BOGOTA FINANCIAL


Associated tags: MHC, Banking, Finance, Professional Services, Bank, NOW, Cryptocurrency, Federal Home Loan Banks, Advertising, Sale, First Franklin Financial Corp., Three Months, Comparison, Environment, CECL, Lender option borrower option, Life insurance, Risk management, FDIC

Locations: UNITED STATES, NORTH AMERICA, NEW YORK, NEW JERSEY, NJ, HASBROUCK HEIGHTS, MARYLAND

Bogota Financial Corp. Reports Results for the Three Months Ended March 31, 2024

Retrieved on: 
Tuesday, April 30, 2024
Banking, Professional Services, Finance, Sale, Federal Reserve, Federal Home Loan Banks, Federal, Growth, Environment, Three Months, Bank, Comparison, Advertising, FDIC, NOW

Comparison of Operating Results for the Three Months Ended March 31, 2024 and March 31, 2023

Key Points: 
  • Comparison of Operating Results for the Three Months Ended March 31, 2024 and March 31, 2023
    Net income decreased by $1.4 million, or 144.4%, to a net loss of $441,000 for the three months ended March 31, 2024 from net income of $993,000 for the three months ended March 31, 2023.
  • Interest income on loans increased $508,000, or 6.6%, to $8.2 million for the three months ended March 31, 2024 compared to $7.7 million for the three months ended March 31, 2023 due primarily to 29 basis point increase in the average yield from 4.32% for the three months ended March 31, 2023 to 4.61% for the three months ended March 31, 2024, offset by a $4.5 million decrease in the average balance to $713.4 million for the three months ended March 31, 2024 from $718.0 million for the three months ended March 31, 2023.
  • Interest income on securities increased $433,000, or 39.5%, to $1.5 million for the three months ended March 31, 2024 from $1.1 million for the three months ended March 31, 2023 primarily due to a 96 basis point increase in the average yield from 2.71% for the three months ended March 31, 2023 to 3.67% for the three months ended March 31, 2024, and, to a lesser extent, to a $4.7 million increase in the average balance to $166.7 million for the three months ended March 31, 2024 from $162.0 million for the three months ended March 31, 2023.
  • Non-interest income increased by $16,000, or 5.6%, to $299,000 for the three months ended March 31, 2024 from $283,000 for the three months ended March 31, 2023.

Bogota Financial Corp. Adopts and Receives Regulatory Approval of Fifth Repurchase Program

Retrieved on: 
Wednesday, April 24, 2024
Banking, Professional Services, MHC, Security (finance)

Bogota Financial Corp. (the “Company”) (Nasdaq: BSBK), the holding company for Bogota Savings Bank (the “Bank”), announced that it has received regulatory approval for the repurchase of up to 237,090 shares of its common stock, which is approximately 5% of its outstanding common stock (excluding shares held by Bogota Financial, MHC), as previously approved by the board of directors of the Company.

Key Points: 
  • Bogota Financial Corp. (the “Company”) (Nasdaq: BSBK), the holding company for Bogota Savings Bank (the “Bank”), announced that it has received regulatory approval for the repurchase of up to 237,090 shares of its common stock, which is approximately 5% of its outstanding common stock (excluding shares held by Bogota Financial, MHC), as previously approved by the board of directors of the Company.
  • This is the Company’s fifth stock repurchase program.
  • The repurchase program has no expiration date and may be suspended, terminated or modified at any time for any reason.
  • The stock repurchase program does not obligate the Company to purchase any particular number of shares, and there is no guarantee as to the exact number of shares to be repurchased by the Company.

Bogota Financial Corp. Reports Results for the Three and Twelve Months Ended December 31, 2023

Retrieved on: 
Tuesday, February 6, 2024
Banking, Professional Services, Finance, Partnership, NCAA, CECL, Fairleigh Dickinson University, FDIC, MHC, Environment, Retirement, Comparison, Three Months, The Twelve Months, NOW, Sale, Bank, Advertising, Federal Home Loan Banks, Growth, Cryptocurrency

Comparison of Operating Results for the Three Months Ended December 31, 2023 and December 31, 2022

Key Points: 
  • Comparison of Operating Results for the Three Months Ended December 31, 2023 and December 31, 2022
    Net income decreased by $3.1 million, or 161.9%, to a net loss of $1.2 million for the three months ended December 31, 2023 from net income of $1.9 million for the three months ended December 31, 2022.
  • Interest expense on interest-bearing deposits increased $3.1 million, or 140.5%, to $5.2 million for the three months ended December 31, 2023 from $2.2 million for the three months ended December 31, 2022.
  • Net interest income decreased $3.1 million, or 51.4%, to $2.9 million for the three months ended December 31, 2023 from $6.0 million for the three months ended December 31, 2022.
  • Comparison of Operating Results for the Twelve Months Ended December 31, 2023 and December 31, 2022
    Net income decreased by $6.2 million, or 90.7%, to $643,000 for the twelve months ended December 31, 2023 from $6.9 million for the twelve months ended December 31, 2022.

