Bogota Financial Corp. Reports Results for the Three and Twelve Months Ended December 31, 2024
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) ha riportato una perdita netta di $930.000 ($0,07 per azione) per il quarto trimestre del 2024 e una perdita netta di $2,2 milioni ($0,17 per azione) per l'intero anno 2024, rispetto a una perdita netta di $1,2 milioni nel quarto trimestre del 2023 e a un utile netto di $643.000 per il 2023.
Il totale degli attivi è aumentato del 3,4% a $971,5 milioni, con liquidità e disponibilità liquide in crescita del 109,5% a $52,2 milioni. I prestiti netti sono diminuiti dello 0,4% a $711,7 milioni, mentre i depositi sono aumentati del 2,7% a $642,2 milioni. L'azienda ha completato una ristrutturazione strategica del bilancio nel quarto trimestre del 2024, inclusa una transazione di vendita e leasing di tre filiali che ha portato a un guadagno ante imposte di $9,0 milioni, e una vendita di titoli che ha comportato una perdita ante imposte di $8,9 milioni.
Il margine di interesse netto è diminuito all'1,09% nel quarto trimestre del 2024 rispetto all'1,35% nel quarto trimestre del 2023, mentre il tasso medio pagato sui depositi è aumentato al 3,73% nel 2024 rispetto al 3,42% nel 2023.
Bogota Financial Corp. (NASDAQ: BSBK) reportó una pérdida neta de $930,000 ($0.07 por acción) para el cuarto trimestre de 2024 y una pérdida neta de $2.2 millones ($0.17 por acción) para el año completo 2024, en comparación con una pérdida neta de $1.2 millones en el cuarto trimestre de 2023 y un ingreso neto de $643,000 para 2023.
Los activos totales aumentaron un 3.4% a $971.5 millones, con efectivo y equivalentes de efectivo en aumento del 109.5% a $52.2 millones. Los préstamos netos disminuyeron un 0.4% a $711.7 millones, mientras que los depósitos crecieron un 2.7% a $642.2 millones. La compañía completó una reestructuración estratégica de su balance en el cuarto trimestre de 2024, incluyendo una transacción de venta y arrendamiento de tres sucursales que resultó en una ganancia antes de impuestos de $9.0 millones, y una venta de valores que resultó en una pérdida antes de impuestos de $8.9 millones.
El margen de interés neto disminuyó al 1.09% en el cuarto trimestre de 2024 desde el 1.35% en el cuarto trimestre de 2023, mientras que la tasa promedio pagada por depósitos aumentó al 3.73% en 2024 desde el 3.42% en 2023.
보고타 파이낸셜 코퍼레이션 (NASDAQ: BSBK)는 2024년 4분기에 $930,000 ($0.07 주당)의 순손실을 기록했으며, 2024년 전체에 대해 $2.2 백만 ($0.17 주당)의 순손실을 보였습니다. 이는 2023년 4분기에 $1.2 백만의 순손실과 2023년에 $643,000의 순이익을 기록한 것에 비해 감소한 수치입니다.
총 자산은 3.4% 증가하여 $971.5 백만에 이르렀고, 현금 및 현금성 자산은 109.5% 증가하여 $52.2 백만에 달했습니다. 순대출은 0.4% 감소하여 $711.7 백만에 이르렀고, 예금은 2.7% 증가하여 $642.2 백만에 달했습니다. 회사는 2024년 4분기에 세 가지 지점의 매각-임대 거래를 포함한 전략적 자산 재구성을 완료하였으며, 이는 세전 $9.0 백만의 이익을 가져왔고, 증권 매각은 세전 $8.9 백만의 손실을 초래했습니다.
순이자 마진은 2024년 4분기에 1.09%로 감소했으며, 이는 2023년 4분기의 1.35%에서 감소한 수치입니다. 예금에 대한 평균 지급 금리는 2023년의 3.42%에서 2024년에는 3.73%로 증가했습니다.
