Bogota Financial Corp. (NASDAQ: BSBK) (the “Company”), the
holding company for Bogota Savings Bank (the “Bank”), reported net
income for the three months ended March 31, 2022 of $1.4 million,
compared to net income of $3.0 million for the comparable prior
year period. During the three months ended March 31, 2021, the
Company recorded a bargain purchase gain of $1.9 million, and
merger-related expenses of $318,000, each of which was associated
with the acquisition of Gibraltar Bank. Excluding the bargain
purchase gain and the merger-related expenses in 2021, net income
for the three months ended March 31, 2021 was $1.4 million, which
equals the comparable current year period1.
On April 11, 2022, the Company announced it completed its
initial 5% buyback plan, purchasing 296,044 shares. The Company’s
Board of Directors has approved another 5% buyback plan, which is
subject to regulatory approval.
Other Financial Highlights:
- Total assets increased $13.3 million, or 1.6%, to $850.7
million at March 31, 2022 from $837.4 million at December 31, 2021,
due to an increase in securities, which was primarily funded by
cash and cash equivalents.
- Net loans decreased $5.8 million, or 1.0%, to $564.4 million at
March 31, 2022 from $570.2 million at December 31, 2021.
- Total deposits were $619.9 million, increasing $22.5 million,
or 3.8%, as compared to $597.5 million at December 31, 2021,
primarily due to a new $20.0 million municipal deposit
relationship. The average rate paid on deposits at March 31, 2022
decreased nine basis points from 0.61% at March 31, 2021 to 0.52%
at December 31, 2021.
- Return on average assets was 0.68% for the three-month period
ended March 31, 2022 compared to 1.57% for the comparable period in
2021. Without the bargain purchase gain and merger-related expenses
in 2021, the return on average assets would have been 0.68%1 and
0.73%1 for the three-month periods ended March 31, 2022 and 2021,
respectively.
- Return on average equity was 3.88% for the three-month period
ended March 31, 2022 compared to 9.11% for the comparable period in
2021. Without the bargain purchase gain and merger-related expenses
in 2021, the return on average equity would have been 3.88%1 and
4.59%1 for the three-month period ended March 31, 2022 and 2021,
respectively.
Joseph Coccaro, President and Chief Executive Officer, said, “We
are pleased with our results for the quarter. We continue to enjoy
strong credit quality as non-performing loans and criticized assets
remain very low. We continue to see improvement in our net interest
margin which rose 14 basis points year over year.“
Mr. Coccaro further stated, "During the last year we completed
the acquisition of Gibraltar Bank including a business system
conversion and opened our sixth branch location in Hasbrouck
Heights. This year we expect to grow loan and deposit balances and
are forecasting for assets to increase to $900 million. However,
forecasted rate hikes, higher inflation and a low inventory in
housing will make this challenging."
[1] This number represents a non-GAAP
financial measure. Please see “Reconciliation of GAAP to Non-GAAP”
contained at the end of this release.
Income Statement Analysis
Comparison of Operating Results for the Three Months Ended
March 31, 2022 and March 31, 2021
Net income decreased by $1.6 million, or 53.4%, to $1.4 million
for the three months ended March 31, 2022 from $3.0 million for the
three months ended March 31, 2021. The decrease was due to a
decrease in non-interest income of $2.0 million offset by an
increase in net interest income of $544 thousand. Excluding the
one-time bargain purchase gain of $1.9 million that occurred in
2021 in connection with the Gibraltar Bank acquisition, net income
would have increased $300,000 for the three months ended March 31,
2022 as compared to the comparable period in 2021.
Interest income on cash and cash equivalents decreased $20,000,
or 40.8%, to $29,000 for the three months ended March 31, 2022 from
$49,000 for the three months ended March 31, 2021 due to a six
basis point decrease in the average yield on cash and cash
equivalents from 0.23% for the three months ended March 31, 2021 to
0.17% for the three months ended March 31, 2022 due to the lower
interest rate environment. The decrease was also due to a $16.8
million decrease in the average balance of cash and cash
equivalents to $71.5 million for the three months ended March 31,
2022 from $88.3 million for the three months ended March 31, 2021,
reflecting the use of excess liquidity to purchase investment
securities.
