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

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Real Estate Owned [Text Block]

Note 7. Other Real Estate Owned (“OREO”)

The OREO balance consists of foreclosed residential properties from loan receivable that were marketed for sale. As of December 31, 2021 and 2020, OREO aggregated of $0 and $1.9 million, respectively. The following table presents an analysis of the activity in OREO for the years ended December 31, 2021, 2020 and 2019:

(In thousands)	Year Ended December 31,
	2021			2020			2019
Beginning balance	$	1,906		$	2,400		$	2,945
Additions		-			-			446
Sold		(1,906	)		(446	)		(991	)
Write-downs		-			(48	)		-
Ending balance	$	-		$	1,906		$	2,400

All OREO were sold as of December 31, 2021. Patriot recognized a gain of 2,000 on the sale of OREO for the year ended December 31, 2021. For the year ended December 31, 2020 and 2019, Patriot recorded losses on sales of OREO properties of $69,000 and $94,000, respectively. The recognized gain and losses are included in the other operating expenses on the consolidated statements of operations.