Bogota Financial (NASDAQ: BSBK) swings from 2024 loss to 2025 profit
Filing Impact
Filing Sentiment
Form Type
8-K
Bogota Financial Corp. reported a clear turnaround for 2025, moving to full‑year net income of $2.1 million, or $0.17 per share, from a net loss of $2.2 million, or $(0.17) per share, in 2024. For the fourth quarter of 2025, net income was $680,000 versus a net loss of $930,000 a year earlier.
The improvement was driven mainly by stronger core banking performance. Net interest income for 2025 rose 46.6% to $15.5 million, as the net interest margin expanded to 1.80% from 1.16% and the interest rate spread widened to 1.29%. Lower funding costs on deposits and reduced Federal Home Loan Bank borrowings contributed meaningfully.
The balance sheet intentionally shrank, with total assets down to $904.9 million and net loans down 9.0%, while deposits increased modestly to $652.4 million and borrowings fell 45.8%. Asset quality remained manageable, with non‑performing assets at 1.44% of total assets and no net charge‑offs, though delinquent loans increased. Capital strengthened as stockholders’ equity rose to $140.9 million, helped by earnings and a smaller securities valuation loss, even after repurchasing 123,603 shares.
Positive
- Return to profitability: Full-year 2025 net income was $2.1 million versus a $2.2 million loss in 2024, with Q4 2025 net income of $680,811 versus a prior-year quarterly loss of $930,001.
- Stronger core margins: Net interest income rose 46.6% to $15.47 million in 2025 as net interest margin expanded to 1.80% from 1.16% and interest rate spread widened to 1.29% from 0.66%.
- Reduced wholesale dependence: Federal Home Loan Bank advances declined 45.8% to $93.32 million at December 31, 2025, while deposits increased 1.6% to $652.45 million, supporting a more deposit-funded balance sheet.
- Capital and equity growth: Stockholders’ equity increased to $140.91 million from $137.29 million, improving the equity-to-assets ratio to 15.18%, even after repurchasing 123,603 shares at a total cost of $1.1 million.
Negative
- Higher delinquencies: Delinquent loans rose to $27.6 million, or 3.1% of total loans, at December 31, 2025, up $13.3 million year over year, indicating more borrowers are behind on payments.
- Concentrated nonperforming exposure: Non-performing loans were 2.01% of total loans, with $10.9 million, or 83.2% of non-performing loans, tied to a single construction loan, increasing concentration risk.
- Efficiency still elevated: Although improved, the 2025 efficiency ratio was 88.29%, down from 122.61% in 2024, indicating operating expenses remain high relative to revenues compared with more efficient peers.
Insights
Bogota Financial posts a profitable 2025 with stronger margins and lower wholesale funding.
Bogota Financial Corp. shifted from a
The bank also de‑risked its balance sheet. Total assets fell to
Credit metrics are mixed. Non‑performing assets held at
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 13, 2026
(Exact Name of Registrant as Specified in Charter)
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Identification No.)
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(Address of Principal Executive Offices)
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Registrant's telephone number, including area code:
(201 ) 862-0660
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
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The Nasdaq Stock Market, LLC
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or
Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operation and Financial Condition
On February 13, 2026, Bogota Financial Corp., the holding company for Bogota Savings Bank, issued a press release reporting its
financial results for the three and twelve months ended December 31, 2025.
A copy of the press release announcing the results is included as Exhibit 99.1 to this Current Report on Form 8-K and shall not be
deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.
Item 9.01 Financial Statements and Exhibits
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Financial Statements of Businesses Acquired. Not applicable.
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Pro Forma Financial Information. Not applicable.
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Shell Company Transactions. Not applicable.
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Exhibits.
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Exhibit No. Description
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Press release dated February 13, 2026.
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Cover Page Interactive Data File (formatted in iXBRL and contained in Exhibit 101).
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, hereunto duly authorized.
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BOGOTA FINANCIAL CORP.
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DATE: February 13, 2026
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By: /s/ Brian McCourt
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Brian McCourt
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Executive Vice President and Chief Financial Officer
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Exhibit 99.1
Bogota Financial Corp. Reports Results for the
Three and Twelve Months Ended December 31, 2025
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NEWS PROVIDED BY
Bogota Financial Corp.
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Teaneck, New Jersey, February 13, 2026 – Bogota Financial Corp. (NASDAQ: BSBK) (the “Company”), the holding company for Bogota Savings Bank (the “Bank”), reported net income for the three months ended December 31, 2025 of $680,000 or $0.05 per basic and diluted share, compared to a net loss of $930,000 or $0.07 per basic and diluted share for the comparable prior year period. The Company reported net income for the year ended December
31, 2025 of $2.1 million or $0.17 per basic and diluted share compared to a net loss of $2.2 million, or $0.17 per basic and diluted share, for the prior year.
Other Financial Highlights:
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Total assets decreased $66.7 million, or 6.9%, to $904.9 million at December
31, 2025 from $971.5 million at December 31, 2024, largely due to a decrease in
cash and cash equivalents and loans, offset by an increase in securities available for sale.
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Cash and cash equivalents decreased $16.6 million, or 31.8%, to
$35.6 million at December 31, 2025 from $52.2 million at December 31, 2024, due to cash used to purchase securities available for sale.
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Securities available for sale increased $17.8 million, or 12.7%, to
$158.1 million at December 31, 2025 from $140.3 million at December 31, 2024. Average yields on securities available for sale increased 143 basis points from 3.88% for the twelve months ended December 31, 2024, to 5.31% for the twelve months ended December 31, 2025, due to the balance sheet
restructuring that took place in December 2024.
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Net loans decreased $64.1 million, or 9.0%, to $647.6 million at December
31, 2025 from $711.7 million at December 31, 2024 due to decreases in
residential, multi-family, commercial and industrial and construction loans, offset by an increase in commercial real estate loans. Average yields on net loans increased 19 basis points from 4.69% for the twelve months ended December
31, 2024, to 4.88% for the twelve months ended December 31, 2025 due to a higher proportion of commercial real estate loans.
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Total deposits at December 31, 2025 were $652.4 million, increasing $10.3 million, or 1.6%, as compared to $642.2 million at December 31, 2024, primarily due to a $14.8 million increase in interest-bearing deposits offset by a $4.5 million decrease in non-interest bearing checking accounts. The average rate paid on deposits decreased 43 basis points to 3.30% for 2025 from 3.73% for 2024 due to lower market interest rates and an increase in NOW
accounts, which increased $10.5 million, or 19.0%, to $65.5 million at December 31, 2025 from $55.0 million at December 31, 2024. The cost of such accounts also increased 23 basis points to 2.76% for 2025 from
2.53% for 2024.
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Federal Home Loan Bank advances decreased $78.9 million, or 45.8% to
$93.3 million at December 31, 2025 from $172.2 million as of December 31, 2024.
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As of December 31, 2025, the Company repurchased 76,673 shares of its common stock at a cost of $656,000, pursuant to its current program, which
allows for the repurchase of up to 237,950 shares.
