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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 June 30, 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 August 12, 2025, there were 13,008,389 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 June 30, 2025 and December 31, 2024 (unaudited)	1

	Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2025 and 2024 (unaudited)	2

	Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2025 and 2024 (unaudited)	3

	Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30, 2025 and 2024 (unaudited)	4

	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 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	27

Item 4.	Controls and Procedures	27

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	28

Item 1A.	Risk Factors	28

Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities	28

Item 3.	Defaults Upon Senior Securities	28

Item 4.	Mine Safety Disclosures	28

Item 5.	Other Information	28

Item 6.	Exhibits	29

	SIGNATURES	30

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

BOGOTA FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(unaudited)

	*As of*			*As of*
	*June 30, 2025*			*December 31, 2024*
Assets
Cash and due from banks	$	9,471,838		$	18,020,527
Interest-bearing deposits in other banks		10,861,717			34,211,681
Cash and cash equivalents		20,333,555			52,232,208
Securities available for sale, at fair value		144,602,468			140,307,447
Loans, net of allowance for credit losses of $2,590,950 and $2,620,949, respectively		693,211,303			711,716,236
Premises and equipment, net		4,561,786			4,727,302
Federal Home Loan Bank (FHLB) stock and other restricted securities		7,204,900			8,803,000
Accrued interest receivable		4,225,196			4,232,563
Core deposit intangibles		129,255			152,893
Bank-owned life insurance		31,329,401			31,859,604
Right of use asset		10,506,417			10,776,596
Other assets		5,730,379			6,682,035
Total Assets	$	921,834,660		$	971,489,884
Liabilities and Equity
Non-interest bearing deposits	$	30,696,810		$	32,681,963
Interest bearing deposits		597,532,976			609,506,079
Total deposits		628,229,786			642,188,042
FHLB advances-short term		40,000,000			29,500,000
FHLB advances-long term		95,944,439			142,673,182
Advance payments by borrowers for taxes and insurance		3,223,479			2,809,205
Lease liabilities		10,579,107			10,780,363
Other liabilities		5,418,148			6,249,932
Total liabilities		783,394,959			834,200,724

Stockholders’ Equity
Preferred stock $0.01 par value 1,000,000 shares authorized, none issued and outstanding at June 30, 2025 and December 31, 2024		—			—
Common stock $0.01 par value, 30,000,000 shares authorized, 13,008,389 issued and outstanding at June 30, 2025 and 13,059,175 at December 31, 2024		130,083			130,592
Additional paid-in capital		55,260,550			55,269,962
Retained earnings		90,961,990			90,006,648
Unearned ESOP shares (369,670 shares at June 30, 2025 and 382,933 shares at December 31, 2024)		(4,369,992	)		(4,520,594	)
Accumulated other comprehensive loss		(3,542,930	)		(3,597,448	)
Total stockholders’ equity		138,439,701			137,289,160
Total liabilities and stockholders’ equity	$	921,834,660		$	971,489,884

See accompanying notes to unaudited consolidated financial statements.

