CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

12 Months Ended

Dec. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

NOTE 20 – CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

Financial information as of December 31, 2016 and 2015, pertaining only to Bancorp 34 is as follows: 

BALANCE SHEETS

	As of December 31,
	2016			2015
ASSETS
Cash and due from banks	$	6,978,326		$	394,074
Investment in wholly owned subsidiary		41,591,052			29,618,697
ESOP note receivable		1,761,628			283,887
Prepaid and other assets		445,701			8,541
TOTAL ASSETS	$	50,776,707		$	30,305,199
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Income taxes payable	$	130		$	646,054
Accrued interest and other liabilities		-			15,421
Total liabilities		130			661,475
Stockholders’ equity
Common stock, $0.01 par value at December 31, 2016 and $0.10 par value at December 31, 2015; 100,000,000 and 20,000,000 authorized, 3,438,190 and 3,449,971 issued, 3,438,190 and 3,438,440 outstanding at December 31, 2016 and 2015, respectively.		34,382			168,513
Additional paid-in capital		27,161,856			9,713,894
Retained earnings		25,700,007			20,404,880
Accumulated other comprehensive loss, net of tax		(363,437	)		(216,047	)
Treasury stock, at cost; 0 and 11,530 shares		-			(139,332	)
Unearned employee stock ownership plan (ESOP) shares		(1,756,231	)		(288,184	)
Total stockholders’ equity		50,776,577			29,643,724
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	50,776,707		$	30,305,199

 

STATEMENTS OF COMPREHENSIVE INCOME

	Year Ended			Year Ended
	December 31,			December 31,
	2016			2015
Interest income on ESOP note receivable	$	21,924		$	12,986
Noninterest income
Equity in income of subsidiary		4,847,989			446,390
Noninterest expense
Professional fees and other		20,355			138,762
Income before income  taxes		4,849,558			320,614
Provision (benefit) for income taxes		(445,569	)		-
Net income		5,295,127			320,614
Other comprehensive (loss)
Unrealized (loss) on available-for-sale securities		(147,390	)		(67,601	)
COMPREHENSIVE INCOME	$	5,147,737		$	253,013

STATEMENTS OF CASH FLOWS

	Year Ended			Year Ended
	December 31,			December 31,
	2016			2015
Cash flows from operating activities
Net income	$	5,295,127		$	320,614
Adjustments to reconcile net income to net cash from operating activities
Equity in (income) of subsidiary		(4,847,989	)		(446,390	)
Changes in operating assets and liabilities
Income taxes payable		(645,924	)		(5,621	)
Prepaid and other assets		(437,160	)		(2,742	)
Accrued interest and other liabilities		(15,421	)		(34,579	)
Other, net		-			2
Net cash (used for) operating activities		(651,367	)		(168,716	)
Cash flows from investing activities -
Principal collections on ESOP note receivable		30,707			47,903
Net cash provided by investing activities		30,707			47,903
Cash flows from financing activities -
Second-step conversion proceeds		18,794,840			-
ESOP shares purchased		(1,503,580	)		-
Conversion costs		(1,363,693	)		-
Capital injection into subsidiary		(8,722,655	)		-
Net cash provided by financing activities		7,204,912			-
Net increase (decrease) in cash and due from banks		6,584,252			(120,813	)
Cash and due from banks, beginning of period		394,074			514,887
Cash and due from banks, end of period	$	6,978,326		$	394,074