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Note 13 - Shareholders' Equity | 12 Months Ended
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Dec. 31, 2018
Notes to Financial Statements |
Stockholders' Equity Note Disclosure [Text Block] |
Note 13. | Shareholders’ Equity
Common Stock On December 16, 2009, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with PNBK Holdings, LLC, a limited liability company controlled by Michael Carrazza (“Holdings”). Pursuant to the Securities Purchase Agreement, on October 15, 2010, the Company issued 3.36 million shares of common stock to Holdings at $15.00 per share, for an aggregate issuance value of $50.4 million. The shares issued to Holdings represented 87.6% of the Company’s then issued and outstanding common stock. In connection with the equity interest obtained by Holdings, Michael Carrazza became Patriot’s Chairman of the Board and nominees of Holdings replaced certain directors and officers who resigned. Additionally, the Company reduced the par value of its common stock from $2 to $0.01 per share, increased the number of its authorized common shares to 100 million, and entered into a Registration Rights Agreement with Holdings. The Registration Rights Agreement provides Holdings with customary demand, shelf, and piggyback registration rights. Stock Repurchase Program On July 26, 2016, the Company authorized a stock repurchase program whereby management may repurchase up to 500,000 shares of common stock. The authorization expired on July 31, 2017, unless extended, suspended, or otherwise modified. The program authorizes the Company’s chairman to direct management to repurchase shares on the open-market or in private transactions, in accordance with applicable security laws and regulations. Share repurchases, if any, are anticipated to be funded from available cash-on-hand. During the year ended December 31, 2017, 72,471 shares of common stock were repurchased in a combination of open market and private transactions at an average cost of $14.04 per share. In August 2017, after the Program closed, one shareholder elected to sell 100 shares back to the Company at a cost of $17.10 per share. This transaction was accepted and executed on the same terms as those executed during the Program. No treasury stock was purchased in 2018. Dividends On July 17, 2017, the Company announced its intention to make quarterly cash dividend payments. For the year ended December 31, 2018 and 2017, the Company paid cash dividends of $154,000 and $77,000, respectively. No dividend was declared and paid for the years ended December 31, 2016. Earnings per Share The Company is required to present basic earnings per share and diluted earnings per share in its Consolidated Statements of Income. Basic earnings per share amounts are computed by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share reflects additional common shares that would have been outstanding if potentially dilutive common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate to the outstanding unvested RSAs granted to directors and employees. The dilutive effect resulting from these potential shares is determined using the treasury stock method. The Company is also required to provide a reconciliation of the numerator and denominator used in the computation of both basic and diluted earnings per share. The following is a summary of the computation of basic and diluted earnings per share for each of the years in the three -year period ended December 31, 2018.
(Net income in thousands) |  | Year ended December 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Basic earnings per share: |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to Common shareholders |  | $ | 3,196 |  |  |  | 4,147 |  |  |  | 1,930 |
Divided by: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares outstanding |  |  | 3,904,052 |  |  |  | 3,894,222 |  |  |  | 3,953,281 |
Basic earnings per common share |  |  | 0.82 |  |  |  | 1.06 |  |  |  | 0.49 |
Diluted earnings per share: |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to Common shareholders |  |  | 3,196 |  |  |  | 4,147 |  |  |  | 1,930 |
Weighted average shares outstanding |  |  | 3,904,052 |  |  |  | 3,894,222 |  |  |  | 3,953,281 |
Effect of potentially dilutive restricted common shares |  |  | 11,573 |  |  |  | 2,963 |  |  |  | - |
Divided by: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average diluted shares outstanding |  |  | 3,915,625 |  |  |  | 3,897,185 |  |  |  | 3,953,281 |
Diluted earnings per common share |  |  | 0.82 |  |  |  | 1.06 |  |  |  | 0.49 |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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