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Bogota Financial Corp. (BSBK-4.14%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The filing details the company's financial position, showing total assets of $971.5 million, an increase from $939.3 million at the end of 2023. This growth was primarily driven by increases in cash and cash equivalents and right of use assets.
Net loans decreased slightly to $711.7 million, reflecting a decrease in residential and construction loans, partially offset by an increase in commercial and multi-family real estate loans.
Deposits increased to $642.1 million, with a notable rise in NOW, money market, and savings accounts.
The company reported a net loss of $2.2 million for the year, compared to a net income of $643,000 in 2023. This was mainly due to a decrease in net interest income and a loss on the sale of securities, despite a gain from a sale-leaseback transaction.
Non-interest expenses decreased by $1.2 million, primarily due to lower salaries and employee benefits.
Bogota Financial Corp. maintained a strong capital position, with a leverage ratio of 13.34%, exceeding regulatory requirements.
The company continues to focus on residential real estate lending, while also emphasizing growth in commercial and multi-family real estate loans.
Bogota Financial Corp. does not anticipate paying dividends in the near future due to Federal Reserve Board regulations on dividend waivers by mutual holding companies.
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. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.