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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, 2025

☐ 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 12, 2025, there were 13,008,964 shares issued and outstanding of the registrant’s common stock, par value $0.01 per share.

Table of Contents

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, 2025 and December 31, 2024 (unaudited)	1

	Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024 (unaudited)	2

	Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2025 and 2024 (unaudited)	3

	Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2025 and 2024 (unaudited)	4

	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024 (unaudited)	5

	Notes to Consolidated Financial Statements (unaudited)	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	25

Item 4.	Controls and Procedures	25

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	26

Item 1A.	Risk Factors	26

Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities	26

Item 3.	Defaults Upon Senior Securities	26

Item 4.	Mine Safety Disclosures	26

Item 5.	Other Information	26

Item 6.	Exhibits	27

	SIGNATURES	28

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

BOGOTA FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(unaudited)

	*As of*			*As of*
	*March 31, 2025*			*December 31, 2024*
Assets
Cash and due from banks	$	8,304,517		$	18,020,527
Interest-bearing deposits in other banks		17,305,310			34,211,681
Cash and cash equivalents		25,609,827			52,232,208
Securities available for sale, at fair value		137,732,521			140,307,447
Loans, net of allowance for credit losses of $2,590,950 and $2,620,949, respectively		701,484,425			711,716,236
Premises and equipment, net		4,662,435			4,727,302
Federal Home Loan Bank (FHLB) stock and other restricted securities		7,343,700			8,803,000
Accrued interest receivable		4,151,280			4,232,563
Core deposit intangibles		140,827			152,893
Bank-owned life insurance		31,112,915			31,859,604
Right of use asset		10,624,725			10,776,596
Other assets		7,329,182			6,682,035
Total Assets	$	930,191,837		$	971,489,884
Liabilities and Equity
Non-interest bearing deposits	$	32,983,669		$	32,681,963
Interest bearing deposits		600,051,531			609,506,079
Total deposits		633,035,200			642,188,042
FHLB advances-short term		24,500,000			29,500,000
FHLB advances-long term		115,273,377			142,673,182
Advance payments by borrowers for taxes and insurance		2,707,508			2,809,205
Lease liabilities		10,667,946			10,780,363
Other liabilities		5,754,000			6,249,932
Total liabilities		791,938,031			834,200,724

Stockholders’ Equity
Preferred stock $0.01 par value 1,000,000 shares authorized, none issued and outstanding at March 31, 2025 and December 31, 2024		—			—
Common stock $0.01 par value, 30,000,000 shares authorized, 13,008,964 issued and outstanding at March 31, 2025 and 13,059,175 at December 31, 2024		130,089			130,592
Additional paid-in capital		55,068,598			55,269,962
Retained earnings		90,737,595			90,006,648
Unearned ESOP shares (376,338 shares at March 31, 2025 and 382,933 shares at December 31, 2024)		(4,445,293	)		(4,520,594	)
Accumulated other comprehensive loss		(3,237,183	)		(3,597,448	)
Total stockholders’ equity		138,253,806			137,289,160
Total liabilities and stockholders’ equity	$	930,191,837		$	971,489,884

See accompanying notes to unaudited consolidated financial statements.

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BOGOTA FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

	*Three Months Ended*
	*March 31,*
	*2025*			*2024*
Interest income
Loans, including fees	$	8,603,129		$	8,207,392
Securities
Taxable		1,830,394			1,516,343
Tax-exempt		2,895			13,148
Other interest-earning assets		487,171			324,304
Total interest income		10,923,589			10,061,187
Interest expense
Deposits		5,762,324			5,969,881
FHLB advances		1,568,027			1,440,069
Total interest expense		7,330,351			7,409,950
Net interest income		3,593,238			2,651,237
(Recovery) provision for credit losses		(80,000	)		35,000
Net interest income after (recovery) provision for credit losses		3,673,238			2,616,237
Non-interest income
Fees and service charges		55,819			58,587
Gain on sale of loans		29,062			—
Bank-owned life insurance		762,231			211,959
Other		42,260			28,532
Total non-interest income		889,372			299,078
Non-interest expense
Salaries and employee benefits		2,080,199			2,158,565
Occupancy and equipment		671,469			371,117
FDIC insurance assessment		106,586			100,597
Data processing		315,697			303,605
Advertising		105,500			110,100
Director fees		159,444			155,700
Professional fees		198,730			196,785
Other		222,045			246,622
Total non-interest expense		3,859,670			3,643,091
Income (loss) before income taxes		702,940			(727,776	)
Income tax benefit		(28,007	)		(286,796	)
Net income (loss)	$	730,947		$	(440,980	)
Earnings (loss) per Share - basic	$	0.06		$	(0.03	)
Earnings (loss) per Share - diluted	$	0.06		$	(0.03	)
Weighted average shares outstanding - basic		12,649,573			12,852,930
Weighted average shares outstanding - diluted		12,650,520			12,852,930

See accompanying notes to unaudited consolidated financial statements.

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BOGOTA FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited)

	*Three Months Ended*
	*March 31,*
	*2025*			*2024*
Net income (loss)	$	730,947		$	(440,980	)
Other comprehensive income (loss):
Net unrealized gain (loss) on securities available for sale:		945,950			(1,082,765	)
Tax effect		(265,907	)		304,365
Net of tax		680,043			(778,400	)
Defined benefit retirement plans:
Reclassification adjustment for amortization of prior service cost and net gain included in salaries and employee benefits		—			6,414
Tax effect		—			(3,309	)
Net of tax		—			3,105
Derivatives:
Unrealized (loss) gain on swap contracts accounted for as cash flow hedges		(444,816	)		660,347
Tax effect		125,038			(185,624	)
Net of tax		(319,778	)		474,723
Total other comprehensive income (loss)		360,265			(300,572	)
Comprehensive income (loss)	$	1,091,212		$	(741,552	)

See accompanying notes to unaudited consolidated financial statements.

