Bogota Financial Corp. (NASDAQ: BSBK) (the “Company”), the
holding company for Bogota Savings Bank (the “Bank”), reported net
income for the three months ended June 30, 2023 of $857,000, or
$0.07 per basic and diluted share, compared to net income of $1.6
million, or $0.12 per basic and diluted share, for the three months
ended June 30, 2022. The Company reported net income for the six
months ended June 30, 2023 of $1.8 million, or $0.14 per basic and
diluted shares, compared to net income of $3.0 million, or $0.22
per basic and diluted share, for the six months ended June 30,
2022.
On October 3, 2022, the Company announced it had received
regulatory approval for the repurchase of up to 556,631 shares of
its common stock, which was approximately 10% of its then
outstanding common stock (excluding shares held by Bogota
Financial, MHC). As of June 30, 2023, all shares under this program
have been repurchased, including the repurchase of 196,259 shares
of stock during the six months ended June 30, 2023 at a cost of
$2.1 million.
On May 24, 2023, the Company announced it had received
regulatory approval for the repurchase of up to 249,920 shares of
its common stock, which was approximately 5% of its then
outstanding common stock (excluding shares held by Bogota
Financial, MHC). As of June 30, 2023, 20,300 shares have been
repurchased under this program at a cost of $165,000.
Other Financial Highlights:
- Total assets decreased $20.1 million, or 2.1%, to $931.0
million at June 30, 2023 from $951.1 million at December 31, 2022,
due to a decrease in loans and securities, offset by an increase in
cash and cash equivalents.
- Cash and cash equivalents increased $12.2 million, or 72.3%, to
$29.0 million at June 30, 2023 from $16.8 million at December 31,
2022.
- Net loans decreased $13.1 million, or 1.8%, to $705.9 million
at June 30, 2023 from $719.0 million at December 31, 2022.
- Total deposits were $656.6 million, decreasing $44.9 million,
or 6.4%, as compared to $701.4 million at December 31, 2022,
primarily due to a $67.6 million decrease in checking, savings and
money market accounts , offset by an $18.6 million increase in
noninterest-bearing deposits and a $4.2 million increase in
certificates of deposit. The average rate paid on deposits at June
30, 2023 increased 90 basis points to 2.72% at June 30, 2023 from
1.82% at December 31, 2022 due to higher interest rates and a
larger percentage of deposits consisting of higher-costing
certificates of deposit.
- Federal Home Loan Bank advances increased $24.9 million, or
24.4% to $127.2 million at June 30, 2023 from $102.3 million as of
December 31, 2022.
- Annualized return on average assets was 0.40% for the six-month
period ended June 30, 2023 compared to 0.73% for six-month period
ended June 30, 2022.
- Annualized return on average equity was 2.68% for the six-month
period ended June 30, 2023 compared to 4.26% for the six-month
period ended June 30, 2022.
- Upon adoption of the CECL method of calculating the allowance
for credit losses on January 1, 2023, the Bank recorded a one-time
decrease, net of tax, in retained earnings of $220,000, an increase
to the allowance for credit losses of $157,000 and an increase in
the reserve for unfunded liabilities of $152,000.
Joseph Coccaro, President and Chief Executive Officer, said,
“Higher interest rates along with an inverted yield curve have
continued to impact our net interest margin. Our net income and
return on average assets for the first six months of 2023 are
disappointing when compared to 2022 results due to the increase in
deposit costs outpacing our ability to produce offsetting growth in
loan revenue.
“The Bank continues to be prudent in its lending and interest
rate risk management. We remain well capitalized with substantial
reserve sources of liquidity. We are currently working on our new
branch in Upper Saddle River, NJ, which will be the Bank’s seventh
stand-alone branch. The Bank anticipates this new office will open
in September.”
Mr. Coccaro further stated, "Our balance sheet is well
positioned for the balance of the year and we will focus on
delivering excellent services to our customers. We continue to
repurchase shares of our common stock which will drive additional
shareholder value."
Income Statement Analysis
Comparison of Operating Results for the Three Months Ended
June 30, 2023 and June 30, 2022
Net income decreased by $785,000, or 47.8%, to $857,000 for the
three months ended June 30, 2023 from $1.6 million for the three
months ended June 30, 2022. This decrease was primarily due to a
decrease of $1.4 million in net interest income offset by a
decrease of $225,000 in the provision for credit losses and a
decrease of $410,000 in income tax expense.
