Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 103

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1
Chunk 103
---
 real estate 
    $859  
     1.24% 
    $736  
     1.19%
  
    Commercial 
     2,753  
     2.50% 
     924  
     1.84%
  
    Consumer and other 
     3  
     1.15% 
     8  
     1.15%
  
    Construction 
     370  
     1.41% 
     512  
     1.48%
  
    NOO CRE 
     3,604  
     1.39% 
     1,859  
     1.10%
  
    OO CRE 
     1,918  
     1.27% 
     1,201  
     1.46%
  
    Multifamily 
     653  
     1.08% 
     620  
     1.02%
  
    Total 
    $10,160  
     1.50% 
    $5,860  
     1.28%

The ACL increased
by $4.3 million during the year ended December 31, 2024, primarily reflecting impacts from the March 19, 2024, CBOA Merger as more fully
discussed above. For further information regarding the CBOA Merger, also see Note 2 in our consolidated financial statements included
in this Annual Report on Form 10-K.

69

Nonperforming
Assets

We have established
policies and procedures to guide us in originating, monitoring and maintaining the credit quality of our loan portfolio. These policies
and procedures are required to be followed by our bankers and underwriters and exceptions to these policies require elevated levels of
approval and are reported to our board of directors.

Nonperforming assets
include all loans categorized as nonaccrual, other real estate owned and other repossessed assets. The accrual of interest on loans is
discontinued, or the loan is placed on nonaccrual, when the full collection of principal and interest is in doubt. We do not generally
accrue interest on loans that are 90 days or more past due. When a loan is placed on nonaccrual, previously accrued but unpaid interest
is reversed and charged against interest income and future accruals of interest are discontinued. Payments by borrowers for loans on
nonaccr