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     105  0 Kommentare Bogota Financial Corp. Reports Results for the Three Months Ended March 31, 2023

    Bogota 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, 2023 of $993,000 or $0.08 per basic and diluted shares, compared to net income of $1.4 million, or $0.10 per basic and diluted shares for the three months ended March 31, 2022.

    On 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 March 31, 2023, 487,032 shares have been repurchased, including the repurchase of 126,660 shares of stock during the quarter at a cost of $1.4 million.

    Other Financial Highlights:

    • Total assets decreased $808,000, or 0.1%, to $950.3 million at March 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.
    • Cash and cash equivalents increased $7.7 million, or 45.5% to $24.5 million at March 31, 2023 from $16.8 million at December 31, 2022.
    • Net loans decreased $7.1 million, or 1.0%, to $711.9 million at March 31, 2023 from $719.0 million at December 31, 2022.
    • Total deposits were $690.7 million, decreasing $10.7 million, or 1.5%, as compared to $701.4 million at December 31, 2022, primarily due to a decrease of $15.8 million in checking, savings and money market accounts offset by a $5.6 million increase in certificates of deposit. The average rate paid on deposits at March 31, 2023 increased 59 basis points to 2.41% at March 31, 2023 from 1.82% at December 31, 2022 due to higher interest rates and a larger percentage of deposits consisting of higher-costing certificates of deposit.
    • Federal Home Loan Bank advances increased $9.7 million, or 9.5% to $112.0 million at March 31, 2023 from $102.3 million as of December 31, 2022.
    • Annualized return on average assets was 0.39% for the three-month period ended March 31, 2023 compared to 0.68% for three-month period ended March 31, 2022.
    • Annualized return on average equity was 2.68% for the three-month period ended March 31, 2023 compared to 3.88% for the three-month period ended March 31, 2022.
    • Upon adoption of the CECL method of calculating the allowance for credit losses on January 1, 2023, the Bank recorded a one-time decrease, net of tax, in retained earnings of $220,000, an increase to the allowance for credit losses of $157,000 and an increase in the reserve for unfunded liabilities of $152,000.

    Joseph Coccaro, President and Chief Executive Officer, said, “As expected, the interest rate hikes impacted our net interest margin but we continue to record positive earnings. In light of the recent bank failures, the Bank continues to be prudent in its lending and interest rate risk management. Asset quality remains strong and the Hasbrouck Heights branch is approaching $100 million in deposits in under two years. Regulatory authorities recently approved a new branch in Upper Saddle River, NJ, which will be the Bank’s seventh stand-alone branch. The Bank anticipates this new office will open in the second half of this year.”

    Mr. Coccaro further stated, "We expect loan growth to remain slow through the first half of the year as interest rates and inflation are expected to remain elevated and the housing inventories continue to be low. Increased interest rate liability costs may impact future earnings. “

    Income Statement Analysis

    Comparison of Operating Results for the Three Months Ended March 31, 2023 and March 31, 2022

    Net income decreased by $408,000, or 29.1%, to $993,000 for the three months ended March 31, 2023 from $1.4 million for the three months ended March 31, 2022. This decrease was due to an decrease of $598,000 in net interest income and a decrease of $61,000 in non-interest income offset by a decrease of $24,000 in non-interest expense and a decrease of $227,000 in income tax expense.

    Interest income increased $2.7 million, or 43.6%, from $6.3 million for the three months ended March 31, 2022 to $9.0 million for the three months ended March 31, 2023 due to increases in the average balance of and higher yields on interest earning assets.

    Interest income on cash and cash equivalents increased $76,000, or 262.1%, to $105,000 for the three months ended March 31, 2023 from $29,000 for the three months ended March 31, 2022 due a 467 basis point increase in the average yield on cash and cash equivalents from 0.17% for the three months ended March 31, 2022 to 4.84% for the three months ended March 31, 2023 due to the higher interest rate environment. This was offset by a $62.7 million decrease in the average balance of cash and cash equivalents to $8.8 million for the three months ended March 31, 2023 from $71.5 million for the three months ended March 31, 2022, reflecting the use of excess liquidity to fund loan originations and purchase investment securities.

