are marked to fair value on the date of acquisition and are evaluated on a quarterly basis to ensure the necessary purchase accounting updates are made in parallel with the allowance for loan loss calculation. Acquired loans that have been renewed since acquisition are included in the allowance for loan loss calculation since these loans have been underwritten to the Bank’s guidelines. Acquired loans that have not While Patriot uses the best information available to evaluate the ALLL, future adjustments to the ALLL may may Transfers of financial assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 2 no 3 not Other real estate owned Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. In addition, when Patriot acquires other real estate owned (“OREO”), it obtains a current appraisal to substantiate the net carrying value of the asset. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in the results of operations. Costs relating to the development and improvement of the property are capitalized, subject to the limit of fair value of the collateral. Gains or losses are included in non-interest expenses upon disposal. Write-downs of foreclosed properties that are required upon transfer to OREO are charged to the ALLL. Thereafter, an allowance for OREO losses is established for any further declines in the property’s value. These losses are included in non-interest expenses in the Consolidated Statements of Income. Premises and equipment Premises and equipment are stated at cost, net of accumulated depreciation and amortization. Leasehold improvements are capitalized and amortized over the shorter of the terms of the related leases or the estimated economic lives of the improvements. Depreciation is charged to operations for buildings, furniture, equipment and software using the straight-line method over the estimated useful lives of the related assets which range from three forty Impairment of assets Long-lived assets, which are held and used, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not Intangible Assets Intangible assets include core deposit intangibles and goodwill arising from acquisitions. The initial and ongoing carrying value of intangible assets is based upon modeling techniques that require management to make estimates regarding the amount and timing of expected future cash flows. It also requires use of a discount rate that reflects the current return requirements of the market in relation to present risk-free interest rates, required equity market premiums, peer volatility indicators, and company-specific risk indicators. Core deposit intangibles are amortized on straight-line basis over a 10 The Company evaluates goodwill for impairment on an annual basis, or more often if events or the circumstances indicate there may November no December 31, 2018. Contingent Consideration Contingent consideration represents an estimate of the additional amount of purchase price consideration and is measured based on the probability that certain loans are restructured in accordance with the related acquisition agreement. Resolution of the contingent consideration will result in a cash payment and will be reflected in the financial statements as a measurement period adjustment as they are finalized. Changes will be recognized as an increase or decrease to goodwill, the valuation of the related loans and the contingent consideration/purchase price. The Company estimates the fair value of the contingent consideration liability by using a discounted cash flow model of future contingent payments based on interest income related to the acquired PCI loans. Income taxes Patriot recognizes income taxes under the asset and liability method. Under this method, deferred taxes are recognized for the estimated tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and loss carry forwards. Deferred tax assets (“DTA”s) and liabilities (“DTL”s) are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on DTAs and DTLs of a change in tax rates is recognized in income in the period that includes the enactment date. On December 22, 2017, 21% 35%, December 2017, $2.8 December 31, 2017. In addition, for the year ended December 31, 2017, $2.8 382 In certain circumstances DTAs are subject to reduction by a valuation allowance. A valuation allowance is subject to ongoing adjustment based on changes in circumstances that affect management’s judgment about the realizability of the deferred tax asset. Adjustments to increase or decrease the valuation allowance are charged or credited to the deferred tax component of the income tax provision or benefit. Patriot evaluates its ability to realize its net deferred tax assets on a quarterly basis. In doing so, management considers all available evidence, both positive and negative, to determine whether it is more likely than not 2018 2017 not 2030. no December 31, 2018 2017. Management will continue to evaluate its ability to realize the net deferred tax asset. Future evidence may not not may Patriot had a net deferred tax asset of $10.9 December 31, 2018 $10.4 December 31, 2017. Unrecognized tax benefits Patriot recognizes a benefit from its tax positions only if it is more likely than not 50% Patriot’s returns for tax years 2015 2017 In 2018, $1.1 December 31, 2017, no no The Company’s policy is to recognize interest and penalties related to income tax matters in income tax expense. Earnings per Share Basic earnings per share represents earnings accruing to common shareholders and are computed by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share reflects additional common shares that would have been outstanding if potentially dilutive securities had been converted to common stock, as well as any adjustments to earnings resulting from the assumed conversion, unless such effect is anti-dilutive. Potential common shares that may Common stock shares held in treasury are not Share-based compensation plan Incentive and compensatory share-based compensation granted to employees is accounted for at the grant date fair value of the award and recognized in the results of operations as compensation expense with an off-setting entry to equity on a straight-line basis over the requisite service period, which is the vesting period. Non-employee members of the Board of Directors are treated as employees for any share-based compensation granted in exchange for their service on the Board of Directors. Patriot does not The Compensation Committee of the Board of Directors establishes terms and conditions applicable to the vesting of restricted stock awards and stock options. Restricted stock grants generally vest in quarterly or annual installments over a three, four five Treasury Stock Common stock purchased and held in treasury is recorded at cost. Comprehensive income Accounting principles generally require that recognized revenues, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of shareholders' equity in the Consolidated Balance Sheets, such items, along with net income, are components of comprehensive income. Segment reporting Patriot’s only business segment is Community Banking. During the years ended December 31, 2018, 2017 2016, Fair value Patriot uses fair value measurements to record adjustments to the carrying amounts of certain assets and liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in certain instances, there are no not may not Provided in these notes to the Consolidated Financial Statements is a detailed summary of Patriot’s application of fair value measurements and the effect on the assets and liabilities presented in the Consolidated Financial Statements. Derivatives In 2018, two one third two not The credit risk associated with derivatives executed with customers is similar as that involved in extending loans and is subject to normal credit policies. Collateral is obtained based on management’s assessment of the customer. The positions of customer derivatives are recorded at fair value and changes in value are included in noninterest income on the consolidated statement of income. Neither of the two 2018 Advertising Costs Patriot's policy is to expense advertising costs in the period in which they are incurred. Revenue Recognition ASC 606, 606" The majority of our revenue-generating transactions are not 606, 606, ● Service charges on deposit accounts - these represent general service fees for monthly account maintenance and activity- or transaction based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when our performance obligation is completed which is generally monthly for account maintenance services or when a transaction has been completed (such as a wire transfer). Payment for such performance obligations are generally received at the time the performance obligations are satisfied. ● Other non-interest income primarily includes items such as letter of credit fees, dividends on FHLB and FRB stock and other general operating income, none 606. Recently Adopted and Issued Accounting Standards Accounting Standards Adopted During 2018 Effective January 1, 2018, ASU 2014 09 ASU No. 2014 09, 606 The Company adopted the ASU on January 1, 2018 not no no ASU 2016 01 and ASU 2018 03 ASU No. 2016 01, 825 10 No. 2018 03, 825 10 January 1, 2018 2016 01 January 1, 2018, no ASU 2016 15 In August 2016, 2016 15, Statement of Cash Flows : Classification of Certain Cash Receipts and Cash Payments . 2016 15 may 2016 15 December 15, 2017, December 31, 2018, not ASU 2016 18 In November 2016, 2016 18, Statement of Cash Flows: Restricted Cash. 2016 18 December 15, 2017, December 31, 2018 December 31, 2017, not not 2016 18, ASU 2017 09 In May 2017, 2017 09, Scope of Modification Accounting 718 December 15, 2017. not ASU 2018 02 In February 2018, 2018 02, Income S tatement - Reporting Comprehensive Income: 35% 21% December 15, 2018 not not 2017 December 31, 2018. not ASU 2018 04 ASU 2018 04 320 980 320, 980, 2016 01, January 1, 2018. not ASU 2018 05 2018 05 740 not 740 December 31, 2017, one Accounting Standards Issued But Not ASU 2016 02 February 2016, No. 2016 02, July 2018, January 1, 2019, no January1, 2019.The not $3.4 ASU 2016 13 In June 2016, 2016 13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments. not 2016 13 2016 13 December 15, 2019, December 15, 2018. ASU 2017 04 In January 2017, 2017 04, Intangibles-Goodwill and Other (Topic 350 2 2 not December 15, 2019. not ASU 2017 08 In March 2017, 2017 08, Premium Amortization on Purchased Callable Debt Securities December 15, 2018. December 15, 2019, December 15, 2020. 2017 08 ASU 2018 13 In August 2018, No. 2018 13, Fair Value Measurement (Topic 820 1 2 3 2018 13 2018 13 3 3 December 15, 2019. 3 not ASU 2017 12 "Derivatives and Hedging (Topic 815 2017 12 October 2018, 2018 16, 815 2018 16 2017 12. 2017 12 December 15, 2018, 2017 12 2018 16 not |
Note 2 - Business Combinations
Note 2 - Business Combinations | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 2. Business Combinations The Company’s acquisitions are accounted for under the acquisition method of accounting in accordance with ASC 805, one Acquisition of Prime Bank On May 10, 2018 $65 $36 $23 $46 The acquisition will enable Patriot to expand its consumer and small business relationships, lending operations, and community presence, all of which will improve key operating metrics. The goodwill recognized results from the expected synergies and potential earnings from this combination, including some future cost savings related to the operations of Prime Bank. Patriot incurred $707,000 December 31, 2018. The assets acquired and liabilities assumed from Prime Bank were recorded at their fair value as of the closing date of the acquisition. Goodwill of $2.1 $1.7 December 31, 2018, 15 Patriot engaged independent consultants recognized as experts in the field of valuations and fair value measurements for acquisition and merger transactions. Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Loans were evaluated on an individual basis, considering the loan’s underlying characteristics, types, remaining terms, annual interest rates, current market rates, loan to value ratios (LTV), loss exposure and remaining balances. The independent consultants utilized a discounted cash flow model to estimate the fair value of the loans using assumptions for probability of defaults, loss given defaults / recovery rates and foreclosure / recovery lags. ASC 310 30 To estimate the core deposit customer relationships intangible the consultants first no 3% The fair value of time deposits included segmenting into certificate of deposits (“CDs”) and IRA CDs and CDs less than $100,000 $100,000 The following table summarizes the consideration paid by the Company in the merger with Prime Bank and the estimated fair values of the assets acquired and liabilities assumed recognized at the acquisition date and subsequent measurement period adjustments: (In thousands) Initially Recorded at Acquisition Date Measurement Period Adjustments Adjusted Values Consideration Paid Cash consideration $ 5,888 $ 335 $ 6,223 Contingent consideration 1,761 (1,054 ) 707 Recognized amounts of identifiable assets acquired and liabilities assumed Cash and cash equivalents $ 1,152 $ - $ 1,152 Securities 35,532 - 35,532 Loans 21,605 (223 ) 21,382 Premises and equipment 6 - 6 Other real estate owned 991 - 991 Core deposit intangibles 552 196 748 Other assets 1,514 - 1,514 Total assets acquired $ 61,352 $ (27 ) $ 61,325 Deposits 46,184 - 46,184 Borrowings 9,800 - 9,800 Other liabilities 111 28 139 Total liabilities assumed $ 56,095 $ 28 $ 56,123 Identifiable net assets acquired $ 5,257 $ (55 ) $ 5,202 Goodwill resulting from acquisition $ 2,392 $ (664 ) $ 1,728 All securities acquired in the transaction with Prime Bank were sold at the fair value at acquisition date with no 10 Under the terms of the agreement, the transaction is accounted for as an asset sale. As a result, tax basis to Prime Bank is not The cash consideration is based on the initial calculation of Prime Bank tangible book value in accordance with the agreement. The initial cash payment made totaled $5.89 $1.0 Pursuant to a letter agreement, Patriot will make payments for up to one August 29, 2018 $1.28 $1.57 $707,000. The accounting for the business combination includes certain provisional amounts associated with the resolution of the purchase price consideration noted above. In addition, certain other provisional amounts have been included in the determination of the fair value of the acquired assets and liabilities and changes to those underlying estimates will be reflected as measurement period adjustments within the one The nature of the measurement period adjustments noted in the table above were a result of a series of payments in August 2018 December 31, 2018. no December 31, 2018. Information on goodwill for the year ended December 31, 2018 (In thousands) For the Year Ended Balance, resulting from acquisition $ 1,728 Impairment - Balance, end of period $ 1,728 The Company tests for goodwill impairment annually as of November 30th. No 2018. The table below provides information regarding the carrying amounts and accumulated amortization of amortized intangible assets as of the dates set forth below. The remaining net intangible asset as of December 31, 2018 10 (In thousands) Gross Intangible Accumulated Amortization Net Intangible December 31, 2018 Core deposit intangible $ 748 50 698 Pending Acquisition and Subsequent Termination On February 6, 2018, three On August 2, 2018, three August 2, 2018 August 1, 2019. On October 29, 2018 March 30, 2019, not On March 30, 2019 To date the Company incurred $1.15 December 31, 2018. |
Note 3 - Restrictions on Cash a
Note 3 - Restrictions on Cash and Due From Banks | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Restrictions on Cash and Due from Banks Disclosure [Text Block] | Note 3. Restrictions on Cash and Due from Banks Federal Reserve System regulations require depository institutions to maintain cash reserves against their transaction accounts, primarily interest-bearing and regular checking accounts. The required cash reserves can be in the form of vault cash and, if vault cash does not $16 not December 31, 2018 2017. |
Note 4 - Available-for-sale Sec
Note 4 - Available-for-sale Securities | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 4. Available-for-sale securities At December 31, 2018 2017, (In thousands) Amortized Gross Gross Fair December 31, 2018: U. S. Government agency mortgage-backed securities $ 20,626 43 (196 ) 20,473 Corporate bonds 14,000 - (1,026 ) 12,974 Subordinated notes 4,500 64 - 4,564 U.S. Treasury notes 1,484 1 - 1,485 $ 40,610 108 (1,222 ) 39,496 December 31, 2017: U. S. Government agency mortgage-backed securities $ 7,330 - (106 ) 7,224 Corporate bonds 14,000 - (196 ) 13,804 Subordinated notes 4,500 48 - 4,548 $ 25,830 48 (302 ) 25,576 The following table presents available-for-sale securities’ gross unrealized losses and fair value, aggregated by the length of time the individual securities have been in a continuous loss position as of December 31, 2018 2017: (In thousands) Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2018: U. S. Government agency mortgage-backed securities $ 8,024 (38 ) 5,422 (158 ) 13,446 (196 ) Corporate bonds - - 12,974 (1,026 ) 12,974 (1,026 ) $ 8,024 (38 ) 18,396 (1,184 ) 26,420 (1,222 ) December 31, 2017: U. S. Government agency mortgage-backed securities $ 4,118 (13 ) 3,106 (93 ) 7,224 (106 ) Corporate bonds 13,804 (196 ) - - 13,804 (196 ) $ 17,922 (209 ) 3,106 (93 ) 21,028 (302 ) At December 31, 2018 2017, ten sixteen nine eleven 4.4% 1.4% Management believes that none not not not none December 31, 2018. At December 31, 2018 2017, $7.0 $6.7 2018, $5.5 $1.5 2017, $6.7 The following summarizes, by class and contractual maturity, the amortized cost and estimated fair value of available-for-sale debt securities held at December 31, 2018. not may (In thousands) Amortized Cost Fair Value Due Due After Due Total Due Due After Due Total December 31, 2018: Corporate bonds $ - 9,000 5,000 14,000 - 8,537 4,437 12,974 Subordinated notes - 4,500 - 4,500 - 4,564 - 4,564 U.S. Treasury notes 1,484 - - 1,484 1,485 - - 1,485 Available-for-sale securities with single maturity dates 1,484 13,500 5,000 19,984 1,485 13,101 4,437 19,023 U. S. Government agency mortgage-backed securities 6,842 5,668 8,116 20,626 6,844 5,530 8,099 20,473 $ 8,326 19,168 13,116 40,610 8,329 18,631 12,536 39,496 December 31, 2017: Corporate bonds $ - 9,000 5,000 14,000 - 8,928 4,876 13,804 Subordinated notes - 4,500 - 4,500 - 4,548 - 4,548 Available-for-sale securities with single maturity dates - 13,500 5,000 18,500 - 13,476 4,876 18,352 U. S. Government agency mortgage-backed securities - 3,200 4,130 7,330 - 3,107 4,117 7,224 $ - 16,700 9,130 25,830 - 16,583 8,993 25,576 |
Note 5 - Loans Receivable and A
Note 5 - Loans Receivable and Allowance for Loan and Lease Losses | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 5. Loan Receivables and Allowance for Loan and Lease Losses As of December 31, 2018 2017, (In thousands) December 31, December 31, Loan portfolio segment: Commercial Real Estate $ 274,938 299,925 Residential Real Estate 157,300 146,377 Commercial and Industrial 191,852 131,161 Consumer and Other 94,569 87,707 Construction 46,040 47,619 Construction to Permanent - CRE 15,677 6,858 Loans receivable, gross 780,376 719,647 Allowance for loan and lease losses (7,609 ) (6,297 ) Loans receivable, net $ 772,767 713,350 Patriot's lending activities are conducted principally in Fairfield and New Haven Counties in Connecticut and Westchester County in New York, and the five 2016. first second Patriot has established credit policies applicable to each type of lending activity in which it engages and evaluates the creditworthiness of each borrower. Unless extenuating circumstances exist, Patriot limits the extension of credit on commercial real estate loans to 75% 80% 75% may In connection with the Prime Bank merger in May 2018 310 30. $615,000 December 31, 2018. Income is recognized on PCI loans pursuant to ASC Topic 310 30. not The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans at acquisition date. Contractually required principal and interest payments have been adjusted for estimated prepayments. (In thousands) Acquisition Date Contractually required principal and interest at acquisition $ 5,816 Contractual cash flows not expected to be collected (nonaccretable discount) (2,064 ) Expected cash flows at acquisition 3,752 Interest component of expected cash flows (accretable discount) (1,316 ) Fair value of acquired loans $ 2,436 A summary of changes in the accretable discount for PCI loans for the year ended December 31, 2018 (In thousands) For the Year Ended Accretable discount, beginning of period $ (1,316 ) Accretion 92 Other changes, net 432 Accretable discount, end of period $ (792 ) The accretion of the accretable discount for PCI loans for the year end December 31, 2018 $92,000. $887,000 $887,000 Risk characteristics of the Company’s portfolio classes include the following: Commercial Real Estate Loans In underwriting commercial real estate loans, Patriot evaluates both the prospective borrower’s ability to make timely payments on the loan and the value of the property securing the loans. Repayment of such loans may may Residential Real Estate Loans In 2013, may In 2018 2017, $25.6 $73.0 Commercial and Industrial Loans Patriot’s commercial and industrial loan portfolio consists primarily of commercial business loans and lines of credit to businesses and professionals. These loans are generally for the financing of accounts receivable, purchases of inventory, purchases of new or used equipment, or for other short- or long-term working capital purposes. These loans are generally secured by business assets, but are also occasionally offered on an unsecured basis. In granting these types of loans, Patriot considers the borrower’s cash flow as the primary source of repayment, supported by the value of collateral, if any, and personal guarantees, as applicable. Repayment of commercial and industrial loans may Consumer and Other Loans Patriot offers individual consumers various forms of credit including installment loans, credit cards, overdraft protection, auto loans, and reserve lines of credit. Repayments of such loans are generally dependent on the personal income of the borrower, which may not The Company does not During 2018, $21.4 No 2017. Construction Loans Construction loans are of a short-term nature, generally of eighteen may Included in this category are loans to construct single family homes where no may Construction to Permanent – Commercial Real Estate (“CRE”) These loans allow a single closing for a construction facility leading to conversion to an amortizing mortgage loan. Construction to permanent loans combine a short-term period similar to a construction loan, generally with a variable rate, and a longer term CRE loan typically 20 25 five Fulfillment of the construction facility typically occurs when events dictate, such as receipt of a certificate of occupancy and property stabilization, which is defined as cash flow sufficient to support a pre-defined minimum debt coverage ratio and other conditions and covenants particular to the loan. Construction facilities are typically variable rate instruments that, upon conversion to an amortizing mortgage loan, reset to a fixed rate instrument that is the greater of the in-force variable rate plus a predetermined spread over a reference rate (e.g., prime) or a minimum interest rate. SBA Loans: Patriot originates SBA 7 75 Allowance for Loan and Lease Losses The following tables summarize the activity in the allowance for loan and lease losses, allocated to segments of the loan portfolio, for each year in the three December 31, 2018: (In thousands) Commercial Residential Commercial Consumer Construction Construction Unallocated Total As of and for the Year ended December 31, 2018 Allowance for loan and lease losses: December 31, 2017 $ 2,212 959 2,023 568 481 54 - 6,297 Charge-offs - (2 ) - (33 ) - - - (35 ) Recoveries 7 2 34 1 - - - 44 Provisions (credits) (353 ) 100 1,501 105 (131 ) 54 27 1,303 December 31, 2018 $ 1,866 1,059 3,558 641 350 108 27 7,609 As of and for the Year ended December 31, 2017 Allowance for loan and lease losses: December 31, 2016 $ 1,853 534 740 641 712 69 126 4,675 Charge-offs - - (265 ) (39 ) - - - (304 ) Recoveries 10 - 2,769 4 - - - 2,783 Provisions (credits) 349 425 (1,221 ) (38 ) (231 ) (15 ) (126 ) (857 ) December 31, 2017 $ 2,212 959 2,023 568 481 54 - 6,297 As of and for the Year ended December 31, 2016 Allowance for loan and lease losses: December 31, 2015 $ 1,970 740 1,027 677 486 123 219 5,242 Charge-offs - (190 ) (2,977 ) (13 ) - - - (3,180 ) Recoveries 80 1 66 2 - - - 149 Provisions (credits) (197 ) (17 ) 2,624 (25 ) 226 (54 ) (93 ) 2,464 December 31, 2016 $ 1,853 534 740 641 712 69 126 4,675 The following tables summarize, by loan portfolio segment, the amount of loans receivable evaluated individually and collectively for impairment as of December 31, 2018 2017: (In thousands) Commercial Residential Commercial Consumer Construction Construction Unallocated Total December 31, 2018 Allowance for loan and lease losses: Individually evaluated for impairment $ - 216 1,299 30 - - - 1,545 Collectively evaluated for impairment 1,866 843 2,259 611 350 108 27 6,064 Total allowance for loan and lease losses $ 1,866 1,059 3,558 641 350 108 27 7,609 Loans receivable, gross: Individually evaluated for impairment $ 4,606 2,302 4,646 864 8,800 - - 21,218 PCI loans individually evaluated for impairment - - 615 - - - - 615 Collectively evaluated for impairment 270,332 154,998 186,591 93,705 37,240 15,677 - 758,543 Total loans receivable, gross $ 274,938 157,300 191,852 94,569 46,040 15,677 - 780,376 (In thousands) Commercial Residential Commercial Consumer Construction Construction Unallocated Total December 31, 2017 Allowance for loan and lease losses: Individually evaluated for impairment $ - - 251 2 - - - 253 Collectively evaluated for impairment 2,212 959 1,772 566 481 54 - 6,044 Total allowance for loan and lease losses $ 2,212 959 2,023 568 481 54 - 6,297 Loans receivable, gross: Individually evaluated for impairment $ 1,977 3,336 748 692 - - - 6,753 Collectively evaluated for impairment 297,948 143,041 130,413 87,015 47,619 6,858 - 712,894 Total loans receivable, gross $ 299,925 146,377 131,161 87,707 47,619 6,858 - 719,647 Patriot monitors the credit quality of its loans receivable on an ongoing basis. Credit quality is monitored by reviewing certain indicators, including cash flow from business operations, debt service coverage ratios, loan to value ratios, and credit scores. Patriot employs a risk rating system as part of the risk assessment of its loan portfolio. At origination, lending officers are required to assign a risk rating to each loan in their portfolio, which is ratified or modified by the Loan Committee to which the loan is submitted for approval. If financial developments occur on a loan in the lending officer’s portfolio of responsibility, the risk rating is reviewed and adjusted, as applicable. In carrying out its oversight responsibilities, the Loan Committee can adjust a risk rating based on available information. In addition, the risk ratings on all commercial loans over $250,000 Additionally, Patriot retains an objective and independent third When assigning a risk rating to a loan, management utilizes the Bank’s internal eleven not one ● Substandard: An asset is classified “substandard” if it is not not ● Doubtful: Assets classified as “doubtful” have all of the weaknesses inherent in those classified as “sub-standard”, with the added characteristic that the identified weaknesses make collection or liquidation-in-full improbable, on the basis of currently existing facts, conditions, and values. Charge-offs, to reduce the loan to its recoverable value, generally commence after the loan is classified as “doubtful”. In accordance with Federal Financial Institutions Examination Council published policies establishing uniform criteria for the classification of retail credit based on delinquency status, “Open-end” and “Closed-end” credits are charged-off when 180 120 If an account is classified as “Loss”, the full balance of the loan receivable is charged off, regardless of the potential recovery from a sale of the underlying collateral. Any amount that may In March 2017, 2016, $2.8 No 2018. Loan Portfolio Aging Analysis The following tables summarize performing and non-performing (i.e., non-accruing) loans receivable by portfolio segment, by aging category, by delinquency status as of December 31, 2018. (In thousands) Performing (Accruing) Loans As of December 31, 2018: 30 - 59 Days 60 - 89 Days 90 Days Due Total Current Total Non- accruing Loans Loan portfolio