Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 841

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 2
Chunk 841
---
-balance-sheet credit risk are as follows as of the dates indicated (dollars in thousands):

Schedule of  Financial Instruments with Off-Balance-Sheet Risk

    December 31, 2024  
    December 31, 2023 

    Fixed  
    Variable  
    Fixed  
    Variable 
  
    Commitments to extend credit 
    $6,589  
    $27,627  
    $5,327  
    $6,966 
  
    Unused lines of credit 
     3,238  
     37,662  
     3,962  
     18,859 
  
    Totals 
    $9,828  
    $65,289  
    $9,289  
    $25,825 

    108

The following table presents the changes
in the ACL on unfunded loan commitments for the year ended December 31, 2024:

Schedule of Credit Losses on Off-Balance Sheet Credit

    December 31, 2024 (in 000s) 
    Unfunded  Loan Commitments 
  
    Allowance for credit losses: 

    Beginning balance 
    $135 
  
    Impact of the CBOA merger 
     222 
  
    Provision for credit losses 
     237 
  
    Ending balance 
    $594 

Note
9 – Employee Retirement Benefit Plans 

Profit
Sharing Plan: The Company has established a profit-sharing 401(k) type salary reduction plan
(Plan) for all employees that meet the necessary eligibility requirements and participants are fully vested after six years of service.
For Company matching contributions made for plan years prior to 2014, annual Company contributions were at the discretion of the Board
of Directors. From 2014 through 2019, the Company adopted a Safe Harbor matching contribution provision, whereby it agreed to match 100%
of participant’s contributions up to the first 3% of salary and 50% of the next 2%, for a total maximum Company matching contribution
of 4% of participant salary, as defined by the Plan. The Safe Harbor matching contribution was guaranteed. The Company elected not to
adopt a safe harbor matching contribution for 2024 or 2023.

Employee
Stock Ownership Plan: The ESOP covers substantially all employees that meet certain age and service
requirements. Under the plan, annual retirement expense is generally defined as a percentage of employee compensation, net