{"success":true,"data":{"pressRelease":{"id":"24146","rtpr_id":"nGNX3wNVd4","ticker":"BSBK","exchange":"NASDAQ","all_tickers":["BSBK"],"title":"Bogota Financial Corp. Reports Results for the Three Months Ended March 31, 2026","author":"Globe Newswire","published_at":"2026-05-06T20:10:00.811Z","article_body":"TEANECK, N.J., May 06, 2026 (GLOBE NEWSWIRE) -- Bogota Financial Corp.\n(NASDAQ: BSBK) (the “Company”), the holding company for Bogota Savings\nBank (the “Bank”), reported net income for the three months ended March\n31, 2026 of $706,000, or $0.06 per basic and diluted share, compared to a net\nincome of $731,000, or $0.06 per basic and diluted share, for the comparable\nprior year period. \n\nAs of March 31, 2026, 14,313 shares of the Company’s common stock have been\nrepurchased pursuant to the Company’s current stock repurchase program at a\ncost of $119,000. Pursuant to the current repurchase program, the Company was\nauthorized to repurchase up to 237,590 shares of its common stock, or\napproximately 5% of its outstanding common stock (excluding shares held by\nBogota Financial, MHC). The repurchase program does not have a scheduled\nexpiration date and the Board of Directors has the right to suspend or\ndiscontinue the program at any time.\n\nOther Financial Highlights:\n* Total assets decreased $27.7 million, or 3.1%, to $877.2 million at March\n31, 2026 from $904.9 million at December 31, 2025, due largely to a decrease\nin cash and cash equivalents, securities and loans.\n\n\n* Cash and cash equivalents decreased $7.7 million, or 21.6%, to\n$27.9 million at March 31, 2026 from $35.6 million at December 31, 2025 as\nexcess funds from increased borrowings, security maturities and loan payments\nwere used to offset deposit outflows.\n\n\n* Securities decreased $13.2 million, or 8.4%, to $144.9 million at March\n31, 2026 from $158.1 million at December 31, 2025 due to principal\nrepayments of mortgage-backed securities and maturities of corporate\nbonds.  \n\n\n* Net loans decreased $8.2 million, or 1.3%, to $639.4 million at March 31,\n2026 from $647.6 million at December 31, 2025, primarily due to decreases in\nresidential mortgages, commercial and construction loans, offset by an\nincrease in multi-family loans.\n\n\n* Total deposits at March 31, 2026 were $600.9 million, decreasing $51.6\nmillion, or 7.9%, compared to $652.4 million at December 31, 2025, due to a\n$65.4 million decrease in certificates of deposit of which $20.1 was for a\ndecrease in brokered deposits. The decrease was offset by a $1.3 million\nincrease in money market accounts, a $5.3 million increase in\nsavings accounts and a $6.5 million increase in NOW accounts. The average\nrate on deposits decreased 45 basis points to 3.53% for the first\nquarter of 2026 from 3.87% from comparable period a year ago, which was due\nto lower interest rates and average balances of certificates of deposit.\n\n\n* Federal Home Loan Bank (\"FHLB\") advances increased $22.6 million, or 24.2%\nto $115.9 million at March 31, 2026 from $93.3 million as of December 31,\n2025.  The increase in borrowings was largely attributable to the outflow of\ndeposits during the three months ended March 31, 2026.\nKevin Pace, President and Chief Executive Officer, said “Core operating\nearnings for the first quarter improved year over year with a 23% increase in\nnet interest income that supported growth in our income before taxes.  We\ncontinue to make strides in our net interest margin, which grew from 1.66%\n(1(st) quarter 2025) to 2.20% (1st quarter 2026).  Our balance sheet remains\nstrong, and capital levels are robust. Credit quality remains stable and\nwithin our expectations.”\n\n“We remain focused on what matters most – serving our clients, positioning\nthe bank for sustainable long-term growth and delivering consistent value to\nour shareholders.\" \n\nIncome Statement Analysis\n\nComparison of Operating Results for the Three Months Ended March 31,\n2026 and March 31, 2025\n\nNet income decreased $25,000 to $706,000 for the three months ended March 31,\n2026 from a net income of $731,000 for the three months ended March 31,\n2025. This decrease was primarily due to a decrease of $568,000 in\nnon-interest income and an increase of $240,000 in income taxes, partially\noffset by an increase of $703,000 in net interest income, an increase of\n$130,000 in the provision for credit losses and a decrease of $80,000 in\nnon-interest expense.\n\nInterest income decreased $435,000, or 4.0%, to $10.5 million for the three\nmonths ended March 31, 2026 compared to $10.9 million for the three months\nended March 31, 2025.\n\nInterest income on cash and cash equivalents decreased $142,000, or 53.6%, to\n$123,000 for the three months ended March 31, 2026 from $265,000 for the three\nmonths ended March 31, 2025 due to a $5.3 million decrease in the average\nbalance to $11.3 million for the three months ended March 31, 2026 from $16.6\nmillion for the three months ended March 31, 2025, reflecting an increase in\nsecurities and a reduction of borrowings.  This was also due to a 203-basis\npoint decrease in the average yield from 6.37% for the three months ended\nMarch 31, 2025 to 4.34% for the three months ended March 31, 2026 resulting\nfrom the lower interest rate environment.\n\nInterest income on loans decreased $615,000, or 7.1%, to $8.0 million for the\nthree months ended March 31, 2026 compared to $8.6 million for the three\nmonths ended March 31, 2025 which was primarily due to a $57.2 million\ndecrease in the average balance to $647.9 million for the three months ended\nMarch 31, 2026 from $705.1 million for the three months ended March 31, 2025,\nslightly offset by a five basis point increase in the average yield from 4.88%\nfor the three months ended March 31, 2025 to 4.93% for the three months ended\nMarch 31, 2026.\n\nInterest income on securities increased $431,000, or 23.5%, to $2.3 million\nfor the three months ended March 31, 2026, from $1.8 million for the three\nmonths ended March 31, 2025, primarily due to an 88 basis point increase\nin the average yield from 5.05% for the three months ended March 31,\n2025, to 5.93% for the three months ended March 31, 2026.  The increase\nwas also due to a $7.6 million increase in the average balance to\n$152.9 million for the three months ended March 31, 2026, from\n$145.3 million for the three months ended March 31, 2025.\n\nInterest expense decreased $1.3 million, or 17.3%, from $7.3 million for the\nthree months ended March 31, 2025 to $6.1 million for the three months\nended March 31, 2026 due to lower costs on deposits and lower balances on\nborrowings.  During the three months ended March 31, 2026, the use of\nhedges increased the interest expense on the FHLB advances and brokered\ndeposits by $37,000. At March 31, 2026, cash flow hedges used to manage\ninterest rate risk had a notional value of $67.5 million, while fair value\nhedges totaled $30.0 million in notional value. \n\nInterest expense on interest-bearing deposits decreased $772,000, or 13.4%, to\n$5.0 million for the three months ended March 31, 2026 from\n$5.8 million for the three months ended March 31, 2025. The decrease was due\nto a 45-basis point decrease in the average cost of deposits to 3.38% for the\nthree months ended March 31, 2026 from 3.83% for the three months ended March\n31, 2025. The decrease in the average cost of deposits was due to the lower\ninterest rate environment and a decrease in the rate paid on certificates of\ndeposit offset by an increase in the rate paid on transactional accounts. Our\nrates on certificates of deposit decreased 60 basis points to 3.65% for the\nthree months ended March 31, 2026 from 4.25% for the three months ended March\n31, 2025 and the average balances of certificates of deposit decreased\n$24.9 million to $459.3 million for the three months ended March 31, 2026\nfrom $484.3 million for the three months ended March 31, 2025. The average\nbalance of NOW/money market accounts and savings accounts increased\n$4.6 million and $9.3 million for the three months ended March 31, 2026,\nrespectively, compared to the three months ended March 31, 2025.