Bogota Financial Q1 net income $1.4M, flat vs adjusted prior year; assets rise to $850.7M

Bogota Financial Corp.

2022-Q1 EPS reported $0.10

Net income $1.4M for Q1 2022; adjusted net income also $1.4M after excluding 2021 bargain purchase gain and merger costs.
Total assets $850.7M (+1.6% from Dec 2021); deposits $619.9M (+3.8%) driven by new $20M municipal relationship.
Net interest margin improved to 2.64% from 2.50% year-over-year; no provision for loan losses recorded.
Completed initial 5% buyback (296,044 shares); Board approved new 5% buyback plan subject to regulatory approval.
Non-performing assets low at $1.9M (0.23% of total assets); allowance for loan losses 111.8% of NPLs.

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