10-Q 1 bsbk-20230331.htm 10-Q 10-Q
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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 March 31, 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

(Registrant’s 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 May 8, 2023, there were 13,502,757 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 March 31, 2023 (unaudited) and December 31, 2022.

 

1

 

 

 

 

 

 

 

Consolidated Statements of Income for the Three Months Ended March 31, 2023 and 2022 (unaudited)

 

2

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2023 and 2022 (unaudited)

 

3

 

 

 

 

 

 

 

Consolidated Statements of Equity for the Three Months Ended March 31, 2023 and 2022 (unaudited)

 

4

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2023 and 2022 (unaudited)

 

5

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (unaudited)

 

6

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

28

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

36

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

36

 

 

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

37

 

 

 

 

 

Item 1A.

 

Risk Factors

 

37

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

37

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

38

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

38

 

 

 

 

 

Item 5.

 

Other Information

 

38

 

 

 

 

 

Item 6.

 

Exhibits

 

39

 

 

 

 

 

 

 

SIGNATURES

 

40

 

 

 

i

 

PART I – FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

BOGOTA FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(unaudited)

 

 

As of

 

 

As of

 

 

 

March 31, 2023

 

 

December 31, 2022

 

Assets

 

 

 

 

 

 

Cash and due from banks

 

$

11,423,093

 

 

$

8,160,028

 

Interest-bearing deposits in other banks

 

 

13,079,185

 

 

 

8,680,889

 

Cash and cash equivalents

 

 

24,502,278

 

 

 

16,840,917

 

Securities available for sale

 

 

82,051,189

 

 

 

85,100,578

 

Securities held to maturity (fair value of $71,201,953 and $70,699,651,respectively)

 

 

78,207,206

 

 

 

77,427,309

 

Loans, net of allowance of $2,860,949 and $2,578,174, respectively

 

 

711,890,347

 

 

 

719,025,762

 

Premises and equipment, net

 

 

7,852,299

 

 

 

7,884,335

 

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

 

 

5,918,600

 

 

 

5,490,900

 

Accrued interest receivable

 

 

3,777,228

 

 

 

3,966,651

 

Core deposit intangibles

 

 

251,240

 

 

 

267,272

 

Bank-owned life insurance

 

 

30,392,377

 

 

 

30,206,325

 

Other assets

 

 

5,447,449

 

 

 

4,888,954

 

Total Assets

 

$

950,290,213

 

 

$

951,099,003

 

Liabilities and Equity

 

 

 

 

 

 

Non-interest bearing deposits

 

$

38,107,101

 

 

$

38,653,349

 

Interest bearing deposits

 

 

652,604,123

 

 

 

662,758,100

 

Total deposits

 

 

690,711,224

 

 

 

701,411,449

 

FHLB advances-short term

 

 

36,500,000

 

 

 

59,000,000

 

FHLB advances-long term

 

 

75,531,931

 

 

 

43,319,254

 

Advance payments by borrowers for taxes and insurance

 

 

3,499,731

 

 

 

3,174,661

 

Other liabilities

 

 

4,961,068

 

 

 

4,534,516

 

Total liabilities

 

 

811,203,954

 

 

 

811,439,880

 

 

 

 

 

 

 

 

Stockholders’ Equity

 

 

 

 

 

 

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

 

 

—

 

 

 

—

 

Common stock $0.01 par value, 30,000,000 shares authorized,
   13,572,356 issued and outstanding at March 31, 2023 and
   13,699,016 at December 31, 2022

 

 

135,723

 

 

 

136,989

 

Additional paid-in capital

 

 

57,928,185

 

 

 

59,099,476

 

Retained earnings

 

 

92,527,240

 

 

 

91,756,673

 

Unearned ESOP shares (429,900 shares at March 31, 2023 and
   436,945 shares at December 31, 2022)

 

 

(5,047,701

)

 

 

(5,123,002

)

Accumulated other comprehensive loss

 

 

(6,457,188

)

 

 

(6,211,013

)

Total stockholders’ equity

 

 

139,086,259

 

 

 

139,659,123

 

Total liabilities and stockholders’ equity

 

$

950,290,213

 

 

$

951,099,003

 

 

See accompanying notes to unaudited consolidated financial statements.

1

 

BOGOTA FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

 

 

 

Three Months Ended
March 31,

 

 

 

2023

 

 

2022

 

Interest income

 

 

 

 

 

 

Loans, including fees

 

$

7,699,438

 

 

$

5,537,080

 

Securities

 

 

 

 

 

 

Taxable

 

 

1,051,260

 

 

 

637,121

 

Tax-exempt

 

 

44,902

 

 

 

20,996

 

Other interest-earning assets

 

 

221,589

 

 

 

83,813

 

Total interest income

 

 

9,017,189

 

 

 

6,279,010

 

Interest expense

 

 

 

 

 

 

Deposits

 

 

3,714,997

 

 

 

826,184

 

FHLB advances

 

 

777,354

 

 

 

329,833

 

Total interest expense

 

 

4,492,351

 

 

 

1,156,017

 

Net interest income

 

 