segment: Commercial Real Estate: Pass $ 423 - - 423 262,435 262,858 - 262,858 Special mention - - 958 958 2,673 3,631 - 3,631 Substandard 170 - - 170 4,754 4,924 3,525 8,449 593 - 958 1,551 269,862 271,413 3,525 274,938 Residential Real Estate: Pass 637 817 - 1,454 151,509 152,963 - 152,963 Special mention - - - - 850 850 - 850 Substandard - - - - 1,481 1,481 2,006 3,487 637 817 - 1,454 153,840 155,294 2,006 157,300 Commercial and Industrial: Pass 150 853 234 1,237 180,293 181,530 - 181,530 Special mention - - 101 101 2,378 2,479 - 2,479 Substandard - - - - 3,162 3,162 4,681 7,843 150 853 335 1,338 185,833 187,171 4,681 191,852 Consumer and Other: Pass 20 - 23 43 94,352 94,395 - 94,395 Substandard - - - - - - 174 174 20 - 23 43 94,352 94,395 174 94,569 Construction: Pass - 1,000 - 1,000 36,240 37,240 - 37,240 Substandard - - - - - - 8,800 8,800 - 1,000 - 1,000 36,240 37,240 8,800 46,040 Construction to Permanent -CRE: Pass - - - - 15,677 15,677 - 15,677 - - - - 15,677 15,677 - 15,677 Total $ 1,400 2,670 1,316 5,386 755,804 761,190 19,186 780,376 Loans receivable, gross: Pass $ 1,230 2,670 257 4,157 740,506 744,663 - 744,663 Special mention - - 1,059 1,059 5,901 6,960 - 6,960 Substandard 170 - - 170 9,397 9,567 19,186 28,753 Loans receivable, gross $ 1,400 2,670 1,316 5,386 755,804 761,190 19,186 780,376 The following tables summarize performing and non-performing (i.e., non-accruing) loans receivable by portfolio segment, by aging category, by delinquency status as of December 31, 2017. (In thousands) Performing (Accruing) Loans As of December 31, 2017: 30 - 59 Days 60 - 89 Days 90 Days Due Total Current Total Non-accruing Loans Loan portfolio segment: Commercial Real Estate: Pass $ - - - - 286,428 286,428 - 286,428 Special mention - 1,121 - 1,121 9,317 10,438 - 10,438 Substandard - 1,688 - 1,688 1,371 3,059 - 3,059 - 2,809 - 2,809 297,116 299,925 - 299,925 Residential Real Estate: Pass 1,068 255 - 1,323 140,497 141,820 - 141,820 Special mention - 1,529 - 1,529 - 1,529 - 1,529 Substandard - - - - - - 3,028 3,028 1,068 1,784 - 2,852 140,497 143,349 3,028 146,377 Commercial and Industrial: Pass - 2,000 375 2,375 127,057 129,432 - 129,432 Substandard - - 981 981 - 981 748 1,729 - 2,000 1,356 3,356 127,057 130,413 748 131,161 Consumer and Other: Pass 498 - - 498 87,207 87,705 - 87,705 Substandard - - - - - - 2 2 498 - - 498 87,207 87,705 2 87,707 Construction: Pass - - - - 47,619 47,619 - 47,619 Construction to Permanent - CRE: Pass - - - - 6,858 6,858 - 6,858 Total $ 1,566 6,593 1,356 9,515 706,354 715,869 3,778 719,647 Loans receivable, gross: Pass $ 1,566 2,255 375 4,196 695,666 699,862 - 699,862 Special mention - 2,650 - 2,650 9,317 11,967 - 11,967 Substandard - 1,688 981 2,669 1,371 4,040 3,778 7,818 Loans receivable, gross $ 1,566 6,593 1,356 9,515 706,354 715,869 3,778 719,647 The following tables summarize non-performing (i.e., non-accruing) loans by aging category and status, within the applicable loan portfolio segment as of December 31, 2018 2017: (In thousands) Non-accruing Loans 30 - 59 60 - 89 90 Days Past Due Total Current Total As of December 31, 2018: Loan portfolio segment: Commercial Real Estate: Substandard $ 1,580 - 1,945 3,525 - 3,525 Residential Real Estate: Substandard - - 2,006 2,006 - 2,006 Commercial and Industrial: Substandard - 15 3,941 3,956 725 4,681 Consumer and Other: Substandard - 86 11 97 77 174 Construction: Substandard - - 8,800 8,800 - 8,800 Total non-accruing loans $ 1,580 101 16,703 18,384 802 19,186 (In thousands) Non-accruing Loans 30 - 59 60 - 89 90 Days Past Due Total Current Total As of December 31, 2017: Loan portfolio segment: Residential Real Estate: Substandard $ - - 3,028 3,028 - 3,028 Commercial and Industrial: Substandard - - 748 748 - 748 Consumer and Other Substandard - - 2 2 - 2 Total non-accruing loans $ - - 3,778 3,778 - 3,778 If non-accruing loans had been performing in accordance with the original contractual terms, additional interest income of $503,000, $209,000, $79,000 December 31, 2018, 2017, 2016, Additionally, certain loans for which the borrower cannot demonstrate sufficient cash flow to continue loan payments in the future and certain troubled debt restructurings (“TDRs”) are placed on non-accrual status. During the years ended December 31, 2018, 2017, 2016, no The accrual of interest on loans is discontinued at the time the loan is 90 no 180 not six 90 not Troubled Debt Restructurings (“TDR”) On a case-by-case basis, Patriot may may Substantially all TDR loan modifications involve lowering the monthly payments on such loans through either a reduction in interest rate below market rate, an extension of the term of the loan, or a combination of adjusting these two may may six The recorded investment in TDRs as of December 31, 2018 2017 $2.1 $3.0 December 31, 2018 2017 (In thousands) Loan portfolio segment: December 31, December 31, Commercial Real Estate $ 1,081 1,977 Residential Real Estate 296 309 Consumer and Other 689 690 Total TDR Loans 2,066 2,976 Less: TDRs included in non-accrual loans - - Total accrual TDR Loans $ 2,066 2,976 There were no December 31, 2018, 2017 2016 no three December 31, 2018. December 31, 2018 2017, no Impaired Loans Impaired loans may December 31, 2018 2017, $21.2 $6.8 $1.5 $253,000 not may no no At December 31, 2018 2017, 25 12 may may In addition, the remaining $615,000 December 31, 2018, no The following table reflects information about the impaired loans, excluding PCI loans, by class as of December 31, 2018 2017: (In thousands) December 31, 2018 December 31, 2017 Recorded Principal Related Recorded Principal Related With no related allowance recorded: Commercial Real Estate $ 4,606 5,109 - 1,977 2,425 - Residential Real Estate 670 703 - 3,336 3,369 - Commercial and Industrial 488 1,281 - 497 683 - Consumer and Other 827 867 - 690 818 - Construction 8,800 8,839 - - - 15,391 16,799 - 6,500 7,295 - With a related allowance recorded: Commercial Real Estate - - - - - - Residential Real Estate 1,632 1,632 216 - - - Commercial and Industrial 4,158 4,208 1,299 251 251 251 Consumer and Other 37 37 30 2 2 2 Construction - - - - 5,827 5,877 1,545 253 253 253 Impaired Loans, Total: Commercial Real Estate 4,606 5,109 - 1,977 2,425 - Residential Real Estate 2,302 2,335 216 3,336 3,369 - Commercial and Industrial 4,646 5,489 1,299 748 934 251 Consumer and Other 864 904 30 692 820 2 Construction 8,800 8,839 - - - - Impaired Loans, Total $ 21,218 22,676 1,545 6,753 7,548 253 For each year in the three December 31, 2018, (In thousands) Year ended December 31, 2018 2017 2016 Average Interest Average Interest Average Interest With no related allowance recorded: Commercial Real Estate $ 3,318 100 5,832 102 6,929 312 Residential Real Estate 3,154 11 2,016 11 4,318 9 Commercial and Industrial 987 - 197 - 265 - Consumer and Other 750 31 593 22 544 19 Construction 1,354 503 - - - - 9,563 645 8,638 135 12,056 340 With a related allowance recorded: Commercial Real Estate - - - - 65 - Residential Real Estate 126 - - - - - Commercial and Industrial 474 - 243 - 2,138 - Consumer and Other 9 - - - 2 - Construction - - - - - - 609 - 243 - 2,205 - Impaired Loans, Total: Commercial Real Estate 3,318 100 5,832 102 6,994 312 Residential Real Estate 3,280 11 2,016 11 4,318 9 Commercial and Industrial 1,461 - 440 - 2,403 - Consumer and Other 759 31 593 22 546 19 Construction 1,354 503 - - - - Impaired Loans, Total $ 10,172 645 8,881 135 14,261 340 |
Note 6 - Premises and Equipment
Note 6 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 6. Premises and Equipment At December 31, 2018 2017, (In thousands) Balance as of December 31, 2018 2017 Land $ 12,819 12,714 Buildings 20,200 17,431 Leasehold Improvements 3,891 3,883 Furniture, equipment, and software 11,242 10,488 Construction-in-progress 113 2,225 Premises and equipment, gross 48,265 46,741 Accumulated depreciation and amortization (12,830 ) (11,383 ) Premises and equipment, net $ 35,435 35,358 For the years ended December 31, 2018, 2017 2016, $1.5 $1.2 $1.2 |
Note 7 - Other Real Estate Owne
Note 7 - Other Real Estate Owned ("OREO") | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Real Estate Owned [Text Block] | Note 7. Other Real Estate Owned (“OREO”) As of December 31, 2018 2017, $2.9 $0 2018 two $1.0 May 2018, $1.9 one 2017, 2016 $9,000. No 2018. |
Note 8 - Deposits
Note 8 - Deposits | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 8. Deposits The following table presents the balance of deposits held, by category, and the related weighted average stated interest rate as of December 31, 2018 2017. December 31, 2018 2017 (In thousands) Balance Weighted Balance Weighted Non-interest bearing $ 84,471 - $ 81,197 - Interest bearing: NOW 26,100 0.0809 % 25,476 0.0399 % Savings 81,912 0.7159 % 135,975 0.8645 % Money market 85,197 1.8230 % 16,575 0.0394 % Certificates of deposit, less than $250,000 203,683 1.8267 % 173,221 1.1375 % Certificates of deposit, $250,000 or greater 78,318 2.2006 % 66,866 1.5225 % Brokered deposits 183,600 2.2910 % 138,129 1.3366 % Interest bearing, Total 658,810 1.7928 % 556,242 0.9455 % Total Deposits $ 743,281 1.5890 % $ 637,439 0.8250 % The following table presents interest expense, by deposit category, and the related weighted average effective interest rate for each of the years in the three December 31, 2018. (In thousands) Year ended December 31, 2018 2017 2016 Interest Weighted Interest Weighted Interest Weighted NOW $ 15 0.0600 % $ 7 0.0272 % $ 8 0.0293 % Savings 995 0.8493 % 1,160 0.8069 % 778 0.6196 % Money market 549 1.3446 % 5 0.0367 % 7 0.0365 % Certificates of deposit, less than $250,000 3,048 1.5735 % 1,875 1.0499 % 888 0.6460 % Certificates of deposit, $250,000 or greater 1,226 1.6846 % 912 1.4577 % 215 0.9722 % Brokered deposits 3,191 1.9109 % 989 1.2417 % 346 0.2579 % $ 9,024 1.4648 % $ 4,948 0.9878 % $ 2,242 0.5533 % As of December 31, 2018, (In thousands) Brokered Weighted Avg. Stated Interest Rate 1 year or less $ 152,133 2.1847 % More than 1 year through 2 years 10,501 2.6953 % More than 2 years through 3 years 15,619 2.8160 % More than 3 years through 4 years 5,347 2.9874 % $ 183,600 2.2910 % |
Note 9 - Borrowings
Note 9 - Borrowings | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 9. Borrowings Total borrowings were $131.0 $141.4 December 31, 2018 2017, Federal Home Loan Bank borrowings The Company is a member of the Federal Home Loan Bank of Boston ("FHLB-B"). Borrowings from the FHLB-B are limited to a percentage of the value of qualified collateral, as defined on the FHLB-B Statement of Products Policy. Qualified collateral, as defined, primarily consists of mortgage-backed securities and loans receivable that are required to be free and clear of liens and encumbrances, and may not December 31, 2018, $47.9 FHLB-B advances are structured to facilitate the Bank’s management of its balance sheet and liquidity requirements. At December 31, 2018 2017, $100.0 $120.0 $40.0 December 31, 2018 2.68% 3.2% 7 2.8 $60.0 1.0% second 2019 October 2020. 90 100 200 one 3.47% 4.23%, At December 31, 2018, $258.6 In addition, Patriot has a $2.0 December 31, 2018 2017, no Interest expenses incurred for the year ended December 31, 2018 2017 $1.6 $702,000, Correspondent Bank - Line s of Credit Patriot has entered into unsecured federal funds sweep and federal funds line of credit facility agreements with certain correspondent Banks. Borrowings available under the agreements totaled $26 December 31, 2018 $16 December 31, 2017. There was no December 31, 2018 2017. December 31, 2018 2017 $13,000 $2,000, Senior notes On December 22, 2016, $12 7% December 22, 2021 ( June 22 December 22 June 22, 2017. In connection with the issuance of the Senior Notes, the Company incurred $374,000 December 31, 2018 2017, $222,000 $297,000 The Senior Notes contain affirmative covenants that require the Company to: maintain its and its subsidiaries’ legal entity and tax status, pay its income tax obligations on a timely basis, and comply with SEC and FDIC reporting requirements. The Senior Notes are unsecured, rank equally with all other senior obligations of the Company, are not may no For the year ended December 31, 2018 2017, $915,000 $915,000, 7.62%, $75,000 $75,000, December 31, 2018 2017, $23,000 $23,000 Subordinated notes On June 29, 2018, two $10 September 30, 2028 4 2 1933, 506 The Subordinated Notes initially bear interest at 6.25% June 29, 2018, June 30, 2023, June 30, 2023, June 30, 2028 three not zero 332.5 may, June 30, 2023 December 30, 2018. In connection with the issuance of the Subordinated Notes, the Company incurred $291,000 December 31, 2018, $277,000 December 31, 2018, $327,000. Junior subordinated debt owed to unconsolidated trust In 2003, no $8.0 $240,000 Trust preferred securities currently qualify for up to 25% 2 The junior subordinated debentures are unsecured obligations of the Company. The debentures are subordinate and junior in right of payment to all present and future senior indebtedness of the Company. In addition to its obligations under the junior subordinated debentures and in conjunction with the Trust, the Company issued an unconditional guarantee of the trust preferred securities. The junior subordinated debentures bear interest at three 3.15% 5.97% December 31, 2018 March 26, 2033, second 2009, 20 June 2014, $1.7 September 2016, $0.7 The placement fee of $240,000 December 31, 2018 2017, $7,000 $440,000 $360,000, December 31, 2018 2017, $154,000 $162,000, $8,000 $6,000, At its option, exercisable on a quarterly basis, the Company may Note Payable In September 2015, $2.0 $2.0 nine 1.75% December 31, 2018 2017, $1.4 $1.6 August 2024 $234,000. first Interest expenses incurred for the year ended December 31, 2018 2017 $26,000 $29,000, Maturity of borrowings At December 31, 2018, (In thousands) Year ending December 31, FHLB Senior Subordinated Junior Subordinated Debt Note Total 2019 $ 10,000 - - - 195 10,195 2020 - - - - 199 199 2021 30,000 12,000 - - 202 42,202 2022 - - - - 206 206 2023 60,000 - - - 210 60,210 Thereafter - - 10,000 8,248 376 18,624 Total contractual maturities of borrowings 100,000 12,000 10,000 8,248 1,388 131,636 Unamortized debt issuance costs - (222 ) (277 ) (154 ) - (653 ) Balance of borrowings at December 31, 2018 $ 100,000 11,778 9,723 8,094 1,388 130,983 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 10. Commitments and Contingencies Operating leases Patriot has seven four two one 2032. one 2032. Future minimum rental commitments under the terms of these leases by year and in the aggregate, are as follows: (In thousands) Year ending December 31, Amount 2019 $ 396 2020 376 2021 378 2022 339 2023 315 thereafter 1,273 Total minimum payments required* $ 3,077 *Minimum payments have not $2.4 Rent expense for operating leases is recognized in earnings on a straight-line basis over the base term of the respective lease and is included in the Statement of Income as a component of Occupancy and Equipment expense. For the years ended December 31, 2018, 2017 2016, $593,000, $953,000, $1.1 For the years ended December 31, 2018, 2017 2016, $413,000, $399,000, $414,000 $5,000, $5,000, $5,000, Employment Agreements The Company has a severance agreement for each of the Executive Vice Presidents that provides for severance equal to 12 12 Legal Matters Patriot does not not |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 11. Income Taxes Following is a summary of the components of the federal and state income tax expense (benefit) for each of the years in the three December 31, 2018. (In thousands) Year ended December 31, 2018 2017 2016 Current: Federal $ 447 252 12 State 708 365 84 1,155 617 96 Deferred: Federal 148 2,067 983 State (413 ) 191 128 (265 ) 2,258 1,111 Income tax expense (benefit) $ 890 2,875 1,207 For each of the years in the three December 31, 2018, (In thousands) Year ended December 31, 2018 2017 2016 Income taxes at statutory Federal rate $ 858 2,387 1,066 State taxes, net of Federal benefit 233 377 140 Nondeductible expenses 15 11 10 Benefit of change in Sec 382 classification (500 ) (2,774 ) - Deferred tax adjustment resulting from tax rate change 198 2,809 - Other 86 65 (9 ) Income tax expense $ 890 2,875 1,207 The effective tax rate for the years ended December 31, 2018, 2017 2016 21.8%, 41.1%, 38.5%, The effective tax rate for 2018 21% 34% January 1, 2018. The effective tax rate for the year ended December 31, 2017 two - The provision increased by $2.8 21% December 2017. - In 2017, $2.8 382 one fourth 2017, two third not Deferred Tax Assets and Liabilities The significant components of Patriot’s net deferred tax assets at December 31, 2018 2017 Year ended December 31, (In thousands) 2018 2017 Deferred tax assets (liabilities): Federal NOL Carryforward Benefit $ 4,119 7,810 NOL Write-off for Sec 382 Limit (3,258 ) (4,698 ) Capitalized Costs 4,239 - UTP (NOLs) (1,132 ) - State NOL Carryforward Benefit 3,025 3,566 Allowance for loan and lease losses 2,048 1,695 Federal AMT benefit 707 360 Merger and acquisition 357 - Unrealized Losses AFS securities 257 68 Accrued Expenses 178 233 Non-accrual Interest 170 1,089 Share Based Compensation 109 157 Depreciation of Premises and Equipment (3 ) 52 Goodwill and intangible (16 ) - OREO Write-down - 41 Other 51 24 10,851 10,397 At December 31, 2018, $19.6 $51.6 2029 2033. Valuation Allowance against net Deferred Tax Assets At December 31, 2018 2017, no no not may Unrecognized tax benefits Patriot recognizes a benefit from its tax positions only if it is more likely than not 50% Patriot’s returns for tax years 2015 2017 In 2018, $1.1 December 31, 2017, no no A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: In thousands Balance as of January 1, 2018 $ - Increases due to tax positions related to the current year - Increases due to tax positions related to a prior year 1,132 Decreases to tax positions related to settlements - Decreases to tax positions as a result of a lapse of statute - Balance as of December 31, 2018 $ 1,132 The Company’s policy is to recognize interest and penalties related to income tax matters in income tax expense. At December 31, 2018, not |
Note 12 - Share-based Compensat
Note 12 - Share-based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 12. Share-based Compensation The Company maintains the Patriot National Bancorp, Inc. 2012 2013, December 31, 2018, no The Plan provides for the issuance of up to 3,000,000 December 31, 2018, 2,870,113 may four five The following is a summary of the status of the Company’s restricted share awards as of and for each of the years in the three December 31, 2018. Number Weighted Average Unvested at December 31, 2015 55,854 $ 12.83 Granted 58,084 $ 15.25 Vested (8,161 ) $ 14.79 Forfeited (70,513 ) $ 14.67 Unvested at December 31, 2016 35,264 $ 12.84 Granted 5,084 $ 15.05 Vested (7,878 ) $ 14.31 Forfeited (6,600 ) $ 15.50 Unvested at December 31, 2017 25,870 $ 12.15 Granted 18,323 $ 18.07 Vested (10,999 ) $ 16.21 Forfeited (1,404 ) $ 14.44 Unvested at December 31, 2018 31,790 $ 14.06 The Company recognizes compensation expense for all director and employee share-based compensation awards on a straight-line basis over the requisite service period, which is equal to the vesting schedule of each award, for each vesting portion of an award equal to its grant date fair value. For the years ended December 31, 2018, 2017 2016, $220,000, $146,000, $161,000, For the years ended December 31, 2018, 2017 2016, $135,000, $68,000, $100,000, Included in share-based compensation expense for the years ended December 31, 2018, 2017, 2016 $85,000, $78,000, $61,000, $370,000, $318,000, $302,000 Unrecognized compensation expense attributable to the unvested restricted shares outstanding as of December 31, 2018 $370,000, 2.48 RSA Grant - Non-executive Employees On January 4, 2016, 100 eighty-seven December 31, 2015. 8,700 $15.50 December 31, 2018, 2,700 6,000 January 2019 |
Note 13 - Shareholders' Equity
Note 13 - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 13. Shareholders’ Equity Common Stock On December 16, 2009, October 15, 2010, 3.36 $15.00 $50.4 87.6% Additionally, the Company reduced the par value of its common stock from $2 $0.01 100 Stock Repurchase Program On July 26, 2016, may 500,000 July 31, 2017, During the year ended December 31, 2017, 72,471 $14.04 August 2017, one 100 $17.10 No 2018. Dividends On July 17, 2017, December 31, 2018 2017, $154,000 $77,000, No December 31, 2016. Earnings per Share The Company is required to present basic earnings per share and diluted earnings per share in its Consolidated Statements of Income. Basic earnings per share amounts are computed by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share reflects additional common shares that would have been outstanding if potentially dilutive common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may The following is a summary of the computation of basic and diluted earnings per share for each of the years in the three December 31, 2018. (Net income in thousands) Year ended December 31, 2018 2017 2016 Basic earnings per share: Net income attributable to Common shareholders $ 3,196 4,147 1,930 Divided by: Weighted average shares outstanding 3,904,052 3,894,222 3,953,281 Basic earnings per common share 0.82 1.06 0.49 Diluted earnings per share: Net income attributable to Common shareholders 3,196 4,147 1,930 Weighted average shares outstanding 3,904,052 3,894,222 3,953,281 Effect of potentially dilutive restricted common shares 11,573 2,963 - Divided by: Weighted average diluted shares outstanding 3,915,625 3,897,185 3,953,281 Diluted earnings per common share 0.82 1.06 0.49 |
Note 14 - 401(k) Savings Plan
Note 14 - 401(k) Savings Plan | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 14. 401 Patriot offers employees participation in the Patriot Bank, N.A. 401 "401 401 401 one 21 401 may 50% first 6% 401 6 500 December 31, 2018, 2017, 2016, 401 $204,000, $173,000, $169,000, |
Note 15 - Financial Instruments
Note 15 - Financial Instruments With Off-balance Sheet Risk | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 15. Financial Instruments with Off-Balance-Sheet Risk In the normal course of business, the Bank is a party to financial instruments with off-balance-sheet risk to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit, which involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the balance sheet. The contractual amounts of these instruments reflect the extent of involvement Patriot has in particular classes of financial instruments. The contractual amounts of commitments to extend credit and standby letters of credit represent the maximum amount of potential accounting loss should: the contract be fully drawn upon; the customer default; and the value of any existing collateral becomes worthless. Patriot applies its credit policies to entering commitments and conditional obligations and, as with its lending activities, evaluates each customer's creditworthiness on a case-by-case basis. Management believes that it effectively mitigates the credit risk of these financial instruments through its credit approval processes, establishing credit limits, monitoring the on-going creditworthiness of recipients and grantees, and the receipt of collateral as deemed necessary. At December 31, 2018 2017, (In thousands) As of December 31, 2018 2017 Commitments to extend credit: Unused lines of credit $ 77,120 63,760 Undisbursed construction loans 20,679 7,930 Home equity lines of credit 19,330 19,727 Future loan commitments 61,438 24,675 Financial standby letters of credit 1,160 1,133 $ 179,727 117,225 Commitments to extend credit are agreements to lend to a customer as long as there is no may not may $8,000 $5,000 December 31, 2018 2017, Standby letters of credit are written commitments issued by the Bank to guarantee the performance of a customer to a third not In November 2018, two $5 2029. 19 |
Note 16 - Regulatory and Operat
Note 16 - Regulatory and Operational Matters | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 16. Regulatory and Operational Matters In November 2018, three one The Agreement stated that by December 31, 2018 3 December 31, 2018. 9B: Federal and state regulatory authorities have adopted standards requiring financial institutions to maintain increased levels of capital. Effective January 1, 2015, four 1 1 “CET1” 1 Capital adequacy is one 10%, 1 8.0%, CET1 6.5%, 1 5.0%. may Management continuously assesses the adequacy of the Bank’s capital in order to maintain its “well capitalized” status. The Company’s and the Bank’s regulatory capital amounts and ratios at December 31, 2018 2017 (In thousands) Patriot National Bancorp, Inc. Patriot Bank, N.A. December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total Capital (to risk weighted assets): Actual 89,993 10.377 74,264 10.092 99,204 11.491 83,711 11.406 To be Well Capitalized (1) - - - - 86,335 10.000 73,393 10.000 For capital adequacy with Capital Buffer (2) - - - - 85,255 9.875 67,889 9.250 For capital adequacy 69,379 8.000 58,868 8.000 69,068 8.000 58,715 8.000 Tier 1 Capital (to risk weighted assets): Actual 72,373 8.345 67,959 9.235 91,583 10.608 77,407 10.547 To be Well Capitalized (1) - - - - 69,068 8.000 58,715 8.000 For capital adequacy with Capital Buffer (2) - - - - 67,988 7.875 53,210 7.250 For capital adequacy 52,034 6.000 44,151 6.000 51,801 6.000 44,036 6.000 Common Equity Tier 1 Capital (to risk weighted assets): Actual 64,373 7.423 59,959 8.148 91,583 10.608 77,407 10.547 To be Well Capitalized (1) - - - - 56,117 6.500 47,706 6.500 For capital adequacy with Capital Buffer (2) - - - - 55,038 6.375 42,201 5.750 For capital adequacy 39,026 4.500 33,113 4.500 38,851 4.500 33,027 4.500 Tier 1 Leverage Capital (to average assets): Actual 72,373 7.764 67,959 8.219 91,583 9.823 77,407 9.360 To be Well Capitalized (1) - - - - 46,617 5.000 41,351 5.000 For capital adequacy 37,288 4.000 33,072 4.000 37,294 4.000 33,081 4.000 ( 1 Designation as "Well Capitalized" does not ( 2 The Capital Conservation Buffer implemented by the FDIC began to be phased in beginning January 1, 2016. not not Under the final capital rules that became effective on January 1, 2015, CET1 2.5% not may The capital buffer requirement is being phased in over three 2016. 1.25% 2017 2017 1.875% 2018, 2018 The capital buffer requirement effectively raises the minimum required Total Capital ratio to 10.5%, 1 8.5% CET1 7.0% January 1, 2019. December 31, 2018, |
Note 17 - Related Party Transac
Note 17 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 17. Related Party Transactions In the normal course of business, the Company grants loans to executive officers, directors and members of their immediate families, as defined, and to entities in which these individuals have more than a 10% third $150,000 $139,000 December 31, 2018 2017, As of December 31, 2018 2017, $1.1 $1.3 For the years ended December 31, 2018 2017, no |
Note 18 - Fair Value and Intere