Interest income on loans increased $72,000, or 1.3%, to $5.5
million for the three months ended March 31, 2022 compared to $5.5
million for the three months ended March 31, 2021 due to a nine
basis point increase in the average yield on loans from 3.81% for
the three months ended March 31, 2021 to 3.90% for the three months
ended March 31, 2022 offset by a $2.2 million decrease in the
average balance of loans to $571.8 million for the three months
ended March 31, 2022 from $574.1 million for the three months ended
March 31, 2021.
Interest income on securities decreased $28,000, or 4.1%, to
$658,000 for the three months ended March 31, 2022 from $686,000
for the three months ended March 31, 2021 due to a 182 basis point
decrease in the average yield from 3.72% for the three months ended
March 31, 2021 to 1.90% for the three months ended March 31, 2022.
The decrease was offset by a $64.0 million increase in the average
balance of securities to $138.8 million for the three months ended
March 31, 2022 from $74.8 million for the three months ended March
31, 2021, reflecting the purchase of investments with excess
liquidity as deposit growth exceeded loan growth.
Interest expense on interest-bearing deposits decreased
$437,000, or 34.6%, to $826,000 for the three months ended March
31, 2022 from $1.3 million for the three months ended March 31,
2021. The decrease was due primarily to a 43 basis point decrease
in the average cost of interest-bearing deposits to 0.60% for the
three months ended March 31, 2022 from 1.03% for the three months
ended March 31, 2021. The decrease in the average cost of deposits
was due to the lower interest rate environment and an increase in
the average balance of lower-cost transaction accounts compared to
a decrease in the average balance of higher cost certificates of
deposit. This decrease was offset by a $61.7 million increase in
the average balance of deposits to $561.1 million for the three
months ended March 31, 2022 from $499.4 million for the three
months ended March 31, 2021.
Interest expense on Federal Home Loan Bank borrowings decreased
$101,000, or 23.5%, from $431,000 for the three months ended March
31, 2021 to $330,000 for the three months ended March 31, 2022. The
decrease was due to a decrease in the average cost of borrowings of
four basis points to 1.63% for the three months ended March 31,
2022 from 1.67% for the three months ended March 31, 2021 due to
the lower interest rate environment and a decrease in the average
balance of borrowings of $22.2 million to $82.3 million for the
three months ended March 31, 2022 from $104.4 million for the three
months ended March 31, 2021.
Net interest income increased $544,000, or 11.9%, to $5.1
million for the three months ended March 31, 2022 from $4.6 million
for the three months ended March 31, 2021. The increase reflected a
20 basis point increase in our net interest rate spread to 2.48%
for the three months ended March 31, 2022 from 2.28% for the three
months ended March 31, 2021. Our net interest margin increased 14
basis points to 2.64% for the three months ended March 31, 2022
from 2.50% for the three months ended March 31, 2021.
We recorded no provision for loan losses the three months ended
March 31, 2022 and recorded a $59,000 credit for the three-month
period ended March 31, 2021. Lower balances in residential loans, a
more positive economic environment and continued strong asset
quality metrics were the reasons for the absence of a provision for
the three months ended March 31, 2022. The Bank continues to have a
low level of delinquent and non-accrual loans in the portfolio, as
well as no charge-offs. Non-performing assets were $1.9 million, or
0.23% of total assets, at March 31, 2022. The allowance for loan
losses was $2.2 million, or 0.38% of loans outstanding and 111.8%
of nonperforming loans, at March 31, 2022.
Non-interest income decreased by $2.0 million, or 85.1%, to
$344,000 for the three months ended March 31, 2022 from $2.3
million for the three months ended March 31, 2021. Gain on sale of
loans decreased $149,000 offset by a $66,000 increase in bank-owned
life insurance. The decrease was due to a $1.9 million decrease in
the bargain purchase gain recognized in the Gibraltar Bank
acquisition in 2021.
