Exhibit 99.1
 
Bogota Financial Corp. Reports Results for the Three and
 Nine Months Ended September 30, 2026
 NEWS PROVIDED BY
 Bogota Financial Corp.
 
Teaneck, New Jersey, October 30, 2026 – Bogota Financial Corp. (NASDAQ: BSBK) (the “Company”), the holding company for Bogota Savings Bank (the “Bank”), reported net income for the three months ended September 30, 2026 of $473,000, or $0.04 per basic and diluted share, compared to a net income of $455,000, or $0.04 per basic and diluted share, for the comparable prior year period. The Company reported net income for the nine months ended September 30, 2026 of $1.9 million, or $0.15 per basic and diluted share, compared to a net income of $1.4 million, or $0.11 per basic and diluted share, for the comparable prior year period.
 
As of September 30, 2026, 237,590 shares of the Company’s common stock have been repurchased pursuant to the Company’s current stock repurchase program at a cost of $2.1 million which represents all of the shares the Company was authorized to repurchase under that program.
 
Other Financial Highlights:
 
 
●
Total assets decreased $23.1 million, or 2.6%, to $881.8 million at September 30, 2026 from $904.9 million at December 31, 2025, due to a decrease in cash and cash equivalents and securities.
 
 
●
Cash and cash equivalents decreased $15.9 million, or 44.6%, to $19.7 million at September 30, 2026 from $35.6 million at December 31, 2025 as excess funds from increased borrowings, security maturities and loan payments were used to fund deposit outflows.
 
 
●
Securities decreased $11.7 million, or 7.4%, to $146.4 million at September 30, 2026 from $158.1 million at December 31, 2025 due to principal repayments of mortgage-backed securities and maturities of corporate bonds.  
 
 
●
Net loans decreased $532,000, or 0.1%, to $647.1 million at September 30, 2026 from $647.6 million at December 31, 2025, primarily due to decreases in residential mortgages and commercial real estate loans, offset by an increase in multi-family real estate loans.
 
 
●
Total deposits at September 30, 2026 were $581.3 million, decreasing $71.2 million, or 10.9%, compared to $652.4 million at December 31, 2025, due to a $92.2 million decrease in certificates of deposit of which $10.8 million represented a decrease in brokered deposits. The decrease was offset by a $16.5 million increase in savings accounts, a $1.5 million increase in non-interest-bearing accounts and a $4.2 million increase in NOW accounts. The average rate on deposits decreased 16 basis points to 3.14% for the first three quarters of 2026 from 3.30% from the comparable period a year ago, which was due to lower interest rates and lower average balances of certificates of deposit.
 
 
●
Federal Home Loan Bank (the "FHLB") advances increased $47.4 million, or 50.8% to $140.7 million at September 30, 2026 from $93.3 million as of December 31, 2025.  The increase in borrowings was largely attributable to the outflow of deposits during the nine months ended September 30, 2026.
 
Kevin Pace, President and Chief Executive Officer, said “We are excited to mark another important milestone in Bogota Savings Bank’s continued growth with the opening of our newest location in Point Pleasant, New Jersey as part of our strategic expansion into the southern New Jersey market. This allows us to serve our already extensive customer base in the Central and South Jersey markets and reflects our confidence and commitment in the opportunities within that market.
1
 
We are particularly encouraged by our financial performance through the first nine months of 2026. Net income increased 36% to $1.9 million compared to the same period last year, while net interest income grew 13.9% to $12.7 million. We also achieved meaningful improvements in our net interest margin and net interest rate spread, reflecting continued progress in managing our funding costs and strengthening our core earnings performance. These results demonstrate the benefits of our ongoing focus on operational discipline, balance sheet management, and long-term financial performance.
 
We recognize that the banking industry continues to navigate a challenging and evolving environment, characterized by interest rate uncertainty, heightened competition for deposits, changing customer expectations, and broader economic pressures. Against this backdrop, we remain focused on maintaining a strong financial foundation, managing risk prudently, and pursuing opportunities that support sustainable growth.
 
Income Statement Analysis
 
Comparison of Operating Results for the Three Months Ended September 30, 2026 and September 30, 2025
 
Net income increased $18,000 to $473,000 for the three months ended September 30, 2026 compared to net income of $455,000 for the three months ended September 30, 2025. This increase was primarily due to a $579,000 increase in net interest income offset by a $467,000 increase in non-interest expenses and a $59,000 increase in income taxes.
 
Interest income decreased $194,000, or 1.8%, to $10.4 million for the three months ended September 30, 2026 compared to $10.6 million for the three months ended September 30, 2025.
 
Interest income on cash and cash equivalents decreased $9,000, or 5.0%, to $170,000 for the three months ended September 30, 2026 from $179,000 for the three months ended September 30, 2025 due to an 11 basis point decrease in the average yield from 4.27% for the three months ended September 30, 2025 to 4.16% for the three months ended September 30, 2026 resulting from a lower short-term interest rate environment. There was a $535,000 decrease in the average balance to $16.1 million for the three months ended September 30, 2026 from $16.7 million for the three months ended September 30, 2025

Interest income on loans decreased $50,000, or 0.6%, to $8.2 million for the three months ended September 30, 2026, due primarily to a 27 basis point increase in the average yield from 4.77% for the three months ended September 30, 2025 to 5.04% for the three months ended September 30, 2026 offset by a $40.4 million decrease in the average balance to $642.6 million for the three months ended September 30, 2026 from $683.0 million for the three months ended September 30, 2025.
 
Interest income on securities decreased $103,000, or 4.9%, to $2.0 million for the three months ended September 30, 2026, primarily due to a three basis point decrease in the average yield from 5.46% for the three months ended September 30, 2025, to 5.43% for the three months ended September 30, 2026.  The decrease was also due to a $6.6 million decrease in the average balance to $147.4 million for the three months ended September 30, 2026, from $153.9 million for the three months ended September 30, 2025.
 