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BOGOTA FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(unaudited)

																*Accumulated*
							*Additional*									*Other*			*Total*
	*Common*			*Common*			*Paid-in*			*Retained*			*Unearned*			*Comprehensive*			*Stockholders*
	*Stock Shares*			*Stock*			*Capital*			*Earnings*			*ESOP shares*			*(Loss) Income*			*Equity*
Balance January 1, 2024		13,279,230		$	132,792		$	56,149,915		$	92,177,068		$	(4,821,798	)	$	(6,464,774	)	$	137,173,203
Net loss		—			—			—			(440,980	)		—			—			(440,980	)
Other comprehensive loss		—			—			—			—			—			(300,572	)		(300,572	)
Restricted stock issuance		10,000			—			—			—			—			—			—
Stock based compensation		—			—			234,493			—			—			—			234,493
Stock purchased and retired		(33,083	)		(331	)		(269,364	)		—			—			—			(269,695	)
ESOP Shares released (6,447 shares)		—			—			(25,025	)		—			75,301			—			50,276
Balance March 31, 2024		13,256,147			132,461			56,090,019			91,736,088			(4,746,497	)		(6,765,346	)	$	136,446,725

Balance January 1, 2025		13,059,175		$	130,592		$	55,269,962		$	90,006,648		$	(4,520,594	)	$	(3,597,448	)	$	137,289,160
Net income		—			—			—			730,947			—			—			730,947
Other comprehensive income		—			—			—			—			—			360,265			360,265
Stock based compensation		—			—			221,180			—			—			—			221,180
Stock purchased and retired		(50,211	)		(503	)		(397,712	)		—			—			—			(398,215	)
ESOP shares released (6,595 shares)		—			—			(24,832	)		—			75,301			—			50,469
Balance March 31, 2025		13,008,964		$	130,089		$	55,068,598		$	90,737,595		$	(4,445,293	)	$	(3,237,183	)	$	138,253,806

See accompanying notes to unaudited consolidated financial statements.

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BOGOTA FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

	*For the three months ended*
	*March 31,*
	*2025*			*2024*
Cash flows from operating activities
Net income (loss)	$	730,947		$	(440,980	)
Adjustments to reconcile net income (loss) to net cash used for operating activities:
Accretion of intangible assets		(16,539	)		(30,000	)
(Recovery) provision for credit losses		(80,000	)		35,000
Depreciation of premises and equipment		101,036			126,169
(Accretion) amortization of deferred loan (fees) costs, net		(95,442	)		56,577
Amortization of premiums and accretion of discounts on securities, net		69,258			5,000
Deferred income tax (benefit)		—			(546,536	)
Gain on sale of loans		(29,062	)		—
Proceeds from sale of loans		(1,557,899	)		—
Origination of loans held for sale		1,586,961			—
Increase in cash surrender value of bank owned life insurance		(762,231	)		(211,959	)
Employee stock ownership plan expense		50,469			50,276
Stock based compensation		221,180			234,493
Changes in:
Accrued interest receivable		81,283			(103,933	)
Net changes in other assets		179,956			(2,225,520	)
Net changes in other liabilities		(495,932	)		170,706
Net cash used for operating activities		(16,015	)		(2,880,707	)
Cash flows from investing activities
Purchases of securities held to maturity		—			(4,902,000	)
Purchases of securities available for sale		(13,500,000	)		(39,914,051	)
Maturities, calls, and repayments of securities available for sale		16,951,619			7,838,538
Maturities, calls, and repayments of securities held to maturity		—			1,060,890
Net decrease in loans		10,576,279			6,296,895
Purchases of premises and equipment		(36,169	)		(266,087	)
Purchase of FHLB stock		(157,500	)		(1,282,500	)
Redemption of FHLB stock		1,616,800			2,110,100
Net cash provided by (used for) investing activities		15,451,029			(29,058,215	)
Cash flows from financing activities
Net (decrease) increase in deposits		(9,154,372	)		40,195,264
Net decrease in short-term FHLB advances		(5,000,000	)		(9,000,000	)
Proceeds from long-term FHLB non-repo advances		—			10,000,000
Repayments of long-term FHLB non-repo advances		(27,403,111	)		(19,365,908	)
Repurchase of common stock		(398,215	)		(269,695	)
Net (decrease) increase in advance payments from borrowers for taxes and insurance		(101,697	)		265,143
Net cash (used for) provided by financing activities		(42,057,395	)		21,824,804
Net decrease in cash and cash equivalents		(26,622,381	)		(10,114,118	)
Cash and cash equivalents at beginning of year		52,232,208			24,929,471
Cash and cash equivalents at March 31,	$	25,609,827		$	14,815,353
Supplemental cash flow information
Income taxes paid	$	—		$	—
Interest paid		7,330,351			7,409,950
Fair value change in cash flow hedges	$	(444,816	)	$	660,347
Fair value change in fair value hedges, net		2,212			-

See accompanying notes to unaudited consolidated financial statements.

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BOGOTA FINANCIAL CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations and Principles of Consolidation: On January 15, 2020, Bogota Financial Corp. (the “Company,” “we” or “our”) became the mid-tier stock holding company for Bogota Savings Bank (the “Bank”) in connection with the reorganization of Bogota Savings Bank into the two-tier mutual holding company structure. The Company completed its stock offering in connection with the mutual holding company reorganization of the Bank on January 15, 2020. Shares of the Company’s common stock began trading on January 16, 2020 on the Nasdaq Capital Market under the trading symbol “BSBK.”

The Bank maintains two subsidiaries. Bogota Securities Corp. was formed to buy, sell and hold investment securities. Bogota Properties, LLC was inactive at March 31, 2025 and December 31, 2024.

The Bank generally originates residential, commercial and consumer loans to, and accepts deposits from, customers in New Jersey. The debtors’ ability to repay the loans is dependent upon the region’s economy and the borrowers’ circumstances. The Bank is also subject to the regulations of certain federal and state agencies and undergoes periodic examination by those regulatory authorities.

Reclassifications: Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or stockholders' equity.

Earnings (Loss) per Share: Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. For purposes of calculating basic EPS, weighted average common shares outstanding excludes unallocated employee stock ownership plan shares that have not been committed for release and non-vested shares of restricted stock. Diluted EPS is computed using the same method as basic EPS, except it also reflects the potential dilution which could occur if non-vested restricted stock vested or stock options were exercised and converted into common stock. The potentially diluted shares would then be included in the weighted average number of shares outstanding for the period using the treasury stock method. For the three months ended March 31, 2025 and March 31, 2024, options to purchase 508,619 and 523,619 common shares, respectively, with an exercise price of $10.45 were outstanding but were not included in the computation of diluted earnings per common share because to do so would be anti-dilutive. Anti-dilutive options are those options with exercise prices in excess of the weighted average market value for the periods presented. For the three months ended March 31, 2025, 947 shares of outstanding non-vested stock were added in the computation of diluted earnings per share. For the three months ended March 31, 2024, all outstanding non-vested restricted stock were excluded from the computation of diluted earnings per share, because to include such shares would have been anti-dilutive.

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three months ended March 31, 2025 and 2024.

