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Derivatives
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
Derivatives Not Designated in Hedge Relationships
Patriot is a party to interest rate swaps; derivatives that are not designated as hedging instruments. Under a program, Patriot will execute interest rate swaps with commercial lending customers to facilitate their respective risk management strategies. As of December 31, 2024, there were two interest rate swaps (“swaps”) outstanding. One swap is with a loan customer to provide a facility to mitigate the fluctuations in the variable rate on the respective loan. The other swap is with an outside third party. The customer interest rate swaps is matched in offsetting terms to the third party interest rate swaps, such that Patriot minimizes its net risk exposure resulting from such transactions. Because the interest rate swaps associated with the program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. The changes in the fair value of the swaps offset each other, except for the credit risk of the counterparties, which is determined by taking into consideration the risk rating, probability of default and loss given default for all counterparties. The swaps are reported at fair value in other assets or other liabilities on the Consolidated Balance Sheets.
As of December 31, 2024 and 2023, Patriot did not have any cash pledged for collateral on its interest rate swaps. No net gain or loss was recognized in other non-interest income on the consolidated statements of operations during the year ended December 31, 2024, 2023 and 2022.
Further discussion of the accounting policy of derivatives is set forth in Note 1, and information about the valuation methods used to measure the fair value of derivatives is provided in Note 21 to the Consolidated Financial Statements.
The following table presents summary information regarding these derivatives for the periods presented (dollars in thousands):
(In thousands)Notional
Amount 		Maturity
(Years) 		Fixed Rate Variable
Rate 		Fair Value
December 31, 2024
Classified in Other Assets:
3rd party interest rate swap1,290 4.54.38 %
1 Mo. SOFR + 2.00%
83 
Classified in Other Liabilities:
Customer interest rate swap1,290 4.54.38 %
1 Mo. SOFR + 2.00%
(83)
December 31, 2023
Classified in Other Assets:
3rd party interest rate swap1,327 5.54.38 %
1 Mo. LIBOR + 2.00%
74 
Classified in Other Liabilities:
Customer interest rate swap1,327 5.54.38 %
1 Mo. LIBOR + 2.00%
(74)