Note 18 - Fair Value and Interest Rate Risk | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 18. Fair Value and Interest Rate Risk Patriot measures the carrying value of certain financial assets and liabilities at fair value, as required by its policies as a financial institution and by US GAAP. The carrying values of certain assets and liabilities are measured at fair value on a recurring basis, such as available-for-sale securities; while other assets and liabilities are measured at fair value on a non-recurring basis due to external factors requiring management’s judgment to estimate potential losses of value resulting in asset impairments or the establishment of valuation reserves. Measuring assets and liabilities at fair value may Following is a detailed summary of the guidance provided by US GAAP regarding the application of fair value measurements and Patriot’s application thereof. Additionally, the following information includes detailed summaries of the effects fair value measurements have on the carrying amounts of asset and liabilities presented in the Consolidated Financial Statements. The objective of fair value measurement is to value an asset that may may not The three Level 1 Unadjusted quoted market prices for identical assets or liabilities in active markets that the entity has the ability to access at the measurement date (such as active exchange-traded equity securities and certain U.S. and government agency debt securities). Level 2 Observable inputs other than quoted prices included in Level 1, - Quoted prices for similar assets or liabilities in active markets (such as U.S. agency and government sponsored mortgage-backed securities) - Quoted prices for identical or similar assets or liabilities in less active markets (such as certain U.S. and government agency debt securities, and corporate and municipal debt securities that trade infrequently) - Other inputs that are observable for substantially the full term of the asset or liability (i.e. interest rates, yield curves, prepayment speeds, default rates, etc.). Level 3 Valuation techniques that require unobservable inputs that are supported by little or no A description of the valuation methodologies used for assets and liabilities recorded at fair value, and for estimating fair value for financial and non-financial instruments not Cash and due from banks, federal funds sold, short-term investments, and accrued interest receivable and payable The carrying amount is a reasonable estimate of fair value and accordingly these are classified as Level 1. not Available-for-sale securities The fair value of securities available-for-sale (carried at fair value) are determined by obtaining quoted market prices on nationally recognized securities exchanges (Level 1 2 3 Other Investments The Bank’s investment portfolio includes the Solomon Hess SBA Loan Fund totaling $4.45 not may 60 December 31, 2018 2017. $513,000 October 6, 2019, Loans The fair values of loans are estimated by discounting the future cash flows using the rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. In connection with the adoption of ASU 2016 01 January 1, 2018, no Other Real Estate Owned The fair value of OREO the Bank may 2 3 not may Derivative asset (liability) - Interest Rate Swaps The valuation of the Company’s interest rate swaps is obtained from a third 2 Deposits The fair value of demand deposits, regular savings and certain money market deposits is the amount payable on demand at the reporting date. The fair value of certificates of deposit and other time deposits is estimated using a discounted cash flow calculation that applies interest rates currently being offered for deposits of similar remaining maturities, estimated using local market data, to a schedule of aggregated expected maturities on such deposits. The Company does not Senior Notes, Subordinated Notes, and Junior Subordinated Debt Patriot does not Patriot does not June 2018 Patriot does not Federal Home Loan Bank Borrowings The fair value of FHLB advances is estimated using a discounted cash flow calculation that applies current FHLB interest rates for advances of similar maturity to a schedule of maturities of such advances. Patriot does not Contingent Consideration Liability The Company estimates the fair value of the contingent consideration liability by using a discounted cash flow model of future contingent payments based on interest income related to the acquired PCI loans. The estimated fair value of the contingent consideration liability is reviewed on a quarterly basis and any valuation adjustments resulting from a change of estimated future contingent payments based on interest income of the acquired PCI loans affecting the contingent consideration liability will be recorded through noninterest expense. Due to the significant unobservable input related to the interest income, the contingent consideration liability is classified within Level 3 may may Off-balance sheet financial instruments Off-balance sheet financial instruments are based on interest rate changes and fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. Patriot off-balance sheet financial instruments (i.e., commitments to extend credit) are insignificant and are not The following table provides a comparison of the carrying amounts and estimated fair values of Patriot’s financial assets and liabilities as of December 31, 2018 2017: (In thousands) December 31, 2018 December 31, 2017 Fair Value Carrying Estimated Carrying Estimated Financial Assets: Cash and noninterest bearing balances due from banks Level 1 $ 7,381 7,381 3,582 3,582 Interest-bearing deposits due from banks Level 1 59,056 59,056 45,147 45,147 U. S. Government agency mortgage-backed securities Level 2 20,473 20,473 7,224 7,224 Corporate bonds Level 2 12,974 12,974 13,804 13,804 Subordinated notes Level 2 4,564 4,564 4,548 4,548 U.S. Treasury notes Level 2 1,485 1,485 - - Other investments Level 2 4,963 4,963 4,962 4,962 Federal Reserve Bank stock Level 2 2,866 2,866 2,502 2,502 Federal Home Loan Bank stock Level 2 4,928 4,928 5,889 5,889 Loans receivable, net Level 3 772,767 762,581 713,350 702,816 Accrued interest receivable Level 2 3,766 3,766 3,496 3,496 Interest rate swap receivable Level 2 286 286 - - Financial assets, total $ 895,509 885,323 804,504 793,970 Financial Liabilities: Demand deposits Level 2 $ 84,471 84,471 81,197 81,197 Savings deposits Level 2 81,912 81,912 135,975 135,975 Money market deposits Level 2 85,197 85,197 16,575 16,575 NOW accounts Level 2 26,100 26,100 25,476 25,476 Time deposits Level 2 282,001 280,538 240,087 239,219 Brokered deposits Level 1 183,600 183,120 138,129 137,870 FHLB and correspondent bank borrowings Level 2 100,000 101,369 120,000 120,218 Senior notes Level 2 11,778 11,293 11,703 11,249 Subordinated debt Level 2 9,723 9,348 - - Junior subordinated debt owed to unconsolidated trust Level 2 8,094 8,094 8,086 8,086 Note payable Level 3 1,388 1,239 1,580 1,416 Accrued interest payable Level 2 1,605 1,605 569 569 Contingent consideration liability Level 3 707 707 - - Interest rate swap liability Level 2 286 286 - - Financial liabilities, total $ 876,862 875,279 779,377 777,850 The carrying amount of cash and noninterest bearing balances due from banks, interest-bearing deposits due from banks, and demand deposits approximates fair value, due to the short-term nature and high turnover of these balances. These amounts are included in the table above for informational purposes. In the normal course of its operations, Patriot assumes interest rate risk (i.e., the risk that general interest rate levels will fluctuate). As a result, the fair value of Patriot’s financial assets and liabilities are affected when interest market rates change, which change may The following tables detail the financial assets measured at fair value on a recurring basis and the valuation techniques utilized relative to the fair value hierarchy, as of December 31, 2018 2017. (In thousands) Quoted Prices in Significant Observable Inputs Significant Unobservable Inputs Total December 31, 2018: U. S. Government agency mortgage-backed securities $ - 20,473 - 20,473 Corporate bonds - 12,974 - 12,974 Subordinated notes - 4,564 - 4,564 U.S. Treasury notes - 1,485 - 1,485 Available-for-sale securities $ - 39,496 - 39,496 Impaired PCI Loans, net $ - - 615 615 Contingent consideration liability - - 707 707 Interest rate swap receivable - 286 - 286 Interest rate swap liability - 286 - 286 December 31, 2017: U. S. Government agency mortgage-backed securities $ - 7,224 - 7,224 Corporate bonds - 13,804 - 13,804 Subordinated notes - 4,548 - 4,548 Available-for-sale securities $ - 25,576 - 25,576 During the year ended December 31, 2018, no 1, 2 3. During the year ended December 31, 2017, 3 2 No 2017 3 The fair value of the subordinated note classified as Level 3 December 31, 2017 not no 3 2017. Patriot measures certain financial assets and financial liabilities at fair value on a non-recurring basis. When circumstances dictate (e.g., impairment of long-lived assets, other than temporary impairment of collateral value), the carrying values of such financial assets and financial liabilities are adjusted to fair value or fair value less costs to sell, as may The following tables detail the financial assets measured at fair value on a non-recurring basis and the valuation techniques utilized relative to the fair value hierarchy, as of December 31, 2018 2017: (In thousands) Fair Value Valuation Methodology Unobservable Inputs Range of Inputs December 31, 2018: Impaired loans, net $ 19,673 Real Estate Appraisals Discount for appraisal type 8% - 21% Other Real Estate Owned 2,945 Real Estate Appraisals Discount for appraisal type 14% December 31, 2017: Impaired loans $ 6,500 Real Estate Appraisals Discount for appraisal type 0% - 8% The Company’s acquisitions are accounted for under the acquisition method of accounting in accordance with ASC 805, 2 Patriot discloses fair value information about financial instruments, whether or not not The estimated fair value amounts have been measured as of December 31, 2018 December 31, 2017 not may The information presented should not may not |
Note 19 - Derivatives
Note 19 - Derivatives | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 19. Derivatives Patriot is a party to interest rate derivatives that are not third not December 31, 2018 2017, $300,000 $0, Patriot entered the two November 2018. no December 31, 2017. The following table presents summary information regarding these derivatives for the periods presented (dollars in thousands): (In thousands) Notional Amount Maturity (Years) Fixed Rate Variable Fair Value December 31, 2018: Classified in Other Assets: Customer interest rate swap $ 5,000 10.5 5.25 % 1 Mo. LIBOR + 1.96% $ 286 Classified in Other Liabilities: 3rd party interest rate swap $ 5,000 10.5 5.25 % 1 Mo. LIBOR + 1.96% $ (286 ) |
Note 20 - Parent Company-only F
Note 20 - Parent Company-only Financial Statements | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Condensed Financial Statements [Text Block] | Note 20. Parent Company-only Financial Statements The following represent the condensed stand-alone financial statements of Patriot National Bancorp, Inc., (the “Company”), which is the sole owner and parent company of Patriot Bank, N.A. (the “Bank”), its operating bank subsidiary. CONDENSED BALANCE SHEETS December 31, 2018 2017 (In thousands) As of December 31, 2018 2017 ASSETS Cash and due from banks $ 2,443 2,319 Investment in subsidiary 96,729 84,549 Other assets 59 59 Total assets 99,231 86,927 LIABILITIES AND SHAREHOLDERS' EQUITY Borrowings 29,595 19,789 Accrued expenses and other liabilities 450 389 Shareholders' equity 69,186 66,749 Total liabilities and shareholders' equity $ 99,231 86,927 CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Years Ended December 31, 2018, 2017 2016 (In thousands) Year ended December 31, 2018 2017 2016 Expenses: Interest on subordinated debt $ 454 371 344 Interest on senior debt 1,242 915 25 Interest on other borrowings - - 3 Total interest expense 1,696 1,286 372 Other expenses 313 208 162 Loss before equity in undistributed net income of subsidiary 2,009 1,494 534 Equity in undistributed net income of subsidiary 5,051 5,641 2,464 Net Income 3,042 4,147 1,930 Equity in subsidiary other comprehensive income, net of subsidiary (671 ) (35 ) 32 Total comprehensive income $ 2,371 4,112 1,962 CONDENSED STATEMENTS OF CASH FLOWS Years Ended December 31, 2018, 2017 2016 (In thousands) Year ended December 31, 2018 2017 2016 Cash Flows from Operating Activities: Net Income $ 3,042 4,147 1,930 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in undistributed income of subsidiary (5,051 ) (5,641 ) (2,464 ) Dividends received from Patriot Bank, N.A. - - 890 Share-based compensation expense 220 146 161 Amortization of debt issuance costs 97 82 9 Change in assets and liabilities: (Increase) decrease in other assets - (13 ) - Decrease in accrued expenses and other liabilities 61 32 (414 ) Net cash (used in) provided by operating activities (1,631 ) (1,247 ) 112 Cash Flows from Investing Activities: Net increase in investment in Patriot Bank N.A. (7,800 ) - (7,198 ) Net cash used in investing activities (7,800 ) - (7,198 ) Cash Flows from Financing Activities: Proceeds from issuance of subordinated note, net 9,709 - - Proceeds from issuance of senior notes, net - - 11,708 Purchase of treasury stock - (2 ) (1,017 ) Dividends paid on common stock (154 ) (77 ) - Net cash provided by (used in) financing activities 9,555 (79 ) 10,691 Net increase (decrease) in cash and cash equivalents 124 (1,326 ) 3,605 Cash and cash equivalents at beginning of year 2,319 3,645 40 Cash and cash equivalents at end of year $ 2,443 2,319 3,645 Supplemental Disclosures of Cash Flow Information: Cash paid for interest $ 1,600 1,203 777 Cash paid for income taxes $ - - - Supplemental Disclosure of Non-cash Activity: Deferred debt issuance costs $ - - 82 Accounts payable - - (82 ) $ - - - |
Note 21 - Subsequent Event
Note 21 - Subsequent Event | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 21. Subsequent Event Termination of Asset Purchase Agreement with Hana SBL On March 30, 2019 February 6, 2018 August 2, 2018 The Company has evaluated all events or transactions that occurred through the date the Company issued these financial statements. During this period, the Company did not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Principles of consolidation and basis of financial statement presentation The Consolidated Financial Statements include the accounts of Patriot, and the Bank's wholly owned subsidiaries, PinPat Acquisition Corporation and ABC HOLD Co, LLC, (inactive) and have been prepared in conformity with US GAAP. All significant intercompany balances and transactions have been eliminated. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents Patriot considers all short-term, highly liquid investments purchased with an original maturity of three Patriot maintains amounts due from banks which, at times, may not |
Federal Reserve Bank and Federal Home Loan Bank Stock, Policy [Policy Text Block] | Federal Reserve Bank and Federal Home Loan Bank stock The Bank is required to maintain an investment in capital stock of the Federal Home Loan Bank of Boston (“FHLB”), as collateral, in an amount equal to a percentage of its outstanding mortgage loans and loans secured by residential properties, including mortgage-backed securities. Additionally, the Bank is required to maintain an investment in the capital stock of the Federal Reserve Bank (“FRB”), as collateral, in an amount equal to one six one Shares in the FHLB and FRB are purchased and redeemed based upon their $100 Included in the Bank’s investment portfolio are shares in the FHLB and FRB of $7.8 $8.4 December 31, 2018 2017, December 31, 2018 2017 no |
Investment, Policy [Policy Text Block] | Investment Securities Management determines the appropriate classification of securities at the date individual investment securities are acquired, and the appropriateness of such classification is reassessed at each balance sheet date. Debt securities, if any, that management has the positive intent and ability to hold to maturity are classified as “held to maturity” and are recorded at amortized cost. “Trading” securities, if any, are carried at fair value with unrealized gains and losses recognized in earnings. Securities classified as “available-for-sale” are recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss), net of taxes. Purchase premiums and discounts are recognized in interest income using the interest method of accounting, in order to achieve a constant effective yield over the contractual term of the securities. Patriot conducts a quarterly review and evaluation of the securities portfolio to determine if a decline in the fair value of any security below its cost basis is an other-than-temporary impairment (“OTTI”). Our evaluation of OTTI considers the duration and severity of the impairment, our intent to hold the securities, whether or not Security transactions are recorded on the trade date. Realized gains and losses on the sale of securities are determined using the specific identification method, recorded on the trade date, and reported in non-interest income for the period. At December 31, 2018 2017, $4.5 December 31, 2018 2017, |
Policy Loans Receivable, Policy [Policy Text Block] | Loans receivable Loans that Patriot has the intent and ability to hold until maturity or for the foreseeable future generally are reported at their outstanding unpaid principal balances adjusted for unearned income, an allowance for loan losses, if any, and any unamortized discount, premium and deferred fees. Interest income is accrued based on unpaid principal balances. Loan application fees are reported as non-interest income, while other certain direct origination costs, or for purchased loans, any discounts or premiums are deferred and amortized to interest income as a level yield adjustment over the respective term of the loan. Loans are placed on non-accrual status or charged off when collection of principal or interest is considered doubtful. The accrual of interest on loans is discontinued no 90 no 180 Accrued uncollected interest income on loans that are placed on non-accrual status or have been charged off is reversed against interest income. Interest income on such non-performing loans is accounted for on the cash-basis of accounting until qualifying for return to accrual status. Any cash received on non-accrual or charged off loans is first Patriot’s real estate loans are collateralized by real estate located principally in Fairfield and New Haven Counties in Connecticut and Westchester County, New York. Accordingly, the ultimate collectability of a substantial portion of Patriot’s loan portfolio is susceptible to regional real estate market conditions. A loan is considered impaired when, based on current information and events, it is probable that Patriot will be unable to collect the scheduled payments of principal or interest when due, according to the loan’s contractual terms. Factors considered by management in determining impairment include payment status and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and shortfalls generally are not Impaired loans also include loans modified in troubled debt restructurings (“TDR”), where concessions have been granted to borrowers experiencing financial difficulties. These concessions could include a reduction in the interest rate on the loan, payment extensions, forgiveness of principal, forbearance or other actions intended to maximize collection. TDRs are generally placed on non-accrual status until the loan qualifies for return to accrual status. Loans qualify for return to accrual status once they have demonstrated compliance with the restructured terms of the loan agreement and have performed for a minimum of six Lower balance lending arrangements, such as consumer installment loans, are evaluated for impairment by pooling the loans into homogenous groupings. Accordingly, Patriot does not |
Acquired Loans, Policy [Policy Text Block] | Acquired Loans Acquired loans are initially recorded at their acquisition date fair values. The carryover of allowance for loan losses is prohibited as any credit losses in the acquired loans are included in the determination of the fair value of the loans at the acquisition date. Fair values for acquired loans are based on a discounted cash flow methodology that involves assumptions and judgments as to credit risk, prepayment risk, liquidity risk, default rates, loss severity, payment speeds, collateral values and discount rate. |
Deteriorated Loans Transferred in, Policy [Policy Text Block] | Acquired Impaired Loans- Purchase Credit Impaired “PCI” Loans Acquired loans that exhibit evidence of deterioration in credit quality since origination and for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payments are accounted for as PCI loans under Accounting Standards Codification (“ASC”) 310 30. not PCI loans are initially measured at fair value, which includes estimated future credit losses expected to be incurred over the life of the loan. Accordingly, the associated allowance for credit losses related to these loans is not Acquired loans that met the criteria for non-accrual of interest prior to acquisition were not may |
Acquired Non-impaired Loans [Policy Text Block] | Acquired Non-impaired Loans Acquired loans that do not 310 30 may 310 20. Subsequent to the purchase date, the methods used to estimate the allowance for loan losses for the acquired non-impaired loans are consistent with the policy for allowance for loan losses described below. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for loan and lease losses The allowance for loan and lease losses (“ALLL”) is regularly evaluated by management, based upon the nature and volume of the loan portfolio, periodic review of loan collectability using historical experience rates, adverse situations potentially affecting individual borrowers’ ability to repay, the estimated value of any underlying collateral, and prevailing economic conditions on overall segments of the loan portfolio. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The non-specific ALLL by loan segment is calculated using a systematic methodology, consisting of a quantitative and qualitative analytical component, applied on a quarterly basis to homogeneous loans. The model is comprised of six Management monitors a distinct set of risk characteristics for each loan segment. Additionally, management assesses and monitors risk and performance on a disaggregated basis, including an internal risk rating system for loans included in the Commercial loan segment and analyzing the type of collateral, lien position, and loan-to-value (i.e., LTV) ratio for loans included in the Consumer loan segment. Management’s ALLL process first not Another key assumption is the look-back period (“LBP”), which represents the historical data period utilized to calculate loss rates. A three After considering the historic loss calculations, management applies additional qualitative adjustments to the ALLL to reflect the inherent risk of loss that exists in the loan portfolio at the balance sheet date. Qualitative adjustments are made based upon changes in economic conditions, loan portfolio and asset quality data, and credit process changes, such as credit policies or underwriting standards. Evaluation of the ALLL requires considerable judgment, in order to adequately estimate and provide for the risk of loss inherent in the loan portfolio segments. Qualitative adjustments are aggregated into the nine ● Changes in lending policies and procedures, including underwriting standards, collection, charge-off, and recovery practices not ● Changes in national, regional, and local economic and business conditions and developments that affect the collectability of the loan portfolio, including the condition of various market segments; ● Changes in the nature and volume of the loan portfolio and terms of loans; ● Changes in the experience, ability and depth of lending management and staff; ● Changes in the volume and loss severity of past due loans, the volume of non-accrual loans, and the volume and loss severity of adversely classified or graded loans; ● Changes in the quality of the loan review system; ● Changes in the value of the underlying collateral for collateral-dependent loans; ● The existence and effect of any concentrations of credit and changes in the level of such concentrations; and ● The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in our current loan portfolio. Patriot provides for loan losses by consistently applying the documented ALLL methodology. Loan losses are charged to the allowance as incurred and recoveries are credited to the ALLL. Additions to the ALLL are charged against income, based on various factors which, in management’s judgment, deserve current recognition in estimating probable losses. Loan losses are charged-off in the period the loans, or portions thereof, are deemed uncollectible. Generally, Patriot will record a loan charge-off (including a partial charge-off) to reduce a loan to the estimated fair value of the underlying collateral, less costs to sell, for collateral dependent loans. Subsequent recoveries, if any, are credited to the ALLL. Patriot regularly reviews the loan portfolio and makes adjustments for loan losses, in order to maintain the allowance for loan losses in accordance with US GAAP. The allowance for loan losses consists primarily of the following three ( 1 Allowances are established for impaired loans (generally defined by Patriot as non-accrual loans, troubled debt restructured loans, and loans that were previously classified as troubled debt restructurings but have been upgraded). The amount of impairment provided as an allowance is represented by the deficiency, if any, between the present value of expected future cash flows discounted at the original loan’s effective interest rate or the underlying collateral value, less estimated costs to sell, if the loan is collateral dependent, and the carrying value of the loan. Impaired loans that have no not ( 2 General allowances are established for loan losses on a portfolio basis for loans that do not three may may In addition, a risk rating system is utilized to evaluate the general component of the ALLL. Under this system, management assigns risk ratings between one six ( 3 An unallocated component is maintained in the ALLL to cover uncertainties that could affect management's estimate of probable losses. The unallocated component of the ALLL reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies applied to estimating specific and general losses in the loan portfolio. In underwriting a loan secured by real property, a property appraisal is required to be performed by an independent licensed appraiser that has been approved by Patriot’s Board of Directors. Appraisals are subject to review by independent third may In the third 2018, The Bank further segmented its loan pools by Pass, Special Mention, and Substandard risk ratings and assigned additional risk premiums to each group. The qualitative and economic factors for all of the pools and subsegments were also evaluated, with Pass loans receiving adjustments to reflect their credit profile relative to the non-impaired criticized assets. These adjustments generally flow through the qualitative factors addressing severity of past due loans and other similar conditions and the nature and volume of the portfolio and terms of the loans. The Bank’s leveraged lending portfolio was evaluated relative to the rest of the Commercial & Industrial (“C&I”) pool and an additional risk premium was assigned to those loans in aggregate, and is reflected in the “commercial and industrial” category in the ALLL calculation. These loans were isolated due their risk parameters and profile, including higher leverage than the rest of the Bank’s C&I portfolio. The change in methodology resulted in better alignment of the credit characteristics of the various risk grades and loan types with the calculated allowance. The provision of $1.3 2018 Acquired loans are marked to fair value on the date of acquisition and are evaluated on a quarterly basis to ensure the necessary purchase accounting updates are made in parallel with the allowance for loan loss calculation. Acquired loans that have been renewed since acquisition are included in the allowance for loan loss calculation since these loans have been underwritten to the Bank’s guidelines. Acquired loans that have not While Patriot uses the best information available to evaluate the ALLL, future adjustments to the ALLL may may |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Transfers of financial assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 2 no 3 not |
Other Real Estate Owned, Policy [Policy Text Block] | Other real estate owned Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. In addition, when Patriot acquires other real estate owned (“OREO”), it obtains a current appraisal to substantiate the net carrying value of the asset. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in the results of operations. Costs relating to the development and improvement of the property are capitalized, subject to the limit of fair value of the collateral. Gains or losses are included in non-interest expenses upon disposal. Write-downs of foreclosed properties that are required upon transfer to OREO are charged to the ALLL. Thereafter, an allowance for OREO losses is established for any further declines in the property’s value. These losses are included in non-interest expenses in the Consolidated Statements of Income. |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and equipment Premises and equipment are stated at cost, net of accumulated depreciation and amortization. Leasehold improvements are capitalized and amortized over the shorter of the terms of the related leases or the estimated economic lives of the improvements. Depreciation is charged to operations for buildings, furniture, equipment and software using the straight-line method over the estimated useful lives of the related assets which range from three forty |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of assets Long-lived assets, which are held and used, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Intangible Assets Intangible assets include core deposit intangibles and goodwill arising from acquisitions. The initial and ongoing carrying value of intangible assets is based upon modeling techniques that require management to make estimates regarding the amount and timing of expected future cash flows. It also requires use of a discount rate that reflects the current return requirements of the market in relation to present risk-free interest rates, required equity market premiums, peer volatility indicators, and company-specific risk indicators. Core deposit intangibles are amortized on straight-line basis over a 10 The Company evaluates goodwill for impairment on an annual basis, or more often if events or the circumstances indicate there may November no December 31, 2018. |
