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Note 3 - Available-for-sale Securities | 12 Months Ended
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Dec. 31, 2016
Notes to Financial Statements |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] |
Note 3. | Available-for-sale securities
At December 31, 2016 and 2015, the amortized cost, gross unrealized gains, gross unrealized losses and approximate fair value of available-for-sale securities was as follows:
(In thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
December 31, 2016: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Government agency mortgage-backed securities |  | $ | 10,624 |  |  |  | 9 |  |  |  | 192 |  |  |  | 10,441 |
Corporate bonds |  |  | 9,000 |  |  |  | - |  |  |  | 39 |  |  |  | 8,961 |
Subordinated Notes |  |  | 5,000 |  |  |  | 26 |  |  |  | - |  |  |  | 5,026 |
|  | $ | 24,624 |  |  |  | 35 |  |  |  | 231 |  |  |  | 24,428 |
December 31, 2015: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Government agency mortgage-backed securities |  | $ | 13,625 |  |  |  | - |  |  |  | 212 |  |  |  | 13,413 |
Corporate bonds |  |  | 9,000 |  |  |  | 71 |  |  |  | 61 |  |  |  | 9,010 |
U. S. Government agency bonds |  |  | 5,000 |  |  |  | - |  |  |  | 46 |  |  |  | 4,954 |
Subordinated Notes |  |  | 2,000 |  |  |  | - |  |  |  | - |  |  |  | 2,000 |
|  | $ | 29,625 |  |  |  | 71 |  |  |  | 319 |  |  |  | 29,377 |
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, 2016 and 2015:
(In thousands) |  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
December 31, 2016: |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
U. S. Government agency mortgage-backed securities |  | $ | 5,969 |  |  |  | 144 |  |  |  | 3,356 |  |  |  | 48 |  |  |  | 9,325 |  |  |  | 192 |
Corporate bonds |  |  | - |  |  |  | - |  |  |  | 5,961 |  |  |  | 39 |  |  |  | 5,961 |  |  |  | 39 |
|  | $ | 5,969 |  |  |  | 144 |  |  |  | 9,317 |  |  |  | 87 |  |  |  | 15,286 |  |  |  | 231 |
December 31, 2015: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Government agency bonds |  | $ | 4,954 |  |  |  | 46 |  |  |  | - |  |  |  | - |  |  |  | 4,954 |  |  |  | 46 |
U. S. Government agency mortgage-backed securities |  |  | 2,863 |  |  |  | 42 |  |  |  | 10,550 |  |  |  | 170 |  |  |  | 13,413 |  |  |  | 212 |
Corporate bonds |  |  | - |  |  |  | - |  |  |  | 5,939 |  |  |  | 61 |  |  |  | 5,939 |  |  |  | 61 |
|  | $ | 7,817 |  |  |  | 88 |  |  |  | 16,489 |  |  |  | 231 |  |  |  | 24,306 |  |  |  | 319 |
At December 31, 2016 and 2015, seven out of twelve and nine out of eleven available-for-sale securities had unrealized losses with an aggregate depreciation of 1.5% and 1.3% from amortized cost, respectively. Based on its quarterly reviews, management believes that none of the losses on available-for-sale securities noted above constitute an OTTI. The noted losses are considered temporary due to market fluctuations in available interest rates on U.S. Government agency debt, mortgage-backed securities issued by U.S. Government agencies, and corporate debt. Management considers the issuers of the securities to be financially sound, the corporate bonds are investment grade, and the collectability of all contractual principal and interest payments is reasonably expected. Since Patriot is not more-likely-than-not to be required to sell the investments before recovery of the amortized cost basis and does not intend to sell the securities at a loss, none of the available-for-sale securities noted are considered to be OTTI as of December 31, 2016. At December 31, 2016 and 2015, available-for-sale securities of $4.2 million and $5.5 million, respectively, were pledged to the FRB of New York, primarily to secure municipal deposits. 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, 2016. The mortgages underlying the mortgage-backed securities are not due at a single maturity date. Additionally, these mortgages often are and generally may be pre-paid without penalty, creating a degree of uncertainty that such investments can be held until maturity. For convenience, mortgage-backed securities have been included in the summary as a separate line item.
(In thousands) |  | Amortized Cost |  |  | Fair Value |
December 31, 2016: |  | Due Within 5 years |  |  | Due After 5 years through 10 years |  |  | Due After 10 years |  |  | Total |  |  | Due Within 5 years |  |  | Due After 5 years through 10 years |  |  | Due After 10 years |  |  | Total |
Corporate bonds |  | $ | 9,000 |  |  |  | - |  |  |  | - |  |  |  | 9,000 |  |  |  | 8,961 |  |  |  | - |  |  |  | - |  |  |  | 8,961 |
Subordinated Notes |  |  | 1,000 |  |  |  | 4,000 |  |  |  | - |  |  |  | 5,000 |  |  |  | 1,026 |  |  |  | 4,000 |  |  |  | - |  |  |  | 5,026 |
Available-for-sale securities with single maturity dates |  |  | 10,000 |  |  |  | 4,000 |  |  |  | - |  |  |  | 14,000 |  |  |  | 9,987 |  |  |  | 4,000 |  |  |  | - |  |  |  | 13,987 |
U. S. Government agency mortgage-backed securities |  |  | - |  |  |  | 2,132 |  |  |  | 8,492 |  |  |  | 10,624 |  |  |  | - |  |  |  | 2,106 |  |  |  | 8,335 |  |  |  | 10,441 |
|  | $ | 10,000 |  |  |  | 6,132 |  |  |  | 8,492 |  |  |  | 24,624 |  |  |  | 9,987 |  |  |  | 6,106 |  |  |  | 8,335 |  |  |  | 24,428 |
December 31, 2015: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | - |  |  |  | 9,000 |  |  |  | - |  |  |  | 9,000 |  |  |  | - |  |  |  | 9,010 |  |  |  | - |  |  |  | 9,010 |
U. S. Government agency bonds |  |  | - |  |  |  | 5,000 |  |  |  | - |  |  |  | 5,000 |  |  |  | - |  |  |  | 4,954 |  |  |  | - |  |  |  | 4,954 |
Subordinated Notes |  |  | - |  |  |  | 2,000 |  |  |  | - |  |  |  | 2,000 |  |  |  | - |  |  |  | 2,000 |  |  |  | - |  |  |  | 2,000 |
Available-for-sale securities with single maturity dates |  |  | - |  |  |  | 16,000 |  |  |  | - |  |  |  | 16,000 |  |  |  | - |  |  |  | 15,964 |  |  |  | - |  |  |  | 15,964 |
U. S. Government agency mortgage-backed securities |  |  | - |  |  |  | 2,905 |  |  |  | 10,720 |  |  |  | 13,625 |  |  |  | - |  |  |  | 2,863 |  |  |  | 10,550 |  |  |  | 13,413 |
|  | $ | - |  |  |  | 18,905 |  |  |  | 10,720 |  |  |  | 29,625 |  |  |  | - |  |  |  | 18,827 |  |  |  | 10,550 |  |  |  | 29,377 |

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