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Bogota Financial Corp. Reports Results for the Three and Six Months Ended June 30, 2022
TEANECK, N.J.--(BUSINESS WIRE)-- Bogota Financial Corp. (NASDAQ: BSBK) (the “Company”), 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. (NASDAQ: BSBK) (the “Company”), the holding company for Bogota Savings Bank (the “Bank”), reported net income for the three months ended June 30, 2022 of $1.6 million, compared to net income of $1.4 million for the comparable prior year period. The Company reported net income for the six months ended June 30, 2022 of $3.0 million compared to net income of $4.4 million for the comparable prior year period. During the six months ended June 30, 2021, the Company recorded a bargain purchase gain of $1.9 million, and merger-related expenses of $392,000, each of which was associated with the acquisition of Gibraltar Bank. Excluding the bargain purchase gain and the merger-related expenses in 2021, net income for the six months ended June 31, 2021 was $2.9 million, compared to the $3.0 million for the current-year period.1\n\nOn April 11, 2022, the Company announced it completed its initial 5% buyback plan, purchasing 296,044 shares. On May 25, 2022, the Company announced that it has received regulatory approval for the repurchase of up to 292,568 shares of its common stock, which is approximately 5% of its then outstanding common stock. As of June 30, 2022, the Company had repurchased 145,582 shares under the second buyback plan.\n\nOther Financial Highlights:\n\n\nTotal assets increased $37.6 million, or 4.5%, to $874.9 million at June 30, 2022 from $837.4 million at December 31, 2021, due to an increase in loans and securities, which was primarily funded by cash and cash equivalents, deposits and borrowings.\n\n\nNet loans increased $60.6 million, or 10.6%, to $630.8 million at June 30, 2022 from $570.2 million at December 31, 2021.\n\n\nTotal deposits were $611.3 million, increasing $13.8 million, or 2.3%, as compared to $597.5 million at December 31, 2021, primarily due to a new $11.0 million municipal deposit relationship. The average rate paid on deposits at June 30, 2022 increased four basis points to 0.65% at June 30, 2022 from 0.61% at December 31, 2021.\n\n\nReturn on average assets was 0.73% for the six-month period ended June 30, 2022 compared to 1.12% for the comparable period in 2021. Without the bargain purchase gain and merger-related expenses in 2021, the return on average assets would have been 0.74%1 for the six-month period ended June 30, 2021.\n\n\nReturn o...