Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 973

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 3
Chunk 973
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 measurement period adjustments

    (in thousands) 
    Estimated Fair Values as  Recorded by Bancorp 34  
    Measurement Period  Adjustments for the  twelve months ended  December 31, 2024  
    December 31, 2024 
  
    Fair Value of the common stock consideration 
    $23,310  
    $—  
    $23,310 

    Identifiable assets acquired: 

    Cash and cash equivalents 
     30,927  
     —  
     30,927 
  
    Debt securities available-for-sale, at fair value 
     58,220  
     —  
     58,220 
  
    Loans: 

    Purchased performing 
     284,723  
     —  
     284,723 
  
    Purchased credit deteriorated 
     26,163  
     —  
     26,163 
  
    Allowance for credit losses on loans 
     —  
     —  
     — 
  
    Deferred Loan Fees 
     —  
     —  
     — 
  
    Deferred tax on assets acquired 
     1,233  
     (157) 
     1,076 
  
    Operating right-of-use assets 
     2,866  
     —  
     2,866 
  
    Core deposit intangibles 
     8,930  
     —  
     8,930 
  
    Other assets 
     6,264  
     39  
     6,303 
  
    Total identifiable assets acquired 
    $419,326  
    $(118) 
    $419,208 

    Identifiable liabilities assumed: 

    Deposits 
     346,743  
     —  
     346,743 
  
    Short-term borrowings 
     35,000  
     —  
     35,000 
  
    Long-term borrowings 
     4,143  
     —  
     4,143 
  
    Deferred taxes on liabilities assumed 
     253  
     —  
     253 
  
    Other liabilities 
     4,741  
     —  
     4,741 
  
    Total identifiable liabilities assumed 
    $390,880