Bancorp 34 reports Q4 net loss $1.7M; merger with CBOA expected to close March 2024

Bancorp 34, Inc.

Net loss $1.7M, diluted EPS ($0.40), vs ($1.9M) and ($0.81) in Q4 2022.
Total assets $581.3M, up $6.9M YoY; deposits declined $27.6M.
Merger with CBOA (Commerce Bank of Arizona) on track to close March 2024; combined bank to rebrand as Southwest Heritage Bank.
Problem credit transferred to OREO at $3M; loss on credit $3.4M in Q4; note sold Feb 2024 for $2.5M.
Merger expenses $1.7M in Q4, $3M full year; tangible book value $12.94/share.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Bancorp 34, Inc. reported the quarter ended December 31, 2023 results: net income ($1.7 million), EPS ($0.40).

Period: the quarter ended December 31, 2023
Net income: ($1.7 million)
EPS: ($0.40)
Result: reported results

Exact text from the filing

Bancorp 34, Inc. (the “Company”) reported a net loss and diluted net loss per share, for the quarter ended December 31, 2023, of ($1.7 million) and ($0.40), respectively, compared to ($1.9 million) and ($0.81) for the same period in 2022.

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Bancorp 34, Inc. filing history →

Source: SEC EDGAR

accession 0001552781-24-000093

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