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Bancorp 34 Inc (BCTF). has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total assets of $918.1 million as of December 31, 2024, compared to $581.3 million as of December 31, 2023. This increase is largely attributed to the merger with CBOA Financial, Inc., which was completed on March 19, 2024.
Net income for the year was $1.7 million, contrasting with a net loss of $3.4 million reported for the previous year. The improvement is partly due to a $5.0 million bargain purchase gain recognized from the CBOA merger.
Net interest income increased to $29.3 million from $15.2 million in the prior year, reflecting the positive impacts of the merger and higher average earning assets.
The allowance for credit losses on loans was $10.2 million at year-end, up from $5.9 million the previous year, reflecting adjustments related to the merger and changes in the economic forecast.
Noninterest income rose significantly to $5.6 million, driven by the bargain purchase gain from the merger, while noninterest expenses increased to $30.4 million, primarily due to merger-related costs.
The company reported a total of $792.6 million in deposits at the end of 2024, up from $460.0 million at the end of 2023, with the increase largely due to the merger.
Bancorp 34's regulatory capital ratios remained strong, with a total risk-based capital ratio of 15.58% at the end of 2024, well above the required minimums.
The company continues to focus on integrating the operations of CBOA Financial, Inc. and leveraging the expanded presence in Arizona to drive future growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bancorp 34 Inc annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.