	*For the three months ended March 31, 2025*		*For the three months ended March 31, 2024*
Numerator
Net income (loss)	$	730,947	$	(440,980	)
Denominator:
Weighted average shares outstanding - basic		12,649,573		12,852,930
Effect of non-unvested restricted stock		947		—
Weighted average shares outstanding - diluted		12,650,520		12,852,930
Earnings (loss) per common share:
Basic	$	0.06	$	(0.03	)
Diluted		0.06		(0.03	)

Use of Estimates: To prepare financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP"), management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ under different conditions than those assumed.

Basis of Presentation: The accompanying unaudited consolidated financial statements have been prepared in conformity with GAAP for interim financial information and pursuant to the requirements for reporting in Article 10 of Regulation S-X of the Securities Exchange Act of 1934, as amended. The Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) contains provisions that, among other things, reduce certain reporting requirements for qualifying public companies. As an “emerging growth company,” we may delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. We intend to take advantage of the benefits of this extended transition period. Accordingly, our financial statements may not be comparable to companies that comply with such new or revised accounting standards. These financial statements include the accounts of the Company, the Bank and its subsidiaries, and all significant intercompany balances and transactions are eliminated in consolidation.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions based on available information. In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures necessary for the fair presentation of the accompanying consolidated financial statements have been included. The results of operations for any interim periods are not necessarily indicative of the results which may be expected for the entire year or any other period.

The unaudited financial statements and other financial information contained in this Quarterly Report on Form 10-Q should be read in conjunction with the audited financial statements, and related notes, of the Company at and for the year ended December 31, 2024.

Segment Reporting: The Company operates one reportable segment of business, “retail banking”. Through its community banking segment, the Company provides a broad range of retail and commercial banking services. The accounting policies of the retail banking segment are the same as those described in the summary of significant accounting policies.

The Company's chief operating decision maker ("CODM") is the President and Chief Executive Officer, who decides how to allocate resources based on net income that also is reported on the income statement as consolidated net income.

The measure of segment assets is reported on the balance sheet as total consolidated assets.

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BOGOTA FINANCIAL CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE 2 – SECURITIES AVAILABLE FOR SALE

The following table summarizes the amortized cost, fair value, and gross unrealized gains and losses of securities available for sale, by contractual maturity, none of which had an allowance for credit losses at March 31, 2025 and December 31, 2024:

			*Gross*		*Gross*
	*Amortized*		*Unrealized*		*Unrealized*			*Fair*
	*Cost*		*Gains*		*Losses*			*Value*
March 31, 2025
U.S. government and agency obligations
One through five years	$	3,000,000	$	—	$	(114,762	)	$	2,885,238
Corporate bonds due in:
Less than one year		350,000		930		—			350,930
One through five years		10,112,901		89,590		(94,745	)		10,107,746
Five through ten years		23,950,000		177,790		(1,050,658	)		23,077,132
Greater than ten years		6,333,526		194,444		—			6,527,970
Municipal obligations due in:
Five through ten years		506,449		—		(91,224	)		415,225
MBS – residential		81,687,087		231,514		(1,944,998	)		79,973,603
MBS – commercial		16,417,854		—		(2,023,177	)		14,394,677
Total	$	142,357,817	$	694,268	$	(5,319,564	)	$	137,732,521

			*Gross*		*Gross*
	*Amortized*		*Unrealized*		*Unrealized*			*Fair*
	*Cost*		*Gains*		*Losses*			*Value*
December 31, 2024
U.S. government and agency obligations
Less than one year	$	10,000,000	$	—	$	(55,870	)	$	9,944,130
One through five years		3,000,000		—		(151,590	)		2,848,410
Corporate bonds due in:
Less than one year		350,000		1,090		—			351,090
One through five years		9,112,269		83,414		(64,547	)		9,131,136
Five through ten years		25,410,219		202,205		(1,389,376	)		24,223,048
Greater than ten years		4,321,924		202,576		—			4,524,500
Municipal obligations due in:
Greater than ten years		506,706		—		(108,431	)		398,275
MBS – residential		76,661,752		53,730		(2,162,673	)		74,552,809
MBS – commercial		16,515,823		—		(2,181,774	)		14,334,049
Total	$	145,878,693	$	543,015	$	(6,114,261	)	$	140,307,447

All of the mortgaged-backed securities (“MBSs”) are issued by the following government sponsored agencies: Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”) and Government National Mortgage Association (“GNMA”).

There were no sales of securities during the three months ended March 31, 2025 or March 31, 2024.

The age of unrealized losses and the fair value of related securities as of March 31, 2025 and December 31, 2024 were as follows:

	*Less Than 12 Months*					*12 Months or More*					*Total*
	*Fair*		*Unrealized*			*Fair*		*Unrealized*			*Fair*		*Unrealized*
	*Value*		*Losses*			*Value*		*Losses*			*Value*		*Losses*
March 31, 2025
U.S. government and agency obligations	$	—	$	—		$	2,885,238	$	(114,762	)	$	2,885,238	$	(114,762	)
Corporate bonds		4,424,335		(68,364	)		13,845,286		(1,077,039	)		18,269,621		(1,145,403	)
Municipal obligations		—		—			415,225		(91,224	)		415,225		(91,224	)
MBS – residential		41,572,254		(55,975	)		11,078,976		(1,889,023	)		52,651,230		(1,944,998	)
MBS – commercial		—		—			14,394,677		(2,023,177	)		14,394,677		(2,023,177	)
Total	$	45,996,589	$	(124,339	)	$	42,619,402	$	(5,195,225	)	$	88,615,991	$	(5,319,564	)

	*Less Than 12 Months*					*12 Months or More*					*Total*
	*Fair*		*Unrealized*			*Fair*		*Unrealized*			*Fair*		*Unrealized*
	*Value*		*Losses*			*Value*		*Losses*			*Value*		*Losses*
December 31, 2024
U.S. government and agency obligations	$	—	$	—		$	12,792,540	$	(207,460	)	$	12,792,540	$	(207,460	)
Corporate bonds		-		-			15,965,261		(1,453,923	)		15,965,261		(1,453,923	)
Municipal obligations		-		-			398,275		(108,431	)		398,275		(108,431	)
MBS – residential		43,739,606		(120,511	)		11,741,816		(2,042,162	)		55,481,422		(2,162,673	)
MBS – commercial		-		-			14,334,049		(2,181,774	)		14,334,049		(2,181,774	)
Total	$	43,739,606	$	(120,511	)	$	55,231,941	$	(5,993,750	)	$	98,971,547	$	(6,114,261	)

Table of Contents

BOGOTA FINANCIAL CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE 2 – SECURITIES AVAILABLE FOR SALE (Continued)

Unrealized losses on corporate bonds available for sale are not considered to be credit losses because the bonds are of high credit quality, management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value was largely due to changes in interest rates and other market conditions. At March 31, 2025, 100% of the mortgage-backed securities were issued by U.S. government-sponsored entities and agencies, primarily FNMA and FHLMC, institutions which the government has affirmed its commitment to support. There were 52 securities in a loss position at March 31, 2025. Because the decline in fair value was attributable to changes in interest rates and illiquidity, and not credit quality, and because the Bank does not have the intent to sell these mortgage-backed securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Bank does not consider these losses to be credit-related at March 31, 2025. As of March 31, 2025, no allowance for credit loss ("ACL") was required on available for sale securities. At March 31, 2025 and December 31, 2024, securities available for sale with a carrying value of $5,658,678 and $5,741,240 were pledged to secure public deposits.