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Kevin Pace, President and Chief Executive Officer, said “This year’s results reflect the strength of our strategy and the disciplined
execution of our team. After navigating a challenging period, we made significant strides returning to profitability with 2025 net income of $2.1 million compared to a loss of $2.2 million the prior year. With a more resilient balance sheet and a
clear focus on responsible growth, we are well positioned to deliver long-term value for our shareholders and a meaningful impact across our communities. As we look ahead, we remain focused on investing in our customers, expanding our capabilities,
and delivering consistent long-term value. Our 2026 growth plan includes a new branch location in Central/Southern New Jersey, with an anticipated opening in early summer. We continue to work through our sixth stock buyback program with a
commitment to adding shareholder value.”
1
Income Statement Analysis
Comparison of Operating Results for the Three Months Ended December
31, 2025 and December 31, 2024
Net income increased by $1.6 million to net income of
$681,000 for the three months ended December 31, 2025 from a net loss of $930,000 for the three months ended December 31, 2024. This increase was primarily due to an increase of $359,000 in interest income, a $1.5 million decrease in interest expense and a decrease of $460,000 in income tax expense, offset by a $229,000
increase in non-interest expense and a $193,000 decrease in non-interest income.
Interest income increased $359,000, or 3.4%, from $10.6
million for the three months ended December 31, 2024 to $11.0 million for the three months ended December 31, 2025 due to higher yields on interest-earning assets offset by lower average balances.
Interest income on cash and cash equivalents increased
$167,000, or 87.4%, to $358,000 for the three months ended December 31, 2025 from $191,000 for the three months ended December 31, 2024 due to a $12.7 million increase in the average balance to $26.2 million for the three months ended December 31, 2025 from $13.5 million for the three months ended December 31, 2024, reflecting the increase of liquidity due to lower loan originations.
Due to rate cuts enacted by the Board of Governors of the Federal Reserve System in the third and fourth quarters of the year, the yield on cash and cash equivalents decreased 20 basis points from 5.61% for the three months ended December
31, 2024 to 5.41% for the three months ended December 31, 2025.
Interest income on loans decreased $110,000, or 1.3%, to
$8.4 million for the three months ended December 31, 2025 compared to $8.5 million for the three months ended December 31, 2024 primarily due to a $55.4 million decrease in the average balance to $662.1 million for the three months ended December 31, 2025 from $717.4 million for the three months ended December 31, 2024, offset by a 31 basis point increase in the average yield from 4.73% for the three
months ended December 31, 2024 to 5.04% for the three months ended December 31, 2025.
Interest income on securities increased $409,000, or 24.7%,
to $2.1 million for the three months ended December 31, 2025 from $1.7 million for the three months ended December 31, 2024 primarily due to a 146 basis point increase in the average yield from 3.77% for the three months ended December 31, 2024 to 5.23% for the three months ended December 31, 2025 as a result of the balance sheet restructuring that took place in December 2025 offset by a
$17.7 million decrease in the average balance to $157.6 million for the three months ended December 31, 2025 from $175.3 million for the three months ended December
31, 2024.
2
Interest expense decreased $1.4 million, or 17.7%, from
$8.1 million for the three months ended December 31, 2024 to $6.7 million for the three months ended December 31, 2025 due to lower costs on interest-bearing liabilities and a $72.1 million decrease in the average balance of interest-bearing liabilities from $805.9 million for the three months ended December
31, 2024 to $733.8 million for the three months ended December 31, 2025. During the
three months ended December 31, 2025, the use of cash flow hedges reduced interest expense by $76,000, compared to $280,000 in the same period of 2024.
Interest expense on interest-bearing deposits decreased
$657,000, or 14.5%, to $5.5 million for the three months ended December 31, 2025 from $6.2 million for the three months ended December 31, 2024. The decrease was due to a 51 basis point decrease in the average cost of deposits to 3.51% for the three months ended December 31, 2025 from 4.02% for the three months ended December 31, 2024. The average balances of certificates of deposit decreased
slightly to $501.3 million for the three months ended December 31, 2025 from $501.9 million for the three months ended December 31, 2024 while NOW and money market accounts and savings accounts increased $5.1 million and $7.7 million for the three months ended December 31, 2025, respectively, compared to the three months ended December 31, 2024.
Interest expense on Federal Home Loan Bank borrowings
decreased $774,000, or 40.8%, from $1.9 million for the three months ended December 31, 2024 to $1.1 million for the three months ended December 31, 2025. The decrease was due to a decrease in the average balance of borrowings of $84.3 million to $107.9 million for the three months ended December 31, 2025 from $192.2 million for the three months ended December 31, 2024, which was partially
offset by an increase in the average cost of 20 basis points to 4.12% for the three months ended December 31, 2025 from 3.92% for the three months ended December
31, 2024. At December 31, 2025, cash flow hedges used to manage interest rate risk had a
notional value of $85.0 million, while fair value hedges totaled $60.0 million in notional value.
Net interest income increased $1.8 million, or 71.6%, to
$4.3 million for the three months ended December 31, 2025 from $2.5 million for the three months ended December 31, 2024. The increase reflected a 90 basis point increase in our net interest rate spread to 1.51% for the three months ended December 31, 2025 from 0.61% for the three months ended December 31, 2024. Our net interest margin increased 91 basis points to 2.00% for the three months
ended December 31, 2025 from 1.09% for the three months ended December 31, 2024.
We recorded a $218,000 recovery for credit losses for the
three months ended December 31, 2024 compared to no provision for credit losses for the three-month period ended December 31, 2025. The recovery in the fourth quarter of 2024 and no provisions in the fourth quarter of 2025 reflects the decrease in the loan portfolio and no charge-offs.
Non-interest income decreased bthe193,000, or 46.1%, to
$226,000 for the three months ended December 31, 2025 from $419,000 for the three months ended December 31, 2024. Gain on sale of loans decreased $20,000, or 100.0%, due to no sales during 2025 and gain on sale of assets in 2024 was higher by $68,000 as proceeds from the sale-leaseback transaction exceeded the loss on
securities. Other income decreased $96,000 due to a net loss on the investment in a limited partnership.
For the three months ended December 31, 2025, non-interest expense increased $229,000, or 6.3%, over the comparable December 31, 2024 period.
Occupancy and equipment increased $380,000, or 109.0%, due to higher lease expense associated with the sale leaseback transaction that took place in December 2024. Salaries and employee benefits decreased $10,000, or 0.4%, due to lower headcount.
Professional fees increased $15,000, or 13.6%, due to higher legal costs in 2025. FDIC insurance premiums decreased $16,000, or 14.0%, due to a lower assessment rate in 2025. Data processing expense decreased $33,000, or 11.9%, due to lower processing costs. Director fees decreased $104,000, or 66.7%, due to lower pension expense. The decrease in advertising expense of $20,000, or 32.4%, was due to
reduced promotions for branch locations and less promotions on deposit and loan products. Other expense increased $15,000, or 7.1%, due to higher miscellaneous expenses.
Income tax expense decreased $460,000, or 102.3%, to
a benefit of $11,000 for the three months ended December 31, 2025 from an expense of $450,000 for the three months ended December 31, 2024. The decrease was due to tax reserves on uncertain deferred tax assets that were required in 2024.
3
Comparison of Operating Results for the Twelve Months Ended December
31, 2025 and December 31, 2024
Net income increased by $4.3 million, or 196.3%, to net
income of $2.1 million for the twelve months ended December 31, 2025 from net loss of $2.2 million for the twelve months ended December 31, 2024. This increase was primarily due to an increase of $4.9 million in net interest income, an increase of $420,000 in non-interest income offset by an increase of $707,000 in
non-interest expense and an increase of $353,000 in income tax.
