Bogota Financial Corp. Reports Results for the Three Months Ended March 31, 2024
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.
Total assets increased by $21.9 million to $961.2 million at March 31, 2024.
Securities increased by $37.0 million to $178.5 million at March 31, 2024.
Total deposits rose by $40.2 million to $665.5 million at March 31, 2024.
The Bank opened a new branch location in Upper Saddle River, NJ, to enhance market presence.
Non-interest income increased by $16,000 to $299,000 for the three months ended March 31, 2024.
Net income decreased by $1.4 million, resulting in a net loss of $441,000 for the three months ended March 31, 2024.
Net loans decreased by $5.9 million to $708.8 million at March 31, 2024.
Interest expense increased by $2.9 million to $7.4 million for the three months ended March 31, 2024.
The net interest margin decreased by 87 basis points to 1.18% for the three months ended March 31, 2024.
Provision for credit losses was recorded at $35,000 for the three months ended March 31, 2024.
Insights
Upon reviewing Bogota Financial Corp.'s financial results for the first quarter of 2024, a few key trends stand out. The switch from a net income position to a net loss of
An increase in total assets driven by securities suggests a strategic shift toward more liquid and potentially lower-risk investments, which may be a hedge against continued loan repayment and decreased loan originations. However, this strategy comes with its own risks, should interest rates continue to rise, pressurizing the bank's net interest margin even further. Examining the composition of deposits, we see a significant shift towards interest-bearing deposits, with certificates of deposit increasing notably. This shift is a mixed bag—it suggests a more robust intake of funds, but also represents an increased cost of capital for the bank due to higher interest payments to depositors.
In response to current economic conditions, the bank's management appears to be cautiously navigating the 'higher for longer' interest rate climate, a prudent step, but one that may hamper growth opportunities if not managed alongside innovative forms of revenue generation.
The banking industry is currently experiencing a squeeze due to heightened interest rates and Bogota Financial Corp. is no exception. Their report indicates a strategic pivot towards bolstering their securities holdings, which could suggest an anticipation of a less favorable lending environment. This potential foresight into market conditions could position the bank to weather an economic downturn, but it remains critical to monitor how these decisions will affect the bank's long-term loan portfolio growth, which is a significant revenue driver.
Deposit growth is a positive highlight, particularly the growth in certificates of deposit which are longer-term, interest-bearing instruments. This could provide a stable funding base, essential in volatile market conditions. However, investors should remain cautious. The reliance on costlier deposits could backfire if interest rates climb even higher, squeezing margins. It's also noteworthy that the bank has managed to keep its non-performing assets relatively controlled, a testament to their credit risk management in these trying economic times.
From a risk management perspective, Bogota Financial Corp.'s first-quarter report reflects a conscious effort to navigate the current high-interest-rate environment. The pivot towards increasing securities holds the potential for higher liquidity and reduced credit risk exposure, a sensible approach considering the upward trend in delinquent loans, which has ticked up slightly to
The bank's use of cash flow hedges to reduce interest expense on Federal Home Loan Bank advances and certificates of deposit is a strategic move to mitigate risk associated with interest rate fluctuations. Though this has yielded a reduction in interest expenses, the effectiveness of such hedging strategies should be closely scrutinized in the context of their impact on net interest income and margin, which have notably decreased.
The bank's credit quality, as indicated by the minor uptick in the allowance for credit losses, signals a careful approach to provisioning in light of current economic uncertainties. This should be seen as a positive indicator of the bank’s commitment to maintaining a healthy balance sheet in unpredictable times.
Other Financial Highlights:
-
Total assets increased
$21.9 million 2.3% , to$961.2 million $939.3 million -
Cash and cash equivalents decreased
$10.5 million 42.1% , to$14.4 million $24.9 million -
Securities increased
$37.0 million 26.1% , to$178.5 million $141.5 million -
Net loans decreased
$5.9 million 0.8% , to$708.8 million $714.7 million -
Total deposits at March 31, 2024 were
$665.5 million $40.2 million 6.4% , as compared to$625.3 million $41.0 million $780,000 3.74% for the first quarter of 2024 from3.42% for 2023 due to higher interest rates and a larger percentage of deposits consisting of higher-costing certificates of deposit. -
Federal Home Loan Bank advances decreased
$18.4 million 11.0% to$149.3 million $167.7 million
Kevin Pace, President and Chief Executive Officer, said “Interest rates remaining elevated will continue to negatively impact funding costs and our net interest margin. We are actively employing strategies to combat the 'higher for longer' interest rate expectations of the Federal Reserve. Our credit quality remains strong and we will continue to be prudent lenders in this environment. We continue to remain positive in our ability to navigate the current landscape. Growth remains a key focus in our strategic plan as we remain committed to delivering value to our shareholders and customers.”
