Bogota Financial Corp. Reports Results for the Six Months Ended June 30, 2026
Rhea-AI Summary
Bogota Financial Corp (NASDAQ: BSBK) reported net income of $748,000 ($0.06 per share) for Q2 2026, up from $224,000 ($0.02 per share) a year earlier, and $1.5 million ($0.12 per share) for the first six months of 2026, up from $955,000 ($0.08 per share).
Total assets fell 3.3% since year-end 2025 to $875.0 million, as cash, securities and loans declined. Deposits decreased 12.0% to $574.2 million, while FHLB advances rose 51.1% to $141.0 million. Net interest income and net interest margin improved for both the quarter and year-to-date as funding costs declined. The company repurchased 230,544 shares for $2.0 million under its ongoing buyback and announced an agreement to acquire GSL Bank, aiming to expand its New Jersey customer base.
Positive
- Q2 2026 net income $748,000 vs. $224,000 in Q2 2025
- Six‑month 2026 net income $1.5 million vs. $955,000 prior year
- Net interest income up 3.9% in Q2 and 13.4% year‑to‑date
- Net interest margin up to 1.94% in Q2 and 2.06% year‑to‑date
- Interest expense down 15.6% in Q2 and 16.5% year‑to‑date
- Share repurchases 230,544 shares for $2.0 million under buyback
Negative
- Total assets down 3.3% since December 31, 2025 to $875.0 million
- Total deposits down 12.0% to $574.2 million, led by CDs
- FHLB advances up 51.1% to $141.0 million, replacing deposit outflows
- Interest income down 8.7% in Q2 and 6.3% year‑to‑date
- Net loans down $10.3 million, or 1.6%, since year‑end 2025
- Provision for credit losses $50,000 vs. $80,000 recovery prior year
News Explained
As of
AI-generated analysis. How Rhea-AI works. Not financial advice.
TEANECK, N.J., July 30, 2026 (GLOBE NEWSWIRE) -- Bogota Financial Corp. (NASDAQ: BSBK) (the “Company”), the holding company for Bogota Savings Bank (the “Bank”), reported net income for the three months ended June 30, 2026 of
As of June 30, 2026, 230,544 shares of the Company’s common stock have been repurchased pursuant to the Company’s current stock repurchase program at a cost of
Other Financial Highlights:
- Total assets decreased
$30.0 million , or3.3% , to$875.0 million at June 30, 2026 from$904.9 million at December 31, 2025, due to a decrease in cash and cash equivalents, securities and loans.
- Cash and cash equivalents decreased
$5.7 million , or16.0% , to$29.9 million at June 30, 2026 from$35.6 million at December 31, 2025 as excess funds from increased borrowings, security maturities and loan payments were used to offset deposit outflows.
- Securities decreased
$17.7 million , or11.2% , to$140.4 million at June 30, 2026 from$158.1 million at December 31, 2025 due to principal repayments of mortgage-backed securities and maturities of corporate bonds.
- Net loans decreased
$10.3 million , or1.6% , to$637.3 million at June 30, 2026 from$647.6 million at December 31, 2025, primarily due to decreases in residential mortgages, commercial and construction loans, offset by an increase in multi-family real estate loans.
- Total deposits at June 30, 2026 were
$574.2 million , decreasing$78.2 million , or12.0% , compared to$652.4 million at December 31, 2025, due to a$91.4 million decrease in certificates of deposit of which$10.8 million represented a decrease in brokered deposits. The decrease was offset by a$10.9 million increase in savings accounts and a$2.3 million increase in non-interest-bearing accounts. The average rate on deposits decreased 34 basis points to3.10% for the first two quarters of 2026 from3.50% from comparable period a year ago, which was due to lower interest rates and average balances of certificates of deposit.
- Federal Home Loan Bank (the "FHLB") advances increased
$47.7 million , or51.1% to$141.0 million at June 30, 2026 from$93.3 million as of December 31, 2025. The increase in borrowings was largely attributable to the outflow of deposits during the six months ended June 30, 2026.
Kevin Pace, President and Chief Executive Officer, said “We were pleased to announce our entry into an agreement to acquire GSL Bank this quarter. This transaction will allow us to expand and acquire a customer base from another longstanding New Jersey institution. We anticipate the ability to grow those relationships by providing greater products and services. We are hopeful that our increased lending capacity will attract those customers and meet the demand not presently met. We also have planned improvements in technology to not only remain competitive, but attractive. We are focused on prudent lending that diversifies our portfolio while maintaining solid credit quality.”