For the three months ended March 31, 2022, non-interest expense
increased $109,000, or 3.2% to $3.5 million, over the comparable
2021 period. Salaries and employee benefits increased $524,000, or
34.1%, attributable to adding the new Gibraltar employees and the
new Hasbrouck Heights branch office. Data processing expense
increased $70,000, or 33.6%, due to higher data processing expense
from the merger. Professional fees decreased $115,000, or 44.3%,
due in part to lower legal expense associated with the merger in
2021. Merger fees and core conversion expenses decreased $678,000
due to the merger in 2021. The increase of other general operating
expenses was mainly due to increase occupancy costs for the
acquired Gibraltar Bank branches and the new Hasbrouck Heights
branch office.
Balance Sheet Analysis
Total assets were $850.7 million at March 31, 2022, representing
an increase of $13.3 million, or 1.6%, from December 31, 2021. Cash
and cash equivalents decreased $36.0 million during the period
primarily due to investment purchases with excess liquidity. Net
loans decreased $5.8 million, or 1.0%, due to $26.4 million in
repayments, offset by new production of $20.6 million, consisting
of a relatively equal mix of residential real estate loans and
commercial real estate loans. Securities held to maturity increased
$7.3 million due to the purchase of corporate bonds and
mortgage-backed securities with excess cash. Securities available
for sale increased $49.8 million due to the purchase of
mortgage-backed securities and corporate bonds with excess
cash.
Delinquent loans increased $100,000, or 87.9%, during the
three-month period ended March 31, 2022, finishing at $1.8 million
or 0.30% of total loans. During the same timeframe, non-performing
assets remained unchanged at $1.9 million and were 0.23% of total
assets at March 31, 2022. The Company’s allowance for loan losses
was 0.38% of total loans and 111.8% of non-performing loans at
March 31, 2022.
Total liabilities increased $15.9 million, or 2.3%, to $705.7
million mainly due to an increase in deposits reflecting a new
$20.0 million municipal relationship, offset by a decrease in
borrowings. Total deposits increased $22.5 million, or 3.8%, to
$619.9 million at March 31, 2022 from $597.5 million at December
31, 2021. The increase in deposits reflected an increase in
interest-bearing deposits of $18.8 million, or 3.4%, to $577.0
million as of March 31, 2022 from $558.2 million at December 31,
2021 and an increase in non-interest bearing deposits of $3.6
million, or 9.2%, to $42.9 million as of March 31, 2022 from $39.3
million as of December 31, 2021. Federal Home Loan Bank advances
decreased $7.0 million, or 8.3%, due to maturing advances.
Stockholders’ equity decreased $2.6 million to $145.0 million,
due to increased accumulated other comprehensive loss for
securities for available sale of $2.4 million and the repurchase of
182,001 shares of stock during the quarter at a cost of $1.9
million, offset by net income of $1.4 million for the three months
ended March 31, 2022. At March 31, 2022, the Company’s ratio of
average stockholders’ equity-to-total assets was 17.35%, compared
to 17.93% at March 31, 2021.
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 six offices located in Bogota,
Hasbrouck Heights, Newark, Oak Ridge, Parsippany and Teaneck, New
Jersey and operates a loan production office in Spring Lake, New
Jersey.
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, changes in the quality of
our loan and security portfolios, increases in non-performing and
classified loans, and legislative, accounting and regulatory
changes that could adversely affect the business in which the
Company and the Bank are engaged.
