Bogota Financial Q3 net income rises 9% to $1.0M; Gibraltar integration complete

Bogota Financial Corp.

2021-Q3 EPS reported $0.40

Q3 2021 net income $1.0M, up 9% from $956K YoY; nine-month net income $5.5M vs $1.0M (incl. $1.9M bargain purchase gain).
Total assets $835M (+12.7% YTD); net loans $579.9M (+4%); deposits $591.2M (+17.8%), driven by Gibraltar acquisition.
Net interest margin for nine months expanded 60 bps to 2.50%; strong credit quality with NPLs at 0.33% of assets.
Completed Gibraltar Bank integration in Aug 2021; opened Hasbrouck Heights branch with $10M+ deposits.
PPP second round processed 54 applications totaling $6.9M in 2021; COVID deferrals down to one loan.

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