Business
Bogota Financial Corp. Reports Results for the Three Months Ended March 31, 2020
TEANECK, N.J.--(BUSINESS WIRE)-- Bogota Financial Corp. (the “Company”) (NASDAQ: BSBK), the holding company for Bogota Savings Bank (the “Bank”), reported a
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 a net loss for the three months ended March 31, 2020 of $1.3 million, compared to net income of $362,000 for the comparable prior year period. The Bank contributed cash and stock with a value of $2.9 million ($2.1 million after-tax) to the Bogota Charitable Foundation this quarter. Without this contribution, net income would have been $734,000, which was $372,000, or 102.8%, higher than the comparable prior year period.\n\n\nOn January 15, 2020, the Company became the holding company for the Bank when it closed its stock offering in connection with the completion of the reorganization of the Bank into a two-tier mutual holding company form of organization. The Company sold 5,657,735 shares of common stock at a price of $10 per share, for gross proceeds of $56.6 million. In connection with the reorganization, the Company also issued 263,150 shares of common stock and $250,000 in cash to Bogota Savings Bank Charitable Foundation, Inc., and 7,236,640 shares of common stock to Bogota Financial, MHC, and 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\n\nOther Financial Highlights: \n\n\n\nTotal assets decreased $57.9 million, or 7.6%, to $708.7 million from December 31, 2019. Unfilled subscriptions of $41.5 million from the stock offering were returned during the three months ended March 31, 2020. Excluding these funds as of December 31, 2019, total assets decreased by 2.3% during the three months ended March 31, 2020.\n\n\nNet loans increased $9.5 million, or 1.8%, to $546.7 million from December 31, 2019.\n\n\nTotal deposits were $477.6 million, decreasing $20.1 million, or 4.1%, during the three months ended March 31, 2020.\n\n\nReturn on average assets was (0.75%) for the three-month period ended March 31, 2020 compared to 0.22% for the corresponding period of 2019. Without the charitable foundation contribution, the return on average assets would have been .41% for the three-month period ended March 31, 2020.\n\n\nReturn on average equity was (5.97%) for the three-month period compared to 2.02% for the same period of 2019. Without the chari...