Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 347

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1A
Chunk 347
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    Loans 

    Purchased performing 
     300,080  
     (15,357) 
     284,723 
  
    Purchased credit deteriorated 
     30,425  
     (4,262) 
     26,163 
  
    Allowance for credit losses on loans 
     (3,855) 
     3,855  
     — 
  
    Deferred loan fees 
     (1,033) 
     1,033  
     — 
  
    Deferred tax on assets acquired 
     —  
     1,233  
     1,233 
  
    Operating right-of-use assets 
     2,866  
     —  
     2,866 
  
    Core deposit intangibles 
     —  
     8,930  
     8,930 
  
    Other assets 
     6,284  
     (20) 
     6,264 
  
    Total identifiable assets acquired 
    $423,538  
    $(4,212) 
    $419,326 

    Identifiable liabilities assumed: 

    Deposits 
     346,995  
     (252) 
     346,743 
  
    Short-term borrowings 
     35,000  
     —  
     35,000 
  
    Long-term borrowings 
     5,155  
     (1,012) 
     4,143 
  
    Deferred taxes on liabilities assumed 
     —  
     253  
     253 
  
    Other liabilities 
     4,661  
     80  
     4,741 
  
    Total identifiable liabilities assumed 
    $391,811  
    $(931) 
    $390,880 

    Net identifiable assets acquired 
    $31,727  
    $(3,281) 
    $28,446 

    Preliminary bargain purchase gain 

    $(5,136)

Debt securities available for sale above
includes $1.5 million of debt owned by CBOA which was settled at acquisition. The presentation above does not reflect this and, therefore,
consideration paid and debt securities acquired were $1.5 million less.

As permitted by ASC 805, Business Combinations,
the above preliminary estimates may be refined during