BSBK 8-K

Bogota Financial Corp. (BSBK)

8-K 2026-05-06 For: 2026-05-06

View Original

Added on May 06, 2026

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →

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: May 6, 2026	By: /s/ Brian McCourt
	Brian McCourt
	Executive Vice President and Chief Financial Officer

	As of			As of
	March 31, 2026			December 31, 2025
Assets
Cash and due from banks	$	13,090,589		$	11,584,648
Interest-bearing deposits in other banks		14,834,095			24,013,947
Cash and cash equivalents		27,924,684			35,598,595

Securities available for sale, at fair value		144,852,570			158,064,631
Loans, net of allowance for credit losses of $2,579,949 and $2,529,949, respectively		639,410,532			647,645,607
Premises and equipment, net		4,336,207			4,399,202
FHLB stock and other restricted securities		6,419,500			5,403,900
Accrued interest receivable		4,471,378			4,261,410
Core deposit intangibles		97,521			107,604
Bank-owned life insurance		31,997,147			31,774,855
Right of use asset		10,684,772			10,265,125
Investment in limited partnership		2,413,320			2,413,320
Other assets		4,637,434			5,013,251
Total Assets	$	877,245,065		$	904,947,500
Liabilities and Equity
Non-interest bearing deposits	$	28,940,853		$	28,177,516
Interest bearing deposits		571,930,788			624,269,541
Total deposits		600,871,641			652,447,057

FHLB advances-short term		58,500,000			20,000,000
FHLB advances-long term		57,425,424			73,322,132
Advance payments by borrowers for taxes and insurance		2,879,987			2,591,007
Lease liabilities		10,883,252			10,434,759
Other liabilities		4,632,391			5,244,197
Total liabilities		735,192,695			764,039,152

Stockholders’ Equity
Preferred stock $0.01 par value 1,000,000 shares authorized, none issued and outstanding at March 31, 2026 and December 31, 2025		—			—
Common stock $0.01 par value, 30,000,000 shares authorized, 12,910,531 issued and outstanding at March 31, 2026 and 12,925,572 at December 31, 2025		129,105			129,255
Additional paid-in capital		55,029,197			54,949,369
Retained earnings		92,803,372			92,097,426
Unearned ESOP shares (349,594 shares at March 31, 2026 and 356,188 shares at December 31, 2025)		(4,144,090	)		(4,219,390	)
Accumulated other comprehensive loss		(1,765,214	)		(2,048,312	)
Total stockholders’ equity		142,052,370			140,908,348
Total liabilities and stockholders’ equity	$	877,245,065		$	904,947,500

	Three Months Ended
	March 31,
	2026		2025
Interest income
Loans, including fees	$	7,987,603	$	8,603,129
Securities
Taxable		2,261,418		1,830,394
Tax-exempt		2,889		2,895
Other interest-earning assets		236,587		487,171
Total interest income		10,488,497		10,923,589
Interest expense
Deposits		4,990,259		5,762,324
FHLB advances		1,071,747		1,568,027
Total interest expense		6,062,006		7,330,351
Net interest income		4,426,491		3,593,238
Provision (recovery) for credit losses		50,000		(80,000	)
Net interest income after provision (recovery) for credit losses		4,376,491		3,673,238
Non-interest income
Fees and service charges		65,151		55,819
Gain on sale of loans		—		29,062
Bank-owned life insurance		222,292		762,231
Other		33,804		42,260
Total non-interest income		321,247		889,372
Non-interest expense
Salaries and employee benefits		2,052,846		2,080,199
Occupancy and equipment		702,357		671,469
FDIC insurance assessment		99,000		106,586
Data processing		270,715		315,697
Advertising		52,000		105,500
Director fees		138,631		159,444
Professional fees		242,281		198,730
Other		221,828		222,045
Total non-interest expense		3,779,658		3,859,670
Income before income taxes		918,080		702,940
Income tax expense (benefit)		212,134		(28,007	)
Net income	$	705,946	$	730,947
Earnings per Share - basic	$	0.06	$	0.06
Earnings per Share - diluted	$	0.06	$	0.06
Weighted average shares outstanding - basic		12,605,383		12,649,573
Weighted average shares outstanding - diluted		12,607,136		12,650,520

	At or For the Three Months
	Ended March 31,
	2026			2025
Performance Ratios (1):
Return on average assets (2)		0.08	%		0.08	%
Return on average equity (3)		0.50	%		0.53	%
Interest rate spread (4)		1.60	%		1.12	%
Net interest margin (5)		2.20	%		1.66	%
Efficiency ratio (6)		79.61	%		86.10	%
Average interest-earning assets to average interest-bearing liabilities		117.57	%		114.03	%
Net loans to deposits		106.41	%		110.81	%
Average equity to average assets (7)		16.28	%		14.59	%
Capital Ratios:
Tier 1 capital to average assets		15.09	%		15.00	%
Asset Quality Ratios:
Allowance for credit losses as a percent of total loans		0.40	%		0.37	%
Allowance for credit losses as a percent of non-performing loans		19.69	%		18.65	%
Net charge-offs to average outstanding loans during the period		0.00	%		0.00	%
Non-performing loans as a percent of total loans		2.04	%		1.97	%
Non-performing assets as a percent of total assets		1.54	%		1.49	%

(1)	Certain performance ratios for the three months ended March 31, 2026 and 2025 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% for 2026 and 2025.
(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 2026 and 2025.
(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.