    Interest income on loans increased $2.2 million, or 39.0%, to $7.7 million for the three months ended March 31, 2023 compared to $5.5 million for the three months ended March 31, 2022 due primarily to $146.1 million increase in the average balance of loans to $718.0 million for the three months ended March 31, 2023 from $571.8 million for the three months ended March 31, 2022 and a 42 basis point increase in the average yield on loans from 3.90% for the three months ended March 31, 2022 to 4.32% for the three months ended March 31, 2023. The increase was offset by a $347,000 reserve for nonaccrual interest on a delinquent construction loan.

    Interest income on securities increased $438,000, or 66.6%, to $1.1 million for the three months ended March 31, 2023 from $658,000 for the three months ended March 31, 2022 due primarily to a $23.2 million increase in the average balance of securities to $162.0 million for the three months ended March 31, 2023 from $138.8 million for the three months ended March 31, 2022, reflecting the purchase of investments with excess liquidity, and a 81 basis point increase in the average yield from 1.90% for the three months ended March 31, 2022 to 2.71% for the three months ended March 31, 2023.

    Interest expense increased $3.3 million, or 288.6%, from $1.2 million for the three months ended March 31, 2022 to $4.5 million for the three months ended March 31, 2023 due to increases in the average balance of and higher costs on interest bearing liabilities.

    Interest expense on interest-bearing deposits increased $2.9 million, or 349.8%, to $3.7 million for the three months ended March 31, 2023 from $826,000 for the three months ended March 31, 2022. The increase was due to a 165 basis point increase in the average cost of interest-bearing deposits to 2.25% for the three months ended March 31, 2023 from 0.60% for the three months ended March 31, 2022. The increase in the average cost of deposits was due to the higher interest rate environment and an increase in the average balances of certificates of deposit of $152.3 million to $503.4 million for the three months ended March 31, 2023 from $351.0 million for the three months ended March 31, 2022.

    Interest expense on Federal Home Loan Bank borrowings increased $447,000, or 135.5%, from $330,000 for the three months ended March 31, 2022 to $777,000 for the three months ended March 31, 2023. The increase was due to an increase in the average cost of borrowings of 164 basis points to 3.27% for the three months ended March 31, 2023 from 1.63% for the three months ended March 31, 2022 due to the new borrowings at higher rates. The increase was also due to an increase in the average balance of borrowings of $14.3 million to $96.5 million for the three months ended March 31, 2023 from $82.3 million for the three months ended March 31, 2022.

    Net interest income decreased $598,000, or 11.7%, to $4.5 million for the three months ended March 31, 2023 from $5.1 million for the three months ended March 31, 2022. The increase reflected a 80 basis point decrease in our net interest rate spread to 1.68% for the three months ended March 31, 2023 from 2.48% for the three months ended March 31, 2022. Our net interest margin decreased 59 basis points to 2.05% for the three months ended March 31, 2023 from 2.64% for the three months ended March 31, 2022.

    We recorded no provision for credit losses for the three months ended March 31, 2023 or the three-month period ended March 31, 2022. As of January 1, 2023 the Bank adopted CECL and recorded a one-time adjustment of $157,000 to the allowance for credit losses. The Bank had a decrease in the loan portfolio and continues to have a low level of delinquent and non-accrual loans in the portfolio, as well as no charge-offs.

    Non-interest income decreased by $61,000, or 17.8%, to $283,000 for the three months ended March 31, 2023 from $344,000 for the three months ended March 31, 2022. Gain on sale of loans decreased $74,000 as loan originations were lower in 2023 and fees and other income decreased $30,000. These decreases were partially offset by an increase in income from bank-owned life insurance of $30,000, or 19.2%, due higher balances during 2023, and an increase in fee and service charges of $13,000.

