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Note 21 - Subsequent Event | 12 Months Ended
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Dec. 31, 2015
Subsequent Events [Abstract] |
Subsequent Events [Text Block] |
Note 21. | Subsequent Event
Compensatory Arrangements of Certain Officers On January 4, 2016, Patriot and Kenneth T. Neilson, President and Chief Executive Officer of Patriot (“Neilson”), mutually agreed to extend the term of that certain Employment Agreement, dated as of March 18, 2013, by and among Patriot and Neilson, as amended by that certain Letter Agreement, dated as of February 3, 2014, by and among Patriot and Neilson, and as further amended by that certain Letter Agreement, dated as of January 21, 2015, by and among Patriot and Neilson (collectively, the “Employment Agreement”), for an additional one-year period from March 17, 2016 (the “Renewal Date”) through March 17, 2017. Further information is available in the 8K submitted on January 8, 2016. Restricted Stock Awards to all Employees The Company expanded its stock ownership family by granting each of full time and part time non executive employees, as of December 31, 2015, an ownership stake in the community bank. Each Patriot Bank non executive employee has been granted 100 shares of stock in the publicly traded company on January 4, 2016 at the stock price of $15.50. There were 87 employees which were granted these shares totaling to 8,700 non- participating restricted stock awards. If employees remain employed at Patriot through January 2, 2019, each share of Restricted Stock awarded to them will be converted into non-restricted shares of Patriot’s common stock. Expected future stock award expense related to the non-vested restricted awards discussed above, is $135,000, over next three years, accrued monthly.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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