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

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$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$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$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$21.0 million, reflecting the use of excess funds for securities purchases [8] - Total liabilities rose by $39.8 million, or 5.0$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]