Bogota Financial Corp. Reports Results for the Three and Nine Months Ended September 30, 2025
Bogota Financial Corp (NASDAQ: BSBK) reported net income of $455,000 for Q3 2025 vs. a net loss of $367,000 a year earlier, and net income of $1.4 million for the nine months ended Sept 30, 2025 vs. a nine-month loss of $1.2 million a year earlier. The nine-month results included a $543,000 one-time bank-owned life insurance death benefit.
Total assets fell 4.7% to $925.8M; net loans declined 6.0% to $669.2M; securities rose 14.6% to $160.7M; cash dropped 40.2% to $31.2M. Net interest income and margins expanded materially (Q3 net interest income +46.6%, NIM +65 bps to 1.80%). The company received regulatory approval to repurchase up to 237,590 shares (~5%); 4,821 shares repurchased at a cost of $42,000 as of Sept 30, 2025.
Bogota Financial Corp (NASDAQ: BSBK) ha riportato un utile netto di $455,000 nel Q3 2025 rispetto a una perdita di $367,000 un anno prima, e un utile netto di $1.4 million nei nove mesi chiusi al 30 settembre 2025 rispetto a una perdita di $1.2 million nei nove mesi dell'anno precedente. I risultati dei nove mesi includevano un $543,000 beneficio una tantum per decesso relativo all'assicurazione sulla vita di banca posseduta (BOLI). I attivi totali sono diminuiti del 4.7% a $925.8M; i prestiti netti sono diminuiti del 6.0% a $669.2M; i titoli sono saliti del 14.6% a $160.7M; la liquidità è scesa 40.2% a $31.2M. Il reddito da interessi netto e i margini hanno ampliato significativamente (reddito netto da interessi del Q3 +46.6%, NIM +65 bp a 1.80%). L'azienda ha ottenuto l'approvazione normativa per riacquistare fino a 237,590 azioni (~5%); 4,821 azioni riacquistate per un costo di $42,000 al 30 settembre 2025.
Bogota Financial Corp (NASDAQ: BSBK) reportó una ganancia neta de $455,000 para el tercer trimestre de 2025 frente a una pérdida neta de $367,000 hace un año, y una ganancia neta de $1.4 millones para los primeros nueve meses finalizados el 30 de septiembre de 2025 frente a una pérdida de $1.2 millones en los nueve meses del año anterior. Los resultados de los nueve meses incluyeron un beneficio único de fallecimiento de $543,000 por seguro de vida propiedad de banco (BOLI). Los activos totales cayeron un 4.7% hasta $925.8M; los préstamos netos disminuyeron un 6.0% hasta $669.2M; los valores subieron un 14.6% hasta $160.7M; la liquidez cayó un 40.2% hasta $31.2M. Los ingresos netos por intereses y los márgenes se expandieron notablemente (ingreso neto por intereses del Q3 +46.6%, NIM +65 pb a 1.80%). La empresa recibió la aprobación regulatoria para recomprar hasta 237,590 acciones (~5%); 4,821 acciones recompradas por un costo de $42,000 al 30 de septiembre de 2025.
Bogota Financial Corp (NASDAQ: BSBK) 는 2025년 3분기에 $455,000의 순이익을 보고했으며, 전년 동기의 $367,000 손실에 비해 증가했습니다. 2025년 9월 30일로 종료된 9개월 동안의 순이익은 $1.4 million으로 전년 동기의 $1.2 million 손실에서 흑자 전환했습니다. 9개월 실적에는 은행 소유 생명보험(BOLI)으로 인한 $543,000의 일회성 사망 보험금이 포함되어 있습니다. 총자산은 4.7% 감소한 $925.8M, 순대출은 6.0% 감소한 $669.2M, 유가증권은 14.6% 상승한 $160.7M, 현금은 40.2% 감소한 $31.2M입니다. 순이자 소득 및 마진은 크게 확대되어 Q3 순이자 소득 +46.6%, NIM은 65bp 상승하여 1.80%가 되었습니다. 회사는 최대 237,590주(약 5%)를 재매입할 수 있는 규제 승인을 받았으며, 2025년 9월 30일 현재 4,821주를 $42,000의 비용으로 재매입했습니다.
