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Parent Company-only Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Balance Sheet | CONDENSED BALANCE SHEETS December 31, 2023 and 2022
(In thousands) | As of December 31,
| 2023 |  | 2022
ASSETS |  |  |
Cash and due from banks | $ | 997 |  |  | $ | 11 |
Investment in subsidiary | 73,757 |  |  | 89,533 |
Other assets | 64 |  |  | 50 |
Total assets | $ | 74,818 |  |  | $ | 89,594 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |
Borrowings | $ | 29,729 |  |  | $ | 29,608 |
Accrued expenses and other liabilities | 706 |  |  | 403 |
Shareholders' equity | 44,383 |  |  | 59,583 |
Total liabilities and shareholders' equity | $ | 74,818 |  |  | $ | 89,594 |
Condensed Income Statement | CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Years Ended December 31, 2023, 2022 and 2021
(In thousands) | Year ended December 31,
| 2023 |  | 2022 |  | 2021
Expenses: |  |  |  |  |
Interest on subordinated debt | $ | 1,502 |  |  | $ | 1,078 |  |  | $ | 941 |
Interest on senior debt | 1,159 |  |  | 866 |  |  | 913 |
Total interest expense | 2,661 |  |  | 1,944 |  |  | 1,854 |
Other expenses | 105 |  |  | 87 |  |  | 173 |
Loss before benefit for income taxes | 2,766 |  |  | 2,031 |  |  | 2,027 |
Benefit for income taxes | (737) |  |  | (550) |  |  | (540) |
Loss before equity in undistributed net income of subsidiary | 2,029 |  |  | 1,481 |  |  | 1,487 |
Equity in undistributed net (loss) income of subsidiary | (2,150) |  |  | 7,642 |  |  | 6,581 |
Net (loss) income | (4,179) |  |  | 6,161 |  |  | 5,094 |
Equity in subsidiary other comprehensive income (loss), net of subsidiary | 384 |  |  | (14,008) |  |  | (1,119) |
Total comprehensive (loss) income | $ | (3,795) |  |  | $ | (7,847) |  |  | $ | 3,975 |
Condensed Cash Flow Statement | CONDENSED STATEMENTS OF CASH FLOWS Years Ended December 31, 2023, 2022 and 2021
(In thousands) | Year ended December 31,
| 2023 |  | 2022 |  | 2021
Cash Flows from Operating Activities: |  |  |  |  |
Net (loss) income | $ | (4,179) |  |  | $ | 6,161 |  |  | $ | 5,094 |
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: |  |  |  |  |
Equity in undistributed net income (loss) of subsidiary | 2,150 |  |  | (7,642) |  |  | (6,581) |
Dividends received from Patriot Bank, N.A. | 2,500 |  |  | 900 |  |  | 500 |
Share-based compensation expense | 105 |  |  | 86 |  |  | 150 |
Amortization of debt issuance costs | 177 |  |  | 38 |  |  | 111 |
Change in assets and liabilities: |  |  |  |  |
(Increase) decrease in other assets | (14) |  |  | 99 |  |  | 955 |
Increase (decrease) in accrued expenses and other liabilities | 247 |  |  | (8) |  |  | (399) |
Net cash provided by (used in) operating activities | 986 |  |  | (366) |  |  | (170) |
Cash Flows from Investing Activities: |  |  |  |  |
Net increase in investment in Patriot Bank N.A. | — |  |  | — |  |  | (1) |
Net cash used in investing activities | — |  |  | — |  |  | (1) |
Cash Flows from Financing Activities: |  |  |  |  |
Proceeds from issuance of senior notes | — |  |  | 12,000 |  | — |  | — |
Repayments of senior notes | — |  |  | (12,000) |  | — |  | — |
Net cash used in financing activities | — |  |  | — |  |  | — |
Net increase (decrease) in cash and cash equivalents | 986 |  |  | (366) |  |  | (171) |
Cash and cash equivalents at beginning of year | $ | 11 |  |  | $ | 377 |  |  | $ | 548 |
Cash and cash equivalents at end of year | $ | 997 |  |  | $ | 11 |  |  | $ | 377 |
Supplemental Disclosures of Cash Flow Information: |  |  |  |  |
Cash paid for interest | $ | 2,034 |  |  | $ | 1,897 |  |  | $ | 1,570 |
Supplemental Disclosure of Non-cash Activity: |  |  |  |  |
Net change in unrealized (gain) loss on available-for-sale securities | $ | (384) |  |  | $ | 14,008 |  |  | $ | 1,119 |
Deferred debt issuance costs | $ | 56 |  |  | $ | 360 |  |  | $ | — |
Retained earnings adjustment - ASC 326 adoption | $ | 11,510 |  |  | $ | — |  |  | $ | — |

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