Financial Performance - Net income for the three months ended March 31, 2025, was $731,000, or $0.06 per share, compared to a net loss of $441,000 for the same period in 2024, marking a $1.2 million increase in net income [3][8]. - Non-interest income increased by $590,000, or 197.4%, to $889,000 for the three months ended March 31, 2025, largely due to a $550,000 increase in bank-owned life insurance income [18]. - The efficiency ratio improved to 86.10% for the three months ended March 31, 2025, compared to 137.41% for the same period in 2024, indicating enhanced operational efficiency [34]. Interest Income and Expenses - Net interest income increased by $942,000, or 35.5%, to $3.6 million for the three months ended March 31, 2025, reflecting a 44 basis point increase in the net interest rate spread to 1.12% [16]. - Net interest income increased to $3,593,238 for the three months ended March 31, 2025, compared to $2,651,237 for the same period in 2024, reflecting a growth of approximately 35.5% [32]. - Interest expense on deposits decreased slightly to $5,762,324 for the three months ended March 31, 2025, from $5,969,881 in the same period of 2024 [32]. - The interest rate spread improved to 1.12% in Q1 2025 from 0.68% in Q1 2024 [40]. - The net interest margin rose to 1.66% in Q1 2025, up from 1.18% in Q1 2024 [40]. Asset and Liability Management - Total assets decreased by $41.3 million, or 4.3%, to $930.2 million at March 31, 2025, primarily due to decreases in cash and cash equivalents, loans, and securities [7][21]. - Total liabilities decreased by $42.3 million, or 5.1%, to $791.9 million, mainly due to a $32.4 million decrease in borrowings [23]. - Total assets decreased from $971,489,884 as of December 31, 2024, to $930,191,837 as of March 31, 2025, representing a decline of approximately 4.26% [30]. - Total deposits decreased by $9.2 million, or 1.4%, to $633.0 million at March 31, 2025, driven by a $9.5 million decrease in interest-bearing deposits [7]. - Total deposits decreased from $642,188,042 as of December 31, 2024, to $633,035,200 as of March 31, 2025, a decline of approximately 1.8% [37]. Loan Performance - Delinquent loans decreased to $13.5 million, or 1.92% of total loans, at March 31, 2025, down from $14.3 million, or 2.01% of total loans, at December 31, 2024 [22]. - Total loans decreased from $714,337,185 as of December 31, 2024, to $704,075,375 as of March 31, 2025, a reduction of approximately 1.8% [37]. - The allowance for credit losses as a percentage of total loans was 0.37% as of March 31, 2025, down from 0.40% as of March 31, 2024 [34]. - Non-performing loans as a percentage of total loans increased to 1.97% as of March 31, 2025, compared to 1.75% as of March 31, 2024 [34]. Capital Position - Total stockholders' equity increased by $965,000 to $138.3 million, attributed to net income and a decrease in accumulated other comprehensive loss [24]. - The Tier 1 capital ratio improved to 15.00% as of March 31, 2025, compared to 13.23% as of March 31, 2024, indicating stronger capital position [34]. - The company reported a total equity of $137.705 million in Q1 2025, a slight increase from $136.810 million in Q1 2024 [39].