Interest income increased $2.5 million, or 36.1%, from $6.9
million for the three months ended June 30, 2022 to $9.4 million
for the three months ended June 30, 2023 due to increases in the
average balances of and higher yields on interest earning
assets.
Interest income on cash and cash equivalents increased $121,000,
or 432.1%, to $149,000 for the three months ended June 30, 2023
from $28,000 for the three months ended June 30, 2022 due a 425
basis point increase in the average yield from 0.55% for the three
months ended June 30, 2022 to 4.80% for the three months ended June
30, 2023 due to the higher interest rate environment. This was
offset by an $8.3 million decrease in the average balance to $12.4
million for the three months ended June 30, 2023 from $20.7 million
for the three months ended June 30, 2022, reflecting the use of
excess liquidity to fund loan originations.
Interest income on loans increased $2.3 million, or 39.2%, to
$8.1 million for the three months ended June 30, 2023 compared to
$5.8 million for the three months ended June 30, 2022 due primarily
to $118.5 million increase in the average balance to $712.2 million
for the three months ended June 30, 2023 from $593.7 million for
the three months ended June 30, 2022 and a 64 basis point increase
in the average yield from 3.95% for the three months ended June 30,
2022 to 4.59% for the three months ended June 30, 2023. The
increase was offset by a $347,000 reserve for nonaccrual interest
on a delinquent construction loan.
Interest income on securities increased $38,000, or 3.9%, to
$1.0 million for the three months ended June 30, 2023 from $979,000
for the three months ended June 30, 2022 due primarily due to a 63
basis point increase in the average yield from 2.15% for the three
months ended June 30, 2022 to 2.78% for the three months ended June
30, 2023 offset by a $36.1 million decrease in the average balance
to $146.2 million for the three months ended June 30, 2023 from
$182.3 million for the three months ended June 30, 2022.
Interest expense increased $3.9 million, or 324.0%, from $1.2
million for the three months ended June 30, 2022 to $5.1 million
for the three months ended June 30, 2023 due to increases in the
average balance and higher costs on interest -bearing
liabilities.
Interest expense on interest-bearing deposits increased $3.4
million, or 395.5%, to $4.2 million for the three months ended June
30, 2023 from $850,000 for the three months ended June 30, 2022.
The increase was due to a 209 basis point increase in the average
cost of deposits to 2.68% for the three months ended June 30, 2023
from 0.59% for the three months ended June 30, 2022. The increase
in the average cost of deposits was due to the higher interest rate
environment and an increase in the average balances of certificates
of deposit of $139.4 million to $494.0 million for the three months
ended June 30, 2023 from $354.6 million for the three months ended
June 30, 2022.
Interest expense on Federal Home Loan Bank borrowings increased
$547,000, or 153.5%, from $356,000 for the three months ended June
30, 2022 to $903,000 for the three months ended June 30, 2023. The
increase was due to an increase in the average cost of 142 basis
points to 3.01% for the three months ended June 30, 2023 from 1.59%
for the three months ended June 30, 2022 due to the new borrowings
at higher rates. The increase was also due to an increase in the
average balance of borrowings of $34.0 million to $120.5 million
for the three months ended June 30, 2023 from $86.4 million for the
three months ended June 30, 2022.
Net interest income decreased $1.4 million, or 24.8%, to $4.3
million for the three months ended June 30, 2023 from $5.7 million
for the three months ended June 30, 2022. The decrease reflected a
116 basis point decrease in our net interest rate spread to 1.57%
for the three months ended June 30, 2023 from 2.73% for the three
months ended June 30, 2022. Our net interest margin decreased 89
basis points to 1.96% for the three months ended June 30, 2023 from
2.85% for the three months ended June 30, 2022.
We recorded a $125,000 recovery for credit losses for the three
months ended June 30, 2023 compared to a $100,000 provision for
loan losses for the three-month period ended June 30, 2022. The
Bank had a decrease in the loan portfolio and continues to have a
low level of delinquent and non-accrual loans in the portfolio, as
well as no charge-offs.
Non-interest income increased by $29,000, or 11.7%, to $283,000
for the three months ended June 30, 2023 from $254,000 for the
three months ended June 30, 2022. Gain on sale of loans increased
$16,000 and bank-owned life insurance income increased $21,000, or
12.2%, due higher balances during 2023. These increases were
partially offset by a decrease in fee and service charges and other
income of $7,000.
For the three months ended June 30, 2023, non-interest expense
increased $38,000, or 1.1%, over the comparable 2022 period.