Interest expense decreased $773,000, or 11.5%, from $6.7 million for the three months ended September 30, 2025 to $6.0 million for the three months ended September 30, 2026 primarily due to a lower average balance of certificates of deposits.  During the three months ended September 30, 2026, the use of hedges increased the interest expense on the FHLB advances and brokered deposits by $22,000 compared to a reduced expense for the three months ended September 30, 2025.  At September 30, 2026, cash flow hedges used to manage interest rate risk had a notional value of $67.5 million, while fair value hedges totaled $30.0 million in notional value. 
 
Interest expense on interest-bearing deposits decreased $1.1 million, or 19.2%, to $4.5 million for the three months ended September 30, 2026 from $5.6 million for the three months ended September 30, 2025. The decrease was due to a 30 basis point decrease in the average cost of deposits to 3.28% for the three months ended September 30, 2026 from 3.58% for the three months ended September 30, 2025. The decrease in the average cost of deposits was due to the lower interest rate environment and a decrease in the rate paid on certificates of deposit offset by an increase in the rate paid on savings accounts. Our rates on certificates of deposit decreased 32 basis points to 3.57% for the three months ended September 30, 2026 from 3.89% for the three months ended September 30, 2025 and the average balances of certificates of deposit decreased $100.4 million to $402.3 million for the three months ended September 30, 2026 from $502.7 million for the three months ended September 30, 2025. The average balance of NOW/money market accounts and savings accounts increased $14.1 million and $16.2 million for the three months ended September 30, 2026, respectively, compared to the three months ended September 30, 2025.
2
 
Interest expense on FHLB advances increased $306,000, or 27.6%, from $1.1 million for the three months ended September 30, 2025 to $1.4 million for the three months ended September 30, 2026. The increase was primarily due to an increase in the average balance of $22.6 million to $138.7 million for the three months ended September 30, 2026 from $116.1 million for the three months ended September 30, 2025 and an increase in the average cost of borrowings of 35 basis points to 4.14% for the three months ended September 30, 2026 from 3.79% for the three months ended September 30, 2025 due to the new borrowings being shorter durations at higher rates.
 
Net interest income increased $579,000, or 14.9%, to $4.5 million for the three months ended September 30, 2026 from $3.9 million for the three months ended September 30, 2025.  The increase reflected a 38 basis point increase in our net interest rate spread to 1.68% for the three months ended September 30, 2026 from 1.30% for the three months ended September 30, 2025. Our net interest margin increased 39 basis points to 2.19% for the three months ended September 30, 2026 from 1.80% for the three months ended September 30, 2025.
 
We recorded no provision for credit losses for the three months ended September 30, 2026 and we recorded a $50,000 recovery for credit losses for the three months ended September 30, 2025. All non-performing loans are impaired and have no allowance for credit losses due to adequate collateral and required no additional provisions for credit losses.
 
Non-interest income increased $16,000, or 4.9%, to $337,000 for the three months ended September 30, 2026 from $321,000 for the three months ended September 30, 2025 due to a higher income on bank-owned life insurance.
 
For the three months ended September 30, 2026, non-interest expense increased $467,000, or 12.5%, compared to the same period ended September 30, 2025. Salaries and employee benefits decreased $6,000, or 0.3%, due to lower headcount. FDIC insurance premiums decreased $4,000, or 4.4%, due to lower deposit balances in 2026. Data processing expense increased $35,000, or 11.9%, due to higher processing costs. Director fees decreased $27,000, or 17.8%, due to fewer members on the board. The increase in advertising expense of $35,000, or 337.0%, was due to marketing for a new branch opening. Merger expense was $311,000, due to higher legal expense associated with the pending merger. 
 
Income tax expense increased $59,000 to an expense of $132,000 for the three months ended September 30, 2026 from a $73,000 expense for the three months ended September 30, 2025. The increase was due to an increase of $64,000 in pre-tax income. 
 
Comparison of Operating Results for the Nine Months Ended September 30, 2026 and September 30, 2025
 
Net income increased $516,000 to $1.9 million for the nine months ended September 30, 2026 from $1.4 million for the nine months ended September 30, 2025. This increase was primarily due to an increase of $1.6 million in net interest income which was offset by a decrease of $223,000 in non-interest income, an increase of $187,000 in non-interest expense, an increase of $180,000 in the provision for credit losses and an increase of $451,000 in income tax expense.
 
Interest income decreased $1.5 million, or 4.8%, to $30.5 million for the nine months ended September 30, 2026 compared to $32.1 million for the nine months ended September 30, 2025.
 
Interest income on cash and cash equivalents decreased $150,000, or 27.3%, to $400,000 for the nine months ended September 30, 2026 from $550,000 for the nine months ended September 30, 2025 due to a $2.0 million decrease in the average balance to $12.5 million for the nine months ended September 30, 2026 from $14.4 million for the nine months ended September 30, 2025, reflecting a decrease in deposits and a reduction of borrowings.  This was also due to an 81 basis point decrease in the average yield from 5.09% for the nine months ended September 30, 2025 to 4.28% for the nine months ended September 30, 2026 resulting from the lower interest rate environment.

Interest income on loans decreased $1.4 million, or 5.7%, to $23.7 million for the nine months ended September 30, 2026 compared to $25.1 million for the nine months ended September 30, 2025, due primarily to a $51.6 million decrease in the average balance to $643.6 million for the nine months ended September 30, 2026 from $695.2 million for the nine months ended September 30, 2025 offset by an eight basis point increase in the yield.
 
3
 
Interest income on securities increased $241,000, or 4.1%, to $6.1 million for the nine months ended September 30, 2026, from $5.9 million for the nine months ended September 30, 2025, primarily due to a 21 basis point increase in the average yield from 5.34% for the nine months ended September 30, 2025, to 5.55% for the nine months ended September 30, 2026.  The increase was also due to a $157,000 increase in the average balance to $147.0 million for the nine months ended September 30, 2026, from $146.8 million for the nine months ended September 30, 2025.
 
