10-Q 1 bsbk20230930_10q.htm FORM 10-Q bsbk20230930_10q.htm
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Table of Contents



UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

         QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2023

 

OR

 

         TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _______________ to _______________

 

Commission File No. 001-39180

 

Bogota Financial Corp.

(Exact Name of Registrant as Specified in Its Charter)

 

Maryland

84-3501231

(State or Other Jurisdiction of
Incorporation or Organization)

(I.R.S. Employer Identification No.)

  

819 Teaneck Road

Teaneck, New Jersey

07666

(Address of Principal Executive Offices)

(Zip Code)

 

(201) 862-0660

(Registrants Telephone Number, Including Area Code)

 

N/A

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange
on which registered

Common Stock, $0.01 par value per share

 

BSBK

 

The Nasdaq Stock Market, LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such requirements for the past 90 days.   Yes   ☒   No   ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes   ☒   No   ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one)

 

Large accelerated filer

Accelerated filer

    

Non-accelerated filer

Smaller reporting company

    
  

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes      No   ☒

 

As of November 10, 2023, there were 13,327,266 shares issued and outstanding of the registrant’s common stock, par value $0.01 per share.

 



 

 

 

Bogota Financial Corp.

Form 10-Q

 

Table of Contents

 

   

Page

PART I. FINANCIAL INFORMATION

     

Item 1.

Financial Statements

1

     
 

Consolidated Statements of Financial Condition at September 30, 2023 (unaudited) and December 31, 2022.

1

     
 

Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2023 and 2022 (unaudited)

2

     
 

Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2023 and 2022 (unaudited)

3

     
 

Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended September 30, 2023 and 2022 (unaudited)

4

     
 

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022 (unaudited)

5

     
 

Notes to Consolidated Financial Statements (unaudited)

6

     

Item 2.

Managements Discussion and Analysis of Financial Condition and Results of Operations

20

     

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

28

     

Item 4.

Controls and Procedures

28

     

PART II. OTHER INFORMATION

     

Item 1.

Legal Proceedings

29

     

Item 1A.

Risk Factors

29

     

Item 2.

Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities

29

     

Item 3.

Defaults Upon Senior Securities

29

     

Item 4.

Mine Safety Disclosures

29

     

Item 5.

Other Information

29

     

Item 6.

Exhibits

30

     
 

SIGNATURES

31

 

 

 

PART I FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

BOGOTA FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(unaudited)

 

  

As of

  

As of

 
  

September 30, 2023

  

December 31, 2022

 

Assets

        

Cash and due from banks

 $7,213,903  $8,160,028 

Interest-bearing deposits in other banks

  17,763,418   8,680,889 

Cash and cash equivalents

  24,977,321   16,840,917 

Securities available for sale, at fair value

  68,518,624   85,100,578 

Securities held to maturity (fair value of $57,033,705 and $70,699,651, respectively)

  65,927,156   77,427,309 

Loans, net of allowance of $2,785,949 and $2,578,174, respectively

  710,292,859   719,025,762 

Premises and equipment, net

  7,765,804   7,884,335 

Federal Home Loan Bank (FHLB) stock and other restricted securities

  7,158,400   5,490,900 

Accrued interest receivable

  3,672,882   3,966,651 

Core deposit intangibles

  220,661   267,272 

Bank-owned life insurance

  30,780,398   30,206,325 

Other assets

  7,714,828   4,888,954 

Total Assets

 $927,028,933  $951,099,003 

Liabilities and Equity

        

Non-interest bearing deposits

 $33,420,666  $38,653,349 

Interest bearing deposits

  611,857,823   662,758,100 

Total deposits

  645,278,489   701,411,449 

FHLB advances-short term

  39,000,000   59,000,000 

FHLB advances-long term

  96,314,543   43,319,254 

Advance payments by borrowers for taxes and insurance

  3,460,726   3,174,661 

Other liabilities

  5,321,920   4,534,516 

Total liabilities

  789,375,678   811,439,880 
         

Stockholders’ Equity

        

Preferred stock $0.01 par value 1,000,000 shares authorized, none issued and outstanding at September 30, 2023 and December 31, 2022

      

