Bogota Financial Corp. (NASDAQ: BSBK) (the “Company”), the holding
company of Bogota Savings Bank (the “Bank”), after market close
today issued a correction to its financial results for the three
and nine months ended September 30, 2024 (the “Revised Earnings
Release”), which was issued prior to market open on November 1,
2024 (the “Original Earnings Release”). Interest expense on
deposits (and similarly total interest expense) for the three and
nine months ended September 30, 2024 reported in the Original
Earnings Release was understated by $300,000 due to a misstatement
of the rates paid on certain certificates of deposit during the
three months ended September 30, 2024. As a result, the Revised
Earnings Release reflects the following changes:
At September 30, 2024
| |
|
Average rate for certificates of deposit |
Average rate for deposits |
|
|
|
As Initially Reported |
4.15% |
3.55% |
|
| |
As Corrected |
4.39% |
3.95% |
|
| |
|
|
|
|
For Three Months Ended September 30, 2024
|
(Dollars in thousands, except per share data) |
Interest paid on average certificates of
deposit |
Interest paid on average interest-bearing
deposits |
Net interest income |
Net interest income after provision (recovery) for credit
losses |
(Loss) income before income taxes |
Income tax (benefit) expense |
Net (loss) income |
(Loss) earnings per common share – basic |
(Loss) earnings per common share
– diluted |
|
As Initially Reported |
$ |
5,327 |
$ |
5,861 |
$ |
2,957 |
$ |
2,957 |
$ |
(320 |
) |
$ |
(173 |
) |
$ |
(147 |
) |
$ |
(0.01 |
) |
$ |
(0.01 |
) |
|
As Corrected |
$ |
5,627 |
$ |
6,161 |
$ |
2,657 |
$ |
2,657 |
$ |
(620 |
) |
$ |
(253 |
) |
$ |
(367 |
) |
$ |
(0.03 |
) |
$ |
(0.03 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of average certificates of deposit |
Cost of average interest-bearing deposits |
(Loss) Return on Average Assets |
(Loss) Return on Average Equity |
Interest rate spread |
Net interest margin |
Efficiency Ratio |
|
As Initially Reported |
4.26 |
% |
3.84 |
% |
(0.09 |
)% |
(0.72 |
)% |
0.81 |
% |
1.24 |
% |
109.75 |
% |
|
As Corrected |
4.50 |
% |
4.04 |
% |
(0.07 |
)% |
(0.52 |
)% |
0.66 |
% |
1.15 |
% |
120.78 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For Nine Months Ended September 30, 2024
|
(Dollars in thousands, except per share data) |
Interest paid on average certificates of
deposit |
Interest paid on average interest-bearing
deposits |
Net interest income |
Net interest income after provision (recovery) for credit
losses |
(Loss) income before income taxes |
Income tax (benefit) expense |
Net (loss) income |
(Loss) earnings per common share – basic |
(Loss) earnings per common share
– diluted |
|
As Initially Reported |
$ |
16,484 |
$ |
18,085 |
$ |
8,352 |
$ |
8,282 |
$ |
(1,762 |
) |
$ |
(741 |
) |
$ |
(1,020 |
) |
$ |
(0.08 |
) |
$ |
(0.08 |
) |
|
As Corrected |
$ |
16,784 |
$ |
18,385 |
$ |
8,052 |
$ |
7,982 |
$ |
(2,062 |
) |
$ |
(821 |
) |
$ |
(1,240 |
) |
$ |
(0.10 |
) |
$ |
(0.10 |
) |
| |
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|
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| |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of average certificates of deposit |
Cost of average interest-bearing deposits |
(Loss) Return on Average Assets |
(Loss) Return on Average Equity |
Interest rate spread |
Net interest margin |
Efficiency Ratio |
|
As Initially Reported |
4.31 |
% |
3.88 |
% |
(0.17 |
)% |
(1.23 |
)% |
0.73 |
% |
1.23 |
% |
118.23 |
% |
|
As Corrected |
4.39 |
% |
3.95 |
% |
(0.20 |
)% |
(1.44 |
)% |
0.68 |
% |
1.18 |
% |
122.18 |
% |
| |
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|
|
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The full text of the corrected release is a follows:
Teaneck, New Jersey,
November 1, 2024 – Bogota Financial
Corp. (NASDAQ: BSBK) (the “Company”), the holding company for
Bogota Savings Bank (the “Bank”), reported a net loss for the three
months ended September 30, 2024 of $367,000, or $0.03 per
basic and diluted share, compared to a net loss of $29,000, or
$0.00 per basic and diluted share, for the comparable prior year
period. The Company reported a net loss for the nine months
ended September 30, 2024 of $1.2 million, or $0.10 per basic
and diluted share, compared to net income of $1.8 million, or $0.14
per basic and diluted share, for the nine months ended September
30, 2023.
On April 24, 2024, the Company announced it had
received regulatory approval for the repurchase of up to 237,090
shares of its common stock, or approximately 5% of its then
outstanding common stock (excluding shares held by Bogota
Financial, MHC). The repurchase program does not have a
scheduled expiration date and the Board of Directors has the right
to suspend or discontinue the program at any time. As of September
30, 2024, 163,790 shares have been repurchased pursuant to the
program at a cost of $1.2 million.
Other Financial Highlights:
- Total assets increased $39.6 million, or 4.2%, to $978.9
million at September 30, 2024 from $939.3 million at December
31, 2023, due to an increase in securities, offset by
a decrease in cash and cash equivalents and loans.
- Cash and cash equivalents decreased $3.9 million, or
15.8%, to $21.0 million at September 30, 2024 from
$24.9 million at December 31, 2023 as excess funds were
used to purchase securities.
- Securities increased $47.1 million, or 33.3%, to
$188.7 million at September 30, 2024 from $141.5 million
at December 31, 2023.
- Net loans decreased $5.8 million, or 0.8%, to $708.9 million at
September 30, 2024 from $714.7 million at December 31, 2023.
- Total deposits at September 30, 2024 were $629.3 million,
increasing $3.9 million, or 0.6%, as compared to $625.3 million at
December 31, 2023, due to a $2.3 million increase in
interest-bearing deposits, primarily in certificates of deposit,
and a $1.6 million increase in non-interest bearing
demand accounts. The average cost of deposits increased 128
basis points to 3.95% for the first three quarters of 2024 from
2.67% for the first nine months of 2023 due to higher interest
rates and a larger percentage of deposits consisting of
higher-costing certificates of deposit.
- Federal Home Loan Bank advances increased $34.9 million, or
20.8% to $202.6 million at September 30, 2024 from $167.7
million as of December 31, 2023.
