Bogota Financial Corp. is a Teaneck, New Jersey-headquartered, Maryland-incorporated holding company for Bogota Savings Bank (the "Bank"), a federally chartered savings bank operating in Bergen County and the surrounding northern New Jersey market, with the Company trading on the Nasdaq Stock Market under BSBK and the majority of its shares held by Bogota Financial, MHC (the mutual holding company). For the second quarter ended June 30, 2026, the Company reported net income of $748 thousand ($0.06 per basic and diluted share), up 234 percent from $224 thousand ($0.02 per share) in the prior-year quarter, and H1 2026 net income of $1.5 million ($0.12 per share) up 57 percent from $955 thousand ($0.08 per share) in H1 2025. Total assets decreased 3.3 percent to $875.0 million at June 30, 2026 from $904.9 million at December 31, 2025, driven by declines in cash ($5.7 million), securities ($17.7 million), and net loans ($10.3 million). Total deposits fell 12.0 percent to $574.2 million (down $78.2 million), with a $91.4 million decline in certificates of deposit partially offset by savings and non-interest-bearing account growth. The average deposit cost decreased 34 basis points to 3.10 percent for H1 2026 from 3.50 percent a year ago. FHLB advances increased 51.1 percent to $141.0 million to fund the deposit outflow. The Company repurchased 230,544 shares ($2.0 million) under its buyback program (authorized for 237,590 shares, ~5% of outstanding ex-MHC). The Company also announced an agreement to acquire GSL Bank, a fellow New Jersey institution, to expand its customer base and lending capacity.
The investment thesis rests on three variables. The GSL Bank acquisition integration trajectory is the load-bearing strategic variable, with the announced acquisition of GSL Bank (a fellow New Jersey institution) providing a customer base expansion and increased lending capacity in the Company's core northern New Jersey market, and the strategic intent is to integrate the GSL Bank relationships and deploy the combined lending capacity. The deposit franchise stabilization is the load-bearing funding variable, with the 12.0 percent deposit decline to $574.2 million (driven by a $91.4 million certificate of deposit runoff) being funded by a 51.1 percent increase in FHLB advances to $141.0 million, and the strategic intent is to stabilize the deposit base while managing the funding cost (down 34 bps to 3.10% in H1 2026). The credit quality and loan portfolio diversification is the load-bearing asset quality variable, with net loans declining 1.6 percent to $637.3 million (residential and commercial/construction down, multi-family up) and the strategic intent to diversify the loan portfolio while maintaining solid credit quality.