Bancorp 34 files CBOA audited financials: net income $2.4M in 2023, down 30% YoY

Bancorp 34, Inc.

CBOA total assets $434.8M, deposits $339.8M, loans $324.6M as of Dec 31, 2023.
Net income $2.426M ($0.23 EPS) in 2023 vs $3.462M ($0.35 EPS) in 2022, down 30%.
Net interest income rose 9.8% to $16.3M; non-interest expense up 21.5% to $13.4M.
Adopted CECL on Jan 1, 2023; allowance for credit losses $3.85M (1.19% of loans).
Merger of CBOA into Bancorp 34 completed March 19, 2024; financials provided as amendment.

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