Kevin Pace, President and Chief Executive Officer, said “The
Bank continues its growth strategy focusing on core deposits and
commercial lending. We have seen an uptick in our commercial
pipeline this quarter that shows interest remains strong in our
market. Offering new desirable technology through partnerships
with our providers is a key initiative we are focusing on going
into 2025. This will allow us to attract new customers in our
competitive environment.”
"The Bank completed its third stock repurchase program earlier
this year and promptly began its fourth buyback. We remain diligent
in our efforts to show confidence and deliver value to our
shareholders."
Income Statement Analysis
Comparison of Operating Results for the Three Months
Ended September 30,
2024 and September 30,
2023
Net income decreased by $338,000 to a net loss
of $367,000 for the three months ended September 30, 2024 from
a net loss of $29,000 for the three months ended September 30,
2023. This decrease was primarily due to a decrease of
$560,000 in net interest income, partially offset by a decrease of
$171,000 in salaries and employee benefit costs, an increase
of $128,000 in income tax benefit and a $38,000 increase in
non-interest income.
Interest income increased $1.3 million, or
14.3%, from $9.3 million for the three months ended September
30, 2023 to $10.6 million for the three months ended September
30, 2024 primarily due to higher yields on interest-earning
assets and an increase in the average balance of
securities.
Interest income on cash and cash equivalents
decreased $30,000, or 17.9%, to $138,000 for the three months ended
September 30, 2024 from $168,000 for the three months ended
September 30, 2023 due to a $2.6 million decrease in the
average balance to $10.2 million for the three months ended
September 30, 2024 from $12.8 million for the three months
ended September 30, 2023, reflecting the use of excess
cash to purchase securities. The decrease was offset by an 18 basis
point increase in the average yield from 5.21% for the three months
ended September 30, 2023 to 5.39% for the three months ended
September 30, 2024 due to the higher interest rate
environment.
Interest income on loans increased $401,000, or
5.0%, to $8.4 million for the three months ended September 30, 2024
compared to $8.0 million for the three months ended September
30, 2023 due primarily to a 24 basis point increase
in the average yield from 4.45% for the three months
ended September 30, 2023 to 4.69% for the three months ended
September 30, 2024, and to a lesser extent,
a $876,000 increase in the average balance to $711.6
million for the three months ended September 30,
2024 from $710.7 million for the three months
ended September 30, 2023.
Interest income on securities increased
$889,000, or 88.2%, to $1.9 million for the three months ended
September 30, 2024 from $1.0 million for the three months
ended September 30, 2023 primarily due to a $48.7 million
increase in the average balance to $187.2 million for the
three months ended September 30, 2024 from $138.5 million for
the three months ended September 30, 2023, and a 114 basis
point increase in the average yield from 2.91% for the three months
ended September 30, 2023 to 4.05% for the three months ended
September 30, 2024 due to the higher interest rate
environment.
Interest expense increased $1.9 million, or
31.1%, from $6.1 million for the three months ended September
30, 2023 to $8.0 million for the three months ended September 30,
2024 due to higher costs and average balances on certificates of
deposit and borrowings.
Interest expense on interest-bearing deposits
increased $1.3 million, or 27.0%, to $6.2 million for the three
months ended September 30, 2024 from $4.9 million for the
three months ended September 30, 2023. The increase was due to a 93
basis point increase in the average cost of deposits to 4.04% for
the three months ended September 30, 2024 from 3.11% for the three
months ended September 30, 2023. The increase in the average cost
of deposits was due to the higher interest rate environment and a
change in the composition of the deposit portfolio. The
average balances of certificates of deposit decreased $831,000 to
$497.3 million for the three months ended September 30, 2024 from
$498.1 million for the three months ended September 30, 2023 while
the average balance of NOW/money market accounts and savings
accounts decreased $9.0 million and $2.1 million for the three
months ended September 30, 2024, respectively, compared to the
three months ended September 30, 2023.
Interest expense on Federal Home Loan Bank
advances increased $582,000, or 47.7%, from $1.2 million for the
three months ended September 30, 2023 to
$1.8 million for the three months ended September 30,
2024. The increase was primarily due to an increase in the average
balance of $71.6 million to $196.9 million for the three months
ended September 30, 2024 from $125.3 million for the three months
ended September 30, 2023. The increase was slightly offset by a
decrease in the average cost of borrowings of 22 basis points to
3.64% for the three months ended September 30, 2024 from
3.86% for the three months ended September 30, 2023 due
to new borrowings being at lower rates. At September 30, 2024,
cash flow hedges used to manage interest rate risk had a notional
value of $65.0 million, while fair value hedges totaled $60.0
million in notional value. During the three months ended
September 30, 2024, the use of the cash flow and fair value hedges
reduced the interest expense on the Federal Home Loan Bank
advances and certificates of deposit by $498,000.
Net interest income decreased $560,000, or
17.4%, to $2.7 million for the three months ended September 30,
2024 from $3.2 million for the three months ended September 30,
2023. The decrease reflected a 35 basis point decrease
in our net interest rate spread to 0.66% for the three months ended
September 30, 2024 from 1.01% for the three months ended September
30, 2023. Our net interest margin decreased 32 basis points to
1.15% for the three months ended September 30, 2024 from 1.47% for
the three months ended September 30, 2023.
We did not record a provision for credit losses
for the three months ended September 30,
2024 or September 30, 2023 due to moderate loan
growth and improved economic conditions.
Non-interest income increased by $38,000, or
13.0%, to $327,000 for the three months ended September 30, 2024
from $290,000 for the three months ended September 30, 2023.
Bank-owned life insurance income increased $23,000, or 11.6%, due
to higher balances during 2024 and gain on sale of loans
increased $12,000 compared to no gain on sale of loans for the
comparable period last year due to the sale of a $400,000
residential loan in 2024.
For the three months ended September 30, 2024,
non-interest expense decreased $56,000, or 1.5%, over the
comparable 2023 period. This was due to a $171,000, or
7.5% reduction in salaries and employee benefits, which decreased
due to lower headcount and increased expenses in 2023 related to
the retirement of the previous Chief Executive Officer, and a
$40,000, or 31.9%, decrease in advertising expenses. Our FDIC
insurance assessment also decreased by $26,000, or 19.8%.
These decreases were partially offset by an increase in
professional fees of $99,000, or 66.4%, due to higher consulting
expense related to strategic business planning. Data
processing expense also increased $100,000, or 48.8%, due to
higher processing costs.
Income tax expense decreased $128,000, or
102.1%, to a benefit of $253,000 for the three months ended
September 30, 2024 from a $125,000 benefit for the three months
ended September 30, 2023. The decrease was due to a reduction
of $466,000 in taxable income.
Comparison of Operating Results for
the Nine Months
Ended September 30,
2024 and September 30,
2023
Net income decreased by $3.1 million, or 168.1%,
to a net loss of $1.2 million for the nine months ended
September 30, 2024 from net income of $1.8 million for the nine
months ended September 30, 2023. This decrease was
primarily due to a decrease of $4.0 million in net interest income,
partially offset by a decrease of $1.2 million in income tax
expense.
