Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 394

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1A
Chunk 394
---
 exercise” may be executed.

    121

Non-voting
common stock – In accordance with the capital raise, and in conjunction with shareholder
approval at the Annual Meeting that occurred on June 29, 2023, a class of non-voting common stock was created on July 19, 2023. On said
date, the State of Maryland approved the Articles Supplementary to the Articles of Incorporation for Bancorp 34, Inc. in which a class
of authorized stock containing 1,100,000 shares of non-voting common stock was established. In accordance with the stipulations established
during the capital raise, the preferred stock issued during the raise was converted to the newly established class of non-voting common
stock as of the date the class was created. Except for voting privileges, the new class of non-voting common stock is treated pari passu
with common stock.

Note
20 – Bancorp 34, Inc. (Parent Company Only) Financial Information

Condensed
financial statements of Bancorp 34, Inc. follow (dollars in thousands):

Condensed Balance Sheet

    December 31, 
  
    Balance Sheet 
    2024  
    2023 

    Assets 

    Cash and cash equivalents 
    $4,415  
    $19,184 
  
    Investment in subsidiary bank 
     105,171  
     63,102 
  
    ESOP note receivable 
     1,508  
     1,531 
  
    Other Investments 
     1,196  
     809 
  
    Prepaid and other assets 
     2,050  
     1,248 

    Total assets 
    $114,340  
    $85,874 

    Liabilities and stockholders’ equity 

    Subordinated debt, net of issuance costs 
    $23,149  
    $24,595 
  
    Subordinated debentures, trust preferred securities 
     4,203  
     — 
  
    Accounts payable and other liabilities 
     473  
     558 
  
    Stockholders’ equity 
     86,515  
     60,721 

    Total liabilities and stockholders’ equity 
    $114,340  
    $85,874 

Condensed Statements of Operations

    Year Ended December 31, 
  
    Statement of Income (Loss)