Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 195

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1
Chunk 195
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oting common
stock as of the date the class was created. Except for voting privileges, the new class of non-voting common stock is treated pari passu
with common stock.

Note
20 – Bancorp 34, Inc. (Parent Company Only) Financial Information

Condensed
financial statements of Bancorp 34, Inc. follow (dollars in thousands):

Condensed Balance Sheet

    December 31, 
  
    Balance Sheet 
    2024  
    2023 

    Assets 

    Cash and cash equivalents 
    $4,415  
    $19,184 
  
    Investment in subsidiary bank 
     105,171  
     63,102 
  
    ESOP note receivable 
     1,508  
     1,531 
  
    Other Investments 
     1,196  
     809 
  
    Prepaid and other assets 
     2,050  
     1,248 

    Total assets 
    $114,340  
    $85,874 

    Liabilities and stockholders’ equity 

    Subordinated debt, net of issuance costs 
    $23,149  
    $24,595 
  
    Subordinated debentures, trust preferred securities 
     4,203  
     — 
  
    Accounts payable and other liabilities 
     473  
     558 
  
    Stockholders’ equity 
     86,515  
     60,721 

    Total liabilities and stockholders’ equity 
    $114,340  
    $85,874 

Condensed Statements of Operations

    Year Ended December 31, 
  
    Statement of Income (Loss) 
    2024  
    2023 

    Interest income 
    $130  
    $117 
  
    Interest expense 
     (1,352) 
     (1,054)
  
    Equity in (loss) income of subsidiary bank 
     (480) 
     (1,680)
  
    Bargain purchase gain 
     5,018  
     — 
  
    Merger expense 
     (1,834) 
     (814)
  
    Net asset value adjustment, other investments 
     (36) 
     (100)
  
    Other expenses 
     (606) 
     (211)
  
    Benefit for