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 ...

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 ☒ No ☐ 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 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 ...

For the Fiscal Year Ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Maryland 84-3501231 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒ 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 accelerate ...

TEANECK, N.J.--(BUSINESS WIRE)--Bogota Financial Corp. (NASDAQ: BSBK) (the “Company”), the holding company for Bogota Savings Bank (the “Bank”), reported net loss for the three months ended December 31, 2023 of $1.2 million or ($0.09) per basic and diluted share, compared to net income of $1.9 million or $0.14 per basic and diluted share for the comparable prior year period. The Company reported net income for the twelve months ended December 31, 2023 of $643,000 or $0.05 per basic and diluted share compare ...

Common Stock, $0.01 par value per share BSBK The Nasdaq Stock Market, LLC For the quarterly period ended September 30, 2023 Table of Contents FORM 10-Q OR Commission File No. 001-39180 Maryland 84-3501231 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) (201) 862-0660 (Registrant's Telephone Number, Including Area Code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Excha ...