“Year over year results have shown improvements in both net income and EPS. Balance sheet management to minimize the exposure to the rate environment remains a strategic goal. We look to continue delivering shareholder value through our current stock buyback and core growth."
Income Statement Analysis
Comparison of Operating Results for the Three Months Ended June 30, 2026 and June 30, 2025
Net income increased
Interest income decreased
Interest income on cash and cash equivalents increased
Interest income on loans decreased
Interest income on securities decreased
Interest expense decreased
Interest expense on interest-bearing deposits decreased
Interest expense on FHLB advances decreased
Net interest income increased
We recorded no provision for credit losses for the three months ended June 30, 2026 and June 30, 2025. The increase in non-performing loans were loans that were impaired with adequate collateral and required no additional provisions.
Non-interest income increased
For the three months ended June 30, 2026, non-interest expense decreased
Income tax expense increased
Comparison of Operating Results for the Six Months Ended June 30, 2026 and June 30, 2025
Net income increased
Interest income decreased
Interest income on cash and cash equivalents decreased
Interest income on loans decreased
Interest income on securities increased
Interest expense decreased
Interest expense on interest-bearing deposits decreased
Interest expense on FHLB advances decreased
Net interest income increased
We recorded a
Non-interest income decreased
For the six months ended June 30, 2026, non-interest expense decreased
Income tax expense increased
Balance Sheet Analysis
Total assets were
Delinquent loans increased
Total liabilities decreased
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 eight offices located in Bogota, Hasbrouck Heights, Upper Saddle River, Newark, Oak Ridge, Parsippany, Point Pleasant and Teaneck, 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, the imposition of tariffs or other domestic or international governmental policies and trade restrictions and retaliatory measures impacting our borrowers and the broader economy, the impact of a potential federal government shutdown, debt ceiling impasses or fiscal uncertainty, 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; the current or anticipated impact of military conflict, terrorism or other geopolitical events; risks associated with cybersecurity threats, data breaches, ransomware attacks, or other failures in our operational or security systems and infrastructure, including the risks arising from our dependence on third-party service providers and vendors, 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 | |||||||
| June 30, 2026 | December 31, 2025 | |||||||
| Assets | ||||||||
| Cash and due from banks | $ | 7,500,397 | $ | 11,584,648 | ||||
| Interest-bearing deposits in other banks | 22,396,729 | 24,013,947 | ||||||
| Cash and cash equivalents | 29,897,126 | 35,598,595 | ||||||
| Securities available for sale, at fair value | 140,411,551 | 158,064,631 | ||||||
| Loans, net of allowance for credit losses of | 637,312,833 | 647,645,607 | ||||||
| Premises and equipment, net | 4,458,385 | 4,399,202 | ||||||
| FHLB stock and other restricted securities | 7,513,600 | 5,403,900 | ||||||
| Accrued interest receivable | 3,889,180 | 4,261,410 | ||||||
| Core deposit intangibles | 87,934 | 107,604 | ||||||
| Bank-owned life insurance | 32,225,477 | 31,774,855 | ||||||
| Right of use asset | 10,557,850 | 10,265,125 | ||||||
| Investment in limited partnership | 3,963,163 | 2,413,320 | ||||||