Bogota Financial Corp (NASDAQ: BSBK) a enregistré un bénéfice net de 455 000 $ au T3 2025 contre une perte nette de 367 000 $ un an auparavant, et un bénéfice net de 1,4 million $ sur les neuf mois clos au 30 septembre 2025 contre une perte de 1,2 million $ sur les neuf mois de l'année précédente. Les résultats des neuf mois incluaient un avantage de décès unique de 543 000 $ lié à une assurance-vie détenue par la banque (BOLI). Les actifs totaux ont chuté de 4,7% pour atteindre 925,8 millions $; les prêts nets ont diminué de 6,0% pour atteindre 669,2 millions $; les valeurs ont augmenté de 14,6% pour atteindre 160,7 millions $; la trésorerie a chuté de 40,2% pour atteindre 31,2 millions $. Le revenu net d’intérêts et les marges d’intérêt se sont fortement améliorés (revenu net d’intérêts du T3 +46,6%, NIM +65 points de base à 1,80%). La société a reçu l’autorisation réglementaire de racheter jusqu’à 237 590 actions (~5%); 4 821 actions ont été rachetées pour un coût de 42 000 $ au 30 septembre 2025.
Bogota Financial Corp (NASDAQ: BSBK) meldete im Q3 2025 einen Nettogewinn von 455.000 USD gegenüber einem Nettoverlust von 367.000 USD im Vorjahr, und einen Nettogewinn von 1,4 Millionen USD für die neun Monate bis zum 30. September 2025 gegenüber einem Neunmonatsverlust von 1,2 Millionen USD im Vorjahr. Die Neunmonatszahlen enthielten einen 543.000 USD Einmalbetrag aus einer bankenbesessenen Lebensversicherung (BOLI) Todesfallleistung. Die gesamten Vermögenswerte sanken um 4,7% auf $925,8M; die Netzeinlagen sanken um 6,0% auf $669,2M; Wertpapiere stiegen um 14,6% auf $160,7M; Bargeld fiel um 40,2% auf $31,2M. Nettozinsbetrag und Margen expandierten signifikant (Q3 Nettozinsbetrag +46,6%, NIM +65 Basispunkte auf 1,80%). Das Unternehmen erhielt regulatorische Genehmigung zum Rückkauf von bis zu 237.590 Aktien (~5%); 4.821 Aktien wurden bis zum 30. September 2025 zu Kosten von $42.000 zurückgekauft.
Bogota Financial Corp (NASDAQ: BSBK) أبلغت عن صافي دخل قدره $455,000 للربع الثالث من 2025 مقابل خسارة صافية قدرها $367,000 قبل عام، وصافي دخل قدره $1.4 مليون للمدة التسعة أشهر المنتهية في 30 سبتمبر 2025 مقابل خسارة تسعة أشهر قدرها $1.2 مليون قبل عام. تضمنت نتائج التسعة أشهر فائدة وفاة لمرة واحدة قدرها $543,000 من تأمين على الحياة مملوك للبنك (BOLI). انخفضت الأصول الإجمالية بنسبة 4.7% إلى $925.8M؛ وتراجعت القروض الصافية بنسبة 6.0% إلى $669.2M؛ وارتفعت الأوراق المالية بنسبة 14.6% إلى $160.7M؛ وتراجعت النقدية بنسبة 40.2% إلى $31.2M. ارتفع صافي دخل الفوائد وهوامشها بشكل ملموس (صافي دخل الفوائد للربع الثالث +46.6%، NIM +65 نقطة أساس إلى 1.80%). تلقت الشركة الموافقة التنظيمية لإعادة شراء حتى 237,590 سهماً (~5%)؛ وتمت إعادة شراء 4,821 سهماً بتكلفة $42,000 حتى 30 سبتمبر 2025.
- Q3 net income turnaround of $822,000 versus prior-year quarter
- Nine-month net income of $1.4M (includes $543k one-time BOLI benefit)
- Q3 net interest income up 46.6%
- Net interest margin improved 65 bps to 1.80%
- Regulatory approval to repurchase up to 237,590 shares (~5%)
- Total assets declined 4.7% to $925.8M
- Net loans decreased 6.0% to $669.2M
- Cash and cash equivalents fell 40.2% to $31.2M
- Federal Home Loan Bank advances decreased 30.6% to $119.4M
- Non-interest expense increased due to occupancy (+68.0%) and professional fees (+45.6%)
Insights
Bogota Financial returned to profitability in Q3 2025 with stronger net interest income and an approved share repurchase program.
