Profile: Bancorp 34 Inc (BCTF.OQ)
23 Aug 2019
Bancorp 34, Inc. is the holding company of Bank 34 (the Bank). The Bank provides a range of banking services to individuals and businesses through its full-service branches in Alamogordo and Las Cruces, New Mexico, and Scottsdale and Peoria, Arizona. As of September 30, 2016, the Bank also operated eight loan production offices in El Paso, Texas; Phoenix and Tubac, Arizona; Albuquerque, New Mexico; Kirkland and Puyallup, Washington; Medford, Oregon, and Littleton, Colorado. The Bank offers consumer accounts, such as Consumer Checking, 34 Checking, Optimum Checking, Golden Checking, Consumer Savings, Piggy Bank Savings, Electronic Transfer Savings (ETA), 34 Special Money Market and Consumer Private Money Market; certificate of deposit/individual retirement account (IRA) products; consumer e-banking services, such as funds transfer, account-to-account and Bill Pay; consumer mobile banking; mobile and tablet check deposit, and credit cards, such as Visa Classic, Visa Platinum, MasterCard Platinum and MasterCard World.
The Bank offers business accounts, such as Small Business Checking, Business Analysis Checking, Basic Non-Profit Checking, Business Savings, Business Money Market and Business Private Money Market; merchant card processing, such as payment processing, mobile solutions, iPad point-of-sale (POS) solutions; business e-banking, such as small business e-payments, cash management business e-banking and merchant capture; business credit cards, and other services. The Company also offers a range of Kasasa accounts and Kasasa Protect. The Bank's commercial lending products include Small Business Financing, Owner-occupied real estate financing, Long term financing for business acquisitions, Equipment financing, Small Business Administration, Business lines of credit, Senior-living loans, Self Storage loans, Multi-family (Apartment Complex) loans, Retail loans, Office loans, Industrial loans, Investor pools of single family rentals and Construction loans. The Bank offers a range of residential mortgage products and military/Veterans Administration (VA) loans.
The Bank's loan portfolio includes commercial real estate loans, one- to four-family residential real estate loans, commercial and industrial loans, and consumer and other loans. As of September 30, 2016, the Bank's total gross loans amounted to $223.17 million.
The Bank's investment portfolio includes available-for-sale securities. As of September 30, 2016, the Bank's available-for-sale securities included mortgage-backed securities, the United States Government agencies and municipal obligations. As of September 30, 2016, the Bank's available-for-sale securities had a total fair value of $31.91 million.
Sources of Funds
The Bank's primary sources of funds consist of deposit inflows, Federal Home Loan Bank (FHLB) borrowings, loan repayments and maturities, and sales of securities. The Bank's primary deposit products are demand deposits, certificates of deposit, negotiable order of withdrawal (NOW), savings and money market accounts. As of September 30, 2016, the Bank's deposits amounted to $193.72 million.
Bancorp 34 Inc
500 10th St
ALAMOGORDO NM 88310-6776