Bogota Financial Corp. Reports Results for the Three and Six Months Ended June 30, 2025
Bogota Financial Corp. (NASDAQ: BSBK) reported significant financial improvements for Q2 2025, with net income of $224,000 ($0.02 per share) compared to a net loss of $432,000 in Q2 2024. For the first half of 2025, net income reached $955,000 ($0.08 per share), including a one-time $543,000 death benefit from bank-owned life insurance.
Key metrics show total assets decreased 5.1% to $921.8 million, with net loans down 2.6% to $693.2 million. The company's net interest margin improved significantly to 1.74%, up 53 basis points year-over-year. The company completed its 5th stock buyback, reducing outstanding shares by 1,653,571 since IPO and improving tangible book value per minority share from $22.04 to $29.10.
Bogota Financial Corp. (NASDAQ: BSBK) ha riportato notevoli miglioramenti finanziari nel secondo trimestre del 2025, con un utile netto di 224.000 $ (0,02 $ per azione) rispetto a una perdita netta di 432.000 $ nel secondo trimestre del 2024. Per la prima metà del 2025, l'utile netto ha raggiunto 955.000 $ (0,08 $ per azione), includendo un beneficio una tantum di 543.000 $ derivante da un'assicurazione sulla vita di proprietà della banca.
I principali indicatori mostrano una diminuzione del totale attivi del 5,1%, attestandosi a 921,8 milioni di $, con i prestiti netti in calo del 2,6% a 693,2 milioni di $. Il margine di interesse netto della società è migliorato significativamente, raggiungendo il 1,74%, con un aumento di 53 punti base rispetto all'anno precedente. La società ha completato il suo quinto programma di riacquisto azionario, riducendo le azioni in circolazione di 1.653.571 dall'IPO e aumentando il valore contabile tangibile per azione di minoranza da 22,04 $ a 29,10 $.
Bogota Financial Corp. (NASDAQ: BSBK) reportó mejoras financieras significativas en el segundo trimestre de 2025, con un ingreso neto de 224,000 $ (0.02 $ por acción) en comparación con una pérdida neta de 432,000 $ en el segundo trimestre de 2024. Para la primera mitad de 2025, el ingreso neto alcanzó 955,000 $ (0.08 $ por acción), incluyendo un beneficio único de 543,000 $ por un seguro de vida propiedad del banco.
Los indicadores clave muestran que los activos totales disminuyeron un 5.1% hasta 921.8 millones de $, con préstamos netos bajando un 2.6% a 693.2 millones de $. El margen de interés neto de la compañía mejoró significativamente a 1.74%, aumentando 53 puntos básicos año tras año. La empresa completó su quinta recompra de acciones, reduciendo las acciones en circulación en 1,653,571 desde la oferta pública inicial y mejorando el valor contable tangible por acción minoritaria de 22.04 $ a 29.10 $.
Bogota Financial Corp. (NASDAQ: BSBK)는 2025년 2분기에 큰 재무 개선을 보고했으며, 2024년 2분기 순손실 432,000달러와 비교해 224,000달러(주당 0.02달러)의 순이익을 기록했습니다. 2025년 상반기 순이익은 은행 소유 생명보험에서 발생한 일회성 543,000달러 사망 보험금을 포함해 955,000달러(주당 0.08달러)에 달했습니다.
주요 지표에 따르면 총자산은 5.1% 감소한 9억 2,180만 달러, 순대출금은 2.6% 감소한 6억 9,320만 달러로 나타났습니다. 순이자마진은 전년 대비 53베이시스포인트 상승한 1.74%로 크게 개선되었습니다. 회사는 다섯 번째 자사주 매입을 완료하여 IPO 이후 유통 주식을 1,653,571주 줄였고, 소수주주 지분당 유형자산 장부가치를 22.04달러에서 29.10달러로 향상시켰습니다.
Bogota Financial Corp. (NASDAQ : BSBK) a annoncé des améliorations financières significatives pour le deuxième trimestre 2025, avec un bénéfice net de 224 000 $ (0,02 $ par action) contre une perte nette de 432 000 $ au deuxième trimestre 2024. Pour le premier semestre 2025, le bénéfice net a atteint 955 000 $ (0,08 $ par action), incluant un bénéfice exceptionnel de 543 000 $ provenant d'une assurance-vie détenue par la banque.