Net income of
Key dependencies and risks are explicit in the disclosure: the nine‑month result includes a one‑time bank‑owned life insurance death benefit of approximately
Concrete monitorables over the next quarter: trends in commercial and residential loan originations and balances, quarterly net interest margin, the ongoing impact of hedges (cash flow hedges notional
TEANECK, N.J., Nov. 03, 2025 (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 September 30, 2025 of
On August 12, 2025, the Company announced it had received regulatory approval for the repurchase of up to 237,590 shares of its common stock, or approximately
Other Financial Highlights:
- Total assets decreased
$45.7 million , or4.7% , to$925.8 million at September 30, 2025 from$971.5 million at December 31, 2024, due largely to a decrease in cash and cash equivalents and loans, offset by an increase in securities.
- Cash and cash equivalents decreased
$21.0 million , or40.2% , to$31.2 million at September 30, 2025 from$52.2 million at December 31, 2024 as excess funds were used to pay down borrowings and to purchase securities.
- Securities increased
$20.4 million , or14.6% , to$160.7 million at September 30, 2025 from$140.3 million at December 31, 2024 due to purchases of mortgage-backed securities and corporate bonds.
- Net loans decreased
$42.5 million , or6.0% , to$669.2 million at September 30, 2025 from$711.7 million at December 31, 2024, primarily due to decreases in residential mortgages and construction loans.
- Total deposits at September 30, 2025 were
$646.8 million , increasing$4.6 million , or0.7% , compared to$642.2 million at December 31, 2024, due to a$9.3 million increase in certificates of deposit and a$5.7 million increase in savings accounts. The increases were offset by a$3.6 million decrease in money market accounts, a$3.4 million decrease in noninterest bearing accounts and a$3.4 million decrease in NOW accounts. The average rate on deposits decreased 26 basis points to3.69% for the first three quarters of 2025 from3.95% from comparable period a year ago, which was due to lower interest rates and average balances of certificates of deposit.
- Federal Home Loan Bank advances decreased
$52.8 million , or30.6% to$119.4 million at September 30, 2025 from$172.2 million as of December 31, 2024. The decrease in borrowings was largely attributable to advances that were paid down during the nine months ended September 30, 2025.
Kevin Pace, President and Chief Executive Officer, said “Our third quarter results reflect our continued resilience despite a challenging interest rate environment. We continue to focus on growth in our commercial portfolio and maintaining high quality credit. Improved core deposit relationships and maintaining exceptional customer service remain a focal point.”
“We recently received regulatory approval for our sixth stock buyback program. As we move into the final quarter of 2025, we remain focused on sustainable growth, operational efficiency and delivering long-term value for our customers and shareholders."
Income Statement Analysis
Comparison of Operating Results for the Three Months Ended September 30, 2025 and September 30, 2024
Net income increased
Interest income increased
Interest income on cash and cash equivalents increased
Interest income on loans decreased
Interest income on securities increased
Interest expense decreased
Interest expense on interest-bearing deposits decreased
Interest expense on Federal Home Loan Bank advances decreased
Net interest income increased
We recorded a
Non-interest income decreased
For the three months ended September 30, 2025, non-interest expense increased
Income tax expense increased
Comparison of Operating Results for the Nine Months Ended September 30, 2025 and September 30, 2024
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 decreased
Interest expense on interest-bearing deposits decreased
Interest expense on Federal Home Loan Bank advances decreased
Net interest income increased
We recorded a
Non-interest income increased
For the nine months ended September 30, 2025, non-interest expense increased
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 seven offices located in Bogota, Hasbrouck Heights, Upper Saddle River, Newark, Oak Ridge, Parsippany and Teaneck, New Jersey and operates a loan production office in Spring Lake, New Jersey.
Forward-Looking Statements
This press release contains certain forward-looking statements about the Company and the Bank. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, inflation, general economic conditions or conditions within the securities markets, the imposition of tariffs or other domestic or international governmental policies and retaliatory responses, the impact of the current federal government shutdown, real estate market values in the Bank’s lending area, changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; the availability of low-cost funding; our continued reliance on brokered and municipal deposits; demand for loans in our market area; changes in the quality of our loan and security portfolios, economic assumptions or changes in our methodology, either of which may impact our allowance for credit losses calculation, increases in non-performing and classified loans, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, a failure in or breach of the Company’s operational or security systems or infrastructure, including cyberattacks, the failure to maintain current technologies, failure to retain or attract employees and legislative, accounting and regulatory changes that could adversely affect the business in which the Company and the Bank are engaged.
