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Bogota Financial Q3 net income edges up on higher net interest income despite merger-related costs

Bogota Financial Q3 net income edges up on higher net interest income despite merger-related costs


Overview

  • U.S. bank holding company reported Q3 net income up slightly from prior year period

  • Company completed $2.1 mln share repurchase program, buying back 237,590 shares

  • Total assets and deposits declined as deposit outflows offset by increased borrowings


Outlook

  • Company did not provide specific financial guidance for the current or future periods in its press release


Result Drivers

  • NET INTEREST INCOME - Co said Q3 net interest income rose 14.9% due to improved net interest margin and lower deposit costs

  • HIGHER NON-INTEREST EXPENSE - Q3 non-interest expense rose 12.5% mainly due to merger-related legal costs and branch opening expenses

  • DEPOSIT OUTFLOWS - Co said deposit balances declined 10.9% as management reduced deposits due to weak loan growth and low investment yields


Company press release: ID:nGNXNnvWl


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 EPS

$0.04


Analyst Coverage

  • The stock recently traded at 24 times the next 12-month earnings vs. a P/E of 24 three months ago


Reuters Recommended Reads

  • Oct 30 - Freedom Bank of Virginia Q3 profit up on deposit growth

  • Oct 30 - Bank of the James' Q3 profit rises on higher interest income

  • Oct 29 - Columbia Financial Q3 net income drops


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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