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. 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) 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.
Bogota Financial Corp. (Nasdaq: BSBK) has received all regulatory approvals for the merger with Gibraltar Bank, which was approved by Gibraltar's members on January 20, 2021. The merger is expected to close around February 28, 2021, followed by the consolidation of data processing on August 16, 2021. This strategic merger aims to enhance operational efficiencies and expand market reach, combining the strengths of both banks that have served New Jersey customers for over a century.