Bancorp 34, Inc. (Parent Company Only) Financial Information

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Bancorp 34, Inc. (Parent Company Only) Financial Information

Note 18 – Bancorp 34, Inc. (Parent Company Only) Financial Information

Condensed financial statements of Bancorp 34, Inc. follow (dollars in thousands):

	December 31,
Balance Sheet	2023		2022
Assets
Cash and cash equivalents	$	19,184	$	17,835
Investment in subsidiary bank		63,102		54,073
ESOP note receivable		1,531		1,558
Other Investments		809		315
Prepaid and other assets		1,248		894
Total assets	$	85,874	$	74,675
Liabilities and stockholders’ equity
Subordinated debt, net of issuance costs	$	24,595	$	24,531
Accounts payable and other liabilities		558		906
Stockholders’ equity		60,721		49,238
Total liabilities and stockholders’ equity	$	85,874	$	74,675

	Year Ended December 31,
Statement of (Loss) Income	2023			2022
Interest income	$	117		$	52
Interest expense		(1,054	)		(1,054	)
Equity in (loss) income of subsidiary bank		(1,680	)		2,162
Merger expense		(814	)		—
Net asset value adjustment, other investments		(100	)		—
Other expenses		(211	)		(103	)
Benefit for income taxes		340			273
Net (loss) income	$	(3,402	)	$	1,330

	Year Ended December 31,
Statement of Cash Flows	2023			2022
Operating activities
Net (loss) income	$	(3,402	)	$	1,330
Adjustments to reconcile net (loss) income to net cash used in operating activities
Amortization of subordinated debt issuance costs		64			84
Equity in loss (income) of subsidiary bank		1,680			(2,162	)
Changes in prepaid and other assets		(354	)		(297	)
Changes in accrued interest and other liabilities		(348	)		449
Net cash used in operating activities		(2,360	)		(596	)
Investing activities
Principal collections on ESOP note receivable		27			42
Other investment contributions		(494	)		(315	)
Capital contribution to bank subsidiary		(10,000	)		—
Net cash used in investing activities		(10,467	)		(273	)
Financing activities
Repurchase of common stock		(210	)		(78	)
Issuance of common stock, net		10,866			6,212
Issuance of preferred stock, net		4,176			7,306
Cash dividends paid		(656	)		(700	)
Net cash from financing activities		14,176			12,740
Net change in cash and cash equivalents		1,349			11,871
Beginning cash and cash equivalents		17,835			5,964
Ending cash and cash equivalents	$	19,184		$	17,835