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Note 6 - Other Real Estate Owned ("OREO")
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Real Estate Owned [Text Block]
Note
6.
Other Real Estate Owned (“OREO”)
 
As of
December
31,
2016,
OREO of
$851,000,
consisting of a single undeveloped property (i.e., raw land) zoned for multi-use construction, is reported on the Balance Sheet. The carrying amount is comprised of
$840,000
representing the value of the loan receivable due from the mortgagor of the foreclosed property and a gain of
$11,000
recognized upon taking possession of the property in
May
2016.
The gain is the excess of the fair value of the property at the date of possession over the loan receivable's carrying amount, after deducting an estimate of costs to liquidate the property.
 
During the year ended
December
31,
2016,
Patriot incurred
$10,000
of carrying costs associated with the single property classified as OREO, which expenses are primarily attributable to real estate taxes.