\n\nInterest expense on FHLB advances decreased $496,000, or 31.6%, from\n$1.6 million for the three months ended March 31, 2025 to $1.1 million for\nthe three months ended March 31, 2026. The decrease was primarily due to\na decrease in the average balance of $61.1 million to $97.1 million for the\nthree months ended March 31, 2026 from $158.1 million for the three months\nended March 31, 2025.  The decrease was offset by an increase in the average\ncost of borrowings of 46 basis points to 4.48% for the three months\nended March 31, 2026 from 4.02% for the three months ended March 31,\n2025 due to the new borrowings being shorter durations at higher rates.\n\nNet interest income increased $833,000, or 23.2%, to $4.4 million for the\nthree months ended March 31, 2026 from $3.6 million for the three months\nended March 31, 2025.  The increase reflected a 48-basis point increase in\nour net interest rate spread to 1.60% for the three months ended March 31,\n2026 from 1.12% for the three months ended March 31, 2025. Our net interest\nmargin increased 54 basis points to 2.20% for the three months ended March\n31, 2026 from 1.66% for the three months ended March 31, 2025.\n\nWe recorded a $50,000 provision for credit losses for the three months\nended March 31, 2026 compared to $80,000 recovery for credit losses for the\nthree months ended March 31, 2025 due to higher delinquent commercial loan\nbalances.  \n\nNon-interest income decreased $568,000, or 63.9%, to $321,000 for the three\nmonths ended March 31, 2026 from $889,000 for the three months ended March 31,\n2025 due to a death benefit received related to a former employee.\n\nFor the three months ended March 31, 2026, non-interest expense decreased\n$80,000, or 2.1%, compared to the comparable March 31, 2025 period.\nSalaries and employee benefits decreased $27,000, or 1.3%, due to lower\nheadcount. FDIC insurance premiums decreased $8,000, or 7.1%, due to lower\ndeposit balances in 2026. Data processing expense decreased $45,000, or\n14.2%, due to lower processing costs. Director fees decreased $21,000, or\n13.1%, due to fewer members on the board. The decrease in advertising expense\nof $54,000, or 50.7%, was due to reduced promotions for branch locations and\nless promotions on deposit and loan products. Professional fees increased\n$44,000, or 21.9%, due to higher legal costs in 2026. Occupancy and\nequipment increased $31,000, or 4.6%, due to higher snow removal costs in\n2026.\n\nIncome tax expense increased $240,000 to an expense of $212,000 for the\nthree months ended March 31, 2026 from a $28,000 benefit for the three months\nended March 31, 2025. The increase was due to an increase of $755,000 in\npre-tax income. \n\nBalance Sheet Analysis\n\nTotal assets were $877.2 million at March 31, 2026, representing a decrease\nof $27.7 million, or 3.1%, from December 31, 2025.  Cash and cash\nequivalents decreased $7.7 million during the period primarily as excess\nfunds from increased borrowings, security maturities and loan payments were\nused to offset deposits outflows. Net loans decreased $8.2 million, or\n1.30%, due to $17.3 million in repayments, partially offset by new production\nof $9.1 million. This resulted in a $5.4 million decrease in the balance of\nresidential loans, a $3.2 million decrease in construction loans and a\ndecrease of $4.4 million of commercial loans, offset by a $5.2 million\nincrease in multi-family loans.  Due to the interest rate environment, we\nhave seen a decrease in demand for residential and construction loans, which\nhave been primary drivers of our loan growth in recent periods. \nSecurities available for sale decreased $13.2 million or 8.4%, due to\nrepayments of mortgage-backed securities and maturities of corporate\nbonds. \n\nDelinquent loans increased $1.3 million to $28.1 million, or 4.39% of total\nloans, at March 31, 2026, compared to $26.8 million at December 31, 2025.\nThe increase was primarily due to an increase in commercial real estate loans\nassociated with several large loans that have been either 30 or 60 days past\ndue.  All delinquent loans are considered well-secured. During the same\ntimeframe, non-performing assets increased from $13.3 million at December 31,\n2025 to $13.5 million, which represented 1.54% of total assets at March 31,\n2026. No loans were charged off during the three months ended March 31,\n2026 or March 31, 2025. The Company’s allowance for credit losses related\nto loans was 0.40% of total loans and 19.69% of non-performing loans at March\n31, 2026 compared to 0.39% of total loans and 19.38% of non-performing loans\nat December 31, 2025.  The Bank has limited exposure to commercial real\nestate loans secured by office space. \n\nTotal liabilities decreased $28.8 million, or 3.8%, to $735.2 million mainly\ndue to a $51.6 million decrease in deposits offset by an increase in\nborrowings. Total deposits decreased $51.6 million, or 7.9%, to\n$600.9 million at March 31, 2026 from $652.4 million at December 31, 2025.\nThe decrease in deposits reflected a decrease in certificate of deposit\naccounts, which decreased by $65.4 million to $428.6 million at March 31,\n2026 from $493.9 million at December 31, 2025 . This decrease was offset by\nsavings accounts which increased by $5.3 million from $54.6 million at\nDecember 31, 2025 to $59.8 million at March 31, 2026 a increase in NOW\ndeposit accounts, which decreased by $6.5 million to $72.0 million from\n$65.5 million at December 31, 2025, an increase in money market deposit\naccounts, which increased by $1.3 million to $11.5 million from\n$10.2 million at December 31, 2025, and by a increase in noninterest bearing\ndemand accounts, which increased by $763,000 from $28.2 million at December\n31, 2025 to $28.9 million at March 31, 2026.  At March 31, 2026, brokered\ndeposits were $89.6 million or 14.9% of deposits and municipal deposits were\n$48.5 million or 8.1% of deposits.  At March 31, 2026, uninsured deposits\nrepresented 8.7% of the Bank’s total deposits. FHLB advances increased\n$22.6 million, or 24.2%, due to the use of borrowings to offset deposit\noutflows.  Short-term borrowings increased $38.5 million, or 192.5%, to\n$58.5 million at March 31, 2026 from $20.0 million at December 31, 2025,\nwhile long-term borrowings decreased $15.9 million, or 21.7%, to\n$57.4 million at March 31, 2026 from $73.3 million at December 31,\n2025.  Total borrowing capacity at the FHLB is $236.4 million, of which\n$115.9 million has been advanced.\n\nTotal stockholders’ equity increased $1.1 million to $142.1 million,\nprimarily due to net income of $706,000 and less changes in other\ncomprehensive income of $283,000. At March 31, 2026, the Company’s ratio of\naverage stockholders’ equity-to-total assets was 16.28%, compared to 14.59%\nat December 31, 2025.\n\nAbout Bogota Financial Corp.\n\nBogota Financial Corp. is a Maryland corporation organized as the mid-tier\nholding company of Bogota Savings Bank and is the majority-owned subsidiary of\nBogota Financial, MHC. Bogota Savings Bank is a New Jersey chartered stock\nsavings bank that has served the banking needs of its customers in northern\nand central New Jersey since 1893. It operates from seven offices located in\nBogota, Hasbrouck Heights, Upper Saddle River, Newark, Oak Ridge, Parsippany\nand Teaneck, New Jersey and operates a loan production office in Spring Lake,\nNew Jersey.