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Fair Value and Interest Rate Risk (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Fair Value, by Balance Sheet Grouping | The following table provides a comparison of the carrying amounts and estimated fair values of Patriot’s financial assets and liabilities as of December 31, 2023 and 2022:
(In thousands) |  |  | December 31, 2023 |  | December 31, 2022
| Fair Value Hierarchy |  | Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
Financial Assets: |  |  |  |  |  |  |  |  |
Cash and noninterest bearing balances due from banks | Level 1 |  | $ | 2,195 |  |  | $ | 2,195 |  |  | $ | 5,182 |  |  | $ | 5,182 |
Interest-bearing deposits due from banks | Level 1 |  | 50,322 |  |  | 50,322 |  |  | 33,311 |  |  | 33,311 |
Restricted cash | Level 1 |  | 14,019 |  |  | 14,019 |  |  | — |  |  | — |
Available-for-sale securities | Level 2 |  | 78,925 |  |  | 78,925 |  |  | 75,093 |  |  | 75,093 |
Available-for-sale securities | Level 3 |  | 10,262 |  |  | 10,262 |  |  | 9,427 |  |  | 9,427 |
Other investments | Level 2 |  | 4,450 |  |  | 4,450 |  |  | 4,450 |  |  | 4,450 |
Federal Reserve Bank stock | Level 2 |  | 2,090 |  |  | 2,090 |  |  | 2,627 |  |  | 2,627 |
Federal Home Loan Bank stock | Level 2 |  | 4,202 |  |  | 4,202 |  |  | 3,874 |  |  | 3,874 |
Loans receivable, net | Level 3 |  | 832,934 |  |  | 812,856 |  |  | 838,006 |  |  | 818,960 |
Loans held for sale | Level 2 |  | 20,767 |  |  | 21,557 |  |  | 5,211 |  |  | 5,534 |
SBA servicing assets | Level 3 |  | 857 |  |  | 932 |  |  | 886 |  |  | 1,013 |
Other real estate owned | Level 2 |  | 2,843 |  |  | 2,843 |  |  | — |  |  | — |
Accrued interest receivable | Level 2 |  | 7,219 |  |  | 7,219 |  |  | 7,267 |  |  | 7,267 |
Interest rate swap receivable | Level 2 |  | 74 |  |  | 74 |  |  | 203 |  |  | 203 |
Financial assets, total |  |  | $ | 1,031,159 |  |  | $ | 1,011,946 |  |  | $ | 985,537 |  |  | $ | 966,941 |
Financial Liabilities: |  |  |  |  |  |  |  |  |
Demand deposits | Level 2 |  | $ | 110,056 |  |  | $ | 110,056 |  |  | $ | 269,636 |  |  | $ | 269,636 |
Negotiable order of withdrawal accounts | Level 2 |  | 42,416 |  |  | 42,416 |  |  | 34,440 |  |  | 34,440 |
Savings deposits | Level 2 |  | 44,104 |  |  | 44,104 |  |  | 71,002 |  |  | 71,002 |
Interest bearing DDA | Level 2 |  | 162,196 |  |  | 162,196 |  |  | — |  |  | — |
Money market deposits | Level 2 |  | 200,280 |  |  | 200,280 |  |  | 211,000 |  |  | 211,000 |
Time deposits | Level 2 |  | 240,733 |  |  | 239,655 |  |  | 225,670 |  |  | 221,353 |
Brokered deposits | Level 1 |  | 40,526 |  |  | 40,453 |  |  | 48,698 |  |  | 47,684 |
FHLB, FRB and correspondent bank borrowings | Level 2 |  | 171,000 |  |  | 170,171 |  |  | 85,000 |  |  | 83,853 |
Senior notes | Level 2 |  | 11,723 |  |  | 11,397 |  |  | 11,640 |  |  | 11,103 |
Subordinated debt | Level 2 |  | 9,869 |  |  | 10,102 |  |  | 9,840 |  |  | 9,680 |
Junior subordinated debt owed to unconsolidated trust | Level 2 |  | 8,137 |  |  | 8,137 |  |  | 8,128 |  |  | 8,128 |
Note payable | Level 3 |  | 376 |  |  | 362 |  |  | 585 |  |  | 544 |
Accrued interest payable | Level 2 |  | 1,235 |  |  | 1,235 |  |  | 585 |  |  | 585 |
Interest rate swap liability | Level 2 |  | 74 |  |  | 74 |  |  | 203 |  |  | 203 |
Financial liabilities, total |  |  | $ | 1,042,725 |  |  | $ | 1,040,638 |  |  | $ | 976,427 |  |  | $ | 969,211 |
Fair Value, Assets Measured on Recurring Basis | The following tables detail the financial assets measured at fair value on a recurring basis and the valuation techniques utilized relative to the fair value hierarchy, as of December 31, 2023 and 2022.
