Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 366

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1A
Chunk 366
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     1,119 
  
    Multifamily 
     709  
     —  
     709 

    Total 
    $1,977  
    $2,726  
    $4,703 

    106

Loan
Modifications Made to Borrowers Experiencing Financial Difficulty – The ACL incorporates
an estimate of lifetime expected credit losses and is recorded on each asset upon origination. The analysis includes losses from modifications
of receivables to borrowers experiencing financial difficulty. Because the effect of most modifications made to borrowers experiencing
financial difficulty is already included in the ACL, a change to the ACL is generally not recorded when a loan is modified. Currently,
the bank does not hold any loans having modified terms related to economic distress and none were modified during the years ended December
31, 2024, and 2023.

NOTE
5 – PREMISES AND EQUIPMENT, NET

Components of premises and equipment,
net included in the consolidated balance sheets were as follows (dollars in thousands):

Schedule of Premises and equipment

    December 31,  
    December 31, 

    2024  
    2023 
  
    Land and improvements 
    $1,578  
    $1,578 
  
    Buildings and improvements 
     14,645  
     12,710 
  
    Furniture and equipment 
     3,690  
     1,953 
  
    Total cost 
     19,913  
     16,241 
  
    Accumulated depreciation and amortization 
     (11,499) 
     (8,891)

    Premises and equipment, net 
    $8,414  
    $7,350 

Depreciation and amortization expenses were
$1,050,000 and $583,000 for the years ended December 31, 2024, and 2023, respectively.

NOTE 6 –
TIME DEPOSITS 

Maturities
of time deposits on December 31, 2024, and December 31, 2023, were (dollars in thousands):

Schedule of Maturities of
Time Deposits

    December 31,  
    December 31, 
  
    Maturity 
    2024  
    2023 
  
    One year or less 
    $206,111  
    $93,675