Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 1748

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 7A
Chunk 1748
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 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 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