Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 545

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1B
Chunk 545
---
 
    $(551,512) 
    $(551,512) 
    $(331,596) 
    $(331,596)
  
    Time deposits 
    Level 2 
     (241,055) 
     (241,188) 
     (128,403) 
     (128,108)
  
    FRB and FHLB advances 
    Level 2 
     —  
     —  
     (29,000) 
     (29,000)
  
    Subordinate debt 
    Level 3 
     (23,149) 
     (20,183) 
     (24,595) 
     (20,421)
  
    Subordinated debentures, trust preferred securities 
    Level 3 
     (4,203) 
     (4,203) 
     —  
     — 
  
    Accrued interest payable 
    Level 1 
     (1,574) 
     (1,574) 
     (521) 
     (521)

Note
17 – Earnings per Share 

Following shareholder approval received
on June 29, 2023, the Company converted 820,115 shares of its Series A Preferred Stock to an equal number of shares of its newly created
Non-Voting Common Stock, which was effective on July 19, 2023.

The Company has voting common stock, restricted
stock awards, and non-voting common stock that are all eligible to participate in dividends equal to the voting common stock dividends
on a per share basis. Securities that participate in dividends, such as the Company’s restricted stock awards and non-voting common
stock, are considered “participating securities.” The Company calculates net income available to voting common shareholders
using the two-class method required for capital structures that include participating securities.

    118

In applying the two-class method, basic
net income per share was calculated by dividing net income (less any dividends on participating securities) by the weighted average number
of shares of common stock and participating securities outstanding for the period. Diluted earnings per share may include the additional
effect of other securities, if dilutive. Potentially dilutive common stock equivalents consist of employee stock options and warrants.
Unallocated common shares held by the ESOP are not included in the weighted average number of common shares outstanding for purposes
of calculating earnings per common share until they are committed