Note 17 - 401(k) Savings Plan

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Retirement Benefits [Text Block]

Note 17. 401 (k) Savings Plan

Patriot offers employees participation in the Patriot Bank, N.A.

401

(k) Savings Plan (the

"401

(k) Plan") under Section

401

(k) of the Internal Revenue Code, along with the ROTH feature to the Plan. The

401

(k) Plan covers substantially all employees who have completed

one

month of service, are

21

years of age and who elect to participate. Under the terms of the

401

(k) Plan, participants can contribute up to the maximum amount allowed, subject to Federal limitations. At its discretion, Patriot

may

match eligible participating employee contributions at the rate of

50%

of the

first

6%

of the participants’ salary contributed to the

401

(k) Plan. Eligibility for matching contributions is dependent on an employee’s completing

6

consecutive month(s) of service or

500

hours of employment. Participants immediately vest in Patriot’s matching contributions, if applicable. During the years ended

December 

31,

 

2019,

2018,

and

2017,

Patriot made matching contributions to the

401

(k) Plan of

$251,000,

$204,000,

and

$173,000,

respectively.