Interest income increased $1.3 million, or 3.0%, from
$41.8 million for the twelve months ended December 31, 2024 to $43.0 million for the twelve months ended December 31, 2025 due to higher yields on interest-earning assets offset by lower average balances.
Interest income on cash and cash equivalents increased
$302,000, or 49.8%, to $908,000 for the twelve months ended December 31, 2025 from $606,000 for the twelve months ended December 31, 2024due to a 72 basis point decrease in the average yield from 5.94% for the twelve months ended December 31, 2024 to 5.22% for the twelve months ended December 31, 2025 due to the lower interest rate environment for most of 2025, offset by a $7.2
million increase in the average balance to $17.4 million for the twelve months ended December 31, 2025 from $10.2 million for the twelve months ended December
31, 2024
Interest income on loans increased $110,000, or 0.3%, to $33.5 million for the twelve months ended December 31, 2025 compared to
$33.4 million for the twelve months ended December 31, 2024 primarily due to a 19 basis point increase in the average yield from 4.69% for the twelve months ended December 31, 2024 to 4.88% for the twelve months ended December 31, 2025 offset by a
$26.3 million decrease in the average balance to $686.9 million for the twelve months ended December 31, 2025 from $713.1 million for the twelve months ended December 31, 2024.
Interest income on securities increased $1.0 million, or
14.5%, to $7.9 million for the twelve months ended December 31, 2025 from $6.9 million for the twelve months ended December 31, 2024 due to a 143 basis point increase in the average yield from 3.88% for the twelve months ended December 31, 2024 to 5.31% for the twelve months ended December 31, 2025, offset by a $29.1 million decrease in the average balance of securities to $149.5 million for the
twelve months ended December 31, 2025 from $178.7 million for the twelve months ended December 31, 2024.
Interest expense decreased $3.7 million, or 11.7%, from
$31.2 million for the twelve months ended December 31, 2024 to $27.5 million for the twelve months ended December 31, 2025 due to lower costs on interest-bearing liabilities. During the twelve months ended December 31, 2025, the use of
cash flow hedges reduced the interest expense on the Federal Home Loan Bank advances by $644,000, compared to $1.5 million for 2024.
Interest expense on interest-bearing deposits decreased
$2.1 million, or 8.7%, to $22.5 million for the twelve months ended December 31, 2025 from $24.6 million for the twelve months ended December 31, 2024. The decrease was due to a 32 basis point decrease in the average cost of interest-bearing deposits to 3.65% for the twelve months ended December 31, 2025 from 3.97% for the twelve months ended December 31, 2024 and a $3.9 million decrease in the
average balance of interest-bearing deposits. The decrease in the average cost of deposits was due to the lower interest rate environment and a change in the composition of the deposit portfolio. The average balances of certificates of deposit
decreased $15.6 million to $492.8 million for the twelve months ended December 31, 2025 from $508.3 million for the twelve months ended December 31, 2024 while NOW and money market accounts and savings accounts increased $6.4 million and $5.3 million for the twelve months ended December 31, 2025, respectively, compared to the twelve months ended December 31, 2024.
Interest expense on Federal Home Loan Bank borrowings
decreased $1.5 million, or 23.1%, from $6.6 million for the twelve months ended December 31, 2024 to $5.1 million for the twelve months ended December 31,
2025. The decrease was due to a decrease in the average balance of borrowings of $48.1 million to $127.9 million for the twelve months ended December 31, 2025 from $176.0 million for the twelve months ended December 31, 2024. The decrease was offset
by an increase in the average cost of 22 basis points to 3.97% for the twelve months ended December 31, 2025 from 3.76% for the twelve months ended December
31, 2024 due to maturity of low cost borrowings. At December 31, 2025, cash flow hedges
used to manage interest rate risk had a notional value of $85.0 million, while fair value hedges totaled $60.0 million in notional value.
4
Net interest income increased $4.9 million, or 46.6%, to
$15.5 million for the twelve months ended December 31, 2025 from $10.7 million for the twelve months ended December 31, 2024. The increase reflected a 63 basis point increase in our net interest rate spread to 1.29% for the twelve months ended December 31, 2025 from 0.66% for the twelve months ended December 31, 2024. Our net interest margin increased 64 basis points to 1.80% for the twelve months
ended December 31, 2025 from 1.16% for the twelve months ended December 31, 2024.
We recorded a $130,000 recovery of credit losses for the
twelve months ended December 31, 2025 compared to a $148,000 recovery for credit losses for the twelve-month period ended December 31, 2024 which reflected a decrease in the loan portfolio, as well as no charge-offs during the years. This recovery was inclusive of the effect due to the transfer of certain
securities from the held to maturity portfolio to the available for sale portfolio, which resulted in a $108,000 recovery for credit losses for the 2024 period.
Non-interest income increased by $420,000, or 31.1%, primarily due to an increase in bank owned life insurance of $564,000, or 64.7%, due to
collection of death proceeds in 2025 offset by a decrease of $96,000 in other income due to a net loss on the investment in a limited partnership.
For the twelve months ended December 31, 2025, non-interest expense increased $707,000, or 8.8%, compared to the twelve months ended December 31, 2024. Occupancy and equipment increased $1.2 million, or 82.7%, due to higher lease expense associated with the sale leaseback transaction that took place in December 2024. Salaries and employee benefits decreased $251,000, or 2.9%, due
to a lower employee count when compared to 2024. Professional fees increased $265,000 or 33.5%, due to higher legal expense. Data processing decreased $47,000, or 3.9%, due to lower processing costs. Other expense decreased $168,000, or 17.5%, due
to lower miscellaneous expenses.
Income tax expense increased $353,000, to a benefit of
$18,000 for the twelve months ended December 31, 2025 from a benefit of $372,000 for the twelve months ended December 31, 2024. The increase in expense was due to $4.1 million, or 118.0%, of higher taxable income. The effective tax rate for the twelve months ended December 31, 2025 and December 31, 2024 were (0.88%) and (14.62%), respectively.
5
Balance Sheet Analysis
Total assets were $904.9 million at December 31,
2025, representing a decrease of $66.7 million, or 6.9%, from December 31, 2024. Cash
and cash equivalents decreased $16.6 million during the period primarily due to purchases of securities available for sale. Net loans decreased $64.1 million, or 9.0%, due to $105.1 million in repayments, partially offset by new production of
$41.0 million. This resulted in a $28.9 million decrease in the balance of residential loans, a $21.1 million decrease in construction loans, a $3.0 decrease in commercial and industrial loans and a decrease of $15.2 million in multi-family
loans. These decreases were offset by a $4.0 million increase in commercial real estate loans. Due to the interest rate environment, we have seen a decrease in demand for
residential and construction loans, which have been primary drivers of our loan growth in recent periods. Securities available for sale increased $17.8 million or 12.7%, due to the purchases of mortgage-backed securities and corporate bonds. The
Company also made a $2.5 million equity investment as part of a $10 million commitment to fund a limited partnership that invests in sale leaseback transactions.