\n\nForward-Looking Statements\n\nThis press release contains certain forward-looking statements about the\nCompany and the Bank. Forward-looking statements include statements regarding\nanticipated future events and can be identified by the fact that they do not\nrelate strictly to historical or current facts. They often include words such\nas “believe,” “expect,” “anticipate,” “estimate,” and\n“intend” or future or conditional verbs such as “will,” “would,”\n“should,” “could,” or “may.” Forward-looking statements, by their\nnature, are subject to risks and uncertainties. Certain factors that could\ncause actual results to differ materially from expected results include\nincreased competitive pressures, changes in the interest rate environment,\ninflation, general economic conditions or conditions within the securities\nmarkets, the imposition of tariffs or other domestic or international\ngovernmental policies and retaliatory responses, the impact of a potential\nfederal government shutdown, real estate market values in the Bank’s lending\narea, changes in liquidity, including the size and composition of our deposit\nportfolio and the percentage of uninsured deposits in the portfolio; the\navailability of low-cost funding; our continued reliance on brokered and\nmunicipal deposits; demand for loans in our market area; changes in the\nquality of our loan and security portfolios, economic assumptions or changes\nin our methodology, either of which may impact our allowance for credit losses\ncalculation, increases in non-performing and classified loans, monetary and\nfiscal policies of the U.S. Government, including policies of the U.S.\nTreasury and the Board of Governors of the Federal Reserve System; the current\nor anticipated impact of military conflict, terrorism or other geopolitical \nevents; a failure in or breach of the Company’s operational or security\nsystems or infrastructure, including cyberattacks, the failure to maintain\ncurrent technologies; failure to retain or attract employees and legislative,\naccounting and regulatory changes that could adversely affect the business in\nwhich the Company and the Bank are engaged.\n\nThe Company undertakes no obligation to revise these forward-looking\nstatements or to reflect events or circumstances after the date of this press\nrelease.\n\n\n\n \n BOGOTA FINANCIAL CORP. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (unaudited) \n \n As of As of \n March 31, 2026 December 31, 2025 \n Assets \n Cash and due from banks $ 13,090,589 $ 11,584,648 \n Interest-bearing deposits in other banks 14,834,095 24,013,947 \n Cash and cash equivalents 27,924,684 35,598,595 \n \n Securities available for sale, at fair value 144,852,570 158,064,631 \n Loans, net of allowance for credit losses of $2,579,949 and $2,529,949, respectively 639,410,532 647,645,607 \n Premises and equipment, net 4,336,207 4,399,202 \n FHLB stock and other restricted securities 6,419,500 5,403,900 \n Accrued interest receivable 4,471,378 4,261,410 \n Core deposit intangibles 97,521 107,604 \n Bank-owned life insurance 31,997,147 31,774,855 \n Right of use asset 10,684,772 10,265,125 \n Investment in limited partnership 2,413,320 2,413,320 \n Other assets 4,637,434 5,013,251 \n Total Assets $ 877,245,065 $ 904,947,500 \n Liabilities and Equity \n Non-interest bearing deposits $ 28,940,853 $ 28,177,516 \n Interest bearing deposits 571,930,788 624,269,541 \n Total deposits 600,871,641 652,447,057 \n \n FHLB advances-short term 58,500,000 20,000,000 \n FHLB advances-long term 57,425,424 73,322,132 \n Advance payments by borrowers for taxes and insurance 2,879,987 2,591,007 \n Lease liabilities 10,883,252 10,434,759 \n Other liabilities 4,632,391 5,244,197 \n Total liabilities 735,192,695 764,039,152 \n \n Stockholders’ Equity \n Preferred stock $0.01 par value 1,000,000 shares authorized, none issued and outstanding at March 31, 2026 and December 31, 2025 — — \n 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 \n Additional paid-in capital 55,029,197 54,949,369 \n Retained earnings 92,803,372 92,097,426 \n Unearned ESOP shares (349,594 shares at March 31, 2026 and 356,188 shares at December 31, 2025) (4,144,090 ) (4,219,390 ) \n Accumulated other comprehensive loss (1,765,214 ) (2,048,312 ) \n Total stockholders’ equity 142,052,370 140,908,348 \n Total liabilities and stockholders’ equity $ 877,245,065 $ 904,947,500 \n\n\n\n \n BOGOTA FINANCIAL CORP. \n CONSOLIDATED STATEMENTS OF OPERATIONS \n (unaudited) \n \n Three Months Ended \n March 31, \n 2026 2025 \n Interest income \n Loans, including fees $ 7,987,603 $ 8,603,129 \n Securities \n Taxable 2,261,418 1,830,394 \n Tax-exempt 2,889 2,895 \n Other interest-earning assets 236,587 487,171 \n Total interest income 10,488,497 10,923,589 \n Interest expense \n Deposits 4,990,259 5,762,324 \n FHLB advances 1,071,747 1,568,027 \n Total interest expense 6,062,006 7,330,351 \n Net interest income 4,426,491 3,593,238 \n Provision (recovery) for credit losses 50,000 (80,000 ) \n Net interest income after provision (recovery) for credit losses 4,376,491 3,673,238 \n Non-interest income \n Fees and service charges 65,151 55,819 \n Gain on sale of loans — 29,062 \n Bank-owned life insurance 222,292 762,231 \n Other 33,804 42,260 \n Total non-interest income 321,247 889,372 \n Non-interest expense \n Salaries and employee benefits 2,052,846 2,080,199 \n Occupancy and equipment 702,357 671,469 \n FDIC insurance assessment 99,000 106,586 \n Data processing 270,715 315,697 \n Advertising 52,000 105,500 \n Director fees 138,631 159,444 \n Professional fees 242,281 198,730 \n Other 221,828 222,045 \n Total non-interest expense 3,779,658 3,859,670 \n Income before income taxes 918,080 702,940 \n Income tax expense (benefit) 212,134 (28,007 ) \n Net income $ 705,946 $ 730,947 \n Earnings per Share - basic $ 0.06 $ 0.06 \n Earnings per Share - diluted $ 0.06 $ 0.06 \n Weighted average shares outstanding - basic 12,605,383 12,649,573 \n Weighted average shares outstanding - diluted 12,607,136 12,650,520 \n\n\n\n \n BOGOTA FINANCIAL CORP. \n SELECTED RATIOS \n (unaudited) \n \n At or For the Three Months \n Ended March 31, \n 2026 2025 \n Performance Ratios (1): \n Return on average assets (2) 0.08 % 0.08 % \n Return on average equity (3) 0.50 % 0.53 % \n Interest rate spread (4) 1.60 % 1.12 % \n Net interest margin (5) 2.20 % 1.66 % \n Efficiency ratio (6) 79.61 % 86.10 % \n Average interest-earning assets to average interest-bearing liabilities 117.57 % 114.03 % \n Net loans to deposits 106.41 % 110.81 % \n Average equity to average assets (7) 16.28 % 14.59 % \n Capital Ratios: \n Tier 1 capital to average assets 15.09 % 15.00 % \n Asset Quality Ratios: \n Allowance for credit losses as a percent of total loans 0.40 % 0.37 % \n Allowance for credit losses as a percent of non-performing loans 19.69 % 18.65 % \n Net charge-offs to average outstanding loans during the period 0.00 % 0.00 % \n Non-performing loans as a percent of total loans 2.04 % 1.97 % \n Non-performing assets as a percent of total assets 1.54 % 1.49 % \n\n\n\n (1 ) Certain performance ratios for the three months ended March 31, 2026 and 2025 are annualized. \n (2 ) Represents net income divided by average total assets. \n (3 ) Represents net income divided by average stockholders’ equity. \n (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. \n (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. \n (6 ) Represents non-interest expenses divided by the sum