Les indicateurs clés montrent une baisse des actifs totaux de 5,1 % à 921,8 millions de $, avec une diminution des prêts nets de 2,6 % à 693,2 millions de $. La marge nette d'intérêt de l'entreprise s'est nettement améliorée, atteignant 1,74 %, soit une hausse de 53 points de base en glissement annuel. La société a achevé son cinquième programme de rachat d'actions, réduisant les actions en circulation de 1 653 571 depuis l'introduction en bourse et améliorant la valeur comptable tangible par action minoritaire de 22,04 $ à 29,10 $.
Bogota Financial Corp. (NASDAQ: BSBK) meldete im zweiten Quartal 2025 erhebliche finanzielle Verbesserungen mit einem Nettogewinn von 224.000 $ (0,02 $ pro Aktie) im Vergleich zu einem Nettoverlust von 432.000 $ im zweiten Quartal 2024. Für das erste Halbjahr 2025 erreichte der Nettogewinn 955.000 $ (0,08 $ pro Aktie), einschließlich einer einmaligen 543.000 $ Todesfallleistung aus einer banken-eigenen Lebensversicherung.
Wichtige Kennzahlen zeigen, dass die Gesamtaktiva um 5,1 % auf 921,8 Millionen $ zurückgingen, mit einem Rückgang der Nettokredite um 2,6 % auf 693,2 Millionen $. Die Nettozinsmarge verbesserte sich deutlich auf 1,74 %, ein Anstieg um 53 Basispunkte im Jahresvergleich. Das Unternehmen schloss sein fünftes Aktienrückkaufprogramm ab, reduzierte die ausstehenden Aktien seit dem Börsengang um 1.653.571 und steigerte den materiellen Buchwert je Minderheitsaktie von 22,04 $ auf 29,10 $.
- Net income improved significantly, turning $432,000 loss to $224,000 profit in Q2 2025
- Net interest margin increased 53 basis points to 1.74%
- Completed 5th stock buyback, improving tangible book value per share to $29.10
- Average cost of deposits decreased 32 basis points to 3.67%
- Received one-time death benefit of $543,000 from bank-owned life insurance
- Total assets decreased $49.7 million (5.1%) to $921.8 million
- Net loans decreased $18.5 million (2.6%) to $693.2 million
- Total deposits decreased $14.0 million (2.2%) to $628.2 million
- Cash and cash equivalents decreased 61.1% to $20.3 million
Insights
BSBK returned to profitability in Q2 2025 with improved margins despite shrinking balance sheet, boosted by one-time insurance benefit.
Bogota Financial has successfully reversed its losing streak, posting a net income of $224,000 for Q2 2025 compared to a loss of $432,000 in the same period last year. For the first half of 2025, earnings reached $955,000 versus an $873,000 loss in H1 2024. However, it's important to note that nearly 57% ($543,000) of the six-month profit came from a one-time death benefit from the bank's life insurance policy.
The company's net interest margin showed significant improvement, expanding 53 basis points to 1.74% in Q2 2025 from 1.21% in Q2 2024. This expansion reflects management's effective navigation of the lower interest rate environment. The bank strategically reduced its funding costs, with average deposit rates decreasing to 3.67% from 3.99% year-over-year.
The balance sheet continues to contract deliberately, with total assets declining 5.1% to $921.8 million since year-end 2024. This reduction comes primarily from a $31.9 million decrease in cash and equivalents and an $18.5 million reduction in loans. The bank used excess liquidity to pay down $36.2 million in Federal Home Loan Bank advances, improving its funding profile.
Management's focus on shareholder returns is evident in their completion of a fifth stock buyback program. Since the IPO, they've reduced outstanding shares by 1,653,571, driving tangible book value per minority share up from $22.04 to $29.10, a 32% increase. The bank's strategic pivot toward commercial portfolio growth while maintaining prudent risk management reflects a balanced approach to rebuilding profitability in a challenging environment.
On the expense side, notable increases in professional fees (+43.2% in Q2) and occupancy costs (+74.6%) followed a lease-buyback transaction completed in Q4 2024. These were partially offset by reduced salary expenses due to lower headcount and decreased advertising costs.