“The Bank opened its newest branch location in
Income Statement Analysis
Comparison of Operating Results for the Three Months Ended March 31, 2024 and March 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 three months ended March 31, 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
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; 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, increases in non-performing and classified loans, monetary and fiscal policies of the
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 |
|
||
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
||
Assets |
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
6,507,713 |
|
|
$ |
13,567,115 |
|
Interest-bearing deposits in other banks |
|
|
7,927,173 |
|
|
|
11,362,356 |
|
Cash and cash equivalents |
|
|
14,434,886 |
|
|
|
24,929,471 |
|
Securities available for sale, at fair value |
|
|
102,046,637 |
|
|
|
68,888,179 |
|
Securities held to maturity, at amortized cost (fair value of |
|
|
76,497,289 |
|
|
|
72,656,179 |
|
Loans, net of allowance of |
|
|
708,824,281 |
|
|
|
714,688,635 |
|
Premises and equipment, net |
|
|
7,827,305 |
|
|
|
7,687,387 |
|
Federal Home Loan Bank (FHLB) stock and other restricted securities |
|
|
7,788,500 |
|
|
|
8,616,100 |
|
Accrued interest receivable |
|
|
4,036,718 |
|
|
|
3,932,785 |
|
Core deposit intangibles |
|
|
192,066 |
|
|
|
206,116 |
|
Bank-owned life insurance |
|
|
31,199,810 |
|
|
|
30,987,851 |
|
Other assets |
|
|
8,395,905 |
|
|
|
6,731,500 |
|
Total Assets |
|
$ |
961,243,397 |
|
|
$ |
939,324,203 |
|
Liabilities and Equity |
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
$ |
29,775,170 |
|
|
$ |
30,554,842 |
|
Interest bearing deposits |
|
|
635,767,236 |
|
|
|
594,792,300 |
|
Total deposits |
|
|
665,542,406 |
|
|
|
625,347,142 |
|
FHLB advances-short term |
|
|
28,500,000 |
|
|
|
37,500,000 |
|
FHLB advances-long term |
|
|
120,823,755 |
|
|
|
130,189,663 |
|
Advance payments by borrowers for taxes and insurance |
|
|
2,998,852 |
|
|
|
2,733,709 |
|
Other liabilities |
|
|
6,551,192 |
|
|
|
6,380,486 |
|
Total liabilities |
|
|
824,416,205 |
|
|
|
802,151,000 |
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity |
|
|
|
|
|
|
|
|
Preferred stock |
|
|
— |
|
|
|
— |
|
Common stock |
|
|
132,461 |
|
|
|
132,792 |
|
Additional paid-in capital |
|
|
56,090,019 |
|
|
|
56,149,915 |
|
Retained earnings |
|
|
91,736,088 |
|
|
|
92,177,068 |
|
Unearned ESOP shares (403,082 shares at March 31, 2024 and 409,750 shares at December 31, 2023) |
|
|
(4,746,497 |
) |
|
|
(4,821,798 |
) |
Accumulated other comprehensive loss |
|
|
(6,384,879 |
) |
|
|
(6,464,774 |
) |
Total stockholders’ equity |
|
|
136,827,192 |
|
|
|
137,173,203 |
|
Total liabilities and stockholders’ equity |
|
$ |
961,243,397 |
|
|
$ |
939,324,203 |
|
BOGOTA FINANCIAL CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) |
||||||||
|
|
Three Months Ended |
|
|||||
|
|
March 31, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Interest income |
|
|
|
|
|
|
|
|
Loans |
|
$ |
8,207,392 |
|
|
$ |
7,699,438 |
|
Securities |
|
|
|
|
|
|
|
|
Taxable |
|
|
1,516,343 |
|
|
|
1,051,260 |
|
Tax-exempt |
|
|
13,148 |
|
|
|
44,902 |
|
Other interest-earning assets |
|
|
324,304 |
|
|
|
221,589 |
|
Total interest income |
|
|
10,061,187 |
|
|
|
9,017,189 |
|
Interest expense |
|
|
|
|
|
|
|
|
Deposits |
|
|
5,969,881 |
|
|
|
3,714,997 |
|
FHLB advances |
|
|
1,440,069 |
|
|
|
777,354 |
|
Total interest expense |
|
|
7,409,950 |
|
|
|
4,492,351 |
|
Net interest income |
|
|
2,651,237 |
|
|
|
4,524,838 |
|
Provision (credit) for loan losses |
|
|
35,000 |
|
|
|
— |
|
Net interest income after provision (credit) for credit losses |