Common stock $0.01 par value, 30,000,000 shares authorized, 13,373,766 issued and outstanding at September 30, 2023 and 13,699,016 at December 31, 2022

  133,737   136,989 

Additional paid-in capital

  56,688,749   59,099,476 

Retained earnings

  93,354,828   91,756,673 

Unearned ESOP shares (416,491 shares at September 30, 2023 and 436,945 shares at December 31, 2022)

  (4,897,099)  (5,123,002)

Accumulated other comprehensive loss

  (7,626,960)  (6,211,013)

Total stockholders’ equity

  137,653,255   139,659,123 

Total liabilities and stockholders’ equity

 $927,028,933  $951,099,003 

 

See accompanying notes to unaudited consolidated financial statements.

 

 

 

 

BOGOTA FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 

   

Three Months Ended

   

Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2023

   

2022

   

2023

   

2022

 

Interest income

                               

Loans, including fees

  $ 7,980,388     $ 7,018,200     $ 23,821,545     $ 18,403,802  

Securities

                               

Taxable

    994,791       1,013,034       3,042,389       2,582,869  

Tax-exempt

    13,159       48,027       78,293       115,305  

Other interest-earning assets

    301,081       96,139       771,584       263,634  

Total interest income

    9,289,419       8,175,400       27,713,811       21,365,610  

Interest expense

                               

Deposits

    4,851,926       1,249,693       12,777,907       2,925,685  

FHLB advances

    1,220,166       716,705       2,900,359       1,402,741  

Total interest expense

    6,072,092       1,966,398       15,678,266       4,328,426  

Net interest income

    3,217,327       6,209,002       12,035,545       17,037,184  

Provision (recovery) for credit losses

          175,000       (125,000 )     275,000  

Net interest income after provision (recovery) for credit losses

    3,217,327       6,034,002       12,160,545       16,762,184  

Non-interest income

                               

Fees and service charges

    61,529       47,090       159,381       136,886  

Gain on sale of loans

                29,375       86,913  

Bank-owned life insurance

    197,873       185,085       574,073       510,527  

Other

    30,332       37,336       93,660       133,325  

Total non-interest income

    289,734       269,511       856,489       867,651  

Non-interest expense

                               

Salaries and employee benefits

    2,274,347       2,154,654       6,737,952       6,316,898  

Occupancy and equipment

    372,626       347,036       1,114,170       1,033,846  

FDIC insurance assessment

    132,571       54,000       319,690       162,000  

Data processing

    205,721       311,106       717,913       920,293  

Advertising

    126,000       156,145       369,383       368,435  

Director fees

    159,336       189,424       478,011       607,749  

Professional fees

    149,251       163,500       412,519       459,253  

Other

    241,530       262,890       661,300       905,428  

Total non-interest expense

    3,661,382       3,638,755       10,810,938       10,773,902  

(Loss) income before income taxes

    (154,321 )     2,664,758       2,206,096       6,855,933  

Income tax (benefit) expense

    (125,268 )     734,152       385,801       1,882,423  

Net (loss) income

  $ (29,053 )   $ 1,930,606     $ 1,820,295     $ 4,973,510  

Earnings (loss) per Share - basic

  $ (0.00 )   $ 0.14     $ 0.14     $ 0.36  

Earnings (loss) per Share - diluted

  $ (0.00 )   $ 0.14     $ 0.14     $ 0.36  

Weighted average shares outstanding - basic

    13,037,903       13,468,751       13,103,951       13,661,851  

Weighted average shares outstanding - diluted

    13,037,903       13,529,857       13,103,951       13,704,688  

 

See accompanying notes to unaudited consolidated financial statements.