Salaries and employee benefits increased $202,000, or 9.6%, due to
a higher employee count. Director fees decreased $44,000, or 21.7%,
due to lower pension expense. FDIC insurance premiums increased
$73,000 or 135.4%, due to a higher assessment rate in 2023. The
increase in advertising expense of $5,000, or 5.4%, was due to
additional promotions for branch locations and new promotions on
deposit and loan products. Data processing expense decreased
$96,000 or 28.9%, professional fees decreased $37,000 or 24.7% and
other expense decreased $81,000, or 25.2% due to lower deferred
compensation expense and other various expenses.
Income tax expense decreased $410,000, or 65.8%, to $213,000 for
the three months ended June 30, 2023 from $623,000 for the three
months ended June 30, 2022. The increase was due to $1.2 million of
lower taxable income. The effective tax rate for the three months
ended June 30, 2023 and 2022 were 19.91% and 27.51%,
respectively.
Comparison of Operating Results for the Six Months Ended June
30, 2023 and June 30, 2022
Net income decreased by $1.2 million, or 39.2%, to $1.8 million
for the six months ended June 30, 2023 from $3.0 million for the
six months ended June 30, 2022. This decrease was primarily due to
a decrease of $2.0 million in net interest income offset by a
decrease of $225,000 in the provision for credit losses and a
decrease of $637,000 in income tax expense.
Interest income increased $5.2 million, or 39.7%, from $13.2
million for the six months ended June 30, 2022 to $18.4 million for
the six months ended June 30, 2023 due to increases in the average
balances of and higher yields on interest-earning assets.
Interest income on cash and cash equivalents increased $197,000,
or 345.6%, to $254,000 for the six months ended June 30, 2023 from
$57,000 for the six months ended June 30, 2022 due a 457 basis
point increase in the average yield from 0.25% for the six months
ended June 30, 2022 to 4.82% for the six months ended June 30, 2023
due to the higher interest rate environment. This was offset by a
$35.4 million decrease in the average balance to $10.6 million for
the six months ended June 30, 2023 from $46.0 million for the six
months ended June 30, 2022, reflecting the use of excess liquidity
to fund loan originations and purchase investment securities.
Interest income on loans increased $4.5 million, or 39.1%, to
$15.8 million for the six months ended June 30, 2023 compared to
$11.4 million for the six months ended June 30, 2022 due primarily
to a $132.3 million increase in the average balance to $715.1
million for the six months ended June 30, 2023 from $582.8 million
for the six months ended June 30, 2022 and a 53 basis point
increase in the average yield from 3.92% for the six months ended
June 30, 2022 to 4.45% for the six months ended June 30, 2023. The
increase was offset by a $617,000 reserve for nonaccrual interest
on a delinquent construction loan.
Interest income on securities increased $476,000, or 29.1%, to
$2.1 million for the six months ended June 30, 2023 from $1.6
million for the six months ended June 30, 2022 due primarily to a
70 basis point increase in the average yield from 2.04% for the six
months ended June 30, 2022 to 2.74% for the six months ended June
30, 2023. The increase was offset by a $6.7 million decrease in the
average balance of securities to $154.0 million for the six months
ended June 30, 2023 from $160.7 million for the six months ended
June 30, 2022.
Interest expense increased $7.2 million, or 306.7%, from $2.4
million for the six months ended June 30, 2022 to $9.6 million for
the six months ended June 30, 2023 due to increases in the average
balance of and higher costs on interest-bearing liabilities.
Interest expense on interest-bearing deposits increased $6.3
million, or 372.9%, to $7.9 million for the six months ended June
30, 2023 from $1.7 million for the six months ended June 30, 2022.
The increase was due to a 187 basis point increase in the average
cost of interest-bearing deposits to 2.46% for the six months ended
June 30, 2023 from 0.59% for the six months ended June 30, 2022.
The increase in the average cost of deposits was due to the higher
interest rate environment and an increase in the average balances
of certificates of deposit of $145.8 million to $498.7 million for
the six months ended June 30, 2023 from $352.8 million for the six
months ended June 30, 2022.
Interest expense on Federal Home Loan Bank borrowings increased
$994,000, or 144.9%, from $686,000 for the six months ended June
30, 2022 to $1.7 million for the six months ended June 30, 2023.
The increase was due to an increase in the average cost of 155
basis points to 3.19% for the six months ended June 30, 2023 from
1.64% for the six months ended June 30, 2022 due to the new
borrowings at higher rates. The increase was also due to an
increase in the average balance of borrowings of $21.7 million to
$106.1 million for the six months ended June 30, 2023 from $84.4
million for the six months ended June 30, 2022.
