Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 397

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1A
Chunk 397
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 obtaining physical possession
of the property. At December 31, 2024, and 2023, the recorded investment of consumer mortgage loans secured by residential real estate
properties for which formal foreclosure proceedings are in process is $0 and $0, respectively. 

123

Item
9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures

Not applicable.

Item
9A. Controls and Procedures

Evaluation
of Disclosure Controls and Procedures

Based on our management’s evaluation
(with the participation of our principal executive officer and principal financial officer), as of the end of the period covered by this
annual report, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures
(as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”))
are effective to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms and is accumulated
and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow
timely decisions regarding required disclosure.

Changes
in Internal Control over Financial Reporting

There has been no change in our internal
control over financial reporting during the year ended December 31, 2024, that has materially affected, or is reasonably likely to materially
affect, our internal control over financial reporting.

Internal
Control Over Financial Reporting

This Annual Report on Form 10-K does not
include a report of management’s assessment regarding internal control over financial reporting or an attestation report of the
company’s registered public accounting firm due to a transition period established by rules of the Securities and Exchange Commission
for newly public companies.

Item
9B. Other Information

Not Applicable

Item
9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not applicable

124

Item
10. Directors, Executive Officers and Corporate Governance

Directors

The Bancorp 34 board
of directors is divided into three classes approximately equal in number, serving staggered three-year terms. As a result, the terms
of only approximately one-third of Bancorp 34’s board members expire at each annual meeting. The term of Bancorp 34’s Class II
directors will expire at the 2025 annual meeting, the term of its Class