XML 44 R30.htm IDEA: XBRL DOCUMENT
v3.24.1

Parent Company-only Financial Statements | 12 Months Ended
--- | ---
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Parent Company-only Financial Statements | 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, 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 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 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 |  |  | $ | — |  |  | $ | — |

X
- Definition The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph a -Publisher SEC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 + Details
Name: | srt_CondensedFinancialStatementsTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration