BSBK

TEANECK, N.J., July 30, 2026 (GLOBE NEWSWIRE) -- Bogota Financial Corp. (NASDAQ: BSBK) (the “Company”), the holding company for Bogota Savings Bank (the “Bank”), reported net income for the three months ended June 30, 2026 of $748,000, or $0.06 per basic and diluted share, compared to a net income of $224,000, or $0.02 per basic and diluted share, for the comparable prior year period. The Company reported net income for the six months ended June 30, 2026 of $1.5 million, or $0.12 per basic and diluted share, compared to a net income of $955,000, or $0.08 per basic and diluted share, for the comparable prior year period. As of June 30, 2026, 230,544 shares of the Company’s common stock have been repurchased pursuant to the Company’s current stock repurchase program at a cost of $2.0 million. Pursuant to the current repurchase program, the Company was authorized to repurchase up to 237,590 shares of its common stock, or approximately 5% of its outstanding common stock (excluding shares held by Bogota Financial, MHC). The repurchase program does not have a scheduled expiration date and the Board of Directors has the right to suspend or discontinue the program at any time. Other Financial Highlights: Total assets decreased $30.0 million, or 3.3%, to $875.0 million at June 30, 2026 from $904.9 million at December 31, 2025, due to a decrease in cash and cash equivalents, securities and loans. Cash and cash equivalents decreased $5.7 million, or 16.0%, to $29.9 million at June 30, 2026 from $35.6 million at December 31, 2025 as excess funds from increased borrowings, security maturities and loan payments were used to offset deposit outflows. Securities decreased $17.7 million, or 11.2%, to $140.4 million at June 30, 2026 from $158.1 million at December 31, 2025 due to principal repayments of mortgage-backed securities and maturities of corporate bonds. Net loans decreased $10.3 million, or 1.6%, to $637.3 million at June 30, 2026 from $647.6 million at December 31, 2025, primarily due to decreases in residential mortgages, commercial and construction loans, offset by an increase in multi-family real estate loans. Total deposits at June 30, 2026 were $574.2 million, decreasing $78.2 million, or 12.0%, compared to $652.4 million at December 31, 2025, due to a $91.4 million decrease in certificates of deposit of which $10.8 million represented a decrease in brokered deposits. The decrease was offset by a $10.9 million increase in savings accounts and a $2.3 million increase in non-interest-bearing accounts. The average rate on deposits decreased 34 basis points to 3.10% for the first two quarters of 2026 from 3.50% from comparable period a year ago, which was due to lower interest rates and average balances of certificates of deposit. Federal Home Loan Bank (the "FHLB") advances increased $47.7 million, or 51.1% to $141.0 million at June 30, 2026 from $93.3 million as of December 31, 2025. The increase in borrowings was largely attributable to the outflow of deposits during the six months ended June 30, 2026. Kevin Pace, President and Chief Executive Officer, said “We were pleased to announce our entry into an agreement to acquire GSL Bank this quarter. This transaction will allow us to expand and acquire a customer base from another longstanding New Jersey institution. We anticipate the ability to grow those relationships by providing greater products and services. We are hopeful that our increased lending capacity will attract those customers and meet the demand not presently met. We also have planned improvements in technology to not only remain competitive, but attractive. We are focused on prudent lending that diversifies our portfolio while maintaining solid credit quality.” “Year over year results have shown improvements in both net income and EPS. Balance sheet management to minimize the exposure to the rate environment remains a strategic goal. We look to continue delivering shareholder value through our current stock buyback and core growth." Income Statement Analysis Comparison of Operating Results for the Three Months Ended June 30, 2026 and June 30, 2025 Net income increased $523,000 to $748,000 for the three months ended June 30, 2026 compared to net income of $224,000 for the three months ended June 30, 2025. This increase was primarily due to an increase of $329,000 in non-interest income, a $145,000 increase in net interest income and a $201,000 decrease in non-interest expenses partially offset by a $152,000 increase in income taxes. Interest income decreased $916,000, or 8.7%, to $9.6 million for the three months ended June 30, 2026 compared to $10.5 million for the three months ended June 30, 2025. Interest income on cash and cash equivalents increased $1,000, or 0.9%, to $107,000 for the three months ended June 30, 2026 from $106,000 for the three months ended June 30, 2025 due to a seven basis point increase in the average yield from 4.26% for the three months ended June 30, 2025 to 4.33% for the three months ended June 30, 2026 resulting from a higher short-term interest rate environment. This was offset by a $114,000 decrease in the average balance to $9.9 million for the three months ended June 30, 2026 from $10.0 million for the three months ended June 30, 2025. Interest income on loans decreased $770,000, or 9.3%, to $7.5 million for the three months ended June 30, 2026 compared to $8.3 million for the three months ended June 30, 2025 due primarily to a $57.5 million decrease in the average balance to $640.3 million for the three months ended June 30, 2026 from $697.8 million for the three months ended June 30, 2025 and a six basis point decrease in the average yield from 4.77% for the three months ended June 30, 2025 to 4.71% for the three months ended June 30, 2026. Interest income on securities decreased $87,000, or 4.5%, to $1.9 million for the three months ended June 30, 2026, primarily due to a 24-basis point decrease in the average yield from 5.52% for the three months ended June 30, 2025, to 5.28% for the three months ended June 30, 2026. The decrease was also due to a $404,000 decrease in the average balance to $140.7 million for the three months ended June 30, 2026, from $141.1 million for the three months ended June 30, 2025. Interest expense decreased $1.1 million, or 15.6%, from $6.8 million for the three months ended June 30, 2025 to $5.7 million for the three months ended June 30, 2026 due to lower averages balances of certificates of deposits and borrowings. During the three months ended June 30, 2026, the use of hedges increased the interest expense on the FHLB advances and brokered deposits by $37,000. At June 30, 2026, cash flow hedges used to manage interest rate risk had a notional value of $67.5 million, while fair value hedges totaled $30.0 million in notional value. Interest expense on interest-bearing deposits decreased $910,000, or 16.5%, to $4.6 million for the three months ended June 30, 2026 from $5.5 million for the three months ended June 30, 2025. The decrease was due to a 39 basis point decrease in the average cost of deposits to 3.28% for the three months ended June 30, 2026 from 3.67% for the three months ended June 30, 2025. The decrease in the average cost of deposits was due to the lower interest rate environment and a decrease in the rate paid on certificates of deposit was offset by an increase in the rate paid on savings accounts. Our rates on certificates of deposit decreased 44 basis points to 3.57% for the three months ended June 30, 2026 from 4.01% for the three months ended June 30, 2025 and the average balances of certificates of deposit decreased $59.8 million to $422.7 million for the three months ended June 30, 2026 from $482.5 million for the three months ended June 30, 2025. The average balance of NOW/money market accounts and savings accounts increased $8.2 million and $11.9 million for the three months ended June 30, 2026, respectively, compared to the three months ended June 30, 2025. Interest expense on FHLB advances decreased $151,000, or 11.7%, from $1.3 million for the three months ended June 30, 2025 to $1.1 million for the three months ended June 30, 2026. The decrease was primarily due to a decrease in the average balance of $20.2 million to $110.0 million for the three months ended June 30, 2026 from $130.3 million for the three months ended June 30, 2025. The decrease was offset by an increase in the average cost of borrowings of 18 basis points to 4.14% for the three months ended June 30, 2026 from 3.96% for the three months ended June 30, 2025 due to the new borrowings being shorter durations at higher rates. Net interest income increased $145,000, or 3.9%, to $3.8 million for the three months ended June 30, 2026 from $3.7 million for the three months ended June 30, 2025. The increase reflected a 20 basis point increase in our net interest rate spread to 1.40% for the three months ended June 30, 2026 from 1.20% for the three months ended June 30, 2025. Our net interest margin increased 20 basis points to 1.94% for the three months ended June 30, 2026 from 1.74% for the three months ended June 30, 2025. We recorded no provision for credit losses for the three months ended June 30, 2026 and June 30, 2025. The increase in non-performing loans were loans that were impaired with adequate collateral and required no additional provisions. Non-interest income increased $329,000, or 99.2%, to $661,000 for the three months ended June 30, 2026 from $332,000 for the three months ended June 30, 2025 due to a $300,000 collection on an insurance claim from a previous year fraud loss. For the three months ended June 30, 2026, non-interest expense decreased $200,000, or 5.2%, compared to the same period ended June 30, 2025. Salaries and employee benefits decreased $75,000, or 3.7%, due to lower headcount. FDIC insurance premiums decreased $18,000, or 16.9%, due to lower deposit balances in 2026. Data processing expense increased $13,000, or 4.3%, due to higher processing costs. Director fees decreased $44,000, or 25.9%, due to fewer members on the board. The increase in advertising expense of $23,000, or 140.6%, was due to increased promotions for branch locations and more promotions on deposit and loan products. Professional fees decreased $125,000, or 33.6%, due to lower legal costs in 2026. Income tax expense increased $151,000 to an expense of $99,000 for the three months ended June 30, 2026 from a $53,000 benefit for the three months ended June 30, 2025. The increase was due to an increase of $674,000 in pre-tax income. Comparison of Operating Results for the Six Months Ended June 30, 2026 and June 30, 2025 Net income increased $498,000 to $1.5 million for the six months ended June 30, 2026 from net income of $955,000 for the six months ended June 30, 2025. This increase was primarily due to an increase of $978,000 in net interest income and a decrease of $280,000 in non-interest expense, partially offset by a decrease of $239,000 in non-interest income, an increase of $130,000 in the provision for credit losses and an increase of $391,000 in income taxes. Interest income decreased $1.4 million, or 6.3%, to $20.1 million for the six months ended June 30, 2026 compared to $21.4 million for the six months ended June 30, 2025. Interest income on cash and cash equivalents decreased $141,000, or 38.0%, to $230,000 for the six months ended June 30, 2026 from $371,000 for the six months ended June 30, 2025 due to a $2.7 million decrease in the average balance to $10.6 million for the six months ended June 30, 2026 from $13.3 million for the six months ended June 30, 2025, reflecting a decrease in deposits and a reduction of borrowings. This was also due to a 124 basis point decrease in the average yield from 5.58% for the six months ended June 30, 2025 to 4.34% for the six months ended June 30, 2026 resulting from the lower interest rate environment. Interest income on loans decreased $1.4 million, or 8.2%, to $15.5 million for the six months ended June 30, 2026 compared to $16.9 million for the six months ended June 30, 2025, due primarily to a $57.3 million decrease in the average balance to $644.1 million for the six months ended June 30, 2026 from $701.4 million for the six months ended June 30, 2025. Interest income on securities increased $344,000, or 9.1%, to $4.1 million for the six months ended June 30, 2026, from $3.8 million for the six months ended June 