Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 168

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1
Chunk 168
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 within one year.

On December 31, 2024, and December 31, 2023,
certificate of deposits included brokered CD balances of $8.1 million and $19.5 million, respectively.

NOTE 7 –
BORROWINGS

The Bank has established a borrowing line
at the Federal Home Loan Bank of San Francisco. As of December 31, 2024, borrowing capacity totaled $233.8 million and collateral consists
of a blanket lien on the loan portfolio. There were no outstanding borrowings on the borrowing line as of December 31, 2024, or December
31, 2023.

On March 12, 2023, the Federal Reserve Board
announced it would make additional funding available to eligible depository institutions to help ensure banks could meet the needs of
depositors made available through the creation of a new Bank Term Funding Program (“BTFP”). The BTFP is a liquidity resource
with capacity based on the pledging of high-quality securities. The intention of the program was to eliminate an institution’s
need to quickly sell those securities in times of stress. Effective March 11, 2024, the Federal Reserve ceased lending under the program’s
terms. Outstanding borrowings were not impacted. As of December 31, 2024, the Bank had no borrowings under the BTFP and removed assets
that were previously pledged to secure borrowings. As of December 31, 2023, the Bank had $29 million in outstanding BTFP advances.

As of December 31, 2024, the Bank pledged
securities with a carrying value of $50.2 million and had borrowing availability of $49.3 million at the Federal Reserve Bank of San
Francisco’s Discount Window. No borrowings were outstanding through the Discount Window as of December 31, 2024.

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As of December 31, 2024, and 2023, the Bank
had available unsecured Federal Funds lines of credit at correspondent banks totaling $49.8 million and $39.8 million, respectively.
The terms of the borrowings are overnight at the applicable fed funds borrowing rate. As of December 31, 2024, the Bank had no borrowings
under these lines of credit.

On June 29, 2021, the Company completed
a private placement of $25.0 million of 10 year, fixed-to-floating rate subordinated notes. The sub