of net interest income and non-interest income. \n (7 ) Represents average stockholders’ equity divided by average total assets. \n \n\nLOANS\n\nLoans are summarized as follows at March 31, 2026 and December 31, 2025:\n\n March 31, December 31, \n 2026 2025 \n (unaudited) \n Real estate: \n Residential First Mortgage $ 438,468,814 $ 443,894,498 \n Commercial Real Estate 117,603,193 121,960,681 \n Multi-Family Real Estate 64,133,297 58,944,579 \n Construction 18,852,024 22,046,399 \n Commercial and Industrial 2,816,976 3,211,338 \n Consumer 116,177 118,061 \n Total loans 641,990,481 650,175,556 \n Allowance for credit losses (2,579,949 ) (2,529,949 ) \n Net loans $ 639,410,532 $ 647,645,607 \n \n\nThe following tables set forth the distribution of total deposit accounts, by\naccount type, at the dates indicated:\n\n At March 31, At December 31, \n 2026 2025 \n Amount Percent Average Amount Percent Average \n Rate Rate \n \n (unaudited) \n Noninterest bearing demand accounts $ 28,940,853 4.82 % — % $ 28,177,516 4.32 % — % \n NOW accounts 72,004,737 11.98 % 2.85 65,532,122 10.04 % 2.76 \n Money market accounts 11,539,538 1.92 % 0.40 10,244,512 1.57 % 0.44 \n Savings accounts 59,820,146 9.96 % 2.40 54,558,439 8.36 % 2.13 \n Certificates of deposit 428,566,367 71.32 % 3.59 493,934,468 75.70 % 3.75 \n Total $ 600,871,641 100.00 % 3.15 % $ 652,447,057 100.00 % 3.30 % \n \n\nAverage Balance Sheets and Related Yields and Rates \n\nThe following tables present information regarding average balances of assets\nand liabilities, the total dollar amounts of interest income and dividends\nfrom average interest-earning assets, the total dollar amounts of interest\nexpense on average interest-bearing liabilities, and the resulting annualized\naverage yields and costs. The yields and costs for the periods indicated are\nderived by dividing income or expense by the average balances of assets or\nliabilities, respectively, for the periods presented. Average balances have\nbeen calculated using daily balances. Nonaccrual loans are included in average\nbalances only. Loan fees are included in interest income on loans and are not\nmaterial.\n\n Three Months Ended March 31, \n 2026 2025 \n Average Interest and Yield/ Cost Average Interest and Yield/ Cost \n Balance Dividends Balance Dividends \n (Dollars in thousands) \n Assets: (unaudited) \n Cash and cash equivalents $ 11,314 $ 123 4.34 % $ 16,601 $ 265 6.37 % \n Loans 647,897 7,988 4.93 % 705,095 8,603 4.88 % \n Securities 152,904 2,264 5.93 % 145,280 1,833 5.05 % \n Other interest-earning assets 5,572 113 8.16 % 8,305 222 10.72 % \n Total interest-earning assets 817,687 10,488 5.13 % 918,916 10,923 4.60 % \n \n Non-interest-earning assets 51,362 68,251 \n Total assets $ 869,049 $ 943,532 \n Liabilities and equity: \n NOW and money market accounts $ 83,968 $ 543 2.62 % $ 79,400 $ 458 2.34 % \n Savings accounts 55,112 317 2.33 % 45,832 225 1.99 % \n Certificates of deposit ((1)) 459,342 4,130 3.65 % 484,253 5,079 4.25 % \n Total interes1t-bearing deposits 598,422 4,990 3.38 % 609,485 5,762 3.83 % \n \n FHLB advances (1) 97,061 1,072 4.48 % 158,116 1,568 4.02 % \n Total interest-bearing liabilities 695,483 6,062 3.53 % 767,601 7,330 3.87 % \n Non-interest-bearing deposits 29,264 32,763 \n Other non-interest-bearing liabilities 2,821 5,463 \n Total liabilities 727,568 805,827 \n \n Total equity 141,481 137,705 \n Total liabilities and equity $ 869,049 $ 943,532 \n Net interest income $ 4,426 $ 3,593 \n Interest rate spread ((2)) 1.60 % 1.12 % \n Net interest margin ((3)) 2.20 % 1.66 % \n Average interest-earning assets to average interest-bearing liabilities 117.57 % 114.03 % \n\n\n\n 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. \n 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. \n 3. Net interest margin represents net interest income divided by average total interest-earning assets. \n \n\nRate/Volume Analysis\n\nThe following table sets forth the effects of changing rates and volumes on\nnet interest income. The rate column shows the effects attributable to changes\nin rate (changes in rate multiplied by prior volume). The volume column shows\nthe effects attributable to changes in volume (changes in volume multiplied by\nprior rate). The net column represents the sum of the prior columns. Changes\nattributable to changes in both rate and volume that cannot be segregated have\nbeen allocated proportionally based on the changes due to rate and the changes\ndue to volume.\n\n Three Months Ended March 31, 2026 \n Compared to \n Three Months Ended March 31, 2025 \n Increase (Decrease) Due to \n Volume Rate Net \n (In thousands) \n Interest income: (unaudited) \n Cash and cash equivalents $ (71 ) $ (71 ) $ (142 ) \n Loans receivable (1,172 ) 557 (615 ) \n Securities 100 331 431 \n Other interest earning assets (63 ) (46 ) (109 ) \n Total interest-earning assets (1,206 ) 771 (435 ) \n \n Interest expense: \n NOW and money market accounts 28 57 85 \n Savings accounts 50 42 92 \n Certificates of deposit (253 ) (696 ) (949 ) \n FHLB advances (1,505 ) 1,009 (496 ) \n Total interest-bearing liabilities (1,681 ) 413 (1,268 ) \n Net increase in net interest income $ 474 $ 359 $ 833 \n \n\nContacts\nKevin Pace – President & CEO, 201-862-0660 ext. 1110\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/7d5a87e7-c815-497a-a558-7d3d5466d628)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX3wNVd4","title":"Bogota Financial Corp. Reports Results for the Three Months Ended March 31, 2026","author":"Globe Newswire","ticker":"BSBK","created":"2026-05-06T20:10:00.811Z","tickers":["BSBK"],"exchange":"NASDAQ","article_body":"TEANECK, N.J., May 06, 2026 (GLOBE NEWSWIRE) -- Bogota Financial Corp.\n(NASDAQ: BSBK) (the “Company”), the holding company for Bogota Savings\nBank (the “Bank”), reported net income for the three months ended March\n31, 2026 of $706,000, or $0.06 per basic and diluted share, compared to a net\nincome of $731,000, or $0.06 per basic and diluted share, for the comparable\nprior year period. \n\nAs of March 31, 2026, 14,313 shares of the Company’s common stock have been\nrepurchased pursuant to the Company’s current stock repurchase program at a\ncost of $119,000. Pursuant to the current repurchase program, the Company was\nauthorized to repurchase up to 237,590 shares of its common stock, or\napproximately 5% of its outstanding common stock (excluding shares held by\nBogota Financial, MHC). The repurchase program does not have a scheduled\nexpiration date and the Board of Directors has the right to suspend or\ndiscontinue the program at any time.\n\nOther Financial Highlights:\n* Total assets decreased $27.7 million, or 3.1%, to $877.2 million at March\n31, 2026 from $904.9 million at December 31, 2025, due largely to a decrease\nin cash and cash equivalents, securities and loans.\n\n\n* Cash and cash equivalents decreased $7.7 million, or 21.6%, to\n$27.9 million at March 31, 2026 from $35.6 million at December 31, 2025 as\nexcess funds from increased borrowings, security maturities and loan payments\nwere used to offset deposit outflows.\n\n\n* Securities decreased $13.2 million, or 8.4%, to $144.9 million at March\n31, 2026 from $158.1 million at December 31, 2025 due to principal\nrepayments of mortgage-backed securities and maturities of corporate\nbonds.  \n\n\n* Net loans decreased $8.2 million, or 1.3%, to $639.4 million at March 31,\n2026 from $647.6 million at December 31, 2025, primarily due to decreases in\nresidential mortgages, commercial and construction loans, offset by an\nincrease in multi-family loans.