30, 2025, primarily due to a 34 basis point increase in the average yield from 5.28% for the six months ended June 30, 2025, to 5.62% for the six months ended June 30, 2026. The increase was also due to a $3.6 million increase in the average balance to $146.8 million for the six months ended June 30, 2026, from $143.2 million for the six months ended June 30, 2025. Interest expense decreased $2.3 million, or 16.5%, from $14.1 million for the six months ended June 30, 2025 to $11.8 million for the six months ended June 30, 2026 due to lower average balances of certificates of deposits and borrowings. During the six months ended June 30, 2026, the use of hedges increased the interest expense on FHLB advances and brokered deposits by $21,000. At June 30, 2026, cash flow hedges used to manage interest rate risk had a notional value of $67.5 million, while fair value hedges totaled $30.0 million in notional value. Interest expense on interest-bearing deposits decreased $1.7 million, or 14.9%, to $9.6 million for the six months ended June 30, 2026 from $11.3 million for the six months ended June 30, 2025. The decrease was due to a 42 basis point decrease in the average cost of deposits to 3.33% for the six months ended June 30, 2026 from 3.75% for the six months ended June 30, 2025. The decrease in the average cost of deposits was due to the lower interest rate environment and a decrease in the rate paid on certificates of deposit offset by an increase in the rate paid on transactional accounts. Our rates on certificates of deposit decreased 52 basis points to 3.61% for the six months ended June 30, 2026 from 4.13% for the six months ended June 30, 2025 and the average balances of certificates of deposit decreased $42.5 million to $440.9 million for the six months ended June 30, 2026 from $483.4 million for the six months ended June 30, 2025. The average balance of NOW/money market accounts and savings accounts increased $6.4 million and $10.6 million for the six months ended June 30, 2026, respectively, compared to the six months ended June 30, 2025. Interest expense on FHLB advances decreased $647,000, or 22.7%, from $2.9 million for the six months ended June 30, 2025 to $2.2 million for the six months ended June 30, 2026. The decrease was primarily due to a decrease in the average balance of $40.5 million to $103.6 million for the six months ended June 30, 2026 from $144.1 million for the six months ended June 30, 2025. The decrease was offset by an increase in the average cost of borrowings of 31 basis points to 4.30% for the six months ended June 30, 2026 from 3.99% for the six months ended June 30, 2025 due to the new borrowings being shorter durations at higher rates. Net interest income increased $978,000, or 13.4%, to $8.3 million for the six months ended June 30, 2026 from $7.3 million for the six months ended June 30, 2025. The increase reflected a 34-basis point increase in our net interest rate spread to 1.49% for the six months ended June 30, 2026 from 1.15% for the six months ended June 30, 2025. Our net interest margin increased 36 basis points to 2.06% for the six months ended June 30, 2026 from 1.70% for the six months ended June 30, 2025. We recorded a $50,000 provision for credit losses for the six months ended June 30, 2026 compared to an $80,000 recovery for credit losses for the six months ended June 30, 2025 due to higher delinquent commercial loan balances. Non-interest income decreased $239,000, or 19.6%, to $982,000 for the six months ended June 30, 2026 from $1.2 million for the six months ended June 30, 2025 due to a death benefit received related to a former employee last year of $564,000, offset by $300,000 collection on an insurance claim during 2026 related to a previous year fraud loss. For the six months ended June 30, 2026, non-interest expense decreased $280,000, or 3.6%, compared to the comparable June 30, 2025 period. Salaries and employee benefits decreased $103,000, or 2.5%, due to lower headcount. FDIC insurance premiums decreased $25,000, or 11.9%, due to lower deposit balances in 2026. Data processing expense decreased $32,000, or 5.1%, due to lower processing costs. Director fees decreased $65,000, or 19.7%, due to fewer members on the board. The decrease in advertising expense of $31,000, or 25.5%, was due to reduced promotions for branch locations and less promotions on deposit and loan products. Professional fees decreased $82,000, or 14.3%, due to lower legal costs in 2026 associated with a construction loan foreclosure. Occupancy and equipment increased $31,000, or 2.4%, due to higher snow removal costs in 2026. Income tax expense increased $391,000 to an expense of $311,000 for the six months ended June 30, 2026 from an $81,000 benefit for the six months ended June 30, 2025. The increase was due to an increase of $1.4 million in pre-tax income. Balance Sheet Analysis Total assets were $875.0 million at June 30, 2026, representing a decrease of $30.0 million, or 3.3%, from $904.9 million at December 31, 2025. Cash and cash equivalents decreased $5.7 million during the period primarily as excess funds from increased borrowings, security maturities and loan payments were used to offset deposits outflows. Net loans decreased $10.3 million, or 1.60%, due to $37.7 million in repayments, partially offset by new production of $27.3 million. This resulted in a $7.9 million decrease in residential loans, a $3.2 million decrease in construction loans and a decrease of $5.1 million of commercial loans, offset by a $6.6 million increase in multi-family loans. Due to the interest rate environment, we have seen a decrease in demand for residential and construction loans, which have been primary drivers of our loan growth in recent periods. Securities available for sale decreased $17.7 million or 11.2%, due to repayments of mortgage-backed securities and maturities of corporate bonds. Delinquent loans increased $1.1 million to $27.7 million, or 3.36% of total loans, at June 30, 2026, compared to $27.6 million at December 31, 2025. The balance of delinquent loans includes $14.5 million of commercial real estate loans associated with four large loans that have been either 30 or 60 days past due. The balance of delinquent loans also includes a $10.9 million construction that is in bankruptcy and has a 45% loan to value. All delinquent loans are considered well-secured. During the six months ended June 30, 2026, non-performing assets increased from $13.1 million at December 31, 2025 to $25.9 million, which represented 2.96% of total assets at June 30, 2026. No loans were charged off during the six months ended June 30, 2026 or June 30, 2025. The Company’s allowance for credit losses related to loans was 0.40% of total loans and 9.95% of non-performing loans at June 30, 2026 compared to 0.39% of total loans and 19.38% of non-performing loans at December 31, 2025. The Bank has limited exposure to commercial real estate loans secured by office space. Total liabilities decreased $31.0 million, or 4.1%, to $733.0 million at June 30, 2026 from $764.0 million at December 31, 2025, mainly due to a $78.2 million decrease in deposits offset by an increase in borrowings. Total deposits decreased $78.2 million, or 12.0%, to $574.2 million at June 30, 2026 from $652.4 million at December 31, 2025. The decrease in deposits reflected a decrease in certificate of deposit accounts, which decreased by $91.4 million to $402.5 million at June 30, 2026 from $493.9 million at December 31, 2025. This decrease was offset by savings accounts which increased by $10.9 million from $54.6 million at December 31, 2025 to $65.4 million at June 30, 2026 an increase in NOW deposit accounts and money market accounts, which increased by $15,000 to $75.8 million, and by an increase in noninterest bearing demand accounts, which increased by $2.3 million from $28.2 million at December 31, 2025 to $30.5 million at June 30, 2026. At June 30, 2026, brokered deposits were $98.9 million or 17.2% of deposits and municipal deposits were $41.3 million or 7.2% of deposits. At June 30, 2026, uninsured deposits represented 10.4% of the Bank’s total deposits. FHLB advances increased $47.7 million, or 51.1%, due to the use of borrowings to offset deposit outflows. Short-term borrowings increased $81.0 million, or 405.0%, to $101.0 million at June 30, 2026 from $20.0 million at December 31, 2025, while long-term borrowings decreased $33.3 million, or 45.4%, to $40.0 million at June 30, 2026 from $73.3 million at December 31, 2025. Total borrowing capacity at the FHLB is $231.2 million of which $141.0 million has been advanced. Total stockholders’ equity increased $1.1 million to $142.0 million at June 30, 2026 from December 31, 2025, primarily due to net income of $1.5 million and less changes in other comprehensive income of $378,000. At June 30, 2026, the Company’s ratio of average stockholders’ equity-to-total assets was 16.20%, compared to 14.88% at June 30, 2025. About Bogota Financial Corp. Bogota Financial Corp. is a Maryland corporation organized as the mid-tier holding company of Bogota Savings Bank and is the majority-owned subsidiary of Bogota Financial, MHC. Bogota Savings Bank is a New Jersey chartered stock savings bank that has served the banking needs of its customers in northern and central New Jersey since 1893. It operates from eight offices located in Bogota, Hasbrouck Heights, Upper Saddle River, Newark, Oak Ridge, Parsippany, Point Pleasant and Teaneck, New Jersey. Forward-Looking Statements This press release contains certain forward-looking statements about the Company and the Bank. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, inflation, general economic conditions or conditions within the securities markets, the imposition of tariffs or other domestic or international governmental policies and trade restrictions and retaliatory measures impacting our borrowers and the broader economy, the impact of a potential federal government shutdown, debt ceiling impasses or fiscal uncertainty, real estate market values in the Bank’s lending area, changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; the availability of low-cost funding; our continued reliance on brokered and municipal deposits; demand for loans in our market area; changes in the quality of our loan and security portfolios, economic assumptions or changes in our methodology, either of which may impact our allowance for credit losses calculation, increases in non-performing and classified loans, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System; the current or anticipated impact of military conflict, terrorism or other geopolitical events; risks associated with cybersecurity threats, data breaches, ransomware attacks, or other failures in our operational or security systems and infrastructure, including the risks arising from our dependence on third-party service providers and vendors, the failure to maintain current technologies; failure to retain or attract employees and legislative, accounting and regulatory changes that could adversely affect the business in which the Company and the Bank are engaged. The Company undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release. LOANS Loans are summarized as follows at June 30, 2026 and December 31, 2025: The following tables set forth the distribution of total deposit accounts, by account type, at the dates indicated: Average Balance Sheets and Related Yields and Rates The following tables present information regarding average balances of assets and liabilities, the total dollar amounts of interest income and dividends from average interest-earning assets, the total dollar amounts of interest expense on average interest-bearing liabilities, and the resulting annualized average yields and costs. The yields and costs for the periods indicated are derived by dividing income or expense by the average balances of assets or liabilities, respectively, for the periods presented. Average balances have been calculated using daily balances. Nonaccrual loans are included in average balances only. Loan fees are included in interest income on loans and are not material. Rate/Volume Analysis The following table sets forth the effects of changing rates and volumes on net interest income. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The net column represents the sum of the prior columns. Changes attributable to changes in both rate and volume that cannot be segregated have been allocated proportionally based on the changes due to rate and the changes due to volume. ContactsKevin Pace – President & CEO, 201-862-0660 ext. 1110