Net interest income decreased $2.0 million, or 18.6%, to $8.8
million for the six months ended June 30, 2023 from $10.8 million
for the six months ended June 30, 2022. The increase reflected a
100 basis point decrease in our net interest rate spread to 1.61%
for the six months ended June 30, 2023 from 2.61% for the six
months ended June 30, 2022. Our net interest margin decreased 74
basis points to 2.01% for the six months ended June 30, 2023 from
2.75% for the six months ended June 30, 2022.
We recorded a $125,000 recovery of credit losses for the six
months ended June 30, 2023 compared to a $100,000 provision for
loan losses for the six-month period ended June 30, 2022. The Bank
had a decrease in the loan portfolio as well as no charge-offs. As
of January 1, 2023 the Bank adopted CECL and recorded a one-time
adjustment of $157,000 to the allowance for credit losses.
Non-interest income decreased by $31,000, or 5.3%, to $567,000
for the six months ended June 30, 2023 from $598,000 for the six
months ended June 30, 2022. Gain on sale of loans decreased
$58,000, or 66.2% as loan originations were lower in 2023. Other
income decreased $33,000 or 34.0%. These decreases were partially
offset by an increase in income from bank-owned life insurance of
$51,000, or 15.6%, due to higher balances during 2023.
For the six months ended June 30, 2023, non-interest expense
increased $14,000, or 0.2%, over the comparable 2022 period.
Salaries and employee benefits increased $301,000, or 7.2%, due to
a higher employee count. Director fees decreased $100,000, or
23.8%, due to lower pension expense. FDIC insurance premiums
increased $79,000 or 73.3% due to a higher assessment rate in 2023.
Data processing decreased $97,000 or 15.9%, due to the timing of an
invoice. The increase in advertising expense of $31,000, or 14.6%,
was due to additional promotions for branch locations and new
promotions on deposit and loan products. Other expense decreased
$223,000, or 34.7%, due to lower deferred compensation expense and
other various expenses.
Income tax expense decreased $637,000, or 55.5%, to $511,000 for
the six months ended June 30, 2023 from $1.1 million for the six
months ended June 30, 2022. The increase was due to $1.9 million,
or 43.7%, of lower taxable income. The effective tax rate for the
six months ended June 30, 2023 and 2022 were 21.65% and 27.40%,
respectively.
Balance Sheet Analysis
Total assets were $931.0 million at June 30, 2023, representing
an decrease of $20.1 million, or 2.1%, from December 31, 2022. Cash
and cash equivalents increased $12.2 million during the period
primarily due to loan payments received and proceeds from the call
and maturity of securities. Net loans decreased $13.1 million, or
1.8%, due to $45.0 million in repayments, partially offset by new
production of $31.9 million, consisting of mainly residential real
estate loans and home equity loans. Securities held to maturity
decreased $7.6 million or 9.8% and securities available for sale
decreased $13.9 million or 16.3%, due to the repayments of
mortgage-backed securities and maturities of corporate bonds.
Delinquent loans increased $11.3 million during the six-month
period ended June 30, 2023, finishing at $12.8 million or 1.82% of
total loans. The increase was due to one commercial construction
loan located in Totowa New Jersey with a balance of $10.9 million
with a loan to value ratio of 46%. During the same timeframe,
non-performing assets increased to $12.9 million and were 1.35% of
total assets at June 30, 2023. The Company’s allowance for credit
losses was 0.39% of total loans and 21.04% of non-performing loans
at June 30, 2023 compared to 0.36% of total loans and 136.3% of
non-performing loans at December 31, 2022.
Total liabilities decreased $19.6 million, or 2.4%, to $791.8
million mainly due to a $44.9 million decrease in deposits, offset
by a $24.9 million increase in borrowings. Total deposits decreased
$44.9 million, or 6.4%, to $656.6 million at June 30, 2023 from
$701.4 million at December 31, 2022. The decrease in deposits
reflected decreases in NOW, money market and savings accounts,
which decreased by $67.6 million from $170.2 million at December
31, 2022 to $102.5 million at June 30, 2023, offset by an increase
in certificate of deposit accounts, which increased by $4.2 million
to $496.8 million from $492.6 million at December 31, 2022. At June
30, 2023, uninsured deposits represented 8.4% of the Bank’s total
deposits. Federal Home Loan Bank advances increased $24.9 million,
or 24.4%, due to new advances for loan funding and to replace the
decreasing level of deposits. Total borrowing capacity at the
Federal Home Loan Bank is $330.4 million of which $127.0 million is
advanced.