Bogota Financial Corp. Announces CEO Transition

Retrieved on: 
Wednesday, November 29, 2023
Banking, Professional Services, Finance, First Franklin Financial Corp., Bank, Executive, BSA, MHC, Growth, Management

Bogota Financial Corp. (the “Company”) (Nasdaq: BSBK), the holding company for Bogota Savings Bank (the “Bank”), announced today that Joseph Coccaro is retiring as Director and President and Chief Executive Officer of Bogota Financial, MHC, the parent company of the Company (the “MHC”), the Company and the Bank, effective as of November 30, 2023.

Key Points: 
  • Bogota Financial Corp. (the “Company”) (Nasdaq: BSBK), the holding company for Bogota Savings Bank (the “Bank”), announced today that Joseph Coccaro is retiring as Director and President and Chief Executive Officer of Bogota Financial, MHC, the parent company of the Company (the “MHC”), the Company and the Bank, effective as of November 30, 2023.
  • Mr. Coccaro, who is 66 years old, will continue to serve Bogota as an advisory director.
  • He will also serve as a member of the Board of Directors of the MHC and the Company.
  • I thank the Board for its cooperation and fellowship over my past 15 years as CEO,” said Mr. Coccaro.

Bogota Financial Corp. Reports Results for the Three and Nine Months Ended September 30, 2023

Retrieved on: 
Wednesday, November 1, 2023
Banking, Professional Services, Finance, MHC, Nine Months, Sale, FDIC, Bank, Federal Home Loan Banks, Three Months, Advertising, AOCI, Environment, Growth, NOW, Risk management, First Franklin Financial Corp., Comparison, CECL, Lender option borrower option, Collection, Cryptocurrency, Security (finance), Rare-earth element, Life insurance

Interest income on loans increased $962,000, or 13.7%, to $8.0 million for the three months ended September 30, 2023 compared to $7.0 million for the three months ended September 30, 2022 due primarily to $40.6 million increase in the average balance to $710.7 million for the three months ended September 30, 2023 from $670.1 million for the three months ended September 30, 2022 and a 30 basis point increase in the average yield from 4.15% for the three months ended September 30, 2022 to 4.45% for the three months ended September 30, 2023.

Key Points: 
  • Interest income on loans increased $962,000, or 13.7%, to $8.0 million for the three months ended September 30, 2023 compared to $7.0 million for the three months ended September 30, 2022 due primarily to $40.6 million increase in the average balance to $710.7 million for the three months ended September 30, 2023 from $670.1 million for the three months ended September 30, 2022 and a 30 basis point increase in the average yield from 4.15% for the three months ended September 30, 2022 to 4.45% for the three months ended September 30, 2023.
  • Interest income on securities decreased $53,000, or 5.0%, to $1.0 million for the three months ended September 30, 2023 from $1.1 million for the three months ended September 30, 2022 primarily due to a $44.1 million decrease in the average balance to $138.5 million for the three months ended September 30, 2023 from $182.6 million for the three months ended September 30, 2022 offset by a 59 basis point increase in the average yield from 2.32% for the three months ended September 30, 2022 to 2.91% for the three months ended September 30, 2023.
  • Net interest income decreased $3.0 million, or 48.2%, to $3.2 million for the three months ended September 30, 2023 from $6.2 million for the three months ended September 30, 2022.
  • Comparison of Operating Results for the Nine Months Ended September 30, 2023 and September 30, 2022
    Net income decreased by $3.2 million, or 63.4%, to $1.8 million for the nine months ended September 30, 2023 from $5.0 million for the nine months ended September 30, 2022.

Bogota Financial Corp. Reports Results for the Three and Six Months Ended June 30, 2023

Retrieved on: 
Friday, July 28, 2023
Banking, Professional Services, Finance, Lender option borrower option, Federal Home Loan Banks, Advertising, Comparison, AOCI, MHC, Risk management, FDIC, Sale, CECL, Growth, Bank, First Franklin Financial Corp., NOW, Environment, Three Months, Cryptocurrency, Rare-earth element, Life insurance

Comparison of Operating Results for the Three Months Ended June 30, 2023 and June 30, 2022

Key Points: 
  • Comparison of Operating Results for the Three Months Ended June 30, 2023 and June 30, 2022
    Net income decreased by $785,000, or 47.8%, to $857,000 for the three months ended June 30, 2023 from $1.6 million for the three months ended June 30, 2022.
  • Interest income on loans increased $2.3 million, or 39.2%, to $8.1 million for the three months ended June 30, 2023 compared to $5.8 million for the three months ended June 30, 2022 due primarily to $118.5 million increase in the average balance to $712.2 million for the three months ended June 30, 2023 from $593.7 million for the three months ended June 30, 2022 and a 64 basis point increase in the average yield from 3.95% for the three months ended June 30, 2022 to 4.59% for the three months ended June 30, 2023.
  • Interest income on securities increased $38,000, or 3.9%, to $1.0 million for the three months ended June 30, 2023 from $979,000 for the three months ended June 30, 2022 due primarily due to a 63 basis point increase in the average yield from 2.15% for the three months ended June 30, 2022 to 2.78% for the three months ended June 30, 2023 offset by a $36.1 million decrease in the average balance to $146.2 million for the three months ended June 30, 2023 from $182.3 million for the three months ended June 30, 2022.
  • Comparison of Operating Results for the Six Months Ended June 30, 2023 and June 30, 2022
    Net income decreased by $1.2 million, or 39.2%, to $1.8 million for the six months ended June 30, 2023 from $3.0 million for the six months ended June 30, 2022.

