Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 1161

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 4
Chunk 1161
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 ended December 31, 2024, is presented below:

Schedule of Non-Vested Restricted Stock Activity

    Shares  
    Weighted- Average Grant Date Fair Value  
    Average Remaining  Contractual Term 
  
    Non-vested on January 1, 2024 
     13,400  
    $12.97  
     3.9 years 
  
    Granted 
     —  
     —  
     — 
  
    Vested 
     (8,700) 
     8.44  
     — 
  
    Forfeited 
     —  
     —  
     — 
  
    Non-vested on December 31, 2024 
     4,700  
    $12.91  
     3.0 years 

    115

A summary of performance restricted stock
unit activity for the year ended December 31, 2024, is presented below:

Schedule of Performance Restricted Stock
Unit Activity

    Shares  
    Weighted- Average Grant Date Fair Value  
    Average Remaining  Contractual Term 
  
    Non-vested on January 1, 2024 
     —  
    $—  
     — 
  
    Granted 
     346,200  
     11.81  
     3.0 years 
  
    Vested 
     51,100  
     11.81  
     — 
  
    Forfeited 
     —  
     —  
     — 
  
    Non-vested on December 31, 2024 
     295,100  
    $11.81  
     3.0 years 

The average remaining contractual
term does not include those units with performance conditions that are not deemed probable to achieve as of December 31, 2024.

As of December 31, 2024, there was
$13,000, $49,000 and $1,810,000 of total unrecognized equity-based expense related to unvested stock options, restricted stock awards,
and performance restricted stock units, respectively, granted under the equity plans that is expected to be recognized over the next
four years as follows (dollars in thousands):

Schedule
of Unrecognized Equity-Based Expense under 2017 Equity Incentive Plan

    Year 

    2025