| Other assets | 4,670,025 | 5,013,251 | ||||||
| Total Assets | $ | 874,987,124 | $ | 904,947,500 | ||||
| Liabilities and Equity | ||||||||
| Non-interest bearing deposits | $ | 30,478,615 | $ | 28,177,516 | ||||
| Interest bearing deposits | 543,740,963 | 624,269,541 | ||||||
| Total deposits | 574,219,578 | 652,447,057 | ||||||
| FHLB advances-short term | 101,000,000 | 20,000,000 | ||||||
| FHLB advances-long term | 40,020,176 | 73,322,132 | ||||||
| Advance payments by borrowers for taxes and insurance | 2,027,965 | 2,591,007 | ||||||
| Lease liabilities | 10,782,407 | 10,434,759 | ||||||
| Other liabilities | 4,971,332 | 5,244,197 | ||||||
| Total liabilities | 733,021,458 | 764,039,152 | ||||||
| Stockholders’ Equity | ||||||||
| Preferred stock | — | — | ||||||
| Common stock | 127,709 | 129,255 | ||||||
| Additional paid-in capital | 54,026,204 | 54,949,369 | ||||||
| Retained earnings | 93,550,894 | 92,097,426 | ||||||
| Unearned ESOP shares (342,926 shares at June 30, 2026 and 356,188 shares at December 31, 2025) | (4,068,789 | ) | (4,219,390 | ) | ||||
| Accumulated other comprehensive loss | (1,670,352 | ) | (2,048,312 | ) | ||||
| Total stockholders’ equity | 141,965,666 | 140,908,348 | ||||||
| Total liabilities and stockholders’ equity | $ | 874,987,124 | $ | 904,947,500 | ||||
| BOGOTA FINANCIAL CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Interest income | ||||||||||||||||
| Loans, including fees | $ | 7,522,862 | $ | 8,291,923 | $ | 15,510,465 | $ | 16,895,052 | ||||||||
| Securities | — | |||||||||||||||
| Taxable | 1,855,996 | 1,943,360 | 4,117,414 | 3,773,754 | ||||||||||||
| Tax-exempt | 2,888 | 2,894 | 5,777 | 5,789 | ||||||||||||
| Other interest-earning assets | 207,404 | 266,987 | 443,991 | 754,158 | ||||||||||||
| Total interest income | 9,589,150 | 10,505,164 | 20,077,647 | 21,428,753 | ||||||||||||
| Interest expense | ||||||||||||||||
| Deposits | 4,613,406 | 5,524,138 | 9,603,665 | 11,286,462 | ||||||||||||
| FHLB advances | 1,136,032 | 1,286,421 | 2,207,779 | 2,854,448 | ||||||||||||
| Total interest expense | 5,749,438 | 6,810,559 | 11,811,444 | 14,140,910 | ||||||||||||
| Net interest income | 3,839,712 | 3,694,605 | 8,266,203 | 7,287,843 | ||||||||||||
| Provision (recovery) for credit losses | — | — | 50,000 | (80,000 | ) | |||||||||||
| Net interest income after provision (recovery) for credit losses | 3,839,712 | 3,694,605 | 8,216,203 | 7,367,843 | ||||||||||||
| Non-interest income | ||||||||||||||||
| Fees and service charges | 46,343 | 59,755 | 111,494 | 115,574 | ||||||||||||
| Gain on sale of loans | — | 8,768 | — | 37,830 | ||||||||||||
| Bank-owned life insurance | 228,330 | 228,392 | 450,622 | 990,623 | ||||||||||||
| Other | 386,046 | 34,795 | 419,850 | 77,055 | ||||||||||||
| Total non-interest income | 660,719 | 331,710 | 981,966 | 1,221,082 | ||||||||||||
| Non-interest expense | ||||||||||||||||
| Salaries and employee benefits | 1,984,689 | 2,059,942 | 4,037,535 | 4,140,141 | ||||||||||||
| Occupancy and equipment | 640,405 | 640,444 | 1,342,762 | 1,311,913 | ||||||||||||
| FDIC insurance assessment | 86,404 | 103,934 | 185,404 | 210,520 | ||||||||||||
| Data processing | 318,138 | 305,034 | 588,853 | 620,731 | ||||||||||||
| Advertising | 38,500 | 16,000 | 90,500 | 121,500 | ||||||||||||
| Director fees | 126,631 | 170,812 | 265,262 | 330,256 | ||||||||||||
| Professional fees | 247,166 | 372,364 | 489,447 | 571,094 | ||||||||||||
| Other | 212,307 | 185,972 | 434,135 | 408,017 | ||||||||||||
| Total non-interest expense | 3,654,240 | 3,854,502 | 7,433,898 | 7,714,172 | ||||||||||||
| Income before income taxes | 846,191 | 171,813 | 1,764,271 | 874,753 | ||||||||||||