    For the three months ended March 31, 2023, non-interest expense decreased $24,000, or 0.7%, over the comparable 2022 period. Salaries and employee benefits increased $99,000, or 4.8%, due to a higher employee count. Director fees decreased $55,000, or 25.8%, due to lower pension expense. The increase in advertising expense of $26,000, or 21.6%, was due to additional promotions for branch locations and new promotions on deposit and loan products. Other expense decreased $142,000, or 44.2% due to lower deferred compensation expense and other various expenses.

    Income tax expense decreased $227,000, or 43.3%, to $298,000 for the three months ended March 31, 2023 from $525,000 for the three months ended March 31, 2022. The increase was due to $689,000 of lower taxable income. The effective tax rate for the three months ended March 31, 2023 and 2022 were 23.09% and 27.27%, respectively.

    Balance Sheet Analysis

    Total assets were $950.3 million at March 31, 2023, representing an decrease of $809,000, or 0.1%, from December 31, 2022. Cash and cash equivalents increased $7.7 million during the period primarily due to loan payments received. Net loans decreased $7.1 million, or 1.0%, due to $11.7 million in repayments, partially offset by new production of $4.6 million, consisting of a mainly residential real estate loans and home equity loans. Securities held to maturity increased $780,000 due to the purchase of corporate bond with excess cash. Securities available for sale decreased $3.0 million or 3.6% due to the repayments of mortgage-backed securities and corporate bonds.

    Delinquent loans increased $11.7 million during the three-month period ended March 31, 2023, finishing at $13.5 million or 1.86% of total loans. The increase was due to one commercial construction loan located in Totowa New Jersey with a balance of $10.9 million with a loan to value ratio of 46%. During the same timeframe, non-performing assets increased to $12.9 million and were 1.35% of total assets at March 31, 2023. The Company’s allowance for loan losses was 0.38% of total loans and 21.35% of non-performing loans at March 31, 2023 compared to 0.36% of total loans and 136.3% of non-performing loans at December 31, 2022.

    Total liabilities decreased $236,000, or 0.0%, to $811.2 million mainly due to an $10.7 million decrease in deposits, offset by a $9.7 million increase in borrowings. Total deposits decreased $10.7 million, or 1.5%, to $690.7 million at March 31, 2023 from $701.4 million at December 31, 2022. The decrease in deposits reflected decreases in NOW, money market and savings accounts, which decreased by $15.8 million from $170.2 million at December 31, 2022 to $154.3 million at March 31, 2023, offset by an increase in certificate of deposit accounts, which increased by $5.6 million to $498.2 million from $492.6 million at December 31, 2022. At March 31, 2023, uninsured deposits represented 8.4% of the Bank’s total deposits. Federal Home Loan Bank advances increased $9.7 million, or 9.5%, due to new advances for loan funding. Total borrowing capacity at the Federal Home Loan Bank is $336.8 million of which $112.0 million is advanced.

    Stockholders’ equity decreased $573,000 to $139.1 million, due to increased accumulated other comprehensive loss for securities available for sale of $246,000 and the repurchase of 126,660 shares of stock during the quarter at a cost of $1.4 million, offset by net income of $993,000 for the three months ended March 31, 2023. At March 31, 2023, the Company’s ratio of average stockholders’ equity-to-total assets was 14.69%, compared to 17.05% at March 31, 2022.

    About Bogota Financial Corp.

    Bogota Financial Corp. is a Maryland corporation organized as the mid-tier holding company of Bogota Savings Bank and is the majority-owned subsidiary of Bogota Financial, MHC. Bogota Savings Bank is a New Jersey chartered stock savings bank that has served the banking needs of its customers in northern and central New Jersey since 1893. It operates from six offices located in Bogota, Hasbrouck Heights, Newark, Oak Ridge, Parsippany and Teaneck, New Jersey and operates a loan production office in Spring Lake, New Jersey.

