Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 864

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 2
Chunk 864
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,148 
  
    Data processing 
     2,665  
     —  
     —  
     2,665 
  
    FDIC and other insurance expense 
     348  
     —  
     —  
     348 
  
    Professional Fees 
     658  
     84  
     —  
     742 
  
    Merger Costs 
     2,196  
     814  
     —  
     3,010 
  
    Advertising 
     46  
     —  
     —  
     46 
  
    Other expenses 
     1,327  
     127  
     —  
     1,454 
  
    Total noninterest expense 
     14,512  
     1,025  
     —  
     15,537 

    (Loss) income before provision for income taxes 
     (1,893) 
     (3,671) 
     1,709  
     (3,855)
  
    (Benefit from) provision for income taxes 
     (119) 
     (334) 
     —  
     (453)
  
    Net (loss) income 
    $(1,774) 
    $(3,337) 
    $1,709  
    $(3,402)

Note
19 – Private Placement of Common and Preferred Stock

In December 2022 and January 2023,
the Company completed one private placement of common stock and one private placement of preferred stock, respectively. The Company issued
1,359,497 shares of common stock and 820,115 shares of convertible, non-voting Series A perpetual preferred stock at $14.00 per share
each, generating net cash proceeds of approximately $28.6 million. The Company will use the net proceeds from these private placements
to fund organic growth, transact on potential acquisition opportunities, enter complementary new business lines, and/or to enhance capital
ratios.

In conjunction with the private placements,
the Company issued warrants to purchase up to 211,667 shares of Common Stock at a price of $14.00. The approximate fair value of the
warrants was deemed immaterial by management. The Warrants are exercisable at any time after their grant date, and from time to time,
in whole or in part