Table of Contents

BOGOTA FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

	*Three Months Ended*						*Six Months Ended*
	*June 30,*						*June 30,*
	*2025*			*2024*			*2025*			*2024*
Interest income
Loans, including fees	$	8,291,923		$	8,299,404		$	16,895,052		$	16,506,796
Securities
Taxable		1,943,360			1,846,717			3,773,754			3,363,060
Tax-exempt		2,894			13,124			5,789			26,272
Other interest-earning assets		266,987			314,964			754,158			639,268
Total interest income		10,505,164			10,474,209			21,428,753			20,535,396
Interest expense
Deposits		5,524,138			6,253,895			11,286,462			12,223,776
FHLB advances		1,286,421			1,476,600			2,854,448			2,916,669
Total interest expense		6,810,559			7,730,495			14,140,910			15,140,445
Net interest income		3,694,605			2,743,714			7,287,843			5,394,951
Provision (recovery) for credit losses		—			35,000			(80,000	)		70,000
Net interest income after (recovery) provision for credit losses		3,694,605			2,708,714			7,367,843			5,324,951
Non-interest income
Fees and service charges		59,755			49,203			115,574			107,790
Gain on sale of loans		8,768			—			37,830			—
Bank-owned life insurance		228,392			215,056			990,623			427,015
Other		34,795			38,945			77,055			67,477
Total non-interest income		331,710			303,204			1,221,082			602,282
Non-interest expense
Salaries and employee benefits		2,059,942			2,143,388			4,140,141			4,301,953
Occupancy and equipment		640,444			366,908			1,311,913			738,025
FDIC insurance assessment		103,934			106,716			210,520			207,313
Data processing		305,034			318,520			620,731			622,125
Advertising		16,000			115,100			121,500			225,200
Director fees		170,812			151,549			330,256			307,249
Professional fees		372,364			260,112			571,094			456,897
Other		185,972			263,490			408,017			510,112
Total non-interest expense		3,854,502			3,725,783			7,714,172			7,368,874
Income (loss) before income taxes		171,813			(713,865	)		874,753			(1,441,641	)
Income tax benefit		(52,582	)		(281,386	)		(80,589	)		(568,182	)
Net income (loss)	$	224,395		$	(432,479	)	$	955,342		$	(873,459	)
Earnings (loss) per Share - basic	$	0.02		$	(0.03	)	$	0.08		$	(0.07	)
Earnings (loss) per Share - diluted	$	0.02		$	(0.03	)	$	0.08		$	(0.07	)
Weighted average shares outstanding - basic		12,635,990			12,803,925			12,642,744			12,828,428
Weighted average shares outstanding - diluted		12,641,179			12,803,925			12,644,701			12,828,428

See accompanying notes to unaudited consolidated financial statements.

Table of Contents

BOGOTA FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(unaudited)

	*Three Months Ended*						*Six Months Ended*
	*June 30,*						*June 30,*
	*2025*			*2024*			*2025*			*2024*
Net income (loss)	$	224,395		$	(432,479	)	$	955,342		$	(873,459	)
Other comprehensive (loss) income:
Net unrealized (loss) gain on securities available for sale:		(379,866	)		1,030,695			566,084			(52,070	)
Tax effect		106,780			(289,728	)		(159,127	)		14,637
Net of tax		(273,086	)		740,967			406,957			(37,433	)
Defined benefit retirement plans:
Reclassification adjustment for amortization of prior service cost and net gain included in salaries and employee benefits		180,712			—			180,712			6,414
Tax effect		(50,798	)		—			(50,798	)		(3,309	)
Net of tax		129,914			—			129,914			3,105
Derivatives:
Unrealized (loss) gain on swap contracts accounted for as cash flow hedges		(226,145	)		59,173			(670,961	)		719,520
Tax effect		63,570			(16,633	)		188,608			(202,257	)
Net of tax		(162,575	)		42,540			(482,353	)		517,263
Total other comprehensive (loss) income		(305,747	)		783,507			54,518			482,935
Comprehensive (loss) income	$	(81,352	)	$	351,028		$	1,009,860		$	(390,524	)

See accompanying notes to unaudited consolidated financial statements.

Table of Contents

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
Net loss		—			—			—			(432,479	)		—			—			(432,479	)
Other comprehensive income		—			—			—			—			—			783,507			783,507
Stock based compensation		—			—			237,093			—			—			—			237,093
Stock purchased and retired		(107,323	)		(1,073	)		(733,660	)		—			—			—			(734,733	)
ESOP Shares released (6,668 shares)		—			—			(31,768	)		—			75,301			—			43,533
Balance June 30, 2024		13,148,824		$	131,388		$	55,561,684		$	91,303,609		$	(4,671,196	)	$	(5,981,839	)	$	136,343,646

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
Net income		—			—			—			224,395			—			—			224,395
Other comprehensive loss		—			—			—			—			—			(305,747	)		(305,747	)
Stock based compensation		—			—			225,435			—			—			—			225,435
Stock purchased and retired		(575	)		(6	)		(4,571	)		—			—			—			(4,577	)
ESOP shares released (6,668 shares)		—			—			(28,912	)		—			75,301			—			46,389
Balance June 30, 2025	$	13,008,389		$	130,083		$	55,260,550		$	90,961,990		$	(4,369,992	)	$	(3,542,930	)	$	138,439,701

See accompanying notes to unaudited consolidated financial statements.