Delinquent loans increased $13.3 million to $27.6 million,
or 3.1% of total loans, at December 31, 2025. The increase was mostly due to three commercial real estate loans with a balance of $13.7 million with no specific
reserves needed. During the same timeframe, non-performing assets decreased to $13.1 million and were 1.5% of total assets at December 31, 2025. No loans
were charged-off during the twelve months ended December 31, 2025 or December 31, 2024. The Company’s allowance for credit losses was 0.39% of total loans and 18.7% of
non-performing loans at December 31, 2025 compared to 0.37% of total loans and 18.8% of non-performing loans at December 31, 2024. At December 31, 2025, $10.9 million, or 83.2%, of the total non-performing loans consisted of one construction loan with a loan -to-value of 45%, which required no specific reserve. The Bank
has limited exposure to commercial real estate loans secured by office space.
Total liabilities decreased $70.3 million, or 8.4%, to
$764.0 million mainly due to a $78.9 million decrease in borrowings offset by a $10.3 million increase in deposits. Total deposits increased $10.3 million, or 1.6%, to $652.4 million at December 31, 2025 from $642.2 million at December 31, 2024. The increase in deposits reflected an increase in certificate of
deposit accounts, which increased by $11.0 million to $493.9 million from $482.9 million at December 31, 2024, an increase in NOW deposits of $10.5 million to $65.5 million at December 31, 2025 from $55.0 million at December 31, 2024 and an increase
in savings accounts which increased by $7.6 million from $47.0 million at December 31, 2024 to $54.6 million at December 31, 2025. These increases were offset by a decrease in money market deposit accounts, which decreased by $14.3 million to
$10.2 million from $24.6 million at December 31, 2024 and by a decrease in noninterest bearing demand accounts, which decreased by $4.5 million from $32.7 million at December 31, 2024 to $28.2 million at December 31, 2025. At December 31, 2025, brokered deposits were $109.7 million or 16.8% of deposits and municipal deposits were
$45.1 million or 6.9% of deposits. At December 31, 2025, uninsured deposits represented 6.9% of the Bank’s total deposits. Federal Home Loan Bank advances
decreased $78.9 million, or 45.8% due to the increase in deposits and the decrease in assets. Total borrowing capacity at the Federal Home Loan Bank is $232.9 million, of which $93.3 million is advanced.
Total stockholders’ equity increased $3.6 million to
$140.9 million at December 31, 2025, from $137.3 million at December 31, 2024. The increase was due to a reduction in the accumulated other comprehensive loss on the securities portfolio of $1.6 million and net income of $2.1 million, offset by the
repurchase of 123,603 shares of stock at a total cost of $1.1 million. At December 31, 2025, the Company’s ratio of average stockholders’ equity-to-average total
assets was 15.13%, compared to 14.10% at December 31, 2024.
6
About Bogota Financial Corp.
Bogota Financial Corp. is a Maryland corporation organized as the mid-tier holding company of Bogota Savings Bank and is the majority-owned subsidiary of
Bogota Financial, MHC. Bogota Savings Bank is a New Jersey chartered stock savings bank that has served the banking needs of its customers in northern and central New Jersey since 1893. It operates from seven offices located in Bogota, Hasbrouck
Heights, Newark, Oak Ridge, Parsippany, Teaneck and Upper Saddle River, New Jersey and operates a loan production office in Spring Lake, New Jersey.
Forward-Looking Statements
This press release contains certain forward-looking statements about the Company and the Bank. Forward-looking statements include statements regarding
anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs
such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased
competitive pressures, changes in the interest rate environment, inflation, general economic conditions or conditions within the securities markets, potential recessionary conditions, real estate market values in the Bank’s lending area, changes in liquidity, including the size and composition of our deposit portfolio, including the percentage of uninsured deposits in the portfolio; changes in the quality of our loan and security portfolios, increases in non-performing and classified loans, monetary and fiscal policies of the U.S. Government
including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the impact of any potential federal government shutdown, the imposition of tariffs or other domestic or international governmental policies, a failure
in or breach of the Company’s operational or security systems or infrastructure, including cyberattacks, the failure to maintain current technologies, failure to retain or attract employees and legislative, accounting and regulatory changes that
could adversely affect the business in which the Company and the Bank are engaged.
The Company undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.
7
BOGOTA FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(unaudited)
|
|
|
2025
|
|
|
2024
|
|
||
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
$
|
11,584,648
|
|
|
$
|
18,020,527
|
|
|
Interest-bearing deposits in other banks
|
|
|
24,013,947
|
|
|
|
34,211,681
|
|
|
Cash and cash equivalents
|
|
|
35,598,595
|
|
|
|
52,232,208
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available for sale
|
|
|
158,064,631
|
|
|
|
140,307,447
|
|
|
Loans, net of allowance $2,529,949 and $2,620,949, at December 31, 2025 and 2024, respectively
|
|
|
647,645,607
|
|
|
|
711,716,236
|
|
|
Premises and equipment, net
|
|
|
4,399,202
|
|
|
|
4,727,302
|
|
|
Regulatory stock
|
|
