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BSBK — Bogota Financial News Story

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Bogota Financial Q2 net income, EPS rise on insurance claim recovery

Bogota Financial Q2 net income, EPS rise on insurance claim recovery


Overview

  • U.S. savings bank holding company reported Q2 net income and EPS rose yr/yr

  • Company repurchased nearly all shares authorized under its buyback program

  • Net interest income rose, helped by higher non-interest income and lower expenses


Outlook

  • Company did not provide specific financial guidance for the current or future periods


Result Drivers

  • INSURANCE CLAIM RECOVERY - Non-interest income nearly doubled, driven by a $300,000 collection on an insurance claim related to a prior fraud loss

  • LOWER INTEREST EXPENSE - Interest expense fell 15.6% as average deposit and borrowing balances declined, offsetting lower interest income

  • COST REDUCTIONS - Non-interest expenses declined, with lower salaries, FDIC premiums, and professional fees contributing to improved profitability


Company press release: ID:nGNX9n1lD4


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q2 EPS

$0.06


Analyst Coverage

  • The stock recently traded at 23 times the next 12-month earnings vs. a P/E of 22 three months ago


Reuters Recommended Reads

  • July 30 - Ottawa Bancorp Q2 net income doubles on higher interest income

  • July 30 - Exchange Bank Q2 profit rises on higher net interest income

  • July 30 - Citizens Financial Q2 profit rises 20% on higher interest income


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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