Bogota Financial Corp. reported a net income of $705,946 for the three months ended March 31, 2026, a decrease of 3.3% from $730,947 in the same period last year. The company's total interest income fell to $10.5 million, down 4% from $10.9 million, primarily due to a decline in interest income from loans, which decreased by 7.1% to $8 million. However, net interest income increased by 23.2% to $4.4 million, driven by a reduction in interest expenses, which dropped 17.3% to $6.1 million. The decrease in interest expenses was attributed to lower costs on deposits and reduced borrowings.
Total assets for Bogota Financial Corp. decreased by $27.7 million, or 3.1%, to $877.2 million as of March 31, 2026, compared to $904.9 million at the end of 2025. This decline was largely due to a $7.7 million decrease in cash and cash equivalents and an $8.2 million reduction in net loans, which totaled $639.4 million. The decrease in loans was influenced by a drop in demand for residential and construction loans amid a challenging interest rate environment. The company’s securities available for sale also saw a decline of $13.2 million, or 8.4%, to $144.9 million.
On the operational front, Bogota Financial Corp. experienced a significant decrease in total deposits, which fell by $51.6 million, or 7.9%, to $600.9 million. This was primarily due to a $65.4 million decrease in certificates of deposit. However, the company reported increases in savings accounts and money market accounts, indicating a shift in customer preferences towards core deposit products. The total number of employees decreased slightly, reflecting the company's ongoing efforts to manage costs.
The company’s allowance for credit losses increased to $2.58 million, representing 0.40% of total loans, compared to 0.39% at the end of 2025. The increase was attributed to a rise in delinquent commercial real estate loans. Non-performing assets also rose slightly to $13.4 million, or 1.5% of total assets, indicating a need for continued vigilance in asset quality management.
Looking ahead, Bogota Financial Corp. remains focused on managing its interest rate risk and maintaining liquidity. The company has a borrowing capacity of $236.4 million from the Federal Home Loan Bank, of which $115.9 million was utilized as of March 31, 2026. Management anticipates that the ongoing economic conditions and interest rate environment will continue to influence its financial performance, and it is committed to adapting its strategies to navigate these challenges effectively.
About Bogota Financial Corp.
Bogota Financial Corp. is a bank holding company for Bogota Savings Bank, a New Jersey-chartered savings bank serving Bergen, Morris, Essex, Monmouth, and Ocean Counties. Bogota Savings Bank offers residential, commercial, multi-family real estate, construction, consumer, and commercial loans, alongside deposit accounts for individuals, businesses, and municipalities. It emphasizes personalized service, prudent underwriting, and diversified lending, operating under comprehensive state and federal banking regulations.
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