Welcome to our dedicated page for Bogota Finl news (Ticker: BSBK), a resource for investors and traders seeking the latest updates and insights on Bogota Finl stock.
Overview of Bogota Financial Corp (BSBK)
Bogota Financial Corp is a distinguished community bank based in New Jersey that has built a solid reputation over more than a century of service. As a cornerstone in the local financial landscape, the company offers a comprehensive range of personal and business banking services including traditional deposit accounts (savings, checking, and certificates of deposit) and a diverse suite of lending solutions. Key industry keywords such as community banking, financial services, and commercial lending underscore its market position and operational focus.
Core Business Areas
The bank specializes in both deposit and lending operations. On the deposit side, it has established a robust program that caters to a wide array of customer needs, from basic checking and savings accounts to certificate of deposits designed for more strategic financial planning. In terms of lending, the institution offers comprehensive solutions in residential, commercial, and consumer segments, serving local residents and businesses alike through an array of well-structured loan products.
Operational Excellence and Business Model
Bogota Financial Corp generates revenue primarily through interest income from its diverse loan portfolio and fees associated with its deposit services. Its business model is built on a foundation of prudent lending practices and risk management, ensuring stability in varying economic conditions. The institution consistently integrates traditional financial practices with emerging technologies, such as online banking platforms, to enhance operational efficiency and accessibility for its clientele.
Market Position and Competitive Landscape
With a history that spans over 120 years, Bogota Financial Corp has cemented itself as a reliable and trusted financial partner in its communities. Its competitive advantage lies in the unique blend of personalized customer service and innovative digital solutions, which enables it to serve both traditional and modern banking needs. The bank addresses common challenges in the financial sector by maintaining diligent asset management practices and a balanced approach to growth and risk control.
Community Engagement and Customer Focus
At its core, Bogota Financial Corp is more than just a bank; it is a community partner committed to the prosperity of the local economy. The bank’s history of supporting community programs and local initiatives highlights its dedication to fostering long-term relationships with families, local businesses, and community organizations. Its operations are steeped in a tradition of open dialogue, quality service, and customized financial products that precisely meet the needs of its diverse customer base.
Technological Integration and Future Operational Stability
The company has embraced new technologies to improve its service offerings and operational efficiency. By integrating digital solutions into its traditional banking framework, it ensures that customers benefit from the convenience of online banking services while still enjoying the assurance of personal, face-to-face service when needed. This balanced approach not only improves customer satisfaction but also positions the company solidly within the competitive landscape of modern banking.
Summary
In summary, Bogota Financial Corp is a longstanding and multifaceted banking institution that combines traditional, time-tested financial services with modern technology to serve the community effectively. Its transparent business model, strong emphasis on customer service, and strategic approach to both deposit and lending operations make it a significant player in New Jersey’s financial landscape.
Bogota Financial Corp. (NASDAQ: BSBK) reported Q4 2022 net income of $1.9 million ($0.14/share), down from $2.0 million ($0.15/share) in Q4 2021. For 2022, net income decreased 8.6% to $6.9 million ($0.51/share) from $7.5 million ($0.55/share) in 2021. Total assets rose 13.6% to $951.1 million, while net loans increased 26.1% to $719 million. Total deposits also grew 17.4% to $701.4 million, fueled by a new municipal deposit relationship. However, non-interest income dropped significantly by 79.8%, mainly due to decreased gains on loan sales. CEO Joseph Coccaro noted strong loan growth amid challenges like rising interest rates and inflation, anticipating a slower market ahead.
Bogota Financial Corp. (NASDAQ: BSBK) reported net income of $1.9 million for Q3 2022, an 85.2% increase from $1.0 million in Q3 2021. For the first nine months of 2022, net income reached $5.0 million, down from $5.5 million in the same period last year, affected by a previous one-time gain. Total assets rose 13.0% to $946.2 million, driven by a 24% increase in net loans. Deposits grew by 11.8% to $668.2 million. The company completed share buybacks totaling 588,612 shares. However, returns on assets and equity declined compared to 2021.
Bogota Financial Corp. (BSBK) has received regulatory approval for a stock repurchase program of up to 556,631 shares, representing about 10% of its outstanding shares. This is the company’s third buyback initiative, aimed at enhancing shareholder value. Share repurchases will commence following the release of its Q3 2022 results. While there is no expiration date for the program, repurchases depend on various factors, including stock availability and market conditions.
Bogota Financial Corp. (NASDAQ: BSBK) reported a net income of $1.6 million for Q2 2022, up 14.1% from $1.4 million in Q2 2021. However, net income for the first half of 2022 dropped to $3.0 million from $4.4 million in the prior year, influenced by a prior year's one-time gain. Total assets rose 4.5% to $874.9 million, driven by a $60.6 million increase in loans. The company repurchased 145,582 shares under a buyback plan. Despite positive net interest income growth, non-interest income fell significantly, decreasing by 52.4% in Q2.
Bogota Financial Corp. (Nasdaq: BSBK) has received regulatory approval to repurchase up to 292,568 shares, representing approximately 5% of its outstanding common stock. This marks the second stock repurchase program initiated by the company. The shares may be repurchased in various market conditions without a set expiration date, and the program can be modified or suspended at any time. Factors influencing repurchase timing include stock availability, market conditions, and the company’s overall financial performance.
Bogota Financial Corp. (NASDAQ: BSBK) reported a net income of $1.4 million for Q1 2022, a decline from $3.0 million in the same period last year. Excluding a $1.9 million bargain purchase gain from 2021, net income for Q1 2021 would have matched the current figures. Total assets increased to $850.7 million, while net loans decreased by 1.0%. Total deposits rose by 3.8% to $619.9 million. The company completed a 5% share buyback plan and announced another pending regulatory approval. However, the return on average assets fell to 0.68% from 1.57% year-over-year.
Bogota Financial Corp. (NASDAQ: BSBK) reported a net income of $2.0 million for Q4 2021, up from $1.0 million in Q4 2020. For the full year, net income surged to $7.5 million, compared to $2.1 million in 2020. The growth was partly attributed to a $1.9 million bargain purchase gain from acquiring Gibraltar Bank and a significant rise in deposits by 19.0% to $597.5 million. Total assets increased by 13.0% to $837.4 million. Key metrics showed improved return on average assets at 1.23% and return on average equity at 7.06% for 2021.
FAQ
What is the current stock price of Bogota Finl (BSBK)?
What is the market cap of Bogota Finl (BSBK)?
What primary services does Bogota Financial Corp offer?
How does Bogota Financial Corp generate its revenue?
What sets Bogota Financial Corp apart in a competitive market?
What are the key business areas of the bank?
How does the bank leverage technology in its operations?
What role does community engagement play in the bank's strategy?
How does the bank manage risk in its lending practices?
How does Bogota Financial Corp maintain its market presence?