(In thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
December 31, 2023: |  |  |  |  |  |  |
U. S. Government agency and mortgage-backed securities | $ | — |  |  | $ | 65,671 |  |  | $ | — |  |  | $ | 65,671 |
Corporate bonds | — |  |  | 3,504 |  |  | 10,262 |  |  | 13,766 |
Subordinated notes | — |  |  | 4,227 |  |  | — |  |  | 4,227 |
SBA loan pools | — |  |  | 5,037 |  |  | — |  |  | 5,037 |
Municipal bonds | — |  |  | 486 |  |  | — |  |  | 486 |
Available-for-sale securities | $ | — |  |  | $ | 78,925 |  |  | $ | 10,262 |  |  | $ | 89,187 |
Interest rate swap receivable | $ | — |  |  | $ | 74 |  |  | $ | — |  |  | $ | 74 |
Interest rate swap liability | $ | — |  |  | $ | 74 |  |  | $ | — |  |  | $ | 74 |
December 31, 2022: |  |  |  |  |  |  |
U. S. Government agency and mortgage-backed securities | $ | — |  |  | $ | 59,046 |  |  | $ | — |  |  | $ | 59,046 |
Corporate bonds | — |  |  | 5,228 |  |  | 9,427 |  |  | 14,655 |
Subordinated notes | — |  |  | 4,602 |  |  | — |  |  | 4,602 |
SBA loan pools | — |  |  | 5,718 |  |  | — |  |  | 5,718 |
Municipal bonds | — |  |  | 499 |  |  | — |  |  | 499 |
Available-for-sale securities | $ | — |  |  | $ | 75,093 |  |  | $ | 9,427 |  |  | $ | 84,520 |
Interest rate swap receivable | $ | — |  |  | $ | 203 |  |  | $ | — |  |  | $ | 203 |
Interest rate swap liability | $ | — |  |  | $ | 203 |  |  | $ | — |  |  | $ | 203 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The reconciliation of the beginning and ending balances for Level 3 available-for-sale securities for the years ended December 31, 2023, 2022 and 2021 is as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Level 3 fair value, beginning of year | $ | 9,427 |  |  | $ | 13,180 |  |  | $ | — |
Purchases | — |  |  | — |  |  | 14,000 |
Realized gain (loss) | — |  |  | — |  |  | — |
Unrealized gain (loss) | 835 |  |  | (3,753) |  |  | (820) |
Transfers in and /or out of Level 3 | — |  |  | — |  |  | — |
Level 3 fair value, end of year | $ | 10,262 |  |  | $ | 9,427 |  |  | $ | 13,180 |
Fair Value Measurement Inputs and Valuation Techniques | The table below presents the valuation methodology and unobservable inputs for level 3 assets measured at fair value on a non-recurring basis as of December 31, 2023 and 2022:
(In thousands) | Fair Value |  | Valuation Methodology |  | Unobservable Inputs |  | Range of Inputs
December 31, 2023: |  |  |  |  |  |  |  |  |
Individually evaluated loans, net | $ | 12,928 |  |  | Real Estate Appraisals |  | Discount for appraisal type |  | 5.8% | - | 20%
SBA servicing assets | 932 |  |  | Discounted Cash Flows |  | Market discount rates |  | 14.73% | - | 14.90%
December 31, 2022: |  |  |  |  |  |  |  |  |
Impaired loans, net | $ | 12,873 |  |  | Real Estate Appraisals |  | Discount for appraisal type |  | 5.8% | - | 20%
SBA servicing assets | 1,013 |  |  | Discounted Cash Flows |  | Market discount rates |  | 14.73 | % | - | 14.90 | %

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