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Bogota Financial Corp. Reports Results for the Three and Twelve Months Ended December 31, 2024
BSBKBogota Financial (BSBK) GlobeNewswire·2025-02-14 22:25

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 930,000or930,000 or 0.07 per share for Q4 2024, an improvement from a net loss of 1.2millionor1.2 million or 0.09 per share in Q4 2023 [1] - For the full year 2024, the net loss was 2.2millionor2.2 million or 0.17 per share, compared to a net income of 643,000or643,000 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 9.0millionfromthesaleofthreebranchoffices[4]−Apre−taxlossof9.0 million from the sale of three branch offices [4] - A pre-tax loss of 8.9 million was incurred on the sale of approximately 66.0millioninsecurities,whichwerereinvestedintohigher−yieldingsecurities[4][5]AssetandDepositGrowth−Totalassetsincreasedby66.0 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 971.5millionasofDecember31,2024,drivenbycashandcashequivalents[8][37]−Totaldepositsroseby971.5 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 642.2million,primarilyduetoincreasesininterest−bearingdeposits[8][39]InterestIncomeandExpense−InterestincomeforQ42024increasedby642.2 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 10.6million,attributedtohigheryieldsoninterest−earningassets[10][12]−Interestexpenseroseby10.6 million, attributed to higher yields on interest-earning assets [10][12] - Interest expense rose by 1.5 million, or 22.1%, to 8.1millionduetohighercostsoninterest−bearingliabilities[14][15]Non−InterestIncomeandExpense−Non−interestincomeincreasedby8.1 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 419,000forQ42024,withgainsfromthesaleofassetscontributingtothisgrowth[19]−Non−interestexpensedecreasedby419,000 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 3.6million,primarilyduetolowersalariesandemployeebenefits[20]CreditQuality−Thecompanyrecordedarecoveryforcreditlossesof3.6 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 14.3million,or2.0114.3 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]