| Income tax expense (benefit) | 98,669 | (52,582 | ) | 310,803 | (80,589 | ) | ||||||||||
| Net income | $ | 747,522 | $ | 224,395 | $ | 1,453,468 | $ | 955,342 | ||||||||
| Earnings per Share - basic | $ | 0.06 | $ | 0.02 | $ | 0.12 | $ | 0.08 | ||||||||
| Earnings per Share - diluted | $ | 0.06 | $ | 0.02 | $ | 0.12 | $ | 0.08 | ||||||||
| Weighted average shares outstanding - basic | 12,492,325 | 12,635,990 | 12,598,741 | 12,642,744 | ||||||||||||
| Weighted average shares outstanding - diluted | 12,507,536 | 12,641,179 | 12,609,946 | 12,644,701 | ||||||||||||
| BOGOTA FINANCIAL CORP. SELECTED RATIOS (unaudited) | ||||||||||||||||
| At or For the Three Months | At or for the Six Months | |||||||||||||||
| Ended June 30, | Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Performance Ratios (1): | ||||||||||||||||
| Return on average assets (2) | 0.09 | % | 0.02 | % | 0.17 | % | 0.10 | % | ||||||||
| Return on average equity (3) | 0.53 | % | 0.16 | % | 1.03 | % | 0.10 | % | ||||||||
| Interest rate spread (4) | 1.40 | % | 1.20 | % | 1.49 | % | 1.15 | % | ||||||||
| Net interest margin (5) | 1.94 | % | 1.74 | % | 2.06 | % | 1.70 | % | ||||||||
| Efficiency ratio (6) | 81.20 | % | 95.73 | % | 80.38 | % | 90.66 | % | ||||||||
| Average interest-earning assets to average interest-bearing liabilities | 118.10 | % | 116.49 | % | 117.83 | % | 115.24 | % | ||||||||
| Net loans to deposits | 110.99 | % | 110.34 | % | 110.99 | % | 110.34 | % | ||||||||
| Average equity to average assets (7) | 16.49 | % | 15.02 | % | 16.20 | % | 14.88 | % | ||||||||
| Capital Ratios: | ||||||||||||||||
| Tier 1 capital to average assets | 16.45 | % | 15.32 | % | ||||||||||||
| Asset Quality Ratios: | ||||||||||||||||
| Allowance for credit losses as a percent of total loans | 0.40 | % | 0.37 | % | ||||||||||||
| Allowance for credit losses as a percent of non-performing loans | 9.95 | % | 18.69 | % | ||||||||||||
| Net charge-offs to average outstanding loans during the period | 0.00 | % | 0.00 | % | ||||||||||||
| Non-performing loans as a percent of total loans | 4.05 | % | 2.00 | % | ||||||||||||
| Non-performing assets as a percent of total assets | 2.96 | % | 1.50 | % | ||||||||||||
| (1 | ) | Certain performance ratios for the three and six months ended June 30, 2026 and 2025 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 June 30, 2026 and December 31, 2025:
| June 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| (unaudited) | ||||||||
| Real estate: | ||||||||
| Residential First Mortgage | $ | 435,989,187 | $ | 443,894,498 | ||||
| Commercial Real Estate | 116,887,887 | 121,960,681 | ||||||
| Multi-Family Real Estate | 65,539,077 | 58,944,579 | ||||||
| Construction | 18,867,564 | 22,046,399 | ||||||
| Commercial and Industrial | 2,494,250 | 3,211,338 | ||||||
| Consumer | 114,817 | 118,061 | ||||||
| Total loans | 639,892,782 | 650,175,556 | ||||||
| Allowance for credit losses | (2,579,949 | ) | (2,529,949 | ) | ||||
| Net loans | $ | 637,312,833 | $ | 647,645,607 | ||||
The following tables set forth the distribution of total deposit accounts, by account type, at the dates indicated:
| At June 30, | At December 31, | |||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||
| Amount | Percent | Average Rate | Amount | Percent | Average Rate | |||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| Non-interest bearing demand accounts | $ | 30,478,615 | 5.31 | % | — | % | $ | 28,177,516 | 4.32 | % | — | % | ||||||||||||
| NOW accounts | 65,426,250 | 11.39 | % | 2.85 | 65,532,122 | 10.04 | % | 2.76 | ||||||||||||||||
