Bogota Financial (BSBK)

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Bogota Financial Corp. Announces Sale-Leaseback Transaction and Balance Sheet Restructure
Globenewswireยท 2025-01-06 14:15
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].
Bogota Financial (BSBK) - 2024 Q3 - Quarterly Report
2024-11-14 16:15
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]
Bogota Financial (BSBK) - 2024 Q3 - Quarterly Results
2024-11-04 14:18
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].
CORRECTION - Bogota Financial Corp. Reports Results for the Three and Nine Months Ended September 30, 2024 Corrected
GlobeNewswire News Roomยท 2024-11-02 01:00
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]
Bogota Financial Corp. Reports Results for the Three and Nine Months Ended September 30, 2024
GlobeNewswire News Roomยท 2024-11-01 13:00
Core Financial Performance - The company reported a net loss of $147,000 for the three months ended September 30, 2024, compared to a net loss of $29,000 for the same period in 2023, reflecting a decrease in net interest income [1][5] - For the nine months ended September 30, 2024, the net loss was $1.0 million, a significant decline from a net income of $1.8 million in the prior year [1][17] Asset and Liability Management - Total assets increased by $39.5 million, or 4.2%, to $978.8 million as of September 30, 2024, driven by an increase in securities [3][32] - Cash and cash equivalents decreased by $3.9 million, or 15.8%, to $21.0 million, as excess funds were utilized for purchasing securities [3][32] - Total liabilities rose by $39.5 million, or 4.9%, to $841.6 million, primarily due to increased borrowings [34] Deposit and Loan Trends - Total deposits increased by $3.9 million, or 0.6%, to $629.3 million, attributed to a rise in interest-bearing deposits [3][34] - Net loans decreased by $5.8 million, or 0.8%, to $708.9 million, influenced by repayments and a decrease in demand for residential and construction loans [3][32] 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, mainly due to higher yields on interest-earning assets [6][40] - Interest expense rose by $1.6 million, or 26.2%, to $7.7 million for the same period, driven by higher costs associated with deposits and borrowings [10][40] Non-Interest Income and Expenses - Non-interest income increased by $38,000, or 13.0%, to $327,000 for the three months ended September 30, 2024, with notable contributions from bank-owned life insurance [15][40] - Non-interest expenses decreased by $56,000, or 1.5%, primarily due to reduced salaries and employee benefits [16][40] Stock Repurchase Program - The company has repurchased 163,790 shares at a cost of $1.2 million as part of its stock repurchase program, which allows for the repurchase of up to 237,090 shares [2][35] Management Commentary - The CEO emphasized a focus on core deposits and commercial lending, noting an uptick in the commercial pipeline and plans to enhance technology offerings to attract new customers [4]
Bogota Financial (BSBK) - 2024 Q2 - Quarterly Report
2024-08-14 20:11
Financial Position - Total assets increased by $35.4 million, or 3.8%, to $974.7 million at June 30, 2024, primarily due to a $38.0 million, or 55.1%, increase in securities available for sale[83] - Total liabilities increased by $36.2 million, or 4.5%, to $838.4 million as of June 30, 2024, driven by a $23.8 million increase in deposits[87] - Stockholders' equity decreased by $830,000 to $136.3 million, primarily due to a net loss of $873,000 and stock repurchases[92] - At June 30, 2024, uninsured deposits totaled $69.3 million, representing 10.7% of total deposits[90] - The ratio of average stockholders' equity-to-total assets was 13.65% at June 30, 2024, down from 15.24% at December 31, 2023[92] Loan and Asset Quality - Net loans decreased by $7.1 million, or 1.0%, to $707.6 million at June 30, 2024, with a notable decrease of $10.4 million, or 2.1%, in one- to four-family residential real estate loans[85] - Delinquent loans increased by $888,000 to $13.5 million, or 1.90% of total loans, at June 30, 2024, with non-performing assets rising to $13.0 million, representing 1.33% of total assets[86] - The allowance for credit losses related to held-to-maturity securities totaled $108,000, or 0.13% of the total held-to-maturity securities portfolio[84] Income and Expenses - Net income decreased by $1.3 million, or 150.5%, resulting in a net loss of $432,000 for Q2 2024 compared to net income of $857,000 in Q2 2023[101] - Non-interest income increased by $20,000, or 7.0%, to $303,000 for the three months ended June 30, 2024, with bank-owned life insurance income rising by $25,000[108] - Non-interest expense increased by $94,000, or 2.6%, for the three months ended June 30, 2024, with professional fees rising by $146,000, or 128.1%[109] - Net income decreased by $2.7 million, or 147.2%, to a net loss of $873,000 for the six months ended June 