Bogota Financial Corp. (NASDAQ: BSBK) a enregistré une perte nette de 930 000 $ (0,07 $ par action) pour le quatrième trimestre de 2024 et une perte nette de 2,2 millions $ (0,17 $ par action) pour l'année complète 2024, par rapport à une perte nette de 1,2 million $ au quatrième trimestre de 2023 et à un bénéfice net de 643 000 $ pour 2023.
Les actifs totaux ont augmenté de 3,4 % pour atteindre 971,5 millions $, avec une trésorerie et des équivalents de trésorerie en hausse de 109,5 % à 52,2 millions $. Les prêts nets ont diminué de 0,4 % pour s'établir à 711,7 millions $, tandis que les dépôts ont augmenté de 2,7 % pour atteindre 642,2 millions $. La société a achevé une restructuration stratégique de son bilan au quatrième trimestre de 2024, y compris une opération de vente-cession de trois agences qui a entraîné un gain avant impôt de 9,0 millions $, et une vente de titres ayant entraîné une perte avant impôt de 8,9 millions $.
La marge d'intérêt nette a diminué à 1,09 % au quatrième trimestre de 2024 contre 1,35 % au quatrième trimestre de 2023, tandis que le taux moyen payé sur les dépôts a augmenté à 3,73 % en 2024 contre 3,42 % en 2023.
Bogota Financial Corp. (NASDAQ: BSBK) berichtete im vierten Quartal 2024 einen Nettoverlust von 930.000 $ (0,07 $ pro Aktie) und einen Nettoverlust von 2,2 Millionen $ (0,17 $ pro Aktie) für das Gesamtjahr 2024, im Vergleich zu einem Nettoverlust von 1,2 Millionen $ im vierten Quartal 2023 und einem Nettogewinn von 643.000 $ für 2023.
Die Gesamtaktiva stiegen um 3,4 % auf 971,5 Millionen $, wobei Bargeld und Bargeldäquivalente um 109,5 % auf 52,2 Millionen $ zunahmen. Die Nettokredite verringerten sich um 0,4 % auf 711,7 Millionen $, während die Einlagen um 2,7 % auf 642,2 Millionen $ wuchsen. Das Unternehmen schloss im vierten Quartal 2024 eine strategische Umstrukturierung der Bilanz ab, einschließlich einer Sale-and-Leaseback-Transaktion von drei Filialen, die zu einem Gewinn vor Steuern von 9,0 Millionen $ führte, und einem Wertpapierverkauf, der zu einem Verlust vor Steuern von 8,9 Millionen $ führte.
Die Nettozinsmarge sank im vierten Quartal 2024 auf 1,09 % von 1,35 % im vierten Quartal 2023, während der durchschnittliche Zinssatz für Einlagen im Jahr 2024 auf 3,73 % von 3,42 % im Jahr 2023 stieg.
- Completed strategic balance sheet restructuring to improve future earnings
- Total assets increased by $32.2 million (3.4%) to $971.5 million
- Cash and cash equivalents increased by 109.5% to $52.2 million
- Total deposits grew by $16.9 million (2.7%) to $642.2 million
- Net loss of $2.2 million for full-year 2024 compared to net income of $643,000 in 2023
- Net interest margin decreased to 1.09% from 1.35% year-over-year
- Net loans decreased by $3.0 million (0.4%)
- Average cost of deposits increased to 3.73% from 3.42%
Insights
The financial results reveal significant challenges for Bogota Financial Corp., with the transition from a $643,000 profit in 2023 to a $2.2 million loss in 2024 highlighting severe pressure on the bank's core operations. The deterioration in profitability stems from a dramatic compression in net interest margin, which fell to
The bank's strategic restructuring efforts, while proactive, demonstrate the difficult position many smaller banks face in the current environment. The sale-leaseback transaction of three branches generated a
Several concerning trends warrant attention:
- The cost of deposits increased 31 basis points to
3.73% in 2024, reflecting intense deposit competition - Net loans decreased by
