Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 352

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1A
Chunk 352
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 earnings
regarding, for example, possible revenue enhancements, expense efficiencies, fixed cost leverage opportunities, or non-earning asset
dispositions.

Additionally, the pro forma amounts for
Bancorp 34’s weighted average basic and diluted common shares outstanding are based upon: (i) Bancorp 34’s actual weighted
average basic and diluted common shares outstanding for each of the periods presented; together with and as adjusted for (ii) Bancorp
34’s approximate 2.7 million common shares issued in connection with the Merger, as if the Merger had occurred on January 1, 2023.

Business Combination Pro Forma Information

    Pro Forma 

    Years ended December 31, 
  
    (in thousands, except per share data) 
    2024  
    2023 
  
    Total revenues (net interest income and non-interest income) 
    $34,463  
    $39,612 
  
    Net income (loss) 
    $3,253  
    $4,055 
  
    Earnings (loss) per share - basic 
    $0.41  
    $0.60 
  
    Earnings (loss) per share - diluted 
    $0.41  
    $0.60 

Separately, management has determined that
it is impractical to report amounts of revenue and earnings of CBOA after the Merger date of March 19, 2024. Bank core systems and related
data conversions occurred, after the Merger date, from March 22, 2024, through March 25, 2024. Accordingly, management believes that
reliable, accurate, separate, and complete revenue and earnings information for CBOA is no longer available.

    97

NOTE 3 –
SECURITIES

Available-for-sale and held-to-maturity
securities have been classified in the consolidated balance sheets according to management’s intent on December 31, 2024, and December
31, 2023. The amortized cost of such securities and their approximate fair values were as follows (dollars in thousands): 

Schedule of Available-for-sale and held-to-maturity securities

    Available-for-sale 
    December 31, 2024 

    Gross  
    Gross  
    Gross  
    Estimated 

    Amortized  
    Unrealized  
    Unrealized  
    Fair 
  
    (