|
|
2,616,237 |
|
|
|
4,524,838 |
|
Non-interest income |
|
|
|
|
|
|
|
|
Fees and service charges |
|
|
58,587 |
|
|
|
52,152 |
|
Gain on sale of loans |
|
|
— |
|
|
|
13,225 |
|
Bank-owned life insurance |
|
|
211,959 |
|
|
|
186,053 |
|
Other |
|
|
28,532 |
|
|
|
31,849 |
|
Total non-interest income |
|
|
299,078 |
|
|
|
283,279 |
|
Non-interest expense |
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
2,158,565 |
|
|
|
2,162,369 |
|
Occupancy and equipment |
|
|
371,117 |
|
|
|
382,787 |
|
FDIC insurance assessment |
|
|
100,597 |
|
|
|
60,000 |
|
Data processing |
|
|
303,605 |
|
|
|
277,097 |
|
Advertising |
|
|
110,100 |
|
|
|
147,300 |
|
Director fees |
|
|
155,700 |
|
|
|
159,337 |
|
Professional fees |
|
|
196,785 |
|
|
|
149,250 |
|
Other |
|
|
246,622 |
|
|
|
179,208 |
|
Total non-interest expense |
|
|
3,643,091 |
|
|
|
3,517,348 |
|
(Loss) income before income taxes |
|
|
(727,776 |
) |
|
|
1,290,769 |
|
Income tax (benefit) expense |
|
|
(286,796 |
) |
|
|
298,062 |
|
Net (loss) income |
|
$ |
(440,980 |
) |
|
$ |
992,707 |
|
(Loss) earnings per Share - basic |
|
$ |
(0.03 |
) |
|
$ |
0.08 |
|
(Loss) earnings per Share - diluted |
|
$ |
(0.03 |
) |
|
$ |
0.08 |
|
Weighted average shares outstanding - basic |
|
|
12,852,930 |
|
|
|
13,013,492 |
|
Weighted average shares outstanding - diluted |
|
|
12,852,930 |
|
|
|
13,055,533 |
|
BOGOTA FINANCIAL CORP. SELECTED RATIOS (unaudited) |
||||||||
|
|
At or For the Three Months |
|
|||||
|
|
Ended March 31, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Performance Ratios (1): |
|
|
|
|
|
|
|
|
(Loss) return on average assets (2) |
|
|
(0.19 |
)% |
|
|
0.39 |
% |
(Loss) return on average equity (3) |
|
|
(1.29 |
)% |
|
|
2.68 |
% |
Interest rate spread (4) |
|
|
0.68 |
% |
|
|
1.68 |
% |
Net interest margin (5) |
|
|
1.18 |
% |
|
|
2.05 |
% |
Efficiency ratio (6) |
|
|
137.41 |
% |
|
|
73.15 |
% |
Average interest-earning assets to average interest-bearing liabilities |
|
|
114.57 |
% |
|
|
116.68 |
% |
Net loans to deposits |
|
|
106.50 |
% |
|
|
103.07 |
% |
Average equity to assets (7) |
|
|
14.36 |
% |
|
|
14.69 |
% |
Capital Ratios: |
|
|
|
|
|
|
|
|
Tier 1 capital to average assets |
|
|
13.23 |
% |
|
|
15.60 |
% |
Asset Quality Ratios: |
|
|
|
|
|
|
|
|
Allowance for credit losses as a percent of total loans |
|
|
0.40 |
% |
|
|
0.38 |
% |
Allowance for credit losses as a percent of non-performing loans |
|
|
22.69 |
% |
|
|
21.35 |
% |
Net charge-offs to average outstanding loans during the period |
|
|
-- |
% |
|
|
-- |
% |
Non-performing loans as a percent of total loans |
|
|
1.75 |
% |
|
|
1.79 |
% |
Non-performing assets as a percent of total assets |
|
|
1.30 |
% |
|
|
1.35 |
% |
(1) |
Certain performance ratios for the three-months 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 March 31, 2024 and December 31, 2023:
|
|
March 31, |
|
|
December 31, |
|
||
|
|
2024 |
|
|
2023 |
|
||
|
|
(unaudited) |
|
|||||
Real estate: |
|
|
|
|
|
|
|
|
Residential First Mortgage |
|
$ |
482,448,777 |
|
|
$ |
486,052,422 |
|
Commercial Real Estate |
|
|
105,959,762 |
|
|
|
99,830,514 |
|
Multi-Family Real Estate |
|
|
75,747,749 |
|
|
|
75,612,566 |
|
Construction |
|
|
41,160,057 |
|
|
|
49,302,040 |
|
Commercial and Industrial |
|
|
6,284,264 |
|
|
|
6,658,370 |
|
Consumer |
|
|
44,622 |
|
|
|
18,672 |
|
Total loans |
|
|
711,645,231 |
|
|
|
717,474,584 |
|
Allowance for credit losses |
|
|
(2,820,950 |
) |
|
|
(2,785,949 |
) |
Net loans |
|
$ |
708,824,281 |
|
|
$ |
714,688,635 |
|
The following tables set forth the distribution of total deposit accounts, by account type, at the dates indicated (unaudited).