    Forward-Looking Statements

    This press release contains certain forward-looking statements about the Company and the Bank. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, inflation, general economic conditions or conditions within the securities markets, potential recessionary conditions, real estate market values in the Bank’s lending area changes in the quality of our loan and security portfolios, increases in non-performing and classified loans, changes in liquidity, including the size and composition of our deposit portfolio, including the percentage of uninsured deposits in the portfolio, monetary and fiscal policies of the U.S. Government including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, a failure in or breach of the Company’s operational or security systems or infrastructure, including cyberattacks, the failure to maintain current technologies, failure to retain or attract employees and legislative, accounting and regulatory changes that could adversely affect the business in which the Company and the Bank are engaged.

    The Company undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.

    BOGOTA FINANCIAL CORP.

    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

    (unaudited)

     

     

     

    As of

     

     

    As of

     

     

     

    March 31, 2023

     

     

    December 31, 2022

     

    Assets

     

     

     

     

     

     

    Cash and due from banks

     

    $

    11,423,093

     

     

    $

    8,160,028

     

    Interest-bearing deposits in other banks

     

     

    13,079,185

     

     

     

    8,680,889

     

    Cash and cash equivalents

     

     

    24,502,278

     

     

     

    16,840,917

     

    Securities available for sale

     

     

    82,051,189

     

     

     

    85,100,578

     

    Securities held to maturity (fair value of $71,201,953 and $70,699,651, respectively)

     

     

    78,207,206

     

     

     

    77,427,309

     

    Loans, net of allowance of $2,735,174 and $2,578,174, respectively

     

     

    711,890,347

     

     

     

    719,025,762

     

    Premises and equipment, net

     

     

    7,852,299

     

     

     

    7,884,335

     

    Federal Home Loan Bank (FHLB) stock and other restricted securities

     

     

    5,918,600

     

     

     

    5,490,900

     

    Accrued interest receivable

     

     

    3,777,228

     

     

     

    3,966,651

     

    Core deposit intangibles

     

     

    251,240

     

     

     

    267,272

     

    Bank-owned life insurance

     

     

    30,392,377

     

     

     

    30,206,325

     

    Other assets

     

     

    5,447,449

     

     

     

    4,888,954

     

    Total Assets

     

    $

    950,290,213

     

     

    $

    951,099,003

     

    Liabilities and Equity

     

     

     

     

     

     

    Non-interest bearing deposits

     

    $

    38,107,101

     

     

    $

    38,653,349

     

    Interest bearing deposits

     

     

    652,604,123

     

     

     

    662,758,100

     

    Total deposits

     

     

    690,711,224

     

     

     

    701,411,449

     

    FHLB advances-short term

     

     

    36,500,000

     

     

     

    59,000,000

     

    FHLB advances-long term

     

     

    75,531,931

     

     

     

    43,319,254

     

    Advance payments by borrowers for taxes and insurance

     

     

    3,499,731

     

     

     

    3,174,661

     

    Other liabilities

     

     

    4,961,068

     

     

     

    4,534,516

     

    Total liabilities

     

     

    811,203,954

     

     

     

    811,439,880

     

     

     

     

     

     

     

     

    Stockholders’ Equity

     

     

     

     

     

     

    Preferred stock $0.01 par value 1,000,000 shares authorized, none issued and outstanding at March 31, 2023 and December 31, 2022

     

     

     

     

     

     

    Common stock $0.01 par value, 30,000,000 shares authorized, 13,572,356 issued and outstanding at March 31, 2023 and 13,699,016 at December 31, 2022

     

     

    135,723

     

     

     

    136,989

     

    Additional paid-in capital

     

     

    57,928,185

     

     

     

    59,099,476

     

    Retained earnings

     

     

    92,527,240

     

     

     

    91,756,673

     

    Unearned ESOP shares (429,900 shares at March 31, 2023 and 436,495 shares at December 31, 2022)

     

     

    (5,047,701

    )

     

     

    (5,123,002

    )

    Accumulated other comprehensive loss

     

     

    (6,457,188

    )

     

     

    (6,211,013

    )

    Total stockholders’ equity

     

     

    139,086,259

     

     

     

    139,659,123

     

    Total liabilities and stockholders’ equity

     

    $

    950,290,213

     

     

    $

    951,099,003

     

    BOGOTA FINANCIAL CORP.

