Bogota Financial Corp. reported its financial results for the three and nine months ended September 30, 2024, revealing significant changes in its performance compared to the previous fiscal period. Total assets increased by $39.6 million, or 4.2%, reaching $978.9 million, up from $939.3 million at the end of 2023. This growth was primarily driven by a substantial rise in securities available for sale, which surged by $39.7 million, or 57.6%, to $108.6 million. Conversely, cash and cash equivalents decreased by $3.9 million, or 15.8%, to $21.0 million.

The company experienced a decline in net loans, which fell by $5.8 million, or 0.8%, to $708.9 million. This decrease was accompanied by an increase in delinquent loans, which rose by $8.9 million to $21.5 million, representing 3.0% of total loans. Total liabilities also increased by $39.7 million, or 5.0%, to $841.9 million, while total deposits saw a modest rise of $3.9 million, or 0.6%, to $629.2 million.

In terms of profitability, Bogota Financial Corp. reported a net loss of $367,000 for the three months ended September 30, 2024, compared to a net loss of $29,000 for the same period in 2023. For the nine months, the net loss was $1.2 million, a significant decline from a net income of $1.8 million in the prior year. This downturn was attributed to a decrease in net interest income, which fell by $3.9 million, or 33.1%, to $8.1 million for the nine-month period. Interest income, however, increased by $3.4 million, or 12.4%, to $31.1 million, driven by higher earnings from loans and securities.

Interest expense rose sharply, increasing by $7.4 million, or 47.4%, to $23.1 million, reflecting the impact of rising interest rates on the company's cost of funds. Non-interest income also saw a slight increase of $73,000, or 8.5%, totaling $929,000 for the nine months.

Strategically, the company has been active in managing its capital structure, having repurchased 163,790 shares at a cost of $1.2 million under a stock repurchase program approved in April 2024. As of September 30, 2024, Bogota Financial Corp. maintained a Community Bank Leverage Ratio of 13.12%, qualifying as a well-capitalized institution under regulatory guidelines. The company continues to navigate market conditions while focusing on its asset-liability management strategies to mitigate interest rate risk.