Further, given its ongoing and dynamic nature, it is difficult
to predict the full impact of the COVID-19 pandemic on the
Company’s business. The extent of such impact will depend on future
developments, which are highly uncertain, including if the
coronavirus can continue to be controlled and abated. As the result
of the COVID-19 pandemic and the related adverse local and national
economic consequences, the Company could be subject to any of the
following risks, any of which could have a material, adverse effect
on the Company’s business, financial condition, liquidity, and
results of operations: demand for the Company’s products and
services may decline, making it difficult to grow assets and
income; if the economy worsens, loan delinquencies, problem assets,
and foreclosures may increase, resulting in increased charges and
reduced income; collateral for loans, especially real estate, may
decline in value, which could cause loan losses to increase; the
Company’s allowance for loan losses may have to be increased if
borrowers experience financial difficulties, which will adversely
affect the Company’s net income; the net worth and liquidity of
loan guarantors may decline, impairing their ability to honor
commitments to us; the Company’s cyber security risks are increased
as the result of an increase in the number of employees working
remotely; and FDIC premiums may increase if the agency experience
additional resolution costs.
The Company undertakes no obligation to revise these
forward-looking statements or to reflect events or circumstances
after the date of this press release.
BOGOTA FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF
FINANCIAL CONDITION
As of
As of
March 31, 2022
December 31, 2021
Assets
(unaudited)
Cash and due from banks
$
15,233,627
$
14,446,792
Interest-bearing deposits in other
banks
53,820,627
90,621,993
Cash and cash equivalents
69,054,254
105,068,785
Securities available for sale
91,591,740
41,838,798
Securities held to maturity (fair value of
$78,414,506 and $74,081,059, respectively)
81,314,630
74,053,099
Loans held for sale
450,000
1,152,500
Loans, net of allowance of $2,153,174 and
$2,153,174, respectively
564,426,841
570,209,669
Premises and equipment, net
8,060,909
8,127,979
Federal Home Loan Bank (FHLB) stock and
other restricted securities
4,514,700
4,851,300
Accrued interest receivable
2,770,432
2,712,605
Core deposit intangibles
318,347
336,364
Bank-owned life insurance
24,667,417
24,524,122
Other assets
3,520,871
4,486,366
Total Assets
$
850,690,141
$
837,361,587
Liabilities and Equity
Non-interest bearing deposits
$
42,935,960
$
39,317,500
Interest bearing deposits
576,996,588
558,162,278
Total Deposits
619,932,548
597,479,778
FHLB advances
78,003,974
85,051,736
Advance payments by borrowers for taxes
and insurance
2,931,998
2,856,120
Other liabilities
4,795,689
4,397,742
Total liabilities
705,664,209
689,785,376
Commitments and Contingencies
—
—
Stockholders’ Equity
Preferred stock $0.01 par value 1,000,000
shares authorized, none issued and outstanding at March 31, 2022
and December 31, 2021
—
—
Common stock $0.01 par value, 30,000,000
shares authorized, 14,425,308 issued and outstanding at March 31,
2022 and 14,605,809 at December 31, 2021
144,252
146,057
Additional paid-in capital
66,580,931
68,247,204
Retained earnings
86,280,709
84,879,812
Unearned ESOP shares (456,644 shares at
March 31, 2022 and 463,239 shares at December 31, 2021)
(5,348,905
)
(5,424,206
)
Accumulated other comprehensive loss
(2,631,055
)
(272,656
)
Total stockholders’ equity
145,025,932
147,576,211
Total liabilities and stockholders’
equity
$
850,690,141
$
837,361,587
BOGOTA FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF
INCOME
(unaudited)
Three months ended March
31,
2022
2021
Interest income
Loans
$
5,537,080
$
5,464,961
Securities
Taxable
637,121
673,547
Tax-exempt
20,996
12,585
Other interest-earning assets
83,813
123,004
Total interest income
6,279,010
6,274,097
Interest expense
Deposits
826,184
1,263,682
FHLB advances
329,833
431,125
Total interest expense
1,156,017
1,694,807
Net interest income
5,122,993
4,579,290
Credit for loan losses
—
(59,000
)
Net interest income after provision
(credit) for loan losses
5,122,993
4,638,290
Non-interest income
Fees and service charges
39,318
52,527
Gain on sale of loans
87,130
236,037
Bargain purchase gain
—
1,933,397
Bank-owned life insurance
155,993
89,666
Other
61,982
6,979
Total non-interest income
344,423
2,318,606
Non-interest expense
Salaries and employee benefits
2,063,347
1,538,920
Occupancy and equipment
344,429
266,479
FDIC insurance assessment
54,000
45,000
Data processing
278,347
208,309
Advertising
121,145
60,000
Director fees
214,791
198,239
Professional fees
144,263
258,917
Merger fees
—
318,265
Core conversion costs
—
360,000
Other
320,953
178,317
Total non-interest expense
3,541,275
3,432,446
Income before income taxes
1,926,141
3,524,450
Income tax expense
525,244
518,143
Net income
$
1,400,897
$
3,006,307
Earnings per Share - basic
$
0.10
$
0.23
Earnings per Share - diluted
$
0.10
$
0.23
Weighted average shares outstanding
13,858,884
13,107,593
Weighted average shares outstanding -
diluted
13,878,304
13,107,593
BOGOTA FINANCIAL CORP.