NOTE 3 – LOANS

Loans are summarized as follows at March 31, 2025 and December 31, 2024:

	*March 31,*			*December 31,*
	*2025*			*2024*
Real estate:	(unaudited)
Residential First Mortgage	$	466,177,175		$	472,747,542
Commercial Real Estate		125,783,750			118,008,866
Multi-Family Real Estate		73,465,142			74,152,418
Construction		33,501,463			43,183,657
Commercial and Industrial		5,070,847			6,163,747
Consumer		76,998			80,955
Total loans		704,075,375			714,337,185
Allowance for credit losses		(2,590,950	)		(2,620,949	)
Net loans	$	701,484,425		$	711,716,236

Table of Contents

BOGOTA FINANCIAL CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE 3 – LOANS (Continued)

The Bank has granted loans to officers and directors of the Bank. At March 31, 2025 and December 31, 2024, such loans totaled $2,082,107 and $2,256,911, respectively.

At March 31, 2025 and December 31, 2024, deferred loan fees were $2,562,282 and $2,496,364, respectively.

The following table presents the activity in the ACL by portfolio segment for the three months ended March 31, 2025 and 2024:

	*Residential First Mortgage*			*Commercial Real Estate*		*Multi-Family Real Estate*			*Construction*			*Commercial and Industrial*		*Consumer*		*Total*
Three months ended March 31, 2025
Allowance for credit losses:
Beginning balance	$	1,680,949		$	508,000	$	289,000		$	123,000		$	20,000	$	—	$	2,620,949
Provision for (recovery) of credit losses		(20,064	)		25,874		(10,084	)		(30,288	)		4,340		223		(29,999	)
Loans charged off		—			—		—			—			—		—		—
Recoveries		—			—		—			—			—		—		—
Total ending allowance balance	$	1,660,885		$	533,874	$	278,916		$	92,712		$	24,340	$	223	$	2,590,950

	*Residential First Mortgage*		*Commercial Real Estate*		*Multi-Family Real Estate*		*Construction*			*Commercial and Industrial*			*Consumer*		*Total*
Three Months Ended March 31, 2024
Allowance for credit losses:
Beginning balance	$	1,851,969	$	437,180	$	317,300	$	157,500		$	22,000		$	—	$	2,785,949
Provision for (recovery) of credit losses		7,380		26,920		400		(33,400	)		(1,300	)		—		—
Loans charged off		—		—		—		—			—			—		—
Recoveries		—		—		—		—			—			—		—
Total ending allowance balance	$	1,859,349	$	464,100	$	317,700	$	124,100		$	20,700		$	—	$	2,785,949

For the three months ended March 31, 2025, in addition to the recovery in the table above, the provision for loan losses also included a recovery of $50,000 due to a decrease in off-balance sheet commitments.

Since the Bank continues to have limited historical loss history, the majority of changes in the ACL noted in the above tables are driven by changes in the balances of the related loan segments and in the economic forecast.

Table of Contents

BOGOTA FINANCIAL CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE 3 – LOANS (Continued)

The following table presents the balance of non-performing loans by portfolio segments as of March 31, 2025 and December 31, 2024:

	Nonaccrual loans beginning of period		Nonaccrual loans end of period		Nonaccrual with no Allowance for Credit Loss		Loans Past Due 90 Days or More Still Accruing
March 31, 2025
Residential First Mortgage	$	1,863,957	$	2,250,578	$	2,250,578	$	—
Commercial Real Estate		1,205,025		749,684		749,684		—
Construction		10,893,713		10,893,713		10,893,713		—
Consumer		—		—		—		—
Total	$	13,962,695	$	13,893,975	$	13,893,975	$	—

	*Nonaccrual loans beginning of period*		*Nonaccrual loans end of period*		*Nonaccrual with no Allowance for Credit Loss*		Loans Past Due 90 Days or More Still Accruing
December 31, 2024
Residential First Mortgage	$	1,432,072	$	1,863,957	$	1,863,957	$	—
Commercial Real Estate		450,392		1,205,025		1,205,025	$	—
Construction		10,893,713		10,893,713		10,893,713		—
Consumer		—		—		—		—
Total	$	12,776,177	$	13,962,695	$	13,962,695	$	—

Collateral - dependent loans individually evaluated with the ACL by collateral type were as follows at March 31, 2025 and December 31, 2024:

March 31, 2025
Portfolio segment	*Real estate*		*Other*
Residential First Mortgage	$	2,250,578	$	—
Commercial Real Estate		749,684		—
Multi-Family Real Estate		—		—
Construction		10,893,713		—
Commercial and Industrial		—		—
Other Consumer		—		—
	$	13,893,975	$	—

December 31, 2024
Portfolio segment	*Real estate*		*Other*
Residential First Mortgage	$	1,863,957	$	—
Commercial Real Estate		1,205,025		—
Multi-Family Real Estate		—		—
Construction		10,893,713		—
Commercial and Industrial		—		—
Other Consumer		—		—
	$	13,962,695	$	—

Interest income recognized during impairment and cash-basis interest income for the three months ended March 31, 2025 and 2024 was nominal.

Table of Contents

BOGOTA FINANCIAL CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE 3 – LOANS (Continued)

No nonaccrual loans had specific reserves as of March 31, 2025, as they were all well-secured and in the process of collection. The Bank had no other real estate owned at either March 31, 2025 or December 31, 2024.