Table of Contents

BOGOTA FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

	*For the six months ended*
	*June 30,*
	*2025*			*2024*
Cash flows from operating activities
Net income (loss)	$	955,342		$	(873,459	)
Adjustments to reconcile net income (loss) to net cash used for operating activities:
Amortization of intangible assets		46,341			4,512
(Recovery) provision for credit losses		(80,000	)		70,000
Depreciation of premises and equipment		201,684			249,057
Amortization of deferred loan (fees) costs, net		16,914			39,905
Amortization of premiums and accretion of discounts on securities, net		42,886			20,180
Deferred income benefit		(69,637	)		(530,154	)
Gain on sale of loans		(37,830	)		—
Proceeds from sale of loans		(1,932,899	)		—
Origination of loans held for sale		1,970,729			—
Increase in cash surrender value of bank owned life insurance		(990,623	)		(427,015	)
Employee stock ownership plan expense		96,858			93,809
Stock based compensation		446,615			471,586
Changes in:
Accrued interest receivable		7,367			(297,917	)
Net changes in other assets		1,902,625			(273,053	)
Net changes in other liabilities		(672,292	)		222,532
Net cash used for operating activities		1,904,080			(1,230,017	)
Cash flows from investing activities
Purchases of securities held to maturity		—			(10,645,873	)
Purchases of securities available for sale		(27,699,938	)		(40,228,923	)
Maturities, calls, and repayments of securities available for sale		23,928,115			2,183,086
Maturities, calls, and repayments of securities held to maturity		—			2,128,259
Net decrease in loans		18,581,405			6,432,091
Purchases of premises and equipment		(36,169	)		(499,933	)
Purchase of FHLB stock		(2,420,100	)		(4,164,500	)
Redemption of FHLB stock		4,018,200			3,639,400
Net cash provided by (used for) investing activities		16,371,513			(41,156,393	)
Cash flows from financing activities
Net (decrease) increase in deposits		(13,958,256	)		23,778,962
Net decrease in short-term FHLB advances		10,500,000			22,500,000
Proceeds from long-term FHLB non-repo advances		—			—
Repayments of long-term FHLB non-repo advances		(46,732,049	)		(10,730,642	)
Repurchase of common stock		(398,215	)		(1,004,428	)
Net increase in advance payments from borrowers for taxes and insurance		414,274			504,588
Net cash (used for) provided by financing activities		(50,174,246	)		35,048,480
Net decrease in cash and cash equivalents		(31,898,653	)		(7,337,930	)
Cash and cash equivalents at beginning of year		52,232,208			24,929,471
Cash and cash equivalents at June 30,	$	20,333,555		$	17,591,541
Supplemental cash flow information
Income taxes paid	$	100,000		$	40,000
Interest paid		14,140,910			15,140,445
Fair value change in cash flow hedges	$	(670,961	)	$	719,521
Fair value change in fair value hedges, net		9,397			600,181

See accompanying notes to unaudited consolidated financial statements.

Table of Contents

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, formed to hold real estate owned by the Company, was inactive at June 30, 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 loss 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 and six months ended June 30, 2025 and June 30, 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 and six months ended June 30, 2025, 5,189 and 1,957 shares of outstanding non-vested stock were added in the computation of diluted earnings per share.

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and six months ended June 30, 2025 and 2024.

	*For the three months ended June 30, 2025*		*For the three months ended June 30, 2024*			*For the six months ended June 30, 2025*		*For the six months ended June 30, 2024*
Numerator
Net income (loss)	$	224,395	$	(432,479	)	$	955,342	$	(873,459	)
Denominator:
Weighted average shares outstanding - basic		12,635,990		12,803,925			12,642,744		12,828,428
Effect of non-unvested restricted stock		5,189		—			1,957		—
Weighted average shares outstanding - diluted		12,641,179		12,803,925			12,644,701		12,828,428
Earnings (loss) per common share:
Basic	$	0.02	$	(0.03	)	$	0.08	$	(0.07	)
Diluted		0.02		(0.03	)		0.08		(0.07	)

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.

