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Bogota Financial Corp. Reports Results for the Three and Nine Months Ended September 30, 2020
TEANECK, N.J.--(BUSINESS WIRE)-- Bogota Financial Corp. (the “Company”) (NASDAQ: BSBK), the holding company for Bogota Savings Bank (the “Bank”), reported
About this update from Bogota Financial Corp.
[{"type":"text","content":" TEANECK, N.J.--(BUSINESS WIRE)--\nBogota Financial Corp. (the “Company”) (NASDAQ: BSBK), the holding company for Bogota Savings Bank (the “Bank”), reported net income for the three months ended September 30, 2020 of $956,000, compared to net income of $671,000 for the comparable prior year period. The Company reported net income for the nine months ended September 30, 2020 of $1.0 million compared to a net income of $1.6 million for the comparable prior year period. The Company contributed cash and stock with a value of $2.9 million ($2.1 million after-tax) to the Bogota Charitable Foundation during the nine months ended September 30, 2020. Also during the nine months ended September 30, 2020 the Company had merger and acquisition related expenses of $79,000. Without the contribution to the charitable foundation and merger expenses, net income would have been $3.2 million.\n\nOn January 15, 2020, the Company became the holding company for the Bank when it completed the reorganization of the Bank into a two-tier mutual holding company form of organization. In connection with the reorganization, the Company sold 5,657,735 shares of common stock at a price of $10 per share, for gross proceeds of $56.6 million. The Company also issued 263,150 shares of common stock and $250,000 in cash to Bogota Savings Bank Charitable Foundation, Inc., and issued 7,236,640 shares of common stock to Bogota Financial, MHC, its New Jersey-chartered mutual holding company. Shares of the Company’s common stock began trading on January 16, 2020 on the Nasdaq Capital Market under the trading symbol “BSBK.”\n\nOn September 3, 2020 the Bank and Gibraltar Bank (\"Gibraltar\") announced the execution of a merger agreement pursuant to which Gibraltar will merge with and into the Bank. The merger is expected to increase the Bank’s consolidated assets to approximately $860.0 million by the end of the first quarter of 2021, and double its branch network. Also in first quarter of 2021 the Bank will be opening a new branch in Hasbrouck Heights, New Jersey which will also include additional back offices for staff.\n\nOther Financial Highlights: \n\n\nTotal assets decreased $13.1 million, or 1.7%, to $753.5 million from $766.6 million at December 31, 2019. Unfilled subscriptions of $41.5 million from the stock offering were returned to subscribers in January 2020 fo...