Stockholders’ equity decreased $460,000 to $139.2 million, due
to increased accumulated other comprehensive loss for securities
available for sale of $438,000 and the repurchase of 216,559 shares
of stock during the quarter at a cost of $2.2 million, offset by
net income of $1.8 million for the six months ended June 30, 2023.
At June 30, 2023, the Company’s ratio of stockholders’ equity
adjusted for AOCI to total assets adjusted for the allowance was
15.96%, compared to 17.08% at June 30, 2022.
About Bogota Financial Corp.
Bogota Financial Corp. is a Maryland corporation organized as
the mid-tier holding company of Bogota Savings Bank and is the
majority-owned subsidiary of Bogota Financial, MHC. Bogota Savings
Bank is a New Jersey chartered stock savings bank that has served
the banking needs of its customers in northern and central New
Jersey since 1893. It operates from six offices located in Bogota,
Hasbrouck Heights, Newark, Oak Ridge, Parsippany and Teaneck, New
Jersey and operates a loan production office in Spring Lake, New
Jersey.
Forward-Looking Statements
This press release contains certain forward-looking statements
about the Company and the Bank. Forward-looking statements include
statements regarding anticipated future events and can be
identified by the fact that they do not relate strictly to
historical or current facts. They often include words such as
“believe,” “expect,” “anticipate,” “estimate,” and “intend” or
future or conditional verbs such as “will,” “would,” “should,”
“could,” or “may.” Forward-looking statements, by their nature, are
subject to risks and uncertainties. Certain factors that could
cause actual results to differ materially from expected results
include increased competitive pressures, changes in the interest
rate environment, inflation, general economic conditions or
conditions within the securities markets, potential recessionary
conditions, real estate market values in the Bank’s lending area
changes in the quality of our loan and security portfolios,
increases in non-performing and classified loans, changes in
liquidity, including the size and composition of our deposit
portfolio, including the percentage of uninsured deposits in the
portfolio, monetary and fiscal policies of the U.S. Government
including policies of the U.S. Treasury and the Board of Governors
of the Federal Reserve System, a failure in or breach of the
Company’s operational or security systems or infrastructure,
including cyberattacks, the failure to maintain current
technologies, failure to retain or attract employees and
legislative, accounting and regulatory changes that could adversely
affect the business in which the Company and the Bank are
engaged.
The Company undertakes no obligation to revise these
forward-looking statements or to reflect events or circumstances
after the date of this press release.
BOGOTA FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF
FINANCIAL CONDITION
(unaudited)
As of
As of
June 30, 2023
December 31, 2022
Assets
Cash and due from banks
$
11,182,811
$
8,160,028
Interest-bearing deposits in other
banks
17,830,534
8,680,889
Cash and cash equivalents
29,013,345
16,840,917
Securities available for sale, at fair
value
71,214,603
85,100,578
Securities held to maturity (fair value of
$61,757,095 and $70,699,651, respectively)
69,809,580
77,427,309
Loans, net of allowance of $2,785,949 and
$2,578,174, respectively
705,946,085
719,025,762
Premises and equipment, net
7,794,147
7,884,335
Federal Home Loan Bank (FHLB) stock and
other restricted securities
6,796,500
5,490,900
Accrued interest receivable
3,530,119
3,966,651
Core deposit intangibles
235,703
267,272
Bank-owned life insurance
30,582,525
30,206,325
Other assets
6,077,643
4,888,954
Total Assets
$
931,000,250
$
951,099,003
Liabilities and Equity
Non-interest bearing deposits
$
57,126,460
$
38,653,349
Interest bearing deposits
599,430,335
662,758,100
Total deposits
656,556,795
701,411,449
FHLB advances-short term
21,000,000
59,000,000
FHLB advances-long term
106,244,411
43,319,254
Advance payments by borrowers for taxes