    CONSOLIDATED STATEMENTS OF INCOME

    (unaudited)

     

     

    Three Months Ended
    March 31,

     

     

     

    2023

     

     

    2022

     

    Interest income

     

     

     

     

     

     

    Loans

     

    $

    7,699,438

     

     

    $

    5,537,080

     

    Securities

     

     

     

     

     

     

    Taxable

     

     

    1,051,260

     

     

     

    637,121

     

    Tax-exempt

     

     

    44,902

     

     

     

    20,996

     

    Other interest-earning assets

     

     

    221,589

     

     

     

    83,813

     

    Total interest income

     

     

    9,017,189

     

     

     

    6,279,010

     

    Interest expense

     

     

     

     

     

     

    Deposits

     

     

    3,714,997

     

     

     

    826,184

     

    FHLB advances

     

     

    777,354

     

     

     

    329,833

     

    Total interest expense

     

     

    4,492,351

     

     

     

    1,156,017

     

    Net interest income

     

     

    4,524,838

     

     

     

    5,122,993

     

    Provision for loan losses

     

     

     

     

     

     

    Net interest income after provision for loan losses

     

     

    4,524,838

     

     

     

    5,122,993

     

    Non-interest income

     

     

     

     

     

     

    Fees and service charges

     

     

    52,152

     

     

     

    39,318

     

    Gain on sale of loans

     

     

    13,225

     

     

     

    87,130

     

    Bank-owned life insurance

     

     

    186,053

     

     

     

    155,993

     

    Other

     

     

    31,849

     

     

     

    61,982

     

    Total non-interest income

     

     

    283,279

     

     

     

    344,423

     

    Non-interest expense

     

     

     

     

     

     

    Salaries and employee benefits

     

     

    2,162,369

     

     

     

    2,063,347

     

    Occupancy and equipment

     

     

    382,787

     

     

     

    344,429

     

    FDIC insurance assessment

     

     

    60,000

     

     

     

    54,000

     

    Data processing

     

     

    277,097

     

     

     

    278,347

     

    Advertising

     

     

    147,300

     

     

     

    121,145

     

    Director fees

     

     

    159,337

     

     

     

    214,791

     

    Professional fees

     

     

    149,250

     

     

     

    144,263

     

    Other

     

     

    179,208

     

     

     

    320,953

     

    Total non-interest expense

     

     

    3,517,348

     

     

     

    3,541,275

     

    Income before income taxes

     

     

    1,290,769

     

     

     

    1,926,141

     

    Income tax expense

     

     

    298,062

     

     

     

    525,244

     

    Net income

     

    $

    992,707

     

     

    $

    1,400,897

     

    Earnings per Share - basic

     

    $

    0.08

     

     

    $

    0.10

     

    Earnings per Share - diluted

     

    $

    0.08

     

     

    $

    0.10

     

    Weighted average shares outstanding - basic

     

     

    13,013,492

     

     

     

    13,858,884

     

    Weighted average shares outstanding - diluted

     

     

    13,055,533

     

     

     

    13,878,304

     

    BOGOTA FINANCIAL CORP.