$3.0 million , indicating challenges in loan growth - The efficiency of earning assets is questionable, with cash and equivalents more than doubling to
$52.2 million
The ongoing share repurchase program, while potentially supporting stock price, raises questions about capital allocation given the operating losses. With
TEANECK, N.J., Feb. 14, 2025 (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 December 31, 2024 of
On April 24, 2024, the Company announced it had received regulatory approval to repurchase up to 237,090 shares of its common stock, which was approximately
Other Financial Highlights:
- Total assets increased
$32.2 million , or3.4% , to$971.5 million at December 31, 2024 from$939.3 million at December 31, 2023, largely due to an increase in cash and cash equivalents and other assets, offset by a decrease in net loans and premises and equipment. - Cash and cash equivalents increased
$27.3 million , or109.5% , to$52.2 million at December 31, 2024 from$24.9 million at December 31, 2023, as increases in deposits and borrowings and loan and security maturities outpaced loan growth. - Securities decreased
$1.2 million , or0.9% , to$140.3 million at December 31, 2024 from$141.5 million at December 31, 2023. - Net loans decreased
$3.0 million , or0.4% , to$711.7 million at December 31, 2024 from$714.7 million at December 31, 2023 due to decreases in residential and construction loans, offset by an increase in commercial real estate loans. - Total deposits at December 31, 2024 were
$642.2 million , increasing$16.9 million , or2.7% , as compared to$625.3 million at December 31, 2023, primarily due to a$14.7 million increase in interest-bearing deposits and by a$2.1 million increase in non-interest bearing checking accounts. The average rate paid on deposits increased 31 basis points to3.73% for 2024 from3.42% for 2023 due to higher interest rates and an increase in NOW accounts, which increased$14.1 million , or34.0% , to$55.4 million at December 31, 2024 from$41.3 million at December 31, 2023. The yield on such accounts also increased 63 basis points to2.53% for 2024 from1.90% for 2023. - Federal Home Loan Bank advances increased
$4.5 million , or2.7% to$172.2 million at December 31, 2024 from$167.7 million as of December 31, 2023.
The Bank completed a balance sheet restructuring consisting of two key transactions in the fourth quarter of 2024. The Bank entered into a sale-leaseback transaction whereby the Bank sold three of its branch offices resulting in a
Kevin Pace, President and Chief Executive Officer, said, “We were able to accomplish a key piece of our strategic plan this quarter. The sale-leaseback transaction gave us the ability to dispose of underperforming legacy investments without deteriorating regulatory capital. We were able to utilize this strategy to strengthen our balance sheet and improve future earnings. Reinvesting those funds in securities and loans at current market rates, as well as paying down higher cost borrowings, will provide both short- and long-term benefits.
“Uncertainty around rates continues to be a necessary consideration when planning for growth. The repositioning will help with this process while improving our net interest margin. We were able to achieve modest asset and deposit growth for the year while remaining focused on prudent lending practices. The high cost of funds, in particular in our competitive market, continued to pressure earnings. As we continue with our current stock buyback program, we remain committed to adding shareholder value.”
