Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 457

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1B
Chunk 457
---
)      
    Corporate Bonds 
  
    Allowance for credit losses: 

    Beginning balance 
    $115 
  
    Provision for credit losses 
     (14)
  
    Securities charged-off (recoveries) 
     — 
  
    Ending balance 
    $101 

    For year ended December 31, 2023      
    Corporate Bonds 
  
    Allowance for credit losses: 

    Beginning balance December 31, 2022 
    $— 
  
    Impact of ASU 2016-13 adoption 
     38 
  
    Provision for credit losses 
     77 
  
    Securities charged-off (recoveries) 
     — 
  
    Total ending allowance balance December 31, 2023 
    $115 

Loans

Our loan portfolio represents
a broad range of borrowers primarily in our markets in Arizona and New Mexico, comprised of construction, commercial, commercial real
estate, residential real estate and consumer financing loans.

Gross loans as of December
31, 2024, were $676.1 million, compared to $457.0 million as of December 31, 2023.

The following tables
set forth the composition of our loan portfolio, as of the periods presented:

    December 31, 2024  
    December 31, 2023 
  
    (In thousands) 
    Amount  
    % of total loans  
    Amount  
    % of total loans 
  
    1-4 Family residential real estate 
     69,330  
     10.3% 
     61,645  
     13.5%
  
    Commercial 
     109,924  
     16.3% 
     50,169  
     10.9%
  
    Consumer and other 
     261  
     0.0% 
     698  
     0.2%
  
    Construction 
     26,285  
     3.9% 
     34,538  
     7.5%
  
    NOO CRE 
     258,652  
     38.3% 
     167,203  
     36.8%
  
    OO CRE 
     151,399  
     22.4% 
     82,228  
     17.9%
  
    Multifamily