Core Viewpoint - Bogota Financial Corp. reported a net income of $731,000 for Q1 2025, a significant improvement from a net loss of $441,000 in Q1 2024, driven by reduced deposit costs and increased yields on loans and securities [1][5][16]. Financial Performance - Net income increased by $1.2 million to $731,000 for the three months ended March 31, 2025, compared to a net loss of $441,000 for the same period in 2024 [5]. - Net interest income rose by $942,000, or 35.5%, to $3.6 million, reflecting a 44 basis point increase in the net interest rate spread to 1.12% [14]. - Non-interest income surged by $590,000, or 197.4%, to $889,000, primarily due to a significant increase in bank-owned life insurance income [16]. Balance Sheet Highlights - Total assets decreased by $41.3 million, or 4.3%, to $930.2 million as of March 31, 2025, primarily due to reductions in cash and cash equivalents, loans, and securities [19]. - Total liabilities decreased by $42.3 million, or 5.1%, to $791.9 million, mainly due to a reduction in borrowings and total deposits [21]. - Total stockholders' equity increased by $965,000 to $138.3 million, supported by net income and a decrease in accumulated other comprehensive loss [22]. Loan and Deposit Analysis - Net loans decreased by $10.2 million, or 1.4%, to $701.5 million, attributed to declines in residential and construction loans [19]. - Total deposits were $633.0 million, down $9.2 million, or 1.4%, with a notable decrease in interest-bearing deposits [19][21]. - The average cost of deposits increased by 13 basis points to 3.55% for Q1 2025 from 3.42% in Q4 2024 [19]. Interest Income and Expense - Interest income increased by $862,000, or 8.6%, to $10.9 million, driven by higher yields on interest-earning assets [6]. - Interest expense decreased by $80,000, or 1.1%, to $7.3 million, due to lower average balances on certificates of deposits [11]. - The average yield on loans increased by 27 basis points to 4.88%, while the average yield on securities rose by 138 basis points to 5.05% [9][10]. Credit Quality - The company recorded a recovery for credit losses of $80,000 compared to a provision for credit losses of $35,000 in the prior year [15]. - Delinquent loans decreased to $13.5 million, or 1.92% of total loans, down from 2.01% at the end of 2024 [20].

Financial Performance - The company reported a net loss of $2.17 million in 2024, compared to a net income of $0.64 million in 2023, indicating a significant decline in profitability[330]. - Loss per share for 2024 was $0.17, compared to earnings per share of $0.05 in 2023[330]. - Total comprehensive income for 2024 was $696,906, an increase from $388,774 in 2023, driven by other comprehensive income adjustments[332]. - The company reported a loss on the sale of securities amounting to $8,930,843 in 2024, with no such losses reported in 2023[336]. - The company experienced a net increase in deposits of $16,852,360 in 2024, contrasting with a net decrease of $76,025,392 in 2023[336]. - The company reported a pre-tax gain of $9.0 million from a sale-leaseback transaction involving three branch offices in December 2024[444]. - A pre-tax loss of $8.9 million was realized on the sale of securities with an amortized cost of approximately $66.0 million, which had a market value of $57.1 million[444]. Assets and Deposits - The company's assets increased by $32.2 million, or 3.4%, from $939.3 million at December 31, 2023, to $971.5 million at December 31, 2024[181]. - Total assets increased to $971.49 million in 2024 from $939.32 million in 2023, representing a growth of approximately 3.7%[328]. - Total deposits rose to $642.19 million in 2024, up from $625.35 million in 2023, indicating an increase of about 2.7%[328]. - Certificates of deposit comprised $493.3 million or 76.8% of total deposits at December 31, 2024, with $450.1 million due within one year[174]. - The scheduled maturities of certificates of deposits amounted to $493,279,775 as of December 31, 2024[457]. - Noninterest bearing demand accounts rose to $32,681,963 in 2024, representing 5.09% of total deposits, compared to $30,554,842 and 4.89% in 2023[455]. Liquidity and Capital - The company had approximately $211.3 million in available liquidity as of December 31, 2024, which is 474.0% of the uninsured and unsecured deposit balance of $44.6 million[177]. - The company is subject to stringent capital requirements, including