Income Statement Analysis
Comparison of Operating Results for the Three Months Ended December 31, 2024 and December 31, 2023
Net income increased by
Interest income increased
Interest income on cash and cash equivalents increased
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 borrowings increased
Net interest income decreased
We recorded a
Non-interest income increased by
For the three months ended December 31, 2024, non-interest expense decreased
Income tax expense increased
Comparison of Operating Results for the Twelve Months Ended December 31, 2024 and December 31, 2023
Net income decreased by
Interest income increased
Interest income on cash and cash equivalents increased
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 borrowings increased
Net interest income decreased
We recorded a
Non-interest income increased by
For the twelve months ended December 31, 2024, non-interest expense decreased
Income tax benefit increased
Balance Sheet Analysis
Total assets were
Delinquent loans increased
Total liabilities increased
Total stockholders’ equity increased
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, Newark, Oak Ridge, Parsippany, Teaneck and Upper Saddle River, 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, potential recessionary conditions, real estate market values in the Bank’s lending area, changes in liquidity, including the size and composition of our deposit portfolio, including the percentage of uninsured deposits in the portfolio; changes in the quality of our loan and security portfolios, 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, the imposition of tariffs or other domestic or international governmental policies, 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 December 31, 2024 | As of December 31, 2023 | |||||||
| ASSETS | ||||||||
| Cash and due from banks | $ | 18,020,527 | $ | 13,567,115 | ||||
| Interest-bearing deposits in other banks | 34,211,681 | 11,362,356 | ||||||
| Cash and cash equivalents | 52,232,208 | 24,929,471 | ||||||
| Securities available for sale | 140,307,447 | 68,888,179 | ||||||
| Securities held to maturity (fair value of | - | 72,656,179 | ||||||
| Loans, net of allowance | 711,716,236 | 714,688,635 | ||||||
| Premises and equipment, net | 4,727,302 | 7,687,387 | ||||||
| Federal Home Loan Bank (“FHLB”) stock | 8,803,000 | 8,616,100 | ||||||
| Accrued interest receivable | 4,232,563 | 3,932,785 | ||||||
| Core deposit intangibles | 152,893 | 206,116 | ||||||
| Bank owned life insurance | 31,859,604 | 30,987,851 | ||||||
| Right of use asset | 10,776,596 | - | ||||||
| Other assets | 6,682,035 | 6,731,500 | ||||||
| Total assets | $ | 971,489,884 | $ | 939,324,203 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Liabilities | ||||||||
| Deposits | ||||||||
| Non-interest bearing | $ | 32,681,963 | $ | 30,554,842 | ||||
| Interest bearing | 609,506,079 | 594,792,300 | ||||||
| 642,188,042 | 625,347,142 | |||||||
| FHLB advances-short term | 29,500,000 | 37,500,000 | ||||||
| FHLB advances-long term | 142,673,182 | 130,189,663 | ||||||
| Advance payments by borrowers for taxes and insurance | 2,809,205 | 2,733,709 | ||||||
| Lease liability | 10,780,363 | - | ||||||
| Other liabilities | 6,249,932 | 6,380,486 | ||||||
| Total liabilities | 834,200,724 | 802,151,000 | ||||||
| Stockholders' Equity | ||||||||
| Preferred stock | — | — | ||||||
| Common stock | 130,591 | 132,792 | ||||||
| Additional Paid-In capital | 55,269,962 | 56,149,915 | ||||||
