Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 867

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 2
Chunk 867
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    Other investment contributions 
     (232) 
     (494)
  
    Capital contribution to bank subsidiary 
     (10,000) 
     (10,000)

    Net cash used in investing activities 
     (10,184) 
     (10,467)

    Financing activities 

    Retirement of subordinated debt acquired in CBOA merger 
     (1,500) 
     — 
  
    Repurchase of common stock 
     —  
     (210)
  
    Issuance of common stock, net 
     —  
     10,866 
  
    Issuance of preferred stock, net 
     —  
     4,176 
  
    Cash dividends paid 
     —  
     (656)

    Net cash (used in) provided by financing activities 
     (1,500) 
     14,176 

    Net change in cash and cash equivalents 
     (14,769) 
     1,349 
  
    Beginning cash and cash equivalents 
     19,184  
     17,835 

    Ending cash and cash equivalents 
    $4,415  
    $19,184 

Note
21 – Real Estate Owned

Real estate owned activity was as follows
(dollars in thousands):

Schedule of Other Real Estate Owned

    Year Ended December 31, 2024  
    Year Ended December 31, 2023 
  
    Beginning balance 
    $3,000  
    $— 
  
    Foreclosures and additions 
     —  
     3,000 
  
    Loss on sale 
     (432) 
     — 
  
    Sales 
     (2,568) 
     — 

    Ending balance 
    $—  
    $3,000 

As of September 30, 2023, the Bank experienced
a deterioration of one large out of market commercial real estate loan which resulted in this loan becoming nonperforming. As of December
31, 2023, a $3.3 million loss was reflected in the Bank’s operating results, and the remaining $3 million balance was transferred
to other real estate owned. During the year ended December 31, 2024, the note associated with this loan was sold for $2.6 million and
a $0.4 million pre