    SELECTED RATIOS

    (unaudited)

     

     

     

     

    At or For the Three Months
    Ended March 31,

     

    2023

     

    2022

    Performance Ratios (1):

     

     

     

     

     

    Return on average assets (2)

     

    0.39

    %

     

     

    0.68

    %

    Return on average equity (3)

     

    2.68

    %

     

     

    3.88

    %

    Interest rate spread (4)

     

    1.68

    %

     

     

    2.48

    %

    Net interest margin (5)

     

    2.05

    %

     

     

    2.64

    %

    Efficiency ratio (6)

     

    73.15

    %

     

     

    64.77

    %

    Average interest-earning assets to average interest-bearing liabilities

     

    116.68

    %

     

     

    122.33

    %

    Net loans to deposits

     

    103.07

    %

     

     

    91.05

    %

    Equity to assets (7)

     

    14.69

    %

     

     

    17.05

    %

    Capital Ratios:

     

     

     

     

     

    Tier 1 capital to average assets

     

    15.60

    %

     

     

    17.35

    %

    Asset Quality Ratios:

     

     

     

     

     

    Allowance for loan losses as a percent of total loans

     

    0.38

    %

     

     

    0.38

    %

    Allowance for loan losses as a percent of non-performing loans

     

    21.35

    %

     

     

    111.82

    %

    Net recoveries to average outstanding loans during the period

     

    0.00

    %

     

     

    0.00

    %

    Non-performing loans as a percent of total loans

     

    1.79

    %

     

     

    0.34

    %

    Non-performing assets as a percent of total assets

     

    1.35

    %

     

     

    0.23

    %

     

     

     

     

     

     

    (1)

    Performance ratios are annualized.

    (2)

    Represents net income divided by average total assets.

    (3)

    Represents net income divided by average stockholders' equity.

    (4

    Represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost of average interest-bearing liabilities. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of 27.5%.

    (5)

    Represents net interest income as a percent of average interest-earning assets. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of 27.5%.

    (6)

    Represents non-interest expenses divided by the sum of net interest income and non-interest income.

    (7)

    Represents average stockholders' equity divided by average total assets.

    LOANS

    Loans are summarized as follows at March 31, 2023 and December 31, 2022:

     

     

    March 31,
    2023

     

     

    December 31,
    2022

     

    Real estate:

     

    (unaudited)

     

    Residential First Mortgage

     

    $

    462,407,846

     

     

    $

    466,100,627

     

    Commercial and Multi-Family Real Estate

     

     

    166,664,915

     

     

     

    162,338,669

     

    Construction

     

     

    57,379,095

     

     

     

    61,825,478

     

    Commercial and Industrial

     

     

    1,523,380

     

     

     

    1,684,189

     

    Consumer:

     

     

     

     

     

     

    Home Equity and Other Consumer

     

     

    26,650,285

     

     

     

    29,654,973

     

    Total loans

     

     

    714,625,521

     

     

     

    721,603,936

     

    Allowance for loan losses

     

     

    (2,735,174

    )

     

     

    (2,578,174

    )

    Net loans

     

    $

    711,890,347

     

     

    $

    719,025,762

     

    The following tables set forth the distribution of total deposit accounts, by account type, at the dates indicated.

     

     

    At March 31,

     

     

    At December 31,

     

     

     

    2023

     

     

    2022

     

     

     

    Amount

     

     

    Percent

     

     

    Average
    Rate

     

     

    Amount

     

     

    Percent

     

     

    Average
    Rate

     

     

     

    (Dollars in thousands)

     

     

     

     

     

     

     

     

     

     

    (unaudited)

     

     

     

     

     

     

     

     

     

     

    Noninterest bearing demand accounts

     

    $

    38,221,561

     

     

     

    6.93

    %

     

     

    %

     

    $

    38,653,472

     

     

     

    5.52

    %

     

     

    %

    NOW accounts

     

     

    78,112,797

     

     

     

    11.31

     

     

     

    1.83

     

     

     

    82,720,214

     

     

     

    11.79

     

     

    0.88

     

    Money market accounts

     

     

    23,067,201

     

     

     

    3.34

     

     

     

    0.31

     

     

     

    30,037,106

     

     

     

    4.28

     

     

     

