Bogota Financial Corp. reports net loss, total assets increase, stock repurchase program announced.

From GlobeNewswire: 2024-11-01 09:00:00

Bogota Financial Corp. (NASDAQ: BSBK) reported a net loss of $147,000 for the three months ended September 30, 2024, compared to a net loss of $29,000 for the same period in 2023. Total assets increased to $978.8 million, with total deposits at $629.3 million. The bank focuses on core deposits and commercial lending to drive growth.

The Company announced a stock repurchase program that has repurchased 163,790 shares at a cost of $1.2 million as of September 30, 2024. Total liabilities increased to $841.6 million, with total stockholders’ equity decreasing slightly to $137.2 million. Bogota Savings Bank operates from seven locations in New Jersey.

For the nine months ended September 30, 2024, Bogota Financial Corp. reported a net loss of $1.0 million, compared to net income of $1.8 million for the same period in 2023. Net interest income decreased by $3.7 million, and non-interest income increased by $73,000. The Bank is actively managing delinquent loans to maintain asset quality.

Interest income on loans increased by $1.1 million for the nine months ended September 30, 2024, primarily due to a higher average yield. Interest expense increased by $7.1 million, driven by higher costs and average balances on certificates of deposit and borrowings. The Bank continues to monitor interest rates and adjust borrowing strategies accordingly.

Total stockholders’ equity decreased slightly to $137.2 million, with a net loss recorded for the nine months ended September 30, 2024. The bank’s allowance for credit losses related to loans was 0.39% of total loans, and non-performing assets represented 1.41% of total assets. Bogota Financial Corp. remains focused on managing asset quality and maintaining a strong financial position.



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