Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 173

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1
Chunk 173
---
 for the deferred plans was $171,000 and $147,000, for the years ended December 31,
2024, and 2023, respectively. Deferred plan liabilities, included in accrued interest and other liabilities on the consolidated balance
sheet, were $1,928,000 and $2,012,000 as of December 31, 2024, and 2023, respectively. The plan was frozen on January
4, 2024, and no new participants or contributions to the plan are permitted after that date.

109

NOTE 10 –
LEASES

As of December 31, 2024, the Bank has non-cancelable
operating leases for office space that expire over the next eight years that require the payment of base lease amounts and executory
costs such as taxes, maintenance, and insurance. As of December 31, 2024, the bank has six active operating leases. Rental expenses
included in non-interest expense as occupancy expenses for leases were $1,028,000
and $365,000
for the twelve months ended December 31, 2024, and 2023, respectively. The increase in rental
expense is attributed to the leases acquired in the CBOA Merger.

The following presents the classification
of the right-of-use assets and corresponding liabilities as of the dates presented (dollars in thousands):

Schedule of Lease Information

    December 31,  
    December 31, 

    2024  
    2023 
  
    Lease right-of-use assets 

    Operating lease right-of-use assets 
    $4,069  
    $1,819 

    Lease Liabilities 

    Operating lease liabilities 
    $4,619  
    $2,011 

Approximate
future minimum rental commitments under noncancelable leases as of December 31, 2024, are (dollars in thousands): 

Schedule of Future Undiscounted Operating Lease Payments

    2025 
     1,080 
  
    2026 
     958 
  
    2027 
     800 
  
    2028 
     662 
  
    2029 
     674 
  
    2030 
     458 
  
    2031 
     120 
  
    2032 
     20 
  
    Total minimum lease payments 
     4,772 
  
    Amounts representing