The following table presents the aging of the recorded investment in past due loans as of March 31, 2025 and December 31, 2024, by class of loans:

					*Greater than*
	*30-59 Days*		*60-89 Days*		*89 Days*		*Total*		*Loans Not*
	*Past Due*		*Past Due*		*Past Due*		*Past Due*		*Past Due*		*Total*
March 31, 2025
Residential First Mortgage	$	1,174,160	$	54,659	$	624,860	$	1,853,679	$	464,323,496	$	466,177,175
Commercial Real Estate		—		—		749,684		749,684		125,034,066		125,783,750
Multi-Family Real Estate		—		—		—		—		73,465,142		73,465,142
Construction		—		—		10,893,713		10,893,713		22,607,750		33,501,463
Commercial and Industrial		—		—		—		—		5,070,847		5,070,847
Consumer		—		—		—		—		76,998		76,998
Total	$	1,174,160	$	54,659	$	12,268,257	$	13,497,076	$	690,578,299	$	704,075,375

					*Greater than*
	*30-59 Days*		*60-89 Days*		*89 Days*		*Total*		*Loans Not*
	*Past Due*		*Past Due*		*Past Due*		*Past Due*		*Past Due*		*Total*
December 31, 2024
Residential First Mortgage	$	119,309	$	1,607,835	$	513,297	$	2,240,441	$	470,507,101	$	472,747,542
Commercial Real Estate		—		—		1,205,025		1,205,025		116,803,841		118,008,866
Multi-Family Real Estate		—		—		—		—		74,152,418		74,152,418
Construction		—		—		10,893,713		10,893,713		32,289,944		43,183,657
Commercial and Industrial		—		—		—		—		6,163,747		6,163,747
Consumer		-		—		—		-		80,955		80,955
Total	$	119,309	$	1,607,835	$	12,612,035	$	14,339,179	$	699,998,006	$	714,337,185

Credit Quality Indicators

The Bank categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Bank analyzes loans individually by classifying the loans as to credit risk. Commercial and multi-family real estate, commercial and industrial and construction loans are graded on an annual basis. Residential and consumer loans are primarily evaluated based on performance. Refer to the immediately preceding table for the aging of the recorded investment of these loan segments. The Bank uses the following definitions for risk ratings:

Special Mention – Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date.

Substandard – Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

Doubtful – Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

Loans not meeting the criteria above are considered to be Pass rated loans.

Table of Contents

BOGOTA FINANCIAL CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE 3 – LOANS (Continued)

The following table presents loans, by risk category, loan class and year of origination as of March 31, 2025 and December 31, 2024:

	Term Loans by Origination Year
March 31, 2025	*2025*		*2024*		*2023*		*2022*		*2021*		*Prior*		*Revolving Loans*		*Totals*
Residential First Mortgage
Pass	$	1,069,334	$	27,818,216	$	20,731,206	$	104,554,548	$	31,351,533	$	138,003,876	$	140,804,020	$	464,332,733
Special Mention		—		—		—		—		—		759,170		601,737		1,360,907
Substandard		—		—		—		—		—		145,119		338,416		483,535
Doubtful		—		—		—		—		—		—		—		—
Total		1,069,334		27,818,216		20,731,206		104,554,548		31,351,533		138,908,165		141,744,173		466,177,175
Gross charge-offs by vintage		—		—		—		—		—		—		—		—

Commercial Real Estate
Pass		6,175,404		16,041,293		15,530,386		5,328,601		1,748,074		79,777,004		433,304		125,034,066
Special Mention		—		—		—		—		—		749,684		—		749,684
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total		6,175,404		16,041,293		15,530,386		5,328,601		1,748,074		80,526,688		433,304		125,783,750
Gross charge-offs by vintage		—		—		—		—		—		—		—		—

Multi-Family Real Estate
Pass		—		—		—		5,177,727		—		6,074,672		62,212,743		73,465,142
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total		—		—		—		5,177,727		—		6,074,672		62,212,743		73,465,142
Gross charge-offs by vintage		—		—		—		—		—		—		—		—

Construction
Pass		—		—		—		—		—		—		22,607,750		22,607,750
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		10,893,713		10,893,713
Doubtful		—		—		—		—		—		—		—		—
Total		—		—		—		—		—		—		33,501,463		33,501,463
Gross charge-offs by vintage		—		—		—		—		—		—		—		—

Commercial and Industrial
Pass		26,365		2,244,848		184,723		—		—		253,950		2,360,961		5,070,847
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total		26,365		2,244,848		184,723		—		0		253,950		2,360,961		5,070,847
Gross charge-offs by vintage		—		—		—		—		—		—		—		—

Consumer
Pass		—		—		—		—		—		—		76,998		76,998
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total		—		—		—		—		—		—		76,998		76,998
Gross charge-offs by vintage		—		—		—		—		—		—		—		—

Total loans	$	7,271,103	$	46,104,357	$	36,446,315	$	115,060,876	$	33,099,607	$	225,763,475	$	240,329,642	$	704,075,375

Table of Contents

BOGOTA FINANCIAL CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

	Term Loans by Origination Year
December 31, 2024	*2024*		*2023*		*2022*		*2021*		*2020*		*Prior*		*Revolving Loans*		*Totals*
Residential First Mortgage
Pass	$	26,742,846	$	20,620,971	$	102,163,479	$	31,658,834	$	25,961,474	$	118,351,367	$	145,384,614	$	470,883,585
Special Mention		—		—		—		—		186,177		593,420		598,461		1,378,058
Substandard		—		—		—		—		—		146,730		339,169		485,899
Doubtful		—		—		—		—		—		—		—		—
Total		26,742,846		20,620,971		102,163,479		31,658,834		26,147,651		119,091,517		146,322,244		472,747,542
Gross charge-offs by vintage		—		—		—		—		—		—		—		—

Commercial Real Estate
Pass		14,935,535		11,625,202		5,363,747		2,030,427		42,533,113		38,696,841		1,618,976		116,803,841
Special Mention		—		—		—		—		—		754,633		—		754,633
Substandard		—		—		—		—		—		450,392		—		450,392
Doubtful		—		—		—		—		—		—		—		—
Total		14,935,535		11,625,202		5,363,747		2,030,427		42,533,113		39,901,866		1,618,976		118,008,866
Gross charge-offs by vintage		—		—		—		—		—		—		—		—

Multi-Family Real Estate
Pass		—		—		2,262,457		—		—		1,909,140		69,980,821		74,152,418
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total		—		—		2,262,457		—		—		1,909,140		69,980,821		74,152,418
Gross charge-offs by vintage		—		—		—		—		—		—		—		—

Construction
Pass		—		—		—		—		—		—		32,289,944		32,289,944
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		10,893,713		10,893,713
Doubtful		—		—		—		—		—		—		—		—
Total		—		—		—		—		—		—		43,183,657		43,183,657
Gross charge-offs by vintage		—		—		—		—		—		—		—		—

Commercial and Industrial
Pass		2,380,140		196,286		—		—		311,422		—		3,275,899		6,163,747
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total		2,380,140		196,286		—		—		311,422		—		3,275,899		6,163,747
Gross charge-offs by vintage		—		—		—		—		—		—		—		—

Consumer
Pass		—		—		—		—		—		—		80,955		80,955
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total		—		—		—		—		—		—		80,955		80,955
Gross charge-offs by vintage		—		—		—		—		—		—		—		—
Total loans	$	44,058,521	$	32,442,459	$	109,789,683	$	33,689,261	$	68,992,186	$	160,902,523	$	264,462,552	$	714,337,185

There were no loan modifications during the three-month period ended March 31, 2025 .

