Bogota Financial Corp. Reports Results for the Three and Twelve Months Ended December 31, 2024

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 $930,000 or $0.07 per share for Q4 2024, an improvement from a net loss of $1.2 million or $0.09 per share in Q4 2023 [1] - For the full year 2024, the net loss was $2.2 million or $0.17 per share, compared to a net income of $643,000 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 $9.0 million from the sale of three branch offices [4] - A pre-tax loss of $8.9 million was incurred on the sale of approximately $66.0 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 $971.5 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 $642.2 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 $10.6 million, attributed to higher yields on interest-earning assets [10][12] - Interest expense rose by $1.5 million, or 22.1%, to $8.1 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 $419,000 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 $3.6 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 $14.3 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]