Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 437

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1B
Chunk 437
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 Ended December 31, 2023 

    Fourth Quarter 
    $11.00  
    $8.35 
  
    Third Quarter 
    $11.00  
    $9.50 
  
    Second Quarter 
    $12.11  
    $8.93 
  
    First Quarter 
    $13.65  
    $11.50 

Dividends
on Bancorp 34 Stock

In 2018 Bancorp 34 paid
a special dividend of $1.25 per share. In the second quarter of 2019 Bancorp 34 began paying regular quarterly dividends of $0.05 per
share. In the first quarter of 2022 the regular quarterly dividend was increased to $0.07 per share. Bancorp 34 suspended dividend payments
effective the third quarter of 2023.

Item
6. [Reserved]

56

Item
7

Management’s
Discussion and Analysis of Financial Condition and Result of Operations of Bancorp 34

In
this section, unless the context suggests otherwise, references to “we,” “us,” and “our” mean the
combined business of Bancorp 34 and its wholly-owned subsidiary, Southwest Heritage Bank.

The following discussion
and analysis of Bancorp 34’s consolidated financial condition and results of operations for the years ended December 31, 2024,
and 2023, should be read in conjunction with Bancorp 34’s consolidated financial statements and related notes thereto included
elsewhere in this Annual Report on Form 10-K. Historical results of operations and the percentage relationships among any amounts included,
and any trends that may appear, may not indicate trends in operations or results of operations for any future periods.

Comments regarding Bancorp
34’s business that are not historical facts are considered forward-looking statements that involve inherent risks and uncertainties.
Actual results may differ materially from those contained in these forward-looking statements. For additional information regarding our
cautionary disclosures, see the “Cautionary Note Regarding Forward-Looking Statements” beginning on page 1 of this
Annual report on Form 10-K.

Overview

Bancorp 34, headquartered
in Scottsdale, Arizona, is the holding company for Southwest Heritage Bank (formerly Bank 34). On March 19, 2024, Bancorp 34 acquired
CBOA Financial, Inc. (“CBOA”). Immediately following the acquisition, CBOA’s wholly-owned subsidiary, Commerce Bank
of