Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 306

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1A
Chunk 306
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 2.37%

For the years ended
December 31, 2024, and December 31, 2023, average certificates of deposit includes average brokered CD balances of $9.1 million and $19.7
million, respectively. This decline in our brokered CD deposits is attributed improved on-hand liquidity levels allowing for the departure
of the maturing brokered CDs.

The
following table sets forth the portion of the Bank’s time deposits, by account, that are in excess of the FDIC insurance limit,
by remaining time until maturity, as of December 31, 2024:

    (In thousands) 
    December 31, 2024 
  
    Three months or less 
    $32,875 
  
    Over three months through six months 
     10,190 
  
    Over six months through twelve months 
     17,660 
  
    Over twelve months 
     22,478 
  
    Total 
    $83,203 

As
of December 31, 2024, and December 31, 2023, approximately $194.0 million and $195.6 million, of our total deposit portfolio was
uninsured. The estimates are based on the methodologies and assumptions used for the Bank’s regulatory reporting requirements.

71

Federal
Reserve Bank and Federal Home Loan Bank Advances

Other than deposits,
at times the Bank may utilize Federal Home Loan Bank (“FHLB”) advances and Federal Reserve Bank (“FRB”) advances
as supplementary funding sources to finance our operations. At December 31, 2024, we no longer had borrowings through the FRB’s
Bank Term Funding Program (“BTFP”) established in March 2023. At December 31, 2023, we had $29 million borrowings through
the BTFP. Our advances from the FRB are collateralized by pledged securities. As of December 31, 2024, we had $233.8 million in borrowing
capacity at the FHLB of San Francisco. Also at December 31, 2024, we had $49.3 million in availability through the FRB’s Discount
Window and $49.8 in unsecured Federal Funds lines of credit at various correspondent banks.

The following table
presents certain attributes of debt as of and for the year ended December 31, 2024. The maximum month-end balance represents the high
indebtedness at any month end