Table of Contents

BOGOTA FINANCIAL CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Segment Reporting: The Company operates one reportable segment of business, “retail banking.” Through its retail 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 statement of operations as consolidated net income.

The measure of segment assets is reported on the statement of financial condition as total consolidated assets.

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 June 30, 2025 and December 31, 2024:

			*Gross*		*Gross*
	*Amortized*		*Unrealized*		*Unrealized*			*Fair*
	*Cost*		*Gains*		*Losses*			*Value*
June 30, 2025
U.S. government and agency obligations
One through five years	$	3,000,000	$	—	$	(99,198	)	$	2,900,802
Corporate bonds due in:
Less than one year		350,000		323		—			350,323
One through five years		11,122,059		75,103		(124,358	)		11,072,804
Five through ten years		30,326,179		208,861		(1,055,169	)		29,479,871
Greater than ten years		4,339,950		141,790		—			4,481,740
Municipal obligations due in:
Five through ten years		506,192		—		(93,487	)		412,705
MBS – residential		83,649,212		189,616		(2,199,718	)		81,639,110
MBS – commercial		16,314,040		—		(2,048,927	)		14,265,113
Total	$	149,607,632	$	615,693	$	(5,620,857	)	$	144,602,468

			*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 Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”) and Government National Mortgage Association.

There were no sales of securities during the three and six months ended June 30, 2025 or June 30, 2024.

Table of Contents

BOGOTA FINANCIAL CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

The age of unrealized losses and the fair value of related securities as of June 30, 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*
June 30, 2025
U.S. government and agency obligations	$	—	$	—		$	2,900,802	$	(99,198	)	$	2,900,802	$	(99,198	)
Corporate bonds		5,730,360		(73,886	)		12,869,845		(1,105,641	)		18,600,205		(1,179,527	)
Municipal obligations		—		—			412,705		(93,487	)		412,705		(93,487	)
MBS – residential		52,208,583		(269,733	)		9,702,044		(1,929,985	)		61,910,627		(2,199,718	)
MBS – commercial		—		—			14,265,113		(2,048,927	)		14,265,113		(2,048,927	)
Total	$	57,938,943	$	(343,619	)	$	40,150,509	$	(5,277,238	)	$	98,089,452	$	(5,620,857	)

	*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	)

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 June 30, 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 51 securities in a loss position at June 30, 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 June 30, 2025. As of June 30, 2025, no allowance for credit losses ("ACL") was required on available for sale securities. At June 30, 2025 and December 31, 2024, securities available for sale with a carrying value of $5,476,487 and $5,741,240 were pledged to secure public deposits. Securities available for sale at June 30, 2025 and December 31, 2024, which were pledged to secure repurchase agreements at the Federal Home Loan Bank of New York, had a carrying value of $69,916 and $12,881,892, respectively.

NOTE 3 – LOANS

Loans are summarized as follows at June 30, 2025 and December 31, 2024:

	*June 30,*			*December 31,*
	*2025*			*2024*
Real estate:	(unaudited)
Residential First Mortgage	$	458,212,962		$	472,747,542
Commercial Real Estate		125,349,129			118,008,866
Multi-Family Real Estate		82,118,178			74,152,418
Construction		25,766,387			43,183,657
Commercial and Industrial		4,282,269			6,163,747
Consumer		73,328			80,955
Total loans		695,802,253			714,337,185
Allowance for credit losses		(2,590,950	)		(2,620,949	)
Net loans	$	693,211,303		$	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 June 30, 2025 and December 31, 2024, such loans totaled $2,052,522 and $2,256,911, respectively.

At June 30, 2025 and December 31, 2024, deferred loan fees were $2,458,592 and $2,496,364, respectively.

