Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 553

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1B
Chunk 553
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 — 
  
    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 income taxes 
     846  
     340 

    Net income (loss) 
    $1,689  
    $(3,402)

    122

Condensed Statements of Cash Flows

    Year Ended December 31, 
  
    Statement of Cash Flows 
    2024  
    2023 
  
    Operating activities 

    Net income (loss) 
    $1,689  
    $(3,402)
  
    Adjustments to reconcile net income (loss) to net cash used in operating activities 

    Amortization of subordinated debt issuance costs 
     54  
     64 
  
    Fair value amortization of CBOA TRUPs 
     60  
     — 
  
    Bargain purchase gain from CBOA Financial, Inc. merger 
     (5,018) 
     — 
  
    Equity in loss (income) of subsidiary bank 
     480  
     1,680 
  
    Changes in prepaid and other assets 
     (239) 
     (354)
  
    Changes in accrued interest and other liabilities 
     (111) 
     (348)

    Net cash used in operating activities 
     (3,085) 
     (2,360)