Here are 1-3 brief analogies for Bogota Financial (BSBK):

• Think of it as Bank of America for New Jersey neighborhoods.
• It's like a local Chase Bank, serving northern New Jersey communities.

• Deposit Accounts: Bogota Financial offers various accounts for customers to save and manage their money, including demand, savings, money market, and certificate of deposit accounts.
• Real Estate Loans: The company provides financing for one-to four-family residential properties, as well as commercial real estate and multi-family properties.
• Consumer Loans: It offers personal financing products such as home equity loans and lines of credit.
• Commercial and Industrial Loans: Bogota Financial extends credit to businesses for operational and growth purposes.
• Construction Loans: The company provides financing for the development and building of new properties.
• Investment Securities: Bogota Financial actively buys, sells, and holds investment securities as part of its financial operations.

Bogota Financial Corp. (BSBK) operates as a bank holding company, primarily providing banking products and services. As such, it does not have a few "major customers" in the traditional sense, but rather serves a broad base of individuals and businesses. Its customer base can be categorized as follows:

• Individual Consumers: These customers utilize personal banking services, including various deposit accounts (demand, savings, money market, and certificate of deposit accounts), as well as consumer loans such as one-to four-family residential real estate loans, home equity loans, and lines of credit.
• Commercial Businesses: This category includes businesses of various sizes that use deposit accounts and seek commercial loans. These loans encompass commercial real estate and multi-family loans, commercial and industrial loans, and construction loans.
• Real Estate Developers and Investors: A specialized segment within commercial customers, focusing on entities that require financing for property development and investment, specifically through commercial real estate, multi-family, and construction loans.

Kevin Pace, President and Chief Executive Officer

Kevin Pace was appointed President and Chief Executive Officer of Bogota Financial, MHC, Bogota Financial Corp., and Bogota Savings Bank, effective November 30, 2023. He also serves as a member of the Board of Directors of the MHC and the Company. Prior to this role, Mr. Pace served as Executive Vice President and Chief Risk Officer since 2020. He joined Bogota in 2013, holding various banking positions, and was Executive Vice President of Compliance and BSA since 2018.

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. He can be contacted for financial information.

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.

1. Credit Quality Deterioration and Non-Performing Loans: Bogota Financial faces a significant risk from rising non-performing loans (NPLs) and insufficient allowance coverage. Non-performing loans increased to $20.5 million in Q3 FY 2025 from $13.9 million in Q1 FY 2025 and $13.0 million in Q2 FY 2024. Skeptical investors view the 3% bad loan ratio coupled with only 12% allowance coverage as a key risk that could pressure future profitability. Additionally, non-performing assets rose to $14.0 million, representing 1.44% of total assets at December 31, 2024, with allowance for credit losses at 18.77% of non-performing loans, a decrease from 21.81% at December 31, 2023.
2. Long-Term Profitability Challenges: The company has experienced a substantial decline in earnings over the long term, with a 47.8% annual earnings decline over five years. While there has been a recent return to profitability, with trailing twelve-month basic EPS moving from a loss of $0.19 in Q3 FY 2024 to a small profit of $0.04 in Q3 FY 2025, this improvement is considered modest compared to past profitability levels. The company also reported a net loss of $2.2 million for the year ended December 31, 2024.
3. Interest Rate Risk and Net Interest Margin Pressure: Bogota Financial is exposed to risks associated with changes in the interest rate environment, which can significantly impact its net interest margin. The average cost of borrowings and interest-bearing deposits has increased due to higher interest rates, impacting profitability. The company undertook a balance sheet restructuring in Q4 2024, including selling securities at a pre-tax loss of $8.9 million, with the aim of reinvesting in higher-yielding securities and loans to improve its net interest margin and return on assets. This strategic move highlights the ongoing pressure on its net interest margin.

The rise of digital-only banks and financial technology (fintech) companies offering a full suite of banking products and services through online and mobile platforms. These competitors typically operate with lower overhead costs, enabling them to offer more competitive interest rates on deposits and loans, coupled with superior digital user experiences and convenience. This directly threatens traditional branch-based community banks like Bogota Financial by attracting customers who prioritize digital access and potentially lower fees over physical branch interactions.

Bogota Financial (BSBK) operates primarily in New Jersey, offering a range of banking products and services, including various deposit accounts and loans. The addressable markets for their main products and services in the U.S. and New Jersey are substantial:

Deposit Accounts

• The total deposits in U.S. banks were approximately $19.75 trillion as of December 2025.
• As of February 25, 2026, total deposits across all commercial banks in the U.S. amounted to $18,797 billion.
• Within New Jersey, community bank branches held total deposits of $112.54 billion as of December 13, 2024.
• U.S. commercial bank deposits are projected to increase by up to 4% annually in the coming years, following a 2% rise between the third quarter of 2023 and the first quarter of 2024.

