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Note 4 - Available-for-sale Securities | 9 Months Ended
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Sep. 30, 2018
Notes to Financial Statements |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 4: Available-for Sale Securities The amortized cost, gross unrealized gains, gross unrealized losses and fair values of available-for-sale securities at September 30, 2018 and December 31, 2017 are as follows:
(In thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized (Losses) |  |  | Fair Value |
September 30, 2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Government agency mortgage-backed securities |  | $ | 21,530 |  |  |  | 1 |  |  |  | (296 | ) |  |  | 21,235 |
Corporate bonds |  |  | 14,000 |  |  |  | - |  |  |  | (993 | ) |  |  | 13,007 |
Subordinated notes |  |  | 4,500 |  |  |  | 25 |  |  |  | - |  |  |  | 4,525 |
U.S. Treasury notes |  |  | 1,497 |  |  |  | - |  |  |  | - |  |  |  | 1,497 |
|  | $ | 41,527 |  |  |  | 26 |  |  |  | (1,289 | ) |  |  | 40,264 |
December 31, 2017: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Government agency mortgage-backed securities |  | $ | 7,330 |  |  |  | - |  |  |  | (106 | ) |  |  | 7,224 |
Corporate bonds |  |  | 14,000 |  |  |  | - |  |  |  | (196 | ) |  |  | 13,804 |
Subordinated notes |  |  | 4,500 |  |  |  | 48 |  |  |  | - |  |  |  | 4,548 |
|  | $ | 25,830 |  |  |  | 48 |  |  |  | (302 | ) |  |  | 25,576 |
The following table presents the 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 September 30, 2018 and December 31, 2017:
(In thousands) |  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Fair Value |  |  | Unrealized (Loss) |  |  | Fair Value |  |  | Unrealized (Loss) |  |  | Fair Value |  |  | Unrealized (Loss) |
September 30, 2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Government agency mortgage-backed securities |  | $ | 16,955 |  |  |  | (83 | ) |  |  | 4,040 |  |  |  | (213 | ) |  |  | 20,995 |  |  |  | (296 | )
Corporate bonds |  |  | - |  |  |  | - |  |  |  | 13,007 |  |  |  | (993 | ) |  |  | 13,007 |  |  |  | (993 | )
|  | $ | 16,955 |  |  |  | (83 | ) |  |  | 17,047 |  |  |  | (1,206 | ) |  |  | 34,002 |  |  |  | (1,289 | )
December 31, 2017: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Government agency mortgage-backed securities |  | $ | 4,118 |  |  |  | (13 | ) |  |  | 3,106 |  |  |  | (93 | ) |  |  | 7,224 |  |  |  | (106 | )
Corporate bonds |  |  | 13,804 |  |  |  | (196 | ) |  |  | - |  |  |  | - |  |  |  | 13,804 |  |  |  | (196 | )
|  | $ | 17,922 |  |  |  | (209 | ) |  |  | 3,106 |  |  |  | (93 | ) |  |  | 21,028 |  |  |  | (302 | )
At September 30, 2018 and December 31, 2017, thirteen of seventeen and nine of eleven available-for-sale securities had unrealized losses with an aggregate decline of 3.7% and 1.4%, respectively from the amortized cost of those securities. Based on its quarterly reviews, management believes that none of the losses on available-for-sale securities noted above constitute an other-than-temporary impairment (“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 September 30, 2018. At September 30, 2018 and December 31, 2017, available-for-sale securities of $7.3 million and $6.7 million, respectively, were pledged to the Federal Reserve Bank of New York (“FRB”), 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 September 30, 2018 and December 31, 2017. 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 |
|  | 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 |
September 30, 2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | - |  |  |  | 9,000 |  |  |  | 5,000 |  |  |  | 14,000 |  |  |  | - |  |  |  | 8,397 |  |  |  | 4,610 |  |  |  | 13,007 |
Subordinated notes |  |  | - |  |  |  | 4,500 |  |  |  | - |  |  |  | 4,500 |  |  |  | - |  |  |  | 4,525 |  |  |  | - |  |  |  | 4,525 |
U.S. Treasury notes |  |  | 1,497 |  |  |  | - |  |  |  | - |  |  |  | 1,497 |  |  |  | 1,497 |  |  |  | - |  |  |  | - |  |  |  | 1,497 |
Available-for-sale securities with single maturity dates |  |  | 1,497 |  |  |  | 13,500 |  |  |  | 5,000 |  |  |  | 19,997 |  |  |  | 1,497 |  |  |  | 12,922 |  |  |  | 4,610 |  |  |  | 19,029 |
U. S. Government agency mortgage-backed securities |  |  | 6,828 |  |  |  | 6,297 |  |  |  | 8,405 |  |  |  | 21,530 |  |  |  | 6,817 |  |  |  | 6,129 |  |  |  | 8,289 |  |  |  | 21,235 |
|  | $ | 8,325 |  |  |  | 19,797 |  |  |  | 13,405 |  |  |  | 41,527 |  |  |  | 8,314 |  |  |  | 19,051 |  |  |  | 12,899 |  |  |  | 40,264 |
December 31, 2017: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | - |  |  |  | 9,000 |  |  |  | 5,000 |  |  |  | 14,000 |  |  |  | - |  |  |  | 8,928 |  |  |  | 4,876 |  |  |  | 13,804 |
Subordinated notes |  |  | - |  |  |  | 4,500 |  |  |  | - |  |  |  | 4,500 |  |  |  | - |  |  |  | 4,548 |  |  |  | - |  |  |  | 4,548 |
Available-for-sale securities with single maturity dates |  |  | - |  |  |  | 13,500 |  |  |  | 5,000 |  |  |  | 18,500 |  |  |  | - |  |  |  | 13,476 |  |  |  | 4,876 |  |  |  | 18,352 |
U. S. Government agency mortgage-backed securities |  |  | - |  |  |  | 3,200 |  |  |  | 4,130 |  |  |  | 7,330 |  |  |  | - |  |  |  | 3,107 |  |  |  | 4,117 |  |  |  | 7,224 |
|  | $ | - |  |  |  | 16,700 |  |  |  | 9,130 |  |  |  | 25,830 |  |  |  | - |  |  |  | 16,583 |  |  |  | 8,993 |  |  |  | 25,576 |
During the year to date period ended September 30, 2018, the Company sold $35.5 million securities acquired in the transaction with Prime Bank, which were sold at the fair value at acquisition date with no recorded gain or loss. The Bank purchased $15.6 million U.S. Government agency mortgage-backed securities and $1.5 million U.S. Treasury notes in the third quarter of 2018. There were no sales of the Bank’s available-for-sale securities in the nine -month period ended September 30, 2018. During the year to date period ended September 30, 2017, there were $13.8 million sales and $20.6 million purchases of available-for-sale securities. A loss on the sale of available-for-sale securities of $78,000 was recorded during the nine months ended September 30, 2017.

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