|
|
At March 31, |
|
|
At December 31, |
|
||||||||||||||||||
|
|
2024 |
|
|
2023 |
|
||||||||||||||||||
|
|
Amount |
|
|
Percent |
|
|
Average Rate |
|
|
Amount |
|
|
Percent |
|
|
Average Rate |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|||||||||||||||||||||
Noninterest bearing demand accounts |
|
$ |
29,787,560 |
|
|
|
4.48 |
% |
|
|
— |
% |
|
$ |
30,555,546 |
|
|
|
4.89 |
% |
|
|
— |
% |
NOW accounts |
|
|
57,791,993 |
|
|
|
8.68 |
% |
|
|
2.29 |
|
|
|
41,320,723 |
|
|
|
6.61 |
% |
|
|
1.90 |
|
Money market accounts |
|
|
14,134,638 |
|
|
|
2.12 |
% |
|
|
0.29 |
|
|
|
14,641,000 |
|
|
|
2.34 |
% |
|
|
0.30 |
|
Savings accounts |
|
|
45,751,518 |
|
|
|
6.87 |
% |
|
|
1.81 |
|
|
|
45,554,964 |
|
|
|
7.28 |
% |
|
|
1.76 |
|
Certificates of deposit |
|
|
518,076,697 |
|
|
|
77.84 |
% |
|
|
4.38 |
|
|
|
493,274,767 |
|
|
|
78.88 |
% |
|
|
4.00 |
|
Total |
|
$ |
665,542,406 |
|
|
|
100.00 |
% |
|
|
3.74 |
% |
|
$ |
625,347,000 |
|
|
|
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 March 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 |
|
$ |
9,865 |
|
|
$ |
150 |
|
|
|
6.10 |
% |
|
$ |
8,799 |
|
|
$ |
105 |
|
|
|
4.84 |
% |
Loans |
|
|
713,430 |
|
|
|
8,207 |
|
|
|
4.61 |
% |
|
|
717,964 |
|
|
|
7,699 |
|
|
|
4.32 |
% |
Securities |
|
|
166,666 |
|
|
|
1,529 |
|
|
|
3.67 |
% |
|
|
161,960 |
|
|
|
1,096 |
|
|
|
2.71 |
% |
Other interest-earning assets |
|
|
8,101 |
|
|
|
175 |
|
|
|
8.63 |
% |
|
|
5,338 |
|
|
|
117 |
|
|
|
8.74 |
% |
Total interest-earning assets |
|
|
898,062 |
|
|
|
10,061 |
|
|
|
4.49 |
% |
|
|
894,061 |
|
|
|
9,017 |
|
|
|
4.06 |
% |
Non-interest-earning assets |
|
|
55,694 |
|
|
|
|
|
|
|
|
|
|
|
54,810 |
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
953,756 |
|
|
|
|
|
|
|
|
|
|
$ |
948,871 |
|
|
|
|
|
|
|
|
|
Liabilities and equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money market accounts |
|
$ |
69,450 |
|
|
$ |
334 |
|
|
|
1.94 |
% |
|
$ |
112,717 |
|
|
$ |
380 |
|
|
|
1.37 |
% |
Savings accounts |
|
|
43,348 |
|
|
|
198 |
|
|
|
1.84 |
% |
|
|
53,618 |
|
|
|
70 |
|
|
|
0.53 |
% |
Certificates of deposit |
|
|
516,496 |
|
|
|
5,438 |
|
|
|
4.23 |
% |
|
|
503,369 |
|
|
|
3,265 |
|
|
|
2.63 |
% |
Total interest-bearing deposits |
|
|
629,294 |
|
|
|
5,970 |
|
|
|
3.82 |
% |
|
|
669,704 |
|
|
|
3,715 |
|
|
|
2.25 |
% |
Federal Home Loan Bank advances (1) |
|
|
153,269 |
|
|
|
1,440 |
|
|
|
3.78 |
% |
|
|
96,532 |
|
|
|
777 |
|
|
|
3.27 |
% |
Total interest-bearing liabilities |
|
|
782,563 |
|
|
|
7,410 |
|
|
|
3.81 |
% |
|
|
766,236 |
|
|
|
4,492 |
|
|
|
2.38 |
% |
Non-interest-bearing deposits |
|
|
30,018 |
|
|
