Note 7 - Other Real Estate Owned ("OREO")

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Real Estate Owned [Text Block]

Note

7.

   Other Real Estate Owned (

“

OREO

”

)

As of

December 

31,

 

2020

and

2019,

OREO aggregated of

$1.9

million and

$2.4

million, respectively. The

2020

OREO balance consists of foreclosed residential properties from

one

loan receivable that is currently being marketed for sale as

two

properties. In

2020,

Patriot sold

one

residential property of

$446,000

and recognized a loss of

$21,000.

There was a write-down of

$48,000

for the remaining OREO as of

December 31, 2020,

which is included in the non-interest expense on the consolidated statements of operations. In

2019,

Patriot sold

one

residential property of

$991,000

acquired in connection with the acquisition of Prime Bank and recognized a loss of

$94,000.

The recognized loss is included in the other operating expenses on the consolidated statements of operations.