secwatch.observer — SEC 8-K summary
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Issuer:     Bogota Financial Corp. (BSBK)
CIK:        0001787414
Form:       8-K
Filed at:   2024-11-04T23:59:59+00:00
Accession:  0001193125-24-250291
Event type: earnings
Sentiment:  negative
Materiality: 0.60
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1787414/000119312524250291/0001193125-24-250291-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1787414/000119312524250291/d901401d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-250291

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