Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 100

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1
Chunk 100
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 as of December 31, 2023.

The following tables
set forth the composition of our loan portfolio, as of the periods presented:

    December 31, 2024  
    December 31, 2023 
  
    (In thousands) 
    Amount  
    % of total loans  
    Amount  
    % of total loans 
  
    1-4 Family residential real estate 
     69,330  
     10.3% 
     61,645  
     13.5%
  
    Commercial 
     109,924  
     16.3% 
     50,169  
     10.9%
  
    Consumer and other 
     261  
     0.0% 
     698  
     0.2%
  
    Construction 
     26,285  
     3.9% 
     34,538  
     7.5%
  
    NOO CRE 
     258,652  
     38.3% 
     167,203  
     36.8%
  
    OO CRE 
     151,399  
     22.4% 
     82,228  
     17.9%
  
    Multifamily 
     60,241  
     8.8% 
     60,546  
     13.2%
  
    Total gross loans 
    $676,092  
     100% 
    $457,027  
     100%

Family residential real
estate loans represent loans to consumers collateralized by a mortgage on a residence and include purchase money, refinancing, secondary
mortgages, and home equity loans and lines of credit.

Commercial loans include
commercial and industrial loans to commercial customers for use in normal business operations to finance working capital needs, equipment
and inventory purchases, and other expansion projects. SBA, USDA and other small business lending products are also included. These loans
are made primarily in our market areas, are underwritten on the basis of the borrower’s ability to service the debt from revenue,
and are generally extended under our normal credit standards, controls and monitoring systems.

Consumer and other include
direct consumer installment loans, overdrafts, and other revolving loans.

68

Construction loans include
both residential and commercial projects. Construction loan terms are dependent upon the project, but in some cases the loan will be