 

 

 

BOGOTA FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(unaudited)

 

   

Three Months Ended

   

Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2023

   

2022

   

2023

   

2022

 

Net (loss) income

  $ (29,053 )   $ 1,930,606     $ 1,820,295     $ 4,973,510  

Other comprehensive (loss) income:

                               

Net unrealized loss on securities available for sale:

    (1,594,912 )     (316,044 )     (2,456,233 )     (9,416,506 )

Tax effect

    448,330       88,840       690,448       2,646,981  

Net of tax

    (1,146,582 )     (227,204 )     (1,765,785 )     (6,769,525 )

Defined benefit retirement plans:

                               

Reclassification adjustment for amortization of prior service cost and net (loss) gain included in salaries and employee benefits

    (23,016 )     57,850       (69,048 )     173,550  

Tax effect

    6,470       (16,261 )     19,410       (48,783 )

Net of tax

    (16,546 )     41,589       (49,638 )     124,767  

Derivatives:

                               

Unrealized gain on swap contracts accounted for as cash flow hedges

    257,333       364,332       555,677       364,332  

Tax effect

    (72,336 )     (102,414 )     (156,201 )     (102,414 )

Net of tax

    184,997       261,918       399,476       261,918  

Total other comprehensive (loss) income

    (978,131 )     76,303       (1,415,947 )     (6,382,840 )

Comprehensive income (loss) income

  $ (1,007,184 )   $ 2,006,909     $ 404,348     $ (1,409,330 )

 

See accompanying notes to unaudited consolidated financial statements.

 

 

 

BOGOTA FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(unaudited)

 

                      

Accumulated

     
          

Additional

          

Other

  

Total

 
  

Common

  

Common

  

Paid-in

  

Retained

  

Unearned

  

Comprehensive

  

Stockholders

 
  

Stock Shares

  

Stock

  

Capital

  

Earnings

  

ESOP shares

  

Loss

  

Equity

 

Balance January 1, 2022

  14,605,809  $146,057  $68,247,204  $84,879,812  $(5,424,206) $(272,656) $147,576,211 

Net income

           1,400,897         1,400,897 

Other comprehensive loss

                 (2,358,399)  (2,358,399)

Stock based compensation

        233,193            233,193 

Stock purchased and retired

  (180,501)  (1,805)  (1,890,310)           (1,892,115)

ESOP Shares released (25,789 shares)

        (9,156)     75,301      66,145 

Balance March 31, 2022

  14,425,308  $144,252  $66,580,931  $86,280,709  $(5,348,905) $(2,631,055) $145,025,932 

Net income

           1,642,007         1,642,007 

Other comprehensive loss

                 (4,100,744)  (4,100,744)

Stock based compensation

        233,193            233,193 

Stock purchased and retired

  (217,448)  (2,174)  (2,407,889)           (2,410,063)

ESOP Shares released (25,789 shares)

        (4,832)     75,301      70,469 

Balance June 30, 2022

  14,207,860  $142,078  $64,401,403  $87,922,716  $(5,273,604) $(6,731,799) $140,460,794 

Net income

           1,930,606         1,930,606 

Other comprehensive income

                 76,303   76,303 

Stock based compensation

        233,193            233,193 

Stock purchased and retired

  (148,472)  (1,485)  (1,652,461)           (1,653,946)

ESOP Shares released (25,789 shares)

        (3,892)     75,301      71,409 

Balance September 30, 2022

  14,059,388  $140,593  $62,978,243  $89,853,322  $(5,198,303) $(6,655,496) $141,118,359 
                             

Balance January 1, 2023

  13,699,016  $136,989  $59,099,476  $91,756,673  $(5,123,002) $(6,211,013) $139,659,123 

Adoption of ASU 326 credit losses

           (222,140)        (222,140)

Net income

           992,707         992,707 

Other comprehensive loss

                 (246,175)  (246,175)

Stock based compensation

        233,193            233,193 

Stock purchased and retired

  (126,660)  (1,266)  (1,401,568)           (1,402,834)

ESOP shares released (25,789 shares)

        (2,916)     75,301      72,385 

Balance March 31, 2023

  13,572,356  $135,723  $57,928,185  $92,527,240  $(5,047,701) $(6,457,188) $139,086,259 

Net income

           856,641         856,641 

Other comprehensive loss

                 (191,641)  (191,641)

Stock based compensation

        233,193            233,193 

Stock purchased and retired

  (89,899)  (899)  (839,563)           (840,462)

ESOP shares released (25,789 shares)

        (20,813)     75,301      54,488 

Balance June 30, 2023

  13,482,457  $134,824  $57,301,002  $93,383,881  $(4,972,400) $(6,648,829) $139,198,478 

Net loss

           (29,053)        (29,053)

Other comprehensive loss

                 (978,131)  (978,131)

Stock based compensation

        233,193            233,193 

Stock purchased and retired

  (108,691)  (1,087)  (821,172)           (822,259)

ESOP shares released (25,789 shares)

        (24,274)     75,301      51,027 

Balance September 30, 2023

  13,373,766  $133,737  $56,688,749  $93,354,828  $(4,897,099) $(7,626,960) $137,653,255 
                             

 

See accompanying notes to unaudited consolidated financial statements.