TEANECK, N.J., May 06, 2026 (GLOBE NEWSWIRE) -- Bogota Financial Corp. (NASDAQ: BSBK) (the “Company”), the holding company for Bogota Savings Bank (the “Bank”), reported net income for the three months ended March 31, 2026 of $706,000, or $0.06 per basic and diluted share, compared to a net income of $731,000, or $0.06 per basic and diluted share, for the comparable prior year period. As of March 31, 2026, 14,313 shares of the Company’s common stock have been repurchased pursuant to the Company’s current stock repurchase program at a cost of $119,000. Pursuant to the current repurchase program, the Company was authorized to repurchase up to 237,590 shares of its common stock, or approximately 5% of its outstanding common stock (excluding shares held by Bogota Financial, MHC). The repurchase program does not have a scheduled expiration date and the Board of Directors has the right to suspend or discontinue the program at any time. Other Financial Highlights: Total assets decreased $27.7 million, or 3.1%, to $877.2 million at March 31, 2026 from $904.9 million at December 31, 2025, due largely to a decrease in cash and cash equivalents, securities and loans. Cash and cash equivalents decreased $7.7 million, or 21.6%, to $27.9 million at March 31, 2026 from $35.6 million at December 31, 2025 as excess funds from increased borrowings, security maturities and loan payments were used to offset deposit outflows. Securities decreased $13.2 million, or 8.4%, to $144.9 million at March 31, 2026 from $158.1 million at December 31, 2025 due to principal repayments of mortgage-backed securities and maturities of corporate bonds. Net loans decreased $8.2 million, or 1.3%, to $639.4 million at March 31, 2026 from $647.6 million at December 31, 2025, primarily due to decreases in residential mortgages, commercial and construction loans, offset by an increase in multi-family loans. Total deposits at March 31, 2026 were $600.9 million, decreasing $51.6 million, or 7.9%, compared to $652.4 million at December 31, 2025, due to a $65.4 million decrease in certificates of deposit of which $20.1 was for a decrease in brokered deposits. The decrease was offset by a $1.3 million increase in money market accounts, a $5.3 million increase in savings accounts and a $6.5 million increase in NOW accounts. The average rate on deposits decreased 45 basis points to 3.53% for the first quarter of 2026 from 3.87% from comparable period a year ago, which was due to lower interest rates and average balances of certificates of deposit. Federal Home Loan Bank ("FHLB") advances increased $22.6 million, or 24.2% to $115.9 million at March 31, 2026 from $93.3 million as of December 31, 2025. The increase in borrowings was largely attributable to the outflow of deposits during the three months ended March 31, 2026. Kevin Pace, President and Chief Executive Officer, said “Core operating earnings for the first quarter improved year over year with a 23% increase in net interest income that supported growth in our income before taxes. We continue to make strides in our net interest margin, which grew from 1.66% (1st quarter 2025) to 2.20% (1st quarter 2026). Our balance sheet remains strong, and capital levels are robust. Credit quality remains stable and within our expectations.” “We remain focused on what matters most – serving our clients, positioning the bank for sustainable long-term growth and delivering consistent value to our shareholders." Income Statement Analysis Comparison of Operating Results for the Three Months Ended March 31, 2026 and March 31, 2025 Net income decreased $25,000 to $706,000 for the three months ended March 31, 2026 from a net income of $731,000 for the three months ended March 31, 2025. This decrease was primarily due to a decrease of $568,000 in non-interest income and an increase of $240,000 in income taxes, partially offset by an increase of $703,000 in net interest income, an increase of $130,000 in the provision for credit losses and a decrease of $80,000 in non-interest expense. Interest income decreased $435,000, or 4.0%, to $10.5 million for the three months ended March 31, 2026 compared to $10.9 million for the three months ended March 31, 2025. Interest income on cash and cash equivalents decreased $142,000, or 53.6%, to $123,000 for the three months ended March 31, 2026 from $265,000 for the three months ended March 31, 2025 due to a $5.3 million decrease in the average balance to $11.3 million for the three months ended March 31, 2026 from $16.6 million for the three months ended March 31, 2025, reflecting an increase in securities and a reduction of borrowings. This was also due to a 203-basis point decrease in the average yield from 6.37% for the three months ended March 31, 2025 to 4.34% for the three months ended March 31, 2026 resulting from the lower interest rate environment. Interest income on loans decreased $615,000, or 7.1%, to $8.0 million for the three months ended March 31, 2026 compared to $8.6 million for the three months ended March 31, 2025 which was primarily due to a $57.2 million decrease in the average balance to $647.9 million for the three months ended March 31, 2026 from $705.1 million for the three months ended March 31, 2025, slightly offset by a five basis point increase in the average yield from 4.88% for the three months ended March 31, 2025 to 4.93% for the three months ended March 31, 2026. Interest income on securities increased $431,000, or 23.5%, to $2.3 million for the three months ended March 31, 2026, from $1.8 million for the three months ended March 31, 2025, primarily due to an 88 basis point increase in the average yield from 5.05% for the three months ended March 31, 2025, to 5.93% for the three months ended March 31, 2026. The increase was also due to a $7.6 million increase in the average balance to $152.9 million for the three months ended March 31, 2026, from $145.3 million for the three months ended March 31, 2025. Interest expense decreased $1.3 million, or 17.3%, from $7.3 million for the three months ended March 31, 2025 to $6.1 million for the three months ended March 31, 2026 due to lower costs on deposits and lower balances on borrowings. During the three months ended March 31, 2026, the use of hedges increased the interest expense on the FHLB advances and brokered deposits by $37,000. At March 31, 2026, cash flow hedges used to manage interest rate risk had a notional value of $67.5 million, while fair value hedges totaled $30.0 million in notional value. Interest expense on interest-bearing deposits decreased $772,000, or 13.4%, to $5.0 million for the three months ended March 31, 2026 from $5.8 million for the three months ended March 31, 2025. The decrease was due to a 45-basis point decrease in the average cost of deposits to 3.38% for the three months ended March 31, 2026 from 3.83% for the three months ended March 31, 2025. The decrease in the average cost of deposits was due to the lower interest rate environment and a decrease in the rate paid on certificates of deposit offset by an increase in the rate paid on transactional accounts. Our rates on certificates of deposit decreased 60 basis points to 3.65% for the three months ended March 31, 2026 from 4.25% for the three months ended March 31, 2025 and the average balances of certificates of deposit decreased $24.9 million to $459.3 million for the three months ended March 31, 2026 from $484.3 million for the three months ended March 31, 2025. The average balance of NOW/money market accounts and savings accounts increased $4.6 million and $9.3 million for the three months ended March 31, 2026, respectively, compared to the three months ended March 31, 2025. Interest expense on FHLB advances decreased $496,000, or 31.6%, from $1.6 million for the three months ended March 31, 2025 to $1.1 million for the three months ended March 31, 2026. The decrease was primarily due to a decrease in the average balance of $61.1 million to $97.1 million for the three months ended March 31, 2026 from $158.1 million for the three months ended March 31, 2025. The decrease was offset by an increase in the average cost of borrowings of 46 basis points to 4.48% for the three months ended March 31, 2026 from 4.02% for the three months ended March 31, 2025 due to the new borrowings being shorter durations at higher rates. Net interest income increased $833,000, or 23.2%, to $4.4 million for the three months ended March 31, 2026 from $3.6 million for the three months ended March 31, 2025. The increase reflected a 48-basis point increase in our net interest rate spread to 1.60% for the three months ended March 31, 2026 from 1.12% for the three months ended March 31, 2025. Our net interest margin increased 54 basis points to 2.20% for the three months ended March 31, 2026 from 1.66% for the three months ended March 31, 2025. We recorded a $50,000 provision for credit losses for the three months ended March 31, 2026 compared to $80,000 recovery for credit losses for the three months ended March 31, 2025 due to higher delinquent commercial loan balances. Non-interest income decreased $568,000, or 63.9%, to $321,000 for the three months ended March 31, 2026 from $889,000 for the three months ended March 31, 2025 due to a death benefit received related to a former employee. For the three months ended March 31, 2026, non-interest expense decreased $80,000, or 2.1%, compared to the comparable March 31, 2025 period. Salaries and employee benefits decreased $27,000, or 1.3%, due to lower headcount. FDIC insurance premiums decreased $8,000, or 7.1%, due to lower deposit balances in 2026. Data processing expense decreased $45,000, or 14.2%, due to lower processing costs. Director fees decreased $21,000, or 13.1%, due to fewer members on the board. The decrease in advertising expense of $54,000, or 50.7%, was due to reduced promotions for branch locations and less promotions on deposit and loan products. Professional fees increased $44,000, or 21.9%, due to higher legal costs in 2026. Occupancy and equipment increased $31,000, or 4.6%, due to higher snow removal costs in 2026. Income tax expense increased $240,000 to an expense of $212,000 for the three months ended March 31, 2026 from a $28,000 benefit for the three months ended March 31, 2025. The increase was due to an increase of $755,000 in pre-tax income. Balance Sheet Analysis Total assets were $877.2 million at March 31, 2026, representing a decrease of $27.7 million, or 3.1%, from December 31, 2025. Cash and cash equivalents decreased $7.7 million during the period primarily as excess funds from increased borrowings, security maturities and loan payments were used to offset deposits outflows. Net loans decreased $8.2 million, or 1.30%, due to $17.3 million in repayments, partially offset by new production of $9.1 million. This resulted in a $5.4 million decrease in the balance of residential loans, a $3.2 million decrease in construction loans and a decrease of $4.4 million of commercial loans, offset by a $5.2 million increase in multi-family loans. Due to the interest rate environment, we have seen a decrease in demand for residential and construction loans, which have been primary drivers of our loan growth in recent periods. Securities available for sale decreased $13.2 million or 8.4%, due to repayments of mortgage-backed securities and maturities of corporate bonds. Delinquent loans increased $1.3 million to $28.1 million, or 4.39% of total loans, at March 31, 2026, compared to $26.8 million at December 31, 2025. The increase was primarily due to an increase in commercial real estate loans associated with several large loans that have been either 30 or 60 days past due. All delinquent loans are considered well-secured. During the same timeframe, non-performing assets increased from $13.3 million at December 31, 2025 to $13.5 million, which represented 1.54% of total assets at March 31, 2026. No loans were charged off during the three months ended March 31, 2026 or March 31, 2025. The Company’s allowance for credit losses related to loans was 0.40% of total loans and 19.69% of non-performing loans at March 31, 2026 compared to 0.39% of total loans and 19.38% of non-performing loans at December 