Bogota Financial Corp. SEC 10-Q Report

Bogota Financial Corp., a prominent player in the retail banking sector, has released its Form 10-Q report for the third quarter. The report highlights significant improvements in financial performance and outlines key operational strategies and challenges faced by the company. The following sections provide a detailed summary of the financial and business highlights from the report. Financial Highlights Total Interest Income: $32.1 million, reflecting a 2.9% increase from the previous year due to higher yields on interest-earning assets.Net Interest Income: $11.2 million, a 38.9% increase from the previous year, driven by a 53 basis point increase in net interest rate spread.Net Income: $1.4 million, an improvement from a net loss of $1.2 million in the prior year, primarily due to increased net interest income and a decrease in the provision for credit losses.Earnings Per Share - Basic: $0.11, compared to a loss of $0.10 per share in the previous year, indicating improved profitability.Earnings Per Share - Diluted: $0.11, compared to a loss of $0.10 per share in the previous year, reflecting the same improvement in profitability. Business Highlights Segment Information: Bogota Financial Corp. operates primarily in the retail banking segment, providing a broad range of retail and commercial banking services. The company focuses on originating residential, commercial, and consumer loans, and accepting deposits from customers in New Jersey.Loan Portfolio Performance: The company experienced a decrease in net loans by $42.5 million, or 6.0%, primarily due to a reduction in residential real estate loans and construction loans, reflecting decreased demand in the current interest rate environment.Asset Quality: Delinquent loans increased to $21.8 million, representing 3.2% of total loans, up from 2.0% at the end of 2024. This was mainly due to a single commercial real estate loan that became nonaccrual.Deposits: Deposits increased by $4.6 million, or 0.7%, with a notable rise in certificates of deposit and savings accounts, reflecting the company's strategy to retain higher-yielding investments.Borrowings: Federal Home Loan Bank borrowings decreased by $52.8 million, or 30.6%, as the company repaid advances and borrowings that matured during the period.Operational Strategy: The company continues to focus on managing interest rate risk through the use of cash flow and fair value hedges, which have effectively reduced interest expenses.Future Outlook: Management anticipates continued challenges due to economic conditions and interest rate environments but remains focused on strategic initiatives to manage risk and optimize operational performance.SEC Filing: Bogota Financial Corp. [ BSBK ] - 10-Q - Nov. 12, 2025