a common equity Tier 1 capital ratio of 7.0%, a Tier 1 to risk-based assets capital ratio of 8.5%, and a total capital ratio of 10.5%[201]. - The company has elected to comply with a community bank leverage ratio of 9% instead of the generally applicable capital requirements under Basel III[203]. - The company does not expect to pay any cash dividends on its common stock in the foreseeable future, as it intends to retain all future earnings for business use[209]. Income and Expenses - Interest income for 2024 was $41.75 million, compared to $37.28 million in 2023, reflecting a growth of approximately 12.5%[330]. - Net interest income after recovery of provision for credit losses decreased to $10.70 million in 2024 from $15.10 million in 2023, a decline of about 29.5%[330]. - Non-interest income totaled $1.35 million in 2024, up from $1.14 million in 2023, marking an increase of approximately 18.4%[330]. - The company’s pension expense includes service and interest costs, along with amortization of gains and losses not immediately recognized[391]. - Stock-based compensation expenses were $921,273 in 2024, slightly down from $932,772 in 2023[336]. Risk Factors - The company faces risks related to economic conditions, including inflation and rising interest rates, which could negatively impact financial results and loan repayment capabilities[169]. - The company faces significant risks from cyber attacks and security breaches, which could lead to increased operating costs and potential litigation[190]. - The company is exposed to strong competition in the market, which may reduce profits and slow growth due to price competition and the need to attract qualified employees[196]. - Changes in laws and regulations may adversely affect the company's operations and increase operational costs, as it is subject to extensive regulatory scrutiny[197]. - The company’s risk management framework may not effectively mitigate risks, potentially leading to significant losses[194]. - The company is vulnerable to natural disasters and geopolitical events, which could disrupt operations and negatively impact financial condition[193]. Credit Quality - The allowance for credit losses decreased from $2,785,949 in 2023 to $2,620,949 in 2024, indicating improved credit quality[424]. - The recorded investment in nonaccrual loans as of December 31, 2024, was $12,776,177, compared to $856,659 in 2023, showing a substantial increase[432]. - Total past due loans as of December 31, 2024, amounted to $14,339,179, while in 2023, it was $12,606,029, representing an increase of approximately 13.7%[434]. - The total ending allowance for credit losses for residential first mortgage loans was $1,680,949 in 2024, up from $1,851,969 in 2023[430]. - The total allowance for credit losses for commercial real estate loans increased from $437,180 in 2023 to $508,000 in 2024, reflecting a rise of approximately 16.2%[430]. Investment Portfolio - As of December 31, 2024, the company maintained a debt securities portfolio of $140.3 million, with other comprehensive gains of $2.6 million related to net changes in unrealized holding losses[168]. - The company’s investment portfolio includes corporate and municipal debt securities, exposing it to additional credit risks that could adversely affect financial condition[184]. - The Company reported total amortized cost of securities available for sale at $145,878,693 as of December 31, 2024, with a fair value of $140,307,447, reflecting gross unrealized losses of $6,114,261[406]. - The fair value change in derivatives resulted in a gain of $411,830 in 2024, compared to a loss of $239,510 in 2023[336]. - The company did not classify any securities as held-to-maturity as of December 31, 2024, reflecting a shift in investment strategy[416]. Operational Changes - The company is considering building market share by opening de novo branches, which may increase expenses faster than revenues[180]. - The company changed its method of accounting for credit losses effective January 1, 2023, adopting ASC Topic 326[321]. - The Company adopted the new segment reporting standard in November 2023, which did not have a significant impact on its financial statements[405]. - The Company maintains all servicing rights for loans originated for sale in the secondary market, with mortgage servicing rights amortized in proportion to estimated servicing income[383].