30, 2024, primarily due to a decrease in net interest income[111] Interest Income and Margin - Interest income increased by $1.1 million, or 11.3%, from $9.4 million in Q2 2023 to $10.5 million in Q2 2024 due to higher yields on interest-earning assets[101] - The interest rate spread decreased to 0.72% in 2024 from 1.57% in 2023[95] - The net interest margin declined to 1.21% in 2024 compared to 1.96% in 2023[95] - Interest income on loans increased by $157,000, or 1.9%, to $8.3 million for the three months ended June 30, 2024, primarily due to an 11 basis point increase in the average yield[103] - Interest income on securities increased by $843,000, or 82.9%, to $1.9 million for the three months ended June 30, 2024, driven by a 123 basis point increase in the average yield[104] Liquidity and Capital - The company had the ability to borrow up to $304.2 million, with $179.4 million outstanding as of June 30, 2024[129] - Cash and cash equivalents totaled $17.6 million, while available-for-sale securities amounted to $106.9 million as of June 30, 2024[130] - The company reported a Community Bank Leverage Ratio of 13.07%, exceeding the 9% requirement to be considered "well capitalized"[132] - The company anticipates sufficient liquidity to meet current funding commitments despite potential deposit outflows[131] Interest Rate Risk - A 400 basis point increase in interest rates is expected to result in a 21.07% decrease in net interest income for the first year[127] - As of June 30, 2024, the estimated net portfolio value (NPV) would decrease by $69,996 thousand (39.75%) with a 400 basis point increase in interest rates[126] - The NPV ratio is projected to decline to 8.10% with a 400 basis point increase in interest rates, reflecting a 32.02% change in assets[126] - The assumptions used in interest rate risk measurements are subject to change and may not accurately predict actual results[125] Other Financial Metrics - The weighted average rate of borrowings increased to 4.71% as of June 30, 2024, compared to 4.54% at December 31, 2023[91] - The average balance of loans was $710,058 thousand in 2024, with interest income of $8,299 thousand and a yield of 4.70%[94] - Total interest-earning assets averaged $912,888 thousand in 2024, generating interest income of $10,474 thousand with a yield of 4.61%[94] - Total interest-bearing liabilities averaged $799,957 thousand in 2024, resulting in interest expense of $7,730 thousand with a cost of 3.89%[94] - The average interest-earning assets to average interest-bearing liabilities ratio was 114.12% in 2024[95] - Interest income on cash and cash equivalents decreased by $22,000, or 14.9%, to $127,000 for the three months ended June 30, 2024, due to a $3.8 million decrease in the average balance[102] Internal Controls - The company has identified a material weakness in internal controls over financial reporting related to fair value hedges, which has been corrected[136]
Bogota Financial (BSBK) - 2024 Q2 - Quarterly Results
2024-07-31 21:43
Exhibit 99.1 Bogota Financial Corp. Reports Results for the Three and Six Months Ended June 30, 2024 NEWS PROVIDED BY Bogota Financial Corp. Teaneck, New Jersey, July 31, 2024 โ Bogota Financial Corp. (NASDAQ: BSBK) (the "Company"), the holding company for Bogota Savings Bank (the "Bank"), reported a net loss for the three months ended June 30, 2024 of $432,000, or $0.03 per basic and diluted share, compared to net income of $857,000, or $0.07 per basic and diluted share, for the comparable prior year perio ...
Bogota Financial Corp. Reports Results for the Three and Six Months Ended June 30, 2024
Newsfilterยท 2024-07-31 20:10
TEANECK, N.J., July 31, 2024 (GLOBE NEWSWIRE) -- Bogota Financial Corp. (NASDAQ:BSBK) (the "Company"), the holding company for Bogota Savings Bank (the "Bank"), reported a net loss for the three months ended June 30, 2024 of $432,000, or $0.03 per basic and diluted share, compared to net income of $857,000, or $0.07 per basic and diluted share, for the comparable prior year period. The Company reported a net loss for the six months ended June 30, 2024 of $873,000, or $0.07 per basic and diluted share, compa ...
Bogota Financial (BSBK) - 2024 Q1 - Quarterly Report
2024-05-15 19:15
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes โ No โ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accele ...
Bogota Financial (BSBK) - 2024 Q1 - Quarterly Results
2024-04-30 22:43
Bogota Financial Corp. Reports Results for the Three Months Ended March 31, 2024 Other Financial Highlights: "The Bank opened its newest branch location in Upper Saddle River, New Jersey, on April 13th. We are excited for the opportunity this expansion will bring to our growth strategy. This physical location allows us to enhance our presence in the northern Bergen County market and become more active in those communities." Net income decreased by $1.4 million, or 144.4%, to a net loss of $441,000 for the t ...