Commitments and Contingencies, Policy [Policy Text Block] | Contingent Consideration Contingent consideration represents an estimate of the additional amount of purchase price consideration and is measured based on the probability that certain loans are restructured in accordance with the related acquisition agreement. Resolution of the contingent consideration will result in a cash payment and will be reflected in the financial statements as a measurement period adjustment as they are finalized. Changes will be recognized as an increase or decrease to goodwill, the valuation of the related loans and the contingent consideration/purchase price. The Company estimates the fair value of the contingent consideration liability by using a discounted cash flow model of future contingent payments based on interest income related to the acquired PCI loans. |
Income Tax, Policy [Policy Text Block] | Income taxes Patriot recognizes income taxes under the asset and liability method. Under this method, deferred taxes are recognized for the estimated tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and loss carry forwards. Deferred tax assets (“DTA”s) and liabilities (“DTL”s) are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on DTAs and DTLs of a change in tax rates is recognized in income in the period that includes the enactment date. On December 22, 2017, 21% 35%, December 2017, $2.8 December 31, 2017. In addition, for the year ended December 31, 2017, $2.8 382 In certain circumstances DTAs are subject to reduction by a valuation allowance. A valuation allowance is subject to ongoing adjustment based on changes in circumstances that affect management’s judgment about the realizability of the deferred tax asset. Adjustments to increase or decrease the valuation allowance are charged or credited to the deferred tax component of the income tax provision or benefit. Patriot evaluates its ability to realize its net deferred tax assets on a quarterly basis. In doing so, management considers all available evidence, both positive and negative, to determine whether it is more likely than not 2018 2017 not 2030. no December 31, 2018 2017. Management will continue to evaluate its ability to realize the net deferred tax asset. Future evidence may not not may Patriot had a net deferred tax asset of $10.9 December 31, 2018 $10.4 December 31, 2017. |
Unrecognized Tax Benefits [Policy Text Block] | Unrecognized tax benefits Patriot recognizes a benefit from its tax positions only if it is more likely than not 50% Patriot’s returns for tax years 2015 2017 In 2018, $1.1 December 31, 2017, no no The Company’s policy is to recognize interest and penalties related to income tax matters in income tax expense. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share Basic earnings per share represents earnings accruing to common shareholders and are computed by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share reflects additional common shares that would have been outstanding if potentially dilutive securities had been converted to common stock, as well as any adjustments to earnings resulting from the assumed conversion, unless such effect is anti-dilutive. Potential common shares that may Common stock shares held in treasury are not |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-based compensation plan Incentive and compensatory share-based compensation granted to employees is accounted for at the grant date fair value of the award and recognized in the results of operations as compensation expense with an off-setting entry to equity on a straight-line basis over the requisite service period, which is the vesting period. Non-employee members of the Board of Directors are treated as employees for any share-based compensation granted in exchange for their service on the Board of Directors. Patriot does not The Compensation Committee of the Board of Directors establishes terms and conditions applicable to the vesting of restricted stock awards and stock options. Restricted stock grants generally vest in quarterly or annual installments over a three, four five |
Treasury Stock, Policy [Policy Text Block] | Treasury Stock Common stock purchased and held in treasury is recorded at cost. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive income Accounting principles generally require that recognized revenues, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of shareholders' equity in the Consolidated Balance Sheets, such items, along with net income, are components of comprehensive income. |
Segment Reporting, Policy [Policy Text Block] | Segment reporting Patriot’s only business segment is Community Banking. During the years ended December 31, 2018, 2017 2016, |
Fair Value Measurement, Policy [Policy Text Block] | Fair value Patriot uses fair value measurements to record adjustments to the carrying amounts of certain assets and liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in certain instances, there are no not may not Provided in these notes to the Consolidated Financial Statements is a detailed summary of Patriot’s application of fair value measurements and the effect on the assets and liabilities presented in the Consolidated Financial Statements. |
Derivatives, Policy [Policy Text Block] | Derivatives In 2018, two one third two not The credit risk associated with derivatives executed with customers is similar as that involved in extending loans and is subject to normal credit policies. Collateral is obtained based on management’s assessment of the customer. The positions of customer derivatives are recorded at fair value and changes in value are included in noninterest income on the consolidated statement of income. Neither of the two 2018 |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs Patriot's policy is to expense advertising costs in the period in which they are incurred. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition ASC 606, 606" The majority of our revenue-generating transactions are not 606, 606, ● Service charges on deposit accounts - these represent general service fees for monthly account maintenance and activity- or transaction based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when our performance obligation is completed which is generally monthly for account maintenance services or when a transaction has been completed (such as a wire transfer). Payment for such performance obligations are generally received at the time the performance obligations are satisfied. ● Other non-interest income primarily includes items such as letter of credit fees, dividends on FHLB and FRB stock and other general operating income, none 606. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted and Issued Accounting Standards Accounting Standards Adopted During 2018 Effective January 1, 2018, ASU 2014 09 ASU No. 2014 09, 606 The Company adopted the ASU on January 1, 2018 not no no ASU 2016 01 and ASU 2018 03 ASU No. 2016 01, 825 10 No. 2018 03, 825 10 January 1, 2018 2016 01 January 1, 2018, no ASU 2016 15 In August 2016, 2016 15, Statement of Cash Flows : Classification of Certain Cash Receipts and Cash Payments . 2016 15 may 2016 15 December 15, 2017, December 31, 2018, not ASU 2016 18 In November 2016, 2016 18, Statement of Cash Flows: Restricted Cash. 2016 18 December 15, 2017, December 31, 2018 December 31, 2017, not not 2016 18, ASU 2017 09 In May 2017, 2017 09, Scope of Modification Accounting 718 December 15, 2017. not ASU 2018 02 In February 2018, 2018 02, Income S tatement - Reporting Comprehensive Income: 35% 21% December 15, 2018 not not 2017 December 31, 2018. not ASU 2018 04 ASU 2018 04 320 980 320, 980, 2016 01, January 1, 2018. not ASU 2018 05 2018 05 740 not 740 December 31, 2017, one Accounting Standards Issued But Not ASU 2016 02 February 2016, No. 2016 02, July 2018, January 1, 2019, no January1, 2019.The not $3.4 ASU 2016 13 In June 2016, 2016 13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments. not 2016 13 2016 13 December 15, 2019, December 15, 2018. ASU 2017 04 In January 2017, 2017 04, Intangibles-Goodwill and Other (Topic 350 2 2 not December 15, 2019. not ASU 2017 08 In March 2017, 2017 08, Premium Amortization on Purchased Callable Debt Securities December 15, 2018. December 15, 2019, December 15, 2020. 2017 08 ASU 2018 13 In August 2018, No. 2018 13, Fair Value Measurement (Topic 820 1 2 3 2018 13 2018 13 3 3 December 15, 2019. 3 not ASU 2017 12 "Derivatives and Hedging (Topic 815 2017 12 October 2018, 2018 16, 815 2018 16 2017 12. 2017 12 December 15, 2018, 2017 12 2018 16 not |
Note 2 - Business Combinations
Note 2 - Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (In thousands) Initially Recorded at Acquisition Date Measurement Period Adjustments Adjusted Values Consideration Paid Cash consideration $ 5,888 $ 335 $ 6,223 Contingent consideration 1,761 (1,054 ) 707 Recognized amounts of identifiable assets acquired and liabilities assumed Cash and cash equivalents $ 1,152 $ - $ 1,152 Securities 35,532 - 35,532 Loans 21,605 (223 ) 21,382 Premises and equipment 6 - 6 Other real estate owned 991 - 991 Core deposit intangibles 552 196 748 Other assets 1,514 - 1,514 Total assets acquired $ 61,352 $ (27 ) $ 61,325 Deposits 46,184 - 46,184 Borrowings 9,800 - 9,800 Other liabilities 111 28 139 Total liabilities assumed $ 56,095 $ 28 $ 56,123 Identifiable net assets acquired $ 5,257 $ (55 ) $ 5,202 Goodwill resulting from acquisition $ 2,392 $ (664 ) $ 1,728 |
Schedule of Goodwill [Table Text Block] | (In thousands) For the Year Ended Balance, resulting from acquisition $ 1,728 Impairment - Balance, end of period $ 1,728 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | (In thousands) Gross Intangible Accumulated Amortization Net Intangible December 31, 2018 Core deposit intangible $ 748 50 698 |
Note 4 - Available-for-sale S_2
Note 4 - Available-for-sale Securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Debt Securities, Available-for-sale [Table Text Block] | (In thousands) Amortized Gross Gross Fair December 31, 2018: U. S. Government agency mortgage-backed securities $ 20,626 43 (196 ) 20,473 Corporate bonds 14,000 - (1,026 ) 12,974 Subordinated notes 4,500 64 - 4,564 U.S. Treasury notes 1,484 1 - 1,485 $ 40,610 108 (1,222 ) 39,496 December 31, 2017: U. S. Government agency mortgage-backed securities $ 7,330 - (106 ) 7,224 Corporate bonds 14,000 - (196 ) 13,804 Subordinated notes 4,500 48 - 4,548 $ 25,830 48 (302 ) 25,576 |
Schedule of Unrealized Loss on Investments [Table Text Block] | (In thousands) Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2018: U. S. Government agency mortgage-backed securities $ 8,024 (38 ) 5,422 (158 ) 13,446 (196 ) Corporate bonds - - 12,974 (1,026 ) 12,974 (1,026 ) $ 8,024 (38 ) 18,396 (1,184 ) 26,420 (1,222 ) December 31, 2017: U. S. Government agency mortgage-backed securities $ 4,118 (13 ) 3,106 (93 ) 7,224 (106 ) Corporate bonds 13,804 (196 ) - - 13,804 (196 ) $ 17,922 (209 ) 3,106 (93 ) 21,028 (302 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | (In thousands) Amortized Cost Fair Value Due Due After Due Total Due Due After Due Total December 31, 2018: Corporate bonds $ - 9,000 5,000 14,000 - 8,537 4,437 12,974 Subordinated notes - 4,500 - 4,500 - 4,564 - 4,564 U.S. Treasury notes 1,484 - - 1,484 1,485 - - 1,485 Available-for-sale securities with single maturity dates 1,484 13,500 5,000 19,984 1,485 13,101 4,437 19,023 U. S. Government agency mortgage-backed securities 6,842 5,668 8,116 20,626 6,844 5,530 8,099 20,473 $ 8,326 19,168 13,116 40,610 8,329 18,631 12,536 39,496 December 31, 2017: Corporate bonds $ - 9,000 5,000 14,000 - 8,928 4,876 13,804 Subordinated notes - 4,500 - 4,500 - 4,548 - 4,548 Available-for-sale securities with single maturity dates - 13,500 5,000 18,500 - 13,476 4,876 18,352 U. S. Government agency mortgage-backed securities - 3,200 4,130 7,330 - 3,107 4,117 7,224 $ - 16,700 9,130 25,830 - 16,583 8,993 25,576 |
Note 5 - Loans Receivable and_2
Note 5 - Loans Receivable and Allowance for Loan and Lease Losses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (In thousands) December 31, December 31, Loan portfolio segment: Commercial Real Estate $ 274,938 299,925 Residential Real Estate 157,300 146,377 Commercial and Industrial 191,852 131,161 Consumer and Other 94,569 87,707 Construction 46,040 47,619 Construction to Permanent - CRE 15,677 6,858 Loans receivable, gross 780,376 719,647 Allowance for loan and lease losses (7,609 ) (6,297 ) Loans receivable, net $ 772,767 713,350 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Table Text Block] | (In thousands) Acquisition Date Contractually required principal and interest at acquisition $ 5,816 Contractual cash flows not expected to be collected (nonaccretable discount) (2,064 ) Expected cash flows at acquisition 3,752 Interest component of expected cash flows (accretable discount) (1,316 ) Fair value of acquired loans $ 2,436 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Table Text Block] | (In thousands) For the Year Ended Accretable discount, beginning of period $ (1,316 ) Accretion 92 Other changes, net 432 Accretable discount, end of period $ (792 ) |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | (In thousands) Commercial Residential Commercial Consumer Construction Construction Unallocated Total As of and for the Year ended December 31, 2018 Allowance for loan and lease losses: December 31, 2017 $ 2,212 959 2,023 568 481 54 - 6,297 Charge-offs - (2 ) - (33 ) - - - (35 ) Recoveries 7 2 34 1 - - - 44 Provisions (credits) (353 ) 100 1,501 105 (131 ) 54 27 1,303 December 31, 2018 $ 1,866 1,059 3,558 641 350 108 27 7,609 As of and for the Year ended December 31, 2017 Allowance for loan and lease losses: December 31, 2016 $ 1,853 534 740 641 712 69 126 4,675 Charge-offs - - (265 ) (39 ) - - - (304 ) Recoveries 10 - 2,769 4 - - - 2,783 Provisions (credits) 349 425 (1,221 ) (38 ) (231 ) (15 ) (126 ) (857 ) December 31, 2017 $ 2,212 959 2,023 568 481 54 - 6,297 As of and for the Year ended December 31, 2016 Allowance for loan and lease losses: December 31, 2015 $ 1,970 740 1,027 677 486 123 219 5,242 Charge-offs - (190 ) (2,977 ) (13 ) - - - (3,180 ) Recoveries 80 1 66 2 - - - 149 Provisions (credits) (197 ) (17 ) 2,624 (25 ) 226 (54 ) (93 ) 2,464 December 31, 2016 $ 1,853 534 740 641 712 69 126 4,675 (In thousands) Commercial Residential Commercial Consumer Construction Construction Unallocated Total December 31, 2018 Allowance for loan and lease losses: Individually evaluated for impairment $ - 216 1,299 30 - - - 1,545 Collectively evaluated for impairment 1,866 843 2,259 611 350 108 27 6,064 Total allowance for loan and lease losses $ 1,866 1,059 3,558 641 350 108 27 7,609 Loans receivable, gross: Individually evaluated for impairment $ 4,606 2,302 4,646 864 8,800 - - 21,218 PCI loans individually evaluated for impairment - - 615 - - - - 615 Collectively evaluated for impairment 270,332 154,998 186,591 93,705 37,240 15,677 - 758,543 Total loans receivable, gross $ 274,938 157,300 191,852 94,569 46,040 15,677 - 780,376 (In thousands) Commercial Residential Commercial Consumer Construction Construction Unallocated Total December 31, 2017 Allowance for loan and lease losses: Individually evaluated for impairment $ - - 251 2 - - - 253 Collectively evaluated for impairment 2,212 959 1,772 566 481 54 - 6,044 Total allowance for loan and lease losses $ 2,212 959 2,023 568 481 54 - 6,297 Loans receivable, gross: Individually evaluated for impairment $ 1,977 3,336 748 692 - - - 6,753 Collectively evaluated for impairment 297,948 143,041 130,413 87,015 47,619 6,858 - 712,894 Total loans receivable, gross $ 299,925 146,377 131,161 87,707 47,619 6,858 - 719,647 |
Past Due Financing Receivables [Table Text Block] | (In thousands) Performing (Accruing) Loans As of December 31, 2018: 30 - 59 Days 60 - 89 Days 90 Days Due Total Current Total Non- accruing Loans Loan portfolio segment: Commercial Real Estate: Pass $ 423 - - 423 262,435 262,858 - 262,858 Special mention - - 958 958 2,673 3,631 - 3,631 Substandard 170 - - 170 4,754 4,924 3,525 8,449 593 - 958 1,551 269,862 271,413 3,525 274,938 Residential Real Estate: Pass 637 817 - 1,454 151,509 152,963 - 152,963 Special mention - - - - 850 850 - 850 Substandard - - - - 1,481 1,481 2,006 3,487 637 817 - 1,454 153,840 155,294 2,006 157,300 Commercial and Industrial: Pass 150 853 234 1,237 180,293 181,530 - 181,530 Special mention - - 101 101 2,378 2,479 - 2,479 Substandard - - - - 3,162 3,162 4,681 7,843 150 853 335 1,338 185,833 187,171 4,681 191,852 Consumer and Other: Pass 20 - 23 43 94,352 94,395 - 94,395 Substandard - - - - - - 174 174 20 - 23 43 94,352 94,395 174 94,569 Construction: Pass - 1,000 - 1,000 36,240 37,240 - 37,240 Substandard - - - - - - 8,800 8,800 - 1,000 - 1,000 36,240 37,240 8,800 46,040 Construction to Permanent -CRE: Pass - - - - 15,677 15,677 - 15,677 - - - - 15,677 15,677 - 15,677 Total $ 1,400 2,670 1,316 5,386 755,804 761,190 19,186 780,376 Loans receivable, gross: Pass $ 1,230 2,670 257 4,157 740,506 744,663 - 744,663 Special mention - - 1,059 1,059 5,901 6,960 - 6,960 Substandard 170 - - 170 9,397 9,567 19,186 28,753 Loans receivable, gross $ 1,400 2,670 1,316 5,386 755,804 761,190 19,186 780,376 (In thousands) Performing (Accruing) Loans As of December 31, 2017: 30 - 59 Days 60 - 89 Days 90 Days Due Total Current Total Non-accruing Loans Loan portfolio segment: Commercial Real Estate: Pass $ - - - - 286,428 286,428 - 286,428 Special mention - 1,121 - 1,121 9,317 10,438 - 10,438 Substandard - 1,688 - 1,688 1,371 3,059 - 3,059 - 2,809 - 2,809 297,116 299,925 - 299,925 Residential Real Estate: Pass 1,068 255 - 1,323 140,497 141,820 - 141,820 Special mention - 1,529 - 1,529 - 1,529 - 1,529 Substandard - - - - - - 3,028 3,028 1,068 1,784 - 2,852 140,497 143,349 3,028 146,377 Commercial and Industrial: Pass - 2,000 375 2,375 127,057 129,432 - 129,432 Substandard - - 981 981 - 981 748 1,729 - 2,000 1,356 3,356 127,057 130,413 748 131,161 Consumer and Other: Pass 498 - - 498 87,207 87,705 - 87,705 Substandard - - - - - - 2 2 498 - - 498 87,207 87,705 2 87,707 Construction: Pass - - - - 47,619 47,619 - 47,619 Construction to Permanent - CRE: Pass - - - - 6,858 6,858 - 6,858 Total $ 1,566 6,593 1,356 9,515 706,354 715,869 3,778 719,647 Loans receivable, gross: Pass $ 1,566 2,255 375 4,196 695,666 699,862 - 699,862 Special mention - 2,650 - 2,650 9,317 11,967 - 11,967 Substandard - 1,688 981 2,669 1,371 4,040 3,778 7,818 Loans receivable, gross $ 1,566 6,593 1,356 9,515 706,354 715,869 3,778 719,647 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | (In thousands) Non-accruing Loans 30 - 59 60 - 89 90 Days Past Due Total Current Total As of December 31, 2018: Loan portfolio segment: Commercial Real Estate: Substandard $ 1,580 - 1,945 3,525 - 3,525 Residential Real Estate: Substandard - - 2,006 2,006 - 2,006 Commercial and Industrial: Substandard - 15 3,941 3,956 725 4,681 Consumer and Other: Substandard - 86 11 97 77 174 Construction: Substandard - - 8,800 8,800 - 8,800 Total non-accruing loans $ 1,580 101 16,703 18,384 802 19,186 (In thousands) Non-accruing Loans 30 - 59 60 - 89 90 Days Past Due Total Current Total As of December 31, 2017: Loan portfolio segment: Residential Real Estate: Substandard $ - - 3,028 3,028 - 3,028 Commercial and Industrial: Substandard - - 748 748 - 748 Consumer and Other Substandard - - 2 2 - 2 Total non-accruing loans $ - - 3,778 3,778 - 3,778 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | (In thousands) Loan portfolio segment: December 31, December 31, Commercial Real Estate $ 1,081 1,977 Residential Real Estate 296 309 Consumer and Other 689 690 Total TDR Loans 2,066 2,976 Less: TDRs included in non-accrual loans - - Total accrual TDR Loans $ 2,066 2,976 |
Impaired Financing Receivables [Table Text Block] | (In thousands) December 31, 2018 December 31, 2017 Recorded Principal Related Recorded Principal Related With no related allowance recorded: Commercial Real Estate $ 4,606 5,109 - 1,977 2,425 - Residential Real Estate 670 703 - 3,336 3,369 - Commercial and Industrial 488 1,281 - 497 683 - Consumer and Other 827 867 - 690 818 - Construction 8,800 8,839 - - - 15,391 16,799 - 6,500 7,295 - With a related allowance recorded: Commercial Real Estate - - - - - - Residential Real Estate 1,632 1,632 216 - - - Commercial and Industrial 4,158 4,208 1,299 251 251 251 Consumer and Other 37 37 30 2 2 2 Construction - - - - 5,827 5,877 1,545 253 253 253 Impaired Loans, Total: Commercial Real Estate 4,606 5,109 - 1,977 2,425 - Residential Real Estate 2,302 2,335 216 3,336 3,369 - Commercial and Industrial 4,646 5,489 1,299 748 934 251 Consumer and Other 864 904 30 692 820 2 Construction 8,800 8,839 - - - - Impaired Loans, Total $ 21,218 22,676 1,545 6,753 7,548 253 (In thousands) Year ended December 31, 2018 2017 2016 Average Interest Average Interest Average Interest With no related allowance recorded: Commercial Real Estate $ 3,318 100 5,832 102 6,929 312 Residential Real Estate 3,154 11 2,016 11 4,318 9 Commercial and Industrial 987 - 197 - 265 - Consumer and Other 750 31 593 22 544 19 Construction 1,354 503 - - - - 9,563 645 8,638 135 12,056 340 With a related allowance recorded: Commercial Real Estate - - - - 65 - Residential Real Estate 126 - - - - - Commercial and Industrial 474 - 243 - 2,138 - Consumer and Other 9 - - - 2 - Construction - - - - - - 609 - 243 - 2,205 - Impaired Loans, Total: Commercial Real Estate 3,318 100 5,832 102 6,994 312 Residential Real Estate 3,280 11 2,016 11 4,318 9 Commercial and Industrial 1,461 - 440 - 2,403 - Consumer and Other 759 31 593 22 546 19 Construction 1,354 503 - - - - Impaired Loans, Total $ 10,172 645 8,881 135 14,261 340 |
Note 6 - Premises and Equipme_2
Note 6 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (In thousands) Balance as of December 31, 2018 2017 Land $ 12,819 12,714 Buildings 20,200 17,431 Leasehold Improvements 3,891 3,883 Furniture, equipment, and software 11,242 10,488 Construction-in-progress 113 2,225 Premises and equipment, gross 48,265 46,741 Accumulated depreciation and amortization (12,830 ) (11,383 ) Premises and equipment, net $ 35,435 35,358 |
Note 8 - Deposits (Tables)
Note 8 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | December 31, 2018 2017 (In thousands) Balance Weighted Balance Weighted Non-interest bearing $ 84,471 - $ 81,197 - Interest bearing: NOW 26,100 0.0809 % 25,476 0.0399 % Savings 81,912 0.7159 % 135,975 0.8645 % Money market 85,197 1.8230 % 16,575 0.0394 % Certificates of deposit, less than $250,000 203,683 1.8267 % 173,221 1.1375 % Certificates of deposit, $250,000 or greater 78,318 2.2006 % 66,866 1.5225 % Brokered deposits 183,600 2.2910 % 138,129 1.3366 % Interest bearing, Total 658,810 1.7928 % 556,242 0.9455 % Total Deposits $ 743,281 1.5890 % $ 637,439 0.8250 % |
Schedule of Interest Expenses on Deposits Liabilities Type [Table Text Block] | (In thousands) Year ended December 31, 2018 2017 2016 Interest Weighted Interest Weighted Interest Weighted NOW $ 15 0.0600 % $ 7 0.0272 % $ 8 0.0293 % Savings 995 0.8493 % 1,160 0.8069 % 778 0.6196 % Money market 549 1.3446 % 5 0.0367 % 7 0.0365 % Certificates of deposit, less than $250,000 3,048 1.5735 % 1,875 1.0499 % 888 0.6460 % Certificates of deposit, $250,000 or greater 1,226 1.6846 % 912 1.4577 % 215 0.9722 % Brokered deposits 3,191 1.9109 % 989 1.2417 % 346 0.2579 % $ 9,024 1.4648 % $ 4,948 0.9878 % $ 2,242 0.5533 % |
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | (In thousands) Brokered Weighted Avg. Stated Interest Rate 1 year or less $ 152,133 2.1847 % More than 1 year through 2 years 10,501 2.6953 % More than 2 years through 3 years 15,619 2.8160 % More than 3 years through 4 years 5,347 2.9874 % $ 183,600 2.2910 % |
Note 9 - Borrowings (Tables)
Note 9 - Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | (In thousands) Year ending December 31, FHLB Senior Subordinated Junior Subordinated Debt Note Total 2019 $ 10,000 - - - 195 10,195 2020 - - - - 199 199 2021 30,000 12,000 - - 202 42,202 2022 - - - - 206 206 2023 60,000 - - - 210 60,210 Thereafter - - 10,000 8,248 376 18,624 Total contractual maturities of borrowings 100,000 12,000 10,000 8,248 1,388 131,636 Unamortized debt issuance costs - (222 ) (277 ) (154 ) - (653 ) Balance of borrowings at December 31, 2018 $ 100,000 11,778 9,723 8,094 1,388 130,983 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | (In thousands) Year ending December 31, Amount 2019 $ 396 2020 376 2021 378 2022 339 2023 315 thereafter 1,273 Total minimum payments required* $ 3,077 |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (In thousands) Year ended December 31, 2018 2017 2016 Current: Federal $ 447 252 12 State 708 365 84 1,155 617 96 Deferred: Federal 148 2,067 983 State (413 ) 191 128 (265 ) 2,258 1,111 Income tax expense (benefit) $ 890 2,875 1,207 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | (In thousands) Year ended December 31, 2018 2017 2016 Income taxes at statutory Federal rate $ 858 2,387 1,066 State taxes, net of Federal benefit 233 377 140 Nondeductible expenses 15 11 10 Benefit of change in Sec 382 classification (500 ) (2,774 ) - Deferred tax adjustment resulting from tax rate change 198 2,809 - Other 86 65 (9 ) Income tax expense $ 890 2,875 1,207 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Year ended December 31, (In thousands) 2018 2017 Deferred tax assets (liabilities): Federal NOL Carryforward Benefit $ 4,119 7,810 NOL Write-off for Sec 382 Limit (3,258 ) (4,698 ) Capitalized Costs 4,239 - UTP (NOLs) (1,132 ) - State NOL Carryforward Benefit 3,025 3,566 Allowance for loan and lease losses 2,048 1,695 Federal AMT benefit 707 360 Merger and acquisition 357 - Unrealized Losses AFS securities 257 68 Accrued Expenses 178 233 Non-accrual Interest 170 1,089 Share Based Compensation 109 157 Depreciation of Premises and Equipment (3 ) 52 Goodwill and intangible (16 ) - OREO Write-down - 41 Other 51 24 10,851 10,397 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | In thousands Balance as of January 1, 2018 $ - Increases due to tax positions related to the current year - Increases due to tax positions related to a prior year 1,132 Decreases to tax positions related to settlements - Decreases to tax positions as a result of a lapse of statute - Balance as of December 31, 2018 $ 1,132 |
Note 12 - Share-based Compens_2
Note 12 - Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Number Weighted Average Unvested at December 31, 2015 55,854 $ 12.83 Granted 58,084 $ 15.25 Vested (8,161 ) $ 14.79 Forfeited (70,513 ) $ 14.67 Unvested at December 31, 2016 35,264 $ 12.84 Granted 5,084 $ 15.05 Vested (7,878 ) $ 14.31 Forfeited (6,600 ) $ 15.50 Unvested at December 31, 2017 25,870 $ 12.15 Granted 18,323 $ 18.07 Vested (10,999 ) $ 16.21 Forfeited (1,404 ) $ 14.44 Unvested at December 31, 2018 31,790 $ 14.06 |
Note 13 - Shareholders' Equity
Note 13 - Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (Net income in thousands) Year ended December 31, 2018 2017 2016 Basic earnings per share: Net income attributable to Common shareholders $ 3,196 4,147 1,930 Divided by: Weighted average shares outstanding 3,904,052 3,894,222 3,953,281 Basic earnings per common share 0.82 1.06 0.49 Diluted earnings per share: Net income attributable to Common shareholders 3,196 4,147 1,930 Weighted average shares outstanding 3,904,052 3,894,222 3,953,281 Effect of potentially dilutive restricted common shares 11,573 2,963 - Divided by: Weighted average diluted shares outstanding 3,915,625 3,897,185 3,953,281 Diluted earnings per common share 0.82 1.06 0.49 |
Note 15 - Financial Instrumen_2
Note 15 - Financial Instruments With Off-balance Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Commitment to Extended Credit [Table Text Block] | (In thousands) As of December 31, 2018 2017 Commitments to extend credit: Unused lines of credit $ 77,120 63,760 Undisbursed construction loans 20,679 7,930 Home equity lines of credit 19,330 19,727 Future loan commitments 61,438 24,675 Financial standby letters of credit 1,160 1,133 $ 179,727 117,225 |
Note 16 - Regulatory and Oper_2