\n\n\n* Total deposits at March 31, 2026 were $600.9 million, decreasing $51.6\nmillion, or 7.9%, compared to $652.4 million at December 31, 2025, due to a\n$65.4 million decrease in certificates of deposit of which $20.1 was for a\ndecrease in brokered deposits. The decrease was offset by a $1.3 million\nincrease in money market accounts, a $5.3 million increase in\nsavings accounts and a $6.5 million increase in NOW accounts. The average\nrate on deposits decreased 45 basis points to 3.53% for the first\nquarter of 2026 from 3.87% from comparable period a year ago, which was due\nto lower interest rates and average balances of certificates of deposit.\n\n\n* Federal Home Loan Bank (\"FHLB\") advances increased $22.6 million, or 24.2%\nto $115.9 million at March 31, 2026 from $93.3 million as of December 31,\n2025.  The increase in borrowings was largely attributable to the outflow of\ndeposits during the three months ended March 31, 2026.\nKevin Pace, President and Chief Executive Officer, said “Core operating\nearnings for the first quarter improved year over year with a 23% increase in\nnet interest income that supported growth in our income before taxes.  We\ncontinue to make strides in our net interest margin, which grew from 1.66%\n(1(st) quarter 2025) to 2.20% (1st quarter 2026).  Our balance sheet remains\nstrong, and capital levels are robust. Credit quality remains stable and\nwithin our expectations.”\n\n“We remain focused on what matters most – serving our clients, positioning\nthe bank for sustainable long-term growth and delivering consistent value to\nour shareholders.\" \n\nIncome Statement Analysis\n\nComparison of Operating Results for the Three Months Ended March 31,\n2026 and March 31, 2025\n\nNet income decreased $25,000 to $706,000 for the three months ended March 31,\n2026 from a net income of $731,000 for the three months ended March 31,\n2025. This decrease was primarily due to a decrease of $568,000 in\nnon-interest income and an increase of $240,000 in income taxes, partially\noffset by an increase of $703,000 in net interest income, an increase of\n$130,000 in the provision for credit losses and a decrease of $80,000 in\nnon-interest expense.\n\nInterest income decreased $435,000, or 4.0%, to $10.5 million for the three\nmonths ended March 31, 2026 compared to $10.9 million for the three months\nended March 31, 2025.\n\nInterest income on cash and cash equivalents decreased $142,000, or 53.6%, to\n$123,000 for the three months ended March 31, 2026 from $265,000 for the three\nmonths ended March 31, 2025 due to a $5.3 million decrease in the average\nbalance to $11.3 million for the three months ended March 31, 2026 from $16.6\nmillion for the three months ended March 31, 2025, reflecting an increase in\nsecurities and a reduction of borrowings.  This was also due to a 203-basis\npoint decrease in the average yield from 6.37% for the three months ended\nMarch 31, 2025 to 4.34% for the three months ended March 31, 2026 resulting\nfrom the lower interest rate environment.\n\nInterest income on loans decreased $615,000, or 7.1%, to $8.0 million for the\nthree months ended March 31, 2026 compared to $8.6 million for the three\nmonths ended March 31, 2025 which was primarily due to a $57.2 million\ndecrease in the average balance to $647.9 million for the three months ended\nMarch 31, 2026 from $705.1 million for the three months ended March 31, 2025,\nslightly offset by a five basis point increase in the average yield from 4.88%\nfor the three months ended March 31, 2025 to 4.93% for the three months ended\nMarch 31, 2026.\n\nInterest income on securities increased $431,000, or 23.5%, to $2.3 million\nfor the three months ended March 31, 2026, from $1.8 million for the three\nmonths ended March 31, 2025, primarily due to an 88 basis point increase\nin the average yield from 5.05% for the three months ended March 31,\n2025, to 5.93% for the three months ended March 31, 2026.  The increase\nwas also due to a $7.6 million increase in the average balance to\n$152.9 million for the three months ended March 31, 2026, from\n$145.3 million for the three months ended March 31, 2025.\n\nInterest expense decreased $1.3 million, or 17.3%, from $7.3 million for the\nthree months ended March 31, 2025 to $6.1 million for the three months\nended March 31, 2026 due to lower costs on deposits and lower balances on\nborrowings.  During the three months ended March 31, 2026, the use of\nhedges increased the interest expense on the FHLB advances and brokered\ndeposits by $37,000. At March 31, 2026, cash flow hedges used to manage\ninterest rate risk had a notional value of $67.5 million, while fair value\nhedges totaled $30.0 million in notional value. \n\nInterest expense on interest-bearing deposits decreased $772,000, or 13.4%, to\n$5.0 million for the three months ended March 31, 2026 from\n$5.8 million for the three months ended March 31, 2025. The decrease was due\nto a 45-basis point decrease in the average cost of deposits to 3.38% for the\nthree months ended March 31, 2026 from 3.83% for the three months ended March\n31, 2025. The decrease in the average cost of deposits was due to the lower\ninterest rate environment and a decrease in the rate paid on certificates of\ndeposit offset by an increase in the rate paid on transactional accounts. Our\nrates on certificates of deposit decreased 60 basis points to 3.65% for the\nthree months ended March 31, 2026 from 4.25% for the three months ended March\n31, 2025 and the average balances of certificates of deposit decreased\n$24.9 million to $459.3 million for the three months ended March 31, 2026\nfrom $484.3 million for the three months ended March 31, 2025. The average\nbalance of NOW/money market accounts and savings accounts increased\n$4.6 million and $9.3 million for the three months ended March 31, 2026,\nrespectively, compared to the three months ended March 31, 2025.\n\nInterest expense on FHLB advances decreased $496,000, or 31.6%, from\n$1.6 million for the three months ended March 31, 2025 to $1.1 million for\nthe three months ended March 31, 2026. The decrease was primarily due to\na decrease in the average balance of $61.1 million to $97.1 million for the\nthree months ended March 31, 2026 from $158.1 million for the three months\nended March 31, 2025.  The decrease was offset by an increase in the average\ncost of borrowings of 46 basis points to 4.48% for the three months\nended March 31, 2026 from 4.02% for the three months ended March 31,\n2025 due to the new borrowings being shorter durations at higher rates.\n\nNet interest income increased $833,000, or 23.2%, to $4.4 million for the\nthree months ended March 31, 2026 from $3.6 million for the three months\nended March 31, 2025.  The increase reflected a 48-basis point increase in\nour net interest rate spread to 1.60% for the three months ended March 31,\n2026 from 1.12% for the three months ended March 31, 2025. Our net interest\nmargin increased 54 basis points to 2.20% for the three months ended March\n31, 2026 from 1.66% for the three months ended March 31, 2025.\n\nWe recorded a $50,000 provision for credit losses for the three months\nended March 31, 2026 compared to $80,000 recovery for credit losses for the\nthree months ended March 31, 2025 due to higher delinquent commercial loan\nbalances.  \n\nNon-interest income decreased $568,000, or 63.9%, to $321,000 for the three\nmonths ended March 31, 2026 from $889,000 for the three months ended March 31,\n2025 due to a death benefit received related to a former employee.\n\nFor the three months ended March 31, 2026, non-interest expense decreased\n$80,000, or 2.1%, compared to the comparable March 31, 2025 period.