Interest expense decreased $3.1 million, or 14.9%, from $20.9 million for the nine months ended September 30, 2025 to $17.8 million for the nine months ended September 30, 2026 due to lower average balances of certificates of deposits and borrowings and a lower cost provided on CDs.  During the nine months ended September 30, 2026, the use of hedges increased the interest expense on FHLB advances and brokered deposits by $1,000. At September 30, 2026, cash flow hedges used to manage interest rate risk had a notional value of $67.5 million, while fair value hedges totaled $30.0 million in notional value. 
 
Interest expense on interest-bearing deposits decreased $2.8 million, or 16.3%, to $14.1 million for the nine months ended September 30, 2026 from $16.9 million for the nine months ended September 30, 2025. The decrease was due to a 42 basis point decrease in the average cost of deposits to 3.31% for the nine months ended September 30, 2026 from 3.73% for the nine months ended September 30, 2025. The decrease in the average cost of deposits was due to the lower interest rate environment and a decrease in the rate paid on certificates of deposit offset by an increase in the rate paid on transactional accounts. Our rates on certificates of deposit decreased 47 basis points to 3.58% for the nine months ended September 30, 2026 from 4.05% for the nine months ended September 30, 2025 and the average balances of certificates of deposit decreased $55.5 million to $427.9 million for the nine months ended September 30, 2026 from $483.4 million for the nine months ended September 30, 2025. The average balance of NOW/money market accounts and savings accounts increased $7.1 million and $13.5 million for the nine months ended September 30, 2026, respectively, compared to the nine months ended September 30, 2025.
 
Interest expense on FHLB advances decreased $340,000, or 8.6%, from $4.0 million for the nine months ended September 30, 2025 to $3.6 million for the nine months ended September 30, 2026. The decrease was primarily due to a decrease in the average balance of $28.7 million to $115.4 million for the nine months ended September 30, 2026 from $144.1 million for the nine months ended September 30, 2025.  The decrease was offset by an increase in the average cost of borrowings of 27 basis points to 4.20% for the nine months ended September 30, 2026 from 3.93% for the nine months ended September 30, 2025 due to the new borrowings being shorter durations at higher rates.
 
Net interest income increased $1.6 million, or 13.9%, to $12.7 million for the nine months ended September 30, 2026 from $11.2 million for the nine months ended September 30, 2025.  The increase reflected a 36 basis point increase in our net interest rate spread to 1.57% for the nine months ended September 30, 2026 from 1.21% for the nine months ended September 30, 2025. Our net interest margin increased 37 basis points to 2.10% for the nine months ended September 30, 2026 from 1.73% for the nine months ended September 30, 2025.
 
We recorded a $50,000 provision for credit losses for the nine months ended September 30, 2026 compared to an $130,000 recovery for credit losses for the nine months ended September 30, 2025 due to higher delinquent commercial loan balances, offset by a decrease in loan balances.  
  
Non-interest income decreased $223,000, or 14.5%, to $1.3 million for the nine months ended September 30, 2026 from $1.5 million for the nine months ended September 30, 2025 due to a $564,000 death benefit received in 2025 related to a former employee, offset by $300,000 received from an insurance claim during 2026 related to a previous year fraud loss.
 
For the nine months ended September 30, 2026, non-interest expense increased $187,000, or 1.6%, compared to the comparable September 30, 2025 period. Salaries and employee benefits decreased $108,000, or 1.8%, due to lower headcount. FDIC insurance premiums decreased $29,000, or 9.5%, due to lower deposit balances in 2026. Director fees decreased $92,000, or 19.1%, due to fewer members on the board. Professional fees decreased $112,000, or 12.0%, due to lower legal expense associated with a construction loan foreclosure in 2025. Merger expense was $311,000, due to higher legal expense associated with the upcoming merger. Occupancy and equipment increased $96,000, or 4.9%, due to cost for a new branch in 2026.
 
Income tax expense increased $451,000 to an expense of $443,000 for the nine months ended September 30, 2026 from an $8,000 benefit for the nine months ended September 30, 2025. The increase was due to an increase of $1.5 million in pre-tax income. 
4
 
Balance Sheet Analysis at September 30, 2026 Compared to December 31, 2025
 
Total assets were $881.8 million at September 30, 2026, representing a decrease of $23.1 million, or 2.6%, from $904.9 million at December 31, 2025.  Cash and cash equivalents decreased $15.9 million during the period primarily as excess funds from increased borrowings, security maturities and loan payments were used to offset deposits outflows. Net loans decreased $532,000, or 0.08%, due to $47.0 million in repayments, partially offset by new production of $46.5 million. This decrease in net loans is also attributed to a $6.8 million decrease in residential loans, a $292,000 decrease in construction loans and a decrease of $6.4 million of commercial loans, offset by a $13.2 million increase in multi-family loans; commercial and industrial loans decreased $170,000, or 5.3% and consumer loans also decreased $56,000 or 47.5%.  Due to the interest rate environment, we have seen a decrease in demand for residential and construction loans, which have been primary drivers of our loan growth in recent periods, as well as consumer loans.  Securities available for sale decreased $11.7 million or 7.4%, due to repayments of mortgage-backed securities and maturities of corporate bonds. 
 
Delinquent loans increased $600,000 to $28.2 million, or 4.34% of total loans, at September 30, 2026, compared to $27.6 million or 4.25% of total loans at December 31, 2025. The balance of delinquent loans includes $14.3 million of commercial real estate loans associated with four large loans that have been over 90 days past due. The balance of delinquent loans also includes one $10.9 million construction loan that is in bankruptcy and has a 45% loan to value.   Management considers all delinquent loans to be well-secured. During the nine months ended September 30, 2026, non-performing assets increased from $15.1 million at December 31, 2025 to $28.3 million, which represented 3.22% of total assets at September 30, 2026. The increase in non-performing loans was due to four commercial loans totaling $14.7 million to one associated borrower. No loans were charged off during the nine months ended September 30, 2026 or September 30, 2025. The Company’s allowance for credit losses related to loans was 0.39% of total loans and 9.03% of non-performing loans at September 30, 2026 compared to 0.39% of total loans and 19.29% of non-performing loans at December 31, 2025.  The Bank has limited exposure to commercial real estate loans secured by office space. 
 