Purchase Price and Deposit - The Purchase Price for the Property is set at an amount specified in Section 4.1, with a Deposit of $50,000 required within five Business Days after the Effective Date[35]. - The Deposit will be allocated per Property as detailed in Exhibit A, and includes an Independent Consideration of $100 that is non-refundable[35]. - The purchase price for the Property is $12,540,000.00, which will be allocated as specified in EXHIBIT A[37]. Agreement Dates and Conditions - The Effective Date of the Agreement is November 15, 2024[9]. - The Closing Date will be determined as provided in Section 9.1 of the Agreement[8]. - Buyer has a 45-day inspection period to terminate the Agreement, with a one-time extension option of up to 30 days[44]. - Buyer may terminate the Agreement if any conditions precedent are not satisfied or waived in writing[45]. - The Closing Date will be automatically extended to allow all time periods in Section 5.2(b) to run fully[40]. Buyer and Seller Responsibilities - The Buyer is required to execute and deliver necessary notices for the disbursement of the Deposit by the Escrow Agent[35]. - Seller is required to cure all Mandatory Cure Items before Closing[39]. - Buyer is responsible for all inspection costs and must maintain liability insurance of at least $1,000,000.00 for bodily injury and property damage[41]. - Seller must deliver a completed "know your customer" application at least seven days prior to Closing[45]. - Seller must maintain all improvements and operate the property consistently with prior practices until closing[11][65]. Title and Property Condition - Seller has good, insurable, and marketable fee simple title to the Property, free and clear of all liens and encumbrances[8]. - Buyer acknowledges that the Property is purchased in "as is" condition, including environmental conditions[46]. - All due and payable taxes, assessments, water charges, and sewer charges affecting the Property have been paid[48]. - Seller has received no notice of any contemplated or actual reassessment of the Property for general real estate tax purposes[48]. - No hazardous substances have been used or disposed of in or from the Property by Seller[49]. Legal and Compliance Matters - The Agreement includes provisions for Environmental Matters and Hazardous Substances as defined in Sections 11 and 16[11][16]. - Seller has complied with all applicable laws affecting the Property related to subdivision[49]. - The agreement is governed by the laws of the State of New Jersey, with any legal action to be brought in the Superior Court of New Jersey[17][71]. - The Seller, Bogota Savings Bank, is involved in a sale-leaseback transaction, ensuring compliance with ASC 606-10-25-30 requirements[78]. Indemnification and Liability - Both parties agree to indemnify each other for any losses incurred due to untrue representations regarding the employment of real estate brokers[15][68]. - The aggregate liability of the Seller is limited to $250,000.00, excluding certain obligations under specified sections[77]. Miscellaneous Provisions - The Agreement emphasizes that time is of the essence, indicating strict adherence to timelines[28]. - The Seller is prohibited from soliciting other offers for the Property while the Agreement is in effect[76]. - The Agreement allows for execution in counterparts, with electronic signatures considered valid[26]. - Any amendments to the Agreement must be in writing and executed by the party against whom enforcement is sought[22]. - The Agreement includes a clause for severability, ensuring that if any provision is invalid, the remainder remains effective[27].

Core Viewpoint - Bogota Financial Corp. reported a net loss for the year ended December 31, 2024, amounting to $2.2 million, a significant decline from a net income of $643,000 in the previous year, primarily driven by a decrease in net interest income and increased interest expenses [1][22]. Financial Performance Summary - For the three months ended December 31, 2024, the company recorded a net loss of $930,000, an improvement from a net loss of $1.2 million in the same period of the previous year [1][9]. - Total assets increased by $32.2 million, or 3.4%, to $971.5 million as of December 31, 2024, primarily due to an increase in cash and cash equivalents [8][37]. - Total deposits rose by $16.9 million, or 2.7%, to $642.2 million, driven by increases in interest-bearing deposits and non-interest bearing checking accounts [8][39]. Income Statement Analysis - Interest income for the three months ended December 31, 2024, increased by $1.0 million, or 10.7%, to $10.6 million, attributed to higher yields on interest-earning assets [10][12]. - Interest expense rose by $1.5 million, or 22.1%, to $8.1 million, reflecting higher costs on interest-bearing liabilities [14][15]. - Net interest income decreased by $439,000, or 14.9%, to $2.5 million for the three months ended December 31, 2024, due to a decrease in the net interest rate spread [17][31]. Balance Sheet Analysis - Cash and cash equivalents increased by $27.3 million, or 109.5%, to $52.2 million, reflecting growth in deposits and borrowings [8][37]. - Net loans decreased by $3.0 million, or 0.4%, to $711.7 million, primarily due to declines in residential and construction loans [8][37]. - The allowance for credit losses was 0.37% of total loans as of December 31, 2024, compared to 0.39% a year earlier [38][49]. Strategic Initiatives - The company completed a balance sheet restructuring, including a sale-leaseback transaction that generated a $9.0 million pre-tax gain [4][5]. - The company has a stock repurchase program approved for up to 237,090 shares, with 188,047 shares repurchased at a cost of $1.4 million as of December 31, 2024 [2][5]. Market Conditions - The company noted that uncertainty around interest rates continues to impact growth planning, with a focus on improving net interest margins [6][5]. - The competitive market has exerted pressure on earnings due to high costs of funds [6][5].