|
5,403,900
|
|
|
|
8,923,000
|
|
|
Accrued interest receivable
|
|
|
4,261,410
|
|
|
|
4,232,563
|
|
|
Core deposit intangibles
|
|
|
107,604
|
|
|
|
152,893
|
|
|
Bank owned life insurance
|
|
|
31,774,855
|
|
|
|
31,859,604
|
|
|
Right-of-use asset
|
|
|
10,265,125
|
|
|
|
10,776,596
|
|
|
Investment in limited partnership
|
|
|
2,413,320
|
|
|
|
—
|
|
|
Other assets
|
|
|
5,013,251
|
|
|
|
6,562,035
|
|
|
Total assets
|
|
$
|
904,947,500
|
|
|
$
|
971,489,884
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
|
|
$
|
28,177,516
|
|
|
$
|
32,681,963
|
|
|
Interest bearing
|
|
|
624,269,541
|
|
|
|
609,506,079
|
|
|
Total deposits
|
|
|
652,447,057
|
|
|
|
642,188,042
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB advances-short term
|
|
|
20,000,000
|
|
|
|
29,500,000
|
|
|
FHLB advances-long term
|
|
|
73,322,132
|
|
|
|
142,673,182
|
|
|
Advance payments by borrowers for taxes and insurance
|
|
|
2,591,007
|
|
|
|
2,809,205
|
|
|
Lease liability
|
|
|
10,434,759
|
|
|
|
10,780,363
|
|
|
Other liabilities
|
|
|
5,244,197
|
|
|
|
6,249,932
|
|
|
Total liabilities
|
|
|
764,039,152
|
|
|
|
834,200,724
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
Preferred stock $0.01 par value 1,000,000 shares authorized, none issued and outstanding at December 31, 2025 and 2024
|
|
|
—
|
|
|
|
—
|
|
|
Common stock $0.01 par value, 30,000,000 shares authorized, 12,925,572 issued and outstanding at December 31, 2025 and 13,059,175
at December 31, 2024
|
|
|
129,255
|
|
|
|
130,592
|
|
|
Additional Paid-In capital
|
|
|
54,949,369
|
|
|
|
55,269,962
|
|
|
Retained earnings
|
|
|
92,097,426
|
|
|
|
90,006,648
|
|
|
Unearned ESOP shares (356,188 shares at December 31, 2025 and 382,933 shares at December 31, 2024)
|
|
|
(4,219,390
|
)
|
|
|
(4,520,594
|
)
|
|
Accumulated other comprehensive loss
|
|
|
(2,048,312
|
)
|
|
|
(3,597,448
|
)
|
|
Total stockholders' equity
|
|
|
140,908,348
|
|
|
|
137,289,160
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
904,947,500
|
|
|
$
|
971,489,884
|
|
8
BOGOTA FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
||||||||||
|
|
|
December 31,
|
|
|
December 31,
|
|
||||||||||
|
|
|
2025
|
|
|
2024
|
|
|
2025
|
|
|
2024
|
|
||||
|
Interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
8,412,695
|
|
|
$
|
8,522,844
|
|
|
$
|
33,521,481
|
|
|
$
|
33,411,221
|
|
|
Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
2,058,915
|
|
|
|
1,641,126
|
|
|
|
7,932,326
|
|
|
|
6,888,462
|
|
|
Tax-exempt
|
|
|
2,890
|
|
|
|
11,483
|
|
|
|
11,571
|
|
|
|
50,892
|
|
|
Other interest-earning assets
|
|
|
478,336
|
|
|
|
418,634
|
|
|
|
1,543,744
|
|
|
|
1,399,170
|
|
|
Total interest income
|
|
|
10,952,836
|
|
|
|
10,594,087
|
|
|
|
43,009,122
|
|
|
|
41,749,745
|
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
5,542,688
|
|
|
|
6,200,367
|
|
|
|
22,454,118
|
|
|
|
24,584,690
|
|
|
FHLB advances
|
|
|
1,121,208
|
|
|
|
1,894,789
|
|
|
|
5,084,182
|
|
|
|
6,613,845
|
|
|
Total interest expense
|
|
|
6,663,896
|
|
|
|
8,095,156
|
|
|
|
27,538,300
|
|
|
|
31,198,535
|
|
|
Net interest income
|
|
|
4,288,940
|
|
|
|
2,498,931
|
|
|
|
15,470,822
|
|
|
|
10,551,210
|
|
|
Provision (credit) for credit losses
|
|
|
—
|
|
|
|
(218,000
|
)
|
|
|
(130,000
|
)
|
|
|
(148,000
|
)
|
|
Net interest income after provision (credit) for credit losses
|
|
|
4,288,940
|
|
|
|
2,716,931
|
|
|
|
15,600,822
|
|
|
|
10,699,210
|
|
|
Non-interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees and service charges
|
|
|
55,668
|
|
|
|
64,285
|
|
|
|
230,945
|
|
|
|
228,685
|
|
|
Gain on sale of loans
|
|
|
—
|
|
|
|
20,232
|
|
|
|
37,830
|
|
|
|
31,942
|
|
|
Gain on sale of properties
|
|
|
5,973
|
|
|
|
9,005,245
|
|
|
|
5,973
|
|
|
|
9,005,245
|
|
|
Loss on sale of securities
|
|
|
—
|
|
|
|
(8,930,843
|
)
|
|
|
—
|
|
|
|
(8,930,843
|
)
|
|
Bank-owned life insurance
|
|
|
223,722
|
|
|
|
223,616
|
|
|
|
1,436,078
|
|
|
|
871,753
|
|
|
Other
|
|
|
(59,627
|
)
|
|
|
36,202
|
|
|
|
57,330
|
|
|
|
141,622
|
|
|
Total non-interest income
|
|
|
225,736
|
|
|
|
418,737
|
|
|
|
1,768,156
|
|
|
|
1,348,404
|
|
|
Non-interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
|
2,335,741
|
|
|
|
2,345,404
|
|
|
|
8,499,609
|
|
|
|
8,750,350
|
|
|
Occupancy and equipment
|
|
|
729,104
|
|
|
|
348,778
|
|
|
|
2,680,587
|
|
|
|
1,467,517
|
|
|
FDIC insurance assessment
|
|
|
94,947
|
|
|
|
110,464
|
|
|
|
403,905
|
|
|
|
424,090
|
|
|
Data processing
|
|
|
242,222
|
|
|
|
274,889
|
|
|
|
1,156,153
|
|
|
|
1,203,181
|
|
|
Advertising
|
|
|
41,135
|
|
|
|
60,840
|
|
|
|
172,985
|
|
|
|
371,790
|
|
|
Director fees
|
|
|
51,813
|
|
|
|
155,699
|
|
|
|
536,191
|
|
|
|
622,799
|
|
|
Professional fees
|
|
|
121,742
|
|
|
|
107,129
|
|
|
|
1,054,456
|
|
|
|
789,646
|
|
|
Other
|
|
|
227,678
|
|
|
|
212,632
|
|
|
|
792,592
|
|
|
|
960,230
|
|
|
Total non-interest expense
|
|
|
3,844,382
|
|
|
|
3,615,835
|
|
|
|
15,296,478
|
|
|
|
14,589,603
|
|
|
Income (loss) before income taxes
|
|
|
670,294
|
|
|
|
(480,167
|
)
|
|
|
2,072,500
|
|
|
|
(2,541,989
|
)
|
|
Income tax (benefit) expense
|
|
|
(10,517
|
)
|
|
|
449,834
|
|
|
|
(18,278
|
)
|
|
|
(371,569
|
)
|
|
Net income (loss)
|
|
$
|
680,811
|
|
|
$
|
(930,001
|
)
|
|
$
|
2,090,778
|
|
|
$
|
(2,170,420
|
)
|
|
Earnings (loss) per Share - basic
|
|
$
|
0.05
|
|
|
$
|
(0.07
|
)
|
|
$
|
0.17
|
|
|
$
|
(0.17
|
)
|
|
Earnings (loss) per Share - diluted
|
|
$
|
0.05
|
|
|
$
|
(0.07
|
)
|
|
$
|
0.17
|
|
|
$
|
(0.17
|
)
|
|
Weighted average shares outstanding - basic
|
|
|
12,605,383
|
|
|
|
12,686,765
|
|
|
|
12,632,118
|
|
|
|
12,767,628
|
|
|
Weighted average shares outstanding - diluted
|
|
|
12,608,747
|
|
|
|
12,686,765
|
|
|
|
12,634,039
|
|
|
|
12,767,628
|
|
9
BOGOTA FINANCIAL CORP.