31, 2025. The Bank has limited exposure to commercial real estate loans secured by office space. Total liabilities decreased $28.8 million, or 3.8%, to $735.2 million mainly due to a $51.6 million decrease in deposits offset by an increase in borrowings. Total deposits decreased $51.6 million, or 7.9%, to $600.9 million at March 31, 2026 from $652.4 million at December 31, 2025. The decrease in deposits reflected a decrease in certificate of deposit accounts, which decreased by $65.4 million to $428.6 million at March 31, 2026 from $493.9 million at December 31, 2025 . This decrease was offset by savings accounts which increased by $5.3 million from $54.6 million at December 31, 2025 to $59.8 million at March 31, 2026 a increase in NOW deposit accounts, which decreased by $6.5 million to $72.0 million from $65.5 million at December 31, 2025, an increase in money market deposit accounts, which increased by $1.3 million to $11.5 million from $10.2 million at December 31, 2025, and by a increase in noninterest bearing demand accounts, which increased by $763,000 from $28.2 million at December 31, 2025 to $28.9 million at March 31, 2026. At March 31, 2026, brokered deposits were $89.6 million or 14.9% of deposits and municipal deposits were $48.5 million or 8.1% of deposits. At March 31, 2026, uninsured deposits represented 8.7% of the Bank’s total deposits. FHLB advances increased $22.6 million, or 24.2%, due to the use of borrowings to offset deposit outflows. Short-term borrowings increased $38.5 million, or 192.5%, to $58.5 million at March 31, 2026 from $20.0 million at December 31, 2025, while long-term borrowings decreased $15.9 million, or 21.7%, to $57.4 million at March 31, 2026 from $73.3 million at December 31, 2025. Total borrowing capacity at the FHLB is $236.4 million, of which $115.9 million has been advanced. Total stockholders’ equity increased $1.1 million to $142.1 million, primarily due to net income of $706,000 and less changes in other comprehensive income of $283,000. At March 31, 2026, the Company’s ratio of average stockholders’ equity-to-total assets was 16.28%, compared to 14.59% at December 31, 2025. About Bogota Financial Corp. Bogota Financial Corp. is a Maryland corporation organized as the mid-tier holding company of Bogota Savings Bank and is the majority-owned subsidiary of Bogota Financial, MHC. Bogota Savings Bank is a New Jersey chartered stock savings bank that has served the banking needs of its customers in northern and central New Jersey since 1893. It operates from seven offices located in Bogota, Hasbrouck Heights, Upper Saddle River, Newark, Oak Ridge, Parsippany and Teaneck, New Jersey and operates a loan production office in Spring Lake, New Jersey. Forward-Looking Statements This press release contains certain forward-looking statements about the Company and the Bank. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, inflation, general economic conditions or conditions within the securities markets, the imposition of tariffs or other domestic or international governmental policies and retaliatory responses, the impact of a potential federal government shutdown, real estate market values in the Bank’s lending area, changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; the availability of low-cost funding; our continued reliance on brokered and municipal deposits; demand for loans in our market area; changes in the quality of our loan and security portfolios, economic assumptions or changes in our methodology, either of which may impact our allowance for credit losses calculation, increases in non-performing and classified loans, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System; the current or anticipated impact of military conflict, terrorism or other geopolitical events; a failure in or breach of the Company’s operational or security systems or infrastructure, including cyberattacks, the failure to maintain current technologies; failure to retain or attract employees and legislative, accounting and regulatory changes that could adversely affect the business in which the Company and the Bank are engaged. The Company undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release. LOANS Loans are summarized as follows at March 31, 2026 and December 31, 2025: The following tables set forth the distribution of total deposit accounts, by account type, at the dates indicated: Average Balance Sheets and Related Yields and Rates The following tables present information regarding average balances of assets and liabilities, the total dollar amounts of interest income and dividends from average interest-earning assets, the total dollar amounts of interest expense on average interest-bearing liabilities, and the resulting annualized average yields and costs. The yields and costs for the periods indicated are derived by dividing income or expense by the average balances of assets or liabilities, respectively, for the periods presented. Average balances have been calculated using daily balances. Nonaccrual loans are included in average balances only. Loan fees are included in interest income on loans and are not material. Rate/Volume Analysis The following table sets forth the effects of changing rates and volumes on net interest income. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The net column represents the sum of the prior columns. Changes attributable to changes in both rate and volume that cannot be segregated have been allocated proportionally based on the changes due to rate and the changes due to volume. Contacts Kevin Pace – President & CEO, 201-862-0660 ext. 1110

TEANECK, N.J., Feb. 13, 2026 (GLOBE NEWSWIRE) -- Bogota Financial Corp. (NASDAQ: BSBK) (the “Company”), the holding company for Bogota Savings Bank (the “Bank”), reported net income for the three months ended December 31, 2025 of $680,000 or $0.05 per basic and diluted share, compared to a net loss of $930,000 or $0.07 per basic and diluted share for the comparable prior year period. The Company reported net income for the year ended December 31, 2025 of $2.1 million or $0.17 per basic and diluted share compared to a net loss of $2.2 million, or $0.17 per basic and diluted share, for the prior year. Other Financial Highlights: Total assets decreased $66.7 million, or 6.9%, to $904.9 million at December 31, 2025 from $971.5 million at December 31, 2024, largely due to a decrease in cash and cash equivalents and loans, offset by an increase in securities available for sale. Cash and cash equivalents decreased $16.6 million, or 31.8%, to $35.6 million at December 31, 2025 from $52.2 million at December 31, 2024, due to cash used to purchase securities available for sale. Securities available for sale increased $17.8 million, or 12.7%, to $158.1 million at December 31, 2025 from $140.3 million at December 31, 2024. Average yields on securities available for sale increased 143 basis points from 3.88% for the twelve months ended December 31, 2024, to 5.31% for the twelve months ended December 31, 2025, due to the balance sheet restructuring that took place in December 2024. Net loans decreased $64.1 million, or 9.0%, to $647.6 million at December 31, 2025 from $711.7 million at December 31, 2024 due to decreases in residential, multi-family, commercial and industrial and construction loans, offset by an increase in commercial real estate loans. Average yields on net loans increased 19 basis points from 4.69% for the twelve months ended December 31, 2024, to 4.88% for the twelve months ended December 31, 2025 due to a higher proportion of commercial real estate loans. Total deposits at December 31, 2025 were $652.4 million, increasing $10.3 million, or 1.6%, as compared to $642.2 million at December 31, 2024, primarily due to a $14.8 million increase in interest-bearing deposits offset by a $4.5 million decrease in non-interest bearing checking accounts. The average rate paid on deposits decreased 43 basis points to 3.30% for 2025 from 3.73% for 2024 due to lower market interest rates and an increase in NOW accounts, which increased $10.5 million, or 19.0%, to $65.5 million at December 31, 2025 from $55.0 million at December 31, 2024. The cost of such accounts also increased 23 basis points to 2.76% for 2025 from 2.53% for 2024. Federal Home Loan Bank advances decreased $78.9 million, or 45.8% to $93.3 million at December 31, 2025 from $172.2 million as of December 31, 2024. As of December 31, 2025, the Company repurchased 76,673 shares of its common stock at a cost of $656,000, pursuant to its current program, which allows for the repurchase of up to 237,950 shares. Kevin Pace, President and Chief Executive Officer, said “This year’s results reflect the strength of our strategy and the disciplined execution of our team. After navigating a challenging period, we made significant strides returning to profitability with 2025 net income of $2.1 million compared to a loss of $2.2 million the prior year. With a more resilient balance sheet and a clear focus on responsible growth, we are well positioned to deliver long-term value for our shareholders and a meaningful impact across our communities. As we look ahead, we remain focused on investing in our customers, expanding our capabilities, and delivering consistent long-term value. Our 2026 growth plan includes a new branch location in Central/Southern New Jersey, with an anticipated opening in early summer. We continue to work through our sixth stock buyback program with a commitment to adding shareholder value.” Income Statement Analysis Comparison of Operating Results for the Three Months Ended December 31, 2025 and December 31, 2024 Net income increased by $1.6 million to net income of $681,000 for the three months ended December 31, 2025 from a net loss of $930,000 for the three months ended December 31, 2024. This increase was primarily due to an increase of $359,000 in interest income, a $1.5 million decrease in interest expense and a decrease of $460,000 in income tax expense, offset by a $229,000 increase in non-interest expense and a $193,000 decrease in non-interest income. Interest income increased $359,000, or 3.4%, from $10.6 million for the three months ended December 31, 2024 to $11.0 million for the three months ended December 31, 2025 due to higher yields on interest-earning assets offset by lower average balances. Interest income on cash and cash equivalents increased $167,000, or 87.4%, to $358,000 for the three months ended December 31, 2025 from $191,000 for the three months ended December 31, 2024 due to a $12.7 million increase in the average balance to $26.2 million for the three months ended December 31, 2025 from $13.5 million for the three months ended December 31, 2024, reflecting the increase of liquidity due to lower loan originations. Due to rate cuts enacted by the Board of Governors of the Federal Reserve System in the third and fourth quarters of the year, the yield on cash and cash equivalents decreased 20 basis points from 5.61% for the three months ended December 31, 2024 to 5.41% for the three months ended December 31, 2025. Interest income on loans decreased $110,000, or 1.3%, to $8.4 million for the three months ended December 31, 2025 compared to $8.5 million for the three months ended December 31, 2024 primarily due to a $55.4 million decrease in the average balance to $662.1 million for the three months ended December 31, 2025 from $717.4 million for the three months ended December 31, 2024, offset by a 31 basis point increase in the average yield from 4.73% for the three months ended December 31, 2024 to 5.04% for the three months ended December 31, 2025. Interest income on securities increased $409,000, or 24.7%, to $2.1 million for the three months ended December 31, 2025 from $1.7 million for the three months ended December 31, 2024 primarily due to a 146 basis point increase in the average yield from 3.77% for the three months ended December 31, 2024 to 5.23% for the three months ended December 31, 2025 as a result of the balance sheet restructuring that took place in December 2025 offset by a $17.7 million decrease in the average balance to $157.6 million for the three months ended December 31, 2025 from $175.3 million for the three months ended December 31, 2024. Interest expense decreased $1.4 million, or 17.7%, from $8.1 million for the three months ended December 31, 2024 to $6.7 million for the three months ended