Core Viewpoint - Bogota Financial Corp. reported a net loss for Q4 2024 and the full year, with strategic actions taken to restructure its balance sheet and improve future earnings potential. Financial Performance - The company reported a net loss of $930,000 or $0.07 per share for Q4 2024, an improvement from a net loss of $1.2 million or $0.09 per share in Q4 2023 [1] - For the full year 2024, the net loss was $2.2 million or $0.17 per share, compared to a net income of $643,000 or $0.05 per share in 2023 [1][22] Balance Sheet Restructuring - The Bank executed a sale-leaseback transaction, resulting in a pre-tax gain of $9.0 million from the sale of three branch offices [4] - A pre-tax loss of $8.9 million was incurred on the sale of approximately $66.0 million in securities, which were reinvested into higher-yielding securities [4][5] Asset and Deposit Growth - Total assets increased by $32.2 million, or 3.4%, to $971.5 million as of December 31, 2024, driven by cash and cash equivalents [8][37] - Total deposits rose by $16.9 million, or 2.7%, to $642.2 million, primarily due to increases in interest-bearing deposits [8][39] Interest Income and Expense - Interest income for Q4 2024 increased by $1.0 million, or 10.7%, to $10.6 million, attributed to higher yields on interest-earning assets [10][12] - Interest expense rose by $1.5 million, or 22.1%, to $8.1 million due to higher costs on interest-bearing liabilities [14][15] Non-Interest Income and Expense - Non-interest income increased by $136,000, or 48.2%, to $419,000 for Q4 2024, with gains from the sale of assets contributing to this growth [19] - Non-interest expense decreased by $1.3 million, or 26.9%, to $3.6 million, primarily due to lower salaries and employee benefits [20] Credit Quality - The company recorded a recovery for credit losses of $218,000 in Q4 2024, compared to no provision in Q4 2023 [18][32] - Delinquent loans increased to $14.3 million, or 2.01% of total loans, as of December 31, 2024 [38] Stock Buyback Program - The company has a stock repurchase program approved for up to 237,090 shares, with 188,047 shares repurchased at a cost of $1.4 million as of December 31, 2024 [2]

Core Viewpoint - Bogota Financial Corp. has completed a balance sheet restructuring involving a sale-leaseback transaction and the sale of securities, aimed at offloading underperforming investments and improving future earnings and net interest margin [1][2]. Group 1: Transactions Overview - The Bank sold three branch offices in a sale-leaseback transaction, resulting in a pre-tax gain of $9.0 million [1]. - The Bank incurred a pre-tax loss of $8.9 million from the sale of approximately $66.0 million in amortized cost of available-for-sale and held-to-maturity securities, with a market value of $57.1 million [1]. - Proceeds from the securities sales were partially reinvested into higher-yielding securities at approximately 5.49% [1]. Group 2: Financial Impact - The remaining proceeds from the securities sales will be used to fund loans at market rates between 6.50% and 7.75%, and to pay down higher-cost borrowings, which is expected to enhance the net interest margin and return on assets [1]. - The restructuring is part of a strategy to strengthen the balance sheet and support future growth while adding shareholder value [2]. Group 3: Company Background - Bogota Financial Corp. is a Maryland corporation and the mid-tier holding company for Bogota Savings Bank, which has been serving customers in New Jersey since 1893 [3]. - The Bank operates seven offices in New Jersey and has a loan production office in Spring Lake [3].

