Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 452

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1B
Chunk 452
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    $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 

Our non-interest
income increased $4.8 million to $5.6 million in 2024, from $0.7 million in the prior year. The increase in noninterest income for 2024,
compared to 2023, was primarily due to the $5.0 million bargain purchase gain as a result of the CBOA Merger offsetting the loss
on the disposal of an OREO parcel of $0.4 million.

65

Noninterest
Expense

The following
table presents noninterest expense for the years ended December 31, 2024, and 2023.

    Year Ended December 31, 
  
    (In thousands) 
    2024  
    2023 
  
    Salary 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 

Our non-interest expense increased $14.9
million to $30.4 million for the year ended December 31, 2024, from $15.5 million for 2023. The increase reflects, in large part,
the addition of C