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Derivatives | 6 Months Ended
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Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | Derivatives Patriot is party to interest rate swap 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. These interest rate swaps with customers are simultaneously offset by interest rate swaps that Patriot executes with a third party, such that Patriot minimizes its net risk exposure resulting from such transactions. Because the interest rate swaps associated with this 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. As of June 30, 2025 and December 31, 2024, Patriot did not have any cash pledged for collateral on its interest rate swaps. No net gain or loss was recognized in other noninterest income on the Consolidated Statements of Operations during the three and six months ended June 30, 2025 and 2024. Information about the valuation methods used to measure the fair value of derivatives is provided in Note 13 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
June 30, 2025 |  |  |  |  |  |  |  |  |
Classified in Other Assets: |  |  |  |  |  |  |  |  |
3rd party interest rate swap | $ | 1,271 |  |  | 4.00 |  | 4.38 | % |  | 1 Mo. SOFR + 2.00% |  | $ | 47 |
Classified in Other Liabilities: |  |  |  |  |  |  |  |  |
Customer interest rate swap | 1,271 |  |  | 4.00 |  | 4.38 | % |  | 1 Mo. SOFR + 2.00% |  | (47) |
December 31, 2024 |  |  |  |  |  |  |  |  |
Classified in Other Assets: |  |  |  |  |  |  |  |  |
3rd party interest rate swap | 1,290 |  |  | 4.50 |  | 4.38 | % |  | 1 Mo. SOFR + 2.00% |  | 83 |
Classified in Other Liabilities: |  |  |  |  |  |  |  |  |
Customer interest rate swap | 1,290 |  |  | 4.50 |  | 4.38 | % |  | 1 Mo. SOFR + 2.00% |  | (83) |

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