Real Estate Loans (Residential, Commercial, Multi-family, Home Equity, Construction)

• The broader U.S. Real Estate Loan Market, which encompasses residential, commercial, and industrial property developments, was valued at $3.5 trillion in 2024 and is anticipated to grow at a compound annual growth rate (CAGR) of 10.6%.
• The U.S. home loan market alone is estimated at $2.42 trillion in 2026, with projections to reach $3.17 trillion by 2031.
• U.S. mortgage balances reported on consumer credit totaled $13.17 trillion at the end of December 2025.
• Home equity lines of credit (HELOC) balances outstanding in the U.S. reached $433 billion in the fourth quarter of 2025.
• The total commercial real estate (CRE) mortgage borrowing and lending in the U.S. was an estimated $498 billion in 2024, with multifamily properties accounting for approximately $326 billion of that total.
• The U.S. CRE mortgage market includes around $4.5 trillion backed by income-producing properties and $470 billion in construction loans as of March 2023.
• In New Jersey, the Real Estate Loans & Collateralized Debt industry is projected to have a market size of $9.1 billion in 2026.
• The New Jersey commercial real estate market saw approximately $32 billion in annual transaction volume as of February 2026.
• The total stock of home building construction loans in the U.S. was $92 billion in the second quarter of 2024.
• North America's construction loans market size was $108.7 billion in 2024, within a global market that reached $405.7 billion in 2024.

Consumer Loans

• The U.S. consumer lending market is a significant sector with a market size of $27 trillion.
• The global consumer credit market was valued at $12.0 billion in 2024, with North America holding over 35% of this market share.
• Consumer finance loans and retail card balances in the U.S. totaled $564 billion in the fourth quarter of 2025.

Commercial and Industrial (C&I) Loans

• Commercial and Industrial Loans held by all commercial banks in the U.S. amounted to $2,789.6057 billion in February 2026.
• The commercial lending market in North America is forecast to reach a valuation of $2,892.50 billion by 2025.
• The Commercial Banking industry in New Jersey, which includes C&I loans, is expected to have a market size of $50.6 billion in 2026.

• Expansion through New Branch Opening: Bogota Financial plans to expand its physical footprint by opening a new branch in Central or Southern New Jersey in early summer 2026. This initiative is a direct part of the company's growth strategy, aiming to reach new customers and markets.
• Optimization of Net Interest Margin (NIM) through Strategic Balance Sheet Restructuring: The company undertook a significant balance sheet restructuring in the fourth quarter of 2024. This involved a sale-leaseback transaction of three branch offices and the sale of lower-yielding securities. The proceeds from these sales are being reinvested into higher-yielding securities, and will be used to fund new loans at current, more attractive market rates (ranging from 6.50% to 7.75%). This strategic move is specifically intended to improve future earnings and enhance the net interest margin.
• Strategic Focus on Commercial Real Estate and Multi-Family Loans: Despite a general decrease in demand for residential and construction loans, Bogota Financial has seen increases in its commercial real estate and multi-family loan portfolios. The company's continued emphasis and investment in these higher-yielding loan categories are expected to drive interest income and overall revenue growth.
• Investment in Customer Relationships and Enhanced Capabilities: Bogota Financial's CEO has emphasized a focus on "investing in customers, and expanding capabilities to deliver long-term value for shareholders and communities." This strategy suggests ongoing initiatives to strengthen client relationships and improve service offerings, which are foundational for sustained customer acquisition and retention, thereby supporting consistent revenue generation.

Share Repurchases

• Bogota Financial Corp. adopted a program in June 2021 to repurchase 296,044 shares of its common stock, representing approximately 5% of its outstanding common stock (excluding shares held by Bogota Financial, MHC).
• As of December 31, 2022, 360,372 shares were repurchased under the company's Board-approved program.
• In August 2025, Bogota Financial Corp. received regulatory approval for its sixth stock repurchase program, authorizing the company to buy back up to 237,590 shares, or approximately 5% of its outstanding common stock. The company repurchased 76,673 shares at a cost of $656,000 under this program as of December 31, 2025.

Share Issuance

• In February 2021, the company completed its acquisition of Gibraltar Bank, issuing 1,267,916 shares of its common stock to Bogota Financial, MHC as part of the transaction.
• In January 2020, as part of its mutual holding company reorganization and related stock offering, Bogota Financial Corp. sold 5,657,735 shares of common stock at $10.00 per share, generating gross proceeds of $56.6 million.

Outbound Investments

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

Capital Expenditures

• Bogota Financial Corp. engaged in a balance sheet restructuring in the fourth quarter of 2024, which included a sale-leaseback transaction where the Bank sold three of its branch offices, resulting in a $9.0 million pre-tax gain.
• The company's 2026 growth plan includes the opening of a new branch location in Central or Southern New Jersey, anticipated in early summer 2026.
• Bogota Financial Corp. reported $277K in free cash flow in Q3 2025, representing cash available after capital expenditures.