Bogota Financial Corp. Reports Results for the Three and Nine Months Ended September 30, 2024

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]