 

 

 

BOGOTA FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

 

  

For the nine months ended

 
  

September 30,

 
  

2023

  

2022

 

Cash flows from operating activities

        

Net income

 $1,820,295  $4,973,510 

Adjustments to reconcile net income to net cash provided by operating activities:

        

Amortization of intangible assets

  (53,081)  (163,818)

(Recovery) provision for credit losses

  (125,000)  275,000 

Depreciation of premises and equipment

  383,136   358,290 

Amortization (accretion) of deferred loan (fees) costs, net

  97,891   (78,649)

Amortization of premiums and accretion of discounts on securities, net

  4,541   38,625 

Deferred income tax (benefit) expense

  (111,594)  201,580 

Gain on sale of loans

  (29,375)  (86,913)

Proceeds from sale of loans

  1,875,125   4,640,081 

Origination of loans held for sale

  (1,845,750)  (3,400,668)

Increase in cash surrender value of bank owned life insurance

  (574,073)  (497,830)

Employee stock ownership plan expense

  177,900   208,023 

Stock based compensation

  699,579   699,579 

Changes in:

        

Accrued interest receivable

  293,769   (698,724)

Net changes in other assets

  (1,518,086)  1,939,009 

Net changes in other liabilities

  566,354   670,602 

Net cash provided by operating activities

  1,661,631   9,077,697 

Cash flows from investing activities

        

Purchases of securities held to maturity

  (1,000,000)  (23,120,238)

Purchases of securities available for sale

     (69,461,181)

Maturities, calls, and repayments of securities available for sale

  14,121,182   13,753,509 

Maturities, calls, and repayments of securities held to maturity

  12,500,153   13,044,952 

Net decrease (increase) in loans

  8,637,206   (137,038,853)

Purchase of Bank Owned Life Insurance

     (5,000,000)

Purchases of premises and equipment

  (264,605)  (184,748)

Purchase of FHLB stock

  (6,919,000)  (7,027,200)

Redemption of FHLB stock

  5,251,500   5,215,000 

Net cash provided by (used in) investing activities

  32,326,436   (209,818,759)

Cash flows from financing activities

        

Net (decrease) increase in deposits

  (56,099,671)  70,767,453 

Net (decrease) increase in short-term FHLB advances

  (20,000,000)  74,000,000 

Proceeds from long-term FHLB non-repo advances

  75,500,000    

Repayments of long-term FHLB non-repo advances

  (22,472,502)  (30,879,039)

Repurchase of common stock

  (3,065,555)  (5,956,124)

Net increase in advance payments from borrowers for taxes and insurance

  286,065   1,065,760 

Net cash (used in) provided by financing activities

  (25,851,663)  108,998,050 

Net increase (decrease) in cash and cash equivalents

  8,136,404   (91,743,012)

Cash and cash equivalents at beginning of year

  16,840,917   105,068,785 

Cash and cash equivalents at September 30,

 $24,977,321  $13,325,773 

Supplemental cash flow information

        

Income taxes paid

 $1,375,000  $1,275,000 

Interest paid

  15,261,645   4,064,492 

 

See accompanying notes to unaudited consolidated financial statements.

 

 

 

5

BOGOTA FINANCIAL CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

 

 

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Nature of Operations and Principles of Consolidation: On January 15, 2020, Bogota Financial Corp. (the “Company,” “we” or “our”) became the mid-tier stock holding company for Bogota Savings Bank (the “Bank”) in connection with the reorganization of Bogota Savings Bank into the two-tier mutual holding company structure.  The Company completed its stock offering in connection with the mutual holding company reorganization of the Bank on January 15, 2020. Shares of the Company’s common stock began trading on January 16, 2020 on the Nasdaq Capital Market under the trading symbol “BSBK.”

