Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 167

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1
Chunk 167
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 not hold any loans having modified terms related to economic distress and none were modified during the years ended December
31, 2024, and 2023.

NOTE
5 – PREMISES AND EQUIPMENT, NET

Components of premises and equipment,
net included in the consolidated balance sheets were as follows (dollars in thousands):

Schedule of Premises and equipment

    December 31,  
    December 31, 

    2024  
    2023 
  
    Land and improvements 
    $1,578  
    $1,578 
  
    Buildings and improvements 
     14,645  
     12,710 
  
    Furniture and equipment 
     3,690  
     1,953 
  
    Total cost 
     19,913  
     16,241 
  
    Accumulated depreciation and amortization 
     (11,499) 
     (8,891)

    Premises and equipment, net 
    $8,414  
    $7,350 

Depreciation and amortization expenses were
$1,050,000 and $583,000 for the years ended December 31, 2024, and 2023, respectively.

NOTE 6 –
TIME DEPOSITS 

Maturities
of time deposits on December 31, 2024, and December 31, 2023, were (dollars in thousands):

Schedule of Maturities of
Time Deposits

    December 31,  
    December 31, 
  
    Maturity 
    2024  
    2023 
  
    One year or less 
    $206,111  
    $93,675 
  
    Over one through three years 
     30,309  
     30,390 
  
    Over three through five years 
     4,635  
     4,338 
  
    Totals 
    $241,055  
    $128,403 

On
December 31, 2024, and December 31, 2023, the Bank had $83.2
million and $43.9
million, respectively, in time deposits of $250,000 or more. On December 31, 2024, and December
31, 2023, $60.7 million
 and $27.5
million, respectively, of such time deposits mature