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Bogota Financial Corp. Reports Results for the Three and Six Months Ended June 30, 2023
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, 2023 of $857,000, or $0.07 per basic and diluted share, compared to net income of $1.6 million, or $0.12 per basic and diluted share, for the three months ended June 30, 2022. The Company reported net income for the six months ended June 30, 2023 of $1.8 million, or $0.14 per basic and diluted shares, compared to net income of $3.0 million, or $0.22 per basic and diluted share, for the six months ended June 30, 2022.\n\n\nOn October 3, 2022, the Company announced it had received regulatory approval for the repurchase of up to 556,631 shares of its common stock, which was approximately 10% of its then outstanding common stock (excluding shares held by Bogota Financial, MHC). As of June 30, 2023, all shares under this program have been repurchased, including the repurchase of 196,259 shares of stock during the six months ended June 30, 2023 at a cost of $2.1 million.\n\n\nOn May 24, 2023, the Company announced it had received regulatory approval for the repurchase of up to 249,920 shares of its common stock, which was approximately 5% of its then outstanding common stock (excluding shares held by Bogota Financial, MHC). As of June 30, 2023, 20,300 shares have been repurchased under this program at a cost of $165,000.\n\n\nOther Financial Highlights:\n\n\n\nTotal assets decreased $20.1 million, or 2.1%, to $931.0 million at June 30, 2023 from $951.1 million at December 31, 2022, due to a decrease in loans and securities, offset by an increase in cash and cash equivalents.\n\n\n\nCash and cash equivalents increased $12.2 million, or 72.3%, to $29.0 million at June 30, 2023 from $16.8 million at December 31, 2022.\n\n\n\nNet loans decreased $13.1 million, or 1.8%, to $705.9 million at June 30, 2023 from $719.0 million at December 31, 2022.\n\n\n\nTotal deposits were $656.6 million, decreasing $44.9 million, or 6.4%, as compared to $701.4 million at December 31, 2022, primarily due to a $67.6 million decrease in checking, savings and money market accounts , offset by an $18.6 million increase in noninterest-bearing deposits and a $4.2 million increase in certificates of deposit. The average rate paid on deposits at June 30, 2023 incre...