 

The Bank maintains two subsidiaries. Bogota Securities Corp. was formed for the purpose of buying, selling and holding investment securities. Bogota Properties, LLC was inactive at September 30, 2023 and December 31, 2022.

 

The Bank generally originates residential, commercial and consumer loans to, and accepts deposits from, customers in New Jersey. The debtors’ ability to repay the loans is dependent upon the region’s economy and the borrowers’ circumstances. The Bank is also subject to the regulations of certain federal and state agencies and undergoes periodic examination by those regulatory authorities.

 

Reclassifications: Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or stockholders' equity.

 

Earnings per Share: Basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. For purposes of calculating basic EPS, weighted average common shares outstanding excludes unallocated employee stock ownership plan shares that have not been committed for release and non-vested shares of restricted stock. Diluted EPS is computed using the same method as basic EPS, except it also reflects the potential dilution which could occur if stock options were exercised and converted into common stock. The potentially diluted shares would then be included in the weighted average number of shares outstanding for the period using the treasury stock method. For the three and nine months ended September 30, 2023 and September 30, 2022, options to purchase 523,619 common shares with an exercise price of $10.45 were outstanding but were not included in the computation of diluted earnings per common share because to do so would be anti-dilutive. Anti-dilutive options are those options with exercise prices in excess of the weighted average market value for the periods presented.

 

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and nine months ended September 30, 2023 and 2022.

 

  

For the three months ended September 30, 2023

  

For the three months ended September 30, 2022

  

For the nine months ended September 30, 2023

  

For the nine months ended September 30, 2022

 

Numerator

                

Net (loss) income

 $(29,053) $1,930,606  $1,820,295  $4,973,510 

Denominator:

                

Weighted average shares outstanding - basic

  13,037,903   13,468,751   13,103,951   13,661,851 

Effect of stock options

     61,106      42,837 

Weighted average shares outstanding - diluted

  13,037,903   13,529,857   13,103,951   13,704,688 

Earnings per common share:

                

Basic

 $(0.00) $0.14  $0.14  $0.36 

Diluted

  (0.00)  0.14   0.14   0.36 

 

Use of Estimates: To prepare financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP"), management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ under different conditions than those assumed.

 

Basis of Presentation: The accompanying unaudited consolidated financial statements have been prepared in conformity with GAAP for interim financial information and pursuant to the requirements for reporting in Article 10 of Regulation S-X of the Securities Exchange Act of 1934, as amended. The Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) contains provisions that, among other things, reduce certain reporting requirements for qualifying public companies. As an “emerging growth company,” we may delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. We intend to take advantage of the benefits of this extended transition period. Accordingly, our financial statements may not be comparable to companies that comply with such new or revised accounting standards. These financial statements include the accounts of the Company, the Bank and its subsidiaries, and all significant intercompany balances and transactions are eliminated in consolidation.

 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions based on available information. In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures necessary for the fair presentation of the accompanying consolidated financial statements have been included. The results of operations for any interim periods are not necessarily indicative of the results which may be expected for the entire year or any other period.

 

6

BOGOTA FINANCIAL CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
 

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

 

The unaudited financial statements and other financial information contained in this Quarterly Report on Form 10-Q should be read in conjunction with the audited financial statements, and related notes, of the Company at and for the year ended December 31, 2022.

 

Allowance for Credit Losses - Loans and Leases: The current expected credit loss (“CECL”) model requires an estimate of the credit losses expected over the life of an exposure (or pool of exposures). It replaces the incurred loss model that delayed the recognition of a credit loss until it was probable that a loss event was incurred.

 

The estimate of expected credit losses is based on relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. Historical loss experience is generally the starting point for estimating expected credit losses. The Company then considers whether the historical loss experience should be adjusted for asset-specific risk characteristics or current conditions at the reporting date that did not exist over the historical period used. The Company considers future economic conditions and portfolio performance as part of a reasonable and supportable forecast.