4,524,838

 

 

 

5,122,993

 

Provision for credit losses

 

 

—

 

 

 

—

 

Net interest income after provision for credit losses

 

 

4,524,838

 

 

 

5,122,993

 

Non-interest income

 

 

 

 

 

 

Fees and service charges

 

 

52,152

 

 

 

39,318

 

Gain on sale of loans

 

 

13,225

 

 

 

87,130

 

Bank-owned life insurance

 

 

186,053

 

 

 

155,993

 

Other

 

 

31,849

 

 

 

61,982

 

Total non-interest income

 

 

283,279

 

 

 

344,423

 

Non-interest expense

 

 

 

 

 

 

Salaries and employee benefits

 

 

2,162,369

 

 

 

2,063,347

 

Occupancy and equipment

 

 

382,787

 

 

 

344,429

 

FDIC insurance assessment

 

 

60,000

 

 

 

54,000

 

Data processing

 

 

277,097

 

 

 

278,347

 

Advertising

 

 

147,300

 

 

 

121,145

 

Director fees

 

 

159,337

 

 

 

214,791

 

Professional fees

 

 

149,250

 

 

 

144,263

 

Other

 

 

179,208

 

 

 

320,953

 

Total non-interest expense

 

 

3,517,348

 

 

 

3,541,275

 

Income before income taxes

 

 

1,290,769

 

 

 

1,926,141

 

Income tax expense

 

 

298,062

 

 

 

525,244

 

Net income

 

$

992,707

 

 

$

1,400,897

 

Earnings per Share - basic

 

$

0.08

 

 

$

0.10

 

Earnings per Share - diluted

 

$

0.08

 

 

$

0.10

 

Weighted average shares outstanding - basic

 

 

13,013,492

 

 

 

13,858,884

 

Weighted average shares outstanding - diluted

 

 

13,055,533

 

 

 

13,878,304

 

See accompanying notes to unaudited consolidated financial statements.

2

 

BOGOTA FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited)

 

 

 

Three Months Ended
March 31,

 

 

 

2023

 

 

2022

 

Net income

 

$

992,707

 

 

$

1,400,897

 

Other comprehensive (loss):

 

 

 

 

 

 

Net unrealized loss on securities available for sale

 

 

(158,702

)

 

 

(3,338,417

)

Tax effect

 

 

44,610

 

 

 

938,429

 

Net of tax

 

 

(114,092

)

 

 

(2,399,988

)

Defined benefit retirement plans:

 

 

 

 

 

 

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

 

 

(23,016

)

 

 

57,850

 

Tax effect

 

 

6,470

 

 

 

(16,261

)

Net of tax

 

 

(16,546

)

 

 

41,589

 

Derivatives, net of tax:

 

 

 

 

 

 

Unrealized loss on swap contracts accounted for as cash flow hedges

 

 

(160,713

)

 

 

—

 

Tax effect

 

 

45,176

 

 

 

—

 

Net of tax

 

 

(115,537

)

 

 

—

 

Total other comprehensive loss

 

 

(246,175

)

 

 

(2,358,399

)

Comprehensive income (loss)

 

$

746,532

 

 

$

(957,502

)

See accompanying notes to unaudited consolidated financial statements.

3

 

BOGOTA FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF EQUITY

(unaudited)

 

 

Common
Stock Shares

 

 

Common
Stock

 

 

Additional Paid-in
Capital

 

 

 

Retained
Earnings

 

 

Unearned
ESOP shares

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Total stockholders'
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 income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

—

 

 

 

(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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

See accompanying notes to unaudited consolidated financial statements.

4

 

BOGOTA FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

 

 

 

For the three months ended
March 31,

 

 

 

2023

 

 

2022

 

Cash flows from operating activities

 

 

 

 

 

 

Net income

 

$

992,707

 

 

$

1,400,897

 

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

 

 

 

 

 

 

Amortization of intangible assets

 

 

(29,410

)

 

 

(36,955

)

Provision for credit losses

 

 

—

 

 

 

—

 

Depreciation of premises and equipment

 

 

125,591

 

 

 

115,751

 

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

 

 

96,560

 

 

 

(50,202

)

Amortization of premiums and accretion of discounts on securities, net

 

 

6,893

 

 

 

21,590

 

Deferred income tax expense

 

 

—

 

 

 

—

 

Gain on sale of loans

 

 

(13,225

)

 

 

(87,130

)

Proceeds from sale of loans

 

 

649,225

 

 

 

4,402,073

 

Origination of loans held for sale

 

 

(636,000

)

 

 

—

 

Increase in cash surrender value of bank owned life insurance

 

 

(186,052

)

 

 

(143,296

)

Employee stock ownership plan expense

 

 

72,385

 

 

 

66,146

 

Stock based compensation

 

 

233,193

 

 

 

233,193

 

Changes in:

 

 

 

 

 

 

Accrued interest receivable

 

 

189,423

 

 

 

(57,827

)

Net changes in other assets

 

 

(536,090

)

 

 

1,887,663

 

Net changes in other liabilities

 

 

251,534

 

 

 

455,797