and insurance
3,678,576
3,174,661
Other liabilities
4,321,990
4,534,516
Total liabilities
791,801,772
811,439,880
Stockholders’ Equity
Preferred stock $0.01 par value 1,000,000
shares authorized, none issued and outstanding at June 30, 2023 and
December 31, 2022
—
—
Common stock $0.01 par value, 30,000,000
shares authorized, 13,482,457 issued and outstanding at June 30,
2023 and 13,699,016 at December 31, 2022
134,824
136,989
Additional paid-in capital
57,301,002
59,099,476
Retained earnings
93,383,881
91,756,673
Unearned ESOP shares (423,232 shares at
June 30, 2023 and 436,495 shares at December 31, 2022)
(4,972,400
)
(5,123,002
)
Accumulated other comprehensive loss
(6,648,829
)
(6,211,013
)
Total stockholders’ equity
139,198,478
139,659,123
Total liabilities and stockholders’
equity
$
931,000,250
$
951,099,003
BOGOTA FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF
INCOME
(unaudited)
Three Months Ended
June 30,
Six months Ended
June 30,
2023
2022
2023
2022
Interest income
Loans
$
8,141,719
$
5,848,522
$
15,841,157
$
11,385,602
Securities
Taxable
996,338
932,714
2,047,598
1,569,835
Tax-exempt
20,232
46,282
65,134
67,278
Other interest-earning assets
248,914
83,682
470,503
167,495
Total interest income
9,407,203
6,911,200
18,424,392
13,190,210
Interest expense
Deposits
4,210,984
849,808
7,925,981
1,675,992
FHLB advances
902,839
356,203
1,680,193
686,036
Total interest expense
5,113,823
1,206,011
9,606,174
2,362,028
Net interest income
4,293,380
5,705,189
8,818,218
10,828,182
(Recovery) provision for credit losses
(125,000
)
100,000
(125,000
)
100,000
Net interest income after (recovery)
provision for credit losses
4,418,380
5,605,189
8,943,218
10,728,182
Non-interest income
Fees and service charges
45,700
50,478
97,852
89,796
Gain (loss) on sale of loans
16,150
(217
)
29,375
86,913
Bank-owned life insurance
190,147
169,449
376,200
325,442
Other
31,479
34,007
63,328
95,989
Total non-interest income
283,476
253,717
566,755
598,140
Non-interest expense
Salaries and employee benefits
2,301,236
2,098,897
4,463,605
4,162,244
Occupancy and equipment
358,757
342,381
741,544
686,810
FDIC insurance assessment
127,119
54,000
187,119
108,000
Data processing
235,095
330,840
512,192
609,187
Advertising
96,083
91,145
243,383
212,290
Director fees
159,338
203,534
318,675
418,325
Professional fees
114,018
151,490
263,268
295,753
Other
240,562
321,585
419,770
642,538
Total non-interest expense
3,632,208
3,593,872
7,149,556
7,135,147
Income before income taxes
1,069,648
2,265,034
2,360,417
4,191,175
Income tax expense
213,007
623,027
511,069
1,148,271
Net income
$
856,641
$
1,642,007
$
1,849,348
$
3,042,904
Earnings per Share - basic
$
0.07
$
0.12
$
0.14
$
0.22
Earnings per Share - diluted
$
0.07
$
0.12
$
0.14
$
0.22
Weighted average shares outstanding -
basic
13,079,302
13,662,222
13,137,522
13,760,002
Weighted average shares outstanding -
diluted
13,081,158
13,701,674
13,162,056
13,800,168
BOGOTA FINANCIAL CORP.
SELECTED RATIOS
(unaudited)
At or For the Three
Months
Ended June 30,
At or For the Six
Months
Ended June 30,
2023
2022
2023
2022
Performance Ratios (1):
Return on average assets (2)
0.37
%
0.95
%
0.40
%
0.73
%
Return on average equity (3)
2.46
%
5.56
%
2.68
%
4.26
%
Interest rate spread (4)
1.57
%
2.73
%
1.61
%
2.61
%
Net interest margin (5)
1.96
%
2.85
%
2.01
%
2.75
%
Efficiency ratio (6)
79.36
%
60.31
%
76.18
%
62.44
%
Average interest-earning assets to average
interest-bearing liabilities
116.72
%
120.42
%
117.09
%
121.36
%
Net loans to deposits
107.52
%
103.19
%
107.52
%
103.19
%
Average equity to assets (7)
14.94
%
16.05
%
14.82
%
16.05
%
Capital Ratios:
Tier 1 capital to average assets
15.96
%
17.08
%
Asset Quality Ratios:
Allowance for credit losses as a percent
of total loans
0.39
%
0.36
%
Allowance for credit losses as a percent
of non-performing loans
21.04
%
120.83
%
Net charge-offs to average outstanding
loans during the period
0.00
%
0.00
%
Non-performing loans as a percent of total
loans
1.87
%
0.29
%
Non-performing assets as a percent of
total assets
1.42
%
0.21
%
(1)
Performance ratios are
annualized.