| Money market accounts | 10,365,455 | 1.81 | % | 0.42 | 10,244,512 | 1.57 | % | 0.44 | ||||||||||||||||
| Savings accounts | 65,414,499 | 11.39 | % | 2.66 | 54,558,439 | 8.36 | % | 2.13 | ||||||||||||||||
| Certificates of deposit | 402,534,759 | 70.10 | % | 3.52 | 493,934,468 | 75.70 | % | 3.75 | ||||||||||||||||
| Total | $ | 574,219,578 | 100.00 | % | 3.10 | % | $ | 652,447,057 | 100.00 | % | 3.30 | % | ||||||||||||
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 June 30, | ||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||
| Average Balance | Interest and Dividends | Yield/ Cost | Average Balance | Interest and Dividends | Yield/ Cost | |||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||
| Assets: | (unaudited) | |||||||||||||||||||||||
| Cash and cash equivalents | $ | 9,862 | $ | 107 | 4.33 | % | $ | 9,976 | $ | 106 | 4.26 | % | ||||||||||||
| Loans | 640,337 | 7,522 | 4.71 | % | 697,792 | 8,292 | 4.77 | % | ||||||||||||||||
| Securities | 140,737 | 1,859 | 5.28 | % | 141,141 | 1,946 | 5.52 | % | ||||||||||||||||
| Other interest-earning assets | 6,107 | 101 | 6.65 | % | 7,085 | 161 | 9.09 | % | ||||||||||||||||
| Total interest-earning assets | 797,043 | 9,589 | 4.82 | % | 855,994 | 10,505 | 4.92 | % | ||||||||||||||||
| Non-interest-earning assets | 63,828 | 65,094 | ||||||||||||||||||||||
| Total assets | $ | 860,871 | $ | 921,088 | ||||||||||||||||||||
| Liabilities and equity: | ||||||||||||||||||||||||
| NOW and money market accounts | $ | 81,501 | $ | 466 | 2.29 | % | $ | 73,261 | $ | 447 | 2.44 | % | ||||||||||||
| Savings accounts | 60,620 | 386 | 2.55 | % | 48,751 | 249 | 2.05 | % | ||||||||||||||||
| Certificates of deposit(1) | 422,701 | 3,761 | 3.57 | % | 482,516 | 4,828 | 4.01 | % | ||||||||||||||||
| Total interest-bearing deposits | 564,822 | 4,613 | 3.28 | % | 604,528 | 5,524 | 3.67 | % | ||||||||||||||||
| FHLB advances (1) | 110,045 | 1,136 | 4.14 | % | 130,277 | 1,286 | 3.96 | % | ||||||||||||||||
| Total interest-bearing liabilities | 674,867 | 5,749 | 3.42 | % | 734,805 | 6,810 | 3.72 | % | ||||||||||||||||
| Non-interest-bearing deposits | 31,404 | 32,076 | ||||||||||||||||||||||
| Other non-interest-bearing liabilities | 12,634 | 15,894 | ||||||||||||||||||||||
| Total liabilities | 718,905 | 782,775 | ||||||||||||||||||||||
| Total equity | 141,966 | 138,313 | ||||||||||||||||||||||
| Total liabilities and equity | $ | 860,871 | $ | 921,088 | ||||||||||||||||||||
| Net interest income | $ | 3,840 | $ | 3,695 | ||||||||||||||||||||
| Interest rate spread(2) | 1.40 | % | 1.20 | % | ||||||||||||||||||||
| Net interest margin(3) | 1.94 | % | 1.74 | % | ||||||||||||||||||||
| Average interest-earning assets to average interest-bearing liabilities | 118.10 | % | 116.49 | % | ||||||||||||||||||||
| 1. | Cash flow and fair value hedges are used to manage interest rate risk. During the three months ended June 30, 2026 and 2025, the net effect on interest expense on the FHLB advances and certificates of deposit was an increased 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. |
| Six Months Ended June 30, | ||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||
| Average Balance | Interest and Dividends | Yield/ Cost | Average Balance | Interest and Dividends | Yield/ Cost | |||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||
| Cash and cash equivalents | $ | 10,584 | $ | 230 | 4.34 | % | $ | 13,270 | $ | 371 | 5.58 | % | ||||||||||||
| Loans | 644,096 | 15,510 | 4.82 | % | 701,423 | 16,895 | 4.82 | % | ||||||||||||||||
| Securities | 146,787 | 4,123 | 5.62 | % | 143,199 | 3,779 | 5.28 | % | ||||||||||||||||