The Company undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.
| BOGOTA FINANCIAL CORP. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (unaudited) | ||||||||
| As of | As of | |||||||
| September 30, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Cash and due from banks | $ | 9,705,521 | $ | 18,020,527 | ||||
| Interest-bearing deposits in other banks | 21,543,280 | 34,211,681 | ||||||
| Cash and cash equivalents | 31,248,801 | 52,232,208 | ||||||
| Securities available for sale, at fair value | 160,747,239 | 140,307,447 | ||||||
| Equity investments | 2,500,000 | — | ||||||
| Loans, net of allowance for credit losses of | 669,230,985 | 711,716,236 | ||||||
| Premises and equipment, net | 4,478,581 | 4,727,302 | ||||||
| Federal Home Loan Bank (FHLB) stock and other restricted securities | 6,459,400 | 8,803,000 | ||||||
| Accrued interest receivable | 4,312,242 | 4,232,563 | ||||||
| Core deposit intangibles | 118,182 | 152,893 | ||||||
| Bank-owned life insurance | 31,551,134 | 31,859,604 | ||||||
| Right of use asset | 10,386,607 | 10,776,596 | ||||||
| Other assets | 4,780,696 | 6,682,035 | ||||||
| Total Assets | $ | 925,813,867 | $ | 971,489,884 | ||||
| Liabilities and Equity | ||||||||
| Non-interest bearing deposits | $ | 29,232,251 | $ | 32,681,963 | ||||
| Interest bearing deposits | 617,520,794 | 609,506,079 | ||||||
| Total deposits | 646,753,045 | 642,188,042 | ||||||
| FHLB advances-short term | 35,000,000 | 29,500,000 | ||||||
| FHLB advances-long term | 84,412,883 | 142,673,182 | ||||||
| Advance payments by borrowers for taxes and insurance | 3,165,149 | 2,809,205 | ||||||
| Lease liabilities | 10,488,439 | 10,780,363 | ||||||
| Other liabilities | 5,300,974 | 6,249,932 | ||||||
| Total liabilities | 785,120,490 | 834,200,724 | ||||||
| Stockholders’ Equity | ||||||||
| Preferred stock | — | — | ||||||
| Common stock | 129,974 | 130,592 | ||||||
| Additional paid-in capital | 55,367,268 | 55,269,962 | ||||||
| Retained earnings | 91,416,615 | 90,006,648 | ||||||
| Unearned ESOP shares (362,929 shares at September 30, 2025 and 382,933 shares at December 31, 2024) | (4,294,691 | ) | (4,520,594 | ) | ||||
| Accumulated other comprehensive loss | (1,925,789 | ) | (3,597,448 | ) | ||||
| Total stockholders’ equity | 140,693,377 | 137,289,160 | ||||||
| Total liabilities and stockholders’ equity | $ | 925,813,867 | $ | 971,489,884 | ||||
| BOGOTA FINANCIAL CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Interest income | ||||||||||||||||
| Loans, including fees | $ | 8,213,734 | $ | 8,381,581 | $ | 25,108,786 | $ | 24,888,377 | ||||||||
| Securities | ||||||||||||||||
| Taxable | 2,099,657 | 1,884,276 | 5,873,411 | 5,247,336 | ||||||||||||
| Tax-exempt | 2,892 | 13,137 | 8,681 | 39,409 | ||||||||||||
| Other interest-earning assets | 311,250 | 341,268 | 1,065,408 | 980,536 | ||||||||||||
| Total interest income | 10,627,533 | 10,620,262 | 32,056,286 | 31,155,658 | ||||||||||||
| Interest expense | ||||||||||||||||
| Deposits | 5,624,968 | 6,160,547 | 16,911,430 | 18,384,323 | ||||||||||||
| FHLB advances | 1,108,526 | 1,802,387 | 3,962,974 | 4,719,056 | ||||||||||||
| Total interest expense | 6,733,494 | 7,962,934 | 20,874,404 | 23,103,379 | ||||||||||||
| Net interest income | 3,894,039 | 2,657,328 | 11,181,882 | 8,052,279 | ||||||||||||
| Provision (recovery) for credit losses | (50,000 | ) | — | (130,000 | ) | 70,000 | ||||||||||