Table of Contents

BOGOTA FINANCIAL CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE 4 – STOCK BASED COMPENSATION

The Company maintains the Bogota Financial Corp. 2021 Equity Incentive Plan (the "2021 Plan"), which provides for the issuance of up to 902,602 shares (257,887 restricted stock awards and 644,718 stock options) of Bogota Financial Corp. common stock.

The following is a summary of the Company's restricted stock activity during the three months ended March 31, 2025:

	*Number of Non-vested Restricted Shares*			*Weighted Average Grant Date Fair Value*
Outstanding, January 1, 2025		94,607		$	10.17
Granted		—			—
Vested	$	(2,000	)		7.80
Forfeited		—			—
Outstanding, March 31, 2025		92,607		$	10.12

The following is a summary of the Company's option activity during the three months ended March 31, 2025:

	*Number of Stock Options*			*Weighted Average Exercise Price*		*Weighted Average Remaining Contractual Term (in years)*		*Aggregate Intrinsic Value*
Outstanding, January 1, 2025		510,119		$	10.45		6.7	$	—
Granted		—
Exercised		—
Forfeited		(1,500	)		10.45				-
Outstanding, March 31, 2025		508,619		$	10.45		6.4	$	—
Options exercisable at March 31, 2025		305,172						$	—

NOTE 5 – DERIVATIVES AND HEDGING ACTIVITES

The Company uses derivative financial instruments as components of its market risk management, principally to manage interest rate risk. Certain derivatives may be entered into in connection with transactions with commercial customers. Derivatives are not used for speculative purposes. All derivatives are recognized as either assets or liabilities in the Consolidated Statements of Financial Condition, reported at fair value and presented on a gross basis. Until a derivative is settled, a favorable change in fair value results in an unrealized gain that is recognized as an asset, while an unfavorable change in fair value results in an unrealized loss that is recognized as a liability.

Table of Contents

BOGOTA FINANCIAL CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE 5 – DERIVATIVES AND HEDGING ACTIVITES (continued)

The Company generally applies hedge accounting to its derivatives used for market risk management purposes. Hedge accounting is permitted only if specific criteria are met, including a requirement that a highly effective relationship exists between the derivative instrument and the hedged item, both at inception of the hedge and on an ongoing basis. Changes in the fair value of effective fair value hedges are recognized in current earnings (with the change in fair value of the hedged asset or liability also recognized in earnings). Changes in the fair value of effective cash flow hedges are recognized in other comprehensive income (loss) until earnings are affected by the variability in cash flows of the designated hedged item. Ineffective portions of hedge results are recognized in current earnings. Changes in the fair value of derivatives for which hedge accounting is not applied are recognized in current earnings.

The Company formally documents at inception all relationships between the derivative instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the hedge transactions. This process includes linking all derivatives that are designated as hedges to specific assets and liabilities, or to specific firm commitments. The Company also formally assesses, both at inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the fair values or cash flows of the hedged items. If it is determined that a derivative is not highly effective or has ceased to be a highly effective hedge, the Company would discontinue hedge accounting prospectively. Gains or losses resulting from the termination of a derivative accounted for as a cash flow hedge remain in other comprehensive income (loss) and is (accreted) amortized to earnings over the remaining period of the former hedging relationship.

Certain derivative financial instruments are offered to certain commercial banking customers to manage their risk of exposure and risk management strategies. These derivative instruments consist primarily of currency forward contracts and interest rate swap contracts. The risk associated with these transactions is mitigated by simultaneously entering into similar transactions having essentially offsetting terms with a third party, i.e. back-to-back swaps. In addition, the Company executes interest rate swaps with third parties in order to hedge the interest rate risk of short-term FHLB advances.

Interest Rate Swaps. At March 31, 2025, the Company had five cash flow interest rate swaps with notional amounts of $65.0 million hedging certain FHLB advances and brokered deposits. The Company also had two fair value interest rate swaps with notional amounts of $60.0 million hedging certain fixed-rate residential loans. These interest rate swaps meet the hedge accounting requirements. Changes in the fair value of cash flow hedges are recorded in comprehensive income. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount. Interest rate swaps designated as fair value hedges involve the payment of fixed-rate amounts to a counterparty in exchange for the Company receiving variable-rate payments over the life of the agreement without the exchange of the underlying notional amount. The fair value hedges are recorded as components of other assets and other liabilities on the Company’s consolidated statement of financial condition. Changes in fair value of the fair value hedges are recorded against the basis of the asset or liability being hedged. The gain or loss on these derivatives, as well as the offsetting loss or gain on the hedged items attributable to the hedged risk, are recognized in interest income in the Company’s consolidated statements of operations.

At December 31, 2024, the Company had five interest rate swaps with a notional amount of $65.0 million to hedge certain FHLB advances and brokered deposits and two fair value interest rate swaps with notional amounts of $60.0 million hedging certain fixed-rate residential loans. At both March 31, 2025 and December 31, 2024, the Company had no back-to-back interest rate swaps in place with commercial banking customers.

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification in the Consolidated Statements of Financial Condition at March 31, 2025:

			*March 31,*			*December 31,*
			*2025*			*2024*
			*Asset Derivative*			*Asset Derivative*
	*Hedge Type*	*Consolidated Statements of Financial Condition*	*Fair Value*			*Fair Value*
Interest rate swaps	Cash Flow	Other (Liabilities) Assets	$	206,523		$	651,340
Interest rate swaps	Fair Value	Other (Liabilities) Assets	$	(100,281	)	$	109,594
Interest rate swaps	Fair Value	Loans, net	$	128,914		$	(83,173	)
Total derivative instruments			$	235,156		$	677,761

For the three months ended March 31, 2025, unrealized losses of $657,000 were recorded for changes in fair value of interest rate swaps with third parties and at March 31, 2025, accrued interest was $82,000.

The Company has agreements with counterparties that contain a provision that if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default of its derivative obligations. During the three months ended March 31, 2025 and 2024, the net effect on interest expense on the Federal Home Loan Bank advances and certificates of deposit was a reduced expense of $177,000 and $288,000 respectively. There were no changes to the value of the derivatives.