Interest income increased $3.4 million, or
12.4%, from $27.7 million for the nine months ended September 30,
2023 to $31.1 million for the nine months ended September 30,
2024 due to higher yields on interest-earning assets and an
increase in the average balance of securities, partially
offset by a decrease in the average balance of loans and cash and
cash equivalents.
Interest income on cash and cash equivalents
decreased $8,000, or 1.9%, to $415,000 for the nine months
ended September 30, 2024 from $423,000 for the nine months ended
September 30, 2023 due a $2.3 million decrease in the average
balance to $9.1 million for the nine months ended
September 30, 2024 from $11.4 million for the nine months
ended September 30, 2023, reflecting the decrease
of liquidity due to increased securities purchases. This
decrease was offset by a 111 basis point increase in the average
yield due to the higher interest rate environment.
Interest income on loans increased $1.1 million,
or 4.5%, to $24.9 million for the nine months ended September
30, 2024 compared to $23.8 million for the nine months
ended September 30, 2023 due primarily to a 20 basis
point increase in the average yield from 4.46% for the nine months
ended September 30, 2023 to 4.66% for the nine months ended
September 30, 2024, offset by a $1.9 million decrease in the
average balance to $711.7 million for the nine months ended
September 30, 2024 from $713.6 million for the nine months
ended September 30, 2023.
Interest income on securities increased $2.2
million, or 69.4%, to $5.3 million for the nine months ended
September 30, 2024 from $3.1 million for the nine months
ended September 30, 2023 primarily due to a
112 basis point increase in the average yield from 2.80% for
the nine months ended September 30, 2023 to 3.92% for
the nine months ended September 30, 2024, and a
$31.0 million increase in the average balance to
$179.8 million for the nine months ended September 30,
2024 from $148.8 million for the nine months ended September
30, 2023.
Income from other interest-earning assets, which
primarily consisted of Federal Home Loan Bank stock, increased
$209,000, or 27.1% to $981,000 for the nine months ended
September 30, 2024 from $772,000 for the nine months
ended September 30, 2023 due to dividends paid on such
stock.
Interest expense increased $7.4 million, or
47.4%, from $15.7 million for the nine months ended September
30, 2023 to $23.1 million for the nine months ended September
30, 2024 due to higher costs and average balances on certificates
of deposit and borrowings.
Interest expense on interest-bearing deposits
increased $5.6 million, or 43.9%, to $18.4 million for the
nine months ended September 30, 2024 from $12.8 million for
the nine months ended September 30, 2023. The increase was due
to a 128 basis point increase in the average cost of deposits to
3.95% for the nine months ended September 30, 2024 from 2.67% for
the nine months ended September 30, 2023. The increase in the
average cost of deposits was due to the higher interest rate
environment and a change in the composition of the deposit
portfolio. The average balances of certificates of deposit
increased $12.0 million to $510.5 million for the nine
months ended September 30, 2024 from $498.5 million for
the nine months ended September 30, 2023 while average
NOW/money market accounts and savings accounts decreased
$24.2 million and $5.7 million for the nine months ended
September 30, 2024, respectively, compared to the nine months ended
September 30, 2023.
Interest expense on Federal Home Loan Bank
advances increased $1.8 million, or 62.7%, from $2.9
million for the nine months ended September 30, 2023 to
$4.7 million for the nine months ended September 30,
2024. The increase was primarily due to an increase in the average
balance of $60.7 million to $171.6 million for the nine
months ended September 30, 2024 from $110.9 million for the nine
months ended September 30, 2023. The increase was also due to an
increase in the average cost of borrowings of 17 basis points
to 3.67% for the nine months ended September 30,
2024 from 3.50% for the nine months ended September 30,
2023 due to new borrowings being at higher
rates. At September 30, 2024, cash flow hedges used to
manage interest rate risk had a notional value of $65.0 million,
while fair value hedges totaled $60.0 million in notional
value. During the nine months ended September 30, 2024,
the use of the cash flow hedges reduced the interest expense
on the Federal Home Loan Bank advances and certificates of deposit
by $1.2 million.
Net interest income decreased $4.0 million, or
33.1%, to $8.0 million for the nine months ended September 30, 2024
from $12.0 million for the nine months ended September 30,
2023. The decrease reflected a 73 basis point decrease in our
net interest rate spread to 0.68% for the nine months ended
September 30, 2024 from 1.41% for the nine months ended September
30, 2023. Our net interest margin decreased 64 basis points to
1.18% for the nine months ended September 30, 2024 from 1.82% for
the nine months ended September 30, 2023.
We recorded a $70,000 provision for credit
losses for the nine months ended September 30, 2024 compared to a
$125,000 recovery for credit losses for the nine-month period
ended September 30, 2023, which was due to a decrease in loan
balances in 2023. The entire provision in the first three
quarters of 2024 was due to an increase in held-to-maturity
corporate securities.
Non-interest income increased by $73,000, or
8.5%, to $929,000 for the nine months ended September 30, 2024 from
$856,000 for the nine months ended September 30, 2023. The
increase was primarily due to bank-owned life insurance income,
which increased $74,000, or 12.9%, due to higher balances during
2024.
For the nine months ended September 30, 2024,
non-interest expense increased $163,000, or 1.5%, over the
comparable 2023 period. Professional fees increased $270,000, or
65.5% due to higher consulting expense related to strategic
business planning. Data processing expense increased $210,000,
or 29.3%, due to higher processing costs. These were offset by
a $333,000, or 4.9%, reduction in salaries and employee benefit,
which decreased due to lower headcount and increased expenses in
2023 related to the retirement of the previous Chief Executive
Officer.
Income tax expense decreased $1.2 million,
or 312.9%, to a benefit of $821,000 for the nine months ended
September 30, 2024 from a $386,000 expense for the nine months
ended September 30, 2023. The decrease was due to a reduction
of $4.3 million in taxable income.
Balance Sheet Analysis
Total assets were $978.9 million at
September 30, 2024, representing an increase of $39.6 million,
or 4.2%, from December 31, 2023. Cash and cash equivalents
decreased $3.9 million during the period primarily due to the
purchase of new securities offset by loan repayments. Net
loans decreased $5.8 million, or 0.8%, due to
$22.5 million in repayments including a $12.6 million decrease
in the balance of residential loans, as well as a $9.1 million
decrease in the balance of construction loans and a decrease of
$915,000 in multifamily loans. The decrease was partially
offset by new production of $16.7 million, including
$13.1 million and $3.6 million of commercial real estate and
commercial and industrial loans, respectively. The
Company also purchased a pool of residential loans totaling $10.4
million. Due to the interest rate environment, we have
experienced a decrease in demand for residential and construction
loans, which have been primary drivers of our loan growth in recent
periods. Securities held to maturity increased
$7.4 million, or 10.3%, and securities available for sale
increased $40.0 million, or 57.6%, due to new purchases of
mortgage-backed securities with excess cash.