\nSalaries and employee benefits decreased $27,000, or 1.3%, due to lower\nheadcount. FDIC insurance premiums decreased $8,000, or 7.1%, due to lower\ndeposit balances in 2026. Data processing expense decreased $45,000, or\n14.2%, due to lower processing costs. Director fees decreased $21,000, or\n13.1%, due to fewer members on the board. The decrease in advertising expense\nof $54,000, or 50.7%, was due to reduced promotions for branch locations and\nless promotions on deposit and loan products. Professional fees increased\n$44,000, or 21.9%, due to higher legal costs in 2026. Occupancy and\nequipment increased $31,000, or 4.6%, due to higher snow removal costs in\n2026.\n\nIncome tax expense increased $240,000 to an expense of $212,000 for the\nthree months ended March 31, 2026 from a $28,000 benefit for the three months\nended March 31, 2025. The increase was due to an increase of $755,000 in\npre-tax income. \n\nBalance Sheet Analysis\n\nTotal assets were $877.2 million at March 31, 2026, representing a decrease\nof $27.7 million, or 3.1%, from December 31, 2025.  Cash and cash\nequivalents decreased $7.7 million during the period primarily as excess\nfunds from increased borrowings, security maturities and loan payments were\nused to offset deposits outflows. Net loans decreased $8.2 million, or\n1.30%, due to $17.3 million in repayments, partially offset by new production\nof $9.1 million. This resulted in a $5.4 million decrease in the balance of\nresidential loans, a $3.2 million decrease in construction loans and a\ndecrease of $4.4 million of commercial loans, offset by a $5.2 million\nincrease in multi-family loans.  Due to the interest rate environment, we\nhave seen a decrease in demand for residential and construction loans, which\nhave been primary drivers of our loan growth in recent periods. \nSecurities available for sale decreased $13.2 million or 8.4%, due to\nrepayments of mortgage-backed securities and maturities of corporate\nbonds. \n\nDelinquent loans increased $1.3 million to $28.1 million, or 4.39% of total\nloans, at March 31, 2026, compared to $26.8 million at December 31, 2025.\nThe increase was primarily due to an increase in commercial real estate loans\nassociated with several large loans that have been either 30 or 60 days past\ndue.  All delinquent loans are considered well-secured. During the same\ntimeframe, non-performing assets increased from $13.3 million at December 31,\n2025 to $13.5 million, which represented 1.54% of total assets at March 31,\n2026. No loans were charged off during the three months ended March 31,\n2026 or March 31, 2025. The Company’s allowance for credit losses related\nto loans was 0.40% of total loans and 19.69% of non-performing loans at March\n31, 2026 compared to 0.39% of total loans and 19.38% of non-performing loans\nat December 31, 2025.  The Bank has limited exposure to commercial real\nestate loans secured by office space. \n\nTotal liabilities decreased $28.8 million, or 3.8%, to $735.2 million mainly\ndue to a $51.6 million decrease in deposits offset by an increase in\nborrowings. Total deposits decreased $51.6 million, or 7.9%, to\n$600.9 million at March 31, 2026 from $652.4 million at December 31, 2025.\nThe decrease in deposits reflected a decrease in certificate of deposit\naccounts, which decreased by $65.4 million to $428.6 million at March 31,\n2026 from $493.9 million at December 31, 2025 . This decrease was offset by\nsavings accounts which increased by $5.3 million from $54.6 million at\nDecember 31, 2025 to $59.8 million at March 31, 2026 a increase in NOW\ndeposit accounts, which decreased by $6.5 million to $72.0 million from\n$65.5 million at December 31, 2025, an increase in money market deposit\naccounts, which increased by $1.3 million to $11.5 million from\n$10.2 million at December 31, 2025, and by a increase in noninterest bearing\ndemand accounts, which increased by $763,000 from $28.2 million at December\n31, 2025 to $28.9 million at March 31, 2026.  At March 31, 2026, brokered\ndeposits were $89.6 million or 14.9% of deposits and municipal deposits were\n$48.5 million or 8.1% of deposits.  At March 31, 2026, uninsured deposits\nrepresented 8.7% of the Bank’s total deposits. FHLB advances increased\n$22.6 million, or 24.2%, due to the use of borrowings to offset deposit\noutflows.  Short-term borrowings increased $38.5 million, or 192.5%, to\n$58.5 million at March 31, 2026 from $20.0 million at December 31, 2025,\nwhile long-term borrowings decreased $15.9 million, or 21.7%, to\n$57.4 million at March 31, 2026 from $73.3 million at December 31,\n2025.  Total borrowing capacity at the FHLB is $236.4 million, of which\n$115.9 million has been advanced.\n\nTotal stockholders’ equity increased $1.1 million to $142.1 million,\nprimarily due to net income of $706,000 and less changes in other\ncomprehensive income of $283,000. At March 31, 2026, the Company’s ratio of\naverage stockholders’ equity-to-total assets was 16.28%, compared to 14.59%\nat December 31, 2025.\n\nAbout Bogota Financial Corp.\n\nBogota Financial Corp. is a Maryland corporation organized as the mid-tier\nholding company of Bogota Savings Bank and is the majority-owned subsidiary of\nBogota Financial, MHC. Bogota Savings Bank is a New Jersey chartered stock\nsavings bank that has served the banking needs of its customers in northern\nand central New Jersey since 1893. It operates from seven offices located in\nBogota, Hasbrouck Heights, Upper Saddle River, Newark, Oak Ridge, Parsippany\nand Teaneck, New Jersey and operates a loan production office in Spring Lake,\nNew Jersey.\n\nForward-Looking Statements\n\nThis press release contains certain forward-looking statements about the\nCompany and the Bank. Forward-looking statements include statements regarding\nanticipated future events and can be identified by the fact that they do not\nrelate strictly to historical or current facts. They often include words such\nas “believe,” “expect,” “anticipate,” “estimate,” and\n“intend” or future or conditional verbs such as “will,” “would,”\n“should,” “could,” or “may.” Forward-looking statements, by their\nnature, are subject to risks and uncertainties. Certain factors that could\ncause actual results to differ materially from expected results include\nincreased competitive pressures, changes in the interest rate environment,\ninflation, general economic conditions or conditions within the securities\nmarkets, the imposition of tariffs or other domestic or international\ngovernmental policies and retaliatory responses, the impact of a potential\nfederal government shutdown, real estate market values in the Bank’s lending\narea, changes in liquidity, including the size and composition of our deposit\nportfolio and the percentage of uninsured deposits in the portfolio; the\navailability of low-cost funding; our continued reliance on brokered and\nmunicipal deposits; demand for loans in our market area; changes in the\nquality of our loan and security portfolios, economic assumptions or changes\nin our methodology, either of which may impact our allowance for credit losses\ncalculation, increases in non-performing and classified loans, monetary and\nfiscal policies of the U.S. Government, including policies of the U.S.\nTreasury and the Board of Governors of the Federal Reserve System; the current\nor anticipated impact of military conflict, terrorism or other geopolitical \nevents; a failure in or breach of the Company’s operational or security\nsystems or infrastructure, including cyberattacks, the failure to maintain\ncurrent technologies; failure to retain or attract employees and legislative,\naccounting and regulatory changes that could adversely affect the business in\nwhich the Company and the Bank are engaged.