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v3.25.1

Fair Value and Interest Rate Risk (Tables) | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Schedule of 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 March 31, 2025 and December 31, 2024:
(In thousands) |  |  | March 31, 2025 |  | December 31, 2024
| 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 |  | $ | 2,530 |  |  | $ | 2,530 |  |  | $ | 3,295 |  |  | $ | 3,295 |
Interest-bearing deposits due from banks | Level 1 |  | 118,505 |  |  | 118,505 |  |  | 144,273 |  |  | 144,273 |
Restricted cash | Level 1 |  | 15,166 |  |  | 15,166 |  |  | 15,042 |  |  | 15,042 |
Available-for-sale securities | Level 2 |  | 69,683 |  |  | 69,683 |  |  | 68,869 |  |  | 68,869 |
Available-for-sale securities | Level 3 |  | 10,968 |  |  | 10,968 |  |  | 11,123 |  |  | 11,123 |
Other investments | Level 2 |  | 4,450 |  |  | 4,450 |  |  | 4,450 |  |  | 4,450 |
Federal Reserve Bank stock | Level 2 |  | 1,028 |  |  | 1,028 |  |  | 1,377 |  |  | 1,377 |
Federal Home Loan Bank stock | Level 2 |  | 679 |  |  | 679 |  |  | 779 |  |  | 779 |
Loans receivable, net | Level 3 |  | 667,480 |  |  | 646,943 |  |  | 700,167 |  |  | 675,901 |
Loans held for sale | Level 2 |  | 20,814 |  |  | 20,814 |  |  | 15,702 |  |  | 15,702 |
Servicing assets | Level 3 |  | 764 |  |  | 820 |  |  | 766 |  |  | 852 |
Other real estate owned | Level 2 |  | 2,590 |  |  | 2,590 |  |  | 2,843 |  |  | 2,843 |
Accrued interest receivable | Level 2 |  | 5,047 |  |  | 5,047 |  |  | 5,488 |  |  | 5,488 |
Interest rate swap receivable | Level 2 |  | 62 |  |  | 62 |  |  | 83 |  |  | 83 |
Financial assets, total |  |  | $ | 919,766 |  |  | $ | 899,285 |  |  | $ | 974,257 |  |  | $ | 950,077 |
Financial Liabilities: |  |  |  |  |  |  |  |  |
Demand deposits | Level 2 |  | $ | 80,363 |  |  | $ | 80,363 |  |  | $ | 119,212 |  |  | $ | 119,212 |
Negotiable order of withdrawal accounts | Level 2 |  | 25,228 |  |  | 25,228 |  |  | 31,549 |  |  | 31,549 |
Savings deposits | Level 2 |  | 38,362 |  |  | 38,362 |  |  | 38,743 |  |  | 38,743 |
Interest bearing DDA | Level 2 |  | 131,299 |  |  | 131,299 |  |  | 205,995 |  |  | 205,995 |
Money market deposits | Level 2 |  | 267,478 |  |  | 267,478 |  |  | 262,023 |  |  | 262,023 |
Time deposits | Level 2 |  | 250,021 |  |  | 250,096 |  |  | 239,373 |  |  | 239,077 |
Brokered deposits | Level 1 |  | 69,683 |  |  | 69,771 |  |  | 69,702 |  |  | 69,435 |
FHLB, FRB and correspondent bank borrowings | Level 2 |  | — |  |  | — |  |  | 3,000 |  |  | 3,000 |
Senior notes | Level 2 |  | 7,610 |  |  | 7,524 |  |  | 11,861 |  |  | 11,677 |
Subordinated debt | Level 2 |  | 8,112 |  |  | 7,947 |  |  | 9,898 |  |  | 9,575 |
Junior subordinated debt owed to unconsolidated trust | Level 2 |  | 8,149 |  |  | 8,149 |  |  | 8,147 |  |  | 8,147 |
Note payable | Level 3 |  | 109 |  |  | 106 |  |  | 162 |  |  | 158 |
Accrued interest payable | Level 2 |  | 771 |  |  | 771 |  |  | 1,417 |  |  | 1,417 |
Interest rate swap liability | Level 2 |  | 62 |  |  | 62 |  |  | 83 |  |  | 83 |