TEANECK, N.J., July 31, 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 June 30, 2025 of
Other Financial Highlights:
- Total assets decreased
$49.7 million , or5.1% , to$921.8 million at June 30, 2025 from$971.5 million at December 31, 2024, due largely to a decrease in cash and cash equivalents and loans.
- Cash and cash equivalents decreased
$31.9 million , or61.1% , to$20.3 million at June 30, 2025 from$52.2 million at December 31, 2024 due as excess funds were used to pay down borrowings.
- Securities increased
$4.3 million , or3.1% , to$144.6 million at June 30, 2025 from$140.3 million at December 31, 2024.
- Net loans decreased
$18.5 million , or2.6% , to$693.2 million at June 30, 2025 from$711.7 million at December 31, 2024, primarily due to decreases in residential mortgages and construction loans.
- Total deposits at June 30, 2025 were
$628.2 million , decreasing$14.0 million , or2.2% , compared to$642.2 million at December 31, 2024, due to a$11.5 million decrease in certificates of deposit, a$2.8 million decrease in NOW accounts, a$2.3 million decrease in money market accounts and a$2.0 million decrease in noninterest bearing checking accounts. The decreases were offset by a$4.6 million increase in savings accounts. The average rate on deposits decreased 16 basis points to3.75% for the first half of 2025 from3.91% for the first half of 2024 due to lower interest rates and a lesser percentage of deposits consisting of higher-costing certificates of deposit.
- Federal Home Loan Bank advances decreased
$36.2 million , or21.0% to$135.9 million at June 30, 2025 from$172.2 million as of December 31, 2024. The decrease in borrowings was largely attributable to advances that matured during the six months ended June 30, 2025.
Kevin Pace, President and Chief Executive Officer, said, “The first half of 2025 has fallen in line with our projections. While loan demand has remained steady, we expect an uptick later this year and into early 2026. We remain dedicated to continued growth in our commercial portfolio while ensuring we limit risk to certain markets and property types. Growth in consumer and commercial deposits is another key initiative as we look to reduce cost of funds.”
“We were able to complete our 5th stock buyback recently. Since the IPO, we have reduced our outstanding shares by 1,653,571 and improved our tangible book value per minority share from
Income Statement Analysis
Comparison of Operating Results for the Three Months Ended June 30, 2025 and June 30, 2024
Net income increased
Interest income increased
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 Federal Home Loan Bank advances decreased
Net interest income increased
We did not record a provision for credit losses for the three months ended June 30, 2025 compared to a
Non-interest income increased
For the three months ended June 30, 2025, non-interest expense increased
Income tax expense increased
Comparison of Operating Results for the Six Months Ended June 30, 2025 and June 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 six months ended June 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, 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 | |||||||
| June 30, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Cash and due from banks | $ | 9,471,838 | $ | 18,020,527 | ||||
| Interest-bearing deposits in other banks | 10,861,717 | 34,211,681 | ||||||
| Cash and cash equivalents | 20,333,555 | 52,232,208 | ||||||
| Securities available for sale, at fair value | 144,602,468 | 140,307,447 | ||||||
