BSBK

EX-99

2 exhibit99-1.htm

EXHIBIT 99.1

Exhibit 99.1

Bogota Financial Corp. Reports Results for the Three and

Nine Months Ended September 30, 2026

NEWS PROVIDED BY

Bogota Financial Corp.

Teaneck, New Jersey, October 30, 2026 – Bogota Financial Corp. (NASDAQ: BSBK) (the “Company”), the holding company for Bogota Savings Bank (the “Bank”), reported net income for the three months ended September 30, 2026 of $473,000, or $0.04 per basic and diluted share, compared to a net income of $455,000, or $0.04 per basic and diluted share, for the comparable prior year period. The Company reported net income for the nine months ended September 30, 2026 of $1.9 million, or $0.15 per basic and diluted share, compared to a net income of $1.4 million, or $0.11 per basic and diluted share, for the comparable prior year period.

As of September 30, 2026, 237,590 shares of the Company’s common stock have been repurchased pursuant to the Company’s current stock repurchase program at a cost of $2.1 million which represents all of the shares the Company was authorized to repurchase under that program.

Other Financial Highlights:

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Total assets decreased $23.1 million, or 2.6%, to $881.8 million at September 30, 2026 from $904.9 million at December 31, 2025, due to a decrease in cash and cash equivalents and securities.

●

Cash and cash equivalents decreased $15.9 million, or 44.6%, to $19.7 million at September 30, 2026 from $35.6 million at December 31, 2025 as excess funds from increased borrowings, security maturities and loan payments were used to fund deposit outflows.

●

Securities decreased $11.7 million, or 7.4%, to $146.4 million at September 30, 2026 from $158.1 million at December 31, 2025 due to principal repayments of mortgage-backed securities and maturities of corporate bonds.

●

Net loans decreased $532,000, or 0.1%, to $647.1 million at September 30, 2026 from $647.6 million at December 31, 2025, primarily due to decreases in residential mortgages and commercial real estate loans, offset by an increase in multi-family real estate loans.

●

Total deposits at September 30, 2026 were $581.3 million, decreasing $71.2 million, or 10.9%, compared to $652.4 million at December 31, 2025, due to a $92.2 million decrease in certificates of deposit of which $10.8 million represented a decrease in brokered deposits. The decrease was offset by a $16.5 million increase in savings accounts, a $1.5 million increase in non-interest-bearing accounts and a $4.2 million increase in NOW accounts. The average rate on deposits decreased 16 basis points to 3.14% for the first three quarters of 2026 from 3.30% from the comparable period a year ago, which was due to lower interest rates and lower average balances of certificates of deposit.

●

Federal Home Loan Bank (the "FHLB") advances increased $47.4 million, or 50.8% to $140.7 million at September 30, 2026 from $93.3 million as of December 31, 2025.  The increase in borrowings was largely attributable to the outflow of deposits during the nine months ended September 30, 2026.

Kevin Pace, President and Chief Executive Officer, said “We are excited to mark another important milestone in Bogota Savings Bank’s continued growth with the opening of our newest location in Point Pleasant, New Jersey as part of our strategic expansion into the southern New Jersey market. This allows us to serve our already extensive customer base in the Central and South Jersey markets and reflects our confidence and commitment in the opportunities within that market.

1

We are particularly encouraged by our financial performance through the first nine months of 2026. Net income increased 36% to $1.9 million compared to the same period last year, while net interest income grew 13.9% to $12.7 million. We also achieved meaningful improvements in our net interest margin and net interest rate spread, reflecting continued progress in managing our funding costs and strengthening our core earnings performance. These results demonstrate the benefits of our ongoing focus on operational discipline, balance sheet management, and long-term financial performance.

We recognize that the banking industry continues to navigate a challenging and evolving environment, characterized by interest rate uncertainty, heightened competition for deposits, changing customer expectations, and broader economic pressures. Against this backdrop, we remain focused on maintaining a strong financial foundation, managing risk prudently, and pursuing opportunities that support sustainable growth.

Income Statement Analysis

Comparison of Operating Results for the Three Months Ended September 30, 2026 and September 30, 2025

Net income increased $18,000 to $473,000 for the three months ended September 30, 2026 compared to net income of $455,000 for the three months ended September 30, 2025. This increase was primarily due to a $579,000 increase in net interest income offset by a $467,000 increase in non-interest expenses and a $59,00

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