Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 125

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1
Chunk 125
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     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 income 
     29  
     (13)
  
    Total noninterest income 
     5,558  
     730 

    Noninterest expense: 

    Salaries and employee benefits 
     12,939  
     6,124 
  
    Occupancy 
     2,520  
     1,148 
  
    Data processing 
     3,934  
     2,665 
  
    FDIC and other insurance expense 
     586  
     348 
  
    Professional fees 
     1,861  
     742 
  
    Merger costs 
     3,763  
     3,010 
  
    Advertising 
     302  
     46 
  
    Core deposit intangible amortization 
     1,341  
     — 
  
    Other expenses 
     3,170  
     1,454 
  
    Total noninterest expense 
     30,416  
     15,537 

    Income (loss) before provision for income taxes 
     615  
     (3,855)
  
    (Benefit from) income taxes 
     (1,074) 
     (453)
  
    Net income (loss) 
    $1,689  
    $(3,402)

    Earnings per share: 

    Basic 
    $0.25  
    $(0.88)
  
    Diluted 
    $0.25  
    $(0.88)

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

83

BANCORP
34, INC.

CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Dollars
in thousands)For years ended December 31, 2024, and 2023 

    Years Ended 

    December 31, 

    2024  
    2023 
  
    Net income (loss) 
    $1,689  
    $(3,402