Note 16 - Regulatory and Operational Matters (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | (In thousands) Patriot National Bancorp, Inc. Patriot Bank, N.A. December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total Capital (to risk weighted assets): Actual 89,993 10.377 74,264 10.092 99,204 11.491 83,711 11.406 To be Well Capitalized (1) - - - - 86,335 10.000 73,393 10.000 For capital adequacy with Capital Buffer (2) - - - - 85,255 9.875 67,889 9.250 For capital adequacy 69,379 8.000 58,868 8.000 69,068 8.000 58,715 8.000 Tier 1 Capital (to risk weighted assets): Actual 72,373 8.345 67,959 9.235 91,583 10.608 77,407 10.547 To be Well Capitalized (1) - - - - 69,068 8.000 58,715 8.000 For capital adequacy with Capital Buffer (2) - - - - 67,988 7.875 53,210 7.250 For capital adequacy 52,034 6.000 44,151 6.000 51,801 6.000 44,036 6.000 Common Equity Tier 1 Capital (to risk weighted assets): Actual 64,373 7.423 59,959 8.148 91,583 10.608 77,407 10.547 To be Well Capitalized (1) - - - - 56,117 6.500 47,706 6.500 For capital adequacy with Capital Buffer (2) - - - - 55,038 6.375 42,201 5.750 For capital adequacy 39,026 4.500 33,113 4.500 38,851 4.500 33,027 4.500 Tier 1 Leverage Capital (to average assets): Actual 72,373 7.764 67,959 8.219 91,583 9.823 77,407 9.360 To be Well Capitalized (1) - - - - 46,617 5.000 41,351 5.000 For capital adequacy 37,288 4.000 33,072 4.000 37,294 4.000 33,081 4.000 |
Note 18 - Fair Value and Inte_2
Note 18 - Fair Value and Interest Rate Risk (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | (In thousands) December 31, 2018 December 31, 2017 Fair Value Carrying Estimated Carrying Estimated Financial Assets: Cash and noninterest bearing balances due from banks Level 1 $ 7,381 7,381 3,582 3,582 Interest-bearing deposits due from banks Level 1 59,056 59,056 45,147 45,147 U. S. Government agency mortgage-backed securities Level 2 20,473 20,473 7,224 7,224 Corporate bonds Level 2 12,974 12,974 13,804 13,804 Subordinated notes Level 2 4,564 4,564 4,548 4,548 U.S. Treasury notes Level 2 1,485 1,485 - - Other investments Level 2 4,963 4,963 4,962 4,962 Federal Reserve Bank stock Level 2 2,866 2,866 2,502 2,502 Federal Home Loan Bank stock Level 2 4,928 4,928 5,889 5,889 Loans receivable, net Level 3 772,767 762,581 713,350 702,816 Accrued interest receivable Level 2 3,766 3,766 3,496 3,496 Interest rate swap receivable Level 2 286 286 - - Financial assets, total $ 895,509 885,323 804,504 793,970 Financial Liabilities: Demand deposits Level 2 $ 84,471 84,471 81,197 81,197 Savings deposits Level 2 81,912 81,912 135,975 135,975 Money market deposits Level 2 85,197 85,197 16,575 16,575 NOW accounts Level 2 26,100 26,100 25,476 25,476 Time deposits Level 2 282,001 280,538 240,087 239,219 Brokered deposits Level 1 183,600 183,120 138,129 137,870 FHLB and correspondent bank borrowings Level 2 100,000 101,369 120,000 120,218 Senior notes Level 2 11,778 11,293 11,703 11,249 Subordinated debt Level 2 9,723 9,348 - - Junior subordinated debt owed to unconsolidated trust Level 2 8,094 8,094 8,086 8,086 Note payable Level 3 1,388 1,239 1,580 1,416 Accrued interest payable Level 2 1,605 1,605 569 569 Contingent consideration liability Level 3 707 707 - - Interest rate swap liability Level 2 286 286 - - Financial liabilities, total $ 876,862 875,279 779,377 777,850 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | (In thousands) Quoted Prices in Significant Observable Inputs Significant Unobservable Inputs Total December 31, 2018: U. S. Government agency mortgage-backed securities $ - 20,473 - 20,473 Corporate bonds - 12,974 - 12,974 Subordinated notes - 4,564 - 4,564 U.S. Treasury notes - 1,485 - 1,485 Available-for-sale securities $ - 39,496 - 39,496 Impaired PCI Loans, net $ - - 615 615 Contingent consideration liability - - 707 707 Interest rate swap receivable - 286 - 286 Interest rate swap liability - 286 - 286 December 31, 2017: U. S. Government agency mortgage-backed securities $ - 7,224 - 7,224 Corporate bonds - 13,804 - 13,804 Subordinated notes - 4,548 - 4,548 Available-for-sale securities $ - 25,576 - 25,576 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | (In thousands) Fair Value Valuation Methodology Unobservable Inputs Range of Inputs December 31, 2018: Impaired loans, net $ 19,673 Real Estate Appraisals Discount for appraisal type 8% - 21% Other Real Estate Owned 2,945 Real Estate Appraisals Discount for appraisal type 14% December 31, 2017: Impaired loans $ 6,500 Real Estate Appraisals Discount for appraisal type 0% - 8% |
Note 19 - Derivatives (Tables)
Note 19 - Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | (In thousands) Notional Amount Maturity (Years) Fixed Rate Variable Fair Value December 31, 2018: Classified in Other Assets: Customer interest rate swap $ 5,000 10.5 5.25 % 1 Mo. LIBOR + 1.96% $ 286 Classified in Other Liabilities: 3rd party interest rate swap $ 5,000 10.5 5.25 % 1 Mo. LIBOR + 1.96% $ (286 ) |
Note 20 - Parent Company-only_2
Note 20 - Parent Company-only Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | As of December 31, 2018 2017 ASSETS Cash and due from banks $ 2,443 2,319 Investment in subsidiary 96,729 84,549 Other assets 59 59 Total assets 99,231 86,927 LIABILITIES AND SHAREHOLDERS' EQUITY Borrowings 29,595 19,789 Accrued expenses and other liabilities 450 389 Shareholders' equity 69,186 66,749 Total liabilities and shareholders' equity $ 99,231 86,927 |
Condensed Income Statement [Table Text Block] | Year ended December 31, 2018 2017 2016 Expenses: Interest on subordinated debt $ 454 371 344 Interest on senior debt 1,242 915 25 Interest on other borrowings - - 3 Total interest expense 1,696 1,286 372 Other expenses 313 208 162 Loss before equity in undistributed net income of subsidiary 2,009 1,494 534 Equity in undistributed net income of subsidiary 5,051 5,641 2,464 Net Income 3,042 4,147 1,930 Equity in subsidiary other comprehensive income, net of subsidiary (671 ) (35 ) 32 Total comprehensive income $ 2,371 4,112 1,962 |
Condensed Cash Flow Statement [Table Text Block] | Year ended December 31, 2018 2017 2016 Cash Flows from Operating Activities: Net Income $ 3,042 4,147 1,930 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in undistributed income of subsidiary (5,051 ) (5,641 ) (2,464 ) Dividends received from Patriot Bank, N.A. - - 890 Share-based compensation expense 220 146 161 Amortization of debt issuance costs 97 82 9 Change in assets and liabilities: (Increase) decrease in other assets - (13 ) - Decrease in accrued expenses and other liabilities 61 32 (414 ) Net cash (used in) provided by operating activities (1,631 ) (1,247 ) 112 Cash Flows from Investing Activities: Net increase in investment in Patriot Bank N.A. (7,800 ) - (7,198 ) Net cash used in investing activities (7,800 ) - (7,198 ) Cash Flows from Financing Activities: Proceeds from issuance of subordinated note, net 9,709 - - Proceeds from issuance of senior notes, net - - 11,708 Purchase of treasury stock - (2 ) (1,017 ) Dividends paid on common stock (154 ) (77 ) - Net cash provided by (used in) financing activities 9,555 (79 ) 10,691 Net increase (decrease) in cash and cash equivalents 124 (1,326 ) 3,605 Cash and cash equivalents at beginning of year 2,319 3,645 40 Cash and cash equivalents at end of year $ 2,443 2,319 3,645 Supplemental Disclosures of Cash Flow Information: Cash paid for interest $ 1,600 1,203 777 Cash paid for income taxes $ - - - Supplemental Disclosure of Non-cash Activity: Deferred debt issuance costs $ - - 82 Accounts payable - - (82 ) $ - - - |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations and Summary of Significant Accounting Policies (Details Textual) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 01, 2019USD ($) | |
Federal Home Loan Bank Stock and Federal Reserve Bank Stock, Total | $ 7,800 | $ 8,400 | ||
Impairment of Investment in Federal Home Loan Bank Stock and Federal Reserve Bank Stock | 0 | 0 | ||
SBA Loan Funds | 4,500 | 4,500 | ||
Provision for Loan Losses Expensed | 1,303 | $ (857) | $ 2,464 | |
Goodwill, Impaired, Accumulated Impairment Loss | $ 0 | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | ||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 2,800 | |||
Deferred Tax Assets, Valuation Allowance, Total | $ 0 | 0 | ||
Deferred Tax Assets, Net of Valuation Allowance, Total | 10,851 | 10,397 | ||
Unrecognized Tax Benefits, Ending Balance | $ 1,132 | $ 0 | ||
Accounting Standards Update 2016-02 [Member] | Subsequent Event [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 3,400 | |||
Operating Lease, Liability, Total | $ 3,400 | |||
Vesting Period Two [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Vesting Period Three [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||||
Open Tax Year | 2015 2016 2017 | 2015 2016 2017 | ||
Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life | 40 years | |||
Federal Home Loan Bank Certificates and Obligations (FHLB) [Member] | ||||
Stock Value Par or Stated Value per Share | $ / shares | $ 100 | |||
CONNECTICUT | ||||
Number of Operating Branches | 7 | |||
NEW YORK | ||||
Number of Operating Branches | 2 |
Note 2 - Business Combination_2
Note 2 - Business Combinations (Details Textual) | Dec. 31, 2018USD ($) | Aug. 29, 2018USD ($) | May 10, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Assets, Total | $ 951,696,000 | $ 951,696,000 | $ 951,696,000 | $ 852,080,000 | ||
Marketable Securities, Total | 44,459,000 | 44,459,000 | 44,459,000 | 30,538,000 | ||
Deposits, Total | 743,281,000 | 743,281,000 | 743,281,000 | 637,439,000 | ||
Goodwill, Ending Balance | 1,728,000 | 1,728,000 | 1,728,000 | |||
Goodwill, Impairment Loss | $ 0 | |||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 10 years | |||||
Prime Bank [Member] | ||||||
Business Combination, Acquisition Related Costs | $ 707,000 | |||||
Goodwill, Ending Balance | 1,728,000 | $ 2,392,000 | 1,728,000 | 1,728,000 | ||
Business Combination, Initial Cash Purchase Price | 5,890,000 | |||||
Business Combination, Final Estimated Purchase Price | 1,000,000 | |||||
Payments to Acquire Businesses, Gross | 6,223,000 | $ 1,280,000 | 5,888,000 | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 1,570,000 | |||||
Business Combination, Contingent Consideration, Liability, Total | $ 707,000 | $ 1,761,000 | 707,000 | $ 707,000 | ||
Prime Bank [Member] | Core Deposits [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||||
Prime Bank [Member] | Securities Acquired in Business Acquisition [Member] | ||||||
Debt Securities, Available-for-sale, Realized Gain (Loss), Total | $ 0 | |||||
Prime Bank [Member] | Measurement Input, Account Balance Growth Rate [Member] | ||||||
Core Deposit, Measurement Input | 0.03 | |||||
Hana SBL [Member] | ||||||
Business Combination, Acquisition Related Costs | $ 1,150,000 | |||||
Prime Bank [Member] | ||||||
Assets, Total | $ 65,000,000 | |||||
Marketable Securities, Total | 36,000,000 | |||||
Loans Payable, Total | 23,000,000 | |||||
Deposits, Total | $ 46,000,000 |
Note 2 - Business Combination_3
Note 2 - Business Combinations - Estimated Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) | Dec. 31, 2018 | Aug. 29, 2018 | May 10, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill resulting from acquisition | $ 1,728,000 | $ 1,728,000 | |||
Prime Bank [Member] | |||||
Cash consideration | 6,223,000 | $ 1,280,000 | $ 5,888,000 | ||
Cash consideration | 335,000 | ||||
Contingent consideration | 707,000 | 1,761,000 | 707,000 | ||
Contingent consideration | (1,054,000) | ||||
Cash and cash equivalents | 1,152,000 | 1,152,000 | 1,152,000 | ||
Securities | 35,532,000 | 35,532,000 | 35,532,000 | ||
Loans | 21,382,000 | 21,605,000 | 21,382,000 | ||
Loans | (223,000) | ||||
Premises and equipment | 6,000 | 6,000 | 6,000 | ||
Other real estate owned | 991,000 | 991,000 | 991,000 | ||
Core deposit intangibles | 748,000 | 552,000 | 748,000 | ||
Core deposit intangibles | 196,000 | ||||
Other assets | 1,514,000 | 1,514,000 | 1,514,000 | ||
Total assets acquired | 61,325,000 | 61,352,000 | 61,325,000 | ||
Total assets acquired | (27,000) | ||||
Deposits | 46,184,000 | 46,184,000 | 46,184,000 | ||
Borrowings | 9,800,000 | 9,800,000 | 9,800,000 | ||
Other liabilities | 139,000 | 111,000 | 139,000 | ||
Other liabilities | 28,000 | ||||
Total liabilities assumed | 56,123,000 | 56,095,000 | 56,123,000 | ||
Total liabilities assumed | 28,000 | ||||
Identifiable net assets acquired | 5,202,000 | 5,257,000 | 5,202,000 | ||
Identifiable net assets acquired | (55,000) | ||||
Goodwill resulting from acquisition | $ 1,728,000 | $ 2,392,000 | 1,728,000 | ||
Goodwill resulting from acquisition | $ (664,000) |
Note 2 - Business Combination_4
Note 2 - Business Combinations - Schedule of Goodwill (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | May 10, 2018 | Dec. 31, 2017 | |
Balance | $ 1,728,000 | ||
Impairment | 0 | ||
Prime Bank [Member] | |||
Balance | $ 1,728,000 | $ 2,392,000 |
Note 2 - Business Combination_5
Note 2 - Business Combinations - Schedule of Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Core deposit intangible, net | $ 698 | ||
Core Deposits [Member] | |||
Core deposit intangible, gross | $ 748 | ||
Core deposit intangible, Accumulated amortization | $ 50 | ||
Core deposit intangible, net | $ 698 |
Note 3 - Restrictions on Cash_2
Note 3 - Restrictions on Cash and Due From Banks (Details Textual) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Restricted Cash and Cash Equivalents, Total | $ 16 | $ 16 |
Note 4 - Available-for-sale S_3
Note 4 - Available-for-sale Securities (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 10 | 9 |
Number of Available-for-sale Securities | 16 | 11 |
Unrealized Holding Losses Depreciation Percentage from Amortized Cost | 4.40% | 1.40% |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | $ 0 | |
Available-For-Sale Securities Pledged to Secure Municipal Deposits [Member] | ||
Debt Securities, Available-for-sale, Restricted | 7,000 | $ 6,700 |
Available-For-Sale Securities Pledged to FRB of New York [Member] | ||
Debt Securities, Available-for-sale, Restricted | 5,500 | $ 6,700 |
Available-For-Sale Securities Pledged to St. Louis Fed [Member] | ||
Debt Securities, Available-for-sale, Restricted | $ 1,500 |
Note 4 - Available-for-sale S_4
Note 4 - Available-for-sale Securities - Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Available-for-sale securities, amortized cost | $ 40,610 | $ 25,830 |
Available-for-sale securities, gross unrealized gains | 108 | 48 |
Available-for-sale securities, gross unrealized losses | (1,222) | (302) |
Available-for-sale securities | 39,496 | 25,576 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available-for-sale securities, amortized cost | 20,626 | 7,330 |
Available-for-sale securities, gross unrealized gains | 43 | |
Available-for-sale securities, gross unrealized losses | (196) | (106) |
Available-for-sale securities | 20,473 | 7,224 |
Corporate Debt Securities [Member] | ||
Available-for-sale securities, amortized cost | 14,000 | 14,000 |
Available-for-sale securities, gross unrealized gains | ||
Available-for-sale securities, gross unrealized losses | (1,026) | (196) |
Available-for-sale securities | 12,974 | 13,804 |
Subordinated Notes [Member] | ||
Available-for-sale securities, amortized cost | 4,500 | 4,500 |
Available-for-sale securities, gross unrealized gains | 64 | 48 |
Available-for-sale securities, gross unrealized losses | ||
Available-for-sale securities | 4,564 | $ 4,548 |
US Treasury Securities [Member] | ||
Available-for-sale securities, amortized cost | 1,484 | |
Available-for-sale securities, gross unrealized gains | 1 | |
Available-for-sale securities, gross unrealized losses | ||
Available-for-sale securities | $ 1,485 |
Note 4 - Available-for-sale S_5
Note 4 - Available-for-sale Securities - Investment Securities in a Continuous Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Available-for-sale securities in continuous loss position, less than 12 months, fair value | $ 8,024 | $ 17,922 |
Available-for-sale securities in continuous loss position, less than 12 months, unrealized loss | (38) | (209) |
Available-for-sale securities in continuous loss position, 12 months or more, fair value | 18,396 | 3,106 |
Available-for-sale securities in continuous loss position, 12 months or more, unrealized loss | (1,184) | (93) |
Available-for-sale securities in continuous loss position, fair value | 26,420 | 21,028 |
Available-for-sale securities in continuous loss position, unrealized loss | (1,222) | (302) |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available-for-sale securities in continuous loss position, less than 12 months, fair value | 8,024 | 4,118 |
Available-for-sale securities in continuous loss position, less than 12 months, unrealized loss | (38) | (13) |
Available-for-sale securities in continuous loss position, 12 months or more, fair value | 5,422 | 3,106 |
Available-for-sale securities in continuous loss position, 12 months or more, unrealized loss | (158) | (93) |
Available-for-sale securities in continuous loss position, fair value | 13,446 | 7,224 |
Available-for-sale securities in continuous loss position, unrealized loss | (196) | (106) |
Corporate Debt Securities [Member] | ||
Available-for-sale securities in continuous loss position, less than 12 months, fair value | 13,804 | |
Available-for-sale securities in continuous loss position, less than 12 months, unrealized loss | (196) | |
Available-for-sale securities in continuous loss position, 12 months or more, fair value | 12,974 | |
Available-for-sale securities in continuous loss position, 12 months or more, unrealized loss | (1,026) | |
Available-for-sale securities in continuous loss position, fair value | 12,974 | 13,804 |
Available-for-sale securities in continuous loss position, unrealized loss | $ (1,026) | $ (196) |
Note 4 - Available-for-sale S_6
Note 4 - Available-for-sale Securities - Investment Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Amortized cost, due within 5 years | $ 8,326 | |
Amortized cost, due after 5 years through 10 years | 19,168 | 16,700 |
Amortized cost, due after 10 years | 13,116 | 9,130 |
Available-for-sale securities, amortized cost | 40,610 | 25,830 |
Fair value, due within 5 years | 8,329 | |
Fair value, due after 5 years through 10 years | 18,631 | 16,583 |
Fair value, due after 10 years | 12,536 | 8,993 |
Available-for-sale securities | 39,496 | 25,576 |
Corporate Debt Securities [Member] | ||
Amortized cost, due within 5 years | ||
Amortized cost, due after 5 years through 10 years | 9,000 | 9,000 |
Amortized cost, due after 10 years | 5,000 | 5,000 |
Available-for-sale securities, amortized cost | 14,000 | 14,000 |
Fair value, due within 5 years | ||
Fair value, due after 5 years through 10 years | 8,537 | 8,928 |
Fair value, due after 10 years | 4,437 | 4,876 |
Available-for-sale securities | 12,974 | 13,804 |
Subordinated Notes [Member] | ||
Amortized cost, due within 5 years | ||
Amortized cost, due after 5 years through 10 years | 4,500 | 4,500 |
Amortized cost, due after 10 years | ||
Available-for-sale securities, amortized cost | 4,500 | 4,500 |
Fair value, due within 5 years | ||
Fair value, due after 5 years through 10 years | 4,564 | 4,548 |
Fair value, due after 10 years | ||
Available-for-sale securities | 4,564 | 4,548 |
US Treasury Securities [Member] | ||
Amortized cost, due within 5 years | 1,484 | |
Amortized cost, due after 5 years through 10 years | ||
Amortized cost, due after 10 years | ||
Available-for-sale securities, amortized cost | 1,484 | |
Fair value, due within 5 years | 1,485 | |
Fair value, due after 5 years through 10 years | ||
Fair value, due after 10 years | ||
Available-for-sale securities | 1,485 | |
Available-for-sale Securities with Single Maturity Dates [Member] | ||
Amortized cost, due within 5 years | 1,484 | |
Amortized cost, due after 5 years through 10 years | 13,500 | 13,500 |
Amortized cost, due after 10 years | 5,000 | 5,000 |
Available-for-sale securities, amortized cost | 19,984 | 18,500 |
Fair value, due within 5 years | 1,485 | |
Fair value, due after 5 years through 10 years | 13,101 | 13,476 |
Fair value, due after 10 years | 4,437 | 4,876 |
Available-for-sale securities | 19,023 | 18,352 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Amortized cost, due within 5 years | 6,842 | |
Amortized cost, due after 5 years through 10 years | 5,668 | 3,200 |
Amortized cost, due after 10 years | 8,116 | 4,130 |
Available-for-sale securities, amortized cost | 20,626 | 7,330 |
Fair value, due within 5 years | 6,844 | |
Fair value, due after 5 years through 10 years | 5,530 | 3,107 |
Fair value, due after 10 years | 8,099 | 4,117 |
Available-for-sale securities | $ 20,473 | $ 7,224 |
Note 5 - Loans Receivable and_3
Note 5 - Loans Receivable and Allowance for Loan and Lease Losses (Details Textual) | May 10, 2018USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | $ 615,000 | ||||
Deteriorated Loans Transferred in, Debt Securities, Accreditable Yield, Period Increase (Decrease), Total | 92,000 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | $ 3,752,000 | ||||
Payments to Acquire Loans Receivable | $ 47,074,000 | $ 73,022,000 | $ 52,005,000 | ||
Maximum Period of Credit Extension of Construction Loans | 1 year 180 days | ||||
Loans Receivable, Term to Reset to FHLB Rate | 5 years | ||||
Period for Charged Off of Open-End Credits | 180 days | ||||
Period for Charged Off of Close-End Credits | 120 days | ||||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ 503,000 | 209,000 | $ 79,000 | ||
Threshold Period Past Due for Write-off of Financing Receivable | 90 days | ||||
Maximum Period for Charged Off of Consumer Installment Loans | 180 days | ||||
Financing Receivable, Modifications, Recorded Investment | $ 2,100,000 | $ 3,000,000 | |||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | 0 | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | 0 | ||
Loans and Leases Receivable, Impaired, Commitment to Lend | $ 0 | $ 0 | |||
Impaired Financing Receivable, Recorded Investment, Total | 21,200,000 | 6,800,000 | |||
Impaired Financing Receivable, Related Allowance | $ 1,500,000 | $ 253,000 | |||
Number of Impaired Loans | 25 | 12 | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | $ 0 | ||||
Revised Acquisition Date Estimate [Member] | |||||
Deteriorated Loans Transferred in, Debt Securities, Accreditable Yield, Period Increase (Decrease), Total | 887,000 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | $ 887,000 | ||||
Non-Accrual Loans [Member] | |||||
Impaired Financing Receivable, Interest Income, Cash Basis Method, Total | $ 0 | $ 0 | $ 0 | ||
Commercial Real Estate Portfolio Segment [Member] | |||||
Maximum Percentage of Credit Extension Based on Market Value of Collateral | 75.00% | ||||
Multi-family Real Estate [Member] | |||||
Maximum Percentage of Credit Extension Based on Market Value of Collateral | 80.00% | ||||
Construction Portfolio Segment [Member] | |||||
Percentage of Maximum Loan to Value | 75.00% | ||||
Residential Portfolio Segment [Member] | |||||
Payments to Acquire Loans Receivable | $ 25,600,000 | $ 73,000,000 | |||
Consumer Portfolio Segment [Member] | Education Loans [Member] | |||||
Payments to Acquire Loans Receivable | $ 21,400,000 | ||||
Construction to Permanent Portfolio Segment [Member] | Minimum [Member] | |||||
Loans Receivable, Term | 20 years | ||||
Construction to Permanent Portfolio Segment [Member] | Maximum [Member] | |||||
Loans Receivable, Term | 25 years | ||||
Commercial Portfolio Segment [Member] | |||||
Proceeds from Insurance Settlement, Investing Activities | $ 2,800,000 |
Note 5 - Loans Receivable and_4
Note 5 - Loans Receivable and Allowance for Loan and Lease Losses - Loan Portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for loan and lease losses | $ (7,609) | $ (6,297) | $ (4,675) | $ (5,242) | |
Loans receivable, net | 772,767 | 713,350 | |||
Business Activities Loans [Member] | |||||
Loans receivable, gross | 780,376 | [1] | 719,647 | ||
Allowance for loan and lease losses | (7,609) | (6,297) | |||
Loans receivable, net | 772,767 | ||||
Acquired Loans [Member] | |||||
Loans receivable, gross | 719,647 | ||||
Allowance for loan and lease losses | (6,297) | ||||
Loans receivable, net | 713,350 | ||||
Commercial Real Estate Portfolio Segment [Member] | |||||
Allowance for loan and lease losses | (1,866) | (2,212) | (1,853) | (1,970) | |
Commercial Real Estate Portfolio Segment [Member] | Business Activities Loans [Member] | |||||
Loans receivable, gross | 274,938 | 299,925 | |||
Allowance for loan and lease losses | (1,866) | (2,212) | |||
Commercial Real Estate Portfolio Segment [Member] | Acquired Loans [Member] | |||||
Loans receivable, gross | 299,925 | ||||
Residential Portfolio Segment [Member] | |||||
Allowance for loan and lease losses | (1,059) | (959) | (534) | (740) | |
Residential Portfolio Segment [Member] | Business Activities Loans [Member] | |||||
Loans receivable, gross | 157,300 | 146,377 | |||
Allowance for loan and lease losses | (1,059) | (959) | |||
Residential Portfolio Segment [Member] | Acquired Loans [Member] | |||||
Loans receivable, gross | 146,377 | ||||
Commercial Portfolio Segment [Member] | |||||
Allowance for loan and lease losses | (3,558) | (2,023) | (740) | (1,027) | |
Commercial Portfolio Segment [Member] | Business Activities Loans [Member] | |||||
Loans receivable, gross | 191,852 | 131,161 | |||
Allowance for loan and lease losses | (3,558) | (2,023) | |||
Commercial Portfolio Segment [Member] | Acquired Loans [Member] | |||||
Loans receivable, gross | 131,161 | ||||
Consumer Portfolio Segment [Member] | |||||
Allowance for loan and lease losses | (641) | (568) | (641) | (677) | |
Consumer Portfolio Segment [Member] | Business Activities Loans [Member] | |||||
Loans receivable, gross | 94,569 | 87,707 | |||
Allowance for loan and lease losses | (641) | (568) | |||
Consumer Portfolio Segment [Member] | Acquired Loans [Member] | |||||
Loans receivable, gross | 87,707 | ||||
Construction Portfolio Segment [Member] | |||||
Allowance for loan and lease losses | (350) | (481) | (712) | (486) | |
Construction Portfolio Segment [Member] | Business Activities Loans [Member] | |||||
Loans receivable, gross | 46,040 | 47,619 | |||
Allowance for loan and lease losses | (350) | (481) | |||
Construction Portfolio Segment [Member] | Acquired Loans [Member] | |||||
Loans receivable, gross | 47,619 | ||||
Construction to Permanent Portfolio Segment [Member] | |||||
Allowance for loan and lease losses | (108) | (54) | $ (69) | $ (123) | |
Construction to Permanent Portfolio Segment [Member] | Business Activities Loans [Member] | |||||
Loans receivable, gross | 15,677 | 6,858 | |||
Allowance for loan and lease losses | $ (108) | (54) | |||
Construction to Permanent Portfolio Segment [Member] | Acquired Loans [Member] | |||||
Loans receivable, gross | $ 6,858 | ||||
[1] | The total loan receivable, gross does not include $21.9 million acquired loans which were all individually evaluated for impairment. |
Note 5 - Loans Receivable and_5
Note 5 - Loans Receivable and Allowance for Loan and Lease Losses - Acquired Loan Portfolio Subject to Purchased Credit Impaired (Details) $ in Thousands | May 10, 2018USD ($) |
Contractually required principal and interest at acquisition | $ 5,816 |
Contractual cash flows not expected to be collected (nonaccretable discount) | (2,064) |
Expected cash flows at acquisition | 3,752 |
Interest component of expected cash flows (accretable discount) | (1,316) |
Fair value of acquired loans | $ 2,436 |
Note 5 - Loans Receivable and_6
Note 5 - Loans Receivable and Allowance for Loan and Lease Losses - Summary of Changes in Accretable Discount for PCI (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Accretable discount, beginning of period | $ (1,316) |
Accretion | 92 |
Other changes, net | 432 |
Accretable discount, end of period | $ (792) |
Note 5 - Loans Receivable and_7
Note 5 - Loans Receivable and Allowance for Loan and Lease Losses - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Balance | $ 6,297 | $ 4,675 | $ 5,242 | |||
Charge-offs | (35) | (304) | (3,180) | |||
Recoveries | 44 | 2,783 | 149 | |||
Provisions (credits) | 1,303 | (857) | 2,464 | |||
Balance | 7,609 | 6,297 | 4,675 | |||
Total allowance for loan and lease losses | 6,297 | 6,297 | 4,675 | $ 7,609 | $ 6,297 | |
Business Activities Loans [Member] | ||||||
Balance | 6,297 | |||||
Balance | 7,609 | 6,297 | ||||
Allowance for loan losses: Individually evaluated for impairment | 1,545 | 253 | ||||
Allowance for loan losses: Collectively evaluated for impairment | 6,064 | 6,044 | ||||
Total allowance for loan and lease losses | 7,609 | 6,297 | 7,609 | 6,297 | ||
Loans receivable, gross: Individually evaluated for impairment | 21,218 | 6,753 | ||||
PCI loans individually evaluated for impairment | 615 | |||||
Loans receivable, gross: Collectively evaluated for impairment | 758,543 | 712,894 | ||||
Total loans receivable, gross | 780,376 | [1] | 719,647 | |||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Balance | 2,212 | 1,853 | 1,970 | |||
