Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 180

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1
Chunk 180
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: 
    $68,032  
     13.57% 
    $30,086  
     6% 
    $40,114  
     8%
  
    Common Tier 1 Capital to risk weighted assets (CET1): 
    $68,032  
     13.57% 
    $22,564  
     4.50% 
    $32,593  
     6.50%
  
    Tier 1 (Core) Capital to average assets: 
    $68,032  
     11.66% 
    $23,347  
     4% 
    $29,184  
     5%

Note
14 – Related-Party Transactions

The Bank periodically enters into transactions
with its executive officers, directors, significant stockholders, and their affiliates (related parties). Transactions with such related
parties included (dollars in thousands):

Schedule of Related Party Transactions

    2024  
    2023 
  
    Fees and bonuses paid to directors during the period 
    $245  
    $270 
  
    Deposits from related parties held by the bank at the end of period 
     2,905  
     2,607 
  
    Loans to related parties 
     63  
     — 

Note
15 – Stock-Based Compensation

Stock-based expense for the years
ended December 31, 2024, and December 31, 2023, was $752,000 and $90,000, respectively.

The Company accounts for forfeitures when
they occur by reversing any previously accrued compensation expense on forfeited options in accordance with ASC 718, Compensation
– Stock Compensation.

On November 17, 2017, the Company’s
stockholders approved the adoption of the 2017 Equity Incentive Plan (“2017 Plan”). The 2017 Plan provided for the grant
of a maximum of 263,127 shares of the Company’s common stock of which up to 187,948 shares of common stock could be granted for
stock options and 75,179 shares of common stock could be issued as restricted stock to Directors and employees of the Company. Stock
options and restricted stock awards currently issued under the 2017 Plan vest at 20% per year beginning on the first anniversary of date
of grant and the options expire seven years after the grant date.

On May 25, 2022