Bancorp 34 Inc
bank34.comNo Longer Reporting
The company has not filed an annual or quarterly report since its FY2024 10-K, filed Mar 6, 2025.
10-K for FY2024, filed Mar 6, 2025
The sections below describe the company as of the FY2024 annual report.
What Did They Do?
Provides commercial and consumer banking services, including loans, deposit accounts and online banking, to businesses, professionals and individuals in Arizona and New Mexico.
10-K for FY2024, filed Mar 6, 2025Our banking services have been, and are, the cornerstone of our operations, through which we provide a full range of deposit and lending…View ↗
We offer a range of lending services, including commercial and industrial loans, commercial and residential real estate loans, real estate…View ↗
We offer a full range of relationship-focused services to meet our clients’ business and personal financial objectives. Our product lines…View ↗
How Did They Make Money?
Earns interest on loans, investment securities and deposits at other financial institutions, and collects service charges on customer accounts.
10-K for FY2024, filed Mar 6, 2025We generate most of our income from interest income on loans, investment securities and deposits in other financial institutions, and…View ↗
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10-K for FY2024, filed Mar 6, 2025
FY2024 revenue by reportable segment ↗
$50.8M
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10-K for FY2024, filed Mar 6, 2025
$50.8M ↗
| Segment | Share | Revenue |
|---|---|---|
|
Bank
|
100% |
Bank, FY2024
$50.8M Sources
|
|
Unallocated Holding Company
|
0.3% |
Unallocated Holding Company, FY2024
$130K Sources
|
|
Eliminations
|
−0.3% |
Eliminations, FY2024
−$130K Sources
|
Who Were Their Customers?
Businesses, professionals and individuals use the bank's services through local branches and relationship-based service. Bankers solicit deposits from businesses and individuals, supported by community-focused marketing.
10-K for FY2024, filed Mar 6, 2025Bancorp 34, headquartered in Scottsdale, Arizona, is the holding company for Southwest Heritage Bank (formerly Bank 34). On March 19, 2024…View ↗
Our banking services have been, and are, the cornerstone of our operations, through which we provide a full range of deposit and lending…View ↗
We obtain most of our deposits from small and medium-sized businesses and individuals in our markets. We solicit deposits through our…View ↗
Did Revenues Turn Into Profits?
Yes. It kept 3 cents of every revenue dollar as net income in FY2024 and turned 5 cents into free cash flow.
How Were They Changing?
Grew. Revenue grew 2.1x in 2 years, from $23.8M in FY2022 to $50.8M in FY2024, about 46% a year.
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