The following table presents the activity in the ACL by portfolio segment for the three and six months ended June 30, 2025 and 2024:

	*Residential First Mortgage*		*Commercial Real Estate*		*Multi-Family Real Estate*		*Construction*		*Commercial and Industrial*		*Consumer*		*Total*
Three months ended June 30, 2025
Allowance for credit losses:
Beginning balance	$	1,660,885	$	533,874	$	278,916	$	92,712	$	24,340	$	223	$	2,590,950
Provision for (recovery) of credit losses		—		—		—		—		—		—		—
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 June 30, 2024
Allowance for credit losses:
Beginning balance	$	1,859,349		$	464,100		$	317,700		$	124,100		$	20,700	$	—	$	2,785,949
Provision for (recovery) of credit losses		(22,440	)		(7,202	)		(2,205	)		(18,674	)		12,521		—		(38,000	)
Loans charged off		—			—			—			—			—		—		—
Recoveries		—			—			—			—			—		—		—
Total ending allowance balance	$	1,836,909		$	456,898		$	315,495		$	105,426		$	33,221	$	—	$	2,747,949

	*Residential First Mortgage*			*Commercial Real Estate*		*Multi-Family Real Estate*			*Construction*			*Commercial and Industrial*		*Consumer*		*Total*
Six Months Ended June 30, 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*
Six Months Ended June 30, 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		(15,060	)		19,718		(1,805	)		(52,074	)		11,221		—		(38,000	)
Loans charged off		—			—		—			—			—		—		—
Recoveries		—			—		—			—			—		—		—
Total ending allowance balance	$	1,836,909		$	456,898	$	315,495		$	105,426		$	33,221	$	—	$	2,747,949

For the three and six months ended June 30, 2025, the provision for credit losses 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 June 30, 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*
June 30, 2025
Residential First Mortgage	$	1,863,957	$	2,223,128	$	2,223,128	$	—
Commercial Real Estate		1,205,025		747,048		747,048		—
Construction		10,893,713		10,893,713		10,893,713		—
Consumer		—		—		—		—
Total	$	13,962,695	$	13,863,889	$	13,863,889	$	—

	*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 June 30, 2025 and December 31, 2024:

June 30, 2025
Portfolio segment	*Real estate*		*Other*
Residential First Mortgage	$	2,223,128	$	—
Commercial Real Estate		747,048		—
Multi-Family Real Estate		—		—
Construction		10,893,713		—
Commercial and Industrial		—		—
Other Consumer		—		—
	$	13,863,889	$	—

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 and six months ended June 30, 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 June 30, 2025 as they were all well-secured and in the process of collection. The Bank had no other real estate owned at either June 30, 2025 or December 31, 2024.

The following table presents the aging of the recorded investment in past due loans as of June 30, 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*
June 30, 2025
Residential First Mortgage	$	43,912	$	138,532	$	1,419,179	$	1,601,623	$	456,611,339	$	458,212,962
Commercial Real Estate		—		7,199,422		747,048		7,946,470		117,402,659		125,349,129
Multi-Family Real Estate		—		—		—		—		82,118,178		82,118,178
Construction		—		—		10,893,713		10,893,713		14,872,674		25,766,387
Commercial and Industrial		—		—		—		—		4,282,269		4,282,269
Consumer		—		—		—		—		73,328		73,328
Total	$	43,912	$	7,337,954	$	13,059,940	$	20,441,806	$	675,360,447	$	695,802,253

					*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 June 30, 2025 and December 31, 2024:

	Term Loans by Origination Year
June 30, 2025	*2025*		*2024*		*2023*		*2022*		*2021*		*Prior*		*Revolving Loans*		*Totals*
Residential First Mortgage
Pass	$	1,368,199	$	26,925,184	$	20,243,142	$	102,492,362	$	30,516,063	$	133,128,517	$	141,647,717	$	456,321,184
Special Mention		—		—		—		—		—		812,051		598,423		1,410,474
Substandard		—		—		—		—		—		143,896		337,408		481,304
Doubtful		—		—		—		—		—		—		—		—
Total		1,368,199		26,925,184		20,243,142		102,492,362		30,516,063		134,084,464		142,583,548		458,212,962
Gross charge-offs by vintage		—		—		—		—		—		—		—		—

