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Note 13 - Leases | 9 Months Ended
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Sep. 30, 2019
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | Note 1 3 : Leases A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. On January 1, 2019, the Company adopted ASU No. 2016 - 02 “Leases” (Topic 842 ) and all subsequent ASUs that modified Topic 842. For the Company, Topic 842 primarily affected the accounting treatment for operating lease agreements in which the Company is the lessee. Patriot has nine non-cancelable operating leases, including four Bank branch locations and three for administrative and operational space, one ITM location, and one equipment lease. The leases expire on various dates through 2032 and some include renewal options. 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 2037. Substantially all of our leases are classified as operating leases, and therefore, were previously not recognized on the Company’s consolidated balance sheets. With the adoption of Topic 842, operating lease agreements are required to be recognized on the consolidated balance sheets as a right-of-use (“ROU”) asset and a corresponding lease liability. The Company has no finance leases (previously referred to as a capital lease). The cumulative-effect adjustment was an increase to the opening balance of accumulated deficit at the time of adoption on January 1, 2019. The Company recognized $3.4 million of right-of-use (“ROU”) assets and $3.4 million lease liabilities for operating leases on its Consolidated Balance Sheets. The standard did not have an impact on its Consolidated Income Statements. Operating leases are recorded as a ROU lease assets and are included in other assets on the consolidated balance sheet. The Company’s corresponding lease obligations are included in accrued expenses and other liabilities on the consolidated balance sheet. ROU lease assets represent the Company’s right to use an underlying asset for the lease term and lease obligations represent the Company’s obligation to make lease payments arising from the lease. Operating ROU lease assets and obligations are recognized at the commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Short-term leases are leases having a term of twelve months or less. The Company recognizes short-term leases on a straight-line basis and does not record a related lease asset or liability for such leases, as allowed as practical expedient of the standard. The following is a maturity analysis of the operating lease liabilities as of September 30, 2019:
(in thousands) |  | Operating lease |
Years ending December 31, |  | Obligation |
2019 (excluding the nine months ending September 30, 2019) |  | $ | 134 |
2020 |  |  | 520 |
2021 |  |  | 532 |
2022 |  |  | 497 |
2023 |  |  | 463 |
Thereafter |  |  | 1,907 |
Total undiscounted lease payments |  |  | 4,053 |
Less imputed interest |  |  | (689 | )
Present value of operating lease liabilities |  | $ | 3,364 |
Operating lease right-of-use asset |  | $ | 3,267 |
|  | Three Months Ended |  |  | Nine Monthes Ended |
|  | September 30, 2019 |  |  | September 30, 2019 |
Lease cost |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 128 |  |  | $ | 381 |
Short-term lease cost |  |  | 33 |  |  |  | 79 |
Other information |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 113 |  |  | $ | 331 |
|  | September 30, 2019 |
Weighted -average remaining lease term - operating leases (in years) |  |  | 10 |
Weighted -average discount rate - operating leases |  |  | 3.47 | %

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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