 

Portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its allowance for credit losses (“ACL”). The Company has designated six portfolio segments, which are residential, commercial real estate, multi-family, construction, commercial and industrial and consumer. These portfolio segments are further disaggregated into classes, which represent loans and leases of similar type, risk characteristics, and methods for monitoring and assessing credit risk.

 

The Company has minimal history of credit losses and therefore uses the Weighted Average Remaining Maturity (WARM) method for all segments and relies on the use of qualitative factors to determine future credit losses.

 

The Company considers the impact of current environmental factors at the reporting date that did not exist over the period from which historical experience was used. Relevant factors include, but are not limited to, concentrations of credit risk (geographic, large borrower, and industry), economic trends and conditions, changes in underwriting standards, experience and depth of lending staff, trends in delinquencies, and the level of criticized loans.

 

The Company also incorporates a one-year reasonable and supportable loss forecast period to account for the effect of forecasted economic conditions and other factors on the performance of the commercial portfolio, which could differ from historical loss experience. The Company performs a quarterly asset quality review, which includes a review of forecasted gross charge-offs and recoveries, non-performing assets, criticized loans and leases, and risk rating migration. The asset quality review is reviewed by management and the results are used to consider a qualitative overlay to the quantitative baseline. After the one-year reasonable and supportable loss forecast period, this overlay adjustment assumes an immediate reversion to historical loss rates for the remaining loan life period.

 

The Company establishes a specific reserve for individually evaluated loans which do not share similar risk characteristics with the loans included in the quantitative baseline. These individually evaluated loans are removed from the pooling approach discussed above for the quantitative baseline, and include non-accrual loans, and other loans as deemed appropriate by management.

 

A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of loans deemed collateral-dependent, the Company elected the practical expedient to estimate expected credit losses based on the collateral’s fair value less cost to sell. In most cases, the Company records a partial charge-off to reduce the loan’s carrying value to the collateral’s fair value less cost to sell. Substantially all of the collateral consists of various types of real estate including: residential properties; commercial properties, such as retail centers, office buildings, and lodging; agriculture land; and vacant land.

 

The reserve for unfunded commitments (the “Unfunded Reserve”) represents the expected credit losses on off-balance sheet commitments such as unfunded commitments to extend credit and standby letters of credit. However, a liability is not recognized for commitments unconditionally cancellable by the Company. The Unfunded Reserve is recognized as a liability (other liabilities in the consolidated statements of condition), with adjustments to the reserve recognized in other noninterest expense in the consolidated statements of income. The Unfunded Reserve is determined by estimating future draws and applying the expected loss rates on those draws. Future draws are based on historical averages of utilization rates (i.e., the likelihood of draws taken). To estimate future draws on unfunded balances, current utilization rates are compared to historical utilization rates. If current utilization rates are below historical utilization rates, the rate difference is applied to the committed balance to estimate the future draw. Loss rates are estimated by utilizing the same loss rates calculated for the allowance general reserves.

 

7

BOGOTA FINANCIAL CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
 

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

 

Adoption of Accounting Standards: In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments (ASC 326), which changes the impairment model for most financial assets. This Update is intended to improve financial reporting by requiring more timely recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The underlying premise of the Update is that financial assets measured at amortized cost should be presented at the net amount expected to be collected, through an ACL that is deducted from the amortized cost basis. The ACL should reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. The income statement was affected for the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. With certain exceptions, transition to the new requirements will be through a cumulative-effect adjustment to opening retained earnings as of the beginning of the first reporting period in which the guidance was adopted. This Update was effective for Securities and Exchange Commission (“SEC”) filers that qualify as smaller reporting companies, non-SEC filers, and all other companies, for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company has no history of credit losses and therefore uses the WARM method and relies on the use of qualitative factors to determine future credit losses. Upon adoption of the CECL method of calculating the ACL on January 1, 2023, the Bank recorded a one-time decrease, net of tax, in retained earnings of $222,000, an increase to the ACL of $157,000 and, an increase in the reserve for unfunded liabilities of $152,000. No adjustment was made for the available-for-sale securities portfolio. See note 4 for additional information. The table below includes $125,775 of credit losses on purchased credit impaired (“PCI”) loans that have been added to ACL as per the adoption of ASU 326.

