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Note 6 - Other Real Estate Owned ("OREO")
 12 Months Ended
Dec. 31, 2017
Notes to Financial Statements  
Real Estate Owned [Text Block]
Note
6.
Other Real Estate
Owned (“OREO”)
 
As of
December 31, 2017
and
December 31, 2016,
Patriot recorded OREO of
$0
and
$851,000
on the Consolidated Balance Sheet, respectively. The
2016
OREO balance consisting of a single undeveloped property (i.e., raw land) zoned for multi-use construction. The carrying amount was 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 was 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.
In
December 2017,
Patriot sold the OREO and recognized a loss of
$9,000.