Financial Position - Total assets increased by $39.6 million, or 4.2%, to $978.9 million as of September 30, 2024, primarily due to a $39.7 million, or 57.6%, increase in securities available for sale[93] - Cash and cash equivalents decreased by $3.9 million, or 15.8%, to $21.0 million at September 30, 2024, as excess funds were used to purchase securities[94] - Net loans decreased by $5.8 million, or 0.8%, to $708.9 million, with a notable decrease of $12.6 million, or 2.6%, in one- to four-family residential real estate loans[97] - Total liabilities increased by $39.7 million, or 5.0%, to $841.9 million, driven by a $34.9 million increase in borrowings[100] - Deposits increased by $3.9 million, or 0.6%, to $629.2 million, reflecting a rise in interest-bearing demand deposits[102] - Federal Home Loan Bank borrowings increased by $34.9 million, or 20.8%, to $202.6 million, as part of a leveraging strategy[104] - Stockholders' equity decreased by $233,000 to $136.9 million, primarily due to a net loss of $1.2 million and stock repurchases[105] - Total liabilities amounted to $830,890,000, with total equity at $136,821,000 as of September 30, 2024[110] Income and Expenses - Net income decreased by $338,000 to a net loss of $367,000 for the three months ended September 30, 2024, compared to a net loss of $29,000 for the same period in 2023[114] - Interest income increased by $1.3 million, or 14.3%, from $9.3 million for the three months ended September 30, 2023, to $10.6 million for the same period in 2024, primarily due to higher yields on interest-earning assets[115] - Net interest income was $2,657,000 for the three months ended September 30, 2024, down from $3,217,000 in the same period of 2023[108] - The interest rate spread decreased to 0.66% for the three months ended September 30, 2024, compared to 1.01% for the same period in 2023[108] - The net interest margin was 1.15% for the three months ended September 30, 2024, down from 1.47% in the same period of 2023[108] - Non-interest income increased by $37,000, or 13.0%, to $327,000 for the three months ended September 30, 2024, with bank-owned life insurance income rising by $23,000[124] - Non-interest expense decreased by $56,000, or 1.5%, for the three months ended September 30, 2024, primarily due to a $171,000 reduction in salaries and employee benefits[125] - Net income decreased by $3.1 million, or 168.1%, to a net loss of $1.2 million for the nine months ended September 30, 2024, primarily due to a decrease of $4.0 million in net interest income[128] - Interest income increased by $3.4 million, or 12.4%, to $31.1 million for the nine months ended September 30, 2024, due to higher yields on interest-earning assets[129] - Non-interest income increased by $73,000, or 8.5%, to $929,000 for the nine months ended September 30, 2024, with bank-owned life insurance income increasing by $74,000[138] Interest and Yield - Total interest-earning assets averaged $909,490,000 with an interest income of $31,156,000, yielding 4.57% for the three months ended September 30, 2024[110] - Average balance of loans was $711,697,000, generating interest income of $24,888,000, yielding 4.66% for the three months ended September 30, 2024[110] - Total interest-bearing deposits averaged $621,946,000 with an interest expense of $18,385,000, yielding 3.95% for the three months ended September 30, 2024[110] - Interest income on cash and cash equivalents decreased by $30,000, or 17.9%, to $138,000 for the three months ended September 30, 2024, due to a $2.6 million decrease in the average balance to $10.2 million[116] - Interest income on loans increased by $400,000, or 5.0%, to $8.4 million for the three months ended September 30, 2024, primarily due to a 24 basis point increase in the average yield to 4.69%[117] - Interest income on securities increased by $889,000, or 88.2%, to $1.9 million for the three months ended September 30, 2024, driven by a $48.7 million increase in the average balance to $187.2 million[118] - Interest expense increased by $1.9 million, or 31.1%, to $8.0 million for the three months ended September 30, 2024, due to higher costs and average balances on interest-bearing liabilities[119] - Net interest income decreased by $560,000, or 17.4%, to $2.7 million for the three months ended September 30, 2024, reflecting a 35 basis point decrease in the net interest rate spread to 0.66%[122] Capital and Liquidity - The company reported a Community Bank Leverage Ratio of 13.12%, exceeding the 9% requirement to