Welcome to our dedicated page for Bogota Finl news (Ticker: BSBK), a resource for investors and traders seeking the latest updates and insights on Bogota Finl stock.
Bogota Financial Corp. (NASDAQ: BSBK) is the mid-tier holding company for Bogota Savings Bank, a New Jersey chartered stock savings bank serving customers in northern and central New Jersey. This news page aggregates the company’s publicly released updates, with a focus on how its savings institution business responds to changes in the interest rate and funding environment.
Readers can review quarterly and annual earnings releases that detail net income or loss, net interest income, deposit composition and cost, loan portfolio trends, securities balances and the use of Federal Home Loan Bank advances. Management commentary in these releases discusses strategic priorities such as commercial lending growth, core deposit relationships, balance sheet restructuring and credit quality.
The news feed also includes announcements related to stock repurchase programs, including regulatory approvals and the number of shares repurchased under each authorization. Other items have covered transactions such as a sale-leaseback of branch offices and the sale and reinvestment of securities aimed at improving net interest margin and future earnings.
Because Bogota Financial Corp. operates in the savings institutions segment of the finance and insurance sector, its news often highlights the impact of interest rate movements on funding costs, deposit mix and loan demand in its New Jersey market area. By following this page, investors and observers can track how management’s strategies—such as hedging interest rate risk, adjusting the balance sheet and executing repurchase programs—are reflected in reported results over time.
Bogota Financial Corp. reported a net loss of $441,000 for the three months ended March 31, 2024, compared to a net income of $993,000 for the same period in the prior year. Total assets increased to $961.2 million, with growth in securities and deposits. However, net loans decreased, impacting the overall financial performance.
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Bogota Financial Corp. (NASDAQ: BSBK) reported Q4 2022 net income of $1.9 million ($0.14/share), down from $2.0 million ($0.15/share) in Q4 2021. For 2022, net income decreased 8.6% to $6.9 million ($0.51/share) from $7.5 million ($0.55/share) in 2021. Total assets rose 13.6% to $951.1 million, while net loans increased 26.1% to $719 million. Total deposits also grew 17.4% to $701.4 million, fueled by a new municipal deposit relationship. However, non-interest income dropped significantly by 79.8%, mainly due to decreased gains on loan sales. CEO Joseph Coccaro noted strong loan growth amid challenges like rising interest rates and inflation, anticipating a slower market ahead.
Bogota Financial Corp. (NASDAQ: BSBK) reported net income of $1.9 million for Q3 2022, an 85.2% increase from $1.0 million in Q3 2021. For the first nine months of 2022, net income reached $5.0 million, down from $5.5 million in the same period last year, affected by a previous one-time gain. Total assets rose 13.0% to $946.2 million, driven by a 24% increase in net loans. Deposits grew by 11.8% to $668.2 million. The company completed share buybacks totaling 588,612 shares. However, returns on assets and equity declined compared to 2021.