| Other interest-earning assets | 5,841 | 214 | 7.34 | % | 7,692 | 384 | 9.97 | % | ||||||||||||||||
| Total interest-earning assets | 807,308 | 20,077 | 4.97 | % | 865,584 | 21,429 | 4.95 | % | ||||||||||||||||
| Non-interest-earning assets | 65,807 | 61,323 | ||||||||||||||||||||||
| Total assets | $ | 873,115 | $ | 926,907 | ||||||||||||||||||||
| Liabilities and equity: | ||||||||||||||||||||||||
| NOW and money market accounts | $ | 82,728 | $ | 1,009 | 2.46 | % | $ | 76,313 | $ | 904 | 2.39 | % | ||||||||||||
| Savings accounts | 57,882 | 703 | 2.45 | % | 47,299 | 475 | 2.02 | % | ||||||||||||||||
| Certificates of deposit(1) | 440,920 | 7,892 | 3.61 | % | 483,380 | 9,908 | 4.13 | % | ||||||||||||||||
| Total interest-bearing deposits | 581,530 | 9,604 | 3.33 | % | 606,992 | 11,287 | 3.75 | % | ||||||||||||||||
| FHLB advances (1) | 103,589 | 2,207 | 4.30 | % | 144,120 | 2,854 | 3.99 | % | ||||||||||||||||
| Total interest-bearing liabilities | 685,119 | 11,811 | 3.48 | % | 751,112 | 14,141 | 3.80 | % | ||||||||||||||||
| Non-interest-bearing deposits | 29,917 | 32,425 | ||||||||||||||||||||||
| Other non-interest-bearing liabilities | 16,599 | 5,420 | ||||||||||||||||||||||
| Total liabilities | 731,635 | 788,957 | ||||||||||||||||||||||
| Total equity | 141,480 | 137,950 | ||||||||||||||||||||||
| Total liabilities and equity | $ | 873,115 | $ | 926,907 | ||||||||||||||||||||
| Net interest income | $ | 8,266 | $ | 7,288 | ||||||||||||||||||||
| Interest rate spread(2) | 1.49 | % | 1.15 | % | ||||||||||||||||||||
| Net interest margin(3) | 2.06 | % | 1.70 | % | ||||||||||||||||||||
| Average interest-earning assets to average interest-bearing liabilities | 117.83 | % | 115.24 | % | ||||||||||||||||||||
| 1. | Cash flow and fair value hedges are used to manage interest rate risk. During the six months ended June 30, 2026 and 2025, the net effect on interest expense on the FHLB advances and certificates of deposit was an increased 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 June 30, 2026 | Six Months Ended June 30, 2026 | |||||||||||||||||||||||
| Compared to | Compared to | |||||||||||||||||||||||
| Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | |||||||||||||||||||||||
| Increase (Decrease) Due to | Increase (Decrease) Due to | |||||||||||||||||||||||
| Volume | Rate | Net | Volume | Rate | Net | |||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||
| Interest income: | (unaudited) | |||||||||||||||||||||||
| Cash and cash equivalents | $ | (5 | ) | $ | 6 | $ | 1 | $ | (67 | ) | $ | (74 | ) | $ | (141 | ) | ||||||||
| Loans receivable | (668 | ) | (102 | ) | (770 | ) | (1,385 | ) | — | (1,385 | ) | |||||||||||||
| Securities | (5 | ) | (82 | ) | (87 | ) | 96 | 248 | 344 | |||||||||||||||
| Other interest earning assets | (20 | ) | (40 | ) | (60 | ) | (81 | ) | (89 | ) | (170 | ) | ||||||||||||
| Total interest-earning assets | (698 | ) | (218 | ) | (916 | ) | (1,437 | ) | 85 | (1,352 | ) | |||||||||||||
| Interest expense: | ||||||||||||||||||||||||
| NOW and money market accounts | 154 | (135 | ) | 19 | 77 | 28 | 105 | |||||||||||||||||
| Savings accounts | 68 | 69 | 137 | 117 | 111 | 228 | ||||||||||||||||||
| Certificates of deposit | (566 | ) | (501 | ) | (1,067 | ) | (828 | ) | (1,188 | ) | (2,016 | ) | ||||||||||||
| FHLB advances | (479 | ) | 329 | (150 | ) | (1,207 | ) | 560 | (647 | ) | ||||||||||||||
| Total interest-bearing liabilities | (822 | ) | (239 | ) | (1,061 | ) | (1,842 | ) | (488 | ) | (2,330 | ) | ||||||||||||
| Net increase in net interest income | $ | 124 | $ | 21 | $ | 145 | $ | 405 | $ | 573 | $ | 978 | ||||||||||||
Contacts
Kevin Pace – President & CEO, 201-862-0660 ext. 1110
