secwatch.observer — SEC 8-K summary
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Issuer:     Bogota Financial Corp. (BSBK)
CIK:        0001787414
Form:       8-K
Filed at:   2024-05-01T23:59:59+00:00
Accession:  0001193125-24-125643
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1787414/000119312524125643/0001193125-24-125643-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1787414/000119312524125643/d832040d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-125643

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