Total liabilities decreased $23.3 million, or 3.1%, to $740.7 million at September 30, 2026 from $764.0 million at December 31, 2025, mainly due to a $71.2 million decrease in deposits offset by an increase in borrowings. Total deposits decreased $71.2 million, or 10.9%, to $581.3 million at September 30, 2026 from $652.4 million at December 31, 2025. Management decided to reduce deposits due to the lack on new loan growth and the low yield on investments. The decrease in deposits reflected a decrease in certificate of deposit accounts, which decreased by $92.2 million to $401.7 million at September 30, 2026 from $493.9 million at December 31, 2025. This decrease was offset by savings accounts which increased by $16.5 million from $54.6 million at December 31, 2025 to $71.0 million at September 30, 2026 an increase in NOW deposit accounts and money market accounts, which increased by $3.0 million to $78.8 million, and by an increase in noninterest bearing demand accounts, which increased by $1.5 million from $28.2 million at December 31, 2025 to $29.7 million at September 30, 2026.  At September 30, 2026, brokered deposits were $95.5 million or 16.4% of deposits and municipal deposits were $42.8 million or 7.4% of deposits.  At September 30, 2026, uninsured deposits represented 28.5% of the Bank’s total deposits. FHLB advances increased $47.4 million, or 50.8%, due to the use of borrowings to fund deposit outflows.  Short-term borrowings increased $82.5 million, or 412.5%, to $102.5 million at September 30, 2026 from $20.0 million at December 31, 2025, while long-term borrowings decreased $35.1 million, or 47.9%, to $38.2 million at September 30, 2026 from $73.3 million at December 31, 2025.  Total borrowing capacity at the FHLB is $231.2 million of which $140.7 million has been advanced.
 
Total stockholders’ equity increased $230,000 to $141.1 million at September 30, 2026 from $140.9 million at December 31, 2025, primarily due to net income of $1.9 million, partially offset by a $1.0 million increase in accumulated other comprehensive loss and the repurchase of shares under the stock repurchase program. For the nine months ended September 30, 2026, the Company’s ratio of average stockholders’ equity-to-average total assets was 16.36%, compared to 15.02% for the nine months ended September 30, 2025. 
 
About Bogota Financial Corp.
 
Bogota Financial Corp. is a Maryland corporation organized as the mid-tier holding company of Bogota Savings Bank and is the majority-owned subsidiary of Bogota Financial, MHC. Bogota Savings Bank is a New Jersey chartered stock savings bank that has served the banking needs of its customers in northern and central New Jersey since 1893. It operates from eight offices located in Bogota, Hasbrouck Heights, Upper Saddle River, Newark, Oak Ridge, Parsippany, Point Pleasant and Teaneck, New Jersey.
 
5
 
Forward-Looking Statements
   
   This press release contains certain forward-looking statements about the Company and the Bank. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, inflation, general economic conditions or conditions within the securities markets, the imposition of tariffs or other domestic or international governmental policies and trade restrictions and retaliatory measures impacting our borrowers and the broader economy, the impact of a potential federal government shutdown, debt ceiling impasses or fiscal uncertainty, real estate market values in the Bank’s lending area, changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; the availability of low-cost funding; our continued reliance on brokered and municipal deposits; demand for loans in our market area; changes in the quality of our loan and security portfolios, economic assumptions or changes in our methodology, either of which may impact our allowance for credit losses calculation, increases in non-performing and classified loans, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System; the current or anticipated impact of military conflict, terrorism or other geopolitical  events; risks associated with cybersecurity threats, data breaches, ransomware attacks, or other failures in our operational or security systems and infrastructure, including the risks arising from our dependence on third-party service providers and vendors, the failure to maintain current technologies; failure to retain or attract employees and legislative, accounting and regulatory changes that could adversely affect the business in which the Company and the Bank are engaged.
 
The Company undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.
 
 
6
 
BOGOTA FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(unaudited)
 
 
 
As of
 
 
As of
 
 
 
September 30, 2026
 
 
December 31, 2025
 
Assets
 
 
 
 
 
 
 
 
Cash and due from banks
 
$
7,929,347
 
 
$
11,584,648
 
Interest-bearing deposits in other banks
 
 
11,779,829
 
 
 
24,013,947
 
Cash and cash equivalents
 
 
19,709,176
 
 
 
35,598,595
 
 
 
 
 
 
 
 
 
 
Securities available for sale, at fair value
 
 
146,411,304
 
 
 
158,064,631
 
Loans, net of allowance for credit losses of $2,551,949 and $2,529,949, respectively
 
 
647,113,747
 
 
 
647,645,607
 
Premises and equipment, net
 
 
4,623,461
 
 
 
4,399,202
 
Federal Home Loan Bank ("FHLB") stock and other restricted securities
 
 
7,497,100
 
 
 
5,403,900
 
Accrued interest receivable
 
 
4,313,634
 
 
 
4,261,410
 
Core deposit intangibles
 
 
78,844
 
 
 
107,604
 
Bank-owned life insurance
 
 
32,460,252
 
 
 
31,774,855
 
Right of use asset
 
 
10,429,021
 
 
 
10,265,125
 
Investment in limited partnership
 
 
3,963,163
 
 
 
2,413,320
 
Other assets
 
 
5,247,573
 
 
 
5,013,251
 
Total Assets
 
$
881,847,275
 
 
$
904,947,500
 
Liabilities and Equity
 
 
 
