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Here are 1-2 brief analogies for Bogota Financial (BSBK):

• A smaller, community-focused version of Bank of America.
• An independent, local bank, similar to a Chase neighborhood branch.

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• Retail and Commercial Deposit Services: Provides various deposit accounts, including checking, savings, money market, and certificates of deposit, for individuals and businesses.
• Residential Mortgage Lending: Offers loans for the purchase, refinancing, or construction of residential properties.
• Commercial Real Estate Lending: Provides financing for the acquisition, development, and refinancing of commercial and multi-family properties.

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Bogota Financial (BSBK)

Major Customers

Bogota Financial, through its subsidiary Bogota Savings Bank, primarily serves individuals and small to medium-sized businesses within its local communities. The company does not have a few large, identifiable corporate customers, but rather a broad base of clients categorized as follows:

• Individuals/Consumers: This category encompasses personal banking clients who utilize services such as checking accounts, savings accounts, certificates of deposit, residential mortgages, home equity loans, and personal lines of credit. These customers are typically residents within the bank's operational footprint in New Jersey.
• Small to Medium-sized Businesses (SMBs): The bank provides a range of financial products and services to local businesses, including commercial real estate loans, business checking and savings accounts, lines of credit, and term loans for operational needs and expansion. These businesses often include local retail establishments, service providers, and professional practices.
• Commercial Real Estate Investors and Developers: While often overlapping with the SMB category, this segment specifically includes individuals and entities involved in the acquisition, development, and financing of commercial properties. Bogota Financial offers specialized lending solutions for these customers, supporting local real estate ventures.

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Kevin Pace, President, Chief Executive Officer and Director

Kevin Pace was appointed President, Chief Executive Officer, and Director of Bogota Financial, MHC, Bogota Financial Corp., and Bogota Savings Bank effective November 30, 2023. He joined Bogota Savings Bank in 2013, holding various banking positions. Prior to his current role, he served as Executive Vice President and Chief Risk Officer since 2020, and as Executive Vice President of Compliance and BSA since 2018. Pace has been an integral part of the management team, which oversaw events such as the company's initial public offering in 2020 and the acquisition of Gibraltar Bank in 2021. Information regarding Mr. Pace founding or managing other companies, selling companies, or managing private equity-backed companies is not available in the provided sources.

Brian McCourt, Executive Vice President and Chief Financial Officer

Brian McCourt serves as the Executive Vice President and Chief Financial Officer of Bogota Financial Corp. Information regarding Mr. McCourt founding or managing other companies, selling companies, or managing private equity-backed companies is not available in the provided sources.

Robert Walsh, Executive Vice President and Chief Lending Officer

Robert Walsh holds the position of Executive Vice President and Chief Lending Officer at Bogota Financial Corp.

James Brown, Senior Vice President of Loan Sales

James Brown is the Senior Vice President of Loan Sales for Bogota Financial Corp.

Susanne C. Hartmann-Silva, Corporate Secretary

Susanne C. Hartmann-Silva serves as the Corporate Secretary for Bogota Financial Corp.

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The key risks to Bogota Financial (BSBK) primarily revolve around its core banking operations and the prevailing economic environment.

1. Interest Rate Risk and Net Interest Margin Compression: Bogota Financial has experienced significant pressure on its net interest income and net interest margin. The bank reported a net loss in the second quarter of 2024, largely due to a substantial decrease in net interest income. This compression is driven by a notable increase in the average cost of deposits, which has outpaced the yield earned on its interest-earning assets. The company recently undertook a balance sheet restructuring, including selling lower-yielding securities and reinvesting in higher-yielding assets and loans, specifically to address and improve its net interest margin.
2. Liquidity Risk and Deposit Competition: The company faces challenges in attracting and retaining low-cost funding, indicating significant liquidity risk. Competition for deposits is intense, leading to a rise in higher-cost deposits, such as certificates of deposit. Bogota Financial's reliance on brokered and municipal deposits is also a factor contributing to its liquidity management concerns.
3. Credit Risk and Asset Quality: As a financial institution, Bogota Financial is inherently exposed to credit risk, which includes the potential for changes in the quality of its loan and security portfolios and an increase in non-performing and classified loans. While the allowance for credit losses remained relatively stable in a recent period, there was a slight increase in non-performing assets. The bank's strategic decision to offload "underperforming legacy investments" also points to ongoing efforts to manage and improve its asset quality.

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The primary clear emerging threats for Bogota Financial (BSBK) stem from the rapid digital transformation and evolving competitive landscape within the financial services industry:

1. Rise of Challenger Banks and Fintech Platforms: Digital-only banks (neobanks) and specialized fintech platforms are increasingly challenging traditional financial institutions. These competitors often offer more agile, technologically advanced, and user-friendly mobile experiences, lower fees, and sometimes higher interest rates on deposits. This directly threatens BSBK's ability to attract and retain younger, digitally native customers for core services like checking, savings, and personal loans, mirroring the disruption Netflix brought to Blockbuster by offering a more convenient and often cheaper alternative.

2. Increased Competition from Online Lenders: Specialized online lenders are streamlining the loan application and approval process for various products, including personal loans, small business loans, and mortgages. Their often faster and more convenient digital-first approach can siphon off loan demand from traditional banks like BSBK, which may have more time-consuming or less digitally integrated underwriting processes.

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Bogota Financial (symbol: BSBK) operates as a community bank primarily serving Northern and Central New Jersey. Its main products and services include deposit accounts and various lending services such as residential mortgages, commercial real estate loans, commercial and industrial (C&I) loans, home equity lines of credit (HELOCs), and other consumer loans.

