BSBK 8-K

Bogota Financial Corp. (BSBK)

8-K 2026-02-13 For: 2026-02-13

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Added on April 07, 2026

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Maryland	001-39180	84-3501231
(State or Other Jurisdiction of Incorporation)	(Commission File No.)	(I.R.S. Employer Identification No.)

819 Teaneck Road, Teaneck, New Jersey		07666
(Address of Principal Executive Offices)		(Zip Code)

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01		BSBK		The Nasdaq Stock Market, LLC

	BOGOTA FINANCIAL CORP.



DATE: February 13, 2026	By: /s/ Brian McCourt
	Brian McCourt
	Executive Vice President and Chief Financial Officer

	2025			2024
ASSETS
Cash and due from banks	$	11,584,648		$	18,020,527
Interest-bearing deposits in other banks		24,013,947			34,211,681
Cash and cash equivalents		35,598,595			52,232,208

Securities available for sale		158,064,631			140,307,447
Loans, net of allowance $2,529,949 and $2,620,949, at December 31, 2025 and 2024, respectively		647,645,607			711,716,236
Premises and equipment, net		4,399,202			4,727,302
Regulatory stock		5,403,900			8,923,000
Accrued interest receivable		4,261,410			4,232,563
Core deposit intangibles		107,604			152,893
Bank owned life insurance		31,774,855			31,859,604
Right-of-use asset		10,265,125			10,776,596
Investment in limited partnership		2,413,320			—
Other assets		5,013,251			6,562,035
Total assets	$	904,947,500		$	971,489,884

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits
Non-interest bearing	$	28,177,516		$	32,681,963
Interest bearing		624,269,541			609,506,079
Total deposits		652,447,057			642,188,042

FHLB advances-short term		20,000,000			29,500,000
FHLB advances-long term		73,322,132			142,673,182
Advance payments by borrowers for taxes and insurance		2,591,007			2,809,205
Lease liability		10,434,759			10,780,363
Other liabilities		5,244,197			6,249,932
Total liabilities		764,039,152			834,200,724

Stockholders' Equity
Preferred stock $0.01 par value 1,000,000 shares authorized, none issued and outstanding at December 31, 2025 and 2024		—			—
Common stock $0.01 par value, 30,000,000 shares authorized, 12,925,572 issued and outstanding at December 31, 2025 and 13,059,175 at December 31, 2024		129,255			130,592
Additional Paid-In capital		54,949,369			55,269,962
Retained earnings		92,097,426			90,006,648
Unearned ESOP shares (356,188 shares at December 31, 2025 and 382,933 shares at December 31, 2024)		(4,219,390	)		(4,520,594	)
Accumulated other comprehensive loss		(2,048,312	)		(3,597,448	)
Total stockholders' equity		140,908,348			137,289,160
Total liabilities and stockholders' equity	$	904,947,500		$	971,489,884

	Three Months Ended						Year Ended
	December 31,						December 31,
	2025			2024			2025			2024
Interest income
Loans	$	8,412,695		$	8,522,844		$	33,521,481		$	33,411,221
Securities
Taxable		2,058,915			1,641,126			7,932,326			6,888,462
Tax-exempt		2,890			11,483			11,571			50,892
Other interest-earning assets		478,336			418,634			1,543,744			1,399,170
Total interest income		10,952,836			10,594,087			43,009,122			41,749,745
Interest expense
Deposits		5,542,688			6,200,367			22,454,118			24,584,690
FHLB advances		1,121,208			1,894,789			5,084,182			6,613,845
Total interest expense		6,663,896			8,095,156			27,538,300			31,198,535
Net interest income		4,288,940			2,498,931			15,470,822			10,551,210
Provision (credit) for credit losses		—			(218,000	)		(130,000	)		(148,000	)
Net interest income after provision (credit) for credit losses		4,288,940			2,716,931			15,600,822			10,699,210
Non-interest income
Fees and service charges		55,668			64,285			230,945			228,685
Gain on sale of loans		—			20,232			37,830			31,942
Gain on sale of properties		5,973			9,005,245			5,973			9,005,245
Loss on sale of securities		—			(8,930,843	)		—			(8,930,843	)
Bank-owned life insurance		223,722			223,616			1,436,078			871,753
Other		(59,627	)		36,202			57,330			141,622
Total non-interest income		225,736			418,737			1,768,156			1,348,404
Non-interest expense
Salaries and employee benefits		2,335,741			2,345,404			8,499,609			8,750,350
Occupancy and equipment		729,104			348,778			2,680,587			1,467,517
FDIC insurance assessment		94,947			110,464			403,905			424,090
Data processing		242,222			274,889			1,156,153			1,203,181
Advertising		41,135			60,840			172,985			371,790
Director fees		51,813			155,699			536,191			622,799
Professional fees		121,742			107,129			1,054,456			789,646
Other		227,678			212,632			792,592			960,230
Total non-interest expense		3,844,382			3,615,835			15,296,478			14,589,603
Income (loss) before income taxes		670,294			(480,167	)		2,072,500			(2,541,989	)
Income tax (benefit) expense		(10,517	)		449,834			(18,278	)		(371,569	)
Net income (loss)	$	680,811		$	(930,001	)	$	2,090,778		$	(2,170,420	)
Earnings (loss) per Share - basic	$	0.05		$	(0.07	)	$	0.17		$	(0.17	)
Earnings (loss) per Share - diluted	$	0.05		$	(0.07	)	$	0.17		$	(0.17	)
Weighted average shares outstanding - basic		12,605,383			12,686,765			12,632,118			12,767,628
Weighted average shares outstanding - diluted		12,608,747			12,686,765			12,634,039			12,767,628