Charge-offs | 0 | 0 | ||||
Recoveries | 7 | 10 | 80 | |||
Provisions (credits) | (353) | 349 | (197) | |||
Balance | 1,866 | 2,212 | 1,853 | |||
Total allowance for loan and lease losses | 2,212 | 2,212 | 1,853 | 1,866 | 2,212 | |
Commercial Real Estate Portfolio Segment [Member] | Business Activities Loans [Member] | ||||||
Balance | 2,212 | |||||
Balance | 1,866 | 2,212 | ||||
Allowance for loan losses: Individually evaluated for impairment | 0 | 0 | ||||
Allowance for loan losses: Collectively evaluated for impairment | 1,866 | 2,212 | ||||
Total allowance for loan and lease losses | 1,866 | 2,212 | 1,866 | 2,212 | ||
Loans receivable, gross: Individually evaluated for impairment | 4,606 | 1,977 | ||||
PCI loans individually evaluated for impairment | ||||||
Loans receivable, gross: Collectively evaluated for impairment | 270,332 | 297,948 | ||||
Total loans receivable, gross | 274,938 | 299,925 | ||||
Residential Portfolio Segment [Member] | ||||||
Balance | 959 | 534 | 740 | |||
Charge-offs | (2) | 0 | (190) | |||
Recoveries | 2 | 0 | 1 | |||
Provisions (credits) | 100 | 425 | (17) | |||
Balance | 1,059 | 959 | 534 | |||
Total allowance for loan and lease losses | 959 | 959 | 534 | 1,059 | 959 | |
Residential Portfolio Segment [Member] | Business Activities Loans [Member] | ||||||
Balance | 959 | |||||
Balance | 1,059 | 959 | ||||
Allowance for loan losses: Individually evaluated for impairment | 216 | 0 | ||||
Allowance for loan losses: Collectively evaluated for impairment | 843 | 959 | ||||
Total allowance for loan and lease losses | 1,059 | 959 | 1,059 | 959 | ||
Loans receivable, gross: Individually evaluated for impairment | 2,302 | 3,336 | ||||
PCI loans individually evaluated for impairment | ||||||
Loans receivable, gross: Collectively evaluated for impairment | 154,998 | 143,041 | ||||
Total loans receivable, gross | 157,300 | 146,377 | ||||
Commercial Portfolio Segment [Member] | ||||||
Balance | 2,023 | 740 | 1,027 | |||
Charge-offs | 0 | (265) | (2,977) | |||
Recoveries | 34 | 2,769 | 66 | |||
Provisions (credits) | 1,501 | (1,221) | 2,624 | |||
Balance | 3,558 | 2,023 | 740 | |||
Total allowance for loan and lease losses | 2,023 | 2,023 | 740 | 3,558 | 2,023 | |
Commercial Portfolio Segment [Member] | Business Activities Loans [Member] | ||||||
Balance | 2,023 | |||||
Balance | 3,558 | 2,023 | ||||
Allowance for loan losses: Individually evaluated for impairment | 1,299 | 251 | ||||
Allowance for loan losses: Collectively evaluated for impairment | 2,259 | 1,772 | ||||
Total allowance for loan and lease losses | 3,558 | 2,023 | 3,558 | 2,023 | ||
Loans receivable, gross: Individually evaluated for impairment | 4,646 | 748 | ||||
PCI loans individually evaluated for impairment | 615 | |||||
Loans receivable, gross: Collectively evaluated for impairment | 186,591 | 130,413 | ||||
Total loans receivable, gross | 191,852 | 131,161 | ||||
Consumer Portfolio Segment [Member] | ||||||
Balance | 568 | 641 | 677 | |||
Charge-offs | (33) | (39) | (13) | |||
Recoveries | 1 | 4 | 2 | |||
Provisions (credits) | 105 | (38) | (25) | |||
Balance | 641 | 568 | 641 | |||
Total allowance for loan and lease losses | 568 | 568 | 641 | 641 | 568 | |
Consumer Portfolio Segment [Member] | Business Activities Loans [Member] | ||||||
Balance | 568 | |||||
Balance | 641 | 568 | ||||
Allowance for loan losses: Individually evaluated for impairment | 30 | 2 | ||||
Allowance for loan losses: Collectively evaluated for impairment | 611 | 566 | ||||
Total allowance for loan and lease losses | 641 | 568 | 641 | 568 | ||
Loans receivable, gross: Individually evaluated for impairment | 864 | 692 | ||||
PCI loans individually evaluated for impairment | ||||||
Loans receivable, gross: Collectively evaluated for impairment | 93,705 | 87,015 | ||||
Total loans receivable, gross | 94,569 | 87,707 | ||||
Construction Portfolio Segment [Member] | ||||||
Balance | 481 | 712 | 486 | |||
Charge-offs | 0 | 0 | ||||
Recoveries | 0 | 0 | ||||
Provisions (credits) | (131) | (231) | 226 | |||
Balance | 350 | 481 | 712 | |||
Total allowance for loan and lease losses | 481 | 481 | 712 | 350 | 481 | |
Construction Portfolio Segment [Member] | Business Activities Loans [Member] | ||||||
Balance | 481 | |||||
Balance | 350 | 481 | ||||
Allowance for loan losses: Individually evaluated for impairment | 0 | 0 | ||||
Allowance for loan losses: Collectively evaluated for impairment | 350 | 481 | ||||
Total allowance for loan and lease losses | 350 | 481 | 350 | 481 | ||
Loans receivable, gross: Individually evaluated for impairment | 8,800 | 0 | ||||
PCI loans individually evaluated for impairment | ||||||
Loans receivable, gross: Collectively evaluated for impairment | 37,240 | 47,619 | ||||
Total loans receivable, gross | 46,040 | 47,619 | ||||
Construction to Permanent Portfolio Segment [Member] | ||||||
Balance | 54 | 69 | 123 | |||
Charge-offs | 0 | 0 | ||||
Recoveries | 0 | 0 | ||||
Provisions (credits) | 54 | (15) | (54) | |||
Balance | 108 | 54 | 69 | |||
Total allowance for loan and lease losses | 54 | 54 | 69 | 108 | 54 | |
Construction to Permanent Portfolio Segment [Member] | Business Activities Loans [Member] | ||||||
Balance | 54 | |||||
Balance | 108 | 54 | ||||
Allowance for loan losses: Individually evaluated for impairment | 0 | 0 | ||||
Allowance for loan losses: Collectively evaluated for impairment | 108 | 54 | ||||
Total allowance for loan and lease losses | 108 | 54 | 108 | 54 | ||
Loans receivable, gross: Individually evaluated for impairment | 0 | 0 | ||||
PCI loans individually evaluated for impairment | ||||||
Loans receivable, gross: Collectively evaluated for impairment | 15,677 | 6,858 | ||||
Total loans receivable, gross | 15,677 | 6,858 | ||||
Unallocated Financing Receivables [Member] | ||||||
Balance | 126 | 219 | ||||
Charge-offs | 0 | 0 | ||||
Recoveries | 0 | 0 | ||||
Provisions (credits) | 27 | (126) | (93) | |||
Balance | 27 | 126 | ||||
Total allowance for loan and lease losses | $ 126 | 27 | ||||
Unallocated Financing Receivables [Member] | Business Activities Loans [Member] | ||||||
Balance | ||||||
Balance | 27 | |||||
Allowance for loan losses: Individually evaluated for impairment | 0 | 0 | ||||
Allowance for loan losses: Collectively evaluated for impairment | 27 | 0 | ||||
Total allowance for loan and lease losses | $ 27 | 27 | ||||
Loans receivable, gross: Individually evaluated for impairment | 0 | 0 | ||||
PCI loans individually evaluated for impairment | ||||||
Loans receivable, gross: Collectively evaluated for impairment | 0 | |||||
Total loans receivable, gross | $ 0 | |||||
[1] | The total loan receivable, gross does not include $21.9 million acquired loans which were all individually evaluated for impairment. |
Note 5 - Loans Receivable and_8
Note 5 - Loans Receivable and Allowance for Loan and Lease Losses - Delinquency Status of Performing and Non-performing Loans (Details) - Business Activities Loans [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Loans receivable, gross | $ 780,376 | [1] | $ 719,647 |
Non-accruing loans | 19,186 | 3,778 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans receivable, gross | 274,938 | 299,925 | |
Non-accruing loans | 3,525 | ||
Residential Portfolio Segment [Member] | |||
Loans receivable, gross | 157,300 | 146,377 | |
Non-accruing loans | 2,006 | 3,028 | |
Commercial Portfolio Segment [Member] | |||
Loans receivable, gross | 191,852 | 131,161 | |
Non-accruing loans | 4,681 | 748 | |
Consumer Portfolio Segment [Member] | |||
Loans receivable, gross | 94,569 | 87,707 | |
Non-accruing loans | 174 | 2 | |
Construction Portfolio Segment [Member] | |||
Loans receivable, gross | 46,040 | 47,619 | |
Non-accruing loans | 8,800 | ||
Construction to Permanent Portfolio Segment [Member] | |||
Loans receivable, gross | 15,677 | 6,858 | |
Non-accruing loans | |||
Pass [Member] | |||
Loans receivable, gross | 744,663 | 699,862 | |
Non-accruing loans | |||
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Loans receivable, gross | 262,858 | 286,428 | |
Non-accruing loans | |||
Pass [Member] | Residential Portfolio Segment [Member] | |||
Loans receivable, gross | 152,963 | 141,820 | |
Non-accruing loans | |||
Pass [Member] | Commercial Portfolio Segment [Member] | |||
Loans receivable, gross | 181,530 | 129,432 | |
Non-accruing loans | |||
Pass [Member] | Consumer Portfolio Segment [Member] | |||
Loans receivable, gross | 94,395 | 87,705 | |
Non-accruing loans | |||
Pass [Member] | Construction Portfolio Segment [Member] | |||
Loans receivable, gross | 37,240 | 47,619 | |
Non-accruing loans | |||
Pass [Member] | Construction to Permanent Portfolio Segment [Member] | |||
Loans receivable, gross | 15,677 | 6,858 | |
Non-accruing loans | |||
Special Mention [Member] | |||
Loans receivable, gross | 6,960 | 11,967 | |
Non-accruing loans | |||
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Loans receivable, gross | 3,631 | 10,438 | |
Non-accruing loans | |||
Special Mention [Member] | Residential Portfolio Segment [Member] | |||
Loans receivable, gross | 850 | 1,529 | |
Non-accruing loans | |||
Special Mention [Member] | Commercial and Industrial Portfolio Segment [Member] | |||
Loans receivable, gross | 2,479 | ||
Non-accruing loans | |||
Substandard [Member] | |||
Loans receivable, gross | 28,753 | ||
Non-accruing loans | 19,186 | ||
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Loans receivable, gross | 8,449 | 3,059 | |
Non-accruing loans | 3,525 | ||
Substandard [Member] | Residential Portfolio Segment [Member] | |||
Loans receivable, gross | 3,487 | 3,028 | |
Non-accruing loans | 2,006 | 3,028 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | |||
Loans receivable, gross | 7,843 | 1,729 | |
Non-accruing loans | 4,681 | 748 | |
Substandard [Member] | Consumer Portfolio Segment [Member] | |||
Loans receivable, gross | 174 | 2 | |
Non-accruing loans | 174 | 2 | |
Substandard [Member] | Construction Portfolio Segment [Member] | |||
Loans receivable, gross | 8,800 | 7,818 | |
Non-accruing loans | 8,800 | 3,778 | |
Performing Financial Instruments [Member] | |||
Performing (accruing) loans, past due | 5,386 | 9,515 | |
Performing (accruing) loans, current | 755,804 | 706,354 | |
Loans receivable, gross | 761,190 | 715,869 | |
Performing Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 1,551 | 2,809 | |
Performing (accruing) loans, current | 269,862 | 297,116 | |
Loans receivable, gross | 271,413 | 299,925 | |
Performing Financial Instruments [Member] | Residential Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 1,454 | 2,852 | |
Performing (accruing) loans, current | 153,840 | 140,497 | |
Loans receivable, gross | 155,294 | 143,349 | |
Performing Financial Instruments [Member] | Commercial Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 1,338 | 3,356 | |
Performing (accruing) loans, current | 185,833 | 127,057 | |
Loans receivable, gross | 187,171 | 130,413 | |
Performing Financial Instruments [Member] | Consumer Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 43 | 498 | |
Performing (accruing) loans, current | 94,352 | 87,207 | |
Loans receivable, gross | 94,395 | 87,705 | |
Performing Financial Instruments [Member] | Construction Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 1,000 | ||
Performing (accruing) loans, current | 36,240 | ||
Loans receivable, gross | 37,240 | ||
Performing Financial Instruments [Member] | Construction to Permanent Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Performing (accruing) loans, current | 15,677 | ||
Loans receivable, gross | 15,677 | ||
Performing Financial Instruments [Member] | Pass [Member] | |||
Performing (accruing) loans, past due | 4,157 | 4,196 | |
Performing (accruing) loans, current | 740,506 | 695,666 | |
Loans receivable, gross | 744,663 | 699,862 | |
Performing Financial Instruments [Member] | Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 423 | ||
Performing (accruing) loans, current | 262,435 | 286,428 | |
Loans receivable, gross | 262,858 | 286,428 | |
Performing Financial Instruments [Member] | Pass [Member] | Residential Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 1,454 | 1,323 | |
Performing (accruing) loans, current | 151,509 | 140,497 | |
Loans receivable, gross | 152,963 | 141,820 | |
Performing Financial Instruments [Member] | Pass [Member] | Commercial Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 1,237 | 2,375 | |
Performing (accruing) loans, current | 180,293 | 127,057 | |
Loans receivable, gross | 181,530 | 129,432 | |
Performing Financial Instruments [Member] | Pass [Member] | Consumer Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 43 | 498 | |
Performing (accruing) loans, current | 94,352 | 87,207 | |
Loans receivable, gross | 94,395 | 87,705 | |
Performing Financial Instruments [Member] | Pass [Member] | Construction Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 1,000 | ||
Performing (accruing) loans, current | 36,240 | 47,619 | |
Loans receivable, gross | 37,240 | 47,619 | |
Performing Financial Instruments [Member] | Pass [Member] | Construction to Permanent Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Performing (accruing) loans, current | 15,677 | 6,858 | |
Loans receivable, gross | 15,677 | 6,858 | |
Performing Financial Instruments [Member] | Special Mention [Member] | |||
Performing (accruing) loans, past due | 1,059 | 2,650 | |
Performing (accruing) loans, current | 5,901 | 9,317 | |
Loans receivable, gross | 6,960 | 11,967 | |
Performing Financial Instruments [Member] | Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 958 | 1,121 | |
Performing (accruing) loans, current | 2,673 | 9,317 | |
Loans receivable, gross | 3,631 | 10,438 | |
Performing Financial Instruments [Member] | Special Mention [Member] | Residential Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 1,529 | ||
Performing (accruing) loans, current | 850 | ||
Loans receivable, gross | 850 | 1,529 | |
Performing Financial Instruments [Member] | Special Mention [Member] | Commercial and Industrial Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 101 | ||
Performing (accruing) loans, current | 2,378 | ||
Loans receivable, gross | 2,479 | ||
Performing Financial Instruments [Member] | Substandard [Member] | |||
Performing (accruing) loans, past due | 170 | ||
Performing (accruing) loans, current | 9,397 | ||
Loans receivable, gross | 9,567 | ||
Performing Financial Instruments [Member] | Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 170 | 1,688 | |
Performing (accruing) loans, current | 4,754 | 1,371 | |
Loans receivable, gross | 4,924 | 3,059 | |
Performing Financial Instruments [Member] | Substandard [Member] | Residential Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Performing (accruing) loans, current | 1,481 | ||
Loans receivable, gross | 1,481 | ||
Performing Financial Instruments [Member] | Substandard [Member] | Commercial Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 981 | ||
Performing (accruing) loans, current | 3,162 | ||
Loans receivable, gross | 3,162 | 981 | |
Performing Financial Instruments [Member] | Substandard [Member] | Consumer Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Performing (accruing) loans, current | |||
Loans receivable, gross | |||
Performing Financial Instruments [Member] | Substandard [Member] | Construction Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 2,669 | ||
Performing (accruing) loans, current | 1,371 | ||
Loans receivable, gross | 4,040 | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | |||
Performing (accruing) loans, past due | 1,400 | 1,566 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 593 | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | Residential Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 637 | 1,068 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | Commercial Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 150 | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | Consumer Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 20 | 498 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | Construction Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | Construction to Permanent Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | Pass [Member] | |||
Performing (accruing) loans, past due | 1,230 | 1,566 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 423 | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | Pass [Member] | Residential Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 637 | 1,068 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | Pass [Member] | Commercial Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 150 | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | Pass [Member] | Consumer Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 20 | 498 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | Pass [Member] | Construction Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | Pass [Member] | Construction to Permanent Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | Special Mention [Member] | |||
Performing (accruing) loans, past due | |||
Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | Special Mention [Member] | Residential Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | Special Mention [Member] | Commercial and Industrial Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | Substandard [Member] | |||
Performing (accruing) loans, past due | 170 | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 170 | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | Substandard [Member] | Residential Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | Substandard [Member] | Commercial Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | Substandard [Member] | Consumer Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | Substandard [Member] | Construction Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | |||
Performing (accruing) loans, past due | 2,670 | 6,593 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 2,809 | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | Residential Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 817 | 1,784 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | Commercial Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 853 | 2,000 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | Consumer Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | Construction Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 1,000 | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | Construction to Permanent Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | Pass [Member] | |||
Performing (accruing) loans, past due | 2,670 | 2,255 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | Pass [Member] | Residential Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 817 | 255 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | Pass [Member] | Commercial Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 853 | 2,000 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | Pass [Member] | Consumer Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | Pass [Member] | Construction Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 1,000 | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | Pass [Member] | Construction to Permanent Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | Special Mention [Member] | |||
Performing (accruing) loans, past due | 2,650 | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 1,121 | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | Special Mention [Member] | Residential Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 1,529 | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | Special Mention [Member] | Commercial and Industrial Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | Substandard [Member] | |||
Performing (accruing) loans, past due | |||
Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 1,688 | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | Substandard [Member] | Residential Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | Substandard [Member] | Commercial Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | Substandard [Member] | Consumer Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | Substandard [Member] | Construction Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 1,688 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | |||
Performing (accruing) loans, past due | 1,316 | 1,356 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 958 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | Residential Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | Commercial Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 335 | 1,356 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | Consumer Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 23 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | Construction Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | Construction to Permanent Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | Pass [Member] | |||
Performing (accruing) loans, past due | 257 | 375 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | Pass [Member] | Residential Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | Pass [Member] | Commercial Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 234 | 375 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | Pass [Member] | Consumer Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 23 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | Pass [Member] | Construction Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | Pass [Member] | Construction to Permanent Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | Special Mention [Member] | |||
Performing (accruing) loans, past due | 1,059 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 958 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | Special Mention [Member] | Residential Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | Special Mention [Member] | Commercial and Industrial Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 101 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | Substandard [Member] | |||
Performing (accruing) loans, past due | |||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | Substandard [Member] | Residential Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | Substandard [Member] | Commercial Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | 981 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | Substandard [Member] | Consumer Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | |||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | Substandard [Member] | Construction Portfolio Segment [Member] | |||
Performing (accruing) loans, past due | $ 981 | ||
[1] | The total loan receivable, gross does not include $21.9 million acquired loans which were all individually evaluated for impairment. |
Note 5 - Loans Receivable and_9
Note 5 - Loans Receivable and Allowance for Loan and Lease Losses - Non-accrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Business Activities Loans [Member] | ||
Non-accruing loans | $ 19,186 | $ 3,778 |
Commercial Real Estate Portfolio Segment [Member] | Business Activities Loans [Member] | ||
Non-accruing loans | 3,525 | |
Residential Portfolio Segment [Member] | Business Activities Loans [Member] | ||
Non-accruing loans | 2,006 | 3,028 |
Commercial Portfolio Segment [Member] | Business Activities Loans [Member] | ||
Non-accruing loans | 4,681 | 748 |
Consumer Portfolio Segment [Member] | Business Activities Loans [Member] | ||
Non-accruing loans | 174 | 2 |
Construction Portfolio Segment [Member] | Business Activities Loans [Member] | ||
Non-accruing loans | 8,800 | |
Substandard [Member] | Business Activities Loans [Member] | ||
Non-accruing loans | 19,186 | |
Substandard [Member] | Acquired Loans [Member] | ||
Non-accruing loans | 3,778 | |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Business Activities Loans [Member] | ||
Non-accruing loans | 3,525 | |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Acquired Loans [Member] | ||
Non-accruing loans | 3,028 | |
Substandard [Member] | Residential Portfolio Segment [Member] | Business Activities Loans [Member] | ||
Non-accruing loans | 2,006 | 3,028 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Business Activities Loans [Member] | ||
Non-accruing loans | 4,681 | 748 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Acquired Loans [Member] | ||
Non-accruing loans | 748 | |
Substandard [Member] | Consumer Portfolio Segment [Member] | Business Activities Loans [Member] | ||
Non-accruing loans | 174 | 2 |
Substandard [Member] | Consumer Portfolio Segment [Member] | Acquired Loans [Member] | ||
Non-accruing loans | 2 | |
Substandard [Member] | Construction Portfolio Segment [Member] | Business Activities Loans [Member] | ||
Non-accruing loans | 8,800 | 3,778 |
Substandard [Member] | Non-Accrual Loans [Member] | Business Activities Loans [Member] | ||
Performing (accruing) loans, past due | 18,384 | |
Performing (accruing) loans, current | 802 | |
Substandard [Member] | Non-Accrual Loans [Member] | Acquired Loans [Member] | ||
Performing (accruing) loans, past due | 3,778 | |
Performing (accruing) loans, current | 0 | |
Substandard [Member] | Non-Accrual Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Business Activities Loans [Member] | ||
Performing (accruing) loans, past due | 3,525 | |
Performing (accruing) loans, current | 0 | |
Substandard [Member] | Non-Accrual Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Acquired Loans [Member] | ||
Performing (accruing) loans, past due | 3,028 | |
Performing (accruing) loans, current | 0 | |
Substandard [Member] | Non-Accrual Loans [Member] | Residential Portfolio Segment [Member] | Business Activities Loans [Member] | ||
Performing (accruing) loans, past due | 2,006 | |
Performing (accruing) loans, current | 0 | |
Substandard [Member] | Non-Accrual Loans [Member] | Commercial Portfolio Segment [Member] | Business Activities Loans [Member] | ||
Performing (accruing) loans, past due | 3,956 | |
Performing (accruing) loans, current | 725 | |
Substandard [Member] | Non-Accrual Loans [Member] | Commercial Portfolio Segment [Member] | Acquired Loans [Member] | ||
Performing (accruing) loans, past due | 748 | |
Performing (accruing) loans, current | 0 | |
Substandard [Member] | Non-Accrual Loans [Member] | Consumer Portfolio Segment [Member] | Business Activities Loans [Member] | ||
Performing (accruing) loans, past due | 97 | |
Performing (accruing) loans, current | 77 | |
Substandard [Member] | Non-Accrual Loans [Member] | Consumer Portfolio Segment [Member] | Acquired Loans [Member] | ||
Performing (accruing) loans, past due | 2 | |
Performing (accruing) loans, current | 0 | |
Substandard [Member] | Non-Accrual Loans [Member] | Construction Portfolio Segment [Member] | Business Activities Loans [Member] | ||
Performing (accruing) loans, past due | 8,800 | |
Performing (accruing) loans, current | 0 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Substandard [Member] | Non-Accrual Loans [Member] | Business Activities Loans [Member] | ||
Performing (accruing) loans, past due | 1,580 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Substandard [Member] | Non-Accrual Loans [Member] | Acquired Loans [Member] | ||
Performing (accruing) loans, past due | 0 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Substandard [Member] | Non-Accrual Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Business Activities Loans [Member] | ||
Performing (accruing) loans, past due | 1,580 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Substandard [Member] | Non-Accrual Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Acquired Loans [Member] | ||
Performing (accruing) loans, past due | 0 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Substandard [Member] | Non-Accrual Loans [Member] | Residential Portfolio Segment [Member] | Business Activities Loans [Member] | ||
Performing (accruing) loans, past due | 0 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Substandard [Member] | Non-Accrual Loans [Member] | Commercial Portfolio Segment [Member] | Business Activities Loans [Member] | ||
Performing (accruing) loans, past due | 0 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Substandard [Member] | Non-Accrual Loans [Member] | Commercial Portfolio Segment [Member] | Acquired Loans [Member] | ||
Performing (accruing) loans, past due | 0 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Substandard [Member] | Non-Accrual Loans [Member] | Consumer Portfolio Segment [Member] | Business Activities Loans [Member] | ||
Performing (accruing) loans, past due | 0 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Substandard [Member] | Non-Accrual Loans [Member] | Consumer Portfolio Segment [Member] | Acquired Loans [Member] | ||