SELECTED RATIOS
(unaudited)
|
|
|
At or For the Three Months Ended December 31,
|
|
|
At or For the Twelve Months Ended December 31,
|
|
||||||||||
|
|
|
2025
|
|
|
2024
|
|
|
2025
|
|
|
2024
|
|
||||
|
Performance Ratios (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return (loss) on average assets (2)
|
|
|
0.28
|
%
|
|
|
(0.09
|
)%
|
|
|
0.22
|
%
|
|
|
(0.22
|
)%
|
|
Return (loss) on average equity (3)
|
|
|
1.83
|
%
|
|
|
(0.68
|
)%
|
|
|
1.47
|
%
|
|
|
(1.59
|
)%
|
|
Interest rate spread (4)
|
|
|
1.51
|
%
|
|
|
0.61
|
%
|
|
|
1.29
|
%
|
|
|
0.66
|
%
|
|
Net interest margin (5)
|
|
|
2.00
|
%
|
|
|
1.09
|
%
|
|
|
1.80
|
%
|
|
|
1.16
|
%
|
|
Efficiency ratio (6)
|
|
|
85.15
|
%
|
|
|
123.93
|
%
|
|
|
88.29
|
%
|
|
|
122.61
|
%
|
|
Average interest-earning assets to average interest-bearing liabilities
|
|
|
116.11
|
%
|
|
|
113.67
|
%
|
|
|
114.48
|
%
|
|
|
114.48
|
%
|
|
Net loans to deposits
|
|
|
99.26
|
%
|
|
|
110.83
|
%
|
|
|
99.26
|
%
|
|
|
110.83
|
%
|
|
Equity to assets (7)
|
|
|
15.18
|
%
|
|
|
13.99
|
%
|
|
|
15.13
|
%
|
|
|
14.10
|
%
|
|
Capital Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital to average assets
|
|
|
|
|
|
|
|
|
|
|
15.80
|
%
|
|
|
13.34
|
%
|
|
Asset Quality Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses as a percent of total loans
|
|
|
|
|
|
|
|
|
|
|
0.39
|
%
|
|
|
0.37
|
%
|
|
Allowance for credit losses as a percent of non-performing loans
|
|
|
|
|
|
|
|
|
|
|
19.38
|
%
|
|
|
18.77
|
%
|
|
Net charge-offs to average outstanding loans during the period
|
|
|
|
|
|
|
|
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
Non-performing loans as a percent of total loans
|
|
|
|
|
|
|
|
|
|
|
2.01
|
%
|
|
|
1.95
|
%
|
|
Non-performing assets as a percent of total assets
|
|
|
|
|
|
|
|
|
|
|
1.44
|
%
|
|
|
1.44
|
%
|
|
(1)
|
Certain performance ratios for the three-month periods are annualized.
|
|
(2)
|
Represents net income divided by average total assets.
|
|
(3)
|
Represents net income divided by average stockholders’ equity.
|
|
(4)
|
Represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost of average
interest-bearing liabilities. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of 27.5%.
|
|
(5)
|
Represents net interest income as a percent of average interest-earning
assets. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of 27.5% for 2025 and 2024.
|
|
(6)
|
Represents non-interest expenses divided by the sum of net interest income and non-interest income.
|
|
(7)
|
Represents average stockholders’ equity divided by average total assets.
|
10
LOANS
Loans are summarized as follows at December 31, 2025 and December 31,
2024:
|
|
|
December 31,
|
|
|
December 31,
|
|
||
|
|
|
2025
|
|
|
2024
|
|
||
|
Real estate:
|
|
|
|
|
|
|
|
|
|
Residential First Mortgage
|
|
$
|
443,894,498
|
|
|
$
|
472,747,542
|
|
|
Commercial Real Estate
|
|
|
121,960,681
|
|
|
|
118,008,866
|
|
|
Multi-Family Real Estate
|
|
|
58,944,579
|
|
|
|
74,152,418
|
|
|
Construction
|
|
|
22,046,399
|
|
|
|
43,183,657
|
|
|
Commercial and Industrial
|
|
|
3,211,338
|
|
|
|
6,163,747
|
|
|
Consumer
|
|
|
118,061
|
|
|
|
80,955
|
|
|
Total loans
|
|
|
650,175,556
|
|
|
|
714,337,185
|
|
|
Allowance for credit losses
|
|
|
(2,529,949
|
)
|
|
|
(2,620,949
|
)
|
|
Net loans
|
|
$
|
647,645,607
|
|
|
$
|
711,716,236
|
|
The following tables set forth the distribution of total deposit accounts, by account type, at the dates indicated (unaudited).
|
|
|
At December 31,
|
|
|||||||||||||||||||||
|
|
|
2025
|
|
|
2024
|
|
||||||||||||||||||
|
|
|
Amount
|
|
|
Percent
|
|
|
Average Rate
|
|
|
Amount
|
|
|
Percent
|
|
|
Average Rate
|
|
||||||
|
|
|
|
|
|||||||||||||||||||||
|
Noninterest bearing demand accounts
|
|
$
|
28,177,516
|
|
|
|
4.32
|
%
|
|
|
—
|
%
|
|
$
|
32,681,963
|
|
|
|
5.09
|
%
|
|
|
—
|
%
|
|
NOW accounts
|
|
|
65,532,122
|
|
|
|
10.04
|
|
|
|
2.76
|
|
|
|
55,048,614
|
|
|
|
8.62
|
|
|
|
2.53
|
|
|
Money market accounts
|
|
|
10,244,512
|
|
|
|
1.57
|
|
|
|
0.44
|
|
|
|
24,578,021
|
|
|
|
2.18
|
|
|
|
0.58
|
|
|
Savings accounts
|
|
|
54,558,439
|
|
|
|
8.36
|
|
|
|
2.13
|
|
|
|
47,001,817
|
|
|
|
7.30
|
|
|
|
1.9
|
|
|
Certificates of deposit
|
|
|
493,934,468
|
|
|
|
75.70
|
|
|
|
3.75
|
|
|
|
482,877,627
|
|
|
|
76.81
|
|
|
|
4.37
|
|
|
Total
|
|
$
|
652,447,057
|
|
|
|
100.00
|
%
|
|
|
3.30
|
%
|
|
$
|
642,188,042
|
|
|
|
100.00
|
%
|
|
|
3.73
|
%
|
11
Average Balance Sheets and Related Yields and Rates
The following tables present information regarding average balances of assets and liabilities, the total dollar amounts of interest income
and dividends from average interest-earning assets, the total dollar amounts of interest expense on average interest-bearing liabilities, and the resulting annualized average yields and costs. The yields and costs for the periods indicated are
derived by dividing income or expense by the average balances of assets or liabilities, respectively, for the periods presented. Average balances have been calculated using daily balances. Nonaccrual loans are included in average balances only. Loan
fees are included in interest income on loans and are not material.
