Bogota Financial corrects Q3 2024 results: net loss widens to $367K due to $300K interest expense error

Bogota Financial Corp.

2024-Q3 EPS reported -$0.10

Interest expense on deposits understated by $300,000 due to misstatement of CD rates; corrected results filed Nov 1, 2024.
Q3 2024 net loss revised to $367K ($0.03/sh) from $147K ($0.01/sh); nine-month loss now $1.24M vs $1.02M.
Net interest margin compressed to 1.15% (Q3) and 1.18% (9M) vs 1.47% and 1.82% prior year respectively.
Cost of deposits rose to 3.95% average for 9M 2024, up 128 bps from 2.67% a year ago.
Company repurchased 163,790 shares for $1.2M under its approved buyback program.

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