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CORRECTION - Bogota Financial Corp. Reports Results for the Three and Nine Months Ended September 30, 2024 Corrected
Bogota Savings Bank
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Bogota Savings Bank
Bogota Savings Bank

TEANECK, N.J., Nov. 01, 2024 (GLOBE NEWSWIRE) -- Bogota Financial Corp. (NASDAQ: BSBK) (the “Company”), the holding company of Bogota Savings Bank (the “Bank”), after market close today issued a correction to its financial results for the three and nine months ended September 30, 2024 (the “Revised Earnings Release”), which was issued prior to market open on November 1, 2024 (the “Original Earnings Release”). Interest expense on deposits (and similarly total interest expense) for the three and nine months ended September 30, 2024 reported in the Original Earnings Release was understated by $300,000 due to a misstatement of the rates paid on certain certificates of deposit during the three months ended September 30, 2024. As a result, the Revised Earnings Release reflects the following changes:

At September 30, 2024

 

 

Average rate for certificates of deposit

Average rate
for deposits

 

 

As Initially Reported

4.15%

3.55%

 

 

As Corrected

4.39%

3.95%

 

 

 

 

 

 

For Three Months Ended September 30, 2024

(Dollars in thousands, except per share data)

Interest paid on average certificates of deposit

Interest paid on average interest-bearing deposits

Net interest income

Net interest income after provision (recovery) for credit losses

(Loss) income before income taxes

Income tax (benefit) expense

Net (loss) income

(Loss) earnings per common share – basic

(Loss) earnings per common share – diluted

As Initially Reported

$

5,327

$

5,861

$

2,957

$

2,957

$

(320

)

$

(173

)

$

(147

)

$

(0.01

)

$

(0.01

)

As Corrected

$

5,627

$

6,161

$

2,657

$

2,657

$

(620

)

$

(253

)

$

(367

)

$

(0.03

)

$

(0.03

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Cost of average certificates of deposit

Cost of average interest-bearing deposits

(Loss) Return on Average Assets

(Loss) Return on Average Equity

Interest rate spread

Net interest margin

Efficiency Ratio

As Initially Reported

4.26

%

3.84

%

(0.09

)%

(0.72

)%

0.81

%

1.24

%

109.75

%

As Corrected

4.50

%

4.04

%

(0.07

)%

(0.52

)%

0.66

%

1.15

%

120.78

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For Nine Months Ended September 30, 2024

(Dollars in thousands, except per share data)

Interest paid on average certificates of deposit

Interest paid on average interest-bearing deposits

Net interest income

Net interest income after provision (recovery) for credit losses

(Loss) income before income taxes

Income tax (benefit) expense

Net (loss) income

(Loss) earnings per common share – basic

(Loss) earnings per common share – diluted

As Initially Reported

$

16,484

$

18,085

$

8,352

$

8,282

$

(1,762

)

$

(741

)

$

(1,020

)

$

(0.08

)

$

(0.08

)

As Corrected

$

16,784

$

18,385

$

8,052

$

7,982

$

(2,062

)

$

(821

)

$

(1,240

)

$

(0.10

)

$

(0.10

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Cost of average certificates of deposit

Cost of average interest-bearing deposits

(Loss) Return on Average Assets

(Loss) Return on Average Equity

Interest rate spread

Net interest margin

Efficiency Ratio

As Initially Reported

4.31

%

3.88

%

(0.17

)%

(1.23

)%

0.73

%

1.23

%

118.23

%

As Corrected

4.39

%

3.95

%

(0.20

)%

(1.44

)%

0.68

%

1.18

%

122.18

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The full text of the corrected release is a follows:

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