XML 48 R30.htm IDEA: XBRL DOCUMENT v3.25.1
Parent Company-only Financial Statements
 12 Months Ended
Dec. 31, 2024
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, 2024 and 2023
(In thousands)As of December 31,
20242023
ASSETS
Cash and due from banks$252 $997 
Investment in subsidiary34,705 73,757 
Other assets68 64 
Total assets$35,025 $74,818 
LIABILITIES AND SHAREHOLDERS' EQUITY
Borrowings$29,906 $29,729 
Accrued expenses and other liabilities854 706 
Shareholders' equity4,265 44,383 
Total liabilities and shareholders' equity$35,025 $74,818 
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
Years Ended December 31, 2024, 2023 and 2022
(In thousands)Year ended December 31,
202420232022
Expenses:
Interest on subordinated debt$1,617 $1,502 $1,078 
Interest on senior debt1,159 1,159 866 
Total interest expense2,776 2,661 1,944 
Other expenses188 105 87 
Loss before benefit for income taxes2,964 2,766 2,031 
Benefit for income taxes(764)(737)(550)
Loss before equity in undistributed net income of subsidiary2,200 2,029 1,481 
Equity in undistributed net (loss) income of subsidiary(37,682)(2,150)7,642 
Net (loss) income(39,882)(4,179)6,161 
Equity in subsidiary other comprehensive (loss) income, net of subsidiary(420)384 (14,008)
Total comprehensive loss$(40,302)$(3,795)$(7,847)
CONDENSED STATEMENTS OF CASH FLOWS
Years Ended December 31, 2024, 2023 and 2022
(In thousands)Year ended December 31,
202420232022
Cash Flows from Operating Activities:
Net (loss) income$(39,882)$(4,179)$6,161 
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Equity in undistributed net loss (income) of subsidiary37,682 2,150 (7,642)
Dividends received from Patriot Bank, N.A.950 2,500 900 
Share-based compensation expense184 105 86 
Amortization of debt issuance costs177 177 38 
Change in assets and liabilities:
(Increase) decrease in other assets(4)(14)99 
Increase (decrease) in accrued expenses and other liabilities148 247 (8)
Net cash (used in) provided by operating activities(745)986 (366)
Cash Flows from Investing Activities:
Net increase in investment in Patriot Bank N.A.— — — 
Net cash used in investing activities— — — 
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 (decrease) increase in cash and cash equivalents(745)986 (366)
Cash and cash equivalents at beginning of year$997 $11 $377 
Cash and cash equivalents at end of year$252 $997 $11 
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest$2,232 $2,034 $1,897 
Supplemental Disclosure of Non-cash Activity:
Net change in unrealized (gain) loss on available-for-sale securities$(420)$(384)$14,008 
Deferred debt issuance costs$— $56 $360 
Retained earnings adjustment - ASC 326 adoption$— $11,510 $—