NOTE 6 – FAIR VALUE

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:

Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3 – Significant unobservable inputs that reflect a bank’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

The Bank used the following methods and significant assumptions to estimate the fair value of each type of financial instrument:

The Bank’s available-for-sale portfolio is carried at estimated fair value on a recurring basis, with any unrealized gains and losses, net of taxes, reported as accumulated other comprehensive income/loss in stockholders’ equity. The securities available-for-sale portfolio consists of corporate bonds and mortgage-backed securities. The fair values of these securities are obtained from an independent nationally recognized pricing service. An independent pricing service provides prices which are categorized as Level 2, as quoted prices in active markets for identical assets are generally not available for the securities.

Table of Contents

BOGOTA FINANCIAL CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE 6 – FAIR VALUE (Continued)

Assets measured at fair value on a recurring basis are summarized below:

			*Quoted Prices*
			*in Active*		*Significant*
			*Markets for*		*Other*		*Significant*
			*Identical*		*Observable*		*Unobservable*
	*Carrying*		*Assets*		*Inputs*		*Inputs*
	*Value*		*(Level 1)*		*(Level 2)*		*(Level 3)*
As of March 31, 2025
Assets:
Securities available for sale:
U.S. government and agency obligations	$	2,885,238	$	—	$	2,885,238	$	—
Corporate bonds		40,063,778		—		40,063,778		—
Municipal obligations		415,225		—		415,225		—
MBS - residential		79,973,603		—		79,973,603		—
MBS - commercial		14,394,677		—		14,394,677		—
Liabilities:
Cash flow hedge		206,523		—		206,523		—
	$	137,525,998	$	—	$	137,525,998	$	—
As of December 31, 2024
Assets:
Securities available for sale:
U.S. government and agency obligations	$	12,792,540	$	—	$	12,792,540	$	—
Corporate bonds		38,229,775		—		38,229,775		—
Municipal obligations		398,275		—		398,275		—
MBS - residential		74,552,809		—		74,552,809		—
MBS - commercial		14,334,048		—		14,334,048		—
Liabilities:
Cash flow hedge		651,340		—		651,340		—
	$	140,958,787	$	—	$	140,958,787	$	—

There were no transfers between level 1 and level 2 during the three months ended March 31, 2025.

The carrying amounts and estimated fair values of financial instruments not measured at fair value, at March 31, 2025 and December 31, 2024, were as follows:

	*Carrying*		*Fair*		*Fair Value Measurement Placement*
	*Amount*		*Value*		*(Level 1)*		*(Level 2)*		*(Level 3)*
	(In thousands)
March 31, 2025
Financial instruments - assets
Loans	$	704,075	$	672,865	$	-	$	-	$	672,865
Financial instruments - liabilities
Certificates of deposit		475,985		476,097		—		476,097		—
Borrowings		139,773		140,429		—		140,429		—

	*Carrying*		*Fair*		*Fair Value Measurement Placement*
	*Amount*		*Value*		*(Level 1)*		*(Level 2)*		*(Level 3)*
	(In thousands)
December 31, 2024
Financial instruments - assets
Loans	$	714,337	$	686,977	$	—	$	—	$	686,977
Financial instruments - liabilities
Certificates of deposit		493,280		493,769		—		493,769		—
Borrowings		172,173		172,575		—		172,575		—

Carrying amount is the estimated fair value for cash and cash equivalents. Other balance sheet instruments such as cash and cash equivalents, accrued interest receivable, accrued interest payable and Bank owned life insurance holding costs approximate fair value. The fair value of off-balance sheet items is not considered material.

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BOGOTA FINANCIAL CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE 7 – ACCUMULATED OTHER COMPREHENSIVE LOSS

The components of accumulated other comprehensive loss included in equity (net of tax) for the three months ended March 31, 2025 and 2024 was as follows:

	*Unrealized gain*
	*and losses on*
	*available for*
	*sale securities*			*Benefit plans*			*Derivatives*			*Total*
Three months ended
March 31, 2025
Beginning balance	$	(4,005,169	)	$	(60,526	)	$	468,247		$	(3,597,448	)
Other comprehensive income (loss) before reclassification		680,043			—			(319,778	)		360,265
Amounts reclassified		—			—			—			—
Net period comprehensive income (loss)		680,043			—			(319,778	)		360,265
Ending balance	$	(3,325,126	)	$	(60,526	)	$	148,469		$	(3,237,183	)

March 31, 2024
Beginning balance	$	(6,639,506	)	$	2,549		$	172,183		$	(6,464,774	)
Other comprehensive (loss) income before reclassification		(778,401	)		3,105			474,724			(300,572	)
Amounts reclassified		—			—			—			—
Net period comprehensive (loss) income		(778,401	)		3,105			474,724			(300,572	)
Ending balance	$	(7,417,907	)	$	5,654		$	646,907		$	(6,765,346	)

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BOGOTA FINANCIAL CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

General

Management’s discussion and analysis of financial condition and results of operations at March 31, 2025 and December 31, 2024 and for the three months ended March 31, 2025 and March 31, 2024 is intended to assist in understanding the financial condition and results of operations of Bogota Financial Corp. The information contained in this section should be read in conjunction with the unaudited financial statements and the notes thereto appearing in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Cautionary Note Regarding Forward-Looking Statements

This report contains forward-looking statements, which can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “plan,” “seek,” “expect” and words of similar meaning. These forward-looking statements include, but are not limited to:

●

statements of our goals, intentions and expectations;

●

statements regarding our business plans, prospects, financial performance, growth and operating strategies;

●

statements regarding the quality of our loan and investment portfolios; and

●

estimates of our risks and future costs and benefits.

These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:

●

general economic conditions, either nationally or in our market area, that are worse than expected, including potential recessionary conditions;

●

the imposition of tariffs or other domestic or international governmental policies;

●

changes in the amount and trend of loan delinquencies, charge-offs and non-performing and classified loans and changes in estimates of the adequacy of and the methodology for calculating the allowance for credit losses;

●

our ability to access cost-effective funding;

●

changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio;

●

fluctuations in real estate values and both residential and commercial real estate market conditions;

●

demand for loans and deposits in our market area;

●

our ability to continue to implement our business strategies;

●

competition among depository and other financial institutions;

●

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;

●

inflation and changes in market interest rates that reduce our margins and yields, reduce the fair value of financial instruments or reduce our volume of loan originations, or increase the level of defaults, losses and prepayments on loans we have made and make whether held in portfolio or sold in the secondary market;

●

changes in the securities markets;

●

changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements;

●

our ability to manage market risk, credit risk and operational risk;

●

our ability to enter new markets successfully and capitalize on growth opportunities;

●

our ability to successfully integrate into our operations any assets, liabilities or systems we may acquire, as well as new management personnel or customers, and our ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related thereto;

●

changes in consumer spending, borrowing and saving habits;

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●

changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission or the Public Company Accounting Oversight Board;

●

our ability to retain key employees;

●

risks as it relates to cyber security against our information technology and those of our third-party providers and vendors;

●

the failure to maintain current technologies;

●

the current or anticipated impact of military conflict, terrorism or other geopolitical events;

●

our compensation expense associated with equity allocated or awarded to our employees; and

●

changes in the financial condition, results of operations or future prospects of issuers of securities that we own.

