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Bogota Financial Corp. (BSBK) is a prominent banking institution based in New Jersey, operating primarily through its subsidiary, Bogota Savings Bank. With a legacy spanning over 120 years, the bank is deeply embedded in the communities of Bogota and Teaneck. Bogota Financial Corp. offers a diverse range of financial services, including traditional deposit programs like savings accounts, checking accounts, and certificates of deposit. They are also known for their expertise in residential, commercial mortgage, and multi-family lending, serving both individual and business clients.
Bogota Savings Bank prides itself on combining old-fashioned customer service with new technologies, ensuring a seamless banking experience for its customers. The bank's commitment to the community is evident through its philanthropic efforts, supporting various local programs such as Shelter Our Sisters, Habitat for Humanity, United Way, Children's Aid and Family Services, and high school scholarships.
Financial stability and growth are cornerstones of Bogota Financial Corp.'s operations. They maintain robust financial health, enabling them to support local businesses and families, thereby fostering economic prosperity in their service areas. The bank's open communication policy and quality products have helped build and maintain trust with generations of families in New Jersey.
Recent achievements of Bogota Financial Corp. include advancements in online banking services, which provide customers greater flexibility and convenience. The bank's ongoing projects focus on expanding their service offerings and improving customer experience through innovative solutions and strategic partnerships.
For investors, Bogota Financial Corp. represents a steadfast and reliable entity in the financial sector, driven by a mission to enhance community welfare while delivering solid financial performance.
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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