Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 383

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1A
Chunk 383
---
—  
     —  
     — 
  
    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 
    $625 
  
    2026 
     625 
  
    2027 
     618 
  
    2028 
     4 
  
    Totals 
    $1,872 

Expense for the performance restricted
stock awards are recognized when it is probable that the performance conditions will be achieved. There are several performance conditions
that are not deemed probable to achieve as of December 31, 2024, so no expense related to the unachieved grants is included in the table
above. Should the performance conditions be met an additional $1.7 in expense would be recognized over the expected life the agreements.

Note
16 – Fair Value Information

The following table presents information
about assets and liabilities measured at fair value on a recurring and non-recurring basis and indicates the fair value hierarchy of
the valuation techniques utilized to determine such fair values (dollars in thousands): 

Schedule of Assets and Liabilities measured at Fair Value

    December 31, 2024 
    Quoted Prices in Active Markets for Identical Assets Level 1  
    Significant Other Observable Inputs Level 2  
    Significant Unobservable Inputs  Level 3  
    Fair Value 
  
    Recurring: 

    Securities available-for-sale: 

    Mortgage-backed securities 
    $—  
    $44,859  
    $—  
    $44,859 
  
    U.S. Treasuries 
     —  
     2,838  
     —  
     2,838