|
|
|
Three Months Ended December 31,
|
|
|||||||||||||||||||||
|
|
|
2025
|
|
|
2024
|
|
||||||||||||||||||
|
|
|
Average
|
|
|
Interest and
|
|
|
Yield/
|
|
|
Average
|
|
|
Interest and
|
|
|
Yield/
|
|
||||||
|
|
|
Balance
|
|
|
Dividends
|
|
|
Cost (3)
|
|
|
Balance
|
|
|
Dividends
|
|
|
Cost (3)
|
|
||||||
|
|
|
(Dollars in thousands)
|
|
|||||||||||||||||||||
|
|
|
(unaudited)
|
|
|||||||||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
26,203
|
|
|
$
|
358
|
|
|
|
5.41
|
%
|
|
$
|
13,547
|
|
|
$
|
191
|
|
|
|
5.61
|
%
|
|
Loans
|
|
|
662,072
|
|
|
|
8,412
|
|
|
|
5.04
|
%
|
|
|
717,433
|
|
|
|
8,523
|
|
|
|
4.73
|
%
|
|
Securities
|
|
|
157,645
|
|
|
|
2,062
|
|
|
|
5.23
|
%
|
|
|
175,308
|
|
|
|
1,653
|
|
|
|
3.77
|
%
|
|
Other interest-earning assets
|
|
|
6,075
|
|
|
|
121
|
|
|
|
7.98
|
%
|
|
|
9,711
|
|
|
|
227
|
|
|
|
9.37
|
%
|
|
Total interest-earning assets
|
|
|
851,995
|
|
|
|
10,953
|
|
|
|
5.11
|
%
|
|
|
915,999
|
|
|
|
10,594
|
|
|
|
4.61
|
%
|
|
Non-interest-earning assets
|
|
|
66,484
|
|
|
|
|
|
|
|
|
|
|
|
63,511
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
918,479
|
|
|
|
|
|
|
|
|
|
|
$
|
979,510
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money market accounts
|
|
$
|
72,458
|
|
|
$
|
454
|
|
|
|
2.49
|
%
|
|
$
|
67,362
|
|
|
$
|
366
|
|
|
|
2.16
|
%
|
|
Savings accounts
|
|
|
52,085
|
|
|
|
282
|
|
|
|
2.15
|
%
|
|
|
44,425
|
|
|
|
213
|
|
|
|
1.91
|
%
|
|
Certificates of deposit
|
|
|
501,341
|
|
|
|
4,807
|
|
|
|
3.80
|
%
|
|
|
501,875
|
|
|
|
5,621
|
|
|
|
4.46
|
%
|
|
Total interest-bearing deposits
|
|
|
625,884
|
|
|
|
5,543
|
|
|
|
3.51
|
%
|
|
|
613,662
|
|
|
|
6,200
|
|
|
|
4.02
|
%
|
|
Federal Home Loan Bank advances (1)
|
|
|
107,888
|
|
|
|
1,121
|
|
|
|
4.12
|
%
|
|
|
192,196
|
|
|
|
1,895
|
|
|
|
3.92
|
%
|
|
Total interest-bearing liabilities
|
|
|
733,772
|
|
|
|
6,664
|
|
|
|
3.60
|
%
|
|
|
805,858
|
|
|
|
8,095
|
|
|
|
4.00
|
%
|
|
Non-interest-bearing deposits
|
|
|
27,491
|
|
|
|
|
|
|
|
|
|
|
|
32,734
|
|
|
|
|
|
|
|
|
|
|
Other non-interest-bearing liabilities
|
|
|
17,785
|
|
|
|
|
|
|
|
|
|
|
|
3,837
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
779,048
|
|
|
|
|
|
|
|
|
|
|
|
842,429
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
139,431
|
|
|
|
|
|
|
|
|
|
|
|
137,081
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity
|
|
$
|
918,479
|
|
|
|
|
|
|
|
|
|
|
$
|
979,510
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
|
|
|
$
|
4,289
|
|
|
|
|
|
|
|
|
|
|
$
|
2,499
|
|
|
|
|
|
|
Interest rate spread (2)
|
|
|
|
|
|
|
|
|
|
|
1.51
|
%
|
|
|
|
|
|
|
|
|
|
|
0.61
|
%
|
|
Net interest margin (3)
|
|
|
|
|
|
|
|
|
|
|
2.00
|
%
|
|
|
|
|
|
|
|
|
|
|
1.09
|
%
|
|
Average interest-earning assets to average interest-bearing liabilities
|
|
|
116.11
|
%
|
|
|
|
|
|
|
|
|
|
|
113.67
|
%
|
|
|
|
|
|
|
|
|
|
1.
|
Cash flow hedges are used to manage interest rate risk. During the three months ended December 31, 2025and 2024, the net effect on interest expense on
the Federal Home Loan Bank advances was a reduced expense of $76,000 and $280,000 respectively.
|
|
2.
|
Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of
interest-bearing liabilities.
|
|
3.
|
Net interest margin represents net interest income divided by average total interest-earning assets.
|
|
|
|
12
|
|
|
Twelve Months Ended December 31,
|
|
|||||||||||||||||||||
|
|
|
2025
|
|
|
2024
|
|
||||||||||||||||||
|
|
|
Average
|
|
|
Interest and
|
|
|
Yield/
|
|
|
Average
|
|
|
Interest and
|
|
|
Yield/
|
|
||||||
|
|
|
Balance
|
|
|
Dividends
|
|
|
Cost (3)
|
|
|
Balance
|
|
|
Dividends
|
|
|
Cost (3)
|
|
||||||
|
|
|
(Dollars in thousands)
|
|
|||||||||||||||||||||
|
|
|
(unaudited)
|
|
|||||||||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
17,390
|
|
|
$
|
908
|
|
|
|
5.22
|
%
|
|
$
|
10,197
|
|
|
$
|
606
|
|
|
|
5.94
|
%
|
|
Loans
|
|
|
686,850
|
|
|
|
33,521
|
|
|
|
4.88
|
%
|
|
|
713,138
|
|
|
|
33,412
|
|
|
|
4.69
|
%
|
|
Securities
|
|
|
149,549
|
|
|
|
7,944
|
|
|
|
5.31
|
%
|
|
|
178,684
|
|
|
|
6,939
|
|
|
|
3.88
|
%
|
|
Other interest-earning assets
|
|
|
6,974
|
|
|
|
636
|
|
|
|
9.12
|
%
|
|
|
9,106
|
|
|
|
793
|
|
|
|
8.71
|
%
|
|
Total interest-earning assets
|
|
|
860,763
|
|
|
|
43,009
|
|
|
|
5.00
|
%
|
|
|
911,125
|
|
|
|
41,750
|
|
|
|
4.58
|
%
|
|
Non-interest-earning assets
|
|
|
58,254
|
|
|
|
|
|
|
|
|
|
|
|
59,511
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
919,017
|
|
|
|
|
|
|
|
|
|
|
$
|
970,636
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money market accounts
|
|
$
|
73,918
|
|
|
$
|
1,792
|
|
|
|
2.42
|
%
|
|
$
|
67,561
|
|
|
$
|
1,359
|
|
|
|
2.01
|
%
|
|
Savings accounts
|
|
|
49,298
|
|
|
|
1,025
|
|
|
|
2.08
|
%
|
|
|
43,975
|
|
|
|
821
|
|
|
|
1.87
|
%
|
|
Certificates of deposit
|
|
|
492,766
|
|
|
|
19,637
|
|
|
|
3.98
|
%
|
|
|
508,327
|
|
|
|
22,405
|
|
|
|
4.41
|
%
|
|
Total interest-bearing deposits
|
|
|
615,982
|
|
|
|
22,454
|
|
|
|
3.65
|
%
|
|
|
619,863
|
|
|
|
24,585
|
|
|
|
3.97
|
%
|
|
Federal Home Loan Bank advances (1)
|
|
|
127,933
|
|
|
|
5,084
|
|
|
|
3.97
|
%
|
|
|
175,997
|
|
|
|
6,614
|
|
|
|
3.76
|
%
|
|
Total interest-bearing liabilities
|
|
|
743,915
|
|
|
|
27,538
|
|
|
|
3.70
|
%
|
|
|
795,860
|
|
|
|
31,199
|
|
|
|
3.92
|
%
|
|
Non-interest-bearing deposits
|
|
|
31,008
|
|
|
|
|
|
|
|
|
|
|
|
31,572
|
|
|
|
|
|
|
|
|
|
|
Other non-interest-bearing liabilities
|
|
|
5,067
|
|
|
|
|
|
|
|
|
|
|
|
6,303
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
779,990
|
|
|
|
|
|
|
|
|
|
|
|
833,735
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
139,027
|
|
|
|
|
|
|
|
|
|
|
|
136,901
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity
|
|
$
|
919,017
|
|
|
|
|
|
|
|
|
|
|
$
|
970,636
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
|
|
|
$
|
15,471
|
|
|
|
|
|
|
|
|
|
|
$
|
10,551
|
|
|
|
|
|
|
Interest rate spread (2)
|
|
|
|
|
|
|
|
|
|
|
1.29
|
%
|
|
|
|
|
|
|
|
|
|
|
0.66
|
%
|
|
Net interest margin (3)
|
|
|
|
|
|
|
|
|
|
|
1.80
|
%
|
|
|
|
|
|
|
|
|
|
|
1.16
|
%
|
|
Average interest-earning assets to average interest-bearing liabilities
|
|
|
115.71
|
%
|
|
|
|
|
|
|
|
|
|
|
114.48
|
%
|
|
|
|
|
|
|
|
|
|
1.
|
Cash flow hedges are used to manage interest rate risk. During the
twelve months ended December 31, 2025 and 2024, the net effect on interest expense on the Federal Home Loan Bank advances was a reduced expense of $664,000
and $1.5 million, respectively.
|
|
2.
|
Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of
interest-bearing liabilities.
|
|
3.
|
Net interest margin represents net interest income divided by average total interest-earning assets.
|
|
|
|
13
Rate/Volume Analysis
The following table sets forth the effects of changing rates and volumes on net interest income. The rate column shows the effects
attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The net column represents the sum of the prior columns.
