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

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheet

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

	December 31,
Balance Sheet	2024		2023
Assets
Cash and cash equivalents	$	4,415	$	19,184
Investment in subsidiary bank		105,171		63,102
ESOP note receivable		1,508		1,531
Other Investments		1,196		809
Prepaid and other assets		2,050		1,248
Total assets	$	114,340	$	85,874
Liabilities and stockholders’ equity
Subordinated debt, net of issuance costs	$	23,149	$	24,595
Subordinated debentures, trust preferred securities		4,203		—
Accounts payable and other liabilities		473		558
Stockholders’ equity		86,515		60,721
Total liabilities and stockholders’ equity	$	114,340	$	85,874

Condensed Statements of Operations

	Year Ended December 31,
Statement of Income (Loss)	2024			2023
Interest income	$	130		$	117
Interest expense		(1,352	)		(1,054	)
Equity in (loss) income of subsidiary bank		(480	)		(1,680	)
Bargain purchase gain		5,018			—
Merger expense		(1,834	)		(814	)
Net asset value adjustment, other investments		(36	)		(100	)
Other expenses		(606	)		(211	)
Benefit for income taxes		846			340
Net income (loss)	$	1,689		$	(3,402	)

Condensed Statements of Cash Flows

	Year Ended December 31,
Statement of Cash Flows	2024			2023
Operating activities
Net income (loss)	$	1,689		$	(3,402	)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Amortization of subordinated debt issuance costs		54			64
Fair value amortization of CBOA TRUPs		60			—
Bargain purchase gain from CBOA Financial, Inc. merger		(5,018	)		—
Equity in loss (income) of subsidiary bank		480			1,680
Changes in prepaid and other assets		(239	)		(354	)
Changes in accrued interest and other liabilities		(111	)		(348	)
Net cash used in operating activities		(3,085	)		(2,360	)
Investing activities
Principal collections on ESOP note receivable		23			27
CBOA merger cash acquired		25			—
Other investment contributions		(232	)		(494	)
Capital contribution to bank subsidiary		(10,000	)		(10,000	)
Net cash used in investing activities		(10,184	)		(10,467	)
Financing activities
Retirement of subordinated debt acquired in CBOA merger		(1,500	)		—
Repurchase of common stock		—			(210	)
Issuance of common stock, net		—			10,866
Issuance of preferred stock, net		—			4,176
Cash dividends paid		—			(656	)
Net cash (used in) provided by financing activities		(1,500	)		14,176
Net change in cash and cash equivalents		(14,769	)		1,349
Beginning cash and cash equivalents		19,184			17,835
Ending cash and cash equivalents	$	4,415		$	19,184