$BCTF

Bancorp 34, Inc.

CIK:0001668340|SEC Filings

Consolidated Statements of Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Interest and dividend income:
Interest and fees on loans	$ 44,013	$ 25,779
Interest on securities	2,164	1,611
Interest on other interest-earning assets	4,608	734
Total interest income	50,785	28,124
Interest expense:
Interest on deposits	19,016	11,139
Interest on borrowings	2,471	1,810
Total interest expense	21,487	12,949
Net interest income	29,298	15,175
Provision for credit losses	3,825	4,223
Net interest income after provision for credit losses	25,473	10,952
Noninterest income:
Service charges on deposit accounts	545	463
Bank owned life insurance	370	248
Gain on sale of loans, net	28	32
Loss on sale of other real estate owned	(432)
Bargain purchase gain on the merger (Note 2)	5,018
Other income	29	(13)
Total noninterest income	5,558	730
Noninterest expense:
Salaries and employee benefits	12,939	6,124
Occupancy	2,520	1,148
Data processing	3,934	2,665
FDIC and other insurance expense	586	348
Professional fees	1,861	742
Merger costs	3,763	3,010
Advertising	302	46
Core deposit intangible amortization	1,341
Other expenses	3,170	1,454
Total noninterest expense	30,416	15,537
Income (loss) before provision for income taxes	615	(3,855)
(Benefit from) income taxes	(1,074)	(453)
Net income (loss)	$ 1,689	$ (3,402)
Earnings per share:
Basic	$ 0.25	$ (0.88)
Diluted	$ 0.25	$ (0.88)

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 1,689,000	$ (3,402,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization	1,050,000	583,000
Stock dividends on other investments	(331,000)	(71,000)
Amortization of premiums and discounts on securities, net	121,000	265,000
Amortization of equity awards	813,000	150,000
Originations of loans held for sale	(2,518,000)	(1,316,000)
Gain on sale of loans	(28,000)	(32,000)
Proceeds from sale of loans	3,741,000	1,367,000
Loss on sale other real estate owned	432,000
Provision for credit losses	3,825,000	4,223,000
Net appreciation on bank-owned life insurance	(370,000)	(248,000)
Deferred income tax (benefit)	(1,075,000)	(278,000)
Preliminary bargain purchase gain from CBOA merger	(5,018,000)
Accretion of discount on loans	(3,714,000)
Core deposit intangible amortization	1,341,000
Amortization of discount on time deposits	204,000
Amortization of discount on subordinated debt	60,000
Changes in operating assets and liabilities:
Accrued interest receivable	562,000	(92,000)
Prepaid and other assets	1,577,000	851,000
Accrued interest and other liabilities	671,000	(1,016,000)
Net cash provided by operating activities	2,974,000	910,000
CASH FLOWS FROM INVESTING ACTIVITIES
CBOA Financial, Inc. merger, cash acquired	30,927,000
Proceeds from calls, sales, maturities, or principal payments on available-for-sale securities	63,634,000	5,348,000
Purchases of available-for-sale securities	(31,691,000)	(2,005,000)
Net (purchase) redemptions of other investments		(2,715,000)
Net change in loans held for investment	95,038,000	(382,000)
Proceeds from sale of other real estate owned	2,568,000
Proceeds from disposal of premises and equipment		443,000
Bank-owned life insurance death benefit	154,000
Purchases of premises and equipment	(500,000)	(226,000)
Net cash provided by investing activities	160,130,000	463,000
CASH FLOWS FROM FINANCING ACTIVITIES
Net change in deposits	(14,406,000)	(27,599,000)
Proceeds from Federal Home Loan Bank advances and other borrowings	59,663,000	320,398,000
Repayments of Federal Home Loan Bank advances and other borrowings	(123,663,000)	(325,398,000)
Common stock repurchases		(210,000)
Common stock issuance, net		10,867,000
Preferred stock issuance, net		4,175,000
Payment of dividends		(656,000)
Net cash (used in) provided by financing activities	(78,406,000)	10,577,000
NET CHANGE IN CASH AND CASH EQUIVALENTS	84,698,000	11,950,000
CASH AND CASH EQUIVALENTS, beginning of year	28,897,000	16,947,000
CASH AND CASH EQUIVALENTS, end of year	113,595,000	28,897,000
SUPPLEMENTAL DISCLOSURES
Interest paid on deposits and borrowings	20,430,000	8,867,000
Income taxes paid (refunds received)	(1,005,000)	124,000
Loans transferred to other real estate owned		3,000,000
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 3,414,000

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Cash and due from banks	$ 111,510	$ 27,182
Federal funds sold	2,085	1,715
Total cash and cash equivalents	113,595	28,897
Available-for-sale securities, at fair value	78,661	56,690
Held-to-maturity securities, at amortized cost, net of allowance for credit losses	5,665	5,684
Loans held for investment	676,092	457,027
Allowance for credit losses	(10,160)	(5,860)
Loans held for investment, net	665,932	451,167
Other real estate owned		3,000
Premises and equipment, net	8,414	7,350
Operating leases right-of-use assets	4,069	1,819
Other investments	6,244	4,063
Accrued interest receivable	2,613	1,597
Deferred income tax asset, net	9,027	4,884
Bank owned life insurance	12,063	11,847
Core deposit intangible, net	7,589
Prepaid and other assets	4,223	4,267
Total assets	918,095	581,265
Deposits
Demand deposits	218,589	88,091
Savings and NOW deposits	332,923	243,505
Time deposits	241,055	128,403
Total deposits	792,567	459,999
Federal Reserve Bank BTFP Advances		29,000
Subordinated debt, net of issuance costs	23,149	24,595
Subordinated debentures, trust preferred securities	4,203
Escrows	141	168
Operating lease liabilities	4,619	2,011
Accrued interest and other liabilities	6,901	4,771
Total liabilities	831,580	520,544
STOCKHOLDERS’ EQUITY
Additional paid-in capital	67,315	43,279
Retained earnings	25,990	24,301
Accumulated other comprehensive loss	(5,578)	(5,560)
Unearned Employee Stock Ownership Plan (ESOP) shares	(1,287)	(1,346)
Total stockholders’ equity	86,515	60,721
Total liabilities and stockholders’ equity	918,095	581,265
Voting Common Stock [Member]
STOCKHOLDERS’ EQUITY
Non-voting common stock, $0.01 par value Issued and outstanding: 820,115 on December 31, 2024, and December 31, 2023	67	39
Nonvoting Common Stock [Member]
STOCKHOLDERS’ EQUITY
Non-voting common stock, $0.01 par value Issued and outstanding: 820,115 on December 31, 2024, and December 31, 2023	$ 8	$ 8