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Overview of Bogota Financial Corp (BSBK)
Bogota Financial Corp is a distinguished community bank based in New Jersey that has built a solid reputation over more than a century of service. As a cornerstone in the local financial landscape, the company offers a comprehensive range of personal and business banking services including traditional deposit accounts (savings, checking, and certificates of deposit) and a diverse suite of lending solutions. Key industry keywords such as community banking, financial services, and commercial lending underscore its market position and operational focus.
Core Business Areas
The bank specializes in both deposit and lending operations. On the deposit side, it has established a robust program that caters to a wide array of customer needs, from basic checking and savings accounts to certificate of deposits designed for more strategic financial planning. In terms of lending, the institution offers comprehensive solutions in residential, commercial, and consumer segments, serving local residents and businesses alike through an array of well-structured loan products.
Operational Excellence and Business Model
Bogota Financial Corp generates revenue primarily through interest income from its diverse loan portfolio and fees associated with its deposit services. Its business model is built on a foundation of prudent lending practices and risk management, ensuring stability in varying economic conditions. The institution consistently integrates traditional financial practices with emerging technologies, such as online banking platforms, to enhance operational efficiency and accessibility for its clientele.
Market Position and Competitive Landscape
With a history that spans over 120 years, Bogota Financial Corp has cemented itself as a reliable and trusted financial partner in its communities. Its competitive advantage lies in the unique blend of personalized customer service and innovative digital solutions, which enables it to serve both traditional and modern banking needs. The bank addresses common challenges in the financial sector by maintaining diligent asset management practices and a balanced approach to growth and risk control.
Community Engagement and Customer Focus
At its core, Bogota Financial Corp is more than just a bank; it is a community partner committed to the prosperity of the local economy. The bank’s history of supporting community programs and local initiatives highlights its dedication to fostering long-term relationships with families, local businesses, and community organizations. Its operations are steeped in a tradition of open dialogue, quality service, and customized financial products that precisely meet the needs of its diverse customer base.
Technological Integration and Future Operational Stability
The company has embraced new technologies to improve its service offerings and operational efficiency. By integrating digital solutions into its traditional banking framework, it ensures that customers benefit from the convenience of online banking services while still enjoying the assurance of personal, face-to-face service when needed. This balanced approach not only improves customer satisfaction but also positions the company solidly within the competitive landscape of modern banking.
Summary
In summary, Bogota Financial Corp is a longstanding and multifaceted banking institution that combines traditional, time-tested financial services with modern technology to serve the community effectively. Its transparent business model, strong emphasis on customer service, and strategic approach to both deposit and lending operations make it a significant player in New Jersey’s financial landscape.
Bogota Financial Corp. (NASDAQ: BSBK) reported a net loss of $930,000 ($0.07 per share) for Q4 2024 and a net loss of $2.2 million ($0.17 per share) for full-year 2024, compared to a net loss of $1.2 million in Q4 2023 and net income of $643,000 for 2023.
Total assets increased 3.4% to $971.5 million, with cash and cash equivalents up 109.5% to $52.2 million. Net loans decreased 0.4% to $711.7 million, while deposits grew 2.7% to $642.2 million. The company completed a strategic balance sheet restructuring in Q4 2024, including a sale-leaseback transaction of three branch offices resulting in a $9.0 million pre-tax gain, and a securities sale resulting in an $8.9 million pre-tax loss.
The net interest margin decreased to 1.09% in Q4 2024 from 1.35% in Q4 2023, while the average rate paid on deposits increased to 3.73% in 2024 from 3.42% in 2023.
Bogota Financial Corp. (NASDAQ: BSBK) has completed a significant balance sheet restructuring in Q4 2024 through two key transactions. The first involved a sale-leaseback of three branch offices, generating a $9.0 million pre-tax gain. The second transaction resulted in an $8.9 million pre-tax loss from selling securities worth $66.0 million in amortized cost ($57.1 million market value).
The sold securities had a weighted average life of 5.5 years and yielded 1.89%. Part of the proceeds were reinvested in higher-yielding securities at approximately 5.49%, while the remainder will fund loans at current market rates of 6.50% to 7.75% and reduce higher-cost borrowings. The Bank is also removing its held-to-maturity designation on remaining HTM securities. These strategic moves aim to improve net interest margin and return on assets.
Bogota Financial Corp. (NASDAQ: BSBK) issued a correction to its Q3 2024 financial results due to a $300,000 understatement in interest expense on deposits. The corrected figures show a net loss of $367,000 ($0.03 per share) for Q3 2024, compared to a net loss of $29,000 in Q3 2023. For the nine months ended September 30, 2024, the company reported a net loss of $1.2 million ($0.10 per share), versus net income of $1.8 million in the same period of 2023. Total assets increased 4.2% to $978.9 million, while net loans decreased 0.8% to $708.9 million. The company has repurchased 163,790 shares at a cost of $1.2 million under its current buyback program.
Bogota Financial Corp reported a net loss of $147,000 ($0.01 per share) for Q3 2024, compared to a net loss of $29,000 in Q3 2023. For the nine months ended September 30, 2024, the company reported a net loss of $1.0 million ($0.08 per share), versus net income of $1.8 million in the same period 2023. Total assets increased 4.2% to $978.8 million, with securities up 33.3% to $188.7 million. Net loans decreased 0.8% to $708.9 million. The company completed its third stock repurchase program and began its fourth, repurchasing 163,790 shares at a cost of $1.2 million.
Bogota Financial Corp. (NASDAQ: BSBK) reported a net loss of $432,000 for Q2 2024, compared to net income of $857,000 in Q2 2023. For the first half of 2024, the company reported a net loss of $873,000, down from net income of $1.8 million in the same period last year. The decrease was primarily due to a $1.5 million decrease in net interest income.
Key financial highlights include:
- Total assets increased 3.8% to $974.7 million
- Net loans decreased 1.0% to $707.6 million
- Total deposits increased 3.8% to $649.1 million
- Federal Home Loan Bank advances increased 7.0% to $179.4 million
The company's net interest margin decreased 75 basis points to 1.21% for Q2 2024. Bogota Financial Corp. also continued its stock repurchase program, buying back 107,323 shares at a cost of $735,000 during the quarter.
Bogota Financial Corp. reported a net loss of $441,000 for the three months ended March 31, 2024, compared to a net income of $993,000 for the same period in the prior year. Total assets increased to $961.2 million, with growth in securities and deposits. However, net loans decreased, impacting the overall financial performance.
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