Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 344

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1A
Chunk 344
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; (5) require disclosure of title and position of CODM and explain how the CODM
uses the disclosed reported measures to assess segment performance; and (6) require that a public entity that has a single reportable
segment provide all the disclosures required by the amended Topic 280. The amendments in this update are effective for the Company for
fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early
adoption permitted. The amendments in this update are required to be applied retrospectively to all prior periods presented in the financial
statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant
segment expense categories and the amounts disclosed in the prior periods should be based on the significant segment expense categories
identified and disclosed in the period of adoption. The Company adopted this accounting standard effective January 1, 2024, and the Company’s
financial condition, results of operations and cash flows were not impacted by this guidance. The Company has provided the required disclosures
for its single reportable segment.

Recent
Accounting Guidance That Has Not Yet Been Adopted – The following new accounting standard
has yet to be adopted by the Company but may have an impact on financial statements and/or related disclosures once implemented.

In December 2023, the FASB issued
a final standard on improvements to income tax disclosures. The standard requires, among other things, disaggregated information regarding
effective tax rate reconciliation components, as well as information on income taxes paid. This standard, ASU No. 2023-9, “Income
Taxes (Topic 740): Improvements to Income Tax Disclosures”, applies to all entities subject to income taxes. For public business
entities, the new requirements will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on
a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted.

NOTE 2 –
BUSINESS COMBINATION

On March 19, 2024, Bancorp 34 completed
its previously announced merger with CBOA pursuant to the Agreement and Plan of Merger, dated as of April 27, 2023, as amended (the “Merger
Agreement”). Under the Merger Agreement, CBOA was merged with and into Bancorp 34, with Bancorp 34 continuing as the surviving
entity (