| Retained earnings | 90,006,649 | 92,177,068 | ||||||
| Unearned ESOP shares (382,933 shares at December 31, 2024 and 409,750 shares at December 31, 2023) | (4,520,594 | ) | (4,821,798 | ) | ||||
| Accumulated other comprehensive loss | (3,597,448 | ) | (6,464,774 | ) | ||||
| Total stockholders' equity | 137,289,160 | 137,173,203 | ||||||
| Total liabilities and stockholders' equity | $ | 971,489,884 | $ | 939,324,203 | ||||
| BOGOTA FINANCIAL CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Interest income | ||||||||||||||||
| Loans | $ | 8,522,844 | $ | 8,224,488 | $ | 33,411,221 | $ | 32,046,033 | ||||||||
| Securities | ||||||||||||||||
| Taxable | 1,641,126 | 1,027,755 | 6,888,462 | 4,070,144 | ||||||||||||
| Tax-exempt | 11,483 | 13,135 | 50,892 | 91,428 | ||||||||||||
| Other interest-earning assets | 418,634 | 300,656 | 1,399,170 | 1,072,240 | ||||||||||||
| Total interest income | 10,594,087 | 9,566,034 | 41,749,745 | 37,279,845 | ||||||||||||
| Interest expense | ||||||||||||||||
| Deposits | 6,200,367 | 5,245,865 | 24,584,690 | 18,023,772 | ||||||||||||
| FHLB advances | 1,894,789 | 1,382,244 | 6,613,845 | 4,282,603 | ||||||||||||
| Total interest expense | 8,095,156 | 6,628,109 | 31,198,535 | 22,306,375 | ||||||||||||
| Net interest income | 2,498,931 | 2,937,925 | 10,551,210 | 14,973,470 | ||||||||||||
| Provision (credit) for credit losses | (218,000 | ) | — | (148,000 | ) | (125,000 | ) | |||||||||
| Net interest income after provision (credit) for credit losses | 2,716,931 | 2,937,925 | 10,699,210 | 15,098,470 | ||||||||||||
| Non-interest income | ||||||||||||||||
| Fees and service charges | 64,285 | 47,382 | 228,685 | 206,763 | ||||||||||||
| Gain on sale of loans | 20,232 | — | 31,942 | 29,375 | ||||||||||||
| Gain on sale of properties | 9,005,245 | — | 9,005,245 | — | ||||||||||||
| Loss on sale of securities | (8,930,843 | ) | — | (8,930,843 | ) | — | ||||||||||
| Bank-owned life insurance | 223,616 | 207,453 | 871,753 | 781,526 | ||||||||||||
| Other | 36,202 | 27,711 | 141,622 | 121,371 | ||||||||||||
| Total non-interest income | 418,737 | 282,546 | 1,348,404 | 1,139,035 | ||||||||||||
| Non-interest expense | ||||||||||||||||
| Salaries and employee benefits | 2,345,404 | 3,082,176 | 8,750,350 | 9,820,128 | ||||||||||||
| Occupancy and equipment | 348,778 | 359,937 | 1,467,517 | 1,474,107 | ||||||||||||
| FDIC insurance assessment | 110,464 | 98,525 | 424,090 | 418,215 | ||||||||||||
| Data processing | 274,889 | 251,485 | 1,203,181 | 969,398 | ||||||||||||
| Advertising | 60,840 | 95,681 | 371,790 | 465,064 | ||||||||||||
| Director fees | 155,699 | 141,639 | 622,799 | 619,650 | ||||||||||||
| Professional fees | 107,129 | 248,526 | 789,646 | 661,045 | ||||||||||||
| Other | 212,632 | 668,220 | 960,230 | 1,329,520 | ||||||||||||
| Total non-interest expense | 3,615,835 | 4,946,189 | 14,589,603 | 15,757,127 | ||||||||||||
| (Loss) income before income taxes | (480,167 | ) | (1,725,718 | ) | (2,541,989 | ) | 480,378 | |||||||||
| Income tax (benefit) expense | 449,834 | (547,958 | ) | (371,569 | ) | (162,157 | ) | |||||||||
| Net (loss) income | $ | (930,001 | ) | $ | (1,177,760 | ) | $ | (2,170,420 | ) | $ | 642,535 | |||||
| Earnings (loss) per Share - basic | $ | (0.07 | ) | $ | (0.09 | ) | $ | (0.17 | ) | $ | 0.05 | |||||
| Earnings (loss) per Share - diluted | $ | (0.07 | ) | $ | (0.09 | ) | $ | (0.17 | ) | $ | 0.05 | |||||
| Weighted average shares outstanding - basic | 12,686,765 | 12,767,410 | 12,767,628 | 12,891,847 | ||||||||||||