| Loans, net of allowance for credit losses of | 693,211,303 | 711,716,236 | ||||||
| Premises and equipment, net | 4,561,786 | 4,727,302 | ||||||
| Federal Home Loan Bank (FHLB) stock and other restricted securities | 7,204,900 | 8,803,000 | ||||||
| Accrued interest receivable | 4,225,196 | 4,232,563 | ||||||
| Core deposit intangibles | 129,255 | 152,893 | ||||||
| Bank-owned life insurance | 31,329,401 | 31,859,604 | ||||||
| Right of use asset | 10,506,417 | 10,776,596 | ||||||
| Other assets | 5,730,379 | 6,682,035 | ||||||
| Total Assets | $ | 921,834,660 | $ | 971,489,884 | ||||
| Liabilities and Equity | ||||||||
| Non-interest bearing deposits | $ | 30,696,810 | $ | 32,681,963 | ||||
| Interest bearing deposits | 597,532,976 | 609,506,079 | ||||||
| Total deposits | 628,229,786 | 642,188,042 | ||||||
| FHLB advances-short term | 40,000,000 | 29,500,000 | ||||||
| FHLB advances-long term | 95,944,439 | 142,673,182 | ||||||
| Advance payments by borrowers for taxes and insurance | 3,223,479 | 2,809,205 | ||||||
| Lease liabilities | 10,579,107 | 10,780,363 | ||||||
| Other liabilities | 5,418,148 | 6,249,932 | ||||||
| Total liabilities | 783,394,959 | 834,200,724 | ||||||
| Stockholders’ Equity | ||||||||
| Preferred stock | — | — | ||||||
| Common stock | 130,083 | 130,592 | ||||||
| Additional paid-in capital | 55,260,550 | 55,269,962 | ||||||
| Retained earnings | 90,961,990 | 90,006,648 | ||||||
| Unearned ESOP shares (369,670 shares at June 30, 2025 and 382,933 shares at December 31, 2024) | (4,369,992 | ) | (4,520,594 | ) | ||||
| Accumulated other comprehensive loss | (3,542,930 | ) | (3,597,448 | ) | ||||
| Total stockholders’ equity | 138,439,701 | 137,289,160 | ||||||
| Total liabilities and stockholders’ equity | $ | 921,834,660 | $ | 971,489,884 | ||||
| BOGOTA FINANCIAL CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Interest income | ||||||||||||||||
| Loans, including fees | $ | 8,291,923 | $ | 8,299,404 | $ | 16,895,052 | $ | 16,506,796 | ||||||||
| Securities | ||||||||||||||||
| Taxable | 1,943,360 | 1,846,717 | 3,773,754 | 3,363,060 | ||||||||||||
| Tax-exempt | 2,894 | 13,124 | 5,789 | 26,272 | ||||||||||||
| Other interest-earning assets | 266,987 | 314,964 | 754,158 | 639,268 | ||||||||||||
| Total interest income | 10,505,164 | 10,474,209 | 21,428,753 | 20,535,396 | ||||||||||||
| Interest expense | ||||||||||||||||
| Deposits | 5,524,138 | 6,253,895 | 11,286,462 | 12,223,776 | ||||||||||||
| FHLB advances | 1,286,421 | 1,476,600 | 2,854,448 | 2,916,669 | ||||||||||||
| Total interest expense | 6,810,559 | 7,730,495 | 14,140,910 | 15,140,445 | ||||||||||||
| Net interest income | 3,694,605 | 2,743,714 | 7,287,843 | 5,394,951 | ||||||||||||
| (Recovery) provision for credit losses | — | 35,000 | (80,000 | ) | 70,000 | |||||||||||
| Net interest income after (recovery) provision for credit losses | 3,694,605 | 2,708,714 | 7,367,843 | 5,324,951 | ||||||||||||
| Non-interest income | ||||||||||||||||
| Fees and service charges | 59,755 | 49,203 | 115,574 | 107,790 | ||||||||||||
| Gain on sale of loans | 8,768 | — | 37,830 | — | ||||||||||||
| Bank-owned life insurance | 228,392 | 215,056 | 990,623 | 427,015 | ||||||||||||
| Other | 34,795 | 38,945 | 77,055 | 67,477 | ||||||||||||
| Total non-interest income | 331,710 | 303,204 | 1,221,082 | 602,282 | ||||||||||||
| Non-interest expense | ||||||||||||||||
| Salaries and employee benefits | 2,059,942 | 2,143,388 | 4,140,141 | 4,301,953 | ||||||||||||
| Occupancy and equipment | 640,444 | 366,908 | 1,311,913 | 738,025 | ||||||||||||
