Bogota Financial Corp. Reports Results for the Three and Nine Months Ended September 30, 2024
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 ha riportato una perdita netta di 147.000 dollari (0,01 dollari per azione) per il terzo trimestre del 2024, rispetto a una perdita netta di 29.000 dollari nel terzo trimestre del 2023. Nei nove mesi terminati il 30 settembre 2024, l'azienda ha registrato una perdita netta di 1,0 milione di dollari (0,08 dollari per azione), contro un utile netto di 1,8 milioni di dollari nello stesso periodo del 2023. Il totale delle attività è aumentato del 4,2% raggiungendo 978,8 milioni di dollari, con valori mobiliari in crescita del 33,3% a 188,7 milioni di dollari. I prestiti netti sono diminuiti dello 0,8% a 708,9 milioni di dollari. L'azienda ha completato il suo terzo programma di riacquisto di azioni e ha avviato il quarto, riacquistando 163.790 azioni per un costo di 1,2 milioni di dollari.
Bogota Financial Corp reportó una pérdida neta de 147.000 dólares (0,01 dólares por acción) para el tercer trimestre de 2024, en comparación con una pérdida neta de 29.000 dólares en el tercer trimestre de 2023. Para los nueve meses terminados el 30 de septiembre de 2024, la compañía reportó una pérdida neta de 1,0 millón de dólares (0,08 dólares por acción), frente a un ingreso neto de 1,8 millones de dólares en el mismo periodo de 2023. Los activos totales aumentaron un 4,2% a 978,8 millones de dólares, con valores en aumento del 33,3% a 188,7 millones de dólares. Los préstamos netos disminuyeron un 0,8% a 708,9 millones de dólares. La compañía completó su tercer programa de recompra de acciones y comenzó el cuarto, recomprando 163.790 acciones a un costo de 1,2 millones de dólares.
보고타 파이낸셜 코퍼레이션은 2024년 3분기 동안 147,000달러(주당 0.01달러)의 순손실을 보고했으며, 2023년 3분기의 순손실 29,000달러와 비교됩니다. 2024년 9월 30일로 종료된 9개월 동안 회사는 1.0백만 달러(주당 0.08달러)의 순손실을 보고했으며, 2023년 같은 기간의 순이익 1.8백만 달러와 대조됩니다. 총 자산은 4.2% 증가하여 9억 7천 8백만 달러에 이르렀고, 유가는 33.3% 증가하여 1억 8천 8백만 달러에 도달했습니다. 순대출은 0.8% 감소하여 7억 8천 9백만 달러가 되었습니다. 이 회사는 세 번째 자사주 매입 프로그램을 완료하고 네 번째 프로그램을 시작하여 163,790주를 120만 달러에 재매입했습니다.
Bogota Financial Corp a enregistré une perte nette de 147 000 dollars (0,01 dollar par action) pour le troisième trimestre de 2024, contre une perte nette de 29 000 dollars pour le troisième trimestre de 2023. Pour les neuf mois se terminant le 30 septembre 2024, la société a annoncé une perte nette de 1,0 million de dollars (0,08 dollar par action), contre un bénéfice net de 1,8 million de dollars pour la même période en 2023. Les actifs totaux ont augmenté de 4,2 % pour atteindre 978,8 millions de dollars, avec des titres en hausse de 33,3 % à 188,7 millions de dollars. Les prêts nets ont diminué de 0,8 % pour s'établir à 708,9 millions de dollars. L'entreprise a complété son troisième programme de rachat d'actions et a commencé le quatrième, rachetant 163 790 actions à un coût de 1,2 million de dollars.
Bogota Financial Corp berichtete für das dritte Quartal 2024 einen Nettoverlust von 147.000 US-Dollar (0,01 US-Dollar pro Aktie), verglichen mit einem Nettoverlust von 29.000 US-Dollar im dritten Quartal 2023. Für die neun Monate bis zum 30. September 2024 meldete das Unternehmen einen Nettoverlust von 1,0 Millionen US-Dollar (0,08 US-Dollar pro Aktie), im Gegensatz zu einem Nettoertrag von 1,8 Millionen US-Dollar im gleichen Zeitraum 2023. Die Gesamtaktiva stiegen um 4,2% auf 978,8 Millionen US-Dollar, während die Wertpapiere um 33,3% auf 188,7 Millionen US-Dollar zunahmen. Die Nettokredite sanken um 0,8% auf 708,9 Millionen US-Dollar. Das Unternehmen schloss sein drittes Aktienrückkaufprogramm ab und begann mit dem vierten, indem es 163.790 Aktien zu einem Preis von 1,2 Millionen US-Dollar zurückkaufte.