Delinquent loans increased $8.9 million to $21.5
million, or 3.0% of total loans, at September 30, 2024, compared to
$12.6 million, or 1.8% of total loans, at December 31, 2023.
The increase was mostly due to four commercial real estate
loans to three customers with a balance of $8.1 million. Three
of the past due commercial real estate loans are being actively
managed with the customers and are expected to be brought
current, while one totaling $758,000 has been placed on nonaccrual,
but is considered well-secured with a loan-to-value of
59%. During the same timeframe, non-performing assets increased
from $12.8 million at December 31, 2023 to $13.8 million,
which represented 1.41% of total assets at September 30, 2024. No
loans were charged-off during the three or nine months
ended September 30, 2024 or September 30, 2023. The
Company’s allowance for credit losses related to loans was 0.39% of
total loans and 19.94% of non-performing loans at September 30,
2024 compared to 0.39% of total loans and 21.81% of non-performing
loans at December 31, 2023. The Bank does not have any
exposure to commercial real estate loans secured by office
space. At September 30, 2024, the Company's allowance for
credit losses related to held-to-maturity securities totaled
$108,000 or 0.13% of the total held-to-maturity securities
portfolio.
Total liabilities increased $39.8 million, or
5.0%, to $841.9 million mainly due to a $34.9 million increase
in borrowings and a $3.9 million increase in total
deposits. The increase in deposits reflected an increase in
certificate of deposit accounts, which increased by
$505,000 to $493.8 million from $493.3 million at December 31,
2023, an increase in NOW deposit accounts, which increased by
$4.2 million to $45.5 million from $41.3 million at
December 31, 2023, and by an increase in noninterest bearing
demand accounts, which increased by $1.6 million from $30.6
million at December 31, 2023 to $32.1 million
at September 30, 2024. This was offset by a $2.6 million, or
18.0%, decrease in money market accounts. At September 30,
2024, brokered deposits were $101.1 million or 16.1% of deposits
and municipal deposits were $36.0 million or 5.7% of
deposits. At September 30, 2024, uninsured deposits
represented 10.7% of the Bank’s total deposits. Federal Home Loan
Bank advances increased $34.9 million, or 20.8%, due to
new borrowings, for which the durations have primarily been
short-term in nature as we remain mindful of the changing interest
rate environment and the potential for further interest rate cuts
from the Federal Reserve. Total borrowing capacity at the Federal
Home Loan Bank is $297.9 million of which $202.7 million
has been advanced.
Total stockholders’ equity decreased $233,000 to
$136.9 million, due to a net loss of $1.2
million and the repurchase of 163,790 shares of
stock at a cost of $1.2 million, offset by a decrease
in accumulated other comprehensive loss for securities
available for sale of $1.6 million and stock compensation of
$225,000 for the nine months ended September 30, 2024. At September
30, 2024, the Company’s ratio of average stockholders’
equity-to-total assets was 15.04%, compared to 15.32% at December
31, 2023.
About Bogota Financial Corp.
Bogota Financial Corp. is a Maryland corporation
organized as the mid-tier holding company of Bogota Savings Bank
and is the majority-owned subsidiary of Bogota Financial, MHC.
Bogota Savings Bank is a New Jersey chartered stock savings bank
that has served the banking needs of its customers in northern and
central New Jersey since 1893. It operates from seven offices
located in Bogota, Hasbrouck Heights, Upper Saddle River, Newark,
Oak Ridge, Parsippany and Teaneck, New Jersey and operates a loan
production office in Spring Lake, New Jersey.
Forward-Looking Statements
This press release contains certain forward-looking statements
about the Company and the Bank. Forward-looking statements include
statements regarding anticipated future events and can be
identified by the fact that they do not relate strictly to
historical or current facts. They often include words such as
“believe,” “expect,” “anticipate,” “estimate,” and “intend” or
future or conditional verbs such as “will,” “would,” “should,”
“could,” or “may.” Forward-looking statements, by their nature, are
subject to risks and uncertainties. Certain factors that could
cause actual results to differ materially from expected results
include increased competitive pressures, changes in the interest
rate environment, inflation, general economic conditions or
conditions within the securities markets, real estate market values
in the Bank’s lending area, changes in liquidity, including
the size and composition of our deposit portfolio and the
percentage of uninsured deposits in the portfolio; the availability
of low-cost funding; our continued reliance on brokered and
municipal deposits; demand for loans in our market
area; changes in the quality of our loan and security
portfolios, economic assumptions or changes in our methodology,
either of which may impact our allowance for credit losses
calculation, increases in non-performing and classified loans,
monetary and fiscal policies of the U.S. Government including
policies of the U.S. Treasury and the Board of Governors of the
Federal Reserve System, a failure in or breach of the Company’s
operational or security systems or infrastructure, including
cyberattacks, the failure to maintain current technologies, failure
to retain or attract employees and legislative, accounting and
regulatory changes that could adversely affect the business in
which the Company and the Bank are engaged.The Company undertakes
no obligation to revise these forward-looking statements or to
reflect events or circumstances after the date of this press
release.
