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Significant Accounting Policies (Policies)
6 Months Ended
Jun. 30, 2020
Accounting Policies [Abstract]  
Basis of Accounting, Policy [Policy Text Block]
Basis of Presentation –
The accompanying unaudited consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP"). In the opinion of management, the accompanying consolidated financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the financial condition, cash flows and results of operations at the dates and for the periods presented. The results of operations for the
three
and
six
months ended
June 30, 2020
are
not
necessarily indicative of the results of operations for the full fiscal year or for any other period. This information should be read in conjunction with the Company's Annual Report on Form
10
-K for the year ended
December 31, 2019.
Discontinued Operations, Policy [Policy Text Block]
Discontinued Operations –
As discussed in Note
2
- Discontinued Operations, current and prior periods presented in the consolidated statements of comprehensive income as well as the related note disclosures covering income and expense amounts have been retrospectively adjusted for the impact of discontinued operations for comparative purposes. The consolidated balance sheets and related note disclosures for prior periods also reflect the reclassification of certain assets and liabilities to discontinued operations.
Consolidation, Policy [Policy Text Block]
Basis of Consolidation
– The consolidated financial statements include the accounts of Bancorp
34
and the Bank. All significant intercompany accounts and transactions have been eliminated.
Reclassification, Comparability Adjustment [Policy Text Block]
Reclassifications
– Certain reclassifications have been made to prior period's financial information to conform to the current period presentation.
Use of Estimates, Policy [Policy Text Block]
Use of Estimates –
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
 
Significant estimates include, but are
not
limited to, allowance for loan losses, other-than-temporary impairment of securities, useful lives used in depreciation and amortization, deferred income taxes, valuation of other real estate and core deposit intangibles.
New Accounting Pronouncements, Policy [Policy Text Block]
Summary of Recent Accounting Pronouncements
:
 
Prior to
2020,
Bancorp
34
was an emerging growth company under the JOBS Act and elected to use the extended transition period to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements were made applicable to private companies. Accordingly, our financial statements
may
not
be comparable to the financial statements of public companies that have complied with such new or revised accounting standards. The Company lost its status as an emerging growth company at the end of
2019.
    
Leases –
In
February 2016,
the FASB issued ASU 
2016
-
02
“Leases (Topic
842
).”
This standard requires entities that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. The standard was effective for fiscal years and interim periods within those fiscal years beginning after
December 15, 2018
for public companies, but the Company had until the
first
quarter of
2020
to adopt due to its emerging growth company status. The guidance is required to be applied by the modified retrospective transition approach. Early adoption is permitted. We adopted the standard effective
January 1, 2020
on a prospective basis and elected to apply several allowable practical expedients, including carryover of historical lease determinations, classification conclusions and direct cost balances.  Adoption of the standard resulted in balance sheet recognition of approximately
$1.3
 million in operating lease right-of-use assets and
$1.4
million operating lease liabilities as of
January 1, 2020.
These amounts represent the present value of remaining minimum lease payments, discounted using the Company's incremental borrowing rate at the date of adoption.  There was
no
material impact on the timing of expense or income recognition in the consolidated statements of income.  Prior periods were
not
restated.  Further information regarding the Company's leasing activities are included in Note
5
– Financial Instruments with Off-Balance-Sheet Credit Risk.
 
Credit Losses -
In
June 2016,
the FASB issued ASU
2016
-
13,
“Financial Instruments—Credit Losses (Topic
326
): Measurement of Credit Losses on Financial Instruments.”
The amendments in this update replace the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to create credit loss estimates. The new guidance is effective for public companies that are U.S. Securities and Exchange Commission filers for fiscal years beginning after
December 15, 2019
including interim periods within those fiscal years. For all other public companies, the amendments are effective for fiscal years beginning after
December 15, 2020,
including interim periods within those fiscal years. For all other companies, including emerging growth companies, the amendments are effective for fiscal years beginning after
December 15, 2020,
and interim periods within fiscal years beginning after
December 15, 2021.
On
October 16, 2019,
FASB announced a delay in the implementation schedule allowing certain entities, including smaller reporting companies, as defined in Securities and Exchange Commission Regulations, such as the Company, to adopt effective for the
first
fiscal year beginning after
December 15, 2022.
The guidance is required to be applied by the modified retrospective approach. Early adoption is permitted as of the fiscal years beginning after
December 15, 2018,
including interim periods within those fiscal years. We are currently assessing the impact of the adoption of this authoritative guidance on our consolidated financial statements.
 
Compensation, Retirement Benefits
- In
August 2018,
the FASB issued 
ASU
 
2018
-
14
Compensation - Retirement benefits (Topic 
715
-
20
)
. This ASU amends ASC
715
 to add, remove and clarify disclosure requirements related to defined benefit pension and other post-retirement plans. The ASU eliminates the requirement to disclose the amounts in accumulated other comprehensive income expected to be recognized as part of net periodic benefit cost over the next year. The ASU also removes the disclosure requirements for the effects of a
one
-percentage-point change on the assumed health care costs and the effect of this change in rates on service cost, interest cost and the benefit obligation for post-retirement health care benefits. This ASU is effective for fiscal years ending after
December 15, 2020
and was applied on a retrospective basis.  The adoption of this ASU did
not
have a material impact on the Company's financial position, results of operations or cash flows.