Bogota Finl Corp Stock Price, News & Analysis

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.

Bogota Financial Corp. (NASDAQ: BSBK) reported a net income of $2.0 million for Q4 2021, up from $1.0 million in Q4 2020. For the full year, net income surged to $7.5 million, compared to $2.1 million in 2020. The growth was partly attributed to a $1.9 million bargain purchase gain from acquiring Gibraltar Bank and a significant rise in deposits by 19.0% to $597.5 million. Total assets increased by 13.0% to $837.4 million. Key metrics showed improved return on average assets at 1.23% and return on average equity at 7.06% for 2021.

Bogota Financial Corp. (NASDAQ: BSBK) reported a net income of $1.0 million for Q3 2021, up from $956,000 in Q3 2020, and $5.5 million for the first nine months, compared to $1.0 million in the same period last year. The increase is attributed to a $1.9 million bargain purchase gain from the Gibraltar Bank acquisition, despite merger-related expenses of $392,000. Total assets rose by 12.7% to $835.0 million, with net loans increasing by 4.0% and total deposits surging by 17.8%. The company's return on average assets was 0.91%, significantly higher than 0.19% in 2020.

Bogota Financial Corp. (NASDAQ: BSBK) reported net income of $1.4 million for Q2 2021, unchanged from Q2 2020, and $4.4 million for the six months ended June 30, 2021, a significant increase from $65,000 in the same period last year. The company gained $1.9 million from acquiring Gibraltar Bank. Total assets rose by 10.5% to $818.9 million, with net loans up 4.7% to $584.6 million. The bank opened a new branch in Hasbrouck Heights and reported low loan deferrals. Overall, the company shows strong credit quality and improved net interest margins.

Bogota Financial Corp. (NASDAQ: BSBK) has launched a stock repurchase program for 296,044 shares, approximately 5% of its outstanding shares. This is the company's first buyback since its reorganization and stock offering in January 2020. Repurchases are set to start following the release of financial results for the period ending June 30, 2021. Factors influencing the timing include market conditions and financial performance. The company is not obligated to repurchase a specified number of shares.

Bogota Financial Corp. (NASDAQ: BSBK) reported a net income of $3.0 million for Q1 2021, a turnaround from a net loss of $1.3 million during the same period in 2020. This improvement was bolstered by a $1.9 million bargain purchase gain from acquiring Gibraltar Bank. Total assets surged by $103 million (13.9%) to $843.9 million, driven largely by the acquisition. Net loans rose by $52.1 million (9.3%) to $609.8 million, and total deposits increased by $82.4 million (16.4%) to $584.4 million. Return on average assets improved to 1.57% compared to -0.75% in 2020.

Bogota Financial Corp. (Nasdaq: BSBK) has completed its acquisition of Gibraltar Bank, effective February 28, 2021. The merger results in a combined institution with approximately $821 million in assets, $584 million in deposits, and $142 million in stockholders' equity. As part of the transaction, Bogota Financial issued 1,267,916 shares of common stock. The conversion of data processing systems is expected by August 16, 2021. Bogota's management expressed optimism about the merger's benefits for customers and shareholders.

Bogota Financial Corp. (NASDAQ: BSBK) reported a net income of $1.0 million for Q4 2020, up from $787,000 in Q4 2019, but down to $2.1 million for the full year, compared to $2.4 million in 2019. The Company contributed $2.9 million to the Bogota Charitable Foundation. Total assets decreased by $25.7 million to $740.9 million, while net loans rose by $20.5 million to $557.7 million. The Bank completed its merger with Gibraltar Bank, expected to enhance assets to $851 million and double its branches. The Company also processed $10.5 million in PPP loans amid COVID-19.