 

The Bank adopted the provisions of ASC 326 related to financial assets purchased with credit deterioration (“PCD”) that were previously classified as PCI loans and accounted for under ASC 310-30 using the prospective transition approach. In accordance with the standard, management did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. On January 1, 2023, the amortized cost basis of the PCD assets were adjusted to reflect the addition of $125,775 to the ACL.

 

The Bank adopted the provisions of ASC 326 related to presenting other-than-temporary impairment on available-for-sale debt securities prior to January 1, 2023 using the prospective transition approach, though no such charges had been recorded on the securities held by the Bank as of the date of adoption.

 

The effect of the adoption of ASC 326 on the loan portfolio segments and the ACL by portfolio segment was:

 

  

Pre Adoption

  

The effect of adoption

  

Post Adoption

 

Real estate:

 

(unaudited)

 

Residential First Mortgage

 $466,100,627  $29,589,213  $495,689,840 

Commercial and Multi-Family Real Estate

  162,338,669   (162,338,669)   

Commercial Real Estate

     96,030,721   96,030,721 

Multi-Family Real Estate

     66,400,713   66,400,713 

Construction

  61,825,478      61,825,478 

Commercial and Industrial

  1,684,189      1,684,189 

Consumer:

            

Home Equity and Other Consumer

  29,654,973   (29,654,973)   

Consumer

     98,770   98,770 

Total loans

  721,603,936   125,775   721,729,711 

Allowance for credit losses

  (2,578,174)  (282,775)  (2,860,949)

Net loans

 $719,025,762  $(157,000) $718,868,762 

 

  

Pre Adoption

  

The effect of adoption

  

Post Adoption

 

Assets

 

(unaudited)

 

ACL on loans

            

Residential First Mortgage

 $1,602,534  $211,669  $1,814,203 

Commercial and Multi-Family Real Estate

  615,480   (615,480)   

Commercial Real Estate

     522,977   522,977 

Multi-Family Real Estate

     259,769   259,769 

Construction

  258,500   1,500   260,000 

Commercial and Industrial

  3,960   40   4,000 

Home Equity and Other Consumer

  97,700   (97,700)   

Liabilities

            

ACL for unfunded commitments

     152,000   152,000 

Total

 $2,578,174  $434,775  $3,012,949 

 

In March 2022, the FASB issued ASU No. 2022-02, "Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures." The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted CECL and enhance the disclosure requirements for modifications of receivables made with borrowers experiencing financial difficulty. In addition, the amendments require disclosure of current period gross write-offs by year of origination for financing receivables and net investment in leases in the existing vintage disclosures. This ASU became effective on January 1, 2023 for the Company. The adoption of this ASU resulted in updated disclosures within our financial statements but otherwise did not have a material impact on the Company’s financial statements.

 

8

BOGOTA FINANCIAL CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
 
 

NOTE 2 SECURITIES AVAILABLE FOR SALE

 

The following table summarizes the amortized cost, fair value, and gross unrealized gains and losses of securities available for sale, by contractual maturity, at September 30, 2023 and December 31, 2022:

 

      

Gross

  

Gross

     
  

Amortized

  

Unrealized

  

Unrealized

  

Fair

 
  

Cost

  

Gains

  

Losses

  

Value

 

September 30, 2023

                

U.S. government and agency obligations

                

One through five years

 $6,000,000  $  $(611,727) $5,388,273 

Corporate bonds due in:

                

Less than one year

  1,001,146      (3,524)  997,622 

One through five years

  11,230,530      (428,667)  10,801,863 

Five through ten years

  1,000,000      (157,130)  842,870 

MBSs – residential

  41,981,115   2,247   (7,040,552)  34,942,810 

MBSs – commercial

  18,803,192      (3,258,006)  15,545,186 

Total

 $80,015,983  $2,247  $(11,499,606) $68,518,624 

 

      

Gross

  

Gross

     
  

Amortized

  

Unrealized

  

Unrealized

  

Fair

 
  

Cost

  

Gains

  

Losses

  

Value

 

December 31, 2022

                

U.S. treasury bills

 $4,971,310  $  $(43,702) $4,927,608 

U.S. government and agency obligations