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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax (Benefit) | Following is a summary of the components of the federal and state income tax expense (benefit) for each of the years in the three-year period ended December 31, 2023.
(In thousands) | Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | 2,283 |  |  | $ | 44 |  |  | $ | — |
State | 474 |  |  | 62 |  |  | 180 |
| 2,757 |  |  | 106 |  |  | 180 |
Deferred: |  |  |  |  |
Federal | (3,347) |  |  | 1,117 |  |  | 1,860 |
State | (864) |  |  | 373 |  |  | (2,121) |
| (4,211) |  |  | 1,490 |  |  | (261) |
Income tax (benefit) expense | $ | (1,454) |  |  | $ | 1,596 |  |  | $ | (81) |
Schedule of Effective Income Tax Rate Reconciliation | For each of the years in the three-year period ended December 31, 2023, the difference between the federal statutory income tax rate and Patriot’s effective income tax rate reconciles as follows:
(In thousands) | Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Income taxes at statutory Federal rate | $ | (1,183) |  |  | $ | 1,629 |  |  | $ | 1,053 |
State taxes, net of Federal benefit | (309) |  |  | 343 |  |  | 404 |
Project expenses for merger and acquisition | — |  |  | (383) |  |  | 383 |
Deferred tax valuation allowance | — |  |  | — |  |  | (1,938) |
Reversal UTP on Federal DTA | — |  |  | — |  |  | — |
Nondeductible expenses | 13 |  |  | (3) |  |  | (10) |
Other | 25 |  |  | 10 |  |  | 27 |
Income tax (benefit) expense | $ | (1,454) |  |  | $ | 1,596 |  |  | $ | (81) |
Schedule of Deferred Tax Assets and Liabilities | The significant components of Patriot’s net deferred tax assets at December 31, 2023 and 2022 are presented below.
(In thousands) | December 31,
| 2023 |  | 2022
Deferred tax assets: |  |  |
Federal NOL carryforward benefit | $ | 3,247 |  |  | $ | 3,321 |
NOL write-off for Sec 382 Limit | (3,247) |  |  | (3,258) |
Capitalized cost temporary item | 10,237 |  |  | 3,023 |
State NOL carryforward benefit | 2,803 |  |  | 3,128 |
Unrealized loss AFS securities | 5,608 |  |  | 5,440 |
CECL transition | 4,228 |  |  | — |
Allowance for credit loss | 799 |  |  | 2,793 |
Lease liabilities | 501 |  |  | 634 |
Non-accrual interest | 671 |  |  | 907 |
Merger and acquisition | 154 |  |  | 171 |
Accrued expenses | 82 |  |  | 80 |
Goodwill and intangible | 369 |  |  | 104 |
Depreciation of premises and equipment | 158 |  |  | 120 |
Other | 12 |  |  | 25 |
Gross deferred tax assets | 25,622 |  |  | 16,488 |
Total deferred tax assets | $ | 25,622 |  |  | $ | 16,488 |
Deferred tax liabilities: |  |  |
Expected credit loss for unfunded commitments | (663) |  |  | — |
Right-of-use assets | (469) |  |  | (597) |
Prepaid Expenses | (343) |  |  | (337) |
Other | (13) |  |  | (27) |
Gross deferred tax liabilities | (1,488) |  |  | (961) |
Net deferred tax asset | $ | 24,134 |  |  | $ | 15,527 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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