| Net interest income after (recovery) provision for credit losses | 3,944,039 | 2,657,328 | 11,311,882 | 7,982,279 | ||||||||||||
| Non-interest income | ||||||||||||||||
| Fees and service charges | 59,703 | 56,610 | 175,277 | 164,400 | ||||||||||||
| Gain on sale of loans | — | 11,710 | 37,830 | 11,710 | ||||||||||||
| Bank-owned life insurance | 221,733 | 221,122 | 1,212,356 | 648,137 | ||||||||||||
| Other | 39,902 | 37,943 | 116,957 | 105,420 | ||||||||||||
| Total non-interest income | 321,338 | 327,385 | 1,542,420 | 929,667 | ||||||||||||
| Non-interest expense | ||||||||||||||||
| Salaries and employee benefits | 2,023,727 | 2,102,993 | 6,163,868 | 6,404,946 | ||||||||||||
| Occupancy and equipment | 639,570 | 380,714 | 1,951,483 | 1,118,739 | ||||||||||||
| FDIC insurance assessment | 98,438 | 106,313 | 308,958 | 313,626 | ||||||||||||
| Data processing | 293,200 | 306,167 | 913,931 | 928,292 | ||||||||||||
| Advertising | 10,350 | 85,750 | 131,850 | 310,950 | ||||||||||||
| Director fees | 154,122 | 159,851 | 484,378 | 467,100 | ||||||||||||
| Professional fees | 361,620 | 248,420 | 932,714 | 682,517 | ||||||||||||
| Other | 156,897 | 214,686 | 564,914 | 747,598 | ||||||||||||
| Total non-interest expense | 3,737,924 | 3,604,894 | 11,452,096 | 10,973,768 | ||||||||||||
| Income (loss) before income taxes | 527,453 | (620,181 | ) | 1,402,206 | (2,061,822 | ) | ||||||||||
| Income tax expense (benefit) | 72,828 | (253,221 | ) | (7,761 | ) | (821,403 | ) | |||||||||
| Net income (loss) | $ | 454,625 | $ | (366,960 | ) | $ | 1,409,967 | $ | (1,240,419 | ) | ||||||
| Earnings (loss) per Share – basic | $ | 0.04 | $ | (0.03 | ) | $ | 0.11 | $ | (0.10 | ) | ||||||
| Earnings (loss) per Share – diluted | $ | 0.04 | $ | (0.03 | ) | $ | 0.11 | $ | (0.10 | ) | ||||||
| Weighted average shares outstanding – basic | 12,637,950 | 12,702,683 | 12,641,128 | 12,702,683 | ||||||||||||
| Weighted average shares outstanding – diluted | 12,650,192 | 12,702,683 | 12,642,660 | 12,702,683 | ||||||||||||
| BOGOTA FINANCIAL CORP. SELECTED RATIOS (unaudited) | ||||||||||||||||
| At or For the Three Months | At or for the Nine Months | |||||||||||||||
| Ended September 30, | Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Performance Ratios (1): | ||||||||||||||||
| Return (loss) on average assets (2) | 0.05 | % | (0.15 | )% | 0.15 | % | (0.17 | )% | ||||||||
| Return (loss) on average equity (3) | 0.33 | % | (1.07 | )% | 1.02 | % | (1.21 | )% | ||||||||
| Interest rate spread (4) | 1.30 | % | 0.66 | % | 1.21 | % | 0.68 | % | ||||||||
| Net interest margin (5) | 1.80 | % | 1.15 | % | 1.73 | % | 1.18 | % | ||||||||
| Efficiency ratio (6) | 88.67 | % | 120.78 | % | 90.00 | % | 122.18 | % | ||||||||
| Average interest-earning assets to average interest-bearing liabilities | 116.24 | % | 114.30 | % | 115.57 | % | 114.62 | % | ||||||||
| Net loans to deposits | 103.48 | % | 112.65 | % | 103.48 | % | 112.65 | % | ||||||||
| Average equity to average assets (7) | 15.08 | % | 14.01 | % | 15.02 | % | 14.14 | % | ||||||||
| Capital Ratios: | ||||||||||||||||
| Tier 1 capital to average assets | 15.46 | % | 13.47 | % | ||||||||||||
| Asset Quality Ratios: | ||||||||||||||||
| Allowance for credit losses as a percent of total loans | 0.38 | % | 0.39 | % | ||||||||||||
| Allowance for credit losses as a percent of non-performing loans | 12.42 | % | 19.94 | % | ||||||||||||
| Net charge-offs to average outstanding loans during the period | 0.00 | % | 0.00 | % | ||||||||||||
