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Note 22 - Parent Company-only Financial Statements | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Condensed Financial Statements [Text Block] | Note 22. Parent Company-only Financial Statements The following represent the condensed stand-alone financial statements of the Company, which is the sole owner and parent company of the Bank, its operating bank subsidiary. CONDENSED BALANCE SHEETS December 31, 2020 and 2019
(In thousands) |  |  |  |  |  |  |  |
|  | As of December 31, |
|  | 2020 |  |  | 2019 |
ASSETS |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 548 |  |  | $ | 667 |
Investment in subsidiary |  |  | 91,836 |  |  |  | 96,235 |
Other assets |  |  | 1,104 |  |  |  | 564 |
Total assets |  |  | 93,488 |  |  |  | 97,466 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |
Borrowings |  |  | 29,819 |  |  |  | 29,707 |
Accrued expenses and other liabilities |  |  | 450 |  |  |  | 765 |
Shareholders' equity |  |  | 63,219 |  |  |  | 66,994 |
Total liabilities and shareholders' equity |  | $ | 93,488 |  |  | $ | 97,466 |
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Years Ended December 31, 2020, 2019 and 2018
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |
|  | Year ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Interest on subordinated debt |  | $ | 347 |  |  | $ | 476 |  |  | $ | 454 |
Interest on senior debt |  |  | 1,569 |  |  |  | 1,571 |  |  |  | 1,242 |
Total interest expense |  |  | 1,916 |  |  |  | 2,047 |  |  |  | 1,696 |
Other expenses |  |  | 159 |  |  |  | 214 |  |  |  | 313 |
Loss before benefit for income taxes |  |  | 2,075 |  |  |  | 2,261 |  |  |  | 2,009 |
Benefit for income taxes |  |  | (532 | ) |  |  | (504 | ) |  |  | - |
Loss before equity in undistributed net income of subsidiary |  |  | 1,543 |  |  |  | 1,757 |  |  |  | 2,009 |
Equity in undistributed net income of subsidiary |  |  | (2,276 | ) |  |  | (1,060 | ) |  |  | 5,205 |
Net (loss) income |  |  | (3,819 | ) |  |  | (2,817 | ) |  |  | 3,196 |
Equity in subsidiary other comprehensive income, net of subsidiary |  |  | (115 | ) |  |  | 423 |  |  |  | (671 | )
Total comprehensive (loss) income |  | $ | (3,934 | ) |  | $ | (2,394 | ) |  | $ | 2,525 |
CONDENSED STATEMENTS OF CASH FLOWS Years Ended December 31, 2020, 2019 and 2018
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |
|  | Year ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | (3,819 | ) |  | $ | (2,817 | ) |  | $ | 3,196 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity in undistributed income of subsidiary |  |  | 2,276 |  |  |  | 1,060 |  |  |  | (5,205 | )
Dividends received from Patriot Bank, N.A. |  |  | 2,000 |  |  |  | - |  |  |  | - |
Share-based compensation expense |  |  | 159 |  |  |  | 214 |  |  |  | 220 |
Amortization of debt issuance costs |  |  | 112 |  |  |  | 112 |  |  |  | 97 |
Change in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Increase in other assets |  |  | (540 | ) |  |  | (505 | ) |  |  | - |
(Decrease) increase in accrued expenses and other liabilities |  |  | (315 | ) |  |  | 315 |  |  |  | 61 |
Net cash used in operating activities |  |  | (127 | ) |  |  | (1,621 | ) |  |  | (1,631 | )
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Net decrease (increase) in investment in Patriot Bank N.A. |  |  | 8 |  |  |  | - |  |  |  | (7,800 | )
Net cash provided by (used in) investing activities |  |  | 8 |  |  |  | - |  |  |  | (7,800 | )
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from issuance of senior notes, net of expenses |  |  | - |  |  |  | - |  |  |  | 9,709 |
Dividends paid on common stock |  |  | - |  |  |  | (155 | ) |  |  | (154 | )
Net cash (used in) provided by financing activities |  |  | - |  |  |  | (155 | ) |  |  | 9,555 |
Net (decrease) increase in cash and cash equivalents |  |  | (119 | ) |  |  | (1,776 | ) |  |  | 124 |
Cash and cash equivalents at beginning of year |  |  | 667 |  |  |  | 2,443 |  |  |  | 2,319 |
Cash and cash equivalents at end of year |  | $ | 548 |  |  | $ | 667 |  |  | $ | 2,443 |
Supplemental Disclosures of Cash Flow Information: |  |  |  |  |  |  |  |  |  |  |  |
Cash paid for interest |  | $ | 1,776 |  |  | $ | 1,593 |  |  | $ | 1,600 |
Cash paid for income taxes |  | $ | - |  |  | $ | - |  |  | $ | - |

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