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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024.

(In thousands)			Year Ended December 31,
			2024						2023						2022
Current:
Federal			$	(71)					$	2,283					$	44
State			32						474						62
			(39)						2,757						106
Deferred:
Federal			14,644						(3,347)						1,117
State			9,180						(864)						373
			23,824						(4,211)						1,490
Provision (benefit) for income taxes			$	23,785					$	(1,454)					$	1,596

Schedule of Effective Income Tax Rate Reconciliation

For each of the years in the three-year period ended December 31, 2024, 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,
			2024						2023						2022
Income taxes at statutory Federal rate			$	(3,380)					$	(1,183)					$	1,629
State taxes, net of Federal benefit			(390)						(309)						343
Project expenses for merger and acquisition			—						—						(383)
Deferred tax valuation allowance			27,583						—						—
Nondeductible expenses			20						13						(3)
Other			(48)						25						10
Provision (benefit) for income taxes			$	23,785					$	(1,454)					$	1,596

Schedule of Deferred Tax Assets and Liabilities

The significant components of Patriot’s net deferred tax (liabilities) assets at December 31, 2024 and 2023 are presented below.

(In thousands)			December 31,
			2024						2023
Deferred tax assets:
Federal NOL carryforward benefit			$	8,800					$	3,247
NOL write-off for Sec 382 Limit			(3,258)						(3,247)
Capitalized cost temporary item			9,112						10,237
State NOL carryforward benefit			4,276						2,803
Unrealized loss AFS securities			5,259						5,608
CECL transition			—						3,565
Allowance for credit loss			1,944						799
Lease liabilities			404						501
Non-accrual interest			1,026						671
Merger and acquisition			133						154
Accrued expenses			44						82
Goodwill and intangible			325						369
Depreciation of premises and equipment			178						158
Share based compensation			17						—
Other			8						12
Gross deferred tax assets			28,268						24,959
Less deferred tax asset valuation allowance			(28,268)						—
Total deferred tax assets			$	—					$	24,959
Deferred tax liabilities:
Right-of-use assets			(385)						(469)
Prepaid Expenses			(334)						(343)
Other			(5)						(13)
Gross deferred tax liabilities			(724)						(825)
Net deferred tax (liabilities) assets			$	(724)					$	24,134

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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

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-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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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.

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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.

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