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]

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]

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]

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 – 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 ...

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 ...