Bancorp 34 Inc

For the period ended Dec 31, 2023. Filed Mar 8, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Mar 8, 2024

BCTF$16.18-1.0%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Comprehensive (Loss) Income

(Dollars in Thousands, Except Per Share Data)

For years ended December 31, 2023, and 2022

	Year Ended December 31,
	2023	2022
INTEREST INCOME
Interest and fees on loans	$25,779	$21,818
Interest on securities	1,611	1,650
Interest on other interest-earning assets	734	293
Total interest income	28,124	23,761
Interest expense
Interest on deposits	11,139	3,684
Interest on borrowings	1,810	1,630
Total interest expense	12,949	5,314
Net interest income	15,175	18,447
Provision for credit losses	4,223	2,420
Net interest income after provision for credit losses	10,952	16,027
NON-INTEREST INCOME
Service charges and fees	463	391
Gain on sale of loans, net	32	—
Bank owned life insurance	248	238
Gain (Loss) on disposal or impairment of fixed assets	74	(25)
Other	(87)	(59)
Total non-interest income	730	545
NON-INTEREST EXPENSE
Salaries and employee benefits	6,124	9,092
Occupancy	1,148	1,292
Data processing fees	2,665	2,107
FDIC and other insurance expense	348	427
Professional fees	742	525
Merger Costs	3,010	—
Advertising	46	89
Other	1,454	1,652
Total non-interest expense	15,537	15,184
(Loss) income before provision for income taxes	(3,855)	1,388
(Benefit from) provision for income taxes	(453)	58
Net (loss) income	(3,402)	1,330
Other comprehensive income (loss)	1,684	(7,868)
Tax effect of other comprehensive income or loss	(471)	2,015
Other comprehensive income (loss), net of tax	1,213	(5,853)
Comprehensive (loss)	$(2,189)	$(4,523)
(Loss) Earnings per common share Basic	$(0.88)	$0.56
(Loss) Earnings per common share Diluted	$(0.88)	$0.56

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.