December 31, 2025 due to lower costs on interest-bearing liabilities and a $72.1 million decrease in the average balance of interest-bearing liabilities from $805.9 million for the three months ended December 31, 2024 to $733.8 million for the three months ended December 31, 2025. During the three months ended December 31, 2025, the use of cash flow hedges reduced interest expense by $76,000, compared to $280,000 in the same period of 2024. Interest expense on interest-bearing deposits decreased $657,000, or 14.5%, to $5.5 million for the three months ended December 31, 2025 from $6.2 million for the three months ended December 31, 2024. The decrease was due to a 51 basis point decrease in the average cost of deposits to 3.51% for the three months ended December 31, 2025 from 4.02% for the three months ended December 31, 2024. The average balances of certificates of deposit decreased slightly to $501.3 million for the three months ended December 31, 2025 from $501.9 million for the three months ended December 31, 2024 while NOW and money market accounts and savings accounts increased $5.1 million and $7.7 million for the three months ended December 31, 2025, respectively, compared to the three months ended December 31, 2024. Interest expense on Federal Home Loan Bank borrowings decreased $774,000, or 40.8%, from $1.9 million for the three months ended December 31, 2024 to $1.1 million for the three months ended December 31, 2025. The decrease was due to a decrease in the average balance of borrowings of $84.3 million to $107.9 million for the three months ended December 31, 2025 from $192.2 million for the three months ended December 31, 2024, which was partially offset by an increase in the average cost of 20 basis points to 4.12% for the three months ended December 31, 2025 from 3.92% for the three months ended December 31, 2024. At December 31, 2025, cash flow hedges used to manage interest rate risk had a notional value of $85.0 million, while fair value hedges totaled $60.0 million in notional value. Net interest income increased $1.8 million, or 71.6%, to $4.3 million for the three months ended December 31, 2025 from $2.5 million for the three months ended December 31, 2024. The increase reflected a 90 basis point increase in our net interest rate spread to 1.51% for the three months ended December 31, 2025 from 0.61% for the three months ended December 31, 2024. Our net interest margin increased 91 basis points to 2.00% for the three months ended December 31, 2025 from 1.09% for the three months ended December 31, 2024. We recorded a $218,000 recovery for credit losses for the three months ended December 31, 2024 compared to no provision for credit losses for the three-month period ended December 31, 2025. The recovery in the fourth quarter of 2024 and no provisions in the fourth quarter of 2025 reflects the decrease in the loan portfolio and no charge-offs. Non-interest income decreased bthe193,000, or 46.1%, to $226,000 for the three months ended December 31, 2025 from $419,000 for the three months ended December 31, 2024. Gain on sale of loans decreased $20,000, or 100.0%, due to no sales during 2025 and gain on sale of assets in 2024 was higher by $68,000 as proceeds from the sale-leaseback transaction exceeded the loss on securities. Other income decreased $96,000 due to a net loss on the investment in a limited partnership. For the three months ended December 31, 2025, non-interest expense increased $229,000, or 6.3%, over the comparable December 31, 2024 period. Occupancy and equipment increased $380,000, or 109.0%, due to higher lease expense associated with the sale leaseback transaction that took place in December 2024. Salaries and employee benefits decreased $10,000, or 0.4%, due to lower headcount. Professional fees increased $15,000, or 13.6%, due to higher legal costs in 2025. FDIC insurance premiums decreased $16,000, or 14.0%, due to a lower assessment rate in 2025. Data processing expense decreased $33,000, or 11.9%, due to lower processing costs. Director fees decreased $104,000, or 66.7%, due to lower pension expense. The decrease in advertising expense of $20,000, or 32.4%, was due to reduced promotions for branch locations and less promotions on deposit and loan products. Other expense increased $15,000, or 7.1%, due to higher miscellaneous expenses. Income tax expense decreased $460,000, or 102.3%, to a benefit of $11,000 for the three months ended December 31, 2025 from an expense of $450,000 for the three months ended December 31, 2024. The decrease was due to tax reserves on uncertain deferred tax assets that were required in 2024. Comparison of Operating Results for the Twelve Months Ended December 31, 2025 and December 31, 2024 Net income increased by $4.3 million, or 196.3%, to net income of $2.1 million for the twelve months ended December 31, 2025 from net loss of $2.2 million for the twelve months ended December 31, 2024. This increase was primarily due to an increase of $4.9 million in net interest income, an increase of $420,000 in non-interest income offset by an increase of $707,000 in non-interest expense and an increase of $353,000 in income tax. Interest income increased $1.3 million, or 3.0%, from $41.8 million for the twelve months ended December 31, 2024 to $43.0 million for the twelve months ended December 31, 2025 due to higher yields on interest-earning assets offset by lower average balances. Interest income on cash and cash equivalents increased $302,000, or 49.8%, to $908,000 for the twelve months ended December 31, 2025 from $606,000 for the twelve months ended December 31, 2024due to a 72 basis point decrease in the average yield from 5.94% for the twelve months ended December 31, 2024 to 5.22% for the twelve months ended December 31, 2025 due to the lower interest rate environment for most of 2025, offset by a $7.2 million increase in the average balance to $17.4 million for the twelve months ended December 31, 2025 from $10.2 million for the twelve months ended December 31, 2024 Interest income on loans increased $110,000, or 0.3%, to $33.5 million for the twelve months ended December 31, 2025 compared to $33.4 million for the twelve months ended December 31, 2024 primarily due to a 19 basis point increase in the average yield from 4.69% for the twelve months ended December 31, 2024 to 4.88% for the twelve months ended December 31, 2025 offset by a $26.3 million decrease in the average balance to $686.9 million for the twelve months ended December 31, 2025 from $713.1 million for the twelve months ended December 31, 2024. Interest income on securities increased $1.0 million, or 14.5%, to $7.9 million for the twelve months ended December 31, 2025 from $6.9 million for the twelve months ended December 31, 2024 due to a 143 basis point increase in the average yield from 3.88% for the twelve months ended December 31, 2024 to 5.31% for the twelve months ended December 31, 2025, offset by a $29.1 million decrease in the average balance of securities to $149.5 million for the twelve months ended December 31, 2025 from $178.7 million for the twelve months ended December 31, 2024. Interest expense decreased $3.7 million, or 11.7%, from $31.2 million for the twelve months ended December 31, 2024 to $27.5 million for the twelve months ended December 31, 2025 due to lower costs on interest-bearing liabilities. During the twelve months ended December 31, 2025, the use of cash flow hedges reduced the interest expense on the Federal Home Loan Bank advances by $644,000, compared to $1.5 million for 2024. Interest expense on interest-bearing deposits decreased $2.1 million, or 8.7%, to $22.5 million for the twelve months ended December 31, 2025 from $24.6 million for the twelve months ended December 31, 2024. The decrease was due to a 32 basis point decrease in the average cost of interest-bearing deposits to 3.65% for the twelve months ended December 31, 2025 from 3.97% for the twelve months ended December 31, 2024 and a $3.9 million decrease in the average balance of interest-bearing deposits. The decrease in the average cost of deposits was due to the lower interest rate environment and a change in the composition of the deposit portfolio. The average balances of certificates of deposit decreased $15.6 million to $492.8 million for the twelve months ended December 31, 2025 from $508.3 million for the twelve months ended December 31, 2024 while NOW and money market accounts and savings accounts increased $6.4 million and $5.3 million for the twelve months ended December 31, 2025, respectively, compared to the twelve months ended December 31, 2024. Interest expense on Federal Home Loan Bank borrowings decreased $1.5 million, or 23.1%, from $6.6 million for the twelve months ended December 31, 2024 to $5.1 million for the twelve months ended December 31, 2025. The decrease was due to a decrease in the average balance of borrowings of $48.1 million to $127.9 million for the twelve months ended December 31, 2025 from $176.0 million for the twelve months ended December 31, 2024. The decrease was offset by an increase in the average cost of 22 basis points to 3.97% for the twelve months ended December 31, 2025 from 3.76% for the twelve months ended December 31, 2024 due to maturity of low cost borrowings. At December 31, 2025, cash flow hedges used to manage interest rate risk had a notional value of $85.0 million, while fair value hedges totaled $60.0 million in notional value. Net interest income increased $4.9 million, or 46.6%, to $15.5 million for the twelve months ended December 31, 2025 from $10.7 million for the twelve months ended December 31, 2024. The increase reflected a 63 basis point increase in our net interest rate spread to 1.29% for the twelve months ended December 31, 2025 from 0.66% for the twelve months ended December 31, 2024. Our net interest margin increased 64 basis points to 1.80% for the twelve months ended December 31, 2025 from 1.16% for the twelve months ended December 31, 2024. We recorded a $130,000 recovery of credit losses for the twelve months ended December 31, 2025 compared to a $148,000 recovery for credit losses for the twelve-month period ended December 31, 2024 which reflected a decrease in the loan portfolio, as well as no charge-offs during the years. This recovery was inclusive of the effect due to the transfer of certain securities from the held to maturity portfolio to the available for sale portfolio, which resulted in a $108,000 recovery for credit losses for the 2024 period. Non-interest income increased by $420,000, or 31.1%, primarily due to an increase in bank owned life insurance of $564,000, or 64.7%, due to collection of death proceeds in 2025 offset by a decrease of $96,000 in other income due to a net loss on the investment in a limited partnership. For the twelve months ended December 31, 2025, non-interest expense increased $707,000, or 8.8%, compared to the twelve months ended December 31, 2024. Occupancy and equipment increased $1.2 million, or 82.7%, due to higher lease expense associated with the sale leaseback transaction that took place in December 2024. Salaries and employee benefits decreased $251,000, or 2.9%, due to a lower employee count when compared to 2024. Professional fees increased $265,000 or 33.5%, due to higher legal expense. Data processing decreased $47,000, or 3.9%, due to lower processing costs. Other expense decreased $168,000, or 17.5%, due to lower miscellaneous expenses. Income tax expense increased $353,000, to a benefit of $18,000 for the twelve months ended December 31, 2025 from a benefit of $372,000 for the twelve months ended December 31, 2024. The increase in expense was due to $4.1 million, or 118.0%, of higher taxable income. The effective tax rate for the twelve months ended December 31, 2025 and December 31, 2024 were (0.88%) and (14.62%), respectively. Balance Sheet Analysis Total assets were $904.9 million at December 31, 2025, representing a decrease of $66.7 million, or 6.9%, from December 31, 2024. Cash and cash equivalents decreased $16.6 million during the period primarily due to purchases of securities available for sale. Net loans decreased $64.1 million, or 9.0%, due to $105.1 million in repayments, partially offset by new production of $41.0 million. This resulted in a $28.9 million decrease in the balance of residential loans, a $21.1 million decrease in construction loans, a $3.0 decrease