Core Viewpoint - Bogota Financial Corp. reported a net income of $731,000 for Q1 2025, a significant improvement from a net loss of $441,000 in Q1 2024, driven by reduced deposit costs and increased yields on loans and securities [1][5][16]. Financial Performance - Net income increased by $1.2 million to $731,000 for the three months ended March 31, 2025, compared to a net loss of $441,000 for the same period in 2024 [5]. - Net interest income rose by $942,000, or 35.5%, to $3.6 million, reflecting a 44 basis point increase in the net interest rate spread to 1.12% [14]. - Non-interest income surged by $590,000, or 197.4%, to $889,000, primarily due to a significant increase in bank-owned life insurance income [16]. Balance Sheet Highlights - Total assets decreased by $41.3 million, or 4.3%, to $930.2 million as of March 31, 2025, primarily due to reductions in cash and cash equivalents, loans, and securities [19]. - Total liabilities decreased by $42.3 million, or 5.1%, to $791.9 million, mainly due to a reduction in borrowings and total deposits [21]. - Total stockholders' equity increased by $965,000 to $138.3 million, supported by net income and a decrease in accumulated other comprehensive loss [22]. Loan and Deposit Analysis - Net loans decreased by $10.2 million, or 1.4%, to $701.5 million, attributed to declines in residential and construction loans [19]. - Total deposits were $633.0 million, down $9.2 million, or 1.4%, with a notable decrease in interest-bearing deposits [19][21]. - The average cost of deposits increased by 13 basis points to 3.55% for Q1 2025 from 3.42% in Q4 2024 [19]. Interest Income and Expense - Interest income increased by $862,000, or 8.6%, to $10.9 million, driven by higher yields on interest-earning assets [6]. - Interest expense decreased by $80,000, or 1.1%, to $7.3 million, due to lower average balances on certificates of deposits [11]. - The average yield on loans increased by 27 basis points to 4.88%, while the average yield on securities rose by 138 basis points to 5.05% [9][10]. Credit Quality - The company recorded a recovery for credit losses of $80,000 compared to a provision for credit losses of $35,000 in the prior year [15]. - Delinquent loans decreased to $13.5 million, or 1.92% of total loans, down from 2.01% at the end of 2024 [20].
Bogota Financial Corp. Reports Results for the Three Months Ended March 31, 2025