Financial liabilities, total |  |  | $ | 887,247 |  |  | $ | 887,156 |  |  | $ | 1,001,165 |  |  | $ | 1,000,091 |
Schedule of 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 March 31, 2025 and December 31, 2024:
(In thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
March 31, 2025: |  |  |  |  |  |  |
U. S. Government agency and mortgage-backed securities | $ | — |  |  | $ | 61,001 |  |  | $ | — |  |  | $ | 61,001 |
Corporate bonds | — |  |  | 1,669 |  |  | 10,968 |  |  | 12,637 |
Subordinated notes | — |  |  | 3,550 |  |  | — |  |  | 3,550 |
SBA loan pools | — |  |  | 3,463 |  |  | — |  |  | 3,463 |
Municipal bonds | — |  |  | — |  |  | — |  |  | — |
Available-for-sale securities | $ | — |  |  | $ | 69,683 |  |  | $ | 10,968 |  |  | $ | 80,651 |
Interest rate swap receivable | $ | — |  |  | $ | 62 |  |  | $ | — |  |  | $ | 62 |
Interest rate swap liability | $ | — |  |  | $ | 62 |  |  | $ | — |  |  | $ | 62 |
December 31, 2024: |  |  |  |  |  |  |
U. S. Government agency and mortgage-backed securities | $ | — |  |  | $ | 60,223 |  |  | $ | — |  |  | $ | 60,223 |
Corporate bonds | — |  |  | 1,612 |  |  | 11,123 |  |  | 12,735 |
Subordinated notes | — |  |  | 3,461 |  |  | — |  |  | 3,461 |
SBA loan pools | — |  |  | 3,573 |  |  | — |  |  | 3,573 |
Municipal bonds | — |  |  | — |  |  | — |  |  | — |
Available-for-sale securities | $ | — |  |  | $ | 68,869 |  |  | $ | 11,123 |  |  | $ | 79,992 |
Interest rate swap receivable | $ | — |  |  | $ | 83 |  |  | $ | — |  |  | $ | 83 |
Interest rate swap liability | $ | — |  |  | $ | 83 |  |  | $ | — |  |  | $ | 83 |
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The reconciliation of the beginning and ending balances during the three months ended March 31, 2025 and 2024 for Level 3 available-for-sale securities is as follows:
| Three Months Ended March 31, |  |
(In thousands) | 2025 |  | 2024 |  |  |  |
Level 3 fair value, beginning of period | $ | 11,123 |  |  | $ | 10,262 |  |  |  |  |
Purchases | — |  |  | — |  |  |  |  |
Realized gain (loss) | — |  |  | — |  |  |  |  |
Unrealized loss | (155) |  |  | (73) |  |  |  |  |
Transfers in and /or out of Level 3 | — |  |  | — |  |  |  |  |
Level 3 fair value, end of period | $ | 10,968 |  |  | $ | 10,189 |  |  |  |  |
Schedule of 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 March 31, 2025 and December 31, 2024:
(In thousands) | Fair Value |  | Valuation Methodology |  | Unobservable Inputs |  | Range of Inputs
March 31, 2025: |  |  |  |  |  |  |  |  |
Individually evaluated loans, net | $ | 28,677 |  |  | Real Estate Appraisals |  | Discount for appraisal type |  | 5.8 | % | - | 20%
Servicing assets | 820 |  |  | Discounted Cash Flows |  | Market discount rates |  | 14.73 | % | - | 14.90%
December 31, 2024: |  |  |  |  |  |  |  |  |
Individually evaluated loans, net | $ | 24,552 |  |  | Real Estate Appraisals |  | Discount for appraisal type |  | 5.8 | % | - | 20%
Servicing assets | 852 |  |  | Discounted Cash Flows |  | Market discount rates |  | 14.73 | % | - | 14.90%

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