(2)
Represents net income divided by
average total assets.
(3)
Represents net income divided by
average stockholders' equity.
(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 yield is reported on a tax equivalent basis using
a combined federal and state marginal tax rate of 27.5%.
(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%.
(6)
Represents non-interest expenses
divided by the sum of net interest income and non-interest
income.
(7)
Represents average stockholders'
equity divided by average total assets.
LOANS
Loans are summarized as follows at June 30, 2023 and December
31, 2022:
June 30,
2023
December 31,
2022
Real estate:
(unaudited)
Residential First Mortgage
$
461,055,826
$
466,100,627
Commercial and Multi-Family Real
Estate
167,768,947
162,338,669
Construction
48,678,333
61,825,478
Commercial and Industrial
3,692,425
1,684,189
Consumer:
Home Equity and Other Consumer
27,536,504
29,654,973
Total loans
708,732,035
721,603,936
Allowance for credit losses
(2,785,950
)
(2,578,174
)
Net loans
$
705,946,085
$
719,025,762
The following tables set forth the distribution of total deposit
accounts, by account type, at the dates indicated.
At June 30,
At December 31,
2023
2022
Amount
Percent
Average
Rate
Amount
Percent
Average
Rate
(Dollars in thousands)
(unaudited)
Noninterest bearing demand accounts
$
57,253,453
8.72
%
—
%
$
38,653,472
5.52
%
—
%
NOW accounts
34,344,305
5.23
1.54
82,720,214
11.79
0.88
Money market accounts
20,405,960
3.11
0.30
30,037,106
4.28
0.32
Savings accounts
47,790,710
7.28
1.79
57,407,955
8.18
0.49
Certificates of deposit
496,762,367
75.66
3.31
492,592,702
70.23
2.37
Total
$
656,556,795
100.00
%
2.72
%
$
701,411,449
100.00
%
1.82
%
Average Balance Sheets and Related Yields and Rates
The following tables present information regarding average
balances of assets and liabilities, the total dollar amounts of
interest income and dividends from average interest-earning assets,
the total dollar amounts of interest expense on average
interest-bearing liabilities, and the resulting annualized average
yields and costs. The yields and costs for the periods indicated
are derived by dividing income or expense by the average balances
of assets or liabilities, respectively, for the periods presented.
Average balances have been calculated using daily balances.
Nonaccrual loans are included in average balances only. Loan fees
are included in interest income on loans and are not material.
Three Months Ended June
30,
2023
2022
Average
Balance
Interest and
Dividends
Yield/
Cost
Average
Balance
Interest and
Dividends
Yield/
Cost (3)
(Dollars in thousands)
Assets:
(unaudited)
Cash and cash equivalents
$
12,449
$
149
4.80
%
$
20,723
$
28
0.55
%
Loans
712,201
8,142
4.59
%
593,705
5,849
3.95
%
Securities
146,225
1,017
2.78
%
182,338
979
2.15
%
Other interest-earning assets
6,358
99
6.26
%
4,891
55
4.53
%
Total interest-earning assets
877,233
9,407
4.30
%
801,657
6,911
3.46
%
Non-interest-earning assets
54,156
54,038
Total assets
$
931,389
$
855,695
Liabilities and equity:
NOW and money market accounts
$
88,256
$
355
1.61
%
$
158,552
$
217
0.55
%
Savings accounts
48,875
92
0.75
%
66,095
43
0.26
%
Certificates of deposit
493,986
3,764
3.06
%
354,600
590
0.67
%
Total interest-bearing deposits
631,117
4,211
2.68
%
579,247
850
0.59
%
Federal Home Loan Bank advances (1)
120,485
903
3.01
%
86,445
356
1.59
%
Total interest-bearing liabilities
751,602
5,114
2.73
%
665,692
1,206
0.73
%
Non-interest-bearing deposits
38,841
38,132
Other non-interest-bearing liabilities
1,768
5,556
Total liabilities
792,211
709,380
Total equity
139,178
146,315
Total liabilities and equity
$
931,389
$
855,695
Net interest income
$
4,293
$
5,705
Interest rate spread (2)
1.57
%
2.73
%
Net interest margin (3)
1.96
%
2.85
%
Average interest-earning assets to average
interest-bearing liabilities
116.72
%
120.42
%
1.
