Parent Company-only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2022

CONDENSED BALANCE SHEETS

December 31, 2022 and 2021


(In thousands)	As of December 31,
	2022		2021
ASSETS
Cash and due from banks	$	11	$	377
Investment in subsidiary	89,533		96,799
Other assets	50		149

Total assets	$	89,594	$	97,325

LIABILITIES AND SHAREHOLDERS' EQUITY
Borrowings	$	29,608	$	29,930
Accrued expenses and other liabilities	403		51
Shareholders' equity	59,583		67,344
Total liabilities and shareholders' equity	$	89,594	$	97,325

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

Years Ended December 31, 2022, 2021 and 2020


(In thousands)	Year ended December 31,
	2022		2021		2020
Expenses:
Interest on subordinated debt	$	1,078	$	941	$	1,001
Interest on senior debt	866		913		915
Total interest expense	1,944		1,854		1,916
Other expenses	87		173		159
Loss before benefit for income taxes	2,031		2,027		2,075

Benefit for income taxes	(550)		(540)		(532)

Loss before equity in undistributed net income of subsidiary	1,481		1,487		1,543

Equity in undistributed net income (loss) of subsidiary	7,642		6,581		(2,276)

Net income (loss)	6,161		5,094		(3,819)
Equity in subsidiary other comprehensive loss, net of subsidiary	(14,008)		(1,119)		(115)

Total comprehensive (loss) income	$	(7,847)	$	3,975	$	(3,934)

CONDENSED STATEMENTS OF CASH FLOWS

Years Ended December 31, 2022, 2021 and 2020


(In thousands)	Year ended December 31,
	2022		2021			2020
Cash Flows from Operating Activities:
Net income (loss)	$	6,161	$	5,094		$	(3,819)
Adjustments to reconcile net income to net cash used in operating activities:
Equity in undistributed net income (loss) of subsidiary	(7,642)		(6,581)			2,276
Dividends received from Patriot Bank, N.A.	900		500			2,000
Share-based compensation expense	86		150			159
Amortization of debt issuance costs	38		111			112
Change in assets and liabilities:
Decrease (increase) in other assets	99		955			(540)
Decrease in accrued expenses and other liabilities	(8)		(399)			(315)
Net cash used in operating activities	(366)		(170)			(127)

Cash Flows from Investing Activities:
Net (increase) decrease in investment in Patriot Bank N.A.	—		(1)			8
Net cash (used in) provided by investing activities	—		(1)			8

Cash Flows from Financing Activities:
Proceeds from issuance of senior notes	12,000		—		—	—
Repayments of senior notes	(12,000)		—		—	—
Net cash used in financing activities	—		—			—

Net decrease in cash and cash equivalents	(366)		(171)			(119)

Cash and cash equivalents at beginning of year	$	377	$	548		$	667

Cash and cash equivalents at end of year	$	11	$	377		$	548


Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	1,897	$	1,570		$	1,776




Supplemental Disclosure of Non-cash Activity:
Deferred debt issuance costs	$	360	$	—		$	—