Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 482

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1B
Chunk 482
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    $44,013  
    $25,779 
  
    Interest on securities 
     2,164  
     1,611 
  
    Interest on other interest-earning assets 
     4,608  
     734 
  
    Total interest income 
     50,785  
     28,124 

    Interest expense: 

    Interest on deposits 
     19,016  
     11,139 
  
    Interest on borrowings 
     2,471  
     1,810 
  
    Total interest expense 
     21,487  
     12,949 

    Net interest income 
     29,298  
     15,175 

    Provision for credit losses 
     3,825  
     4,223 

    Net interest income after provision for credit losses 
     25,473  
     10,952 

    Noninterest income: 

    Service charges on deposit accounts 
     545  
     463 
  
    Bank owned life insurance 
     370  
     248 
  
    Gain on sale of loans, net 
     28  
     32 
  
    Loss on sale of other real estate owned 
     (432) 
     — 
  
    Bargain purchase gain on the merger (Note 2) 
     5,018  
     — 
  
    Other income 
     29  
     (13)
  
    Total noninterest income 
     5,558  
     730 

    Noninterest expense: 

    Salaries and employee benefits 
     12,939  
     6,124 
  
    Occupancy 
     2,520  
     1,148 
  
    Data processing 
     3,934  
     2,665 
  
    FDIC and other insurance expense 
     586  
     348 
  
    Professional fees 
     1,861  
     742 
  
    Merger costs 
     3,763  
     3,010 
  
    Advertising 
     302  
     46 
  
    Core deposit intangible amortization 
     1,341  
     — 
  
    Other expenses 
     3,170  
     1,454 
  
    Total noninterest