be considered "well capitalized"[155] - The company believes it has sufficient liquidity to meet both short- and long-term needs as of September 30, 2024[152] - The company had the ability to borrow up to $297.9 million, with $202.7 million outstanding as of September 30, 2024[151] - Cash and cash equivalents totaled $21.0 million, while available-for-sale securities amounted to $108.6 million as of September 30, 2024[153] - Certificates of deposit due within one year totaled $439.7 million, representing 69.9% of total deposits[154] Share Repurchase Program - A total of 163,790 shares were repurchased at a cost of $1.2 million under the stock repurchase program as of September 30, 2024[164] - The average price paid per share for repurchases during the third quarter was $7.35[165] - The maximum number of shares that may yet be purchased under the repurchase program is 112,298 shares[165] - As of September 30, 2024, the company repurchased 163,790 shares at a cost of $1.2 million, representing approximately 5% of its outstanding common stock[164] - During the third quarter of 2024, the company purchased a total of 56,467 shares at an average price of $7.35 per share[165] - The company received regulatory approval for the repurchase program on April 24, 2024, with no scheduled expiration date[164] Internal Controls and Compliance - The company identified a material weakness in its internal controls over financial reporting related to the accounting for fair value hedges, which was corrected in the first quarter of 2024[159] - No changes in the company's internal controls over financial reporting materially affected the reporting as of September 30, 2024[161] - There were no identified misstatements in previously issued financial statements despite the material weakness[159] - The company continues to account for fair value hedges in accordance with generally accepted accounting principles going forward[160] - There have been no material changes in risk factors applicable to the company since the last annual report[163] - The company was not involved in any pending legal proceedings that would materially affect its financial condition[163] Interest Rate Sensitivity - As of September 30, 2024, the company had a net portfolio value (NPV) of $114,616,000, with a ratio of 12.08%[147] - A 400 basis point increase in interest rates would result in a dollar change in NPV of $(46,293,000), representing a percent change of (40.39)%[147] - The estimated change in net interest income over one year, with a 400 basis point increase, is projected to be (13.32)%[149]

Financial Performance - For the three months ended September 30, 2024, Bogota Financial Corp. reported a net loss of $367,000, or $0.03 per share, compared to a net loss of $29,000, or $0.00 per share, for the same period in 2023[3]. - For the nine months ended September 30, 2024, the company reported a net loss of $1.2 million, or $0.10 per share, compared to net income of $1.8 million, or $0.14 per share, for the same period in 2023[3]. - Net income decreased by $3.1 million, or 168.1%, resulting in a net loss of $1.2 million for the nine months ended September 30, 2024[9]. - The company reported a net loss of $366,960 for the three months ended September 30, 2024, compared to a net loss of $29,053 in the same period of 2023[17]. - Basic loss per share was $(0.03) for the three months ended September 30, 2024, compared to $(0.00) for the same period in 2023[17]. Asset and Liability Changes - Total assets increased by $39.6 million, or 4.2%, to $978.9 million at September 30, 2024, from $939.3 million at December 31, 2023[5]. - Total liabilities increased by $39.8 million, or 5.0%, to $841.9 million, mainly due to a $34.9 million increase in borrowings[12]. - Total assets increased to $978,889,264 as of September 30, 2024, from $939,324,203 as of December 31, 2023, representing a growth of approximately 4.9%[15]. - Total liabilities increased to $841,949,507 as of September 30, 2024, from $802,151,000 as of December 31, 2023, an increase of approximately 4.9%[15]. - Federal Home Loan Bank advances increased by $34.9 million, or 20.8%, due to new borrowings[12]. Interest Income and Expense - Interest income increased by $1.3 million, or 14.3%, to $10.6 million for the three months ended September 30, 2024, primarily due to higher yields on interest-earning assets[7]. - Interest income increased by $3.4 million, or 12.4%, to $31.1 million for the nine months ended September 30, 2024, driven by higher yields on