 
 
 
 
 
Non-interest bearing deposits
 
$
29,697,424
 
 
$
28,177,516
 
Interest bearing deposits
 
 
551,571,246
 
 
 
624,269,541
 
Total deposits
 
 
581,268,670
 
 
 
652,447,057
 
 
 
 
 
 
 
 
 
 
FHLB advances-short term
 
 
102,500,000
 
 
 
20,000,000
 
FHLB advances-long term
 
 
38,191,326
 
 
 
73,322,132
 
Advance payments by borrowers for taxes and insurance
 
 
2,947,314
 
 
 
2,591,007
 
Lease liabilities
 
 
10,679,517
 
 
 
10,434,759
 
Other liabilities
 
 
5,121,765
 
 
 
5,244,197
 
Total liabilities
 
 
740,708,592
 
 
 
764,039,152
 
 
 
 
 
 
 
 
 
 
Stockholders’ Equity
 
 
 
 
 
 
 
 
Preferred stock $0.01 par value 1,000,000 shares authorized, none issued and outstanding at September 30, 2026 and December 31, 2025
 
 
—
 
 
 
—
 
Common stock $0.01 par value, 30,000,000 shares authorized, 12,757,803 issued and outstanding at September 30, 2026 and 12,925,572 at December 31, 2025
 
 
127,577
 
 
 
129,255
 
Additional paid-in capital
 
 
54,077,576
 
 
 
54,949,369
 
Retained earnings
 
 
94,023,505
 
 
 
92,097,426
 
Unearned ESOP shares (336,185 shares at September 30, 2026 and 356,188 shares at December 31, 2025)
 
 
(3,993,488
)
 
 
(4,219,390
)
Accumulated other comprehensive loss
 
 
(3,096,487
)
 
 
(2,048,312
)
Total stockholders’ equity
 
 
141,138,683
 
 
 
140,908,348
 
Total liabilities and stockholders’ equity
 
$
881,847,275
 
 
$
904,947,500
 
 
 
7
 
BOGOTA FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
 
 
 
Three Months Ended
 
 
Nine Months Ended
 
 
 
September 30,
 
 
September 30,
 
 
 
2026
 
 
2025
 
 
2026
 
 
2025
 
Interest income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans, including fees
 
$
8,163,590
 
 
$
8,213,734
 
 
$
23,674,055
 
 
$
25,108,786
 
Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Taxable
 
 
1,996,519
 
 
 
2,099,657
 
 
 
6,113,933
 
 
 
5,873,411
 
Tax-exempt
 
 
2,886
 
 
 
2,892
 
 
 
8,663
 
 
 
8,681
 
Other interest-earning assets
 
 
270,228
 
 
 
311,250
 
 
 
714,219
 
 
 
1,065,408
 
Total interest income
 
 
10,433,223
 
 
 
10,627,533
 
 
 
30,510,870
 
 
 
32,056,286
 
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits
 
 
4,545,095
 
 
 
5,624,968
 
 
 
14,148,760
 
 
 
16,911,430
 
FHLB advances
 
 
1,415,391
 
 
 
1,108,526
 
 
 
3,623,170
 
 
 
3,962,974
 
Total interest expense
 
 
5,960,486
 
 
 
6,733,494
 
 
 
17,771,930
 
 
 
20,874,404
 
Net interest income
 
 
4,472,737
 
 
 
3,894,039
 
 
 
12,738,940
 
 
 
11,181,882
 
Provision (recovery) for credit losses
 
 
—
 
 
 
(50,000
)
 
 
50,000
 
 
 
(130,000
)
Net interest income after provision (recovery) for credit losses
 
 
4,472,737
 
 
 
3,944,039
 
 
 
12,688,940
 
 
 
11,311,882
 
Non-interest income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fees and service charges
 
 
58,278
 
 
 
59,703
 
 
 
169,772
 
 
 
175,277
 
Gain on sale of loans
 
 
—
 
 
 
—
 
 
 
—
 
 
 
37,830
 
Bank-owned life insurance
 
 
234,775
 
 
 
221,733
 
 
 
685,397
 
 
 
1,212,356
 
Other
 
 
43,971
 
 
 
39,902
 
 
 
463,821
 
 
 
116,957
 
Total non-interest income
 
 
337,024
 
 
 
321,338
 
 
 
1,318,990
 
 
 
1,542,420
 
Non-interest expense
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Salaries and employee benefits
 
 
2,017,854
 
 
 
2,023,727
 
 
 
6,055,389
 
 
 
6,163,868
 
Occupancy and equipment
 
 
705,200
 
 
 
639,570
 
 
 
2,047,962
 
 
 
1,951,483
 
FDIC insurance assessment
 
 
94,139
 
 
 
98,438
 
 
 
279,543
 
 
 
308,958
 
Data processing
 
 
328,157
 
 
 
293,200
 
 
 
917,010
 
 
 
913,931
 
Advertising
 
 
45,225
 
 
 
10,350
 
 
 
135,725
 
 
 
131,850
 
Director fees
 
 
126,631
 
 
 
154,122
 
 
 
391,893
 
 
 
484,378
 
Professional fees
 
 
331,429
 
 
 
361,620
 
 
 
820,876
 
 
 
932,714
 
Merger expenses
 
 
310,979
 
 
 
—
 
 
 
310,979
 
 
 
—
 
Other
 
 
245,336
 
 
 
156,897
 
 
 
679,471
 
 
 
564,914
 
Total non-interest expense
 
 
4,204,950
 
 
 
3,737,924
 
 
 
11,638,848
 
 
 
11,452,096
 
Income before income taxes
 
 
604,811
 
 
 
527,453
 
 
 
2,369,082
 
 
 
1,402,206
 
Income tax expense (benefit)
 
 
132,200
 
 
 
72,828
 
 
 
443,003
 
 
 