SELECTED RATIOS
(unaudited)
At or For the Three Months
Ended March 31,
2022
2021
Performance Ratios (1):
Return on average assets (2)
0.68
%
1.57
%
Return on average equity (3)
3.88
%
9.11
%
Interest rate spread (4)
2.48
%
2.26
%
Net interest margin (5)
2.64
%
2.50
%
Efficiency ratio (6)
64.77
%
51.71
%
Average interest-earning assets to average
interest-bearing liabilities
122.33
%
123.09
%
Net loans to deposits
91.05
%
104.34
%
Equity to assets (7)
17.05
%
15.83
%
Capital Ratios:
Tier 1 capital to average assets
17.35
%
17.93
%
Asset Quality Ratios:
Allowance for loan losses as a percent of
total loans
0.38
%
0.36
%
Allowance for loan losses as a percent of
non-performing loans
111.82
%
225.94
%
Net recoveries to average outstanding
loans during the period
0.00
%
0.00
%
Non-performing loans as a percent of total
loans
0.34
%
0.16
%
Non-performing assets as a percent of
total assets
0.23
%
0.11
%
(1)
Performance ratios 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 30%.
(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 30% for 2022 and 2021.
(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.
LOANS (unaudited) Loans are summarized as follows at
March 31, 2022 and December 31, 2021:
March 31, 2022
December 31, 2021
Real estate:
Residential
$
316,657,570
$
319,968,234
Commercial and multi-family real
estate
177,225,830
175,375,419
Construction
43,639,387
41,384,687
Commercial and industrial
3,494,447
7,905,524
Consumer:
Home equity and other
25,562,781
27,728,979
Total loans
566,580,015
572,362,843
Allowance for loan losses
(2,153,174
)
(2,153,174
)
Net loans
$
564,426,841
$
570,209,669
The following tables set forth the distribution of total deposit
accounts, by account type, at the dates indicated.
At March 31,
At December
2022
2021
Amount
Percent
Average Rate
Amount
Percent
Average Rate
(Dollars in thousands)
(unaudited)
Noninterest bearing demand accounts
$
42,936
6.93
%
—
%
$
39,318
6.58
%
—
%
NOW accounts
101,222
16.33
0.62
69,940
11.71
0.82
Money market accounts
65,198
10.52
0.34
57,541
9.63
0.34
Savings accounts
70,644
11.40
0.26
64,285
10.76
0.26
Certificates of deposit
339,933
54.83
0.65
366,396
61.32
0.74
Total
$
619,933
100.00
%
0.52
%
$
597,480
100.00
%
0.61
%
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 March
31,
2022
2021
Average Balance
Interest and Dividends
Yield/ Cost (3)
Average Balance
Interest and Dividends
Yield/ Cost (3)
(Dollars in thousands)
Assets:
(unaudited)
Cash and cash equivalents
$
71,541
$
29
0.17
%
$
88,314
$
49
0.23
%
Loans
571,827
5,537
3.90
%
574,071
5,465
3.81
%
Securities
138,798
658
1.90
%
74,842
686
3.72
%
Other interest-earning assets
4,834
55
4.50
%
6,039
74
4.97
%
Total interest-earning assets
787,000
6,279
3.21
%
743,266
6,274
3.42
%
Non-interest-earning assets
50,802
32,171
Total assets
$
837,802
$
775,437
Liabilities and equity:
NOW and money market accounts
$
143,453
$
220
0.62
%
$
90,461
$
109
0.49
%
Savings accounts
66,583
43
0.26
%
41,892
22
0.21
%
Certificates of deposit
351,027
563
0.65
%
367,036
1,133
1.25
%
Total interest-bearing deposits