| Non-performing loans as a percent of total loans | 3.06 | % | 1.94 | % | ||||||||||||
| Non-performing assets as a percent of total assets | 2.21 | % | 1.41 | % | ||||||||||||
| (1 | ) | Certain performance ratios for the three and nine months ended September 30, 2025 and 2024 are annualized. |
| (2 | ) | Represents net income (loss) divided by average total assets. |
| (3 | ) | Represents net income (loss) divided by average stockholders’ equity. |
| (4 | ) | Represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost of average interest-bearing liabilities. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of |
| (5 | ) | Represents net interest income as a percent of average interest-earning assets. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of |
| (6 | ) | Represents non-interest expenses divided by the sum of net interest income and non-interest income. |
| (7 | ) | Represents average stockholders’ equity divided by average total assets. |
LOANS
Loans are summarized as follows at September 30, 2025 and December 31, 2024:
| September 30, | December 31, | |||||||
| 2025 | 2024 | |||||||
| (unaudited) | ||||||||
| Real estate: | ||||||||
| Residential First Mortgage | $ | 449,596,294 | $ | 472,747,542 | ||||
| Commercial Real Estate | 122,811,801 | 118,008,866 | ||||||
| Multi-Family Real Estate | 70,364,169 | 74,152,418 | ||||||
| Construction | 25,231,859 | 43,183,657 | ||||||
| Commercial and Industrial | 3,703,476 | 6,163,747 | ||||||
| Consumer | 64,336 | 80,955 | ||||||
| Total loans | 671,771,935 | 714,337,185 | ||||||
| Allowance for credit losses | (2,540,950 | ) | (2,620,949 | ) | ||||
| Net loans | $ | 669,230,985 | $ | 711,716,236 | ||||
The following tables set forth the distribution of total deposit accounts, by account type, at the dates indicated:
| At September 30, | At December 31, | |||||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||||
| Amount | Percent | Average Rate | Amount | Percent | Average Rate | |||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| Noninterest bearing demand accounts | $ | 29,232,251 | 4.52 | % | — | % | $ | 32,681,963 | 5.09 | % | — | % | ||||||||||||
| NOW accounts | 51,976,971 | 8.04 | % | 2.59 | 55,378,051 | 8.62 | % | 2.53 | ||||||||||||||||
| Money market accounts | 10,412,286 | 1.61 | % | 0.46 | 13,996,460 | 2.18 | % | 0.58 | ||||||||||||||||
| Savings accounts | 52,594,353 | 8.13 | % | 2.04 | 46,851,793 | 7.30 | % | 1.90 | ||||||||||||||||
| Certificates of deposit | 502,537,184 | 77.70 | % | 3.88 | 493,279,775 | 76.81 | % | 4.37 | ||||||||||||||||
| Total | $ | 646,753,045 | 100.00 | % | 3.40 | % | $ | 642,188,042 | 100.00 | % | 3.42 | % | ||||||||||||
Average Balance Sheets and Related Yields and Rates
The following tables present information regarding average balances of assets and liabilities, the total dollar amounts of interest income and dividends from average interest-earning assets, the total dollar amounts of interest expense on average interest-bearing liabilities, and the resulting annualized average yields and costs. The yields and costs for the periods indicated are derived by dividing income or expense by the average balances of assets or liabilities, respectively, for the periods presented. Average balances have been calculated using daily balances. Nonaccrual loans are included in average balances only. Loan fees are included in interest income on loans and are not material.