    0.32

     

    Savings accounts

     

     

    53,144,417

     

     

     

    7.69

     

     

    0.53

     

     

     

    57,407,955

     

     

     

    8.18

     

     

    0.49

     

    Certificates of deposit

     

     

    498,165,248

     

     

     

    72.12

     

     

     

    2.99

     

     

     

    492,592,702

     

     

     

    70.23

     

     

     

    2.37

     

    Total

     

    $

    690,711,224

     

     

     

    100.00

    %

     

     

    2.41

    %

     

    $

    701,411,449

     

     

     

    100.00

    %

     

     

    1.82

    %

    Average Balance Sheets and Related Yields and Rates

    The following tables present information regarding average balances of assets and liabilities, the total dollar amounts of interest income and dividends from average interest-earning assets, the total dollar amounts of interest expense on average interest-bearing liabilities, and the resulting annualized average yields and costs. The yields and costs for the periods indicated are derived by dividing income or expense by the average balances of assets or liabilities, respectively, for the periods presented. Average balances have been calculated using daily balances. Nonaccrual loans are included in average balances only. Loan fees are included in interest income on loans and are not material.

     

     

    Three Months Ended March 31,

     

     

     

    2023

     

     

    2022

     

     

     

    Average
    Balance

     

     

    Interest and
    Dividends

     

     

    Yield/
    Cost (3)

     

     

    Average
    Balance

     

     

    Interest and
    Dividends

     

     

    Yield/
    Cost (3)

     

     

     

    (Dollars in thousands)

     

    Assets:

     

    (unaudited)

     

    Cash and cash equivalents

     

    $

    8,799

     

     

    $

    105

     

     

     

    4.84

    %

     

    $

    71,541

     

     

    $

    29

     

     

     

    0.17

    %

    Loans

     

     

    717,964

     

     

     

    7,699

     

     

     

    4.32

    %

     

     

    571,827

     

     

     

    5,537

     

     

     

    3.90

    %

    Securities

     

     

    161,960

     

     

     

    1,096

     

     

     

    2.71

    %

     

     

    138,798

     

     

     

    658

     

     

     

    1.90

    %

    Other interest-earning assets

     

     

    5,338

     

     

     

    117

     

     

     

    8.74

    %

     

     

    4,834

     

     

     

    55

     

     

     

    4.50

    %

    Total interest-earning assets

     

     

    894,061

     

     

     

    9,017

     

     

     

    4.06

    %

     

     

    787,000

     

     

     

    6,279

     

     

     

    3.21

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Non-interest-earning assets

     

     

    54,810

     

     

     

     

     

     

     

     

     

    50,802

     

     

     

     

     

     

     

    Total assets

     

    $

    948,871

     

     

     

     

     

     

     

     

    $

    837,802

     

     

     

     

     

     

     

    Liabilities and equity:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    NOW and money market accounts

     

    $

    112,717

     

     

    $

    380

     

     

     

    1.37

    %

     

    $

    143,453

     

     

    $

    220

     

     

     

    0.62

    %

    Savings accounts

     

     

    53,618

     

     

     

    70

     

     

     

    0.53

    %

     

     

    66,583

     

     

     

    43

     

     

     

    0.26

    %

    Certificates of deposit

     

     

    503,369

     

     

     

    3,265

     

     

     

    2.63

    %

     

     

    351,027

     

     

     

    563

     

     

     

    0.65

    %

    Total interest-bearing deposits

     

     

    669,704

     

     

     

    3,715

     

     

     

    2.25

    %

     

     

    561,063

     

     

     

    826

     

     

     

    0.60

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Federal Home Loan Bank advances (1)

     

     

    96,532

     

     

     

    777

     

     

     

    3.27

    %

     

     

    82,280

     

     

     

    330

     

     

     

    1.63

    %

    Total interest-bearing liabilities

     

     

    766,236

     

     

     

    4,492

     

     

     

    2.38

    %

     

