Bogota Financial (BSBK) - 2025 Q1 - Quarterly Results

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].