Bogota Financial Q1 net loss of $441K vs $993K income; NIM compresses to 1.18%

Bogota Financial Corp.

2024-Q1 EPS reported -$0.03

Net loss of $441K ($0.03/share) vs net income of $993K ($0.08/share) in Q1 2023.
Net interest income down 41.4% to $2.7M; net interest margin fell to 1.18% from 2.05%.
Interest expense on deposits +60.7% to $6.0M; avg deposit cost up 157 bps to 3.82%.
Total assets $961.2M (+2.3%); deposits $665.5M (+6.4%); loans decreased $5.9M.
Opened new branch in Upper Saddle River on April 13; no office CRE exposure; NPA ratio 1.30%.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Bogota Financial Corp. reported three months ended March 31, 2024 results: net income net loss of $441,000, or $0.03 per basic and diluted share.

Period: three months ended March 31, 2024
Net income: net loss of $441,000, or $0.03 per basic and diluted share
Result: reported results

Exact text from the filing

Bogota Financial Corp. Reports Results for the Three Months Ended March 31, 2024

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Source: SEC EDGAR

accession 0001193125-24-125643

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