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Note 20 - Parent Company-only Financial Statements | 12 Months Ended
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Dec. 31, 2018
Notes to Financial Statements |
Condensed Financial Statements [Text Block] |
Note 20. | Parent Company-only Financial Statements
The following represent the condensed stand-alone financial statements of Patriot National Bancorp, Inc., (the “Company”), which is the sole owner and parent company of Patriot Bank, N.A. (the “Bank”), its operating bank subsidiary.
CONDENSED BALANCE SHEETS
December 31, 2018 and 2017
(In thousands)
|  | As of December 31, |
|  | 2018 |  |  | 2017 |
ASSETS |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 2,443 |  |  |  | 2,319 |
Investment in subsidiary |  |  | 96,729 |  |  |  | 84,549 |
Other assets |  |  | 59 |  |  |  | 59 |
Total assets |  |  | 99,231 |  |  |  | 86,927 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |
Borrowings |  |  | 29,595 |  |  |  | 19,789 |
Accrued expenses and other liabilities |  |  | 450 |  |  |  | 389 |
Shareholders' equity |  |  | 69,186 |  |  |  | 66,749 |
Total liabilities and shareholders' equity |  | $ | 99,231 |  |  |  | 86,927 |
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
Years Ended December 31, 2018, 2017 and 2016
(In thousands)
|  | Year ended December 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Interest on subordinated debt |  | $ | 454 |  |  |  | 371 |  |  |  | 344 |
Interest on senior debt |  |  | 1,242 |  |  |  | 915 |  |  |  | 25 |
Interest on other borrowings |  |  | - |  |  |  | - |  |  |  | 3 |
Total interest expense |  |  | 1,696 |  |  |  | 1,286 |  |  |  | 372 |
Other expenses |  |  | 313 |  |  |  | 208 |  |  |  | 162 |
Loss before equity in undistributed net income of subsidiary |  |  | 2,009 |  |  |  | 1,494 |  |  |  | 534 |
Equity in undistributed net income of subsidiary |  |  | 5,051 |  |  |  | 5,641 |  |  |  | 2,464 |
Net Income |  |  | 3,042 |  |  |  | 4,147 |  |  |  | 1,930 |
Equity in subsidiary other comprehensive income, net of subsidiary |  |  | (671 | ) |  |  | (35 | ) |  |  | 32 |
Total comprehensive income |  | $ | 2,371 |  |  |  | 4,112 |  |  |  | 1,962 |
CONDENSED STATEMENTS OF CASH FLOWS
Years Ended December 31, 2018, 2017 and 2016
(In thousands)
|  | Year ended December 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |  |  |  |
Net Income |  | $ | 3,042 |  |  |  | 4,147 |  |  |  | 1,930 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity in undistributed income of subsidiary |  |  | (5,051 | ) |  |  | (5,641 | ) |  |  | (2,464 | )
Dividends received from Patriot Bank, N.A. |  |  | - |  |  |  | - |  |  |  | 890 |
Share-based compensation expense |  |  | 220 |  |  |  | 146 |  |  |  | 161 |
Amortization of debt issuance costs |  |  | 97 |  |  |  | 82 |  |  |  | 9 |
Change in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
(Increase) decrease in other assets |  |  | - |  |  |  | (13 | ) |  |  | - |
Decrease in accrued expenses and other liabilities |  |  | 61 |  |  |  | 32 |  |  |  | (414 | )
Net cash (used in) provided by operating activities |  |  | (1,631 | ) |  |  | (1,247 | ) |  |  | 112 |
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Net increase in investment in Patriot Bank N.A. |  |  | (7,800 | ) |  |  | - |  |  |  | (7,198 | )
Net cash used in investing activities |  |  | (7,800 | ) |  |  | - |  |  |  | (7,198 | )
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from issuance of subordinated note, net |  |  | 9,709 |  |  |  | - |  |  |  | - |
Proceeds from issuance of senior notes, net |  |  | - |  |  |  | - |  |  |  | 11,708 |
Purchase of treasury stock |  |  | - |  |  |  | (2 | ) |  |  | (1,017 | )
Dividends paid on common stock |  |  | (154 | ) |  |  | (77 | ) |  |  | - |
Net cash provided by (used in) financing activities |  |  | 9,555 |  |  |  | (79 | ) |  |  | 10,691 |
Net increase (decrease) in cash and cash equivalents |  |  | 124 |  |  |  | (1,326 | ) |  |  | 3,605 |
Cash and cash equivalents at beginning of year |  |  | 2,319 |  |  |  | 3,645 |  |  |  | 40 |
Cash and cash equivalents at end of year |  | $ | 2,443 |  |  |  | 2,319 |  |  |  | 3,645 |
Supplemental Disclosures of Cash Flow Information: |  |  |  |  |  |  |  |  |  |  |  |
Cash paid for interest |  | $ | 1,600 |  |  |  | 1,203 |  |  |  | 777 |
Cash paid for income taxes |  | $ | - |  |  |  | - |  |  |  | - |
Supplemental Disclosure of Non-cash Activity: |  |  |  |  |  |  |  |  |  |  |  |
Deferred debt issuance costs |  | $ | - |  |  |  | - |  |  |  | 82 |
Accounts payable |  |  | - |  |  |  | - |  |  |  | (82 | )
|  | $ | - |  |  |  | - |  |  |  | - |

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