Performing (accruing) loans, past due | 0 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Substandard [Member] | Non-Accrual Loans [Member] | Construction Portfolio Segment [Member] | Business Activities Loans [Member] | ||
Performing (accruing) loans, past due | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | Substandard [Member] | Non-Accrual Loans [Member] | Business Activities Loans [Member] | ||
Performing (accruing) loans, past due | 101 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Substandard [Member] | Non-Accrual Loans [Member] | Acquired Loans [Member] | ||
Performing (accruing) loans, past due | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | Substandard [Member] | Non-Accrual Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Business Activities Loans [Member] | ||
Performing (accruing) loans, past due | 0 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Substandard [Member] | Non-Accrual Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Acquired Loans [Member] | ||
Performing (accruing) loans, past due | 0 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Substandard [Member] | Non-Accrual Loans [Member] | Residential Portfolio Segment [Member] | Business Activities Loans [Member] | ||
Performing (accruing) loans, past due | 0 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Substandard [Member] | Non-Accrual Loans [Member] | Commercial Portfolio Segment [Member] | Business Activities Loans [Member] | ||
Performing (accruing) loans, past due | 15 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Substandard [Member] | Non-Accrual Loans [Member] | Commercial Portfolio Segment [Member] | Acquired Loans [Member] | ||
Performing (accruing) loans, past due | 0 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Substandard [Member] | Non-Accrual Loans [Member] | Consumer Portfolio Segment [Member] | Business Activities Loans [Member] | ||
Performing (accruing) loans, past due | 86 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Substandard [Member] | Non-Accrual Loans [Member] | Consumer Portfolio Segment [Member] | Acquired Loans [Member] | ||
Performing (accruing) loans, past due | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | Substandard [Member] | Non-Accrual Loans [Member] | Construction Portfolio Segment [Member] | Business Activities Loans [Member] | ||
Performing (accruing) loans, past due | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Substandard [Member] | Non-Accrual Loans [Member] | Business Activities Loans [Member] | ||
Performing (accruing) loans, past due | 16,703 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Substandard [Member] | Non-Accrual Loans [Member] | Acquired Loans [Member] | ||
Performing (accruing) loans, past due | 3,778 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Substandard [Member] | Non-Accrual Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Business Activities Loans [Member] | ||
Performing (accruing) loans, past due | 1,945 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Substandard [Member] | Non-Accrual Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Acquired Loans [Member] | ||
Performing (accruing) loans, past due | 3,028 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Substandard [Member] | Non-Accrual Loans [Member] | Residential Portfolio Segment [Member] | Business Activities Loans [Member] | ||
Performing (accruing) loans, past due | 2,006 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Substandard [Member] | Non-Accrual Loans [Member] | Commercial Portfolio Segment [Member] | Business Activities Loans [Member] | ||
Performing (accruing) loans, past due | 3,941 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Substandard [Member] | Non-Accrual Loans [Member] | Commercial Portfolio Segment [Member] | Acquired Loans [Member] | ||
Performing (accruing) loans, past due | 748 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Substandard [Member] | Non-Accrual Loans [Member] | Consumer Portfolio Segment [Member] | Business Activities Loans [Member] | ||
Performing (accruing) loans, past due | 11 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Substandard [Member] | Non-Accrual Loans [Member] | Consumer Portfolio Segment [Member] | Acquired Loans [Member] | ||
Performing (accruing) loans, past due | $ 2 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Substandard [Member] | Non-Accrual Loans [Member] | Construction Portfolio Segment [Member] | Business Activities Loans [Member] | ||
Performing (accruing) loans, past due | $ 8,800 |
Note 5 - Loans Receivable an_10
Note 5 - Loans Receivable and Allowance for Loan and Lease Losses - Recorded Investment in TDRs (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
TDR Loan | $ 2,100,000 | $ 3,000,000 |
Business Activities Loans [Member] | ||
TDR Loan | 2,066,000 | 2,976,000 |
Business Activities Loans [Member] | Non-Accrual Loans [Member] | ||
TDR Loan | ||
Business Activities Loans [Member] | Accrual Loans [Member] | ||
TDR Loan | 2,066,000 | 2,976,000 |
Commercial Real Estate Portfolio Segment [Member] | Business Activities Loans [Member] | ||
TDR Loan | 1,081,000 | 1,977,000 |
Residential Portfolio Segment [Member] | Business Activities Loans [Member] | ||
TDR Loan | 296,000 | 309,000 |
Consumer and Other Portfolio Segment [Member] | Business Activities Loans [Member] | ||
TDR Loan | $ 689,000 | $ 690,000 |
Note 5 - Loans Receivable an_11
Note 5 - Loans Receivable and Allowance for Loan and Lease Losses - Impaired Loans (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Impaired loans, related allowance | $ 1,500,000 | $ 253,000 | |
Impaired loans, recorded investment | 21,200,000 | 6,800,000 | |
With no allowance recorded, average recorded investment | 9,563,000 | 8,638,000 | $ 12,056,000 |
With no allowance recorded, interest income recognized | 645,000 | 135,000 | 340,000 |
With allowance recorded, average recorded investment | 609,000 | 243,000 | 2,205,000 |
With allowance recorded, interest income recognized | |||
Impaired Loans, Average recorded investment | 10,172,000 | 8,881,000 | 14,261,000 |
Impaired Loans, interest income recognized | 645,000 | 135,000 | 340,000 |
Business Activities Loans [Member] | |||
Impaired loans with no related allowance recorded, recorded investment | 15,391,000 | 6,500,000 | |
Impaired loans with no related allowance recorded, unpaid principal balance | 16,799,000 | 7,295,000 | |
Impaired loans with a related allowance recorded, recorded investment | 5,827,000 | 253,000 | |
Impaired loans with a related allowance recorded, unpaid principal balance | 5,877,000 | 253,000 | |
Impaired loans, related allowance | 1,545,000 | 253,000 | |
Impaired loans, recorded investment | 21,218,000 | 6,753,000 | |
Impaired loans, unpaid principal balance | 22,676,000 | 7,548,000 | |
Commercial Real Estate Portfolio Segment [Member] | |||
With no allowance recorded, average recorded investment | 3,318,000 | 5,832,000 | 6,929,000 |
With no allowance recorded, interest income recognized | 100,000 | 102,000 | 312,000 |
With allowance recorded, average recorded investment | 65,000 | ||
With allowance recorded, interest income recognized | |||
Impaired Loans, Average recorded investment | 3,318,000 | 5,832,000 | 6,994,000 |
Impaired Loans, interest income recognized | 100,000 | 102,000 | 312,000 |
Commercial Real Estate Portfolio Segment [Member] | Business Activities Loans [Member] | |||
Impaired loans with no related allowance recorded, recorded investment | 4,606,000 | 1,977,000 | |
Impaired loans with no related allowance recorded, unpaid principal balance | 5,109,000 | 2,425,000 | |
Impaired loans with a related allowance recorded, recorded investment | |||
Impaired loans with a related allowance recorded, unpaid principal balance | |||
Impaired loans, related allowance | |||
Impaired loans, recorded investment | 4,606,000 | 1,977,000 | |
Impaired loans, unpaid principal balance | 5,109,000 | 2,425,000 | |
Residential Portfolio Segment [Member] | |||
With no allowance recorded, average recorded investment | 3,154,000 | 2,016,000 | 4,318,000 |
With no allowance recorded, interest income recognized | 11,000 | 11,000 | 9,000 |
With allowance recorded, average recorded investment | 126,000 | ||
With allowance recorded, interest income recognized | |||
Impaired Loans, Average recorded investment | 3,280,000 | 2,016,000 | 4,318,000 |
Impaired Loans, interest income recognized | 11,000 | 11,000 | 9,000 |
Residential Portfolio Segment [Member] | Business Activities Loans [Member] | |||
Impaired loans with no related allowance recorded, recorded investment | 670,000 | 3,336,000 | |
Impaired loans with no related allowance recorded, unpaid principal balance | 703,000 | 3,369,000 | |
Impaired loans with a related allowance recorded, recorded investment | 1,632,000 | ||
Impaired loans with a related allowance recorded, unpaid principal balance | 1,632,000 | ||
Impaired loans, related allowance | 216,000 | ||
Impaired loans, recorded investment | 2,302,000 | 3,336,000 | |
Impaired loans, unpaid principal balance | 2,335,000 | 3,369,000 | |
Commercial Portfolio Segment [Member] | |||
With no allowance recorded, average recorded investment | 987,000 | 197,000 | 265,000 |
With no allowance recorded, interest income recognized | |||
With allowance recorded, average recorded investment | 474,000 | 243,000 | 2,138,000 |
With allowance recorded, interest income recognized | |||
Impaired Loans, Average recorded investment | 1,461,000 | 440,000 | 2,403,000 |
Impaired Loans, interest income recognized | |||
Commercial Portfolio Segment [Member] | Business Activities Loans [Member] | |||
Impaired loans with no related allowance recorded, recorded investment | 488,000 | 497,000 | |
Impaired loans with no related allowance recorded, unpaid principal balance | 1,281,000 | 683,000 | |
Impaired loans with a related allowance recorded, recorded investment | 4,158,000 | 251,000 | |
Impaired loans with a related allowance recorded, unpaid principal balance | 4,208,000 | 251,000 | |
Impaired loans, related allowance | 1,299,000 | 251,000 | |
Impaired loans, recorded investment | 4,646,000 | 748,000 | |
Impaired loans, unpaid principal balance | 5,489,000 | 934,000 | |
Consumer Portfolio Segment [Member] | |||
With no allowance recorded, average recorded investment | 750,000 | 593,000 | 544,000 |
With no allowance recorded, interest income recognized | 31,000 | 22,000 | 19,000 |
With allowance recorded, average recorded investment | 9,000 | 2,000 | |
With allowance recorded, interest income recognized | |||
Impaired Loans, Average recorded investment | 759,000 | 593,000 | 546,000 |
Impaired Loans, interest income recognized | 31,000 | 22,000 | 19,000 |
Consumer Portfolio Segment [Member] | Business Activities Loans [Member] | |||
Impaired loans with no related allowance recorded, recorded investment | 827,000 | 690,000 | |
Impaired loans with no related allowance recorded, unpaid principal balance | 867,000 | 818,000 | |
Impaired loans with a related allowance recorded, recorded investment | 37,000 | 2,000 | |
Impaired loans with a related allowance recorded, unpaid principal balance | 37,000 | 2,000 | |
Impaired loans, related allowance | 30,000 | 2,000 | |
Impaired loans, recorded investment | 864,000 | 692,000 | |
Impaired loans, unpaid principal balance | 904,000 | 820,000 | |
Construction Portfolio Segment [Member] | |||
With no allowance recorded, average recorded investment | 1,354,000 | ||
With no allowance recorded, interest income recognized | 503,000 | ||
With allowance recorded, average recorded investment | |||
With allowance recorded, interest income recognized | |||
Impaired Loans, Average recorded investment | 1,354,000 | ||
Impaired Loans, interest income recognized | 503,000 | ||
Construction Portfolio Segment [Member] | Business Activities Loans [Member] | |||
Impaired loans with no related allowance recorded, recorded investment | 8,800,000 | ||
Impaired loans with no related allowance recorded, unpaid principal balance | 8,839,000 | ||
Impaired loans with a related allowance recorded, recorded investment | |||
Impaired loans with a related allowance recorded, unpaid principal balance | |||
Impaired loans, related allowance | |||
Impaired loans, recorded investment | 8,800,000 | ||
Impaired loans, unpaid principal balance | $ 8,839,000 |
Note 6 - Premises and Equipme_3
Note 6 - Premises and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Depreciation, Total | $ 1.5 | $ 1.2 | $ 1.2 |
Note 6 - Premises and Equipme_4
Note 6 - Premises and Equipment - Summary of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, plant and equipment, gross | $ 48,265 | $ 46,741 |
Accumulated depreciation and amortization | (12,830) | (11,383) |
Premises and equipment, net | 35,435 | 35,358 |
Land [Member] | ||
Property, plant and equipment, gross | 12,819 | 12,714 |
Building [Member] | ||
Property, plant and equipment, gross | 20,200 | 17,431 |
Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | 3,891 | 3,883 |
Furniture Equipment and Software [Member] | ||
Property, plant and equipment, gross | 11,242 | 10,488 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 113 | $ 2,225 |
Note 7 - Other Real Estate Ow_2
Note 7 - Other Real Estate Owned ("OREO") (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | May 10, 2018 | |
Real Estate Acquired Through Foreclosure | $ 2,945,000 | $ 0 | ||
Real Estate Owned, Transfer to Real Estate Owned | 1,954,000 | $ 840,000 | ||
Net Gain (Loss) Recognized on Sale or Acquisition of Other Real Estate | $ 9,000 | $ (11,000) | ||
Prime Bank [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Real Estate Owned | $ 991,000 | $ 991,000 |
Note 8 - Deposits - Summary of
Note 8 - Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Non-interest bearing, Balance | $ 84,471 | $ 81,197 |
NOW, Balance | $ 26,100 | $ 25,476 |
NOW, Weighted Avg. Stated interest rate | 0.0809% | 0.0399% |
Savings, Balance | $ 81,912 | $ 135,975 |
Savings, Weighted Avg. Stated interest rate | 0.7159% | 0.8645% |
Money market, Balance | $ 85,197 | $ 16,575 |
Money market, Weighted Avg. Stated interest rate | 1.823% | 0.0394% |
Certificates of deposit, less than $250,000, Balance | $ 203,683 | $ 173,221 |
Certificates of deposit, less than $250,000, Weighted Avg. Stated interest rate | 1.8267% | 1.1375% |
Certificates of deposit, $250,000 or greater, Balance | $ 78,318 | $ 66,866 |
Certificates of deposit, $250,000 or greater, Weighted Avg. Stated interest rate | 2.2006% | 1.5225% |
Brokered deposits, Balance | $ 183,600 | $ 138,129 |
Brokered deposits, Weighted Avg. Stated interest rate | 2.291% | 1.3366% |
Interest bearing, Total, Balance | $ 658,810 | $ 556,242 |
Interest bearing, Total, Weighted Avg. Stated interest rate | 1.7928% | 0.9455% |
Deposits, Balance | $ 743,281 | $ 637,439 |
Deposits, Weighted Avg. Stated interest rate | 1.589% | 0.825% |
Note 8 - Deposits - Interest Ex
Note 8 - Deposits - Interest Expense on Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
NOW, Interest expense | $ 15 | $ 7 | $ 8 |
NOW, Weighted Avg. Effective Interest Rate | 0.06% | 0.0272% | 0.0293% |
Savings, Interest expense | $ 995 | $ 1,160 | $ 778 |
Savings, Weighted Avg. Effective Interest Rate | 0.8493% | 0.8069% | 0.6196% |
Money market, Interest expense | $ 549 | $ 5 | $ 7 |
Money market, Weighted Avg. Effective Interest Rate | 1.3446% | 0.0367% | 0.0365% |
Certificates of deposit, less than $250,000, Interest expense | $ 3,048 | $ 1,875 | $ 888 |
Certificates of deposit, less than $250,000, Weighted Avg. Effective Interest Rate | 1.5735% | 1.0499% | 0.646% |
Certificates of deposit, $250,000 or greater, Interest expense | $ 1,226 | $ 912 | $ 215 |
Certificates of deposit, $250,000 or greater, Weighted Avg. Effective Interest Rate | 1.6846% | 1.4577% | 0.9722% |
Brokered deposits, Interest expense | $ 3,191 | $ 989 | $ 346 |
Brokered deposits, Weighted Avg. Effective Interest Rate | 1.9109% | 1.2417% | 0.2579% |
Interest Expense on Deposits, Total, Interest expense | $ 9,024 | $ 4,948 | $ 2,242 |
Interest Expense on Deposits, Total, Weighted Avg. Effective Interest Rate | 1.4648% | 0.9878% | 0.5533% |
Note 8 - Deposits - Contractual
Note 8 - Deposits - Contractual Maturities of Certificates of Deposit (Details) - Certificates of Deposits Less Than $250,000 [Member] $ in Thousands | Dec. 31, 2018USD ($) |
1 year or less | $ 152,133 |
1 year or less, Weighted Ave. Stated Interest Rate | 2.1847% |
More than 1 year through 2 years | $ 10,501 |
More than 1 year through 2 years, Weighted Ave. Stated Interest Rate | 2.6953% |
More than 2 years through 3 years | $ 15,619 |
More than 2 years through 3 years, Weighted Ave. Stated Interest Rate | 2.816% |
More than 3 years through 4 years | $ 5,347 |
More than 3 years through 4 years, Weighted Ave. Stated Interest Rate | 2.9874% |
Contractual Maturities of Certificates of Deposit, Total | $ 183,600 |
Contractual Maturities of Certificates of Deposit, Total, Weighted Ave. Stated Interest Rate | 2.291% |
Note 9 - Borrowings (Details Te
Note 9 - Borrowings (Details Textual) | Jun. 29, 2018USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2009 | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2003USD ($) | Dec. 22, 2016USD ($) |
Long-term Debt, Total | $ 130,983,000 | $ 141,400,000 | ||||||||
Advances from Federal Home Loan Banks, Total | 100,000,000 | 120,000,000 | ||||||||
Federal Home Loan Bank, Advances, Maturities Summary, Fixed Rate, Total | 40,000,000 | |||||||||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 258,600,000 | |||||||||
Debt Issuance Costs, Net, Total | 653,000 | |||||||||
Amortization of Debt Issuance Costs | 97,000 | 82,000 | $ 9,000 | |||||||
Subordinated Debt, Ending Balance | 9,723,000 | |||||||||
Interest Expense, Subordinated Notes and Debentures | 767,000 | 360,000 | $ 334,000 | |||||||
Long-term Debt, Gross | 131,636,000 | |||||||||
Senior Notes [Member] | ||||||||||
Long-term Debt, Total | 11,778,000 | |||||||||
Debt Instrument, Face Amount | $ 12,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | |||||||||
Debt Issuance Costs, Net, Total | 222,000 | 297,000 | $ 374,000 | |||||||
Interest Expense, Long-term Debt, Total | $ 915,000 | $ 915,000 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 7.62% | 7.62% | ||||||||
Amortization of Debt Issuance Costs | $ 75,000 | $ 75,000 | ||||||||
Long-term Debt, Gross | 12,000,000 | |||||||||
Senior Notes [Member] | Accrued Expenses and Other Liabilities [Member] | ||||||||||
Interest Payable | 23,000 | 23,000 | ||||||||
Subordinated Notes [Member] | ||||||||||
Debt Instrument, Face Amount | $ 10,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |||||||||
Subordinated Debt [Member] | ||||||||||
Long-term Debt, Total | 9,723,000 | |||||||||
Interest Expense, Debt, Total | 327,000 | |||||||||
Debt Issuance Costs, Net, Total | $ 291,000 | 277,000 | ||||||||
Long-term Debt, Gross | 10,000,000 | |||||||||
Junior Subordinated Debt [Member] | ||||||||||
Long-term Debt, Total | 8,094,000 | |||||||||
Interest Expense, Debt, Total | $ 1,700,000 | $ 700,000 | ||||||||
Debt Issuance Costs, Net, Total | $ 154,000 | 162,000 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.97% | |||||||||
Amortization of Debt Issuance Costs | $ 7,000 | 7,000 | ||||||||
Interest Payable | 8,000 | 6,000 | ||||||||
Subordinated Debt, Ending Balance | $ 8,000,000 | |||||||||
Payments of Debt Issuance Costs | $ 240,000 | |||||||||
Excess Tier One Risk Based Capital to Risk Weighted Assets | 25.00% | |||||||||
Number of Consecutive Quarters for Interest Deferment | 20 | |||||||||
Interest Expense, Subordinated Notes and Debentures | 440,000 | 360,000 | ||||||||
Long-term Debt, Gross | 8,248,000 | |||||||||
Notes Payable, Other Payables [Member] | ||||||||||
Long-term Debt, Total | 1,388,000 | |||||||||
Interest Expense, Debt, Total | 26,000 | 29,000 | ||||||||
Debt Instrument, Face Amount | $ 2,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.75% | |||||||||
Debt Issuance Costs, Net, Total | ||||||||||
Debt Instrument, Term | 9 years | |||||||||
Long-term Debt, Gross | $ 1,388,000 | 1,600,000 | ||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 234,000 | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Subordinated Notes [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.325% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Junior Subordinated Debt [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.15% | |||||||||
Advances from FHLB, Callable in Second Half of 2018 and Up to October 2020 [Member] | ||||||||||
Advances from Federal Home Loan Banks, Total | $ 60,000,000 | |||||||||
Federal Home Loan Bank, Advances, Activity for Year, Average Interest Rate at Period End | 1.00% | |||||||||
Correspondent Bank Agreement [Member] | Zions Bank [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 26,000,000 | 16,000,000 | ||||||||
Long-term Line of Credit, Total | 0 | 0 | ||||||||
Interest Expense, Debt, Total | $ 13,000 | 2,000 | ||||||||
Minimum [Member] | ||||||||||
Federal Home Loan Bank, Advances, Interest Rate | 2.68% | |||||||||
Minimum [Member] | Advances from FHLB, Callable in Second Half of 2018 and Up to October 2020 [Member] | ||||||||||
Federal Home Loan Bank, Advances, Fixed Interest Rate, after One Year | 3.47% | |||||||||
Minimum [Member] | Advances from FHLB, Callable in Second Half of 2018 and Up to October 2020 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Federal Home Loan Bank, Advances, Basis Spread on Floating Rate of Amounts Due After 90 Days | 1.00% | |||||||||
Maximum [Member] | ||||||||||
Federal Home Loan Bank, Advances, Interest Rate | 3.20% | |||||||||
Maximum [Member] | Advances from FHLB, Callable in Second Half of 2018 and Up to October 2020 [Member] | ||||||||||
Federal Home Loan Bank, Advances, Fixed Interest Rate, after One Year | 4.23% | |||||||||
Maximum [Member] | Advances from FHLB, Callable in Second Half of 2018 and Up to October 2020 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Federal Home Loan Bank, Advances, Basis Spread on Floating Rate of Amounts Due After 90 Days | 2.00% | |||||||||
Federal Home Loan Bank Borrowings [Member] | ||||||||||
Long Term Debt, Additional Available Amount | $ 47,900,000 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,000,000 | 2,000,000 | ||||||||
Long-term Line of Credit, Total | 0 | 0 | ||||||||
Interest Expense, Debt, Total | $ 1,600,000 | $ 702,000 |
Note 9 - Borrowings - Maturity
Note 9 - Borrowings - Maturity of Borrowings (Details) - USD ($) | Dec. 31, 2018 | Jun. 29, 2018 | Dec. 31, 2017 | Dec. 22, 2016 |
2019 | $ 10,195,000 | |||
2020 | 199,000 | |||
2021 | 42,202,000 | |||
2022 | 206,000 | |||
2023 | 60,210,000 | |||
Thereafter | 18,624,000 | |||
Total contractual maturities of borrowings | 131,636,000 | |||
Unamortized debt issuance costs | (653,000) | |||
Balance of borrowings at December 31, 2018 | 130,983,000 | $ 141,400,000 | ||
Federal Home Loan Bank Advances [Member] | ||||
2019 | 10,000,000 | |||
2020 | ||||
2021 | 30,000,000 | |||
2022 | ||||
2023 | 60,000,000 | |||
Thereafter | ||||
Total contractual maturities of borrowings | 100,000,000 | |||
Unamortized debt issuance costs | ||||
Balance of borrowings at December 31, 2018 | 100,000,000 | |||
Senior Notes [Member] | ||||
2019 | ||||
2020 | ||||
2021 | 12,000,000 | |||
2022 | ||||
2023 | ||||
Thereafter | ||||
Total contractual maturities of borrowings | 12,000,000 | |||
Unamortized debt issuance costs | (222,000) | (297,000) | $ (374,000) | |
Balance of borrowings at December 31, 2018 | 11,778,000 | |||
Subordinated Debt [Member] | ||||
2019 | ||||
2020 | ||||
2021 | ||||
2022 | ||||
2023 | ||||
Thereafter | 10,000,000 | |||
Total contractual maturities of borrowings | 10,000,000 | |||
Unamortized debt issuance costs | (277,000) | $ (291,000) | ||
Balance of borrowings at December 31, 2018 | 9,723,000 | |||
Junior Subordinated Debt [Member] | ||||
2019 | ||||
2020 | ||||
2021 | ||||
2022 | ||||
2023 | ||||
Thereafter | 8,248,000 | |||
Total contractual maturities of borrowings | 8,248,000 | |||
Unamortized debt issuance costs | (154,000) | (162,000) | ||
Balance of borrowings at December 31, 2018 | 8,094,000 | |||
Notes Payable, Other Payables [Member] | ||||
2019 | 195,000 | |||
2020 | 199,000 | |||
2021 | 202,000 | |||
2022 | 206,000 | |||
2023 | 210,000 | |||
Thereafter | 376,000 | |||
Total contractual maturities of borrowings | 1,388,000 | $ 1,600,000 | ||
Unamortized debt issuance costs | ||||
Balance of borrowings at December 31, 2018 | $ 1,388,000 |
Note 10 - Commitments and Con_3
Note 10 - Commitments and Contingencies (Details Textual) | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Lessee Leasing Arrangements, Operating Leases, Number of Operating Leases | 7 | ||
Operating Leases, Future Minimum Payments Receivable, Total | $ 2,400,000 | ||
Operating Leases, Rent Expense, Net, Total | 593,000 | $ 953,000 | $ 1,100,000 |
Operating Leases, Income Statement, Sublease Revenue | 413,000 | 399,000 | 414,000 |
Operating Leases, Income Statement, Sublease Rental Costs | $ 5,000 | $ 5,000 | $ 5,000 |
Operating Lease for Bank Branch Locations [Member] | |||
Lessee Leasing Arrangements, Operating Leases, Number of Operating Leases | 4 | ||
Operating Lease for Administrative and Operational Space [Member] | |||
Lessee Leasing Arrangements, Operating Leases, Number of Operating Leases | 2 | ||
Operating Lease for Equipment [Member] | |||
Lessee Leasing Arrangements, Operating Leases, Number of Operating Leases | 1 |
Note 10 - Commitments and Con_4
Note 10 - Commitments and Contingencies - Future Minimum Leasing Rental Commitments (Details) $ in Thousands | Dec. 31, 2018USD ($) | |
2019 | $ 396 | |
2020 | 376 | |
2021 | 378 | |
2022 | 339 | |
2023 | 315 | |
thereafter | 1,273 | |
Total minimum payments required | $ 3,077 | [1] |
[1] | Minimum payments have not been reduced by minimum sublease rentals of $2.4 million due in the future under non-cancelable subleases. |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 21.80% | 41.10% | 38.50% |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 2,800 | ||
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | $ (500) | (2,774) | |
Deferred Tax Assets, Valuation Allowance, Total | 0 | 0 | |
Unrecognized Tax Benefits, Ending Balance | 1,132 | $ 0 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 0 | ||
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards, Total | $ 19,600 | ||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Open Tax Year | 2015 2016 2017 | 2015 2016 2017 | |
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards, Total | $ 51,600 | ||
State and Local Jurisdiction [Member] | Connecticut [Member] | |||
Open Tax Year | 2015 2016 2017 | ||
State and Local Jurisdiction [Member] | New York State Division of Taxation and Finance [Member] | |||
Open Tax Year | 2015 2016 2017 |
Note 11 - Income Taxes - Compon
Note 11 - Income Taxes - Components of the Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | |||
Federal | $ 447 | $ 252 | $ 12 |
State | 708 | 365 | 84 |
Components of the Income Tax Provision, Current Total | 1,155 | 617 | 96 |
Deferred: | |||
Federal | 148 | 2,067 | 983 |
State | (413) | 191 | 128 |
Components of the Income Tax Provision, Deferred Total | (265) | 2,258 | 1,111 |
Income tax expense (benefit) | $ 890 | $ 2,875 | $ 1,207 |
Note 11 - Income Taxes - Reconc
Note 11 - Income Taxes - Reconciliation of the Anticipated Income Tax Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income taxes at statutory Federal rate | $ 858 | $ 2,387 | $ 1,066 |
State taxes, net of Federal benefit | 233 | 377 | 140 |
Nondeductible expenses | 15 | 11 | 10 |
Benefit of change in Sec 382 classification | (500) | (2,774) | |
Deferred tax adjustment resulting from tax rate change | 198 | 2,809 | |
Other | 86 | 65 | (9) |
Income tax expense (benefit) | $ 890 | $ 2,875 | $ 1,207 |
Note 11 - Income Taxes - Tax Ef
Note 11 - Income Taxes - Tax Effects of Temporary Differences (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Federal NOL Carryforward Benefit | $ 4,119 | $ 7,810 |
NOL Write-off for Sec 382 Limit | (3,258) | (4,698) |
Capitalized Costs | 4,239 | |
UTP (NOLs) | (1,132) | |
State NOL Carryforward Benefit | 3,025 | 3,566 |
Allowance for loan and lease losses | 2,048 | 1,695 |
Federal AMT benefit | 707 | 360 |
Merger and acquisition | 357 | |
Unrealized Losses AFS securities | 257 | 68 |
Accrued Expenses | 178 | 233 |
Non-accrual Interest | 170 | 1,089 |
Share Based Compensation | 109 | 157 |
Depreciation of Premises and Equipment, liabilities | (3) | |
Depreciation of Premises and Equipment, assets | 52 | |
Goodwill and intangible | (16) | |
OREO Write-down | 41 | |
Other | 51 | 24 |
$ 10,851 | $ 10,397 |
Note 11 - Income Taxes - Schedu
Note 11 - Income Taxes - Schedule of Unrecognized Tax Benefits (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Balance | $ 0 |
Increases due to tax positions related to the current year | |