(7,761
)
Net income
 
$
472,611
 
 
$
454,625
 
 
$
1,926,079
 
 
$
1,409,967
 
Earnings per Share - basic
 
$
0.04
 
 
$
0.04
 
 
$
0.15
 
 
$
0.11
 
Earnings per Share - diluted
 
$
0.04
 
 
$
0.04
 
 
$
0.15
 
 
$
0.11
 
Weighted average shares outstanding - basic
 
 
12,425,946
 
 
 
12,637,950
 
 
 
12,573,824
 
 
 
12,641,128
 
Weighted average shares outstanding - diluted
 
 
12,438,175
 
 
 
12,650,192
 
 
 
12,575,879
 
 
 
12,642,660
 
 
 
8
 
BOGOTA FINANCIAL CORP.
SELECTED RATIOS
(unaudited)
 
 
 
At or For the Three Months
 
 
At or for the Nine Months
 
 
 
Ended September 30,
 
 
Ended September 30,
 
 
 
2026
 
 
2025
 
 
2026
 
 
2025
 
Performance Ratios (1):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Return on average assets (2)
 
 
0.05
%
 
 
0.05
%
 
 
0.22
%
 
 
0.15
%
Return on average equity (3)
 
 
0.33
%
 
 
0.33
%
 
 
1.36
%
 
 
1.02
%
Interest rate spread (4)
 
 
1.68
%
 
 
1.30
%
 
 
1.57
%
 
 
1.21
%
Net interest margin (5)
 
 
2.19
%
 
 
1.80
%
 
 
2.10
%
 
 
1.73
%
Efficiency ratio (6)
 
 
87.43
%
 
 
88.67
%
 
 
82.79
%
 
 
90.00
%
Average interest-earning assets to average interest-bearing liabilities
 
 
117.48
%
 
 
116.24
%
 
 
117.71
%
 
 
115.57
%
Net loans to deposits
 
 
111.33
%
 
 
103.48
%
 
 
111.33
%
 
 
103.48
%
Average equity to average assets (7)
 
 
16.15
%
 
 
15.08
%
 
 
16.36
%
 
 
15.02
%
Capital Ratios:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tier 1 capital to average assets
 
 
 
 
 
 
 
 
 
 
16.67
%
 
 
15.46
%
Asset Quality Ratios:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for credit losses as a percent of total loans
 
 
 
 
 
 
 
 
 
 
0.39
%
 
 
0.38
%
Allowance for credit losses as a percent of non-performing loans
 
 
 
 
 
 
 
 
 
 
9.03
%
 
 
12.42
%
Net charge-offs to average outstanding loans during the period
 
 
 
 
 
 
 
 
 
 
0.00
%
 
 
0.00
%
Non-performing loans as a percent of total loans
 
 
 
 
 
 
 
 
 
 
4.37
%
 
 
3.06
%
Non-performing assets as a percent of total assets
 
 
 
 
 
 
 
 
 
 
3.22
%
 
 
2.21
%
 
(1)
Certain performance ratios for the three and nine months ended September 30, 2026 and 2025 are annualized.
(2)
Represents net income divided by average total assets.
(3)
Represents net income divided by average stockholders’ equity.
(4)
Represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost of average interest-bearing liabilities. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of 27.5% for 2026 and 2025.
(5)
Represents net interest income as a percent of average interest-earning assets. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of 27.5% for 2026 and 2025.
(6)
Represents non-interest expenses divided by the sum of net interest income and non-interest income.
(7)
Represents average stockholders’ equity divided by average total assets.
 
 
9
 
 LOANS
 
Loans are summarized as follows at September 30, 2026 and December 31, 2025:
 
 
 
September 30,
 
 
December 31,
 
 
 
2026
 
 
2025
 
 
 
(unaudited)
 
Real estate:
 
 
 
 
 
 
 
 
Residential First Mortgage
 
$
437,073,254
 
 
$
443,894,498
 
Commercial Real Estate
 
 
115,591,491
 
 
 
121,960,681
 
Multi-Family Real Estate
 
 
72,142,878
 
 
 
58,944,579
 
Construction
 
 
21,754,735
 
 
 
22,046,399
 
Commercial and Industrial
 
 
3,041,399
 
 
 
3,211,338
 
Consumer
 
 
61,939
 
 
 
118,061
 
Total loans
 
 
649,665,696
 
 
 
650,175,556
 
Allowance for credit losses
 
 
(2,551,949
)
 
 
(2,529,949
)
Net loans
 
$
647,113,747
 
 
$
647,645,607
 
 
 
The following tables set forth the distribution of total deposit accounts, by account type, at the dates indicated:
 
 
 
At September 30,
 
 
At December 31,
 
 
 
2026
 
 
2025
 
 
 
Amount
 
 
Percent
 
 
Average Rate
 
 
Amount
 
 
Percent
 
 
Average Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(unaudited)
 
Non-interest bearing demand accounts
 
$
29,697,424
 
 
 
5.11
%
 
 
—
%
 
$
28,177,516
 
 
 
4.32
%
 
 
—
%
NOW accounts
 
 
69,774,998
 
 
 
12.00
%
 
 
2.66
 
 
 
65,532,122
 
 
 
10.04
%
 
 
2.76
 
Money market accounts
 
 
9,010,864
 
 
 
1.55
%
 
 
0.41
 
 
 
10,244,512
 
 
 
1.57
%
 
 
0.44
 
Savings accounts
 
 
71,040,175
 
 
 
12.22
%
 
 
2.73
 
 
 
54,558,439
 
 
 
8.36
%
 
 
2.13
 
Certificates of deposit
 
 
401,745,209
 
 
 
69.12
%
 
 
3.59
 
 
 
493,934,468
 
 
 
75.70
%
 
 
3.75
 
Total
 
$
581,268,670
 
 
 
100.00
%
 
 
3.14
%
 
$
652,447,057
 
 
 
100.00
%
 
 
3.30
%
 
 
10
 
 Average Balance Sheets and Related Yields and Rates
 
The following tables present information regarding average balances of assets and liabilities, the total dollar amounts of interest income and dividends from average interest-earning assets, the total dollar amounts of interest expense on average interest-bearing liabilities, and the resulting annualized average yields and costs. The yields and costs for the periods indicated are derived by dividing income or expense by the average balances of assets or liabilities, respectively, for the periods presented. Average balances have been calculated using daily balances. Nonaccrual loans are included in average balances only. Loan fees are included in interest income on loans and are not material.
 