interest-earning assets[9]. - Interest expense increased by $1.9 million, or 31.1%, to $8.0 million for the three months ended September 30, 2024, due to higher costs and average balances on certificates of deposit and borrowings[7]. - The average cost of deposits increased by 128 basis points to 3.95% for the first three quarters of 2024, compared to 2.67% for the first nine months of 2023[5]. Loan and Credit Quality - Delinquent loans increased by $8.9 million to $21.5 million, or 3.0% of total loans, at September 30, 2024[11]. - The company's allowance for credit losses related to loans was 0.39% of total loans at September 30, 2024[11]. - Non-performing loans as a percentage of total loans stood at 1.94% as of September 30, 2024, compared to 1.73% for the same period in 2023[18]. - Total loans decreased from $717,474,584 on December 31, 2023, to $711,644,515 on September 30, 2024, representing a decline of approximately 0.12%[19]. - The net loans as of September 30, 2024, were $708,896,566, down from $714,688,635 as of December 31, 2023, indicating a decrease of about 0.82%[19]. Operational Efficiency - The efficiency ratio increased to 120.78% for the three months ended September 30, 2024, compared to 104.40% in the prior year, indicating a decline in operational efficiency[18]. - Net interest income decreased by $560,000, or 17.4%, to $2.7 million for the three months ended September 30, 2024, from $3.2 million for the same period in 2023[7]. - Net interest income decreased by $4.0 million, or 33.1%, to $8.0 million for the nine months ended September 30, 2024, reflecting a 73 basis point decrease in net interest rate spread[10]. - The net interest margin for the three months ended September 30, 2024, was 1.15%, down from 1.47% in the same period of 2023[22]. - The interest rate spread decreased to 0.66% for the three months ended September 30, 2024, down from 1.01% in the same period of 2023[22]. Strategic Focus - The company plans to focus on core deposits and commercial lending, with an emphasis on offering new technology through partnerships to attract new customers[6]. - As of September 30, 2024, the company repurchased 163,790 shares of its common stock at a cost of $1.2 million under its stock repurchase program[4].

Core Viewpoint Bogota Financial Corp. issued a correction to its financial results for the three and nine months ended September 30, 2024, revealing a net loss for both periods, primarily due to increased interest expenses and a decrease in net interest income. Financial Results Summary - The company reported a net loss of $367,000 for the three months ended September 30, 2024, compared to a net loss of $29,000 for the same period in 2023 [6][10] - For the nine months ended September 30, 2024, the net loss was $1.2 million, a significant decline from a net income of $1.8 million in the prior year [6][23] Interest Income and Expense Analysis - Interest income increased by $1.3 million, or 14.3%, to $10.6 million for the three months ended September 30, 2024, driven by higher yields on interest-earning assets [11] - Interest expense rose by $1.9 million, or 31.1%, to $8.0 million for the same period, largely due to higher costs associated with certificates of deposit and borrowings [15] - The average cost of deposits increased by 128 basis points to 3.95% for the first three quarters of 2024 compared to 2.67% for the same period in 2023 [8][30] Balance Sheet Highlights - Total assets increased by $39.6 million, or 4.2%, to $978.9 million at September 30, 2024, primarily due to an increase in securities [8][37] - Cash and cash equivalents decreased by $3.9 million, or 15.8%, to $21.0 million, reflecting the use of excess funds for securities purchases [8] - Total liabilities rose by $39.8 million, or 5.0%, to $841.9 million, mainly due to increased borrowings [39] Stock Repurchase Program - The company received regulatory approval to repurchase up to 237,090 shares of its common stock, with 163,790 shares repurchased at a cost of $1.2 million as of September 30, 2024 [7] Non-Interest Income and Expense - Non-interest income increased by $38,000, or 13.0%, to $327,000 for the three months ended September 30, 2024, driven by higher bank-owned life insurance income [21] - Non-interest expense decreased by $56,000, or 1.5%, due to reductions in salaries and employee benefits [22] Management Commentary - The CEO emphasized the bank's growth strategy focusing on core deposits and commercial lending, with an uptick in the commercial pipeline [9]