Company: BCTF
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001552781-25-000058
Chunk: 532

Company: Bancorp 34, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1B
Chunk 532
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ederal 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-taxable bargain purchase gain 
     (1,054) 
     — 
  
    Benefit from other permanent differences: 

    Earnings on life insurance assets 
     (77) 
     (52)
  
    State income taxes, net of Federal tax benefit 
     (326) 
     (165)
  
    Other items, net 
     188  
     106 
  
    Totals 
    $(1,074) 
    $(453)

Deferred tax assets and liabilities consist
of the following at December 31 (dollars in thousands):

Schedule of Deferred Tax
Assets and Liabilities 

    2024  
    2023 
  
    Deferred tax assets: 

    Allowance for credit losses 
    $1,827  
    $1,458 
  
    Net operating loss carryforwards and certain state tax credits 
     3,439  
     1,042 
  
    Deferred compensation 
     528  
     557 
  
    Accrued bonus 
     —  
     9 
  
    Lease liability 
     1,146  
     500 
  
    Unrealized losses on AFS securities 
     1,928  
     1,840 
  
    Loan acquisition adjustment 
     3,465  
     — 
  
    Depreciation 
     39  
     — 
  
    Other, net 
     62  
     283 
  
    Total deferred tax assets 
     12,434  
     5,689 

    Deferred tax liabilities: 

    Loan origination costs 
     (138) 
     (165)
  
    Depreciation 
     —  
     (152)
  
    Operating lease liabilities 
     (1,009) 
     (453)
  
    FHLB stock dividends 
     (41) 
     (35)
  
    Core deposit intangible 
     (