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Note 10 - Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2018
Notes to Financial Statements |
Commitments and Contingencies Disclosure [Text Block] |
Note 10. | Commitments and Contingencies
Operating leases Patriot has seven non-cancelable operating leases, including four Bank branch locations and two for administrative and operational space, and one equipment lease. The leases expire on various dates through 2032. Most of the leases contain rent escalation provisions, as well as renewal options for one or more periods. The last potential year the leases can be extended through is 2032. Certain leases require Patriot to reimburse the lessors for a proportion of property operating costs such as insurance and property taxes. Future minimum rental commitments under the terms of these leases by year and in the aggregate, are as follows:
(In thousands) |  |  |  |
Year ending December 31, |  | Amount |
2019 |  | $ | 396 |
2020 |  |  | 376 |
2021 |  |  | 378 |
2022 |  |  | 339 |
2023 |  |  | 315 |
thereafter |  |  | 1,273 |
Total minimum payments required* |  | $ | 3,077 |
*Minimum payments have not been reduced by minimum sublease rentals of $2.4 million due in the future under non-cancelable subleases. Rent expense for operating leases is recognized in earnings on a straight-line basis over the base term of the respective lease and is included in the Statement of Income as a component of Occupancy and Equipment expense. For the years ended December 31, 2018, 2017 and 2016, total rent expense for cancellable and non-cancellable operating leases was $593,000, $953,000, and $1.1 million, respectively. For the years ended December 31, 2018, 2017 and 2016, Patriot recognized gross rental income of $413,000, $399,000, and $414,000 offset by rental costs of $5,000, $5,000, and $5,000, respectively. Employment Agreements The Company has a severance agreement for each of the Executive Vice Presidents that provides for severance equal to 12 months of current salary, if the EVP is terminated within 12 months of a change of control of Patriot. Legal Matters Patriot does not have any pending legal proceedings, other than ordinary routine litigation, incidental to its business, to which Patriot is a party or any of its property is subject. Management and Patriot’s legal counsel are of the opinion that the ultimate disposition of these routine legal matters will not have a material adverse effect on the consolidated financial condition, results of operations, or liquidity of Patriot.

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