\n\nThe Company undertakes no obligation to revise these forward-looking\nstatements or to reflect events or circumstances after the date of this press\nrelease.\n\n\n\n \n BOGOTA FINANCIAL CORP. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (unaudited) \n \n As of As of \n March 31, 2026 December 31, 2025 \n Assets \n Cash and due from banks $ 13,090,589 $ 11,584,648 \n Interest-bearing deposits in other banks 14,834,095 24,013,947 \n Cash and cash equivalents 27,924,684 35,598,595 \n \n Securities available for sale, at fair value 144,852,570 158,064,631 \n Loans, net of allowance for credit losses of $2,579,949 and $2,529,949, respectively 639,410,532 647,645,607 \n Premises and equipment, net 4,336,207 4,399,202 \n FHLB stock and other restricted securities 6,419,500 5,403,900 \n Accrued interest receivable 4,471,378 4,261,410 \n Core deposit intangibles 97,521 107,604 \n Bank-owned life insurance 31,997,147 31,774,855 \n Right of use asset 10,684,772 10,265,125 \n Investment in limited partnership 2,413,320 2,413,320 \n Other assets 4,637,434 5,013,251 \n Total Assets $ 877,245,065 $ 904,947,500 \n Liabilities and Equity \n Non-interest bearing deposits $ 28,940,853 $ 28,177,516 \n Interest bearing deposits 571,930,788 624,269,541 \n Total deposits 600,871,641 652,447,057 \n \n FHLB advances-short term 58,500,000 20,000,000 \n FHLB advances-long term 57,425,424 73,322,132 \n Advance payments by borrowers for taxes and insurance 2,879,987 2,591,007 \n Lease liabilities 10,883,252 10,434,759 \n Other liabilities 4,632,391 5,244,197 \n Total liabilities 735,192,695 764,039,152 \n \n Stockholders’ Equity \n Preferred stock $0.01 par value 1,000,000 shares authorized, none issued and outstanding at March 31, 2026 and December 31, 2025 — — \n 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 \n Additional paid-in capital 55,029,197 54,949,369 \n Retained earnings 92,803,372 92,097,426 \n Unearned ESOP shares (349,594 shares at March 31, 2026 and 356,188 shares at December 31, 2025) (4,144,090 ) (4,219,390 ) \n Accumulated other comprehensive loss (1,765,214 ) (2,048,312 ) \n Total stockholders’ equity 142,052,370 140,908,348 \n Total liabilities and stockholders’ equity $ 877,245,065 $ 904,947,500 \n\n\n\n \n BOGOTA FINANCIAL CORP. \n CONSOLIDATED STATEMENTS OF OPERATIONS \n (unaudited) \n \n Three Months Ended \n March 31, \n 2026 2025 \n Interest income \n Loans, including fees $ 7,987,603 $ 8,603,129 \n Securities \n Taxable 2,261,418 1,830,394 \n Tax-exempt 2,889 2,895 \n Other interest-earning assets 236,587 487,171 \n Total interest income 10,488,497 10,923,589 \n Interest expense \n Deposits 4,990,259 5,762,324 \n FHLB advances 1,071,747 1,568,027 \n Total interest expense 6,062,006 7,330,351 \n Net interest income 4,426,491 3,593,238 \n Provision (recovery) for credit losses 50,000 (80,000 ) \n Net interest income after provision (recovery) for credit losses 4,376,491 3,673,238 \n Non-interest income \n Fees and service charges 65,151 55,819 \n Gain on sale of loans — 29,062 \n Bank-owned life insurance 222,292 762,231 \n Other 33,804 42,260 \n Total non-interest income 321,247 889,372 \n Non-interest expense \n Salaries and employee benefits 2,052,846 2,080,199 \n Occupancy and equipment 702,357 671,469 \n FDIC insurance assessment 99,000 106,586 \n Data processing 270,715 315,697 \n Advertising 52,000 105,500 \n Director fees 138,631 159,444 \n Professional fees 242,281 198,730 \n Other 221,828 222,045 \n Total non-interest expense 3,779,658 3,859,670 \n Income before income taxes 918,080 702,940 \n Income tax expense (benefit) 212,134 (28,007 ) \n Net income $ 705,946 $ 730,947 \n Earnings per Share - basic $ 0.06 $ 0.06 \n Earnings per Share - diluted $ 0.06 $ 0.06 \n Weighted average shares outstanding - basic 12,605,383 12,649,573 \n Weighted average shares outstanding - diluted 12,607,136 12,650,520 \n\n\n\n \n BOGOTA FINANCIAL CORP. \n SELECTED RATIOS \n (unaudited) \n \n At or For the Three Months \n Ended March 31, \n 2026 2025 \n Performance Ratios (1): \n Return on average assets (2) 0.08 % 0.08 % \n Return on average equity (3) 0.50 % 0.53 % \n Interest rate spread (4) 1.60 % 1.12 % \n Net interest margin (5) 2.20 % 1.66 % \n Efficiency ratio (6) 79.61 % 86.10 % \n Average interest-earning assets to average interest-bearing liabilities 117.57 % 114.03 % \n Net loans to deposits 106.41 % 110.81 % \n Average equity to average assets (7) 16.28 % 14.59 % \n Capital Ratios: \n Tier 1 capital to average assets 15.09 % 15.00 % \n Asset Quality Ratios: \n Allowance for credit losses as a percent of total loans 0.40 % 0.37 % \n Allowance for credit losses as a percent of non-performing loans 19.69 % 18.65 % \n Net charge-offs to average outstanding loans during the period 0.00 % 0.00 % \n Non-performing loans as a percent of total loans 2.04 % 1.97 % \n Non-performing assets as a percent of total assets 1.54 % 1.49 % \n\n\n\n (1 ) Certain performance ratios for the three months ended March 31, 2026 and 2025 are annualized. \n (2 ) Represents net income divided by average total assets. \n (3 ) Represents net income divided by average stockholders’ equity. \n (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. \n (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. \n (6 ) Represents non-interest expenses divided by the sum of net interest income and non-interest income. \n (7 ) Represents average stockholders’ equity divided by average total assets. \n \n\nLOANS\n\nLoans are summarized as follows at March 31, 2026 and December 31, 2025:\n\n March 31, December 31, \n 2026 2025 \n (unaudited) \n Real estate: \n Residential First Mortgage $ 438,468,814 $ 443,894,498 \n Commercial Real Estate 117,603,193 121,960,681 \n Multi-Family Real Estate 64,133,297 58,944,579 \n Construction 18,852,024 22,046,399 \n Commercial and Industrial 2,816,976 3,211,338 \n Consumer 116,177 118,061 \n Total loans 641,990,481 650,175,556 \n Allowance for credit losses (2,579,949 ) (2,529,949 ) \n Net loans $ 639,410,532 $ 647,645,607 \n \n\nThe following tables set forth the distribution of total deposit accounts, by\naccount type, at the dates indicated:\n\n At March 31, At December 31, \n 2026 2025 \n Amount Percent Average Amount Percent Average \n Rate Rate \n \n (unaudited) \n Noninterest bearing demand accounts $ 28,940,853 4.82 % — % $ 28,177,516 4.32 % — % \n NOW accounts 72,004,737 11.98 % 2.85 65,532,122 10.04 % 2.76 \n Money market accounts 11,539,538 1.92 % 0.40 10,244,512 1.57 % 0.44 \n Savings accounts 59,820,146 9.96 % 2.40 54,558,439 8.36 % 2.13 \n Certificates of deposit 428,566,367 71.32 % 3.59 493,934,468 75.70 % 3.75 \n Total $ 600,871,641 100.00 % 3.15 % $ 652,447,057 100.00 % 3.30 % \n \n\nAverage Balance Sheets and Related Yields and Rates \n\nThe following tables present information regarding average balances of assets\nand liabilities, the total dollar amounts of interest income and dividends\nfrom average interest-earning assets, the total dollar amounts of interest\nexpense on average interest-bearing liabilities, and the resulting annualized\naverage yields and costs. The yields and costs for the periods indicated are\nderived by dividing income or expense by the average balances of assets or\nliabilities, respectively, for the periods presented. Average balances have\nbeen calculated using daily balances. Nonaccrual loans are included in average\nbalances only. Loan fees are included in interest income on loans and are not\nmaterial.