Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 972

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 3
Chunk 972
---
  
     — 
  
    Deferred loan fees 
     (1,033) 
     1,033  
     — 
  
    Deferred tax on assets acquired 
     —  
     1,233  
     1,233 
  
    Operating right-of-use assets 
     2,866  
     —  
     2,866 
  
    Core deposit intangibles 
     —  
     8,930  
     8,930 
  
    Other assets 
     6,284  
     (20) 
     6,264 
  
    Total identifiable assets acquired 
    $423,538  
    $(4,212) 
    $419,326 

    Identifiable liabilities assumed: 

    Deposits 
     346,995  
     (252) 
     346,743 
  
    Short-term borrowings 
     35,000  
     —  
     35,000 
  
    Long-term borrowings 
     5,155  
     (1,012) 
     4,143 
  
    Deferred taxes on liabilities assumed 
     —  
     253  
     253 
  
    Other liabilities 
     4,661  
     80  
     4,741 
  
    Total identifiable liabilities assumed 
    $391,811  
    $(931) 
    $390,880 

    Net identifiable assets acquired 
    $31,727  
    $(3,281) 
    $28,446 

    Preliminary bargain purchase gain 

    $(5,136)

Debt securities available for sale above
includes $1.5 million of debt owned by CBOA which was settled at acquisition. The presentation above does not reflect this and, therefore,
consideration paid and debt securities acquired were $1.5 million less.

As permitted by ASC 805, Business Combinations,
the above preliminary estimates may be refined during the measurement period (which cannot exceed one year from the Merger date), to
reflect any new information obtained about facts and circumstances existing at the Merger date. Any changes in the above preliminary
estimates will be recognized in the period identified.

    95

During the twelve months ended December
31, 2024, certain measurement period adjustments were recognized as shown in the table below:

Schedule of certain