|
BOGOTA FINANCIAL CORP. CONSOLIDATED
STATEMENTS OF FINANCIAL CONDITION
(unaudited) |
| |
|
|
|
|
|
| |
As of |
|
|
As of |
|
| |
September 30, 2024 |
|
|
December 31, 2023 |
|
|
Assets |
|
|
|
|
|
|
|
| Cash and due from banks |
$ |
10,630,086 |
|
|
$ |
13,567,115 |
|
| Interest-bearing deposits in
other banks |
|
10,372,434 |
|
|
|
11,362,356 |
|
|
Cash and cash equivalents |
|
21,002,520 |
|
|
|
24,929,471 |
|
| Securities available for sale,
at fair value |
|
108,560,811 |
|
|
|
68,888,179 |
|
| Securities held to maturity,
net of allowance for securities credit losses of $108,000 and zero,
respectively (fair value - $74,603,097 and $65,374,753,
respectively) |
|
80,103,753 |
|
|
|
72,656,179 |
|
| Loans, net of allowance for
credit losses of $2,747,949 and $2,785,949, respectively |
|
708,896,566 |
|
|
|
714,688,635 |
|
| Premises and equipment,
net |
|
7,853,076 |
|
|
|
7,687,387 |
|
| Federal Home Loan Bank (FHLB)
stock and other restricted securities |
|
10,180,100 |
|
|
|
8,616,100 |
|
| Accrued interest
receivable |
|
4,352,967 |
|
|
|
3,932,785 |
|
| Core deposit intangibles |
|
165,454 |
|
|
|
206,116 |
|
| Bank-owned life insurance |
|
31,635,988 |
|
|
|
30,987,851 |
|
| Other assets |
|
6,138,029 |
|
|
|
6,731,500 |
|
|
Total Assets |
$ |
978,889,264 |
|
|
$ |
939,324,203 |
|
|
Liabilities and Equity |
|
|
|
|
|
|
|
| Non-interest bearing
deposits |
$ |
32,125,742 |
|
|
$ |
30,554,842 |
|
| Interest bearing deposits |
|
597,141,995 |
|
|
|
594,792,300 |
|
|
Total deposits |
|
629,267,737 |
|
|
|
625,347,142 |
|
| FHLB advances-short term |
|
53,500,000 |
|
|
|
37,500,000 |
|
| FHLB advances-long term |
|
149,065,610 |
|
|
|
130,189,663 |
|
| Advance payments by borrowers
for taxes and insurance |
|
3,265,262 |
|
|
|
2,733,709 |
|
| Other liabilities |
|
6,850,898 |
|
|
|
6,380,486 |
|
|
Total liabilities |
|
841,949,507 |
|
|
|
802,151,000 |
|
| |
|
|
|
|
|
|
|
| Stockholders’ Equity |
|
|
|
|
|
|
|
|
Preferred stock $0.01 par value 1,000,000 shares authorized, none
issued and outstanding at September 30, 2024 and December 31,
2023 |
|
— |
|
|
|
— |
|
|
Common stock $0.01 par value, 30,000,000 shares authorized,
13,092,357 issued and outstanding at September 30, 2024 and
13,279,230 at December 31, 2023 |
|
130,823 |
|
|
|
132,792 |
|
|
Additional paid-in capital |
|
55,315,975 |
|
|
|
56,149,915 |
|
|
Retained earnings |
|
90,936,649 |
|
|
|
92,177,068 |
|
|
Unearned ESOP shares (389,674 shares at September 30, 2024 and
409,750 shares at December 31, 2023) |
|
(4,595,895 |
) |
|
|
(4,821,798 |
) |
|
Accumulated other comprehensive loss |
|
(4,847,795 |
) |
|
|
(6,464,774 |
) |
|
Total stockholders’ equity |
|
136,939,757 |
|
|
|
137,173,203 |
|
|
Total liabilities and stockholders’ equity |
$ |
978,889,264 |
|
|
$ |
939,324,203 |
|
|
|
|
BOGOTA FINANCIAL CORP. CONSOLIDATED
STATEMENTS OF OPERATIONS(unaudited) |
| |
| |
Three Months Ended |
|
|
Nine Months Ended |
|
| |
September 30, |
|
|
September 30, |
|
| |
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees |
$ |
8,381,581 |
|
|
$ |
7,980,388 |
|
|
$ |
24,888,377 |
|
|
$ |
23,821,545 |
|
|
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
1,884,276 |
|
|
|
994,791 |
|
|
|
5,247,336 |
|
|
|
3,042,389 |
|
|
Tax-exempt |
|
13,137 |
|
|
|
13,159 |
|
|
|
39,409 |
|
|
|
78,293 |
|
|
Other interest-earning assets |
|
341,268 |
|
|
|
301,081 |
|
|
|
980,536 |
|
|
|
771,584 |
|
|
Total interest income |
|
10,620,262 |
|
|
|
9,289,419 |
|
|
|
31,155,658 |
|
|
|
27,713,811 |
|
| Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
6,160,547 |
|
|
|
4,851,926 |
|
|
|
18,384,323 |
|
|
|
12,777,907 |
|
|
FHLB advances |
|
1,802,387 |
|
|
|
1,220,166 |
|
|
|
4,719,056 |
|
|
|
2,900,359 |
|
|
Total interest expense |
|
7,962,934 |
|
|
|
6,072,092 |
|
|
|
23,103,379 |
|
|
|
15,678,266 |
|
| Net interest income |
|
2,657,328 |
|
|
|
3,217,327 |
|
|
|
8,052,279 |
|
|
|
12,035,545 |
|
| Provision (recovery) for
credit losses |
|
— |
|
|
|
— |
|
|
|
70,000 |
|
|
|
(125,000 |
) |
|
Net interest income after provision (recovery) for credit
losses |
|
2,657,328 |
|
|
|
3,217,327 |
|
|
|
7,982,279 |
|
|
|
12,160,545 |
|
| Non-interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees and service charges |
|
56,610 |
|
|
|
61,529 |
|
|
|
164,400 |
|
|
|
159,381 |
|
|
Gain on sale of loans |
|
11,710 |
|
|
|
— |
|
|
|
11,710 |
|
|
|
29,375 |
|
|
Bank-owned life insurance |
|
221,122 |
|
|
|
197,873 |
|
|
|
648,137 |
|
|
|
574,073 |
|
|
Other |
|
37,943 |
|
|
|
30,332 |
|
|
|
105,420 |
|
|
|
93,660 |
|
|
Total non-interest income |
|
327,385 |
|
|
|
289,734 |
|
|
|
929,667 |
|
|
|
856,489 |
|
| Non-interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
2,102,993 |
|
|
|
2,274,347 |
|
|
|
6,404,946 |
|
|
|
6,737,952 |
|
|
Occupancy and equipment |
|
380,714 |
|
|
|
372,626 |
|
|
|
1,118,739 |
|
|
|
1,114,170 |
|
|
FDIC insurance assessment |
|
106,313 |
|
|
|
132,571 |
|
|
|
313,626 |
|
|
|
319,690 |
|
|
Data processing |
|
306,167 |
|
|
|
205,721 |
|
|
|
928,292 |
|
|
|
717,913 |
|
|
Advertising |
|
85,750 |
|
|
|
126,000 |
|
|
|
310,950 |
|
|
|
369,383 |
|
|
Director fees |
|
159,851 |
|
|
|
159,336 |
|
|
|
467,100 |
|
|
|
478,011 |
|
|
Professional fees |
|
248,420 |
|
|
|
149,251 |
|
|
|
682,517 |
|
|
|
412,519 |
|
|
Other |
|
214,686 |
|
|
|
241,530 |
|
|
|
747,598 |
|
|
|
661,300 |
|
|
Total non-interest expense |
|
3,604,894 |
|
|
|
3,661,382 |
|
|
|
10,973,768 |
|
|
|
10,810,938 |
|
| (Loss) income before income
taxes |
|
(620,181 |
) |
|
|
(154,321 |
) |
|
|
(2,061,822 |
) |
|
|
2,206,096 |
|
| Income tax (benefit)
expense |
|
(253,221 |
) |
|
|
(125,268 |
) |
|
|
(821,403 |
) |
|
|
385,801 |
|
| Net (loss) income |
$ |
(366,960 |
) |
|
$ |
(29,053 |
) |
|
$ |
(1,240,419 |
) |
|
$ |
1,820,295 |
|
| (Loss) earnings per Share -
