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Bogota Financial Corp. reports recurring developments for its role as the holding company for Bogota Savings Bank, a New Jersey community bank that accepts deposits and originates residential, commercial and consumer loans. Company updates focus on quarterly and annual results, net interest income, deposit costs, loan yields, securities income and changes in the mix of certificates of deposit, savings, money market and NOW accounts.
Other recurring announcements address capital management and balance sheet actions, including stock repurchase programs, securities portfolio repositioning, branch sale-leaseback activity and funding decisions tied to loans, securities and borrowings.
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.
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.