Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 525

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1B
Chunk 525
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 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 
  
    Over one through three years 
     30,309  
     30,390 
  
    Over three through five years 
     4,635  
     4,338 
  
    Totals 
    $241,055  
    $128,403 

On
December 31, 2024, and December 31, 2023, the Bank had $83.2
million and $43.9
million, respectively, in time deposits of $250,000 or more. On December 31, 2024, and December
31, 2023, $60.7 million
 and $27.5
million, respectively, of such time deposits mature within one year.

On December 31, 2024, and December 31, 2023,
certificate of deposits included brokered CD balances of $8.1 million and $19.5 million, respectively.

NOTE 7 –
BORROWINGS

The Bank has established a borrowing line
at the Federal Home Loan Bank of San Francisco. As of December 31, 2024, borrowing capacity totaled $233.8 million and collateral consists
of a blanket lien on the loan portfolio. There were no outstanding borrowings on the borrowing line as of December 31, 2024, or December
31, 2023.

On March 12, 2023, the Federal Reserve Board
announced it would make additional funding available to eligible depository institutions to help ensure banks could meet the needs of
depositors made available through the creation of a new Bank Term Funding Program (“BTFP”). The BTFP is a liquidity resource
with capacity based on the pledging of high-quality securities. The intention of the program was to eliminate an institution’s
need to quickly sell those securities in times of stress. Effective March 11, 2024, the Federal Reserve ceased lending under the program’s
terms. Outstanding borrowings were not impacted. As of December 31, 2024, the Bank had no borrowings