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Note 7 - Share-based Compensation and Employee Benefit Plan | 6 Months Ended
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Jun. 30, 2018
Notes to Financial Statements |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 7 : Share-Based Compensation and Employee Benefit Plan The Company maintains the Patriot National Bancorp, Inc. 2012 Stock Plan (the “Plan”) to provide an incentive to directors and employees of the Company by the grant of restricted stock awards (“RSA”), options, or phantom stock units. Since 2013, the Company’s practice is to grant RSAs. As of June 30, 2018 and December 31, 2017, there were no options or phantom stock units outstanding, or that have been exercised during the period then ended. The Plan provides for the issuance of up to 3,000,000 shares of the Company’s common stock subject to certain limitations. As of June 30, 2018, 2,869,913 shares of stock are available for issuance under the Plan. In accordance with the terms of the Plan, the vesting of RSAs and options may be accelerated at the discretion of the Compensation Committee of the Board of Directors. The Compensation Committee sets the terms and conditions applicable to the vesting of RSAs and stock option grants. RSAs granted to directors and employees generally vest in quarterly or annual installments over a three, four or five year period from the date of grant. During the three and six months ended June 30, 2018, the Company granted 0 and 11,200 RSAs to the CEO, 0 and 2,999 RSAs to Executive Vice Presidents, and 4,124 and 4,124 RSAs to directors, respectively. There were 1,968 and 4,903 shares of restricted stock vested, 1,104 and 1,204 shares of restricted stock forfeited, respectively. All RSAs are non- participating grants. During the three and six months ended June 30, 2017, the Company granted 5,084 RSAs to directors and zero RSAs to employees. There were 0 and 2,231 shares of restricted stock vested, 6,000, and 6,000 shares of restricted stock forfeited, respectively. 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 three and six months ended June 30, 2018, the Company recognized total share-based compensation expense of $54,000 and $107,000, respectively. The share-based compensation attributable to employees of Patriot amounted to $32,000 and $67,000, respectively, for the three and six months ended June 30, 2018. Included in share-based compensation expense for the three and six months ended June 30, 2018 were $22,000 and $40,000 attributable to Patriot’s external Directors, who received total compensation of $77,000 and $159,000 for each of those periods, respectively, which amounts are included in Other Operating Expenses in the Consolidated Statements of Income. For the three and six months ended June 30, 2017, the Company recognized total share-based compensation expense of $25,000 and $68,000, respectively. The share-based compensation attributable to employees of Patriot amounted to $4,000 and $32,000, respectively. Included in share-based compensation expense for the three and six months ended June 30, 2017 were $21,000 and $36,000 attributable to Patriot’s external Directors, who received total compensation of $77,000 and $146,000 for each of those periods, respectively, which amounts are included in Other Operating Expenses in the Consolidated Statements of Income. The following is a summary of the status of the Company’s restricted shares as of June 30, 2018 and 2017 and changes therein during the periods indicated:
Three months ended June 30, 2018: |  | Number of Shares Awarded |  |  | Weighted Average Grant Date Fair Value |
Unvested at March 31, 2018 |  |  | 37,034 |  |  | $ | 14.20 |
Granted |  |  | 4,124 |  |  | $ | 18.55 |
Vested |  |  | (1,968 | ) |  | $ | 16.05 |
Forfeited |  |  | (1,104 | ) |  | $ | 14.15 |
Unvested at June 30, 2018 |  |  | 38,086 |  |  | $ | 14.57 |
Six months ended June 30, 2018: |  |  |  |  |  |  |  |
Unvested at December 31, 2017 |  |  | 25,870 |  |  | $ | 12.15 |
Granted |  |  | 18,323 |  |  | $ | 18.07 |
Vested |  |  | (4,903 | ) |  | $ | 14.93 |
Forfeited |  |  | (1,204 | ) |  | $ | 14.26 |
Unvested at June 30, 2018 |  |  | 38,086 |  |  | $ | 14.57 |
Three months ended June 30, 2017: |  | Number of Shares Awarded |  |  | Weighted Average Grant Date Fair Value |
Unvested at March 31, 2017 |  |  | 33,033 |  |  | $ | 12.55 |
Granted |  |  | 5,084 |  |  | $ | 15.05 |
Forfeited |  |  | (6,000 | ) |  | $ | 15.50 |
Unvested at June 30, 2017 |  |  | 32,117 |  |  | $ | 12.39 |
Six months ended June 30, 2017: |  |  |  |  |  |  |  |
Unvested at December 31, 2016 |  |  | 35,264 |  |  | $ | 12.84 |
Granted |  |  | 5,084 |  |  | $ | 15.05 |
Vested |  |  | (2,231 | ) |  | $ | 13.05 |
Forfeited |  |  | (6,000 | ) |  | $ | 15.50 |
Unvested at June 30, 2017 |  |  | 32,117 |  |  | $ | 12.39 |
Unrecognized compensation expense attributable to the unvested restricted shares outstanding as of June 30, 2018 amounts to $485,000, which amount is expected to be recognized over the weighted average remaining life of the awards of 2.77 years. RSA Grant - Non-executive Employees During the three and six months ended June 30, 2018, 0 and 100 granted shares were forfeited, respectively. During the three and six months ended June 30, 2017, none of the granted shares were forfeited. The remaining 6,200 shares continue to vest and $16,000 of compensation expense is expected to be recognized through the January 2019 vesting date. Retirement Plan The Company offers a 401K retirement plan (the “401K” ), which provides for tax-deferred salary deductions for eligible employees. Employees may choose to make voluntary contributions to the 401K, limited to an annual maximum amount as set forth periodically by the Internal Revenue Service. The Company matches 50% of such contributions, up to a maximum of six percent of an employee's annual compensation. During the three and six months ended June 30, 2018 compensation expense under the 401K aggregated $65,000 and $116,000, respectively. During the three and six months ended June 30, 2017 compensation expense under the 401K aggregated $60,000 and $94,000, respectively. Dividends On July 17, 2017, the Company announced its intention to make quarterly cash dividend payments. For the three and six months ended June 30, 2018, the Company paid cash dividends of $.01 per share of common stock, or an aggregated of $39,000 and $77,000, respectively. No dividend was declared and paid for the three and six months ended June 30, 2017.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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