| Weighted average shares outstanding - diluted | 12,686,765 | 12,767,410 | 12,767,628 | 12,891,847 | ||||||||||||
| BOGOTA FINANCIAL CORP. SELECTED RATIOS (unaudited) | ||||||||||||||||
| At or For the Three Months Ended December 31, | At or For the Twelve Months Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Performance Ratios (1): | ||||||||||||||||
| (Loss) return on average assets (2) | (0.09 | )% | (0.51 | )% | (0.22 | )% | 0.07 | % | ||||||||
| (Loss) return on average equity (3) | (0.68 | )% | (3.43 | )% | (1.59 | )% | 0.46 | % | ||||||||
| Interest rate spread (4) | 0.61 | % | 0.88 | % | 0.66 | % | 1.28 | % | ||||||||
| Net interest margin (5) | 1.09 | % | 1.35 | % | 1.16 | % | 1.71 | % | ||||||||
| Efficiency ratio (6) | 123.93 | % | 153.59 | % | 122.61 | % | 97.04 | % | ||||||||
| Average interest-earning assets to average interest-bearing liabilities | 113.67 | % | 115.71 | % | 114.48 | % | 116.95 | % | ||||||||
| Net loans to deposits | 110.83 | % | 114.29 | % | 110.83 | % | 114.29 | % | ||||||||
| Equity to assets (7) | 13.99 | % | 14.94 | % | 14.10 | % | 14.89 | % | ||||||||
| Capital Ratios: | ||||||||||||||||
| Tier 1 capital to average assets | 13.34 | % | 15.24 | % | ||||||||||||
| Asset Quality Ratios: | ||||||||||||||||
| Allowance for credit losses as a percent of total loans | 0.37 | % | 0.39 | % | ||||||||||||
| Allowance for credit losses as a percent of non-performing loans | 18.77 | % | 21.81 | % | ||||||||||||
| Net charge-offs to average outstanding loans during the period | 0.00 | % | 0.00 | % | ||||||||||||
| Non-performing loans as a percent of total loans | 1.95 | % | 1.79 | % | ||||||||||||
| Non-performing assets as a percent of total assets | 1.44 | % | 1.36 | % | ||||||||||||
| (1 | ) | Certain performance ratios for the three-month periods are annualized. |
| (2 | ) | Represents net income divided by average total assets. |
| (3 | ) | Represents net 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 December 31, 2024 and December 31, 2023:
| December 31, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Real estate: | (unaudited) | |||||||
| Residential First Mortgage | $ | 472,747,542 | $ | 486,052,422 | ||||
| Commercial Real Estate | 118,008,866 | 99,830,514 | ||||||
| Multi-Family Real Estate | 74,152,418 | 75,612,566 | ||||||
| Construction | 43,183,657 | 49,302,040 | ||||||
| Commercial and Industrial | 6,163,747 | 6,658,370 | ||||||
| Consumer | 80,955 | 18,672 | ||||||
| Total loans | 714,337,185 | 717,474,584 | ||||||
| Allowance for credit losses | (2,620,949 | ) | (2,785,949 | ) | ||||
| Net loans | $ | 711,716,236 | $ | 714,688,635 | ||||
The following tables set forth the distribution of total deposit accounts, by account type, at the dates indicated (unaudited).
| At December 31, | ||||||||||||||||||||||||
| 2024 | 2023 | |||||||||||||||||||||||
| Amount | Percent | Average Rate | Amount | Percent | Average Rate | |||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||
| Noninterest bearing demand accounts | $ | 32,681,963 | 5.09 | % | — | % | $ | 30,554,842 | 4.89 | % | — | % | ||||||||||||
| NOW accounts | 55,048,614 | 8.62 | 2.53 | 41,320,723 | 6.61 | 1.90 | ||||||||||||||||||
| Money market accounts | 24,578,021 | 2.18 | 0.58 | 14,641,846 | 2.34 | 0.30 | ||||||||||||||||||
| Savings accounts | 47,001,817 | 7.3 | 1.90 | 45,554,964 | 7.28 | 1.76 | ||||||||||||||||||
| Certificates of deposit | 482,877,627 | 76.81 | 4.37 | 493,274,767 | 78.88 | 4.00 | ||||||||||||||||||
