Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 122

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1
Chunk 122
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    methodologies based on the relevance and reliability of information
to develop a reasonable range for the estimates.

    o
    Where
    applicable, evaluate the reliability of data provided by third parties
used in the development of our estimated ranges.

    ●
    We
    tested the accuracy and completeness of relevant data provided by management
and used in the development of our estimated ranges.

    ●
    We
    assessed the adequacy of the disclosures related to the business combination,
especially the disclosures associated with the consideration paid and valuation of acquired loans.

/s/
Plante & Moran, PLLC

We
have served as the Company’s auditors since 2023.

Denver,
Colorado

March
6, 2025

80

Consolidated
Balance Sheets

(Dollars
in Thousands, except share data)

December
31, 2024, and December 31, 2023

    December 31, 2024  
    December 31, 2023 
  
    ASSETS 

    Cash and due from banks 
    $111,510  
    $27,182 
  
    Federal funds sold 
     2,085  
     1,715 
  
    Total cash and cash equivalents 
     113,595  
     28,897 

    Available-for-sale securities, at fair value 
     78,661  
     56,690 

    Held-to-maturity securities, at amortized cost, net of allowance for credit losses 
     5,665  
     5,684 

    Loans held for investment 
     676,092  
     457,027 
  
    Allowance for credit losses 
     (10,160) 
     (5,860)

    Loans held for investment, net 
     665,932  
     451,167 

    Other real estate owned 
     —  
     3,000 
  
    Premises and equipment, net 
     8,414  
     7,350 
  
    Operating leases right-of-use assets 
     4,069  
     1,819 
  
    Other investments 
     6,244  
     4,063 
  
    Accrued interest receivable 
     2,613  
     1,597 
  
    Deferred income tax asset, net 
     9,027  
     4