Bogota Financial (BSBK) News & Sentiment

TEANECK, N.J., Feb. 14, 2025 (GLOBE NEWSWIRE) -- Bogota Financial Corp. (NASDAQ: BSBK) (the “Company”), the holding company for Bogota Savings Bank (the “Bank”), reported a net loss for the three months ended December 31, 2024 of $930,000 or $0.07 per basic and diluted share, compared to a net loss of $1.2 million or $0.09 per basic and diluted share for the comparable prior year period. The Company reported a net loss for the year ended December 31, 2024 of $2.2 million or $0.17 per basic and diluted share compared to net income of $643,000, or $0.05 per basic and diluted share, for the prior year.

TEANECK, N.J., Jan. 06, 2025 (GLOBE NEWSWIRE) -- Bogota Financial Corp. (NASDAQ: BSBK) (the “Company”), the holding company for Bogota Savings Bank (the “Bank”), announced that the Bank completed a balance sheet restructuring consisting of two key transactions in the fourth quarter of 2024. The Bank entered into a sale-leaseback transaction whereby the Bank sold three of its branch offices resulting in a $9.0 million pre-tax gain. Subsequently, the Bank realized a pre-tax loss of $8.9 million on the sale of approximately $66.0 million in amortized cost ($57.1 million in market value) of available-for-sale and held-to-maturity (“HTM”) securities with a weighted average life of approximately 5.5 years and a weighted average yield of 1.89%.   A portion of the proceeds from the securities sales were reinvested into securities yielding approximately 5.49%. The remaining proceeds will be used to fund loans at current market rates ranging from 6.50% to 7.75%, as well as pay down higher cost borrowings, which will improve the net interest margin and the return on assets. As a result of the sales, the Bank is removing its HTM designation on any remaining HTM securities.