basic |
$ |
(0.03 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.10 |
) |
|
$ |
0.14 |
|
| (Loss) earnings per Share -
diluted |
$ |
(0.03 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.10 |
) |
|
$ |
0.14 |
|
| Weighted average shares
outstanding - basic |
|
12,702,683 |
|
|
|
13,037,903 |
|
|
|
12,702,683 |
|
|
|
13,103,951 |
|
| Weighted average shares
outstanding - diluted |
|
12,717,904 |
|
|
|
13,037,903 |
|
|
|
12,734,624 |
|
|
|
13,103,951 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BOGOTA FINANCIAL CORP. SELECTED
RATIOS (unaudited) |
| |
|
|
|
|
|
| |
At or For the Three Months |
|
|
At or for the Nine Months |
|
| |
Ended September 30, |
|
|
Ended September 30, |
|
| |
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
Performance Ratios (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Loss) return on average
assets (2) |
|
(0.07 |
)% |
|
|
(0.01 |
)% |
|
|
(0.20 |
)% |
|
|
0.26 |
% |
| (Loss) return on average
equity (3) |
|
(0.52 |
)% |
|
|
(0.08 |
)% |
|
|
(1.44 |
)% |
|
|
1.75 |
% |
| Interest rate spread (4) |
|
0.66 |
% |
|
|
1.01 |
% |
|
|
0.68 |
% |
|
|
1.41 |
% |
| Net interest margin (5) |
|
1.15 |
% |
|
|
1.47 |
% |
|
|
1.18 |
% |
|
|
1.82 |
% |
| Efficiency ratio (6) |
|
120.78 |
% |
|
|
104.40 |
% |
|
|
122.18 |
% |
|
|
83.05 |
% |
| Average interest-earning
assets to average interest-bearing liabilities |
|
114.30 |
% |
|
|
116.68 |
% |
|
|
114.62 |
% |
|
|
117.21 |
% |
| Net loans to deposits |
|
110.67 |
% |
|
|
110.08 |
% |
|
|
114.43 |
% |
|
|
110.08 |
% |
| Average equity to average
assets (7) |
|
14.01 |
% |
|
|
15.00 |
% |
|
|
14.14 |
% |
|
|
14.88 |
% |
| Capital
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tier 1 capital to average
assets |
|
|
|
|
|
|
|
|
|
13.47 |
% |
|
|
15.67 |
% |
| Asset Quality
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for credit losses as
a percent of total loans |
|
|
|
|
|
|
|
|
|
0.39 |
% |
|
|
0.39 |
% |
| Allowance for credit losses as
a percent of non-performing loans |
|
|
|
|
|
|
|
|
|
19.94 |
% |
|
|
22.62 |
% |
| Net charge-offs to average
outstanding loans during the period |
|
|
|
|
|
|
|
|
|
0.00 |
% |
|
|
0.00 |
% |
| Non-performing loans as a
percent of total loans |
|
|
|
|
|
|
|
|
|
1.94 |
% |
|
|
1.73 |
% |
| Non-performing assets as a
percent of total assets |
|
|
|
|
|
|
|
|
|
1.41 |
% |
|
|
1.33 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Certain
performance ratios for the three and nine months ended
September 30, 2024 and 2023 are annualized. |
| (2) Represents
net (loss) income divided by average total assets. |
| (3) Represents
net (loss) income divided by average
stockholders’ equity. |
| (4) Represents
the difference between the weighted average yield on average
interest-earning assets and the weighted average cost of average
interest-bearing liabilities. Tax exempt income is reported on a
tax equivalent basis using a combined federal and state marginal
tax rate of 27.5% for 2024 and 2023. |
| (5) Represents
net interest income as a percent of average interest-earning
assets. Tax exempt income is reported on a tax equivalent basis
using a combined federal and state marginal tax rate of 27.5%
for 2024 and 2023. |
| (6) Represents
non-interest expenses divided by the sum of net interest income and
non-interest income. |
| (7) Represents
average stockholders’ equity divided by average total
assets. |
| |
LOANS
Loans are summarized as follows at September 30, 2024 and
December 31, 2023:
| |
| |
September 30, |
|
|
December 31, |
|
| |
2024 |
|
|
2023 |
|
| |
(unaudited) |
|
|
Real estate: |
|
|
|
|
|
|
|
|
Residential First Mortgage |
$ |
473,492,871 |
|
|
$ |
486,052,422 |
|
|
Commercial Real Estate |
|
112,899,496 |
|
|
|
99,830,514 |
|
|
Multi-Family Real Estate |
|
74,697,352 |
|
|
|
75,612,566 |
|
|
Construction |
|
40,243,916 |
|
|
|
49,302,040 |
|
| Commercial and Industrial |
|
10,229,503 |
|
|
|
6,658,370 |
|
|
Consumer |
|
81,377 |
|
|
|
18,672 |
|
| Total loans |
|
711,644,515 |
|
|
|
717,474,584 |
|
| Allowance for credit
losses |
|
(2,747,949 |
) |
|
|
(2,785,949 |
) |
| Net loans |
$ |
708,896,566 |
|
|
$ |
714,688,635 |
|
| |
The following tables set forth the distribution of total deposit
accounts, by account type, at the dates indicated:
| |
| |
At September 30, |
|
|
At December 31, |
|
| |
2024 |
|
|
2023 |
|
| |
Amount |
|
|
Percent |
|
|
Average Rate |
|
|
Amount |
|
|
Percent |
|
|
Average Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(unaudited) |
|
| Noninterest bearing demand
accounts |
$ |
32,125,742 |
|
|
|
5.11 |
% |
|
|
— |
% |
|
$ |
30,554,842 |
|
|
|
4.89 |
% |
|
|
— |
% |
| NOW accounts |
|
45,493,204 |
|
|
|
7.23 |
% |
|
|
2.21 |
|
|
|
41,320,723 |
|
|
|
6.61 |
% |
|
|
1.90 |
|
| Money market accounts |
|
12,003,291 |
|
|
|
1.91 |
% |
|
|
0.30 |
|
|
|
14,641,846 |
|
|
|
2.34 |
% |
|
|
0.30 |
|
| Savings accounts |
|
45,865,501 |
|
|
|
7.29 |
% |
|
|
1.82 |
|
|
|
45,554,964 |
|
|
|
7.28 |
% |
|
|
1.76 |
|
| Certificates of deposit |
|
493,779,999 |
|
|
|
78.47 |
% |
|
|
4.15 |
|
|
|
493,274,767 |
|
|
|
78.88 |
% |
|
|
4.00 |
|
|
Total |
$ |
629,267,737 |
|
|
|
100.00 |
% |
|
|
3.55 |
% |
|
$ |
625,347,142 |
|
|
|
100.00 |
% |
|
|
3.42 |
% |
|
|
Average Balance Sheets and Related Yields and
Rates
The following tables present information regarding average
balances of assets and liabilities, the total dollar amounts of
interest income and dividends from average interest-earning assets,
the total dollar amounts of interest expense on average
interest-bearing liabilities, and the resulting annualized average
yields and costs. The yields and costs for the periods indicated
are derived by dividing income or expense by the average balances
of assets or liabilities, respectively, for the periods presented.
