Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 1257

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 5
Chunk 1257
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,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 

The
accompanying notes are an integral part of the consolidated financial statements.

82

Consolidated
Statements of Income (Loss) 

(Dollars
in Thousands, Except Per Share Data)

For
years ended December 31, 2024, and 2023

    Year Ended 

    December 31, 

    2024  
    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