Changes attributable to changes in both rate and volume that cannot be segregated have been allocated proportionally based on the changes due to rate and the changes due to volume.
|
|
|
Three Months Ended December 31,
|
|
|
Twelve Months Ended December 31,
|
|
||||||||||||||||||
|
|
|
2025 Compared to Three
|
|
|
2025 Compared to Twelve Months
|
|
||||||||||||||||||
|
|
|
Months Ended December 31, 2024
|
|
|
Ended December 31, 2024
|
|
||||||||||||||||||
|
|
|
Increase (Decrease) Due to
|
|
|
Increase (Decrease) Due to
|
|
||||||||||||||||||
|
|
|
Volume
|
|
|
Rate
|
|
|
Net
|
|
|
Volume
|
|
|
Rate
|
|
|
Net
|
|
||||||
|
|
|
(In thousands)
|
|
|||||||||||||||||||||
|
|
|
(unaudited)
|
|
|||||||||||||||||||||
|
Interest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
213
|
|
|
$
|
(46
|
)
|
|
$
|
167
|
|
|
$
|
383
|
|
|
$
|
(81
|
)
|
|
$
|
302
|
|
|
Loans receivable
|
|
|
(2,465
|
)
|
|
|
2,354
|
|
|
|
(111
|
)
|
|
|
(1,254
|
)
|
|
|
1,363
|
|
|
|
109
|
|
|
Securities
|
|
|
(973
|
)
|
|
|
1,382
|
|
|
|
409
|
|
|
|
(1,258
|
)
|
|
|
2,263
|
|
|
|
1,005
|
|
|
Other interest earning assets
|
|
|
(76
|
)
|
|
|
(30
|
)
|
|
|
(106
|
)
|
|
|
(193
|
)
|
|
|
36
|
|
|
|
(157
|
)
|
|
Total interest-earning assets
|
|
|
(3,301
|
)
|
|
|
3,660
|
|
|
|
359
|
|
|
|
(2,322
|
)
|
|
|
3,581
|
|
|
|
1,259
|
|
|
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money market accounts
|
|
|
29
|
|
|
|
59
|
|
|
$
|
88
|
|
|
|
137
|
|
|
|
296
|
|
|
|
433
|
|
|
Savings accounts
|
|
|
40
|
|
|
|
29
|
|
|
|
69
|
|
|
|
105
|
|
|
|
99
|
|
|
|
204
|
|
|
Certificates of deposit
|
|
|
(6
|
)
|
|
|
(808
|
)
|
|
|
(814
|
)
|
|
|
(664
|
)
|
|
|
(2,104
|
)
|
|
|
(2,768
|
)
|
|
Federal Home Loan Bank advances
|
|
|
(1,382
|
)
|
|
|
608
|
|
|
|
(774
|
)
|
|
|
(1,887
|
)
|
|
|
357
|
|
|
|
(1,530
|
)
|
|
Total interest-bearing liabilities
|
|
|
(1,319
|
)
|
|
|
(112
|
)
|
|
|
(1,431
|
)
|
|
|
(2,309
|
)
|
|
|
(1,352
|
)
|
|
|
(3,661
|
)
|
|
Net decrease in net interest income
|
|
$
|
(1,982
|
)
|
|
$
|
3,772
|
|
|
$
|
1,790
|
|
|
$
|
(13
|
)
|
|
$
|
4,933
|
|
|
$
|
4,920
|
|
Contacts
Kevin Pace – President & CEO, 201-862-0660 ext. 1110
14
FAQ
How did Bogota Financial Corp. (BSBK) perform financially in 2025?
Bogota Financial reported 2025 net income of $2.09 million, or $0.17 per share, improving from a $2.17 million loss in 2024. Fourth-quarter 2025 net income was $680,811, compared with a loss of $930,001 in the prior-year quarter.
What happened to Bogota Financial Corp. (BSBK)'s net interest margin and spread?
In 2025, net interest margin increased to 1.80% from 1.16%, and the interest rate spread widened to 1.29% from 0.66%. Higher yields on loans and securities, along with lower funding costs, drove a $4.92 million increase in net interest income.
How did Bogota Financial Corp. (BSBK)'s balance sheet change in 2025?
Total assets decreased to $904.95 million from $971.49 million as net loans fell 9.0% to $647.65 million. Deposits rose 1.6% to $652.45 million, while Federal Home Loan Bank advances declined 45.8%, reflecting a smaller, more deposit-funded balance sheet.
What are Bogota Financial Corp. (BSBK)'s current asset quality metrics?
At December 31, 2025, non-performing assets were 1.44% of total assets and non-performing loans were 2.01% of total loans. Delinquent loans increased to $27.6 million, while the allowance for credit losses was 0.39% of total loans and there were no net charge-offs.
How strong is Bogota Financial Corp. (BSBK)'s capital position?
Stockholders’ equity increased to $140.91 million from $137.29 million, with equity-to-assets around 15.18%. The tier 1 capital-to-average-assets ratio was 15.80%, indicating solid capitalization even after $1.1 million of share repurchases in 2025.
Did Bogota Financial Corp. (BSBK) repurchase any shares in 2025?
Yes. The company repurchased 123,603 common shares during 2025 at a total cost of approximately $1.1 million. Despite these buybacks, stockholders’ equity still rose by $3.62 million, supported by earnings and an improved securities valuation adjustment.
What operational initiatives did Bogota Financial Corp. (BSBK) highlight for 2026?
Management outlined a 2026 growth plan that includes opening a new branch in Central/Southern New Jersey in early summer. The company also noted it is working through its sixth stock buyback program, emphasizing a continued focus on shareholder value and measured expansion.
Filing Exhibits & Attachments
4 documents
Bogota Finl Corp
NASDAQ:BSBK
BSBK Rankings
BSBK Latest News
Feb 13, 2026
Bogota Financial Corp. Reports Results for the Three and Twelve Months Ended December 31, 2025
Nov 3, 2025
Bogota Financial Corp. Reports Results for the Three and Nine Months Ended September 30, 2025
Aug 12, 2025
Bogota Financial Corp. Adopts and Receives Regulatory Approval of Sixth Repurchase Program
BSBK Latest SEC Filings
BSBK Stock Data
109.59M
4.12M
68.03%
7.8%
0.05%
Banks - Regional
Savings Institutions, Not Federally Chartered
United States
TEANECK