| Three Months Ended September 30, | ||||||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||||
| Average Balance | Interest and Dividends | Yield/ Cost | Average Balance | Interest and Dividends | Yield/ Cost | |||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||
| Assets: | (unaudited) | |||||||||||||||||||||||
| Cash and cash equivalents | $ | 16,683 | $ | 179 | 4.27 | % | $ | 10,195 | $ | 138 | 5.39 | % | ||||||||||||
| Loans | 682,956 | 8,214 | 4.77 | % | 711,601 | 8,382 | 4.69 | % | ||||||||||||||||
| Securities | 153,945 | 2,103 | 5.46 | % | 187,212 | 1,897 | 4.05 | % | ||||||||||||||||
| Other interest-earning assets | 6,460 | 132 | 8.16 | % | 9,908 | 203 | 8.20 | % | ||||||||||||||||
| Total interest-earning assets | 860,044 | 10,628 | 4.91 | % | 918,916 | 10,620 | 4.60 | % | ||||||||||||||||
| Non-interest-earning assets | 64,826 | 56,061 | ||||||||||||||||||||||
| Total assets | $ | 924,870 | $ | 974,977 | ||||||||||||||||||||
| Liabilities and equity: | ||||||||||||||||||||||||
| NOW and money market accounts | $ | 70,664 | $ | 434 | 2.44 | % | $ | 65,767 | $ | 329 | 1.99 | % | ||||||||||||
| Savings accounts | 50,442 | 269 | 2.11 | % | 44,029 | 205 | 1.85 | % | ||||||||||||||||
| Certificates of deposit (1) | 502,657 | 4,922 | 3.89 | % | 497,251 | 5,626 | 4.50 | % | ||||||||||||||||
| Total interest-bearing deposits | 623,763 | 5,625 | 3.58 | % | 607,047 | 6,160 | 4.04 | % | ||||||||||||||||
| Federal Home Loan Bank advances (1) | 116,135 | 1,109 | 3.79 | % | 196,885 | 1,803 | 3.64 | % | ||||||||||||||||
| Total interest-bearing liabilities | 739,898 | 6,734 | 3.61 | % | 803,932 | 7,963 | 3.94 | % | ||||||||||||||||
| Non-interest-bearing deposits | 29,427 | 31,679 | ||||||||||||||||||||||
| Other non-interest-bearing liabilities | 16,114 | 2,724 | ||||||||||||||||||||||
| Total liabilities | 785,439 | 838,335 | ||||||||||||||||||||||
| Total equity | 139,431 | 136,642 | ||||||||||||||||||||||
| Total liabilities and equity | $ | 924,870 | $ | 974,977 | ||||||||||||||||||||
| Net interest income | $ | 3,894 | $ | 2,657 | ||||||||||||||||||||
| Interest rate spread (2) | 1.30 | % | 0.66 | % | ||||||||||||||||||||
| Net interest margin (3) | 1.80 | % | 1.15 | % | ||||||||||||||||||||
| Average interest-earning assets to average interest-bearing liabilities | 116.24 | % | 114.30 | % | ||||||||||||||||||||
| 1. | Cash flow and fair value hedges are used to manage interest rate risk. During the three months ended September 30, 2025 and 2024, the net effect on interest expense on the Federal Home Loan Bank advances and certificates of deposit was a reduced expense of |
| 2. | Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities. |
| 3. | Net interest margin represents net interest income divided by average total interest-earning assets. |
| Nine Months Ended September 30, | ||||||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||||
| Average Balance | Interest and Dividends | Yield/ Cost | Average Balance | Interest and Dividends | Yield/ Cost | |||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||
| Cash and cash equivalents | $ | 14,420 | $ | 550 | 5.09 | % | $ | 9,072 | $ | 415 | 6.09 | % | ||||||||||||
| Loans | 695,200 | 25,109 | 4.82 | % | 711,697 | 24,888 | 4.66 | % | ||||||||||||||||
| Securities | 146,820 | 5,882 | 5.34 | % | 179,818 | 5,287 | 3.92 | % | ||||||||||||||||
| Other interest-earning assets | 7,277 | 515 | 9.44 | % | 8,903 | 566 | 8.48 | % | ||||||||||||||||
| Total interest-earning assets | 863,717 | 32,056 | 4.95 | % | 909,490 | 31,156 | 4.57 | % | ||||||||||||||||
| Non-interest-earning assets | 58,963 | 58,221 | ||||||||||||||||||||||
| Total assets | $ | 922,680 | $ | 967,711 | ||||||||||||||||||||
| Liabilities and equity: | ||||||||||||||||||||||||
| NOW and money market accounts | $ | 74,409 | $ | 1,338 | 2.40 | % | $ | 67,628 | $ | 993 | 1.96 | % | ||||||||||||
| Savings accounts | 48,358 | 743 | 2.06 | % | 43,824 | 608 | 1.85 | % | ||||||||||||||||
| Certificates of deposit (1) | 489,876 | 14,830 | 4.05 | % | 510,494 | 16,784 | 4.39 | % | ||||||||||||||||
