Note 22 - Parent Company-only Financial Statements

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Condensed Financial Statements [Text Block]

Note 22. Parent Company-only Financial Statements

The following represent the condensed stand-alone financial statements of the Company, which is the sole owner and parent company of the Bank, its operating bank subsidiary.

CONDENSED BALANCE SHEETS

December 31, 2019

and

2018

(In thousands)	As of December 31,
	2019		2018
ASSETS
Cash and due from banks	$	667	$	2,443
Investment in subsidiary		96,235		96,883
Other assets		564		59
Total assets		97,466		99,385
LIABILITIES AND SHAREHOLDERS' EQUITY
Borrowings		29,707		29,595
Accrued expenses and other liabilities		765		450
Shareholders' equity		66,994		69,340
Total liabilities and shareholders' equity	$	97,466	$	99,385

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME

Years Ended

December 31, 2019,

2018

and

2017

(In thousands)	Year ended December 31,
	2019			2018			2017
Expenses:
Interest on subordinated debt	$	476		$	454		$	371
Interest on senior debt		1,571			1,242			915
Total interest expense		2,047			1,696			1,286
Other expenses		214			313			208
Loss before benefit for income taxes		2,261			2,009			1,494
Benefit for income taxes		(504	)		-			-
Loss before equity in undistributed net income of subsidiary		1,757			2,009			1,494
Equity in undistributed net (loss) income of subsidiary		(1,060	)		5,205			5,641
Net (loss) income		(2,817	)		3,196			4,147
Equity in subsidiary other comprehensive income (loss), net of subsidiary		423			(671	)		(35	)
Total comprehensive (loss) income	$	(2,394	)	$	2,525		$	4,112

(In thousands)	Year ended December 31,
	2019			2018			2017
Cash Flows from Operating Activities:
Net (loss) income	$	(2,817	)	$	3,196		$	4,147
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in undistributed loss (income) of subsidiary		1,060			(5,205	)		(5,641	)
Share-based compensation		214			220			146
Amortization of debt issuance costs		112			97			82
Change in assets and liabilities:
Increase in other assets		(505	)		-			(13	)
Increase in accrued expenses and other liabilities		315			61			32
Net cash used in operating activities		(1,621	)		(1,631	)		(1,247	)
Cash Flows from Investing Activities:
Net increase in investment in Patriot Bank N.A.		-			(7,800	)		-
Net cash used in investing activities		-			(7,800	)		-
Cash Flows from Financing Activities:
Proceeds from issuance of senior notes, net		-			9,709			-
Purchase of treasury stock		-			-			(2	)
Dividends paid on common stock		(155	)		(154	)		(77	)
Net cash (used in) provided by financing activities		(155	)		9,555			(79	)
Net (decrease) increase in cash and cash equivalents		(1,776	)		124			(1,326	)
Cash and cash equivalents at beginning of year		2,443			2,319			3,645
Cash and cash equivalents at end of year	$	667		$	2,443		$	2,319
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	1,593		$	1,600		$	1,203
Cash paid for income taxes	$	-		$	-		$	-