Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 129

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1
Chunk 129
---
 by investing activities 
     160,130  
     463 

    CASH FLOWS FROM FINANCING ACTIVITIES 

    Net change in deposits 
     (14,406) 
     (27,599)
  
    Proceeds from Federal Home Loan Bank advances and other borrowings 
     59,663  
     320,398 
  
    Repayments of Federal Home Loan Bank advances and other borrowings 
     (123,663) 
     (325,398)
  
    Common stock repurchases 
     —  
     (210)
  
    Common stock issuance, net 
     —  
     10,867 
  
    Preferred stock issuance, net 
     —  
     4,175 
  
    Payment of dividends 
     —  
     (656)

    Net cash (used in) provided by financing activities 
     (78,406) 
     10,577 

    NET CHANGE IN CASH AND CASH EQUIVALENTS 
     84,698  
     11,950 
  
    CASH AND CASH EQUIVALENTS, beginning
    of year 
     28,897  
     16,947 

    CASH AND CASH EQUIVALENTS, end of
    year 
    $113,595  
    $28,897 

    SUPPLEMENTAL DISCLOSURES 

    Interest paid on deposits and borrowings 
    $20,430  
    $8,867 
  
    Income taxes paid (refunds received) 
    $(1,005) 
    $124 
  
    Loans transferred to other real estate owned 
    $—  
     3,000 
  
    Right-of-use assets obtained in exchange for new operating lease liabilities 
    $3,414  
    $— 

The
accompanying notes are an integral part of the consolidated financial statements.

87

Bancorp
34, Inc.
Notes to Consolidated Financial StatementsDecember 31, 2024 and 2023

Note
1 – Nature of Operations and Significant Accounting Policies

Bancorp
34, Inc. (“Bancorp 34” or the “Company”) is a Maryland corporation organized in 2016 and owns 100% of Southwest
Heritage Bank (formerly Bank 34) (the “Bank”) and