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v3.25.2

Fair Value and Interest Rate Risk (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2025 and December 31, 2024:
(In thousands) |  |  | June 30, 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 |  | $ | 2,632 |  |  | $ | 2,632 |  |  | $ | 3,295 |  |  | $ | 3,295 |
Interest-bearing deposits due from banks | Level 1 |  | 185,010 |  |  | 185,010 |  |  | 144,273 |  |  | 144,273 |
Restricted cash | Level 1 |  | 15,330 |  |  | 15,330 |  |  | 15,042 |  |  | 15,042 |
Available-for-sale securities | Level 2 |  | 69,150 |  |  | 69,150 |  |  | 68,869 |  |  | 68,869 |
Available-for-sale securities | Level 3 |  | 11,477 |  |  | 11,477 |  |  | 11,123 |  |  | 11,123 |
Other investments | Level 2 |  | 4,450 |  |  | 4,450 |  |  | 4,450 |  |  | 4,450 |
Federal Reserve Bank stock | Level 2 |  | 2,351 |  |  | 2,351 |  |  | 1,377 |  |  | 1,377 |
Federal Home Loan Bank stock | Level 2 |  | 679 |  |  | 679 |  |  | 779 |  |  | 779 |
Loans receivable, net | Level 3 |  | 579,753 |  |  | 566,585 |  |  | 700,167 |  |  | 675,901 |
Loans held for sale | Level 2 |  | 15,298 |  |  | 15,298 |  |  | 15,702 |  |  | 15,702 |
Servicing assets | Level 3 |  | 746 |  |  | 778 |  |  | 766 |  |  | 852 |
Other real estate owned | Level 2 |  | 2,590 |  |  | 2,590 |  |  | 2,843 |  |  | 2,843 |
Accrued interest receivable | Level 2 |  | 4,924 |  |  | 4,924 |  |  | 5,488 |  |  | 5,488 |
Interest rate swap receivable | Level 2 |  | 47 |  |  | 47 |  |  | 83 |  |  | 83 |
Financial assets, total |  |  | $ | 894,437 |  |  | $ | 881,301 |  |  | $ | 974,257 |  |  | $ | 950,077 |
Financial Liabilities: |  |  |  |  |  |  |  |  |
Demand deposits | Level 2 |  | $ | 106,950 |  |  | $ | 106,950 |  |  | $ | 119,212 |  |  | $ | 119,212 |
Negotiable order of withdrawal accounts | Level 2 |  | 23,865 |  |  | 23,865 |  |  | 31,549 |  |  | 31,549 |
Savings deposits | Level 2 |  | 34,081 |  |  | 34,081 |  |  | 38,743 |  |  | 38,743 |
Interest bearing DDA | Level 2 |  | 186,591 |  |  | 186,591 |  |  | 205,995 |  |  | 205,995 |
Money market deposits | Level 2 |  | 194,227 |  |  | 194,227 |  |  | 262,023 |  |  | 262,023 |
Time deposits | Level 2 |  | 218,021 |  |  | 206,949 |  |  | 239,373 |  |  | 239,077 |
Brokered deposits | Level 1 |  | 67,122 |  |  | 66,993 |  |  | 69,702 |  |  | 69,435 |
FHLB, FRB and correspondent bank borrowings | Level 2 |  | — |  |  | — |  |  | 3,000 |  |  | 3,000 |
Senior notes | Level 2 |  | 5,803 |  |  | 5,755 |  |  | 11,861 |  |  | 11,677 |
Subordinated debt | Level 2 |  | 8,277 |  |  | 8,177 |  |  | 9,898 |  |  | 9,575 |
Junior subordinated debt owed to unconsolidated trust | Level 2 |  | 8,152 |  |  | 8,152 |  |  | 8,147 |  |  | 8,147 |
Note payable | Level 3 |  | 54 |  |  | 54 |  |  | 162 |  |  | 158 |
Accrued interest payable | Level 2 |  | 1,173 |  |  | 1,173 |  |  | 1,417 |  |  | 1,417 |
Interest rate swap liability | Level 2 |  | 47 |  |  | 47 |  |  | 83 |  |  | 83 |
Financial liabilities, total |  |  | $ | 854,363 |  |  | $ | 843,014 |  |  | $ | 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 June 30, 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
June 30, 2025: |  |  |  |  |  |  |
U. S. Government agency and mortgage-backed securities | $ | — |  |  | $ | 60,390 |  |  | $ | — |  |  | $ | 60,390 |
Corporate bonds | — |  |  | 1,714 |  |  | 11,477 |  |  | 13,191 |
Subordinated notes | — |  |  | 3,544 |  |  | — |  |  | 3,544 |
SBA loan pools | — |  |  | 3,502 |  |  | — |  |  | 3,502 |
Municipal bonds | — |  |  | — |  |  | — |  |  | — |
Available-for-sale securities | $ | — |  |  | $ | 69,150 |  |  | $ | 11,477 |  |  | $ | 80,627 |
Interest rate swap receivable | $ | — |  |  | $ | 47 |  |  | $ | — |  |  | $ | 47 |
Interest rate swap liability | $ | — |  |  | $ | 47 |  |  | $ | — |  |  | $ | 47 |
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 and six months ended June 30, 2025 and 2024 for Level 3 available-for-sale securities is as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Level 3 fair value, beginning of period | $ | 10,968 |  |  | $ | 10,189 |  |  | $ | 11,123 |  |  | $ | 10,262 |
Unrealized gain | 509 |  |  | 176 |  |  | 354 |  |  | 103 |
Level 3 fair value, end of period | $ | 11,477 |  |  | $ | 10,365 |  |  | $ | 11,477 |  |  | $ | 10,365 |
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 June 30, 2025 and December 31, 2024:
(In thousands) | Fair Value |  | Valuation Methodology |  | Unobservable Inputs |  | Range of Inputs
June 30, 2025: |  |  |  |  |  |  |  |  |
Individually evaluated loans, net | $ | 23,779 |  |  | Real Estate Appraisals |  | Discount for appraisal type |  | 8.0 | % | - | 20%
Servicing assets | 778 |  |  | 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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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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