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Note 7 - Other Real Estate Owned ("OREO") | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Real Estate Owned [Text Block] | Note 7. Other Real Estate Owned ( “ OREO ” ) As of December 31, 2020 and 2019, OREO aggregated of $1.9 million and $2.4 million, respectively. The 2020 OREO balance consists of foreclosed residential properties from one loan receivable that is currently being marketed for sale as two properties. In 2020, Patriot sold one residential property of $446,000 and recognized a loss of $21,000. There was a write-down of $48,000 for the remaining OREO as of December 31, 2020, which is included in the non-interest expense on the consolidated statements of operations. In 2019, Patriot sold one residential property of $991,000 acquired in connection with the acquisition of Prime Bank and recognized a loss of $94,000. The recognized loss is included in the other operating expenses on the consolidated statements of operations.

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- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=121593590&loc=d3e4437-111522 + Details
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