Cash flow hedges are used to
manage interest rate risk. During the three months ended June 30,
2023, the net effect on interest expense on the Federal Home Loan
Bank advances was a reduced expense of $92,000.
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.
3.
Net interest margin represents
net interest income divided by average total interest-earning
assets.
Six Months Ended June
30,
2023
2022
Average
Balance
Interest and
Dividends
Yield/
Cost
Average
Balance
Interest and
Dividends
Yield/
Cost (3)
(Dollars in thousands)
(unaudited)
Assets:
Cash and cash equivalents
$
10,634
$
254
4.82
%
$
45,991
$
57
0.25
%
Loans
715,066
15,841
4.45
%
582,826
11,386
3.92
%
Securities
154,049
2,113
2.74
%
160,688
1,637
2.04
%
Other interest-earning assets
5,851
216
7.40
%
4,864
110
4.54
%
Total interest-earning assets
885,600
18,424
4.18
%
794,369
13,190
3.33
%
Non-interest-earning assets
54,482
52,429
Total assets
$
940,082
$
846,798
Liabilities and equity:
NOW and money market accounts
$
100,419
$
735
1.48
%
$
151,044
$
437
0.58
%
Savings accounts
51,233
162
0.64
%
66,338
86
0.26
%
Certificates of deposit
498,652
7,029
2.84
%
352,824
1,153
0.66
%
Total interest-bearing deposits
650,304
7,926
2.46
%
570,206
1,676
0.59
%
Federal Home Loan Bank advances (1)
106,061
1,680
3.19
%
84,374
686
1.64
%
Total interest-bearing liabilities
756,365
9,606
2.56
%
654,580
2,362
0.73
%
Non-interest-bearing deposits
38,266
40,545
Other non-interest-bearing liabilities
6,146
6,755
Total liabilities
800,777
701,880
Total equity
139,305
144,918
Total liabilities and equity
$
940,082
$
846,798
Net interest income
$
8,818
$
10,828
Interest rate spread (2)
1.61
%
2.61
%
Net interest margin (3)
2.01
%
2.75
%
Average interest-earning assets to average
interest-bearing liabilities
117.09
%
121.36
%
1.
Cash flow hedges are used to
manage interest rate risk. During the six months ended June 30,
2023, the net effect on interest expense on the Federal Home Loan
Bank advances was a reduced expense of $139,000.
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.
3.
Net interest margin represents
net interest income divided by average total interest-earning
assets.
Rate/Volume Analysis
The following table sets forth the effects of changing rates and
volumes on net interest income. The rate column shows the effects
attributable to changes in rate (changes in rate multiplied by
prior volume). The volume column shows the effects attributable to
changes in volume (changes in volume multiplied by prior rate). The
net column represents the sum of the prior columns. Changes
attributable to changes in both rate and volume that cannot be
segregated have been allocated proportionally based on the changes
due to rate and the changes due to volume.
Three Months Ended June
30,
2023 Compared to Three
Months Ended June 30,
2022
Six Months Ended June
30,
2023 Compared to Six
Months
Ended June 30, 2022
Increase (Decrease) Due
to
Increase (Decrease) Due
to
Volume
Rate
Net
Volume
Rate
Net
(In thousands)
Interest income:
(unaudited)
Cash and cash equivalents
$
(81
)
$
202
$
121
$
(162
)
$
359
$
197
Loans receivable
1,266
1,027
2,293
2,792
1,663
4,455
Securities
(911
)
949
38
(191
)
667
476
Other interest earning assets
19
25
44
26
80
106
Total interest-earning assets
293
2,203
2,496
2,465
2,769
5,234
Interest expense:
NOW and money market accounts
(603
)
741
138
(430
)
728
298
Savings accounts
(73
)
122
49
(58
)
134
76
Certificates of deposit
315
2,859
3,174
654
5,222
5,876
Federal Home Loan Bank advances
167
380
547
213
781
994
Total interest-bearing liabilities
(194
)
4,102
3,908
379
6,865
7,244
Net increase (decrease) in net interest
income
$
487
$
(1,899
)
$
(1,412
)
$
2,086
$
(4,096
)
$
(2,010
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230728416096/en/
Joseph Coccaro – President & CEO, 201-862-0660 ext. 1110
Bogota Financial (NASDAQ:BSBK)
과거 데이터 주식 차트
부터 12월(12) 2024 으로 1월(1) 2025
Bogota Financial (NASDAQ:BSBK)
과거 데이터 주식 차트
부터 1월(1) 2024 으로 1월(1) 2025
