Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 546

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1B
Chunk 546
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 to be released to plan participants. The following factors are
used in the earnings per share computation:

Schedule of Earning Per  Share

    Year Ended December 31, 
  
    (dollars in thousands, except for earnings per common share amounts) 
    2024  
    2023 
  
    Net income (loss) 
    $1,689  
    $(3,402)
  
    Less: convertible preferred stock dividends 
     —  
     115 
  
    Less: earnings allocated to participating securities 
     (2) 
     (11)
  
    Net income (loss) allocated to common shareholders 
    $1,687  
    $(3,506) 

    Basic weighted average common shares outstanding - Voting 
     5,902  
     3,654 
  
    Basic weighted average common shares outstanding - Non-Voting 
     820  
     373 
  
    Diluted weighted average common shares outstanding - Voting 
     5,903  
     3,656 
  
    Diluted weighted average common shares outstanding - Non-Voting 
     820  
     373 

    Basic earnings per common share - Voting 
    $0.25  
    ($0.88)
  
    Basic earnings per common share - Non-Voting 
    $0.25  
    ($0.88)
  
    Diluted earnings per common share - Voting 
    $0.25  
    ($0.88)
  
    Diluted earnings per common share - Non-Voting 
    $0.25  
    ($0.88)

Participating securities are restricted
stock awards since they participate in common stock dividends. Stock options for 45,000
and 112,500
shares of common stock and warrants totaling 211,667
and 211,667
were not considered in computing diluted earnings per common share for 2024 and 2023, because
they were antidilutive.

Performance restricted shares of 51,100
that have already vested as a result of meeting performance conditions are included in computing basic earnings per common share for
2024. Performance restricted shares totaling 70,800 shares subject only to service-based vesting were not considered in computing diluted
earnings per common share for 2024 because they were antidilutive. Performance restricted stock awards for 76,800 shares were not considered
in computing diluted earnings per common share