- Total assets increased by 4.2% to $978.8 million
- Securities portfolio grew 33.3% to $188.7 million
- Total deposits increased by $3.9 million (0.6%) to $629.3 million
- Net loss of $147,000 in Q3 2024 vs $29,000 loss in Q3 2023
- Nine-month net loss of $1.0 million vs $1.8 million profit in 2023
- Net interest margin decreased 59 basis points to 1.23%
- Net loans decreased 0.8% to $708.9 million
- Delinquent loans increased to $21.5 million (3.0% of total loans) from $12.6 million
Insights
The Q3 2024 results reveal concerning trends for Bogota Financial Corp. The company reported a
Key challenges include rising deposit costs (up
The ongoing share repurchase program, while showing confidence, has consumed
TEANECK, N.J., Nov. 01, 2024 (GLOBE NEWSWIRE) -- 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
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
Other Financial Highlights:
- Total assets increased
$39.5 million , or4.2% , to$978.8 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 , or15.8% , 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 , or33.3% , to$188.7 million at September 30, 2024 from$141.5 million at December 31, 2023. - Net loans decreased
$5.8 million , or0.8% , 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 , or0.6% , 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 121 basis points to3.88% for the first three quarters of 2024 from2.67% 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 , or20.8% 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
Interest income increased
Interest income on cash and cash equivalents decreased
Interest income on loans increased
Interest income on securities increased
Interest expense increased
Interest expense on interest-bearing deposits increased
Interest expense on Federal Home Loan Bank advances increased
Net interest income decreased
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
For the three months ended September 30, 2024, non-interest expense decreased
Income tax expense decreased
Comparison of Operating Results for the Nine Months Ended September 30, 2024 and September 30, 2023
Net income decreased by
Interest income increased
Interest income on cash and cash equivalents decreased
Interest income on loans increased
Interest income on securities increased
Income from other interest-earning assets, which primarily consisted of Federal Home Loan Bank stock, increased
Interest expense increased
Interest expense on interest-bearing deposits increased
Interest expense on Federal Home Loan Bank advances increased
Net interest income decreased
We recorded a
Non-interest income increased by
For the nine months ended September 30, 2024, non-interest expense increased
Income tax expense decreased
Balance Sheet Analysis
Total assets were
Delinquent loans increased
Total liabilities increased
Total stockholders’ equity decreased
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 respectively (fair value - | 80,103,753 | 72,656,179 | ||||||
| Loans, net of allowance for credit losses of | 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 | 6,058,029 | 6,731,500 | ||||||
| Total Assets | $ | 978,809,264 | $ | 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 | 6,550,898 | 6,380,486 | ||||||
| Total liabilities | 841,649,507 | 802,151,000 | ||||||
| Stockholders’ Equity | ||||||||
| Preferred stock September 30, 2024 and December 31, 2023 | — | — | ||||||
| Common stock 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 | 91,156,649 | 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 | 137,159,757 | 137,173,203 | ||||||
| Total liabilities and stockholders’ equity | $ | 978,809,264 | $ | 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 | 5,860,547 | 4,851,926 | 18,084,323 | 12,777,907 | ||||||||||||
| FHLB advances | 1,802,387 | 1,220,166 | 4,719,056 | 2,900,359 | ||||||||||||
| Total interest expense | 7,662,934 | 6,072,092 | 22,803,379 | 15,678,266 | ||||||||||||
| Net interest income | 2,957,328 | 3,217,327 | 8,352,279 | 12,035,545 | ||||||||||||
