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Bogota Financial Corp. Reports Results for the Three and Twelve Months Ended December 31, 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 loss for the three months ended December 31, 2023 of $1.2 million or ($0.09) per basic and diluted share, compared to net income of $1.9 million or $0.14 per basic and diluted share for the comparable prior year period. The Company reported net income for the twelve months ended December 31, 2023 of $643,000 or $0.05 per basic and diluted share compared to net income of $6.9 million, or $0.51 per basic and diluted share, for the prior year.\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 December 31, 2023, 216,837 shares have been repurchased under this program at a cost of $1.6 million.\n\n\nOther Financial Highlights:\n\n\n\nTotal assets decreased $11.8 million, or 1.2%, to $939.3 million at December 31, 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 $8.1 million, or 48.0%, to $24.9 million at December 31, 2023 from $16.8 million at December 31, 2022.\n\n\n\nSecurities decreased $21.0 million, or 12.9%, to $141.5 million at December 31, 2023 from $162.5 million at December 31, 2022.\n\n\n\nNet loans decreased $4.3 million, or 0.6%, to $714.7 million at December 31, 2023 from $719.0 million at December 31, 2022.\n\n\n\nTotal deposits at December 31, 2023 were $625.3 million, decreasing $76.1 million, or 10.8%, as compared to $701.4 million at December 31, 2022, primarily due to a $76.7 million decrease in non-interest-bearing deposits, checking, savings and money market accounts, offset by a $682,000 increase in certificates of deposit. The average rate on deposits increased 200 basis points to 2.85% for 2023 from 0.85% for 2022 due to higher interest rates and a larger percentage of deposits consisting of higher-costing certificates of deposit.\n\n\n\nFederal Home Loan Bank advances increased $65.4 million, or 63.9% to $167.7 million at December 31, 2023 from $102.3 million as of December 31, 2022.\n\n\n\nReturn on averag...