Bancorp 34 : BCTF Announces 1st Quarter Performance, Announces Quarterly Dividend

Despite the sizable provision expense resulting from the deterioration of our largest non-accrualrelationship, we continue to feel good about the overall strategic direction of the company." President and Chief Executive

Officer Jim Crotty

Bancorp 34, Inc. logo

Bancorp 34, Inc. Reports 1st Quarter Performance, Announces Quarterly Dividend

SCOTTSDALE, ARIZONA, UNITED STATES, April 27, 2023 /EINPresswire.com/ -- Bancorp 34, Inc. (OTCQB: BCTF), the parent company for Bank 34, reports first quarter of 2023 performance.

Bancorp 34, Inc. reported a net loss and a diluted per share loss for the quarter ended March 31, 2023, of $1.6 million and $0.44, respectively, compared with net income of $1.0 million and diluted earnings per share of $0.44 for the same period in 2022. The Company reported

consolidated total assets of $574.9 million, down from

$575.6 million as of December 31, 2022.

Provisions to the Allowance for Credit Losses (ACL) totaled $2.4 million and resulted in the net loss for the quarter. The provision was due to a substantial charge-off taken on one credit. The transition to the new Current Expected Credit Losses (CECL) account standard on January 1, 2023, did not have a material impact on the required ACL balance at implementation. While total assets declined slightly during the quarter, the loan portfolio grew $6.2 million. Declines in deposit balances were partially driven

by seasonality and offset by increased borrowings as well as funds from the capital raise that was completed in January. Tangible book value per share closed the quarter at $13.80.

President and Chief Executive Officer Jim Crotty stated, "Despite the sizable provision expense resulting from the deterioration of our largest non-accrual relationship, we continue to feel good about the overall strategic direction of the company. This single credit is an isolated relationship that we have been closely monitoring for a while and not reflective of the overall quality of our loan portfolio. While current market conditions continue to present challenges for financial institutions, we feel that our capital base provides the needed strength to allow us to execute various strategic initiatives and improve long-term shareholder value. We also continue to take a hard look across the organization for ways to improve core profitability and improve efficiencies."

The Company's Board of Directors approved a quarterly cash dividend of $0.07 per share of common stock, payable on May 26, 2023, to shareholders of record as of the close of business on May 12, 2023.

ABOUT BANCORP 34, INC. - Bank 34 has three full- service community bank branches, one in Maricopa County, Arizona in the city of Scottsdale and one each in Otero and Dona Ana Counties in the cities of Alamogordo and Las Cruces in southern New Mexico.

FORWARD-LOOKING STATEMENTS - Certain statements herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as "believes," "will," "expects," "project," "may," "could," "developments," "strategic," "launching," "opportunities," "anticipates," "estimates," "intends," "plans," "targets" and similar expressions. These statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, general economic conditions, changes in interest rates, the effects of any health pandemic, regulatory considerations, competition and the other risks. Further, given the ongoing and dynamic nature of the COVID-19 outbreak, it is difficult to predict the impact on our business which will depend on highly uncertain future developments including when the coronavirus can be controlled and abated and when and how the economy may be reopened or remain open. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak

Bancorp 34, Inc. Consolidated Condensed Balance Sheets

Bancorp 34, Inc. Consolidated Condensed Statements of Income

only as of the date of this release. Forward-looking statements speak only as of the date they are made, and we assume no obligation to update any of these statements in light of new information, future events or otherwise unless required under federal securities laws.

Kevin Vaughn Bancorp 34, Inc. 6233346054 ext. [e-mail] Visit us on social media: Facebook

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This press release can be viewed online at: https://www.einpresswire.com/article/630265204

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