|
|
|
|
|
|
|
|
|
37,224 |
|
|
|
|
|
|
|
|
|
Other non-interest-bearing liabilities |
|
|
4,175 |
|
|
|
|
|
|
|
|
|
|
|
5,977 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
816,756 |
|
|
|
|
|
|
|
|
|
|
|
809,437 |
|
|
|
|
|
|
|
|
|
Total equity |
|
|
137,000 |
|
|
|
|
|
|
|
|
|
|
|
139,434 |
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
953,756 |
|
|
|
|
|
|
|
|
|
|
$ |
948,871 |
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
|
$ |
2,651 |
|
|
|
|
|
|
|
|
|
|
$ |
4,525 |
|
|
|
|
|
Interest rate spread (2) |
|
|
|
|
|
|
|
|
|
|
0.68 |
% |
|
|
|
|
|
|
|
|
|
|
1.68 |
% |
Net interest margin (3) |
|
|
|
|
|
|
|
|
|
|
1.18 |
% |
|
|
|
|
|
|
|
|
|
|
2.05 |
% |
Average interest-earning assets to average interest-bearing liabilities |
|
|
114.76 |
% |
|
|
|
|
|
|
|
|
|
|
116.68 |
% |
|
|
|
|
|
|
|
|
1. |
Cash flow hedges are used to manage interest rate risk. During the three months ended March 31, 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 March 31, |
|
|||||||||
|
|
2024 Compared to Three |
|
|||||||||
|
|
Months Ended March 31, 2023 |
|
|||||||||
|
|
Increase (Decrease) Due to |
|
|||||||||
|
|
Volume |
|
|
Rate |
|
|
Net |
|
|||
|
|
(In thousands) |
|
|||||||||
|
|
(unaudited) |
|
|||||||||
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
14 |
|
|
$ |
31 |
|
|
$ |
45 |
|
Loans receivable |
|
|
(314 |
) |
|
|
822 |
|
|
|
508 |
|
Securities |
|
|
33 |
|
|
|
400 |
|
|
|
433 |
|
Other interest earning assets |
|
|
68 |
|
|
|
(10 |
) |
|
|
58 |
|
Total interest-earning assets |
|
|
(199 |
) |
|
|
1,243 |
|
|
|
1,044 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money market accounts |
|
|
(639 |
) |
|
$ |
593 |
|
|
$ |
(46 |
) |
Savings accounts |
|
|
(92 |
) |
|
|
220 |
|
|
|
128 |
|
Certificates of deposit |
|
|
89 |
|
|
|
2,084 |
|
|
|
2,173 |
|
Federal Home Loan Bank advances |
|
|
524 |
|
|
|
139 |
|
|
|
663 |
|
Total interest-bearing liabilities |
|
|
(118 |
) |
|
|
3,036 |
|
|
|
2,918 |
|
Net increase (decrease) in net interest income |
|
$ |
(81 |
) |
|
$ |
(1,793 |
) |
|
$ |
(1,874 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240430813060/en/
Kevin Pace – President & CEO, 201-862-0660 ext. 1110
Source: Bogota Financial Corp.
FAQ
What was Bogota Financial Corp.'s net loss for the three months ended March 31, 2024?
What was the increase in total assets at Bogota Financial Corp. as of March 31, 2024?
When did Bogota Financial Corp. open its newest branch location?
Why did Bogota Financial Corp. experience a decrease in net income?
How did Bogota Financial Corp.'s interest income change for the three months ended March 31, 2024?
