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Bogota Financial Corp. (BSBK-0.50%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing shows total assets increased by $39.6 million, or 4.2%, from $939.3 million at December 31, 2023, to $978.9 million at September 30, 2024. This increase was mainly due to a rise in securities available for sale and held to maturity, offset by a decrease in loans and cash equivalents.
Cash and cash equivalents decreased by $3.9 million, or 15.8%, to $21.0 million at September 30, 2024, from $24.9 million at December 31, 2023. This was due to the use of excess funds to purchase securities.
Securities available for sale increased by $39.7 million, or 57.6%, to $108.6 million at September 30, 2024. Securities held to maturity increased by $7.4 million, or 10.3%, to $80.1 million.
Net loans decreased by $5.8 million, or 0.8%, to $708.9 million at September 30, 2024, primarily due to a decrease in residential real estate and construction loans, offset by an increase in commercial real estate and industrial loans.
Total liabilities increased by $39.7 million, or 5.0%, to $841.9 million as of September 30, 2024. This was primarily due to increases in deposits and borrowings.
Deposits increased by $3.9 million, or 0.6%, to $629.2 million at September 30, 2024. The increase was mainly in interest-bearing demand deposits and certificates of deposit.
Borrowings from the Federal Home Loan Bank increased by $34.9 million, or 20.8%, to $202.6 million at September 30, 2024.
Stockholders’ equity decreased by $233,000 to $136.9 million, primarily due to a net loss of $1.2 million and stock repurchases, offset by a decrease in accumulated other comprehensive loss.
The company reported a net loss of $367,000 for the three months ended September 30, 2024, compared to a net loss of $29,000 for the same period in 2023. This was due to a decrease in net interest income, partially offset by changes in non-interest expense and income tax benefit.
Interest income increased by $1.3 million, or 14.3%, due to higher yields on interest-earning assets and an increase in the average balance of securities.
Interest expense increased by $1.9 million, or 31.1%, due to higher costs and average balances on interest-bearing liabilities.
Non-interest income increased by $37,000, or 13.0%, primarily due to higher income from bank-owned life insurance and gains on loan sales.
Non-interest expense decreased by $56,000, or 1.5%, due to reductions in salaries, benefits, and advertising expenses, partially offset by increased professional fees and data processing costs.
The company did not record a provision for credit losses for the three months ended September 30, 2024.
The filing also details the company's liquidity position, which remains strong with various sources of funds to meet obligations and fund operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bogota Financial Corp. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.