Bancorp 34 Inc.'s board approved a second stock repurchase program, under which the Alamogordo, N.M.-based company may buy back up to 167,747 common shares, or about 5% of its outstanding stock.

In addition, the board declared an initial quarterly cash dividend of 5 cents per common share. The dividend will be paid June 18 to stockholders of record as of close of business June 4.

The bank earlier paid a special dividend of $1.25 in May 2018.