The addressable markets for these products and services in the U.S. are substantial:

• Community Banking Market (U.S.): The U.S. community banking market was valued at approximately $17.79 billion in 2024 and is projected to expand to $19.39 billion in 2025, with a compound annual growth rate (CAGR) of 9.0%. It is expected to grow to $26.98 billion by 2029.
• Deposit Accounts (U.S.): The total deposits across all U.S. commercial banks reached $19.66 trillion in Q2 2025. As of February 2025, total deposits in the United States were reported at $17.92 trillion. The U.S. banking system held $17.7 trillion in total deposits as of November 20, 2024.
• Residential Mortgages (U.S.): The outstanding residential mortgage market in the U.S. was approximately $14.3 trillion in early 2025. Americans owed $12.94 trillion on mortgages as of Q2 2025. Total mortgage origination volume is expected to increase to $2.3 trillion in 2025 from $1.79 trillion in 2024.
• Commercial Real Estate (CRE) Loans (U.S.): The U.S. commercial real estate mortgage market encompasses $4.5 trillion backed by income-producing properties and $470 billion in construction loans as of March 2023. Total commercial and multifamily mortgage debt outstanding increased to $4.79 trillion in Q4 2024. Total CRE mortgage borrowing and lending was estimated at $498 billion in 2024.
• Commercial & Industrial (C&I) Loans (U.S.): As of September 2025, commercial and industrial loans held by all commercial banks in the U.S. amounted to approximately $2.7 trillion. The aggregate C&I loan balance for U.S. banks was $2.529 trillion as of March 31, 2023.
• Home Equity Lines of Credit (HELOCs) (U.S.): The United States home equity lending market is projected to reach $179.21 billion in 2025 and grow to $220.88 billion by 2030. Outstanding HELOC balances were $411 billion in Q2 2025. HELOC and closed-end second mortgage originations totaled $112 billion in 2024.
• Consumer Loans (U.S.): Total household debt in the U.S. increased to $18.39 trillion in Q2 2025. Non-mortgage debt, which includes consumer loans, totaled $4.66 trillion as of April 2023. Specific consumer loan categories include credit card balances at $1.21 trillion, auto loan balances at $1.66 trillion, student loan balances at $1.64 trillion, and other consumer finance loans at $540 billion, all as of Q2 2025. Auto loan and lease debt totaled $1.68 trillion in September 2025, and bankcard balances reached $1.08 trillion in September 2025.

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Bogota Financial (BSBK) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Enhanced Net Interest Margin (NIM) through Balance Sheet Optimization: The company completed a significant balance sheet restructuring in Q4 2024, including a sale-leaseback of three branch offices and selling lower-yielding securities. The proceeds from these transactions were reinvested into higher-yielding securities (approximately 5.49%) and are designated to fund new loans at current market rates (6.50% to 7.75%). This strategic move is anticipated to improve future earnings and net interest margin. Bogota Financial's net interest income increased by 46.6% in Q3 2025, with the net interest margin widening by 65 basis points to 1.80%, attributed to improved yields on interest-earning assets and reduced interest expense.
2. Growth in Commercial Lending: Bogota Financial is actively focusing on expanding its commercial loan portfolio. The President and CEO, Kevin Pace, indicated a continued focus on commercial growth, despite a decrease in demand for residential and construction loans due to the prevailing interest rate environment. This emphasis on commercial lending is expected to be a primary driver of loan growth.
3. Strengthening Core Deposit Relationships: A key strategic focus for Bogota Financial is improving core deposit relationships and maintaining exceptional customer service. This strategy aims to secure a stable and lower-cost funding base, which directly supports the bank's lending capacity and contributes positively to its net interest margin and overall revenue generation.
4. Strategic Investments in Higher-Yielding Assets and Partnerships: Beyond traditional lending, Bogota Financial has made a $2.5 million equity investment as part of a $10 million commitment to fund a limited partnership that invests in sale-leaseback transactions. This initiative, coupled with the reinvestment of proceeds from securities sales into higher-yielding assets, represents a strategy to diversify income streams and enhance overall asset yields.

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Share Repurchases

• Bogota Financial Corp. completed its initial stock repurchase plan on April 12, 2022, repurchasing 296,044 shares, approximately 5% of its then-outstanding common stock (excluding shares held by Bogota Financial, MHC), at an average cost of $10.82 per share.
• On September 21, 2022, the company completed its second stock repurchase plan by repurchasing 292,568 shares, approximately 5% of its then-outstanding common stock (excluding shares held by Bogota Financial, MHC), at an average cost of $11.14 per share.
• As of August 12, 2025, Bogota Financial Corp. received regulatory approval for its sixth stock repurchase program, authorizing the repurchase of up to 237,590 shares, representing approximately 5% of its outstanding common stock (excluding shares held by Bogota Financial, MHC). This program has no expiration date.

Share Issuance

• In connection with its reorganization on January 15, 2020, Bogota Financial Corp. issued 263,150 shares of common stock and $250,000 in cash to Bogota Savings Bank Charitable Foundation, Inc.
• Additionally, on January 15, 2020, 7,236,640 shares of common stock were issued to Bogota Financial, MHC.
• As part of the acquisition of Gibraltar Bank on February 28, 2021, Bogota Financial Corp. issued 1,267,916 shares of its common stock to Bogota Financial, MHC.

Outbound Investments

• On February 28, 2021, Bogota Financial Corp. completed its acquisition of Gibraltar Bank, resulting in the acquisition of three branch offices located in Morris and Essex Counties in New Jersey.