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Bogota Financial Corp. Reports Results for the Three Months Ended March 31, 2025
BSBKBogota Financial (BSBK) GlobeNewswire·2025-04-30 20:10

Core Viewpoint - Bogota Financial Corp. reported a net income of 731,000forQ12025,asignificantimprovementfromanetlossof731,000 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 1.2millionto1.2 million to 731,000 for the three months ended March 31, 2025, compared to a net loss of 441,000forthesameperiodin2024[5].−Netinterestincomeroseby441,000 for the same period in 2024 [5]. - Net interest income rose by 942,000, or 35.5%, to 3.6million,reflectinga44basispointincreaseinthenetinterestratespreadto1.123.6 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,primarilyduetoasignificantincreaseinbank−ownedlifeinsuranceincome[16].BalanceSheetHighlights−Totalassetsdecreasedby889,000, 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 930.2millionasofMarch31,2025,primarilyduetoreductionsincashandcashequivalents,loans,andsecurities[19].−Totalliabilitiesdecreasedby930.2 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 791.9million,mainlyduetoareductioninborrowingsandtotaldeposits[21].−Totalstockholders′equityincreasedby791.9 million, mainly due to a reduction in borrowings and total deposits [21]. - Total stockholders' equity increased by 965,000 to 138.3million,supportedbynetincomeandadecreaseinaccumulatedothercomprehensiveloss[22].LoanandDepositAnalysis−Netloansdecreasedby138.3 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 701.5million,attributedtodeclinesinresidentialandconstructionloans[19].−Totaldepositswere701.5 million, attributed to declines in residential and construction loans [19]. - Total deposits were 633.0 million, down 9.2million,or1.49.2 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 10.9million,drivenbyhigheryieldsoninterest−earningassets[6].−Interestexpensedecreasedby10.9 million, driven by higher yields on interest-earning assets [6]. - Interest expense decreased by 80,000, or 1.1%, to 7.3million,duetoloweraveragebalancesoncertificatesofdeposits[11].−Theaverageyieldonloansincreasedby27basispointsto4.887.3 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 35,000intheprioryear[15].−Delinquentloansdecreasedto35,000 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].