Average balances have been calculated using daily balances.
Nonaccrual loans are included in average balances only. Loan fees
are included in interest income on loans and are not material.
| |
| |
Three Months Ended September 30, |
|
| |
2024 |
|
|
2023 |
|
| |
Average Balance |
|
|
Interest and Dividends |
|
|
Yield/ Cost |
|
|
Average Balance |
|
|
Interest and Dividends |
|
|
Yield/ Cost |
|
| |
(Dollars in thousands) |
|
| Assets: |
(unaudited) |
|
|
Cash and cash equivalents |
$ |
10,195 |
|
|
$ |
138 |
|
|
|
5.39 |
% |
|
$ |
12,764 |
|
|
$ |
168 |
|
|
|
5.21 |
% |
|
Loans |
|
711,601 |
|
|
|
8,381 |
|
|
|
4.69 |
% |
|
|
710,725 |
|
|
|
7,981 |
|
|
|
4.45 |
% |
|
Securities |
|
187,212 |
|
|
|
1,897 |
|
|
|
4.05 |
% |
|
|
138,479 |
|
|
|
1,008 |
|
|
|
2.91 |
% |
|
Other interest-earning assets |
|
9,908 |
|
|
|
203 |
|
|
|
8.20 |
% |
|
|
6,620 |
|
|
|
132 |
|
|
|
8.04 |
% |
|
Total interest-earning assets |
|
918,916 |
|
|
|
10,619 |
|
|
|
4.60 |
% |
|
|
868,588 |
|
|
|
9,289 |
|
|
|
4.25 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-earning assets |
|
56,061 |
|
|
|
|
|
|
|
|
|
|
|
54,179 |
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
974,977 |
|
|
|
|
|
|
|
|
|
|
$ |
922,767 |
|
|
|
|
|
|
|
|
|
| Liabilities and
equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money market accounts |
$ |
65,767 |
|
|
$ |
329 |
|
|
|
1.99 |
% |
|
$ |
74,785 |
|
|
$ |
354 |
|
|
|
1.88 |
% |
|
Savings accounts |
|
44,029 |
|
|
|
205 |
|
|
|
1.85 |
% |
|
|
46,177 |
|
|
|
214 |
|
|
|
1.83 |
% |
|
Certificates of deposit (1) |
|
497,251 |
|
|
|
5,626 |
|
|
|
4.50 |
% |
|
|
498,082 |
|
|
|
4,284 |
|
|
|
3.41 |
% |
|
Total interest-bearing deposits |
|
607,047 |
|
|
|
6,160 |
|
|
|
4.04 |
% |
|
|
619,044 |
|
|
|
4,852 |
|
|
|
3.11 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank advances (1) |
|
196,885 |
|
|
|
1,802 |
|
|
|
3.64 |
% |
|
|
125,344 |
|
|
|
1,220 |
|
|
|
3.86 |
% |
|
Total interest-bearing liabilities |
|
803,932 |
|
|
|
7,962 |
|
|
|
3.94 |
% |
|
|
744,388 |
|
|
|
6,072 |
|
|
|
3.24 |
% |
|
Non-interest-bearing deposits |
|
31,679 |
|
|
|
|
|
|
|
|
|
|
|
38,257 |
|
|
|
|
|
|
|
|
|
|
Other non-interest-bearing liabilities |
|
2,724 |
|
|
|
|
|
|
|
|
|
|
|
1,727 |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
838,335 |
|
|
|
|
|
|
|
|
|
|
|
784,372 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity |
|
136,642 |
|
|
|
|
|
|
|
|
|
|
|
138,395 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
$ |
974,977 |
|
|
|
|
|
|
|
|
|
|
$ |
922,767 |
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
2,657 |
|
|
|
|
|
|
|
|
|
|
$ |
3,217 |
|
|
|
|
|
|
Interest rate spread (2) |
|
|
|
|
|
|
|
|
|
0.66 |
% |
|
|
|
|
|
|
|
|
|
|
1.01 |
% |
|
Net interest margin (3) |
|
|
|
|
|
|
|
|
|
1.15 |
% |
|
|
|
|
|
|
|
|
|
|
1.47 |
% |
| Average interest-earning
assets to average interest-bearing liabilities |
|
114.30 |
% |
|
|
|
|
|
|
|
|
|
|
116.68 |
% |
|
|
|
|
|
|
|
|
| |
| 1. Cash flow and
fair value hedges are used to manage interest rate risk. During the
three months ended September 30, 2024 and 2023, the net effect on
interest expense on the Federal Home Loan Bank advances and
certificates of deposit was a reduced expense of $498,000 and
$92,000, respectively. |
| 2. Interest rate
spread represents the difference between the weighted average yield
on interest-earning assets and the weighted average cost of
interest-bearing liabilities. |
| 3. Net interest
margin represents net interest income divided by average total
interest-earning assets. |
| |
| |
Nine Months Ended September 30, |
|
| |
2024 |
|
|
2023 |
|
| |
Average Balance |
|
|
Interest and Dividends |
|
|
Yield/ Cost |
|
|
Average Balance |
|
|
Interest and Dividends |
|
|
Yield/ Cost |
|
| |
(Dollars in thousands) |
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
9,072 |
|
|
$ |
415 |
|
|
|
6.09 |
% |
|
$ |
11,352 |
|
|
$ |
423 |
|
|
|
4.98 |
% |
|
Loans |
|
711,697 |
|
|
|
24,888 |
|
|
|
4.66 |
% |
|
|
713,603 |
|
|
|
23,822 |
|
|
|
4.46 |
% |
|
Securities |
|
179,818 |
|
|
|
5,287 |
|
|
|
3.92 |
% |
|
|
148,802 |
|
|
|
3,121 |
|
|
|
2.80 |
% |
|
Other interest-earning assets |
|
8,903 |
|
|
|
566 |
|
|
|
8.48 |
% |
|
|
6,110 |
|
|
|
348 |
|
|
|
7.62 |
% |
|
Total interest-earning assets |
|
909,490 |
|
|
|
31,156 |
|
|
|
4.57 |
% |
|
|
879,867 |
|
|
|
27,714 |
|
|
|
4.20 |
% |
|
Non-interest-earning assets |
|
58,221 |
|
|
|
|
|
|
|
|
|
|
|
54,380 |
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
967,711 |
|
|
|
|
|
|
|
|
|
|
$ |
934,247 |
|
|
|
|
|
|
|
|
|
| Liabilities and
equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money market accounts |
$ |
