Bogota Finl Corp Stock Price, News & Analysis

Bogota Financial Corp. (NASDAQ: BSBK) reported Q4 2022 net income of $1.9 million ($0.14/share), down from $2.0 million ($0.15/share) in Q4 2021. For 2022, net income decreased 8.6% to $6.9 million ($0.51/share) from $7.5 million ($0.55/share) in 2021. Total assets rose 13.6% to $951.1 million, while net loans increased 26.1% to $719 million. Total deposits also grew 17.4% to $701.4 million, fueled by a new municipal deposit relationship. However, non-interest income dropped significantly by 79.8%, mainly due to decreased gains on loan sales. CEO Joseph Coccaro noted strong loan growth amid challenges like rising interest rates and inflation, anticipating a slower market ahead.

Bogota Financial Corp. (NASDAQ: BSBK) reported net income of $1.9 million for Q3 2022, an 85.2% increase from $1.0 million in Q3 2021. For the first nine months of 2022, net income reached $5.0 million, down from $5.5 million in the same period last year, affected by a previous one-time gain. Total assets rose 13.0% to $946.2 million, driven by a 24% increase in net loans. Deposits grew by 11.8% to $668.2 million. The company completed share buybacks totaling 588,612 shares. However, returns on assets and equity declined compared to 2021.

Bogota Financial Corp. (BSBK) has received regulatory approval for a stock repurchase program of up to 556,631 shares, representing about 10% of its outstanding shares. This is the company’s third buyback initiative, aimed at enhancing shareholder value. Share repurchases will commence following the release of its Q3 2022 results. While there is no expiration date for the program, repurchases depend on various factors, including stock availability and market conditions.

Bogota Financial Corp. (NASDAQ: BSBK) reported a net income of $1.6 million for Q2 2022, up 14.1% from $1.4 million in Q2 2021. However, net income for the first half of 2022 dropped to $3.0 million from $4.4 million in the prior year, influenced by a prior year's one-time gain. Total assets rose 4.5% to $874.9 million, driven by a $60.6 million increase in loans. The company repurchased 145,582 shares under a buyback plan. Despite positive net interest income growth, non-interest income fell significantly, decreasing by 52.4% in Q2.

Bogota Financial Corp. (Nasdaq: BSBK) has received regulatory approval to repurchase up to 292,568 shares, representing approximately 5% of its outstanding common stock. This marks the second stock repurchase program initiated by the company. The shares may be repurchased in various market conditions without a set expiration date, and the program can be modified or suspended at any time. Factors influencing repurchase timing include stock availability, market conditions, and the company’s overall financial performance.

Bogota Financial Corp. (NASDAQ: BSBK) reported a net income of $1.4 million for Q1 2022, a decline from $3.0 million in the same period last year. Excluding a $1.9 million bargain purchase gain from 2021, net income for Q1 2021 would have matched the current figures. Total assets increased to $850.7 million, while net loans decreased by 1.0%. Total deposits rose by 3.8% to $619.9 million. The company completed a 5% share buyback plan and announced another pending regulatory approval. However, the return on average assets fell to 0.68% from 1.57% year-over-year.