	●	As of December 31, 2025, the Company repurchased 76,673 shares of its common stock at a cost of $656,000, pursuant to its current program, which allows for the repurchase of up to 237,950 shares.

	At or For the Three Months Ended December 31,						At or For the Twelve Months Ended December 31,
	2025			2024			2025			2024
Performance Ratios ⁽¹⁾:
Return (loss) on average assets (2)		0.28	%		(0.09	)%		0.22	%		(0.22	)%
Return (loss) on average equity (3)		1.83	%		(0.68	)%		1.47	%		(1.59	)%
Interest rate spread ⁽⁴⁾		1.51	%		0.61	%		1.29	%		0.66	%
Net interest margin ⁽⁵⁾		2.00	%		1.09	%		1.80	%		1.16	%
Efficiency ratio ⁽⁶⁾		85.15	%		123.93	%		88.29	%		122.61	%
Average interest-earning assets to average interest-bearing liabilities		116.11	%		113.67	%		114.48	%		114.48	%
Net loans to deposits		99.26	%		110.83	%		99.26	%		110.83	%
Equity to assets ⁽⁷⁾		15.18	%		13.99	%		15.13	%		14.10	%
Capital Ratios:
Tier 1 capital to average assets								15.80	%		13.34	%
Asset Quality Ratios:
Allowance for credit losses as a percent of total loans								0.39	%		0.37	%
Allowance for credit losses as a percent of non-performing loans								19.38	%		18.77	%
Net charge-offs to average outstanding loans during the period								0.00	%		0.00	%
Non-performing loans as a percent of total loans								2.01	%		1.95	%
Non-performing assets as a percent of total assets								1.44	%		1.44	%

(1)	Certain performance ratios for the three-month periods 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% for 2025 and 2024.
(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.

	At December 31,
	2025								2024
	Amount		Percent			Average Rate			Amount		Percent			Average Rate

Noninterest bearing demand accounts	$	28,177,516		4.32	%		—	%	$	32,681,963		5.09	%		—	%
NOW accounts		65,532,122		10.04			2.76			55,048,614		8.62			2.53
Money market accounts		10,244,512		1.57			0.44			24,578,021		2.18			0.58
Savings accounts		54,558,439		8.36			2.13			47,001,817		7.30			1.9
Certificates of deposit		493,934,468		75.70			3.75			482,877,627		76.81			4.37
Total	$	652,447,057		100.00	%		3.30	%	$	642,188,042		100.00	%		3.73	%

	Three Months Ended December 31,
	2025								2024
	Average			Interest and		Yield/			Average			Interest and		Yield/
	Balance			Dividends		Cost ⁽³⁾			Balance			Dividends		Cost ⁽³⁾
	(Dollars in thousands)
	(unaudited)
Assets:
Cash and cash equivalents	$	26,203		$	358		5.41	%	$	13,547		$	191		5.61	%
Loans		662,072			8,412		5.04	%		717,433			8,523		4.73	%
Securities		157,645			2,062		5.23	%		175,308			1,653		3.77	%
Other interest-earning assets		6,075			121		7.98	%		9,711			227		9.37	%
Total interest-earning assets		851,995			10,953		5.11	%		915,999			10,594		4.61	%
Non-interest-earning assets		66,484								63,511
Total assets	$	918,479							$	979,510
Liabilities and equity:
NOW and money market accounts	$	72,458		$	454		2.49	%	$	67,362		$	366		2.16	%
Savings accounts		52,085			282		2.15	%		44,425			213		1.91	%
Certificates of deposit		501,341			4,807		3.80	%		501,875			5,621		4.46	%
Total interest-bearing deposits		625,884			5,543		3.51	%		613,662			6,200		4.02	%
Federal Home Loan Bank advances⁽¹⁾		107,888			1,121		4.12	%		192,196			1,895		3.92	%
Total interest-bearing liabilities		733,772			6,664		3.60	%		805,858			8,095		4.00	%
Non-interest-bearing deposits		27,491								32,734
Other non-interest-bearing liabilities		17,785								3,837
Total liabilities		779,048								842,429
Total equity		139,431								137,081
Total liabilities and equity	$	918,479							$	979,510
Net interest income				$	4,289							$	2,499
Interest rate spread⁽²⁾							1.51	%							0.61	%
Net interest margin⁽³⁾							2.00	%							1.09	%
Average interest-earning assets to average interest-bearing liabilities		116.11	%							113.67	%