in commercial and industrial loans and a decrease of $15.2 million in multi-family loans. These decreases were offset by a $4.0 million increase in commercial real estate loans. Due to the interest rate environment, we have seen a decrease in demand for residential and construction loans, which have been primary drivers of our loan growth in recent periods. Securities available for sale increased $17.8 million or 12.7%, due to the purchases of mortgage-backed securities and corporate bonds. The Company also 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. Delinquent loans increased $13.3 million to $27.6 million, or 3.1% of total loans, at December 31, 2025. The increase was mostly due to three commercial real estate loans with a balance of $13.7 million with no specific reserves needed. During the same timeframe, non-performing assets decreased to $13.1 million and were 1.5% of total assets at December 31, 2025. No loans were charged-off during the twelve months ended December 31, 2025 or December 31, 2024. The Company’s allowance for credit losses was 0.39% of total loans and 18.7% of non-performing loans at December 31, 2025 compared to 0.37% of total loans and 18.8% of non-performing loans at December 31, 2024. At December 31, 2025, $10.9 million, or 83.2%, of the total non-performing loans consisted of one construction loan with a loan -to-value of 45%, which required no specific reserve. The Bank has limited exposure to commercial real estate loans secured by office space. Total liabilities decreased $70.3 million, or 8.4%, to $764.0 million mainly due to a $78.9 million decrease in borrowings offset by a $10.3 million increase in deposits. Total deposits increased $10.3 million, or 1.6%, to $652.4 million at December 31, 2025 from $642.2 million at December 31, 2024. The increase in deposits reflected an increase in certificate of deposit accounts, which increased by $11.0 million to $493.9 million from $482.9 million at December 31, 2024, an increase in NOW deposits of $10.5 million to $65.5 million at December 31, 2025 from $55.0 million at December 31, 2024 and an increase in savings accounts which increased by $7.6 million from $47.0 million at December 31, 2024 to $54.6 million at December 31, 2025. These increases were offset by a decrease in money market deposit accounts, which decreased by $14.3 million to $10.2 million from $24.6 million at December 31, 2024 and by a decrease in noninterest bearing demand accounts, which decreased by $4.5 million from $32.7 million at December 31, 2024 to $28.2 million at December 31, 2025. At December 31, 2025, brokered deposits were $109.7 million or 16.8% of deposits and municipal deposits were $45.1 million or 6.9% of deposits. At December 31, 2025, uninsured deposits represented 6.9% of the Bank’s total deposits. Federal Home Loan Bank advances decreased $78.9 million, or 45.8% due to the increase in deposits and the decrease in assets. Total borrowing capacity at the Federal Home Loan Bank is $232.9 million, of which $93.3 million is advanced. Total stockholders’ equity increased $3.6 million to $140.9 million at December 31, 2025, from $137.3 million at December 31, 2024. The increase was due to a reduction in the accumulated other comprehensive loss on the securities portfolio of $1.6 million and net income of $2.1 million, offset by the repurchase of 123,603 shares of stock at a total cost of $1.1 million. At December 31, 2025, the Company’s ratio of average stockholders’ equity-to-average total assets was 15.13%, compared to 14.10% at December 31, 2024. About Bogota Financial Corp. Bogota Financial Corp. is a Maryland corporation organized as the mid-tier holding company of Bogota Savings Bank and is the majority-owned subsidiary of Bogota Financial, MHC. Bogota Savings Bank is a New Jersey chartered stock savings bank that has served the banking needs of its customers in northern and central New Jersey since 1893. It operates from seven offices located in Bogota, Hasbrouck Heights, Newark, Oak Ridge, Parsippany, Teaneck and Upper Saddle River, New Jersey and operates a loan production office in Spring Lake, New Jersey. Forward-Looking Statements This press release contains certain forward-looking statements about the Company and the Bank. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, inflation, general economic conditions or conditions within the securities markets, potential recessionary conditions, real estate market values in the Bank’s lending area, changes in liquidity, including the size and composition of our deposit portfolio, including the percentage of uninsured deposits in the portfolio; changes in the quality of our loan and security portfolios, increases in non-performing and classified loans, monetary and fiscal policies of the U.S. Government including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the impact of any potential federal government shutdown, the imposition of tariffs or other domestic or international governmental policies, a failure in or breach of the Company’s operational or security systems or infrastructure, including cyberattacks, the failure to maintain current technologies, failure to retain or attract employees and legislative, accounting and regulatory changes that could adversely affect the business in which the Company and the Bank are engaged. The Company undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release. LOANS Loans are summarized as follows at December 31, 2025 and December 31, 2024: The following tables set forth the distribution of total deposit accounts, by account type, at the dates indicated (unaudited). Average Balance Sheets and Related Yields and Rates The following tables present information regarding average balances of assets and liabilities, the total dollar amounts of interest income and dividends from average interest-earning assets, the total dollar amounts of interest expense on average interest-bearing liabilities, and the resulting annualized average yields and costs. The yields and costs for the periods indicated are derived by dividing income or expense by the average balances of assets or liabilities, respectively, for the periods presented. Average balances have been calculated using daily balances. Nonaccrual loans are included in average balances only. Loan fees are included in interest income on loans and are not material. Rate/Volume Analysis The following table sets forth the effects of changing rates and volumes on net interest income. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The net column represents the sum of the prior columns. Changes attributable to changes in both rate and volume that cannot be segregated have been allocated proportionally based on the changes due to rate and the changes due to volume. Contacts Kevin Pace – President & CEO, 201-862-0660 ext. 1110

TEANECK, N.J., Nov. 03, 2025 (GLOBE NEWSWIRE) -- Bogota Financial Corp. (NASDAQ: BSBK) (the “Company”), the holding company for Bogota Savings Bank (the “Bank”), reported net income for the three months ended September 30, 2025 of $455,000, or $0.04 per basic and diluted share, compared to a net loss of $367,000, or $0.03 per basic and diluted share, for the comparable prior year period. The Company reported net income for the nine months ended September 30, 2025 of $1.4 million, or $0.11 per basic and diluted share, compared to a net loss of $1.2 million, or $0.10 per basic and diluted share, for the comparable prior year period. Income for the nine months ended September 30, 2025 included a one-time death benefit from a bank-owned life insurance policy related to a former employee of approximately $543,000. On August 12, 2025, the Company announced it had received regulatory approval for the repurchase of up to 237,590 shares of its common stock, or approximately 5% of its then outstanding common stock (excluding shares held by Bogota Financial, MHC). The repurchase program does not have a scheduled expiration date and the Board of Directors has the right to suspend or discontinue the program at any time. As of September 30, 2025, 4,821 shares have been repurchased pursuant to the program at a cost of $42,000. Other Financial Highlights: Total assets decreased $45.7 million, or 4.7%, to $925.8 million at September 30, 2025 from $971.5 million at December 31, 2024, due largely to a decrease in cash and cash equivalents and loans, offset by an increase in securities. Cash and cash equivalents decreased $21.0 million, or 40.2%, to $31.2 million at September 30, 2025 from $52.2 million at December 31, 2024 as excess funds were used to pay down borrowings and to purchase securities. Securities increased $20.4 million, or 14.6%, to $160.7 million at September 30, 2025 from $140.3 million at December 31, 2024 due to purchases of mortgage-backed securities and corporate bonds. Net loans decreased $42.5 million, or 6.0%, to $669.2 million at September 30, 2025 from $711.7 million at December 31, 2024, primarily due to decreases in residential mortgages and construction loans. Total deposits at September 30, 2025 were $646.8 million, increasing $4.6 million, or 0.7%, compared to $642.2 million at December 31, 2024, due to a $9.3 million increase in certificates of deposit and a $5.7 million increase in savings accounts. The increases were offset by a $3.6 million decrease in money market accounts, a $3.4 million decrease in noninterest bearing accounts and a $3.4 million decrease in NOW accounts. The average rate on deposits decreased 26 basis points to 3.69% for the first three quarters of 2025 from 3.95% from comparable period a year ago, which was due to lower interest rates and average balances of certificates of deposit. Federal Home Loan Bank advances decreased $52.8 million, or 30.6% to $119.4 million at September 30, 2025 from $172.2 million as of December 31, 2024. The decrease in borrowings was largely attributable to advances that were paid down during the nine months ended September 30, 2025. Kevin Pace, President and Chief Executive Officer, said “Our third quarter results reflect our continued resilience despite a challenging interest rate environment. We continue to focus on growth in our commercial portfolio and maintaining high quality credit. Improved core deposit relationships and maintaining exceptional customer service remain a focal point.” “We recently received regulatory approval for our sixth stock buyback program. As we move into the final quarter of 2025, we remain focused on sustainable growth, operational efficiency and delivering long-term value for our customers and shareholders." Income Statement Analysis Comparison of Operating Results for the Three Months Ended September 30, 2025 and September 30, 2024 Net income increased $822,000 to $455,000 for the three months ended September 30, 2025 from a net loss of $367,000 for the three months ended September 30, 2024. This increase was primarily due to an increase of $1.2 million in net interest income, partially offset by a decrease of $326,000 in income tax benefit. Interest income increased $8,000, or 0.1%, and was $10.6 million for the three months ended September 30, 2024 and September 30, 2025. Interest income on cash and cash equivalents increased $41,000, or 29.7%, to $179,000 for the three months ended September 30, 2025 from $138,000 for the three months ended September 30, 2024 due to a $6.5 million increase in the average balance to $16.7 million for the three months ended September 30, 2025 from $10.2 million for the three months ended September 30, 2024, reflecting loan repayments, which were offset by a reduction of borrowings. This was offset by a 112-basis point decrease in the average yield from 5.39% for the three months ended September 30, 2024 to 4.27% for the three months ended September 30, 2025 due to the lower interest rate environment. Interest income on loans decreased $168,000, or 2.0%, as a $28.6 million decrease in the average balance of loans was offset by an eight basis point increase in the yield. Interest income on securities increased $206,000, or 10.9%, due to a 141-basis point increase in the average yield offset by a $33.3 million decrease in the average balance. The changes in the yield and average balance reflect that, in the fourth quarter of 2024, the Company sold approximately $66.0 million in amortized cost ($57.1 million in market value) of securities with a weighted average yield