| Provision (recovery) for credit losses | — | — | 70,000 | (125,000 | ) | |||||||||||
| Net interest income after provision (recovery) for credit losses | 2,957,328 | 3,217,327 | 8,282,279 | 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 | (320,181 | ) | (154,321 | ) | (1,761,822 | ) | 2,206,096 | |||||||||
| Income tax (benefit) expense | (173,221 | ) | (125,268 | ) | (741,403 | ) | 385,801 | |||||||||
| Net (loss) income | $ | (146,960 | ) | $ | (29,053 | ) | $ | (1,020,419 | ) | $ | 1,820,295 | |||||
| (Loss) earnings per Share - basic | $ | (0.01 | ) | $ | (0.00 | ) | $ | (0.08 | ) | $ | 0.14 | |||||
| (Loss) earnings per Share - diluted | $ | (0.01 | ) | $ | (0.00 | ) | $ | (0.08 | ) | $ | 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) | (0.09 | )% | (0.01 | )% | (0.17 | )% | 0.26 | % | ||||||||
| (Loss) return on average equity (3) | (0.72 | )% | (0.08 | )% | (1.23 | )% | 1.75 | % | ||||||||
| Interest rate spread (4) | 0.81 | % | 1.01 | % | 0.73 | % | 1.41 | % | ||||||||
| Net interest margin (5) | 1.24 | % | 1.47 | % | 1.23 | % | 1.82 | % | ||||||||
| Efficiency ratio (6) | 109.75 | % | 104.40 | % | 118.23 | % | 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) | 14.03 | % | 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 | |
| (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 | |
| (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 | 8,382 | 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 | 10,620 | 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 | 5,327 | 4.26 | % | 498,082 | 4,284 | 3.41 | % | ||||||||||||||||
| Total interest-bearing deposits | 607,047 | 5,861 | 3.84 | % | 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 | 7,663 | 3.79 | % | 744,388 | 6,072 | 3.24 | % | ||||||||||||||||
| Non-interest-bearing deposits | 31,679 | 38,257 | ||||||||||||||||||||||
| Other non-interest-bearing liabilities | 2,614 | 1,727 | ||||||||||||||||||||||
| Total liabilities | 838,225 | 784,372 | ||||||||||||||||||||||
| Total equity | 136,752 | 138,395 | ||||||||||||||||||||||
| Total liabilities and equity | $ | 974,977 | $ | 922,767 | ||||||||||||||||||||
| Net interest income | $ | 2,957 | $ | 3,217 | ||||||||||||||||||||
| Interest rate spread (2) | 0.81 | % | 1.01 | % | ||||||||||||||||||||
| Net interest margin (3) | 1.28 | % | 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 |
| 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 | 16,484 | 4.31 | % | 498,460 | 11,314 | 3.03 | % | ||||||||||||||||
| Total interest-bearing deposits | 621,946 | 18,085 | 3.88 | % | 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 | 22,804 | 3.84 | % | 750,645 | 15,678 | 2.79 | % | ||||||||||||||||
| Non-interest-bearing deposits | 31,225 | 38,253 | ||||||||||||||||||||||
| Other non-interest-bearing liabilities | 6,099 | 6,351 | ||||||||||||||||||||||
| Total liabilities | 830,835 | 795,249 | ||||||||||||||||||||||
| Total equity | 136,876 | 138,998 | ||||||||||||||||||||||
| Total liabilities and equity | $ | 967,711 | $ | 934,247 | ||||||||||||||||||||
| Net interest income | $ | 8,352 | $ | 12,036 | ||||||||||||||||||||
| Interest rate spread (2) | 0.73 | % | 1.41 | % | ||||||||||||||||||||
| Net interest margin (3) | 1.23 | % | 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 |
| 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 | 392 | 401 | (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 | 899 | 1,331 | 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 | ) | 1,092 | 1,043 | 279 | 4,891 | 5,170 | |||||||||||||||||
| Federal Home Loan Bank advances | 1,031 | (449 | ) | 582 | 1,667 | 152 | 1,819 | |||||||||||||||||
| Total interest-bearing liabilities | 830 | 761 | 1,591 | 1,461 | 5,665 | 7,126 | ||||||||||||||||||
| Net decrease in net interest income | $ | (398 | ) | $ | 138 | $ | (260 | ) | $ | (768 | ) | $ | (2,916 | ) | $ | (3,684 | ) | |||||||
Contacts
Kevin Pace – President & CEO, 201-862-0660 ext. 1110
FAQ
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