Bancorp 34 Inc
For the period ended Dec 31, 2024. Filed Mar 6, 2025.
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FY2024 · Filed Mar 6, 2025
BCTF$16.18-1.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Income (Loss)
(Dollars in Thousands, Except Per Share Data)
For years ended December 31, 2024, and 2023
| Year Ended | ||
|---|---|---|
| December 31, | ||
| 2024 | 2023 | |
| Interest and dividend income: | ||
| Interest and fees on loans | $44,013 | $25,779 |
| Interest on securities | 2,164 | 1,611 |
| Interest on other interest-earning assets | 4,608 | 734 |
| Total interest income | 50,785 | 28,124 |
| Interest expense: | ||
| Interest on deposits | 19,016 | 11,139 |
| Interest on borrowings | 2,471 | 1,810 |
| Total interest expense | 21,487 | 12,949 |
| Net interest income | 29,298 | 15,175 |
| Provision for credit losses | 3,825 | 4,223 |
| Net interest income after provision for credit losses | 25,473 | 10,952 |
| Noninterest income: | ||
| Service charges on deposit accounts | 545 | 463 |
| Bank owned life insurance | 370 | 248 |
| Gain on sale of loans, net | 28 | 32 |
| Loss on sale of other real estate owned | (432) | — |
| Bargain purchase gain on the merger (Note 2) | 5,018 | — |
| Other income | 29 | (13) |
| Total noninterest income | 5,558 | 730 |
| Noninterest expense: | ||
| Salaries and employee benefits | 12,939 | 6,124 |
| Occupancy | 2,520 | 1,148 |
| Data processing | 3,934 | 2,665 |
| FDIC and other insurance expense | 586 | 348 |
| Professional fees | 1,861 | 742 |
| Merger costs | 3,763 | 3,010 |
| Advertising | 302 | 46 |
| Core deposit intangible amortization | 1,341 | — |
| Other expenses | 3,170 | 1,454 |
| Total noninterest expense | 30,416 | 15,537 |
| Income (loss) before provision for income taxes | 615 | (3,855) |
| (Benefit from) income taxes | (1,074) | (453) |
| Net income (loss) | $1,689 | $(3,402) |
| Earnings per share: | ||
| Basic | $0.25 | $(0.88) |
| Diluted | $0.25 | $(0.88) |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.