of 1.89% and reinvested $32.7 million of those proceeds into securities with a weighted average yield of 5.60%. Interest expense decreased $1.2 million, or 15.4%, from $8.0 million for the three months ended September 30, 2024 to $6.7 million for the three months ended September 30, 2025 due to lower costs on deposits and lower balances on borrowings. During the three months ended September 30, 2025, the use of hedges reduced the interest expense on the Federal Home Loan Bank advances and brokered deposits by $205,000. At September 30, 2025, cash flow hedges used to manage interest rate risk had a notional value of $85.0 million, while fair value hedges totaled $60.0 million in notional value. Interest expense on interest-bearing deposits decreased $535,000, or 8.7%, to $5.6 million for the three months ended September 30, 2025 from $6.2 million for the three months ended September 30, 2024. The decrease was due to a 46-basis point decrease in the average cost of deposits to 3.58% for the three months ended September 30, 2025 from 4.04% for the three months ended September 30, 2024. The decrease in the average cost of deposits was due to the lower interest rate environment and a decrease in the rate paid on certificates of deposit offset by an increase in the rate paid on transactional accounts. Our rates on certificates of deposit decreased 61 basis points to 3.89% for the three months ended September 30, 2025 from 4.50% for the three months ended September 30, 2024, while the average balances of certificates of deposit increased $5.4 million to $502.7 million for the three months ended September 30, 2025 from $497.3 million for the three months ended September 30, 2024. The average balance of NOW/money market accounts and savings accounts increased $4.9 million and $6.4 million for the three months ended September 30, 2025, respectively, compared to the three months ended September 30, 2024. Interest expense on Federal Home Loan Bank advances decreased $694,000, or 38.5%, from $1.8 million for the three months ended September 30, 2024 to $1.1 million for the three months ended September 30, 2025. The decrease was primarily due to a decrease in the average balance of $80.8 million to $116.1 million for the three months ended September 30, 2025 from $196.9 million for the three months ended September 30, 2024. The decrease was offset by an increase in the average cost of borrowings of 15 basis points to 3.79% for the three months ended September 30, 2025 from 3.64% for the three months ended September 30, 2024 due to the new borrowings being shorter durations at higher rates. Net interest income increased $1.2 million, or 46.6%, to $3.9 million for the three months ended September 30, 2025 from $2.7 million for the three months ended September 30, 2024. The increase reflected a 64-basis point increase in our net interest rate spread to 1.30% for the three months ended September 30, 2025 from 0.66% for the three months ended September 30, 2024. Our net interest margin increased 65 basis points to 1.80% for the three months ended September 30, 2025 from 1.15% for the three months ended September 30, 2024. We recorded a $50,000 recovery of credit losses for the three months ended September 30, 2025 compared to no provision for credit losses for the three months ended September 30, 2024 due to lower loan balances and commitments. Non-interest income decreased $6,000, or 1.8%, to $321,000 for the three months ended September 30, 2025 from $327,000 for the three months ended September 30, 2024 due to the gain on sale of loans of $12,000 in 2024. For the three months ended September 30, 2025, non-interest expense increased $133,000, or 3.7%, over the comparable 2024 period. Professional fees increased $113,000, or 45.6%, due to an increase in legal and consulting fees. Occupancy and equipment costs increased $259,000, or 68.0%, as a result of the lease-buyback transaction completed in the fourth quarter of 2024, which resulted in increased lease expense going forward. These increases were offset by a $79,000, or 3.8%, reduction in salaries and employee benefits, which decreased due to lower headcount, a $75,000, or 87.9%, decrease in advertising expenses and a $58,000, or 26.9%, decrease in other non-interest expense. Income tax expense increased $326,000 to an expense of $73,000 for the three months ended September 30, 2025 from a $253,000 benefit for the three months ended September 30, 2024. The increase was due to an increase of $1.1 million in pre-tax income. Comparison of Operating Results for the Nine Months Ended September 30, 2025 and September 30, 2024 Net income increased by $2.7 million to net income of $1.4 million for the nine months ended September 30, 2025 from a net loss of $1.2 million for the nine months ended September 30, 2024. This increase was primarily due to an increase of $3.1 million in net interest income and a $200,000 decrease in the provision for credit losses, partially offset by a $478,000 increase in non-interest expense and an increase of $814,000 in income tax expense. Income for the nine months ended September 30, 2025 included a one-time death benefit of approximately $543,000 from a bank-owned life insurance policy related to a former employee. Interest income increased $900,000, or 2.9%, from $31.2 million for the nine months ended September 30, 2024 to $32.1 million for the nine months ended September 30, 2025 due to higher yields on interest-earning assets, offset by a decrease in the average balance of interest-earning assets. Interest income on cash and cash equivalents increased $135,000, or 32.5%, to $550,000 for the nine months ended September 30, 2025 from $415,000 for the nine months ended September 30, 2024 due to a $5.3 million increase in the average balance to $14.4 million for the nine months ended September 30, 2025 from $9.1 million for the nine months ended September 30, 2024. This was partially offset by a 100-basis point decrease in the average yield from 6.09% for the nine months ended September 30, 2024 to 5.09% for the nine months ended September 30, 2025, due to the lower interest rate environment. Interest income on loans increased $221,000, or 0.9%, to $25.1 million for the nine months ended September 30, 2025 compared to $24.9 million for the nine months ended September 30, 2024 due primarily to a 16-basis point increase in the average yield from 4.66% for the nine months ended September 30, 2024 to 4.82% for the nine months ended September 30, 2025, offset by a $16.5 million decrease in the average balance to $695.2 million for the nine months ended September 30, 2025 from $711.7 million for the nine months ended September 30, 2024. Interest income on securities increased $595,000, or 11.3%, to $5.9 million for the nine months ended September 30, 2025 from $5.3 million for the nine months ended September 30, 2024 primarily due to a 142-basis point increase in the average yield from 3.92% for the nine months ended September 30, 2024 to 5.34% for the nine months ended September 30, 2025, which was offset by a $33.0 million decrease in the average balance to $146.8 million for the nine months ended September 30, 2025 from $179.8 million for the nine months ended September 30, 2024. The decrease in the average balance and the increase in the yield was as a result of the balance sheet restructuring undertaken in the fourth quarter of 2024, where certain lower-yielding securities were sold and a portion of the proceeds were reinvested into higher-yielding securities and all remaining held to maturity securities were reclassified as available for sale. Interest expense decreased $2.2 million, or 9.7%, from $23.1 million for the nine months ended September 30, 2024 to $20.9 million for the nine months ended September 30, 2025 primarily due to lower average balances on certificates of deposit and borrowings and a lower rate paid on certificates of deposit. During the nine months ended September 30, 2025, the use of hedges reduced the interest expense on the Federal Home Loan Bank advances and brokered deposits by $568,000. At September 30, 2025, cash flow hedges used to manage interest rate risk had a notional value of $85.0 million, while fair value hedges totaled $60.0 million in notional value. Interest expense on interest-bearing deposits decreased $1.5 million, or 8.0%, to $16.9 million for the nine months ended September 30, 2025 from $18.4 million for the nine months ended September 30, 2024. The decrease was due to a 26-basis point decrease in the average cost of deposits to 3.69% for the nine months ended September 30, 2025 from 3.95% for the nine months ended September 30, 2024. The decrease in the average cost was driven by a 34-basis point decrease in the average cost of certificates of deposit to 4.05% for the nine months ended September 30, 2025 from 4.39% for the nine months ended September 30, 2024. The decrease in the average cost of deposits was due to the lower interest rate environment and a change in the composition of the deposit portfolio as the average balance of certificates of deposit declined while the average balance of transactional accounts increased. The average balances of certificates of deposit decreased $20.6 million to $489.9 million for the nine months ended September 30, 2025 from $510.5 million for the nine months ended September 30, 2024 while average NOW/money market accounts and savings accounts increased $6.8 million and $4.5 million for the nine months ended September 30, 2025, respectively, compared to the nine months ended September 30, 2024. Interest expense on Federal Home Loan Bank advances decreased $756,000, or 16.0%. The decrease was primarily due to a decrease in the average balance of $36.9 million to $134.7 million for the nine months ended September 30, 2025 from $171.6 million for the nine months ended September 30, 2024. The decrease was offset by an increase in the average cost of borrowings of 26 basis points to 3.93% for the nine months ended September 30, 2025 from 3.67% for the nine months ended September 30, 2024 due to the new borrowings being for shorter durations at higher rates. Net interest income increased $3.1 million, or 38.9%, to $11.2 million for the nine months ended September 30, 2025 from $8.1 million for the nine months ended September 30, 2024. The increase reflected a 53-basis point increase in our net interest rate spread to 1.21% for the nine months ended September 30, 2025 from 0.68% for the nine months ended September 30, 2024. Our net interest margin increased 55 basis points to 1.73% for the nine months ended September 30, 2025 from 1.18% for the nine months ended September 30, 2024. We recorded a $130,000 recovery of credit losses for the nine months ended September 30, 2025 compared to a $70,000 provision for credit losses for the nine-month period ended September 30, 2024. The decrease in the allowance for credit losses was due to the decrease in loans and held-to-maturity securities. Non-interest income increased $612,000, or 65.9%, to $1.5 million for the nine months ended September 30, 2025 from $930,000 for the nine months ended September 30, 2024. Bank-owned life insurance income increased $564,000, or 87.1%, due to a death benefit related to a former employee and higher balances during 2025. In addition to the death benefit, gains on sale of loans also increased by $26,000 when compared to the comparable period in 2024. For the nine months ended September 30, 2025, non-interest expense increased $478,000, or 4.4%, over the comparable 2024 period. Professional fees increased $250,000, or 36.7%, due to higher legal and consulting expense. Occupancy and equipment costs increased $833,000, or 74.4%, as a result of the lease-buyback transaction completed in the fourth quarter of 2024, which resulted in increased lease expense going forward. These were offset by a $241,000, or 3.8%, reduction in salaries and employee benefit, which decreased due to lower headcount, advertising expense, which decreased by $179,000, or 57.6%, and other non-interest expense, which decreased $183,000, or 24.4%. Income tax expense increased $814,000, or 99.1%, to a benefit of $8,000 for the nine months ended September 30, 2025 from a $821,000 benefit for the nine months ended September 30, 2024. The decrease was due to an increase of $3.5 million in pre-tax income. Included in the net income for the nine months ended