Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 373

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1A
Chunk 373
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 $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 interest (present value discount) 
     (153)
  
    Operating lease liabilities (present value of minimum lease payments) 
    $4,619 

    Weighted-average remaining term (in years) 
     5.5 
  
    Weighted-average discount rate 
     2.86%

Note
11 – Income Taxes

Income
tax provision consists of the following (dollars in thousands):

Schedule
of Income Tax Provision 

    2024  
    2023 

    Current 

    Federal 
    $—  
    $— 
  
    State 
     1  
     (175)
  
    Deferred benefit 
     (1,075) 
     (278)
  
    Total income tax provision 
    $(1,074) 
    $(453)

Income tax expense from continuing operations
differs from the amounts computed by applying the federal income tax rate of 21% in 2024 and 2023, to earnings before federal income
tax expense. These differences are primarily caused by state income taxes, net of federal tax benefit, income that is not taxable for
federal and state income tax purposes, expenses that are not deductible for tax purposes and tax adjustments related to prior federal
income tax returns.

    110

Income tax provision calculated at the statutory
federal income tax rate of 21% for 2024 and 2023, differs from actual income tax provision as follows (dollars in thousands):

Schedule
of Income Tax Rate Reconciliation

    2024  
    2023 

    Income tax at statutory rate 
    $129  
    $(810)

    Non-deductible merger costs 
     66  
     468 
  
    Non