67,628 |
|
|
$ |
993 |
|
|
|
1.96 |
% |
|
$ |
91,781 |
|
|
$ |
1,089 |
|
|
|
1.59 |
% |
|
Savings accounts |
|
43,824 |
|
|
|
608 |
|
|
|
1.85 |
% |
|
|
49,529 |
|
|
|
375 |
|
|
|
1.01 |
% |
|
Certificates of deposit (1) |
|
510,494 |
|
|
|
16,784 |
|
|
|
4.39 |
% |
|
|
498,460 |
|
|
|
11,314 |
|
|
|
3.03 |
% |
|
Total interest-bearing deposits |
|
621,946 |
|
|
|
18,385 |
|
|
|
3.95 |
% |
|
|
639,770 |
|
|
|
12,778 |
|
|
|
2.67 |
% |
|
Federal Home Loan Bank advances (1) |
|
171,565 |
|
|
|
4,719 |
|
|
|
3.67 |
% |
|
|
110,875 |
|
|
|
2,900 |
|
|
|
3.50 |
% |
|
Total interest-bearing liabilities |
|
793,511 |
|
|
|
23,104 |
|
|
|
3.89 |
% |
|
|
750,645 |
|
|
|
15,678 |
|
|
|
2.79 |
% |
|
Non-interest-bearing deposits |
|
31,225 |
|
|
|
|
|
|
|
|
|
|
|
38,253 |
|
|
|
|
|
|
|
|
|
|
Other non-interest-bearing liabilities |
|
6,154 |
|
|
|
|
|
|
|
|
|
|
|
6,351 |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
830,890 |
|
|
|
|
|
|
|
|
|
|
|
795,249 |
|
|
|
|
|
|
|
|
|
|
Total equity |
|
136,821 |
|
|
|
|
|
|
|
|
|
|
|
138,998 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
$ |
967,711 |
|
|
|
|
|
|
|
|
|
|
$ |
934,247 |
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
8,052 |
|
|
|
|
|
|
|
|
|
|
$ |
12,036 |
|
|
|
|
|
|
Interest rate spread (2) |
|
|
|
|
|
|
|
|
|
0.68 |
% |
|
|
|
|
|
|
|
|
|
|
1.41 |
% |
|
Net interest margin (3) |
|
|
|
|
|
|
|
|
|
1.18 |
% |
|
|
|
|
|
|
|
|
|
|
1.82 |
% |
| Average interest-earning
assets to average interest-bearing liabilities |
|
114.62 |
% |
|
|
|
|
|
|
|
|
|
|
117.21 |
% |
|
|
|
|
|
|
|
|
| |
| 1. Cash flow and
fair value hedges are used to manage interest rate risk. During
the nine months ended September 30, 2024 and 2023, the net
effect on interest expense on the Federal Home Loan Bank advances
and certificates of deposit was a reduced expense of $1.2
million and $139,000, respectively. |
| 2. Interest rate
spread represents the difference between the weighted average yield
on interest-earning assets and the weighted average cost of
interest-bearing liabilities. |
| 3. Net interest
margin represents net interest income divided by average total
interest-earning assets. |
| |
Rate/Volume Analysis
The following table sets forth the effects of changing rates and
volumes on net interest income. The rate column shows the effects
attributable to changes in rate (changes in rate multiplied by
prior volume). The volume column shows the effects attributable to
changes in volume (changes in volume multiplied by prior rate). The
net column represents the sum of the prior columns. Changes
attributable to changes in both rate and volume that cannot be
segregated have been allocated proportionally based on the changes
due to rate and the changes due to volume.
| |
| |
Three Months Ended September 30, 2024 |
|
|
Nine Months Ended September 30, 2024 |
|
| |
Compared to |
|
|
Compared to |
|
| |
Three Months Ended September 30, 2023 |
|
|
Nine Months Ended September 30, 2023 |
|
| |
Increase (Decrease) Due to |
|
|
Increase (Decrease) Due to |
|
| |
Volume |
|
|
Rate |
|
|
Net |
|
|
Volume |
|
|
Rate |
|
|
Net |
|
| |
(In thousands) |
|
| Interest
income: |
(unaudited) |
|
|
Cash and cash equivalents |
$ |
(66 |
) |
|
$ |
36 |
|
|
$ |
(30 |
) |
|
$ |
(123 |
) |
|
$ |
115 |
|
|
$ |
(8 |
) |
|
Loans receivable |
|
9 |
|
|
|
391 |
|
|
|
400 |
|
|
|
(101 |
) |
|
|
1,167 |
|
|
|
1,066 |
|
|
Securities |
|
420 |
|
|
|
469 |
|
|
|
889 |
|
|
|
742 |
|
|
|
1,424 |
|
|
|
2,166 |
|
|
Other interest earning assets |
|
68 |
|
|
|
3 |
|
|
|
71 |
|
|
|
175 |
|
|
|
43 |
|
|
|
218 |
|
|
Total interest-earning assets |
|
432 |
|
|
|
898 |
|
|
|
1,330 |
|
|
|
692 |
|
|
|
2,750 |
|
|
|
3,442 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money market accounts |
|
(128 |
) |
|
|
103 |
|
|
|
(25 |
) |
|
|
(413 |
) |
|
|
317 |
|
|
|
(96 |
) |
|
Savings accounts |
|
(24 |
) |
|
|
15 |
|
|
|
(9 |
) |
|
|
(73 |
) |
|
|
306 |
|
|
|
233 |
|
|
Certificates of deposit |
|
(49 |
) |
|
|
1,391 |
|
|
|
1,342 |
|
|
|
279 |
|
|
|
5,191 |
|
|
|
5,470 |
|
|
Federal Home Loan Bank advances |
|
1,031 |
|
|
|
(449 |
) |
|
|
582 |
|
|
|
1,667 |
|
|
|
152 |
|
|
|
1,819 |
|
|
Total interest-bearing liabilities |
|
830 |
|
|
|
1,060 |
|
|
|
1,890 |
|
|
|
1,461 |
|
|
|
5,965 |
|
|
|
7,426 |
|
|
Net decrease in net interest income |
$ |
(398 |
) |
|
$ |
(162 |
) |
|
$ |
(560 |
) |
|
$ |
(768 |
) |
|
$ |
(3,216 |
) |
|
$ |
(3,984 |
) |
|
|
ContactsKevin Pace – President & CEO, 201-862-0660
ext. 1110
Bogota Financial (NASDAQ:BSBK)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Bogota Financial (NASDAQ:BSBK)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024