| Total | $ | 642,188,042 | 100.00 | % | 3.73 | % | $ | 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 December 31, | ||||||||||||||||||||||||
| 2024 | 2023 | |||||||||||||||||||||||
| Average | Interest and | Yield/ | Average | Interest and | Yield/ | |||||||||||||||||||
| Balance | Dividends | Cost (3) | Balance | Dividends | Cost (3) | |||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||
| Cash and cash equivalents | $ | 13,547 | $ | 191 | 5.61 | % | $ | 9,433 | $ | 145 | 6.08 | % | ||||||||||||
| Loans | 717,433 | 8,523 | 4.73 | % | 714,380 | 8,224 | 4.57 | % | ||||||||||||||||
| Securities | 175,308 | 1,653 | 3.77 | % | 133,241 | 1,041 | 3.12 | % | ||||||||||||||||
| Other interest-earning assets | 9,711 | 227 | 9.37 | % | 7,216 | 156 | 8.70 | % | ||||||||||||||||
| Total interest-earning assets | 915,999 | 10,594 | 4.61 | % | 864,270 | 9,566 | 4.40 | % | ||||||||||||||||
| Non-interest-earning assets | 63,511 | 56,543 | ||||||||||||||||||||||
| Total assets | $ | 979,510 | $ | 920,813 | ||||||||||||||||||||
| Liabilities and equity: | ||||||||||||||||||||||||
| NOW and money market accounts | $ | 67,362 | $ | 366 | 2.16 | % | $ | 67,510 | $ | 310 | 1.82 | % | ||||||||||||
| Savings accounts | 44,425 | 213 | 1.91 | % | 44,855 | 205 | 1.81 | % | ||||||||||||||||
| Certificates of deposit | 501,875 | 5,621 | 4.46 | % | 497,147 | 4,731 | 3.78 | % | ||||||||||||||||
| Total interest-bearing deposits | 613,662 | 6,200 | 4.02 | % | 609,512 | 5,246 | 3.41 | % | ||||||||||||||||
| Federal Home Loan Bank advances (1) | 192,196 | 1,895 | 3.92 | % | 137,445 | 1,382 | 3.99 | % | ||||||||||||||||
| Total interest-bearing liabilities | 805,858 | 8,095 | 4.00 | % | 746,957 | 6,628 | 3.52 | % | ||||||||||||||||
| Non-interest-bearing deposits | 32,734 | 34,835 | ||||||||||||||||||||||
| Other non-interest-bearing liabilities | 3,837 | 1,454 | ||||||||||||||||||||||
| Total liabilities | 842,429 | 783,246 | ||||||||||||||||||||||
| Total equity | 137,081 | 137,567 | ||||||||||||||||||||||
| Total liabilities and equity | $ | 979,510 | $ | 920,813 | ||||||||||||||||||||
| Net interest income | $ | 2,499 | $ | 2,938 | ||||||||||||||||||||
| Interest rate spread (2) | 0.61 | % | 0.88 | % | ||||||||||||||||||||
| Net interest margin (3) | 1.09 | % | 1.35 | % | ||||||||||||||||||||
| Average interest-earning assets to average interest-bearing liabilities | 113.67 | % | 115.71 | % | ||||||||||||||||||||
| 1. | Cash flow hedges are used to manage interest rate risk. During the three months ended December 31, 2024, the net effect on interest expense on the Federal Home Loan Bank advances 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. |
| Twelve Months Ended December 31, | ||||||||||||||||||||||||
| 2024 | 2023 | |||||||||||||||||||||||
| Average | Interest and | Yield/ | Average | Interest and | Yield/ | |||||||||||||||||||
| Balance | Dividends | Cost (3) | Balance | Dividends | Cost (3) | |||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||
| Cash and cash equivalents | $ | 10,197 | $ | 606 | 5.94 | % | $ | 10,868 | $ | 568 | 5.23 | % | ||||||||||||
| Loans | 713,138 | 33,412 | 4.69 | % | 713,799 | 32,046 | 4.49 | % | ||||||||||||||||
| Securities | 178,684 | 6,939 | 3.88 | % | 144,880 | 4,162 | 2.87 | % | ||||||||||||||||
| Other interest-earning assets | 9,106 | 793 | 8.71 | % | 6,389 | 504 | 7.89 | % | ||||||||||||||||
| Total interest-earning assets | 911,125 | 41,750 | 4.58 | % | 875,936 | 37,280 | 4.26 | % | ||||||||||||||||