     

    643,343

     

     

     

    1,156

     

     

     

    0.73

    %

    Non-interest-bearing deposits

     

     

    37,224

     

     

     

     

     

     

     

     

     

    42,936

     

     

     

     

     

     

     

    Other non-interest-bearing liabilities

     

     

    5,977

     

     

     

     

     

     

     

     

     

    5,265

     

     

     

     

     

     

     

    Total liabilities

     

     

    809,437

     

     

     

     

     

     

     

     

     

    691,544

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total equity

     

     

    139,434

     

     

     

     

     

     

     

     

     

    146,258

     

     

     

     

     

     

     

    Total liabilities and equity

     

    $

    948,871

     

     

     

     

     

     

     

     

    $

    837,802

     

     

     

     

     

     

     

    Net interest income

     

     

     

     

    $

    4,525

     

     

     

     

     

     

     

     

    $

    5,123

     

     

     

     

    Interest rate spread (2)

     

     

     

     

     

     

     

     

    1.68

    %

     

     

     

     

     

     

     

     

    2.48

    %

    Net interest margin (3)

     

     

     

     

     

     

     

     

    2.05

    %

     

     

     

     

     

     

     

     

    2.64

    %

    Average interest-earning assets to average interest-bearing liabilities

     

     

    116.68

    %

     

     

     

     

     

     

     

     

    122.33

    %

     

     

     

     

     

     

    (1)

    Cash flow hedges are used to manage interest rate risk. During the three months ended March 31, 2023, the net effect on interest expense on the Federal Home Loan Bank advances was a reduced expense of $47,000.

    (2)

    Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.

    (3)

    Net interest margin represents net interest income divided by average total interest-earning assets.

    Rate/Volume Analysis

    The following table sets forth the effects of changing rates and volumes on net interest income. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The net column represents the sum of the prior columns. Changes attributable to changes in both rate and volume that cannot be segregated have been allocated proportionally based on the changes due to rate and the changes due to volume.

     

     

    Three Months Ended March 31,
    2023 Compared to Three
    Months Ended March 31, 2022

     

     

     

    Increase (Decrease) Due to

     

     

     

    Volume

     

     

    Rate

     

     

    Net

     

     

     

    (In thousands)

     

    Interest income:

     

    (unaudited)

     

    Cash and cash equivalents

     

    $

    (204

    )

     

    $

    280

     

     

    $

    76

     

    Loans receivable

     

     

    1,521

     

     

     

    641

     

     

     

    2,162

     

    Securities

     

     

    123

     

     

     

    315

     

     

     

    438

     

    Other interest earning assets

     

     

    6

     

     

     

    56

     

     

     

    62

     

    Total interest-earning assets

     

     

    1,446

     

     

     

    1,292

     

     

     

    2,738

     

     

     

     

     

     

     

     

     

     

     

    Interest expense:

     

     

     

     

     

     

     

     

     

    NOW and money market accounts

     

     

    (300

    )

     

     

    460

     

     

     

    160

     

    Savings accounts

     

     

    (53

    )

     

     

    80

     

     

     

    27

     

    Certificates of deposit

     

     

    337

     

     

     

    2,365

     

     

     

    2,702

     

    Federal Home Loan Bank advances

     

     

    66

     

     

     

    381

     

     

     

    447

     

    Total interest-bearing liabilities

     

     

    50

     

     

     

    3,286

     

     

     

    3,336

     

    Net increase (decrease) in net interest income

     

    $

    1,396

     

     

    $

    (1,994

    )

     

    $

    (598

    )

     


    The Bogota Financial Stock at the time of publication of the news with a fall of -0,57 % to 8,65USD on Nasdaq stock exchange (28. April 2023, 21:48 Uhr).


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    Bogota Financial Corp. Reports Results for the Three Months Ended March 31, 2023 Bogota 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, 2023 of $993,000 or $0.08 per basic and diluted shares, compared to net income …