	March 31,			December 31,
	2026			2025
	(unaudited)
Real estate:
Residential First Mortgage	$	438,468,814		$	443,894,498
Commercial Real Estate		117,603,193			121,960,681
Multi-Family Real Estate		64,133,297			58,944,579
Construction		18,852,024			22,046,399
Commercial and Industrial		2,816,976			3,211,338
Consumer		116,177			118,061
Total loans		641,990,481			650,175,556
Allowance for credit losses		(2,579,949	)		(2,529,949	)
Net loans	$	639,410,532		$	647,645,607

	At March 31,									At December 31,
	2026									2025
	Amount			Percent			Average Rate			Amount		Percent			Average Rate

	(unaudited)
Noninterest bearing demand accounts		$	28,940,853		4.82	%		—	%	$	28,177,516		4.32	%		—	%
NOW accounts			72,004,737		11.98	%		2.85			65,532,122		10.04	%		2.76
Money market accounts			11,539,538		1.92	%		0.40			10,244,512		1.57	%		0.44
Savings accounts			59,820,146		9.96	%		2.40			54,558,439		8.36	%		2.13
Certificates of deposit			428,566,367		71.32	%		3.59			493,934,468		75.70	%		3.75
Total		$	600,871,641		100.00	%		3.15	%	$	652,447,057		100.00	%		3.30	%

	Three Months Ended March 31,
	2026								2025
	Average Balance			Interest and Dividends		Yield/ Cost			Average Balance			Interest and Dividends		Yield/ Cost
	(Dollars in thousands)
Assets:	(unaudited)
Cash and cash equivalents	$	11,314		$	123		4.34	%	$	16,601		$	265		6.37	%
Loans		647,897			7,988		4.93	%		705,095			8,603		4.88	%
Securities		152,904			2,264		5.93	%		145,280			1,833		5.05	%
Other interest-earning assets		5,572			113		8.16	%		8,305			222		10.72	%
Total interest-earning assets		817,687			10,488		5.13	%		918,916			10,923		4.60	%

Non-interest-earning assets		51,362								68,251
Total assets	$	869,049							$	943,532
Liabilities and equity:
NOW and money market accounts	$	83,968		$	543		2.62	%	$	79,400		$	458		2.34	%
Savings accounts		55,112			317		2.33	%		45,832			225		1.99	%
Certificates of deposit ⁽¹⁾		459,342			4,130		3.65	%		484,253			5,079		4.25	%
Total interest-bearing deposits		598,422			4,990		3.38	%		609,485			5,762		3.83	%

FHLB advances (1)		97,061			1,072		4.48	%		158,116			1,568		4.02	%
Total interest-bearing liabilities		695,483			6,062		3.53	%		767,601			7,330		3.87	%
Non-interest-bearing deposits		29,264								32,763
Other non-interest-bearing liabilities		2,821								5,463
Total liabilities		727,568								805,827

Total equity		141,481								137,705
Total liabilities and equity	$	869,049							$	943,532
Net interest income				$	4,426							$	3,593
Interest rate spread ⁽²⁾							1.60	%							1.12	%
Net interest margin ⁽³⁾							2.20	%							1.66	%
Average interest-earning assets to average interest-bearing liabilities		117.57	%							114.03	%

1.	Cash flow and fair value hedges are used to manage interest rate risk. During the three months ended March 31, 2026 and 2025, the net effect on interest expense on the FHLB advances and certificates of deposit was an increased expense of $37,000 and a reduced expense of $177,000, 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.

	Three Months Ended March 31, 2026
	Compared to
	Three Months Ended March 31, 2025
	Increase (Decrease) Due to
	Volume			Rate			Net
	(In thousands)
Interest income:	(unaudited)
Cash and cash equivalents	$	(71	)	$	(71	)	$	(142	)
Loans receivable		(1,172	)		557			(615	)
Securities		100			331			431
Other interest earning assets		(63	)		(46	)		(109	)
Total interest-earning assets		(1,206	)		771			(435	)

Interest expense:
NOW and money market accounts		28			57			85
Savings accounts		50			42			92
Certificates of deposit		(253	)		(696	)		(949	)
FHLB advances		(1,505	)		1,009			(496	)
Total interest-bearing liabilities		(1,681	)		413			(1,268	)
Net increase in net interest income	$	474		$	359		$	833