BSBK News & Events

Kevin Pace, President and Chief Executive Officer, said "This year's results reflect the strength of our strategy and the disciplined execution of our team. After navigating a challenging period, we made significant strides returning to profitability with 2025 net income of $2.1 million compared to a loss of $2.2 million the prior year. With a more resilient balance sheet and a clear focus on responsible growth, we are well positioned to deliver long-term value for our shareholders and a meaningful impact across our communities. As we look ahead, we remain focused on investing in our customers, expanding our capabilities, and delivering consistent long-term value. Our 2026 growth plan includes a new branch location in Central/Southern New Jersey, with an anticipated opening in early summer. We continue to work through our sixth stock buyback program with a commitment to adding shareholder value."

Bogota Financial announced that it has received regulatory approval for the repurchase of up to 237,590 shares of its common stock, which is approximately 5% of its outstanding common stock, as previously approved by the board of directors of the Company. This is the Company's sixth stock repurchase program.

Bogota Financial 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 of available-for-sale and held-to-maturity 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.

Total assets increased $39.5 million, or 4.2%, to $978.8 million at September 30, 2024 from $939.3 million at December 31, 2023, due to an increase in securities, offset by a decrease in cash and cash equivalents and loans. Kevin Pace, President and Chief Executive Officer, said "The Bank continues its growth strategy focusing on core deposits and commercial lending. We have seen an uptick in our commercial pipeline this quarter that shows interest remains strong in our market. Offering new desirable technology through partnerships with our providers is a key initiative we are focusing on going into 2025. This will allow us to attract new customers in our competitive environment."