Increases due to tax positions related to a prior year | 1,132 |
Decreases to tax positions related to settlements | |
Decreases to tax positions as a result of a lapse of statute | |
Balance | $ 1,132 |
Note 12 - Share-based Compens_3
Note 12 - Share-based Compensation (Details Textual) - USD ($) | Jan. 04, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Labor and Related Expense | $ 11,741,000 | $ 10,915,000 | $ 9,489,000 | ||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 1,404 | 6,600 | 70,513 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 31,790 | 25,870 | 35,264 | 55,854 | |
2012 Stock Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,000,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,870,113 | ||||
Allocated Share-based Compensation Expense, Total | $ 220,000 | $ 146,000 | $ 161,000 | ||
2012 Stock Plan [Member] | Employee [Member] | |||||
Allocated Share-based Compensation Expense, Total | 135,000 | 68,000 | 100,000 | ||
2012 Stock Plan [Member] | Patriot's External Directors [Member] | |||||
Allocated Share-based Compensation Expense, Total | 85,000 | 78,000 | 61,000 | ||
2012 Stock Plan [Member] | Patriot's External Directors [Member] | Other Nonoperating Income (Expense) [Member] | |||||
Labor and Related Expense | $ 370,000 | $ 318,000 | $ 302,000 | ||
2012 Stock Plan [Member] | Phantom Share Units (PSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 0 | ||||
2012 Stock Plan [Member] | Restricted Stock [Member] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 370,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 175 days | ||||
2012 Stock Plan [Member] | Restricted Stock [Member] | Non-executive Employees [Member] | |||||
Stock Granted During Period, Shares, Gross Per Employee | 100 | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 8,700 | ||||
Share Price | $ 15.50 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 2,700 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 6,000 | ||||
2012 Stock Plan [Member] | Restricted Stock [Member] | Share-based Compensation Award, Tranche Two [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
2012 Stock Plan [Member] | Restricted Stock [Member] | Share-based Compensation Award, Tranche Three [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years |
Note 12 - Share-based Compens_4
Note 12 - Share-based Compensation - Restricted Shares (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Unvested at beginning of year (in shares) | 25,870 | 35,264 | 55,854 | |
Unvested at beginning of year, weighted average grant date fair value (in dollars per share) | $ 14.06 | $ 12.15 | $ 12.84 | $ 12.83 |
Granted (in shares) | 18,323 | 5,084 | 58,084 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 18.07 | $ 15.05 | $ 15.25 | |
Vested (in shares) | (10,999) | (7,878) | (8,161) | |
Vested, weighted average grant date fair value (in dollars per share) | $ 16.21 | $ 14.31 | $ 14.79 | |
Forfeited (in shares) | (1,404) | (6,600) | (70,513) | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 14.44 | $ 15.50 | $ 14.67 | |
Unvested at end of year (in shares) | 31,790 | 25,870 | 35,264 |
Note 13 - Shareholders' Equit_2
Note 13 - Shareholders' Equity (Details Textual) - USD ($) | Oct. 15, 2010 | Aug. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jul. 26, 2016 | Oct. 14, 2010 |
Stock Issued During Period, Shares, Acquisitions | 3,360,000 | ||||||
Stock Issued During Period at Purchase Price Per Share, Acquisition | $ 15 | ||||||
Stock Issued During Period, Value, Acquisitions | $ 50,400,000 | ||||||
Percentage of Shares Sold of Common Stock Issued and Outstanding | 87.60% | ||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | $ 2 | |||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | 100,000,000 | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 500,000 | ||||||
Treasury Stock, Shares, Acquired | 100 | 0 | 72,471 | ||||
Treasury Stock Acquired, Average Cost Per Share | $ 17.10 | $ 14.04 | |||||
Payments of Ordinary Dividends, Common Stock | $ 154,000 | $ 77,000 | |||||
Common Stock, Dividends, Per Share, Declared | $ 0 |
Note 13 - Shareholders' Equit_3
Note 13 - Shareholders' Equity - Computation of Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net income attributable to Common shareholders | $ 3,196 | $ 4,147 | $ 1,930 |
Weighted average shares outstanding (in shares) | 3,904,052 | 3,894,222 | 3,953,281 |
Basic earnings per common share (in dollars per share) | $ 0.82 | $ 1.06 | $ 0.49 |
Net income attributable to Common shareholders | $ 3,196 | $ 4,147 | $ 1,930 |
Effect of potentially dilutive restricted common shares (in shares) | 11,573 | 2,963 | |
Weighted average diluted shares outstanding (in shares) | 3,915,625 | 3,897,185 | 3,953,281 |
Diluted earnings per common share (in dollars per share) | $ 0.82 | $ 1.06 | $ 0.49 |
Note 14 - 401(k) Savings Plan (
Note 14 - 401(k) Savings Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan, Employee Eligible Service Period | 30 days | ||
Defined Benefit Plan, Eligible Age for Employee | 21 years | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 50.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 6.00% | ||
Defined Contribution Plan, Employee Eligible Service Period for Employer Match | 180 days | ||
Defined Contribution Plan, Cost | $ 204,000 | $ 173,000 | $ 169,000 |
Note 15 - Financial Instrumen_3
Note 15 - Financial Instruments With Off-balance Sheet Risk (Details Textual) - USD ($) | Dec. 31, 2018 | Nov. 30, 2018 | Dec. 31, 2017 |
Banks Reserve Based on Analysis in Unfunded Commitments | $ 8,000 | $ 5,000 | |
Interest Rate Swap [Member] | |||
Derivative, Notional Amount | $ 5,000,000 |
Note 15 - Financial Instrumen_4
Note 15 - Financial Instruments With Off-balance Sheet Risk - Financial Instruments With Credit Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Commitments to extend credit | $ 179,727 | $ 117,225 |
Unused Line of Credit [Member] | ||
Commitments to extend credit | 77,120 | 63,760 |
Undisbursed Construction Loans [Member] | ||
Commitments to extend credit | 20,679 | 7,930 |
Home Equity Lines of Credit [Member] | ||
Commitments to extend credit | 19,330 | 19,727 |
Future Loan Commitments [Member] | ||
Commitments to extend credit | 61,438 | 24,675 |
Financial Standy Letter of Credit [Member] | ||
Commitments to extend credit | $ 1,160 | $ 1,133 |
Note 16 - Regulatory and Oper_3
Note 16 - Regulatory and Operational Matters (Details Textual) | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | ||
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | ||
Common Equity, Tier 1, Capital Required for Capital Adequacy to Risk Weighted Assets | 6.50% | ||
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | ||
Capital Conservation Buffer | 2.50% | ||
Capital Conservation Buffer Phase In Amount | 1.875% | 1.25% | |
Subsequent Event [Member] | |||
Common Equity, Tier 1, Capital Required for Capital Adequacy to Risk Weighted Assets | 7.00% | ||
Capital Required for Capital Adequacy to Risk Weighted Assets | 10.50% | ||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 8.50% |
Note 16 - Regulatory and Oper_4
Note 16 - Regulatory and Operational Matters - Regulatory Capital Amounts and Ratios (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | ||
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | ||
Common Equity Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 6.50% | ||
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | ||
Parent Company [Member] | |||
Total Capital (to Risk Weighted Assets) Actual Amount | $ 89,993 | $ 74,264 | |
Total Capital (to Risk Weighted Assets) Actual Ratio | 10.377% | 10.092% | |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | [1] | ||
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | [1] | ||
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes With Capital Buffer Amount | [2] | ||
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes With Capital Buffer Ratio | [2] | ||
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | $ 69,379 | $ 58,868 | |
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 8.00% | 8.00% | |
Tier 1 Capital (to Risk Weighted Assets) Actual Amount | $ 72,373 | $ 67,959 | |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 8.345% | 9.235% | |
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | [1] | ||
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | [1] | ||
Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes With Capital Buffer Amount | [2] | ||
Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes With Capital Buffer Ratio | [2] | ||
Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | $ 52,034 | $ 44,151 | |
Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 6.00% | 6.00% | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Amount | $ 64,373 | $ 59,959 | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 7.423% | 8.148% | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | [1] | ||
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | [1] | ||
Common Equity Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes With Capital Buffer Amount | [2] | ||
Common Equity Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes With Capital Buffer Ratio | [2] | ||
Common Equity Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | $ 39,026 | $ 33,113 | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 4.50% | 4.50% | |
Tier 1 Capital (to Average Assets) Actual Amount | $ 72,373 | $ 67,959 | |
Tier 1 Capital (to Average Assets) Actual Ratio | 7.764% | 8.219% | |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | [1] | ||
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | [1] | ||
Tier 1 Capital (to Average Assets) For Capital Adequacy Purposes Amount | $ 37,288 | $ 33,072 | |
Tier 1 Capital (to Average Assets) For Capital Adequacy Purposes Ratio | 4.00% | 4.00% | |
Subsidiaries [Member] | |||
Total Capital (to Risk Weighted Assets) Actual Amount | $ 99,204 | $ 83,711 | |
Total Capital (to Risk Weighted Assets) Actual Ratio | 11.491% | 11.406% | |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | [1] | $ 86,335 | $ 73,393 |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | [1] | 10.00% | 10.00% |
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes With Capital Buffer Amount | [2] | $ 85,255 | $ 67,889 |
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes With Capital Buffer Ratio | [2] | 9.875% | 9.25% |
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | $ 69,068 | $ 58,715 | |
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 8.00% | 8.00% | |
Tier 1 Capital (to Risk Weighted Assets) Actual Amount | $ 91,583 | $ 77,407 | |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 10.608% | 10.547% | |
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | [1] | $ 69,068 | $ 58,715 |
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | [1] | 8.00% | 8.00% |
Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes With Capital Buffer Amount | [2] | $ 67,988 | $ 53,210 |
Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes With Capital Buffer Ratio | [2] | 7.875% | 7.25% |
Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | $ 51,801 | $ 44,036 | |
Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 6.00% | 6.00% | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Amount | $ 91,583 | $ 77,407 | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 10.608% | 10.547% | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | [1] | $ 56,117 | $ 47,706 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | [1] | 6.50% | 6.50% |
Common Equity Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes With Capital Buffer Amount | [2] | $ 55,038 | $ 42,201 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes With Capital Buffer Ratio | [2] | 6.375% | 5.75% |
Common Equity Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | $ 38,851 | $ 33,027 | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 4.50% | 4.50% | |
Tier 1 Capital (to Average Assets) Actual Amount | $ 91,583 | $ 77,407 | |
Tier 1 Capital (to Average Assets) Actual Ratio | 9.823% | 9.36% | |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | [1] | $ 46,617 | $ 41,351 |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | [1] | 5.00% | 5.00% |
Tier 1 Capital (to Average Assets) For Capital Adequacy Purposes Amount | $ 37,294 | $ 33,081 | |
Tier 1 Capital (to Average Assets) For Capital Adequacy Purposes Ratio | 4.00% | 4.00% | |
[1] | Designation as "Well Capitalized" does not apply to bank holding companies - the Company. Such categorization of capital adequacy only applies to insured depository institutions - the Bank.. | ||
[2] | The Capital Conservation Buffer implemented by the FDIC began to be phased in beginning January 1, 2016. It was not applicable to periods prior to that date and does not apply to bank holding companies - the Company. |
Note 17 - Related Party Trans_2
Note 17 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Percentage of Related Party Ownership in Other Entities for Grant of Loan | 10.00% | |
Loans and Leases Receivable, Related Parties, Ending Balance | $ 150,000 | $ 139,000 |
Related Party Deposit Liabilities | 1,100,000 | 1,300,000 |
Due from Affiliates | $ 0 | $ 0 |
Note 18 - Fair Value and Inte_3
Note 18 - Fair Value and Interest Rate Risk (Details Textual) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Other Investments, Total | $ 4,963,000 | $ 4,962,000 |
Solomon Hess SBA Loan Fund [Member] | ||
Other Investments, Total | 4,450,000 | |
Bank Time Deposits [Member] | ||
Other Investments, Total | $ 513,000 |
Note 18 - Fair Value and Inte_4
Note 18 - Fair Value and Interest Rate Risk - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financial Assets: | ||
Available-for-sale securities | $ 39,496 | $ 25,576 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Financial Assets: | ||
Available-for-sale securities | 20,473 | 7,224 |
Corporate Debt Securities [Member] | ||
Financial Assets: | ||
Available-for-sale securities | 12,974 | 13,804 |
Subordinated Notes [Member] | ||
Financial Assets: | ||
Available-for-sale securities | 4,564 | 4,548 |
Reported Value Measurement [Member] | ||
Financial Assets: | ||
Financial assets, total | 895,509 | 804,504 |
Financial Liabilities: | ||
Financial liabilities, total | 876,862 | 779,377 |
Estimate of Fair Value Measurement [Member] | ||
Financial Assets: | ||
Financial assets, total | 885,323 | 793,970 |
Financial Liabilities: | ||
Financial liabilities, total | 875,279 | 777,850 |
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | Brokered Deposits [Member] | ||
Financial Liabilities: | ||
Deposits | 183,600 | 138,129 |
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | Cash and Due from Banks [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 7,381 | 3,582 |
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | Interest-bearing Deposits [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 59,056 | 45,147 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | Brokered Deposits [Member] | ||
Financial Liabilities: | ||
Deposits | 183,120 | 137,870 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | Cash and Due from Banks [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 7,381 | 3,582 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | Interest-bearing Deposits [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 59,056 | 45,147 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | ||
Financial Assets: | ||
Available-for-sale securities | 1,485 | |
Other investments | 4,963 | 4,962 |
Federal Reserve Bank stock | 2,866 | 2,502 |
Federal Home Loan Bank stock | 4,928 | 5,889 |
Accrued interest receivable | 3,766 | 3,496 |
Interest rate swap receivable | 286 | |
Financial Liabilities: | ||
FHLB and correspondent bank borrowings | 100,000 | 120,000 |
Senior notes | 11,778 | 11,703 |
Subordinated debt | 9,723 | |
Junior subordinated debt owed to unconsolidated trust | 8,094 | 8,086 |
Accrued interest payable | 1,605 | 569 |
Interest rate swap liability | 286 | |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Demand Deposits [Member] | ||
Financial Liabilities: | ||
Deposits | 84,471 | 81,197 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Savings Deposits [Member] | ||
Financial Liabilities: | ||
Deposits | 81,912 | 135,975 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Money Market Deposits [Member] | ||
Financial Liabilities: | ||
Deposits | 85,197 | 16,575 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Negotiable Order of Withdrawal (NOW) Accounts [Member] | ||
Financial Liabilities: | ||
Deposits | 26,100 | 25,476 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Time Deposits [Member] | ||
Financial Liabilities: | ||
Deposits | 282,001 | 240,087 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Financial Assets: | ||
Available-for-sale securities | 20,473 | 7,224 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Corporate Debt Securities [Member] | ||
Financial Assets: | ||
Available-for-sale securities | 12,974 | 13,804 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Subordinated Notes [Member] | ||
Financial Assets: | ||
Available-for-sale securities | 4,564 | 4,548 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Financial Assets: | ||
Available-for-sale securities | 1,485 | |
Other investments | 4,963 | 4,962 |
Federal Reserve Bank stock | 2,866 | 2,502 |
Federal Home Loan Bank stock | 4,928 | 5,889 |
Accrued interest receivable | 3,766 | 3,496 |
Interest rate swap receivable | 286 | |
Financial Liabilities: | ||
FHLB and correspondent bank borrowings | 101,369 | 120,218 |
Senior notes | 11,293 | 11,249 |
Subordinated debt | 9,348 | |
Junior subordinated debt owed to unconsolidated trust | 8,094 | 8,086 |
Accrued interest payable | 1,605 | 569 |
Interest rate swap liability | 286 | |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Demand Deposits [Member] | ||
Financial Liabilities: | ||
Deposits | 84,471 | 81,197 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Savings Deposits [Member] | ||
Financial Liabilities: | ||
Deposits | 81,912 | 135,975 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Money Market Deposits [Member] | ||
Financial Liabilities: | ||
Deposits | 85,197 | 16,575 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Negotiable Order of Withdrawal (NOW) Accounts [Member] | ||
Financial Liabilities: | ||
Deposits | 26,100 | 25,476 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Time Deposits [Member] | ||
Financial Liabilities: | ||
Deposits | 280,538 | 239,219 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Financial Assets: | ||
Available-for-sale securities | 20,473 | 7,224 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Corporate Debt Securities [Member] | ||
Financial Assets: | ||
Available-for-sale securities | 12,974 | 13,804 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Subordinated Notes [Member] | ||
Financial Assets: | ||
Available-for-sale securities | 4,564 | 4,548 |
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | ||
Financial Assets: | ||
Loans receivable, net | 772,767 | 713,350 |
Financial Liabilities: | ||
Note payable | 1,388 | 1,580 |
Contingent consideration liability | 707 | |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Financial Assets: | ||
Loans receivable, net | 762,581 | 702,816 |
Financial Liabilities: | ||
Note payable | 1,239 | 1,416 |
Contingent consideration liability | $ 707 |
Note 18 - Fair Value and Inte_5
Note 18 - Fair Value and Interest Rate Risk - Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Available-for-sale securities | $ 39,496 | $ 25,576 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available-for-sale securities | 20,473 | 7,224 |
Corporate Debt Securities [Member] | ||
Available-for-sale securities | 12,974 | 13,804 |
Subordinated Notes [Member] | ||
Available-for-sale securities | 4,564 | 4,548 |
US Treasury Securities [Member] | ||
Available-for-sale securities | 1,485 | |
Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 39,496 | 25,576 |
Impaired PCI Loans, net | 615 | |
Contingent consideration liability | 707 | |
Interest rate swap receivable | 286 | |
Interest rate swap liability | 286 | |
Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available-for-sale securities | 20,473 | 7,224 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||
Available-for-sale securities | 12,974 | 13,804 |
Fair Value, Measurements, Recurring [Member] | Subordinated Notes [Member] | ||
Available-for-sale securities | 4,564 | 4,548 |
Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | ||
Available-for-sale securities | 1,485 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | ||
Impaired PCI Loans, net | ||
Contingent consideration liability | ||
Interest rate swap receivable | ||
Interest rate swap liability | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available-for-sale securities | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||
Available-for-sale securities | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Subordinated Notes [Member] | ||
Available-for-sale securities | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | ||
Available-for-sale securities | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 39,496 | 25,576 |
Impaired PCI Loans, net | ||
Contingent consideration liability | ||
Interest rate swap receivable | 286 | |
Interest rate swap liability | 286 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available-for-sale securities | 20,473 | 7,224 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||
Available-for-sale securities | 12,974 | 13,804 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Subordinated Notes [Member] | ||
Available-for-sale securities | 4,564 | 4,548 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | ||
Available-for-sale securities | 1,485 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | ||
Impaired PCI Loans, net | 615 | |
Contingent consideration liability | 707 | |
Interest rate swap receivable | ||
Interest rate swap liability | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available-for-sale securities | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||
Available-for-sale securities | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Subordinated Notes [Member] | ||
Available-for-sale securities | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | ||
Available-for-sale securities |
Note 18 - Fair Value and Inte_6
Note 18 - Fair Value and Interest Rate Risk - Quantitative Information About Level 3 Fair Value Measurements (Details) - Fair Value, Inputs, Level 3 [Member] - Fair Value of Collateral Approach [Member] $ in Thousands | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Impaired loans, net | $ 19,673 | $ 6,500 |
Other Real Estate Owned | $ 2,945 | |
Other Real Estate Owned | 14 | |
Impaired loans, net | $ 19,673 | $ 6,500 |
Minimum [Member] | ||
Impaired loans, net | 8 | 0 |
Maximum [Member] | ||
Impaired loans, net | 21 | 8 |
Note 19 - Derivatives (Details
Note 19 - Derivatives (Details Textual) - Interest Rate Swap [Member] - Not Designated as Hedging Instrument [Member] | Dec. 31, 2018USD ($) | Nov. 30, 2018 | Dec. 31, 2017USD ($) |
Derivative, Collateral, Right to Reclaim Cash | $ 300,000 | $ 0 | |
Derivative, Number of Instruments Held, Total | 2 | 0 |
Note 19 - Derivatives - Schedul
Note 19 - Derivatives - Schedule of Derivative Instruments (Details) - Interest Rate Swap [Member] - Not Designated as Hedging Instrument [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Derivative Asset, Notional Amount | $ 5,000 |
Derivative, Maturity (Year) | 10 years 182 days |
Derivative, Fixed Rate | 5.25% |
Derivative Liability, Notional Amount | $ 5,000 |
Other Assets [Member] | |
Interest rate swap receivable | 286 |
Other Liabilities [Member] | |
Derivative Liability, Fair Value | $ (286) |
London Interbank Offered Rate (LIBOR) [Member] | |
Derivative, Variable Rate | 1.96% |
Note 20 - Parent Company-only_3
Note 20 - Parent Company-only Financial Statements - Condensed Balance Sheets (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Noninterest bearing deposits and cash | $ 7,381,000 | $ 3,582,000 | ||
Other assets | 4,816,000 | 1,821,000 | ||
Total assets | 951,696,000 | 852,080,000 | ||
Borrowings | 130,983,000 | 141,400,000 | ||
Shareholders' equity | 69,340,000 | 66,749,000 | $ 62,570,000 | $ 61,464,000 |
Total liabilities and shareholders' equity | 951,696,000 | 852,080,000 | ||
Parent Company [Member] | ||||
Noninterest bearing deposits and cash | 2,443,000 | 2,319,000 | ||
Investment in subsidiary | 96,729,000 | 84,549,000 | ||
Other assets | 59,000 | 59,000 | ||
Total assets | 99,231,000 | 86,927,000 | ||
Borrowings | 29,595,000 | 19,789,000 | ||
Accrued expenses and other liabilities | 450,000 | 389,000 | ||
Shareholders' equity | 69,186,000 | 66,749,000 | ||
Total liabilities and shareholders' equity | $ 99,231,000 | $ 86,927,000 |
Note 20 - Parent Company-only_4
Note 20 - Parent Company-only Financial Statements - Condensed Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest on subordinated debt | $ 767 | $ 360 | $ 334 |
Interest on senior debt | 915 | 915 | 25 |
Total interest expense | 12,378 | 6,956 | 3,008 |
Other operating expense | 1,661 | 1,452 | 1,395 |
Loss before equity in undistributed net income of subsidiary | 4,086 | 7,022 | 3,137 |
Net income | 3,196 | 4,147 | 1,930 |
Total comprehensive income | 2,525 | 4,112 | 1,962 |
Parent Company [Member] | |||
Interest on subordinated debt | 454 | 371 | 344 |
Interest on senior debt | 1,242 | 915 | 25 |
Interest on other borrowings | 3 | ||
Total interest expense | 1,696 | 1,286 | 372 |
Other operating expense | 313 | 208 | 162 |
Loss before equity in undistributed net income of subsidiary | 2,009 | 1,494 | 534 |
Equity in undistributed net income of subsidiary | 5,051 | 5,641 | 2,464 |
Net income | 3,042 | 4,147 | 1,930 |
Equity in subsidiary other comprehensive income, net of subsidiary | (671) | (35) | 32 |
Total comprehensive income | $ 2,371 | $ 4,112 | $ 1,962 |
Note 20 - Parent Company-only_5
Note 20 - Parent Company-only Financial Statements - Condensed Statements of Cash Flows (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net income | $ 3,196,000 | $ 4,147,000 | $ 1,930,000 |
Share-based compensation | 220,000 | 146,000 | 161,000 |
Amortization of debt issuance costs | 97,000 | 82,000 | 9,000 |
Increase in other assets | (981,000) | (2,000) | (657,000) |
Net cash (used in) provided by operating activities | 5,585,000 | 7,290,000 | 4,525,000 |
Net cash used in investing activities | (27,195,000) | (140,850,000) | (99,110,000) |
Proceeds from issuance of subordinated note, net | 9,709,000 | ||
Proceeds from issuance of senior notes, net | 11,708,000 | ||
Purchases of treasury stock | (2,000) | (1,017,000) | |
Dividends paid on common stock | (154,000) | (77,000) | |
Net cash provided by (used in) financing activities | 39,318,000 | 90,000,000 | 101,474,000 |
Net increase (decrease) in cash and cash equivalents | 17,708,000 | (43,560,000) | 6,889,000 |
Cash and cash equivalents at beginning of period | 48,729,000 | 92,289,000 | 85,400,000 |
Cash and cash equivalents at end of period | 66,437,000 | 48,729,000 | 92,289,000 |
Cash paid for interest | 11,246 | 6,424 | 3,413 |
Cash paid for income taxes | 1,243,000 | 515,000 | 360,000 |
Increase in debt issuance costs | 82,000 | ||
Accounts payable | 82,000 | ||
Parent Company [Member] | |||
Net income | 3,042,000 | 4,147,000 | 1,930,000 |
Equity in undistributed income of subsidiary | (5,051,000) | (5,641,000) | (2,464,000) |
Dividends received from Patriot Bank, N.A. | 890,000 | ||
Share-based compensation | 220,000 | 146,000 | 161,000 |
Amortization of debt issuance costs | 97,000 | 82,000 | 9,000 |
Increase in other assets | (13,000) | ||
Decrease in accrued expenses and other liabilities | 61,000 | 32,000 | (414,000) |
Net cash (used in) provided by operating activities | (1,631,000) | (1,247,000) | 112,000 |
Net increase in investment in Patriot Bank N.A. | (7,800,000) | (7,198,000) | |
Net cash used in investing activities | (7,800,000) | (7,198,000) | |
Proceeds from issuance of subordinated note, net | 9,709,000 | ||
Proceeds from issuance of senior notes, net | 11,708,000 | ||
Purchases of treasury stock | (2,000) | (1,017,000) | |
Dividends paid on common stock | (154,000) | (77,000) | |
Net cash provided by (used in) financing activities | 9,555,000 | (79,000) | 10,691,000 |
Net increase (decrease) in cash and cash equivalents | 124,000 | (1,326,000) | 3,605,000 |
Cash and cash equivalents at beginning of period | 2,319,000 | 3,645,000 | 40,000 |
Cash and cash equivalents at end of period | 2,443,000 | 2,319,000 | 3,645,000 |
Cash paid for interest | 1,600,000 | 1,203,000 | 777,000 |
Cash paid for income taxes | |||
Increase in debt issuance costs | 82,000 | ||
Accounts payable | $ (82,000) |