| FDIC insurance assessment | 103,934 | 106,716 | 210,520 | 207,313 | ||||||||||||
| Data processing | 305,034 | 318,520 | 620,731 | 622,125 | ||||||||||||
| Advertising | 16,000 | 115,100 | 121,500 | 225,200 | ||||||||||||
| Director fees | 170,812 | 151,549 | 330,256 | 307,249 | ||||||||||||
| Professional fees | 372,364 | 260,112 | 571,094 | 456,897 | ||||||||||||
| Other | 185,972 | 263,490 | 408,017 | 510,112 | ||||||||||||
| Total non-interest expense | 3,854,502 | 3,725,783 | 7,714,172 | 7,368,874 | ||||||||||||
| Income (loss) before income taxes | 171,813 | (713,865 | ) | 874,753 | (1,441,641 | ) | ||||||||||
| Income tax benefit | (52,582 | ) | (281,386 | ) | (80,589 | ) | (568,182 | ) | ||||||||
| Net income (loss) | $ | 224,395 | $ | (432,479 | ) | $ | 955,342 | $ | (873,459 | ) | ||||||
| Earnings (loss) per Share - basic | $ | 0.02 | $ | (0.03 | ) | $ | 0.08 | $ | (0.07 | ) | ||||||
| Earnings (loss) per Share - diluted | $ | 0.02 | $ | (0.03 | ) | $ | 0.08 | $ | (0.07 | ) | ||||||
| Weighted average shares outstanding - basic | 12,635,990 | 12,803,925 | 12,642,744 | 12,828,428 | ||||||||||||
| Weighted average shares outstanding - diluted | 12,641,179 | 12,803,925 | 12,644,701 | 12,828,428 | ||||||||||||
| BOGOTA FINANCIAL CORP. SELECTED RATIOS (unaudited) | ||||||||||||||||
| At or For the Three Months | At or for the Six Months | |||||||||||||||
| Ended June 30, | Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Performance Ratios (1): | ||||||||||||||||
| Return (loss) on average assets (2) | 0.02 | % | (0.18 | )% | 0.10 | % | (0.18 | )% | ||||||||
| Return (loss) on average equity (3) | 0.16 | % | (1.32 | )% | 0.10 | % | (1.32 | )% | ||||||||
| Interest rate spread (4) | 1.20 | % | 0.72 | % | 1.15 | % | 0.68 | % | ||||||||
| Net interest margin (5) | 1.74 | % | 1.21 | % | 1.70 | % | 1.20 | % | ||||||||
| Efficiency ratio (6) | 95.73 | % | 122.28 | % | 90.66 | % | 122.87 | % | ||||||||
| Average interest-earning assets to average interest-bearing liabilities | 116.49 | % | 114.12 | % | 115.24 | % | 114.56 | % | ||||||||
| Net loans to deposits | 110.34 | % | 109.02 | % | 110.34 | % | 109.02 | % | ||||||||
| Average equity to average assets (7) | 15.02 | % | 13.48 | % | 14.88 | % | 14.71 | % | ||||||||
| Capital Ratios: | ||||||||||||||||
| Tier 1 capital to average assets | 15.32 | % | 13.52 | % | ||||||||||||
| Asset Quality Ratios: | ||||||||||||||||
| Allowance for credit losses as a percent of total loans | 0.37 | % | 0.39 | % | ||||||||||||
| Allowance for credit losses as a percent of non-performing loans | 18.69 | % | 21.20 | % | ||||||||||||
| Net charge-offs to average outstanding loans during the period | 0.00 | % | 0.00 | % | ||||||||||||
| Non-performing loans as a percent of total loans | 2.00 | % | 1.82 | % | ||||||||||||
| Non-performing assets as a percent of total assets | 1.50 | % | 1.33 | % | ||||||||||||
| (1 | ) | Certain performance ratios for the three and six months ended June 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 June 30, 2025 and December 31, 2024:
| June 30, | December 31, | |||||||
| 2025 | 2024 | |||||||
| (unaudited) | ||||||||
| Real estate: | ||||||||
| Residential First Mortgage | $ | 458,212,962 | $ | 472,747,542 | ||||
| Commercial Real Estate | 125,349,129 | 118,008,866 | ||||||
| Multi-Family Real Estate | 82,118,178 | 74,152,418 | ||||||
| Construction | 25,766,387 | 43,183,657 | ||||||
| Commercial and Industrial | 4,282,269 | 6,163,747 | ||||||
| Consumer | 73,328 | 80,955 | ||||||