1.	Cash flow hedges are used to manage interest rate risk. During the three months ended December 31, 2025and 2024, the net effect on interest expense on the Federal Home Loan Bank advances was a reduced expense of $76,000 and $280,000 respectively.
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.

	Twelve Months Ended December 31,
	2025								2024
	Average			Interest and		Yield/			Average			Interest and		Yield/
	Balance			Dividends		Cost ⁽³⁾			Balance			Dividends		Cost ⁽³⁾
	(Dollars in thousands)
	(unaudited)
Assets:
Cash and cash equivalents	$	17,390		$	908		5.22	%	$	10,197		$	606		5.94	%
Loans		686,850			33,521		4.88	%		713,138			33,412		4.69	%
Securities		149,549			7,944		5.31	%		178,684			6,939		3.88	%
Other interest-earning assets		6,974			636		9.12	%		9,106			793		8.71	%
Total interest-earning assets		860,763			43,009		5.00	%		911,125			41,750		4.58	%
Non-interest-earning assets		58,254								59,511
Total assets	$	919,017							$	970,636
Liabilities and equity:
NOW and money market accounts	$	73,918		$	1,792		2.42	%	$	67,561		$	1,359		2.01	%
Savings accounts		49,298			1,025		2.08	%		43,975			821		1.87	%
Certificates of deposit		492,766			19,637		3.98	%		508,327			22,405		4.41	%
Total interest-bearing deposits		615,982			22,454		3.65	%		619,863			24,585		3.97	%
Federal Home Loan Bank advances ⁽¹⁾		127,933			5,084		3.97	%		175,997			6,614		3.76	%
Total interest-bearing liabilities		743,915			27,538		3.70	%		795,860			31,199		3.92	%
Non-interest-bearing deposits		31,008								31,572
Other non-interest-bearing liabilities		5,067								6,303
Total liabilities		779,990								833,735
Total equity		139,027								136,901
Total liabilities and equity	$	919,017							$	970,636
Net interest income				$	15,471							$	10,551
Interest rate spread⁽²⁾							1.29	%							0.66	%
Net interest margin ⁽³⁾							1.80	%							1.16	%
Average interest-earning assets to average interest-bearing liabilities		115.71	%							114.48	%

	Three Months Ended December 31,									Twelve Months Ended December 31,
	2025 Compared to Three									2025 Compared to Twelve Months
	Months Ended December 31, 2024									Ended December 31, 2024
	Increase (Decrease) Due to									Increase (Decrease) Due to
	Volume			Rate			Net			Volume			Rate			Net
	(In thousands)
	(unaudited)
Interest income:
Cash and cash equivalents	$	213		$	(46	)	$	167		$	383		$	(81	)	$	302
Loans receivable		(2,465	)		2,354			(111	)		(1,254	)		1,363			109
Securities		(973	)		1,382			409			(1,258	)		2,263			1,005
Other interest earning assets		(76	)		(30	)		(106	)		(193	)		36			(157	)
Total interest-earning assets		(3,301	)		3,660			359			(2,322	)		3,581			1,259
Interest expense:
NOW and money market accounts		29			59		$	88			137			296			433
Savings accounts		40			29			69			105			99			204
Certificates of deposit		(6	)		(808	)		(814	)		(664	)		(2,104	)		(2,768	)
Federal Home Loan Bank advances		(1,382	)		608			(774	)		(1,887	)		357			(1,530	)
Total interest-bearing liabilities		(1,319	)		(112	)		(1,431	)		(2,309	)		(1,352	)		(3,661	)
Net decrease in net interest income	$	(1,982	)	$	3,772		$	1,790		$	(13	)	$	4,933		$	4,920

	December 31,			December 31,
	2025			2024
Real estate:
Residential First Mortgage	$	443,894,498		$	472,747,542
Commercial Real Estate		121,960,681			118,008,866
Multi-Family Real Estate		58,944,579			74,152,418
Construction		22,046,399			43,183,657
Commercial and Industrial		3,211,338			6,163,747
Consumer		118,061			80,955
Total loans		650,175,556			714,337,185
Allowance for credit losses		(2,529,949	)		(2,620,949	)
Net loans	$	647,645,607		$	711,716,236