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

Bancorp 34, Inc. logo

Bancorp 34, Inc. logo

Bancorp 34, Inc. (OTCQB:BCTF)

We are pleased that 2022 is off to a great start. Pre-tax, pre-provision earnings for the quarter totaled $1.9MM, up from $1.2MM (pre-PPP) in the year ago period.”
— Jim Crotty, President and Chief Executive Officer of Bancorp, 34
ALAMOGORDO, NEW MEXICO, UNITED STATES, April 27, 2022 / -- Bancorp 34, Inc. (OTCQB: BCTF), the parent company for Bank 34, reports first quarter performance and announces quarterly dividend.

Bancorp 34, Inc. reported net income and diluted EPS for the quarter ended March 31, 2022, of $1.0 million and $0.44, respectively, compared with $1.4 million and $0.46 for the same period in 2021. The Company reported consolidated total assets of $569.3 million, up from $527.7 million as of December 31, 2021.

Balance sheet growth continues to be centered in the loan portfolio as net total loans grew $38.0 million. Provisions provided to the Allowance for Loan and Lease Losses were to support the aforementioned loan portfolio growth. Total stockholders' equity declined when compared to prior quarter, as earnings retention was offset by elevated levels of unrealized losses on available for sale investment securities included in other comprehensive income. The unrealized losses related to increases in market interest rates since purchase. As a result, tangible book value per share decreased by $0.85, or 5.3%.

Commenting on the quarter Jim Crotty, President and Chief Executive Officer of Bancorp 34, stated “We are pleased that 2022 is off to a great start. Pre-tax, pre-provision earnings for the quarter totaled $1.9MM, up from $1.2MM (pre-PPP) in the year ago period. Balance sheet growth was driven by quality loan production across the markets we serve. We completed the conversion of our core banking software to a next-generation product which will serve as the cornerstone of our technology strategy moving forward. I’m proud of the successes of our team as we work to increase both customer and shareholder value.”

The Company’s Board of Directors approved a quarterly cash dividend of $0.07 per share of common stock, payable on May 27, 2022, to shareholders of record as of the close of business on May 13, 2022.

We have received regulatory approval to move our corporate headquarters from Alamogordo, New Mexico to Scottsdale, Arizona. We anticipate this change will be completed during the second quarter of this year.

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

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 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.
+1 623-334-6064
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