| Total loans | 695,802,253 | 714,337,185 | ||||||
| Allowance for credit losses | (2,590,950 | ) | (2,620,949 | ) | ||||
| Net loans | $ | 693,211,303 | $ | 711,716,236 | ||||
The following tables set forth the distribution of total deposit accounts, by account type, at the dates indicated:
| At June 30, | At December 31, | |||||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||||
| Amount | Percent | Average Rate | Amount | Percent | Average Rate | |||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| Noninterest bearing demand accounts | $ | 30,696,810 | 4.89 | % | — | % | $ | 32,681,963 | 5.09 | % | — | % | ||||||||||||
| NOW accounts | 52,611,377 | 8.37 | % | 2.64 | 55,378,051 | 8.62 | % | 2.53 | ||||||||||||||||
| Money market accounts | 11,677,716 | 1.86 | % | 0.48 | 13,996,460 | 2.18 | % | 0.58 | ||||||||||||||||
| Savings accounts | 51,419,664 | 8.18 | % | 2.02 | 46,851,793 | 7.30 | % | 1.90 | ||||||||||||||||
| Certificates of deposit | 481,824,219 | 76.70 | % | 3.88 | 493,279,775 | 76.81 | % | 4.37 | ||||||||||||||||
| Total | $ | 628,229,786 | 100.00 | % | 3.37 | % | $ | 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 June 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 | $ | 9,976 | $ | 106 | 4.26 | % | $ | 8,644 | $ | 127 | 5.90 | % | ||||||||||||
| Loans | 697,792 | 8,292 | 4.77 | % | 710,058 | 8,299 | 4.70 | % | ||||||||||||||||
| Securities | 141,141 | 1,946 | 5.52 | % | 185,497 | 1,860 | 4.01 | % | ||||||||||||||||
| Other interest-earning assets | 7,085 | 161 | 9.09 | % | 8,689 | 188 | 8.66 | % | ||||||||||||||||
| Total interest-earning assets | 855,994 | 10,505 | 4.92 | % | 912,888 | 10,474 | 4.61 | % | ||||||||||||||||
| Non-interest-earning assets | 65,094 | 58,933 | ||||||||||||||||||||||
| Total assets | $ | 921,088 | $ | 971,821 | ||||||||||||||||||||
| Liabilities and equity: | ||||||||||||||||||||||||
| NOW and money market accounts | $ | 73,261 | $ | 447 | 2.44 | % | $ | 67,687 | $ | 329 | 1.96 | % | ||||||||||||
| Savings accounts | 48,751 | 249 | 2.05 | % | 44,093 | 205 | 1.87 | % | ||||||||||||||||
| Certificates of deposit (1) | 482,516 | 4,828 | 4.01 | % | 517,882 | 5,720 | 4.44 | % | ||||||||||||||||
| Total interest-bearing deposits | 604,528 | 5,524 | 3.67 | % | 629,662 | 6,254 | 3.99 | % | ||||||||||||||||
| Federal Home Loan Bank advances (1) | 130,277 | 1,286 | 3.96 | % | 170,295 | 1,476 | 3.49 | % | ||||||||||||||||
| Total interest-bearing liabilities | 734,805 | 6,810 | 3.72 | % | 799,957 | 7,730 | 3.89 | % | ||||||||||||||||
| Non-interest-bearing deposits | 32,076 | 39,162 | ||||||||||||||||||||||
| Other non-interest-bearing liabilities | 15,894 | 1,654 | ||||||||||||||||||||||
| Total liabilities | 782,775 | 840,773 | ||||||||||||||||||||||
| Total equity | 138,313 | 131,048 | ||||||||||||||||||||||
| Total liabilities and equity | $ | 921,088 | $ | 971,821 | ||||||||||||||||||||
| Net interest income | $ | 3,695 | $ | 2,744 | ||||||||||||||||||||
| Interest rate spread (2) | 1.20 | % | 0.72 | % | ||||||||||||||||||||
| Net interest margin (3) | 1.74 | % | 1.21 | % | ||||||||||||||||||||
| Average interest-earning assets to average interest-bearing liabilities | 116.49 | % | 114.12 | % | ||||||||||||||||||||
| 1. | Cash flow and fair value hedges are used to manage interest rate risk. During the three months ended June 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. |
| Six Months Ended June 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 | $ | 13,270 | $ | 371 | 5.58 | % | $ | 8,505 | $ | 276 | 6.50 | % | ||||||||||||