 
 
Three Months Ended September 30,
 
 
 
2026
 
 
2025
 
 
 
Average Balance
 
 
Interest and Dividends
 
 
Yield/ Cost
 
 
Average Balance
 
 
Interest and Dividends
 
 
Yield/ Cost
 
 
 
(Dollars in thousands)
 
Assets:
 
(unaudited)
 
Cash and cash equivalents
 
$
16,148
 
 
$
170
 
 
 
4.16
%
 
$
16,683
 
 
$
179
 
 
 
4.27
%
Loans
 
 
642,560
 
 
 
8,164
 
 
 
5.04
%
 
 
682,956
 
 
 
8,214
 
 
 
4.77
%
Securities
 
 
147,351
 
 
 
1,999
 
 
 
5.43
%
 
 
153,945
 
 
 
2,103
 
 
 
5.46
%
Other interest-earning assets
 
 
7,421
 
 
 
100
 
 
 
5.43
%
 
 
6,460
 
 
 
132
 
 
 
8.16
%
Total interest-earning assets
 
 
813,480
 
 
 
10,433
 
 
 
5.10
%
 
 
860,044
 
 
 
10,628
 
 
 
4.91
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-interest-earning assets
 
 
63,180
 
 
 
 
 
 
 
 
 
 
 
64,826
 
 
 
 
 
 
 
 
 
Total assets
 
$
876,660
 
 
 
 
 
 
 
 
 
 
$
924,870
 
 
 
 
 
 
 
 
 
Liabilities and equity:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOW and money market accounts
 
$
84,782
 
 
$
509
 
 
 
2.29
%
 
$
70,644
 
 
$
434
 
 
 
2.44
%
Savings accounts
 
 
66,678
 
 
 
462
 
 
 
2.55
%
 
 
50,442
 
 
 
269
 
 
 
2.11
%
Certificates of deposit (1)
 
 
402,280
 
 
 
3,574
 
 
 
3.57
%
 
 
502,657
 
 
 
4,922
 
 
 
3.89
%
Total interest-bearing deposits
 
 
553,740
 
 
 
4,545
 
 
 
3.28
%
 
 
623,763
 
 
 
5,625
 
 
 
3.58
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FHLB advances (1)
 
 
138,726
 
 
 
1,415
 
 
 
4.14
%
 
 
116,134
 
 
 
1,109
 
 
 
3.79
%
Total interest-bearing liabilities
 
 
692,466
 
 
 
5,960
 
 
 
3.42
%
 
 
739,898
 
 
 
6,734
 
 
 
3.61
%
Non-interest-bearing deposits
 
 
29,387
 
 
 
 
 
 
 
 
 
 
 
29,427
 
 
 
 
 
 
 
 
 
Other non-interest-bearing liabilities
 
 
13,255
 
 
 
 
 
 
 
 
 
 
 
16,114
 
 
 
 
 
 
 
 
 
Total liabilities
 
 
735,108
 
 
 
 
 
 
 
 
 
 
 
785,439
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total equity
 
 
141,552
 
 
 
 
 
 
 
 
 
 
 
139,431
 
 
 
 
 
 
 
 
 
Total liabilities and equity
 
$
876,660
 
 
 
 
 
 
 
 
 
 
$
924,870
 
 
 
 
 
 
 
 
 
Net interest income
 
 
 
 
 
$
4,473
 
 
 
 
 
 
 
 
 
 
$
3,894
 
 
 
 
 
Interest rate spread (2)
 
 
 
 
 
 
 
 
 
 
1.68
%
 
 
 
 
 
 
 
 
 
 
1.30
%
Net interest margin (3)
 
 
 
 
 
 
 
 
 
 
2.19
%
 
 
 
 
 
 
 
 
 
 
1.80
%
Average interest-earning assets to average interest-bearing liabilities
 
 
117.48
%
 
 
 
 
 
 
 
 
 
 
116.24
%
 
 
 
 
 
 
 
 
 
1.
Cash flow and fair value hedges are used to manage interest rate risk. During the three months ended September 30, 2026 and 2025, the net effect on interest expense on the FHLB advances and certificates of deposit was an increased expense of $22,000 and a reduced expense of $205,000, respectively.
2.
Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
3.
Net interest margin represents net interest income divided by average total interest-earning assets.
 
11
 
  
 
Nine Months Ended September 30,
 
 
 
2026
 
 
2025
 
 
 
Average Balance
 
 
Interest and Dividends
 
 
Yield/ Cost
 
 
Average Balance
 
 
Interest and Dividends
 
 
Yield/ Cost
 
 
 
(Dollars in thousands)
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
12,459
 
 
$
400
 
 
 
4.28
%
 
$
14,420
 
 
$
550
 
 
 
5.09
%
Loans
 
 
643,579
 
 
 
23,674
 
 
 
4.90
%
 
 
695,200
 
 
 
25,109
 
 
 
4.82
%
Securities
 
 
146,977
 
 
 
6,123
 
 
 
5.55
%
 
 
146,820
 
 
 
5,882
 
 
 
5.34
%
Other interest-earning assets
 
 
6,374
 
 
 
314
 
 
 
6.58
%
 
 
7,277
 
 
 
515
 
 
 
9.44
%
Total interest-earning assets
 
 
809,389
 
 
 
30,511
 
 
 
5.03
%
 
 
863,717
 
 
 
