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Bogota Financial Corp. Reports Results for the Three Months Ended March 31, 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 March 31, 2022 of $1.4 million, compared to net income of $3.0 million for the comparable prior year period. During the three months ended March 31, 2021, the Company recorded a bargain purchase gain of $1.9 million, and merger-related expenses of $318,000, 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 three months ended March 31, 2021 was $1.4 million, which equals the comparable current year period1.\n\nOn April 11, 2022, the Company announced it completed its initial 5% buyback plan, purchasing 296,044 shares. The Company’s Board of Directors has approved another 5% buyback plan, which is subject to regulatory approval.\n\nOther Financial Highlights:\n\n\nTotal assets increased $13.3 million, or 1.6%, to $850.7 million at March 31, 2022 from $837.4 million at December 31, 2021, due to an increase in securities, which was primarily funded by cash and cash equivalents.\n\n\nNet loans decreased $5.8 million, or 1.0%, to $564.4 million at March 31, 2022 from $570.2 million at December 31, 2021.\n\n\nTotal deposits were $619.9 million, increasing $22.5 million, or 3.8%, as compared to $597.5 million at December 31, 2021, primarily due to a new $20.0 million municipal deposit relationship. The average rate paid on deposits at March 31, 2022 decreased nine basis points from 0.61% at March 31, 2021 to 0.52% at December 31, 2021.\n\n\nReturn on average assets was 0.68% for the three-month period ended March 31, 2022 compared to 1.57% 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 0.68%1 and 0.73%1 for the three-month periods ended March 31, 2022 and 2021, respectively.\n\n\nReturn on average equity was 3.88% for the three-month period ended March 31, 2022 compared to 9.11% for the comparable period in 2021. Without the bargain purchase gain and merger-related expenses in 2021, the return on average equity would have been 3.88%1 and 4.59%1 for the three-month period ended March 31, 2022 and 2021, respectively.\n\n\nJoseph Coc...