Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 106

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1
Chunk 106
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 are focused on growing our core deposits through relationship-based banking with our business and consumer
clients. Total deposits were $792.6 million and $460.0 million as of December 31, 2024, and December 31, 2023, respectively. The primary
reason for this large increase in total deposits was the CBOA Merger. Unrelated to the CBOA Merger, there has been a migration to time
deposits which is consistent with the broader market trends in which customers have reduced non-interest- and interest-bearing demand
deposits in favor of term CDs given the higher rates paid on the term CDs and the ability to lock in a stated rate in the midst of the
market rate declines in the fourth quarter.

The following table
sets forth the average balance amounts and the average rates paid on deposits held by us for the periods presented:

    For the years ended 

    December 31, 2024  
    December 31, 2023 
  
    (Dollars in thousands) 
    Average Balance  
    Average Rate Paid  
    Average Balance  
    Average Rate Paid 
  
    Noninterest-bearing demand deposits 
    $187,757  
     —% 
    $89,165  
     —%
  
    Interest-bearing demand and NOW deposits 
     323,386  
     3.11  
     260,238  
     2.64 
  
    Certificates of deposit 
     202,097  
     4.46  
     120,367  
     3.54 
  
    Total deposits 
    $713,241  
     2.67% 
    $458,601  
     2.37%

For the years ended
December 31, 2024, and December 31, 2023, average certificates of deposit includes average brokered CD balances of $9.1 million and $19.7
million, respectively. This decline in our brokered CD deposits is attributed improved on-hand liquidity levels allowing for the departure
of the maturing brokered CDs.

The
following table sets forth the portion of the Bank’s time deposits, by account, that are in excess of the FDIC insurance limit,
by remaining time until maturity, as of December 31, 2024:

    (In thousands) 
    December 31, 2024 
  
    Three months or less