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Note 7 - Other Real Estate Owned ("OREO") | 12 Months Ended
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Dec. 31, 2021
Notes to Financial Statements |
Real Estate Owned [Text Block] |
Note 7. | Other Real Estate Owned (“OREO”)
The OREO balance consists of foreclosed residential properties from loan receivable that were marketed for sale. As of December 31, 2021 and 2020, OREO aggregated of $0 and $1.9 million, respectively. The following table presents an analysis of the activity in OREO for the years ended December 31, 2021, 2020 and 2019:
(In thousands) |  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Beginning balance |  | $ | 1,906 |  |  | $ | 2,400 |  |  | $ | 2,945 |
Additions |  |  | - |  |  |  | - |  |  |  | 446 |
Sold |  |  | (1,906 | ) |  |  | (446 | ) |  |  | (991 | )
Write-downs |  |  | - |  |  |  | (48 | ) |  |  | - |
Ending balance |  | $ | - |  |  | $ | 1,906 |  |  | $ | 2,400 |
All OREO were sold as of December 31, 2021. Patriot recognized a gain of 2,000 on the sale of OREO for the year ended December 31, 2021. For the year ended December 31, 2020 and 2019, Patriot recorded losses on sales of OREO properties of $69,000 and $94,000, respectively. The recognized gain and losses are 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=124259787&loc=d3e4437-111522 + Details
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