561,063
826
0.60
%
499,389
1,264
1.03
%
Federal Home Loan Bank advances
82,280
330
1.63
%
104,449
431
1.67
%
Total interest-bearing liabilities
643,343
1,156
0.73
%
603,838
1,695
1.14
%
Non-interest-bearing deposits
42,936
27,502
Other non-interest-bearing liabilities
5,265
10,307
Total liabilities
691,544
641,647
Total equity
146,258
133,790
Total liabilities and equity
$
837,802
$
775,437
Net interest income
$
5,123
$
4,579
Interest rate spread (1)
2.48
%
2.28
%
Net interest margin (2)
2.64
%
2.50
%
Average interest-earning assets to average
interest-bearing liabilities
122.33
%
123.09
%
1.
Interest rate spread represents the
difference between the weighted average yield on interest-earning
assets and the weighted average cost of interest-bearing
liabilities.
2.
Net interest margin represents net
interest income divided by average total interest-earning
assets.
3.
Annualized.
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 March 31,
2022 Compared to Three Months Ended March 31, 2021
Increase (Decrease) Due
to
Volume
Rate
Net
(In thousands)
Interest income:
(unaudited)
Cash and cash equivalents
$
(8
)
$
(12
)
$
(20
)
Loans receivable
(136
)
208
72
Securities
1,715
(1,743
)
(28
)
Other interest earning assets
(13
)
(6
)
(19
)
Total interest-earning assets
1,558
(1,553
)
5
Interest expense:
NOW and money market accounts
76
35
111
Savings accounts
15
6
21
Certificates of deposit
(47
)
(523
)
(570
)
Federal Home Loan Bank advances
(91
)
(10
)
(101
)
Total interest-bearing liabilities
(47
)
(492
)
(539
)
Net increase (decrease) in net interest
income
$
1,605
$
(1,061
)
$
544
BOGOTA FINANCIAL CORP. RECONCILIATION
OF GAAP TO NON-GAAP
The Company’s management believes that the presentation of net
income on a non-GAAP basis, excluding nonrecurring items, provides
useful information for evaluating the Company’s operating results
and any related trends that may be affecting the Company’s
business. These disclosures should not be viewed as a substitute
for operating results determined in accordance with GAAP.
Three months ended March 31,
2022
(unaudited)
Income Before Income Taxes
Provision for Income Taxes
Net Income
GAAP basis
$
1,926,141
$
525,244
$
1,400,897
Add: merger-related expenses
—
—
—
Non-GAAP basis
$
1,926,141
$
525,244
$
1,400,897
Three months ended March 31,
2021
Income Before Income Taxes
Provision for Income Taxes
Net Income
GAAP basis
$
3,524,450
$
518,143
$
3,006,307
Add: merger-related expenses
$
318,265
$
-
$
318,265
Less: Bargain purchase gain
$
(1,933,397
)
$
-
$
(1,933,397
)
Non-GAAP basis
$
3,842,715
$
518,143
$
1,391,175
Three months ended March
31,
Return on average assets (annualized):
2022
2021
GAAP
0.68
%
1.57
%
Adjustments
0.00
%
0.84
%
Non-GAAP
0.68
%
0.73
%
Return on average equity (annualized):
GAAP
3.88
%
9.11
%
Adjustments
0.00
%
4.52
%
Non-GAAP
3.88
%
4.59
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220502005263/en/
Joseph Coccaro – President & CEO, 201-862-0660 ext. 1110
Bogota Financial (NASDAQ:BSBK)
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