Bogota Financial Corp. Adopts and Receives Regulatory Approval of Fourth Repurchase Program

Retrieved on: 
Wednesday, May 24, 2023
Banking, Professional Services, Finance, MHC, Security (finance), Ajaxo Inc. v. E*Trade Financial Corp., Securities and Exchange Commission (Nigeria)

Bogota Financial Corp. (the “Company”) (Nasdaq: BSBK), the holding company for Bogota Savings Bank (the “Bank”), announced that it has received regulatory approval for the repurchase of up to 249,920 shares of its common stock, which is approximately 5% of its outstanding common stock (excluding shares held by Bogota Financial, MHC), as previously approved by the board of directors of the Company.

Key Points: 
  • Bogota Financial Corp. (the “Company”) (Nasdaq: BSBK), the holding company for Bogota Savings Bank (the “Bank”), announced that it has received regulatory approval for the repurchase of up to 249,920 shares of its common stock, which is approximately 5% of its outstanding common stock (excluding shares held by Bogota Financial, MHC), as previously approved by the board of directors of the Company.
  • This is the Company’s fourth stock repurchase program.
  • The repurchase program has no expiration date and may be suspended, terminated or modified at any time for any reason.
  • The stock repurchase program does not obligate the Company to purchase any particular number of shares, and there is no guarantee as to the exact number of shares to be repurchased by the Company.

Bogota Financial Corp. Reports Results for the Three Months Ended March 31, 2023

Retrieved on: 
Friday, April 28, 2023
Banking, Professional Services, Finance, Lender option borrower option, Federal Home Loan Banks, Advertising, Housing, Comparison, MHC, Risk management, Sale, Investment, CECL, Bank, First Franklin Financial Corp., NOW, Environment, Three Months, Cryptocurrency, Life insurance, Real estate

“

Key Points: 
  • “
    Comparison of Operating Results for the Three Months Ended March 31, 2023 and March 31, 2022
    Net income decreased by $408,000, or 29.1%, to $993,000 for the three months ended March 31, 2023 from $1.4 million for the three months ended March 31, 2022.
  • Interest income on loans increased $2.2 million, or 39.0%, to $7.7 million for the three months ended March 31, 2023 compared to $5.5 million for the three months ended March 31, 2022 due primarily to $146.1 million increase in the average balance of loans to $718.0 million for the three months ended March 31, 2023 from $571.8 million for the three months ended March 31, 2022 and a 42 basis point increase in the average yield on loans from 3.90% for the three months ended March 31, 2022 to 4.32% for the three months ended March 31, 2023.
  • Non-interest income decreased by $61,000, or 17.8%, to $283,000 for the three months ended March 31, 2023 from $344,000 for the three months ended March 31, 2022.
  • Income tax expense decreased $227,000, or 43.3%, to $298,000 for the three months ended March 31, 2023 from $525,000 for the three months ended March 31, 2022.

Bogota Financial Corp. Reports Results for the Three and Twelve Months Ended December 31, 2022

Retrieved on: 
Monday, January 30, 2023
Banking, Professional Services, Finance, Three Months, Federal Home Loan Banks, MHC, First Franklin Financial Corp., Investment, Acquisition, GAAP, Housing, Sale, Death, Comparison, NOW, Bank, Environment, Advertising, The Twelve Months, Lender option borrower option, Tax, Cryptocurrency, Pension fund

Increased interest rate liability costs may impact future earnings.“

Key Points: 
  • Increased interest rate liability costs may impact future earnings.“
    Comparison of Operating Results for the Three Months Ended December 31, 2022 and December 31, 2021
    Net income decreased by $130,000, or 6.4%, to $1.9 million for the three months ended December 31, 2022 from $2.0 million for the three months ended December 31, 2021.
  • Interest expense on interest-bearing deposits increased $1.3 million, or 138.0%, to $2.2 million for the three months ended December 31, 2022 from $916,000 for the three months ended December 31, 2021.
  • Our net interest margin increased 24 basis points to 2.68% for the three months ended December 31, 2022 from 2.44% for the three months ended December 31, 2021.
  • Comparison of Operating Results for the Twelve Months Ended December 31, 2022 and December 31, 2021
    Net income decreased by $643,000, or 8.6%, to $6.9 million for the twelve months ended December 31, 2022 from $7.5 million for the twelve months ended December 31, 2021.