| Loans | 701,423 | 16,894 | 4.82 | % | 711,744 | 16,507 | 4.64 | % | ||||||||||||||||
| Securities | 143,199 | 3,779 | 5.28 | % | 176,081 | 3,389 | 3.85 | % | ||||||||||||||||
| Other interest-earning assets | 7,692 | 384 | 9.97 | % | 8,395 | 363 | 8.65 | % | ||||||||||||||||
| Total interest-earning assets | 865,584 | 21,428 | 4.95 | % | 904,725 | 20,535 | 4.54 | % | ||||||||||||||||
| Non-interest-earning assets | 61,323 | 59,313 | ||||||||||||||||||||||
| Total assets | $ | 926,907 | $ | 964,038 | ||||||||||||||||||||
| Liabilities and equity: | ||||||||||||||||||||||||
| NOW and money market accounts | $ | 76,313 | $ | 904 | 2.39 | % | $ | 68,569 | $ | 664 | 1.95 | % | ||||||||||||
| Savings accounts | 47,299 | 475 | 2.02 | % | 43,720 | 403 | 1.85 | % | ||||||||||||||||
| Certificates of deposit (1) | 483,380 | 9,907 | 4.13 | % | 517,189 | 11,157 | 4.34 | % | ||||||||||||||||
| Total interest-bearing deposits | 606,992 | 11,286 | 3.75 | % | 629,478 | 12,224 | 3.91 | % | ||||||||||||||||
| Federal Home Loan Bank advances (1) | 144,120 | 2,854 | 3.99 | % | 160,282 | 2,916 | 3.66 | % | ||||||||||||||||
| Total interest-bearing liabilities | 751,112 | 14,140 | 3.80 | % | 789,760 | 15,140 | 3.86 | % | ||||||||||||||||
| Non-interest-bearing deposits | 32,425 | 38,425 | ||||||||||||||||||||||
| Other non-interest-bearing liabilities | 5,420 | 2,763 | ||||||||||||||||||||||
| Total liabilities | 788,957 | 830,948 | ||||||||||||||||||||||
| Total equity | 137,950 | 133,090 | ||||||||||||||||||||||
| Total liabilities and equity | $ | 926,907 | $ | 964,038 | ||||||||||||||||||||
| Net interest income | $ | 7,288 | $ | 5,395 | ||||||||||||||||||||
| Interest rate spread (2) | 1.15 | % | 0.68 | % | ||||||||||||||||||||
| Net interest margin (3) | 1.70 | % | 1.20 | % | ||||||||||||||||||||
| Average interest-earning assets to average interest-bearing liabilities | 115.24 | % | 114.56 | % | ||||||||||||||||||||
| 1. | Cash flow hedges are used to manage interest rate risk. During the six months ended June 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 June 30, 2025 | Six Months Ended June 30, 2025 | |||||||||||||||||||||||
| Compared to | Compared to | |||||||||||||||||||||||
| Three Months Ended June 30, 2024 | Six Months Ended June 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 | $ | 94 | $ | (114 | ) | $ | (21 | ) | $ | 201 | $ | (106 | ) | $ | 95 | |||||||||
| Loans receivable | (534 | ) | 526 | (7 | ) | (592 | ) | 979 | 387 | |||||||||||||||
| Securities | (2,142 | ) | 2,228 | 86 | (1,554 | ) | 1,944 | 390 | ||||||||||||||||
| Other interest earning assets | (80 | ) | 53 | (27 | ) | (71 | ) | 92 | 21 | |||||||||||||||
| Total interest-earning assets | (2,662 | ) | 2,693 | 31 | (2,017 | ) | 2,910 | 893 | ||||||||||||||||
| Interest expense: | ||||||||||||||||||||||||
| NOW and money market accounts | 29 | 89 | 118 | 79 | 161 | 240 | ||||||||||||||||||
| Savings accounts | 23 | 21 | 44 | 34 | 38 | 72 | ||||||||||||||||||
| Certificates of deposit | (368 | ) | (524 | ) | (892 | ) | (718 | ) | (532 | ) | (1,250 | ) | ||||||||||||
| Federal Home Loan Bank advances | (1,138 | ) | 948 | (190 | ) | (591 | ) | 529 | (62 | ) | ||||||||||||||
| Total interest-bearing liabilities | (1,454 | ) | 534 | (920 | ) | (1,197 | ) | 197 | (1,000 | ) | ||||||||||||||
| Net (decrease) increase in net interest income | $ | (1,208 | ) | $ | 2,159 | $ | 951 | $ | (820 | ) | $ | 2,713 | $ | 1,893 | ||||||||||
Contacts
Kevin Pace – President & CEO, 201-862-0660 ext. 1110
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