| Total interest-bearing deposits | 612,643 | 16,911 | 3.69 | % | 621,946 | 18,385 | 3.95 | % | ||||||||||||||||
| Federal Home Loan Bank advances (1) | 134,689 | 3,963 | 3.93 | % | 171,565 | 4,719 | 3.67 | % | ||||||||||||||||
| Total interest-bearing liabilities | 747,332 | 20,874 | 3.73 | % | 793,511 | 23,104 | 3.89 | % | ||||||||||||||||
| Non-interest-bearing deposits | 31,413 | 31,225 | ||||||||||||||||||||||
| Other non-interest-bearing liabilities | 5,367 | 6,154 | ||||||||||||||||||||||
| Total liabilities | 784,112 | 830,890 | ||||||||||||||||||||||
| Total equity | 138,568 | 136,821 | ||||||||||||||||||||||
| Total liabilities and equity | $ | 922,680 | $ | 967,711 | ||||||||||||||||||||
| Net interest income | $ | 11,182 | $ | 8,052 | ||||||||||||||||||||
| Interest rate spread (2) | 1.21 | % | 0.68 | % | ||||||||||||||||||||
| Net interest margin (3) | 1.73 | % | 1.18 | % | ||||||||||||||||||||
| Average interest-earning assets to average interest-bearing liabilities | 115.57 | % | 114.62 | % | ||||||||||||||||||||
| 1. | Cash flow hedges are used to manage interest rate risk. During the nine months ended September 30, 2025 and 2024, the net effect on interest expense on the Federal Home Loan Bank advances and certificates of deposit was a reduced expense of |
| 2. | Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities. |
| 3. | Net interest margin represents net interest income divided by average total interest-earning assets. |
Rate/Volume Analysis
The following table sets forth the effects of changing rates and volumes on net interest income. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The net column represents the sum of the prior columns. Changes attributable to changes in both rate and volume that cannot be segregated have been allocated proportionally based on the changes due to rate and the changes due to volume.
| Three Months Ended September 30, 2025 | Nine Months Ended September 30, 2025 | |||||||||||||||||||||||
| Compared to | Compared to | |||||||||||||||||||||||
| Three Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | |||||||||||||||||||||||
| Increase (Decrease) Due to | Increase (Decrease) Due to | |||||||||||||||||||||||
| Volume | Rate | Net | Volume | Rate | Net | |||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||
| Interest income: | (unaudited) | |||||||||||||||||||||||
| Cash and cash equivalents | $ | 204 | $ | (163 | ) | $ | 41 | $ | 248 | $ | (113 | ) | $ | 135 | ||||||||||
| Loans receivable | (945 | ) | 777 | (168 | ) | (822 | ) | 1,043 | 221 | |||||||||||||||
| Securities | (1,714 | ) | 1,920 | 206 | (1,517 | ) | 2,112 | 595 | ||||||||||||||||
| Other interest earning assets | (70 | ) | (1 | ) | (71 | ) | (137 | ) | 86 | (51 | ) | |||||||||||||
| Total interest-earning assets | (2,525 | ) | 2,533 | 8 | (2,228 | ) | 3,128 | 900 | ||||||||||||||||
| Interest expense: | ||||||||||||||||||||||||
| NOW and money market accounts | 26 | 79 | 105 | 106 | 239 | 345 | ||||||||||||||||||
| Savings accounts | 33 | 31 | 64 | 65 | 70 | 135 | ||||||||||||||||||
| Certificates of deposit | 398 | (1,102 | ) | (704 | ) | (668 | ) | (1,286 | ) | (1,954 | ) | |||||||||||||
| Federal Home Loan Bank advances | (1,167 | ) | 473 | (694 | ) | (1,234 | ) | 478 | (756 | ) | ||||||||||||||
| Total interest-bearing liabilities | (710 | ) | (519 | ) | (1,229 | ) | (1,731 | ) | (499 | ) | (2,230 | ) | ||||||||||||
| Net (decrease) increase in net interest income | $ | (1,815 | ) | $ | 3,052 | $ | 1,237 | $ | (497 | ) | $ | 3,627 | $ | 3,130 | ||||||||||
Contacts
Kevin Pace – President & CEO, 201-862-0660 ext. 1110
FAQ
What did BSBK report for net income in Q3 2025 and nine months ended Sept 30, 2025?
How did Bogota Financial's net interest margin change in Q3 2025 (BSBK)?
What is the size and status of BSBK's stock repurchase program announced August 12, 2025?
How did Bogota Financial's loan and liquidity balances change through Sept 30, 2025?
Did BSBK record any one-time items in the nine months ended Sept 30, 2025?
What drove the improvement in BSBK's net interest income in 2025?