| Non-interest-earning assets | 59,511 | 54,925 | ||||||||||||||||||||||
| Total assets | $ | 970,636 | $ | 930,861 | ||||||||||||||||||||
| Liabilities and equity: | ||||||||||||||||||||||||
| NOW and money market accounts | $ | 67,561 | $ | 1,359 | 2.01 | % | $ | 85,663 | $ | 1,399 | 1.63 | % | ||||||||||||
| Savings accounts | 43,975 | 821 | 1.87 | % | 48,351 | 580 | 1.20 | % | ||||||||||||||||
| Certificates of deposit | 508,327 | 22,405 | 4.41 | % | 498,129 | 16,045 | 3.22 | % | ||||||||||||||||
| Total interest-bearing deposits | 619,863 | 24,585 | 3.97 | % | 632,143 | 18,024 | 2.85 | % | ||||||||||||||||
| Federal Home Loan Bank advances (1) | 175,997 | 6,614 | 3.76 | % | 116,816 | 4,283 | 3.67 | % | ||||||||||||||||
| Total interest-bearing liabilities | 795,860 | 31,199 | 3.92 | % | 748,959 | 22,307 | 2.98 | % | ||||||||||||||||
| Non-interest-bearing deposits | 31,572 | 38,636 | ||||||||||||||||||||||
| Other non-interest-bearing liabilities | 6,303 | 4,627 | ||||||||||||||||||||||
| Total liabilities | 833,735 | 792,222 | ||||||||||||||||||||||
| Total equity | 136,901 | 138,639 | ||||||||||||||||||||||
| Total liabilities and equity | $ | 970,636 | $ | 930,861 | ||||||||||||||||||||
| Net interest income | $ | 10,551 | $ | 14,973 | ||||||||||||||||||||
| Interest rate spread (2) | 0.66 | % | 1.28 | % | ||||||||||||||||||||
| Net interest margin (3) | 1.16 | % | 1.71 | % | ||||||||||||||||||||
| Average interest-earning assets to average interest-bearing liabilities | 114.48 | % | 116.95 | % | ||||||||||||||||||||
| 1. | Cash flow hedges are used to manage interest rate risk. During the twelve months ended December 31, 2024, the net effect on interest expense on the Federal Home Loan Bank advances 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 December 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||
| 2024 Compared to Three | 2024 Compared to Twelve Months | |||||||||||||||||||||||
| Months Ended December 31, 2023 | Ended December 31, 2023 | |||||||||||||||||||||||
| Increase (Decrease) Due to | Increase (Decrease) Due to | |||||||||||||||||||||||
| Volume | Rate | Net | Volume | Rate | Net | |||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| Interest income: | ||||||||||||||||||||||||
| Cash and cash equivalents | $ | 114 | $ | (68 | ) | $ | 46 | $ | (37 | ) | $ | 75 | $ | 38 | ||||||||||
| Loans receivable | 33 | 266 | 299 | (30 | ) | 1,396 | 1,366 | |||||||||||||||||
| Securities | 369 | 243 | 612 | 1,108 | 1,669 | 2,777 | ||||||||||||||||||
| Other interest earning assets | 58 | 13 | 71 | 232 | 57 | 289 | ||||||||||||||||||
| Total interest-earning assets | 574 | 454 | 1,028 | 1,273 | 3,197 | 4,470 | ||||||||||||||||||
| Interest expense: | ||||||||||||||||||||||||
| NOW and money market accounts | (5 | ) | $ | 61 | $ | 56 | (328 | ) | 288 | (40 | ) | |||||||||||||
| Savings accounts | (12 | ) | 20 | 8 | (57 | ) | 298 | 241 | ||||||||||||||||
| Certificates of deposit | 45 | 845 | 890 | 335 | 6,025 | 6,360 | ||||||||||||||||||
| Federal Home Loan Bank advances | 676 | (163 | ) | 513 | 2,221 | 110 | 2,331 | |||||||||||||||||
| Total interest-bearing liabilities | 704 | 763 | 1,467 | 2,171 | 6,721 | 8,892 | ||||||||||||||||||
| Net decrease in net interest income | $ | (130 | ) | $ | (309 | ) | $ | (439 | ) | $ | (898 | ) | $ | (3,524 | ) | $ | (4,422 | ) | ||||||
Contacts
Kevin Pace – President & CEO, 201-862-0660 ext. 1110
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