Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 984

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 3
Chunk 984
---
 a summary of the
Company’s loans at amortized cost as of the dates noted (dollars in thousands):

Schedule of Company's Loan 

    December 31,  
    December 31, 

    2024  
    2023 
  
    1-4 Family residential real estate 
    $69,330  
    $61,645 
  
    Commercial 
     109,924  
     50,169 
  
    Consumer and other 
     261  
     698 
  
    Construction 
     26,285  
     34,538 
  
    Non-Owner Occupied (NOO) CRE 
     258,652  
     167,203 
  
    Owner Occupied (OO) CRE 
     151,399  
     82,228 
  
    Multifamily 
     60,241  
     60,546 

    Loans held for investment 
     676,092  
     457,027 

    Less: allowance for credit losses 
     (10,160) 
     (5,860)

    Loans, net 
    $665,932  
    $451,167 

Allowance
for Credit Losses on Loans

Beginning January 1, 2023, the allowance
for credit losses for loans is measured on the loan’s amortized cost basis, excluding interest receivable. Interest receivable
excluded at December 31, 2024, and December 31, 2023, was $2.2 million and $1.3 million, respectively, presented in accrued interest
receivable on the Condensed Consolidated Balance Sheets. Refer to Note 1 - Summary of Significant Accounting Policies for additional
information related to the Company’s methodology for estimating the allowance for credit losses.

    101

Allocation of a portion of the allowance
for credit losses to one category of loans does not preclude its availability to absorb losses in other categories. The following table
presents the activity in the allowance for credit losses by portfolio segment for the years ended December 31, 2024, and 2023, (dollars
in thousands):

Schedule of Allowance for Credit Losses 

    1–4 Family  

    NOO  
    OO  

    Residential  
       
    Consumer  
       
    Commercial  
    Commercial  

    Real Estate