Critical Accounting Policies

Our accounting policies are described in Note 1 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024. Critical accounting estimates are necessary in the application of certain accounting policies and procedures and are particularly susceptible to significant change. Critical accounting policies are defined as those involving significant judgments and assumptions by management that could have a material impact on the carrying value of certain assets or on income under different assumptions or conditions. Actual results could differ from these judgments and estimates under different conditions, resulting in a change that could have a material impact on the carrying values of our assets and liabilities and our results of operations.

Comparison of Financial Condition at March 31, 2025 and December 31, 2024

Total Assets. Assets decreased $41.3 million, or 4.3%, from $971.5 million at December 31, 2024 to $930.2 million at March 31, 2025 due to a $26.6 million, or 51.0%, decrease in cash and cash equivalents, a $10.2 million, or 1.4%, decrease in loans and a $2.6 million, or 1.8%, decrease in securities available for sale.

Cash and Cash Equivalents. Cash and cash equivalents decreased $26.6 million, or 51.0%, to $25.6 million at March 31, 2025 from $52.2 million at December 31, 2024, as excess funds were used to pay down borrowings.

Securities Available for Sale. Securities available for sale decreased $2.6 million, or 1.8%, to $137.7 million at March 31, 2025 from $140.3 million at December 31, 2024. The decrease was primarily due to maturing securities of $17.0 million exceeding purchases of $13.5 million of securities.

Net Loans. Net loans decreased $10.2 million, or 1.4%, to $701.5 million at March 31, 2025 from $711.7 million at December 31, 2024. The decrease was due to a decrease of $6.6 million, or 1.4%, in one- to four-residential real estate loans to $466.1 million from $472.7 million at December 31, 2024, a decrease of $9.7 million, or 22.4%, in construction loans to $33.5 million at March 31, 2025 from $43.2 million at December 31, 2024, and a decrease of $1.1 million, or 17.7%, in commercial and industrial loans to $5.1 million at March 31, 2025 from $6.2 million at December 31, 2024, offset by a by a $7.8 million, or 6.6%, increase in commercial real estate loans to $125.8 million at March 31, 2025 from $118.0 million at December 31, 2024. The decreases in one- to four-residential real estate loans and construction loans reflected a decrease in demand for such loans due to the interest rate environment. As of March 31, 2025 and December 31, 2024, the Bank had no loans held for sale.

Delinquent loans decreased $842,000 to $13.5 million, or 1.9% of total loans, at March 31, 2025, compared to $14.3 million, or 2.0% of total loans, at December 31, 2024. The decrease was mostly due to the payoff of one commercial real estate loan with a balance of $455,000 and residential loans totaling $387,000 being brought current. We did not record any specific reserves or charge-offs for these loans. During the same timeframe, non-performing assets decreased from $14.0 million at December 31, 2024 to $13.9 million, which represented 1.49% of total assets at March 31, 2025. The Company’s allowance for credit losses was 0.37% of total loans and 18.65% of non-performing loans at March 31, 2025 compared to 0.37% of total loans and 18.77% of non-performing loans at December 31, 2024. The Bank does not have any exposure to commercial real estate loans secured by office space. Non-performing loans at March 31, 2025 were primarily comprised of one construction loan for a catering hall that is 99% complete, with a balance of $10.9 million and a loan to value ratio of 45%. Based on the well-secured nature of the loan, there was no associated specific reserve at March 31, 2025. The Company has commenced legal action to foreclose on the property, which is ongoing.

Total Liabilities. Total liabilities decreased $42.3 million, or 5.1%, to $791.9 million as of March 31, 2025 from $834.2 million as of December 31, 2024, primarily due to a $32.4 million decrease in borrowings and a $9.2 million decrease in deposits.

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Deposits. Deposits decreased $9.2 million, or 1.4%, to $633.0 million at March 31, 2025 from $642.2 million at December 31, 2024. The decrease in deposits reflected a decrease in certificates of deposit of $17.3 million, or 3.5%, to $476.0 million as of March 31, 2025 from $493.3 million at December 31, 2024 and a $1.2 million, or 8.3%, decrease in money market accounts. The decreases were offset by a $6.6 million, or 11.9%, increase in NOW accounts, and by a $2.4 million, or 5.2%, increase in savings accounts. The changes reflected customers’ uncertainty about the lower rate environment and market opportunities.

At March 31, 2025, municipal deposits totaled $39.2 million, which represented 6.2% of total deposits, and brokered deposits totaled $94.2 million, which represented 14.9% of deposits. At December 31, 2024, municipal deposits totaled $30.7 million, which represented 4.8% of deposits, and brokered deposits totaled $101.6 million, which represented 15.8% of total deposits. At March 31, 2025, uninsured deposits totaled $49.8 million, comprised of 224 account holders, which represented 7.9% of total deposits.

Borrowings. Federal Home Loan Bank of New York borrowings decreased $32.4 million, or 18.8%, to $139.8 million at March 31, 2025 from $172.2 million at December 31, 2024. Specifically short-term advances decreased by $5.0 million while long-term advances decreased $27.4 million. The weighted average rate of borrowings was 4.52% and 4.49% as of March 31, 2025 and December 31, 2024, respectively. The increased rate in the lower rate environment reflected shorter maturities of the borrowings. Total borrowing capacity at the Federal Home Loan Bank was $261.9 million at March 31, 2025, of which $139.8 million has been advanced.

Total Equity. Stockholders’ equity increased $965,000 to $138.3 million, primarily due to net income of $731,000 and by a decrease in accumulated other comprehensive loss of $360,000, offset by the repurchase of 50,211 shares at a cost of $398,000. At March 31, 2025, the Company’s ratio of average stockholders’ equity-to-average total assets was 14.59%, compared to 13.99% at December 31, 2024.

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,

2025

2024

Average Balance

Interest and Dividends

Bogota Financial Corp. 10-Q