\n\n Three Months Ended March 31, \n 2026 2025 \n Average Interest and Yield/ Cost Average Interest and Yield/ Cost \n Balance Dividends Balance Dividends \n (Dollars in thousands) \n Assets: (unaudited) \n Cash and cash equivalents $ 11,314 $ 123 4.34 % $ 16,601 $ 265 6.37 % \n Loans 647,897 7,988 4.93 % 705,095 8,603 4.88 % \n Securities 152,904 2,264 5.93 % 145,280 1,833 5.05 % \n Other interest-earning assets 5,572 113 8.16 % 8,305 222 10.72 % \n Total interest-earning assets 817,687 10,488 5.13 % 918,916 10,923 4.60 % \n \n Non-interest-earning assets 51,362 68,251 \n Total assets $ 869,049 $ 943,532 \n Liabilities and equity: \n NOW and money market accounts $ 83,968 $ 543 2.62 % $ 79,400 $ 458 2.34 % \n Savings accounts 55,112 317 2.33 % 45,832 225 1.99 % \n Certificates of deposit ((1)) 459,342 4,130 3.65 % 484,253 5,079 4.25 % \n Total interes1t-bearing deposits 598,422 4,990 3.38 % 609,485 5,762 3.83 % \n \n FHLB advances (1) 97,061 1,072 4.48 % 158,116 1,568 4.02 % \n Total interest-bearing liabilities 695,483 6,062 3.53 % 767,601 7,330 3.87 % \n Non-interest-bearing deposits 29,264 32,763 \n Other non-interest-bearing liabilities 2,821 5,463 \n Total liabilities 727,568 805,827 \n \n Total equity 141,481 137,705 \n Total liabilities and equity $ 869,049 $ 943,532 \n Net interest income $ 4,426 $ 3,593 \n Interest rate spread ((2)) 1.60 % 1.12 % \n Net interest margin ((3)) 2.20 % 1.66 % \n Average interest-earning assets to average interest-bearing liabilities 117.57 % 114.03 % \n\n\n\n 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. \n 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. \n 3. Net interest margin represents net interest income divided by average total interest-earning assets. \n \n\nRate/Volume Analysis\n\nThe following table sets forth the effects of changing rates and volumes on\nnet interest income. The rate column shows the effects attributable to changes\nin rate (changes in rate multiplied by prior volume). The volume column shows\nthe effects attributable to changes in volume (changes in volume multiplied by\nprior rate). The net column represents the sum of the prior columns. Changes\nattributable to changes in both rate and volume that cannot be segregated have\nbeen allocated proportionally based on the changes due to rate and the changes\ndue to volume.\n\n Three Months Ended March 31, 2026 \n Compared to \n Three Months Ended March 31, 2025 \n Increase (Decrease) Due to \n Volume Rate Net \n (In thousands) \n Interest income: (unaudited) \n Cash and cash equivalents $ (71 ) $ (71 ) $ (142 ) \n Loans receivable (1,172 ) 557 (615 ) \n Securities 100 331 431 \n Other interest earning assets (63 ) (46 ) (109 ) \n Total interest-earning assets (1,206 ) 771 (435 ) \n \n Interest expense: \n NOW and money market accounts 28 57 85 \n Savings accounts 50 42 92 \n Certificates of deposit (253 ) (696 ) (949 ) \n FHLB advances (1,505 ) 1,009 (496 ) \n Total interest-bearing liabilities (1,681 ) 413 (1,268 ) \n Net increase in net interest income $ 474 $ 359 $ 833 \n \n\nContacts\nKevin Pace – President & CEO, 201-862-0660 ext. 1110\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/7d5a87e7-c815-497a-a558-7d3d5466d628)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-05-06T20:10:00.981912999Z","server_sent_at_ms":1778098200981},"received_at":"2026-05-06T20:10:01.053Z","source_url":null},"analysis":{"id":"18875","press_release_id":"24146","analysis_json":{"industry":{"label":"Banks","sector":"Financials"},"redFlags":["Total deposits decreased $51.6 million, or 7.9%","Delinquent loans increased to 4.39% of total loans"],"eventType":"earnings","narrative":"Bogota Financial reported Q1 2026 net income of $706,000, or $0.06 per share, compared to $731,000 in the prior-year period.\n\nCore operating performance improved with net interest income rising 23.2% to $4.4 million and net interest margin expanding 54 basis points to 2.20%.\n\nHowever, the balance sheet contracted with total assets falling 3.1% to $877.2 million, driven by a $51.6 million decrease in deposits offset by increased FHLB advances.","sentiment":"mixed","agentHooks":{"shouldPost":false,"suggestedAngle":"Mixed quarter: NIM expansion to 2.20% fails to offset 7.9% deposit outflow and shrinking balance sheet."},"keyFigures":{"eps":0.06,"customDimensions":{"total_assets":"$877.2 million","total_deposits":"$600.9 million","net_interest_income":"$4.4 million","net_interest_margin":"2.20%","non_interest_income":"$321,000","provision_for_credit_losses":"$50,000"}},"quotedText":"Core operating earnings for the first quarter improved year over year with a 23% increase in net interest income that supported growth in our income before taxes.","namedEntities":{"people":[{"name":"Kevin Pace","role":"President and Chief Executive Officer"}],"products":[],"companies":[{"name":"Bogota Financial Corp.","ticker":"BSBK"},{"name":"Bogota Savings Bank","relationship":"subsidiary"},{"name":"Federal Home Loan Bank (\"FHLB\")","relationship":"counterparty"},{"name":"Bogota Financial, MHC","relationship":"parent"}],"dollarAmounts":[{"amount":"$706,000","context":"net income for the three months ended March 31, 2026"},{"amount":"$0.06","context":"earnings per basic and diluted share"},{"amount":"$4.4 million","context":"net interest income for the three months ended March 31, 2026"},{"amount":"$877.2 million","context":"total assets at March 31, 2026"},{"amount":"$600.9 million","context":"total deposits at March 31, 2026"}]},"materialImpact":{"score":2,"reasoning":"Routine small-cap earnings report. While net interest margin expanded 54 basis points and net interest income grew 23%, the company reported a decline in net income YoY and a concerning 7.9% drop in total deposits."},"tickerRelevance":{"others":[],"primary":"BSBK"},"globalImportance":15,"audienceRelevance":10,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"micro-cap","eventGravity":"routine_earnings","sectorWeight":"regional_bank"}},"event_type":"earnings","event_type_secondary":null,"sentiment":"mixed","material_impact_score":2,"narrative":"Bogota Financial reported Q1 2026 net income of $706,000, or $0.06 per share, compared to $731,000 in the prior-year period.\n\nCore operating performance improved with net interest income rising 23.2% to $4.4 million and net interest margin expanding 54 basis points to 2.20%.\n\nHowever, the balance sheet contracted with total assets falling 3.1% to $877.2 million, driven by a $51.6 million decrease in deposits offset by increased FHLB advances.","key_figures":{"eps":0.06,"customDimensions":{"total_assets":"$877.2 million","total_deposits":"$600.9 million","net_interest_income":"$4.4 million","net_interest_margin":"2.20%","non_interest_income":"$321,000","provision_for_credit_losses":"$50,000"}},"named_entities":{"people":[{"name":"Kevin Pace","role":"President and Chief Executive Officer"}],"products":[],"companies":[{"name":"Bogota Financial Corp.","ticker":"BSBK"},{"name":"Bogota Savings Bank","relationship":"subsidiary"},{"name":"Federal Home Loan Bank (\"FHLB\")","relationship":"counterparty"},{"name":"Bogota Financial, MHC","relationship":"parent"}],"dollarAmounts":[{"amount":"$706,000","context":"net income for the three months ended March 31, 2026"},{"amount":"$0.06","context":"earnings per basic and diluted share"},{"amount":"$4.4 million","context":"net interest income for the three months ended March 31, 2026"},{"amount":"$877.2 million","context":"total assets at March 31, 2026"},{"amount":"$600.9 million","context":"total deposits at March 31, 2026"}]},"model_name":"glm-4.7","prompt_hash":"sha256:6c7fa2f5e3b62e83","schema_hash":"sha256:ee8f711bc9bfba0d","created_at":"2026-05-07T14:06:52.103Z","global_importance":15,"audience_relevance":10,"importance_components":{"tickerTier":"micro-cap","eventGravity":"routine_earnings","sectorWeight":"regional_bank"}},"durationMs":null,"modelName":"glm-4.7"}}