Commercial Real Estate
Pass		7,117,632		16,009,482		15,460,927		5,294,390		1,733,941		78,473,437		512,272		124,602,081
Special Mention		—		—		—		—		—		747,048		—		747,048
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total		7,117,632		16,009,482		15,460,927		5,294,390		1,733,941		79,220,485		512,272		125,349,129
Gross charge-offs by vintage		—		—		—		—		—		—		—		—

Multi-Family Real Estate
Pass		1,060,991		—		—		5,131,494		—		5,981,540		69,944,153		82,118,178
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total		1,060,991		—		—		5,131,494		—		5,981,540		69,944,153		82,118,178
Gross charge-offs by vintage		—		—		—		—		—		—		—		—

Construction
Pass		—		—		—		—		—		—		14,872,674		14,872,674
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		10,893,713		10,893,713
Doubtful		—		—		—		—		—		—		—		—
Total		—		—		—		—		—		—		25,766,387		25,766,387
Gross charge-offs by vintage		—		—		—		—		—		—		—		—

Commercial and Industrial
Pass		25,180		2,107,207		173,002		—		—		209,827		1,767,053		4,282,269
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total		25,180		2,107,207		173,002		—		—		209,827		1,767,053		4,282,269
Gross charge-offs by vintage		—		—		—		—		—		—		—		—

Consumer
Pass		—		—		—		—		—		—		73,328		73,328
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total		—		—		—		—		—		—		73,328		73,328
Gross charge-offs by vintage		—		—		—		—		—		—		—		—

Total loans	$	9,572,002	$	45,041,873	$	35,877,071	$	112,918,246	$	32,250,004	$	219,496,316	$	240,646,741	$	695,802,253

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- or six-month periods ended June 30, 2025 .

Table of Contents

BOGOTA FINANCIAL CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE 4 – 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.

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 June 30, 2025 and December 31, 2024, 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, which converts variable-rate liabilities to a fixed rate. 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, which convert fixed-rate assets into a variable rate. 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.

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 June 30, 2025:

			*June 30,*			*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	$	(19,621	)	$	651,340
Interest rate swaps	Fair Value	Other (Liabilities) Assets	$	(154,318	)	$	109,594
Interest rate swaps	Fair Value	Loans, net	$	190,136		$	(83,173	)
Total derivative instruments			$	16,197		$	677,761

For the three and six months ended June 30, 2025, unrealized gains of $163,000 and $482,000 were recorded for changes in fair value of interest rate swaps with third parties and at June 30, 2025, accrued interest was $90,000, after-tax.

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 June 30, 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 $186,000 and $461,000, respectively. During the six months ended June 30, 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 $363,000 and $749,000, respectively.

Table of Contents

BOGOTA FINANCIAL CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE 5 – 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 5 – 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 June 30, 2025
Assets:
Securities available for sale:
U.S. government and agency obligations	$	2,900,802	$	—	$	2,900,802	$	—
Corporate bonds		45,384,738		—		45,384,738		—
Municipal obligations		412,705		—		412,705		—
MBS - residential		81,639,110		—		81,639,110		—
MBS - commercial		14,265,113		—		14,265,113		—
Fair value hedge		35,818		—		35,818		—
Liabilities:
Cash flow hedge		19,621		—		19,621		—
	$	144,618,665	$	—	$	144,582,847	$	—
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		—

Cash flow hedge		651,340		—		651,340		—
Fair value hedge		26,421		—		26,421		—
	$	140,985,208	$	—	$	140,333,868	$	—

There were no transfers between level 1 and level 2 during the three or six months ended June 30, 2025.

The carrying amounts and estimated fair values of financial instruments not measured at fair value, at June 30, 2025 and December 31, 2024, were as follows:

	*Carrying*		*Fair*		*Fair Value Measurement Placement*
	*Amount*		*Value*		*(Level 1)*		*(Level 2)*		*(Level 3)*
	(In thousands)
June 30, 2025
Financial instruments - assets
Loans	$	695,802	$	667,016	$	—	$	—	$	667,016
Financial instruments - liabilities
Certificates of deposit		481,824		481,497		—		481,497		—
Borrowings		135,944		136,520		—		136,520		—

	*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

Bogota Financial Corp. 10-Q