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
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(Dollars in Thousands)
For years ended December 31, 2024, and 2023
| Years ended December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net income (loss) | $1,689 | $(3,402) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||
| Depreciation and amortization | 1,050 | 583 |
| Stock dividends on other investments | (331) | (71) |
| Amortization of premiums and discounts on securities, net | 121 | 265 |
| Amortization of equity awards | 813 | 150 |
| Originations of loans held for sale | (2,518) | (1,316) |
| Gain on sale of loans | (28) | (32) |
| Proceeds from sale of loans | 3,741 | 1,367 |
| Loss on sale other real estate owned | 432 | — |
| Provision for credit losses | 3,825 | 4,223 |
| Net appreciation on bank-owned life insurance | (370) | (248) |
| Deferred income tax (benefit) | (1,075) | (278) |
| Preliminary bargain purchase gain from CBOA merger | (5,018) | — |
| Accretion of discount on loans | (3,714) | — |
| Core deposit intangible amortization | 1,341 | — |
| Amortization of discount on time deposits | 204 | — |
| Amortization of discount on subordinated debt | 60 | — |
| Changes in operating assets and liabilities: | ||
| Accrued interest receivable | 562 | (92) |
| Prepaid and other assets | 1,577 | 851 |
| Accrued interest and other liabilities | 671 | (1,016) |
| Net cash provided by operating activities | 2,974 | 910 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| CBOA Financial, Inc. merger, cash acquired | 30,927 | — |
| Proceeds from calls, sales, maturities, or principal payments on available-for-sale securities | 63,634 | 5,348 |
| Purchases of available-for-sale securities | (31,691) | (2,005) |
| Net (purchase) redemptions of other investments | — | (2,715) |
| Net change in loans held for investment | 95,038 | (382) |
| Proceeds from sale of other real estate owned | 2,568 | — |
| Proceeds from disposal of premises and equipment | — | 443 |
| Bank-owned life insurance death benefit | 154 | — |
| Purchases of premises and equipment | (500) | (226) |
| Net cash provided by investing activities | 160,130 | 463 |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Net change in deposits | (14,406) | (27,599) |
| Proceeds from Federal Home Loan Bank advances and other borrowings | 59,663 | 320,398 |
| Repayments of Federal Home Loan Bank advances and other borrowings | (123,663) | (325,398) |
| Common stock repurchases | — | (210) |
| Common stock issuance, net | — | 10,867 |
| Preferred stock issuance, net | — | 4,175 |
| Payment of dividends | — | (656) |
| Net cash (used in) provided by financing activities | (78,406) | 10,577 |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | 84,698 | 11,950 |
| CASH AND CASH EQUIVALENTS, beginning of year | 28,897 | 16,947 |
| CASH AND CASH EQUIVALENTS, end of year | $113,595 | $28,897 |
| SUPPLEMENTAL DISCLOSURES | ||
| Interest paid on deposits and borrowings | $20,430 | $8,867 |
| Income taxes paid (refunds received) | $(1,005) | $124 |
| Loans transferred to other real estate owned | $— | 3,000 |
| Right-of-use assets obtained in exchange for new operating lease liabilities | $3,414 | $— |
Bancorp 34, Inc.**
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