32,056
 
 
 
4.95
%
Non-interest-earning assets
 
 
55,873
 
 
 
 
 
 
 
 
 
 
 
58,963
 
 
 
 
 
 
 
 
 
Total assets
 
$
865,262
 
 
 
 
 
 
 
 
 
 
$
922,680
 
 
 
 
 
 
 
 
 
Liabilities and equity:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOW and money market accounts
 
$
83,420
 
 
$
1,517
 
 
 
2.43
%
 
$
74,409
 
 
$
1,338
 
 
 
2.40
%
Savings accounts
 
 
60,846
 
 
 
1,166
 
 
 
2.56
%
 
 
48,358
 
 
 
743
 
 
 
2.06
%
Certificates of deposit (1)
 
 
427,898
 
 
 
11,466
 
 
 
3.58
%
 
 
489,876
 
 
 
14,830
 
 
 
4.05
%
Total interest-bearing deposits
 
 
572,164
 
 
 
14,149
 
 
 
3.31
%
 
 
612,643
 
 
 
16,911
 
 
 
3.73
%
FHLB advances (1)
 
 
115,430
 
 
 
3,623
 
 
 
4.20
%
 
 
134,689
 
 
 
3,963
 
 
 
3.93
%
Total interest-bearing liabilities
 
 
687,594
 
 
 
17,772
 
 
 
3.46
%
 
 
747,332
 
 
 
20,874
 
 
 
3.73
%
Non-interest-bearing deposits
 
 
29,593
 
 
 
 
 
 
 
 
 
 
 
31,413
 
 
 
 
 
 
 
 
 
Other non-interest-bearing liabilities
 
 
6,559
 
 
 
 
 
 
 
 
 
 
 
5,367
 
 
 
 
 
 
 
 
 
Total liabilities
 
 
723,746
 
 
 
 
 
 
 
 
 
 
 
784,112
 
 
 
 
 
 
 
 
 
Total equity
 
 
141,516
 
 
 
 
 
 
 
 
 
 
 
138,568
 
 
 
 
 
 
 
 
 
Total liabilities and equity
 
$
865,262
 
 
 
 
 
 
 
 
 
 
$
922,680
 
 
 
 
 
 
 
 
 
Net interest income
 
 
 
 
 
$
12,739
 
 
 
 
 
 
 
 
 
 
$
11,182
 
 
 
 
 
Interest rate spread (2)
 
 
 
 
 
 
 
 
 
 
1.57
%
 
 
 
 
 
 
 
 
 
 
1.21
%
Net interest margin (3)
 
 
 
 
 
 
 
 
 
 
2.10
%
 
 
 
 
 
 
 
 
 
 
1.73
%
Average interest-earning assets to average interest-bearing liabilities
 
 
117.71
%
 
 
 
 
 
 
 
 
 
 
115.57
%
 
 
 
 
 
 
 
 
 
1.
Cash flow and fair value hedges are used to manage interest rate risk. During the nine months ended September 30, 2026 and 2025, the net effect on interest expense on the FHLB advances and certificates of deposit was an increased expense of $1,000 and a reduced expense of $568,000, respectively.
2.
Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
3.
Net interest margin represents net interest income divided by average total interest-earning assets.
 
 
12
 
 Rate/Volume Analysis
 
The following table sets forth the effects of changing rates and volumes on net interest income. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The net column represents the sum of the prior columns. Changes attributable to changes in both rate and volume that cannot be segregated have been allocated proportionally based on the changes due to rate and the changes due to volume.
 
 
 
Three Months Ended September 30, 2026
 
 
Nine Months Ended September 30, 2026
 
 
 
Compared to
 
 
Compared to
 
 
 
Three Months Ended September 30, 2025
 
 
Nine Months Ended September 30, 2025
 
 
 
Increase (Decrease) Due to
 
 
Increase (Decrease) Due to
 
 
 
Volume
 
 
Rate
 
 
Net
 
 
Volume
 
 
Rate
 
 
Net
 
 
 
(In thousands)
 
Interest income:
 
(unaudited)
 
Cash and cash equivalents
 
$
(5
)
 
$
(4
)
 
$
(9
)
 
$
(69
)
 
$
(81
)
 
$
(150
)
Loans receivable
 
 
(1,910
)
 
 
1,860
 
 
 
(50
)
 
 
(2,082
)
 
 
647
 
 
 
(1,435
)
Securities
 
 
(92
)
 
 
(12
)
 
 
(104
)
 
 
6
 
 
 
235
 
 
 
241
 
Other interest earning assets
 
 
99
 
 
 
(131
)
 
 
(32
)
 
 
(58
)
 
 
(143
)
 
 
(201
)
Total interest-earning assets
 
 
(1,909
)
 
 
1,714
 
 
 
(195
)
 
 
(2,203
)
 
 
658
 
 
 
(1,545
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOW and money market accounts
 
 
220
 
 
 
(145
)
 
 
75
 
 
 
161
 
 
 
18
 
 
 
179
 
Savings accounts
 
 
117
 
 
 
76
 
 
 
193
 
 
 
218
 
 
 
205
 
 
 
423
 
Certificates of deposit
 
 
(955
)
 
 
(393
)
 
 
(1,348
)
 
 
(1,755
)
 
 
(1,609
)
 
 
(3,364
)
FHLB advances
 
 
207
 
 
 
99
 
 
 
306
 
 
 
(721
)
 
 
381
 
 
 
(340
)
Total interest-bearing liabilities
 
 
(411
)
 
 
(363
)
 
 
(774
)
 
 
(2,096
)
 
 
(1,006
)
 
 
(3,102
)
Net increase in net interest income
 
$
(1,498
)
 
$
2,077
 
 
$
579
 
 
$
(107
)
 
$
1,664
 
 
$
1,557
 
 
 
 
Contacts
Kevin Pace – President & CEO, 201-862-0660 ext. 1110