September 30, 2025 was a one-time death benefit of approximately $543,000 from a bank-owned life insurance policy, which was a non-taxable event and reduced the Company's effective tax rate for the period. Balance Sheet Analysis Total assets were $925.8 million at September 30, 2025, representing a decrease of $45.7 million, or 4.7%, from December 31, 2024. Cash and cash equivalents decreased $21.0 million during the period primarily due to the paydown of borrowings. Net loans decreased $42.5 million, or 6.0%, due to $68.4 million in repayments, partially offset by new production of $24.0 million. This resulted in a $23.2 million decrease in the balance of residential loans, an $18.0 million decrease in construction loans and a decrease of $3.8 million of multi-family loans. These decreases were offset by a $4.8 million increase in commercial real estate loans. Due to the interest rate environment, we have seen a decrease in demand for residential and construction loans, which have been primary drivers of our loan growth in recent periods. Securities available for sale increased $20.4 million or 14.6%, due to new purchases of mortgage-backed securities and corporate bonds. The Company also made a $2.5 million equity investment as part of a $10 million commitment to fund a limited partnership which invests in sale leaseback transactions. Delinquent loans increased $7.5 million to $21.8 million, or 3.24% of total loans, at September 30, 2025, compared to $14.3 million at December 31, 2024. The increase was primarily due to one commercial real estate loan with a balance of $7.1 million, which is considered well-secured, accruing and in the process of collection. During the same timeframe, non-performing assets increased from $14.0 million at December 31, 2024 to $20.5 million, which represented 2.21% of total assets at September 30, 2025. No loans were charged off during the three or nine months ended September 30, 2025 or September 30, 2024. The Company’s allowance for credit losses related to loans was 0.38% of total loans and 12.42% of non-performing loans at September 30, 2025 compared to 0.37% of total loans and 18.77% of non-performing loans at December 31, 2024. The Bank has limited exposure to commercial real estate loans secured by office space. At September 30, 2025, the Company did not hold any held-to-maturity securities at September 30, 2025 or at December 31, 2024. Total liabilities decreased $49.1 million, or 5.9%, to $785.1 million mainly due to a $52.8 million decrease in borrowings. Total deposits increased $4.6 million, or 0.7%, to $646.8 million at September 30, 2025 from $642.2 million at December 31, 2024. The increase in deposits reflected an increase in certificate of deposit accounts, which increased by $9.3 million to $502.5 million from $493.3 million at December 31, 2024 and an increase in savings accounts which increased by $5.7 million from $46.9 million at December 31, 2024 to $52.6 million at September 30, 2025. These increases were offset by a decrease in NOW deposit accounts, which decreased by $3.4 million to $52.0 million from $55.4 million at December 31, 2024, a decrease in money market deposit accounts, which decreased by $3.6 million to $10.4 million from $14.0 million at December 31, 2024, and by a decrease in noninterest bearing demand accounts, which decreased by $3.4 million from $32.7 million at December 31, 2024 to $29.2 million at September 30, 2025. At September 30, 2025, brokered deposits were $112.9 million or 17.5% of deposits and municipal deposits were $33.5 million or 5.2% of deposits. At September 30, 2025, uninsured deposits represented 9.2% of the Bank’s total deposits. Federal Home Loan Bank advances decreased $52.8 million, or 30.6%, due to paydown of existing borrowings. Short-term borrowings increased $5.5 million, or 18.6%, to $35.0 million at September 30, 2025 from $29.5 million at December 31, 2024, while long-term borrowings decreased $58.3 million, or 40.8%, to $84.4 million at September 30, 2025 from $142.7 million at December 31, 2024. Total borrowing capacity at the Federal Home Loan Bank is $234.1 million of which $119.4 million has been advanced. Total stockholders’ equity increased $3.4 million to $140.7 million, primarily due to net income of $1.4 million and less unrealized losses related to available-for-sale securities of $1.7 million. At September 30, 2025, the Company’s ratio of average stockholders’ equity-to-total assets was 14.97%, compared to 13.99% at December 31, 2024. About Bogota Financial Corp. Bogota Financial Corp. is a Maryland corporation organized as the mid-tier holding company of Bogota Savings Bank and is the majority-owned subsidiary of Bogota Financial, MHC. Bogota Savings Bank is a New Jersey chartered stock savings bank that has served the banking needs of its customers in northern and central New Jersey since 1893. It operates from seven offices located in Bogota, Hasbrouck Heights, Upper Saddle River, Newark, Oak Ridge, Parsippany and Teaneck, New Jersey and operates a loan production office in Spring Lake, New Jersey. Forward-Looking Statements This press release contains certain forward-looking statements about the Company and the Bank. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, inflation, general economic conditions or conditions within the securities markets, the imposition of tariffs or other domestic or international governmental policies and retaliatory responses, the impact of the current federal government shutdown, real estate market values in the Bank’s lending area, changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; the availability of low-cost funding; our continued reliance on brokered and municipal deposits; demand for loans in our market area; changes in the quality of our loan and security portfolios, economic assumptions or changes in our methodology, either of which may impact our allowance for credit losses calculation, increases in non-performing and classified loans, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, a failure in or breach of the Company’s operational or security systems or infrastructure, including cyberattacks, the failure to maintain current technologies, failure to retain or attract employees and legislative, accounting and regulatory changes that could adversely affect the business in which the Company and the Bank are engaged. The Company undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release. LOANS Loans are summarized as follows at September 30, 2025 and December 31, 2024: The following tables set forth the distribution of total deposit accounts, by account type, at the dates indicated: Average Balance Sheets and Related Yields and Rates The following tables present information regarding average balances of assets and liabilities, the total dollar amounts of interest income and dividends from average interest-earning assets, the total dollar amounts of interest expense on average interest-bearing liabilities, and the resulting annualized average yields and costs. The yields and costs for the periods indicated are derived by dividing income or expense by the average balances of assets or liabilities, respectively, for the periods presented. Average balances have been calculated using daily balances. Nonaccrual loans are included in average balances only. Loan fees are included in interest income on loans and are not material. Rate/Volume Analysis The following table sets forth the effects of changing rates and volumes on net interest income. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The net column represents the sum of the prior columns. Changes attributable to changes in both rate and volume that cannot be segregated have been allocated proportionally based on the changes due to rate and the changes due to volume. Contacts Kevin Pace – President & CEO, 201-862-0660 ext. 1110

TEANECK, N.J., July 31, 2025 (GLOBE NEWSWIRE) -- Bogota Financial Corp. (NASDAQ: BSBK) (the “Company”), the holding company for Bogota Savings Bank (the “Bank”), reported net income for the three months ended June 30, 2025 of $224,000, or $0.02 per basic and diluted share, compared to a net loss of $432,000, or $0.03 per basic and diluted share, for the comparable prior year period. The Company reported net income for the six months ended June 30, 2025 of $955,000, or $0.08 per basic and diluted share, compared to a net loss of $873,000, or $0.07 per basic and diluted share, for the comparable prior year period. Income for the six months ended June 30, 2025 included a one-time death benefit from the Company's bank-owned life insurance policy related to a former employee of approximately $543,000. Other Financial Highlights: Total assets decreased $49.7 million, or 5.1%, to $921.8 million at June 30, 2025 from $971.5 million at December 31, 2024, due largely to a decrease in cash and cash equivalents and loans. Cash and cash equivalents decreased $31.9 million, or 61.1%, to $20.3 million at June 30, 2025 from $52.2 million at December 31, 2024 due as excess funds were used to pay down borrowings. Securities increased $4.3 million, or 3.1%, to $144.6 million at June 30, 2025 from $140.3 million at December 31, 2024. Net loans decreased $18.5 million, or 2.6%, to $693.2 million at June 30, 2025 from $711.7 million at December 31, 2024, primarily due to decreases in residential mortgages and construction loans. Total deposits at June 30, 2025 were $628.2 million, decreasing $14.0 million, or 2.2%, compared to $642.2 million at December 31, 2024, due to a $11.5 million decrease in certificates of deposit, a $2.8 million decrease in NOW accounts, a $2.3 million decrease in money market accounts and a $2.0 million decrease in noninterest bearing checking accounts. The decreases were offset by a $4.6 million increase in savings accounts. The average rate on deposits decreased 16 basis points to 3.75% for the first half of 2025 from 3.91% for the first half of 2024 due to lower interest rates and a lesser percentage of deposits consisting of higher-costing certificates of deposit. Federal Home Loan Bank advances decreased $36.2 million, or 21.0% to $135.9 million at June 30, 2025 from $172.2 million as of December 31, 2024. The decrease in borrowings was largely attributable to advances that matured during the six months ended June 30, 2025. Kevin Pace, President and Chief Executive Officer, said, “The first half of 2025 has fallen in line with our projections. While loan demand has remained steady, we expect an uptick later this year and into early 2026. We remain dedicated to continued growth in our commercial portfolio while ensuring we limit risk to certain markets and property types. Growth in consumer and commercial deposits is another key initiative as we look to reduce cost of funds.” “We were able to complete our 5th stock buyback recently. Since the IPO, we have reduced our outstanding shares by 1,653,571 and improved our tangible book value per minority share from $22.04 to $29.10. We continue to focus efforts on improving shareholder value.” Income Statement Analysis Comparison of Operating Results for the Three Months Ended June 30, 2025 and June 30, 2024 Net income increased $657,000, or 151.9%, to $224,000 for the three months ended June 30, 2025 from a net loss of $432,000 for the three months ended June 30, 2024. This increase was primarily due to an increase of $951,000 in net interest income, partially offset by a decrease of $229,000 in income tax benefit. Interest income increased $31,000, or 0.3%, to $10.5 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. Interest income on cash and cash equivalents decreased $21,000, or 16.4%, to $106,000 for the three months ended June 30, 2025 from $127,000 for the three months ended June 30, 2024 due to a 164 basis point decrease in the average yield from 5.90% for the three months ended June 30, 2024 to 4.26% for the three months ended June 30, 2025 due to the lower interest rate environment. This was offset by a $1.3 million increase in the average balance to $9.9 million for the three months ended June 30, 2025 from $8.6 million for the three months ended June 30, 2024, reflecting loan and securities repayments, which were offset by a reduction of borrowings. Interest income on loans decreased $7,000, or 0.1%, as a seven basis point increase in the yield was offset by a $12.3 million decrease in the average balance of loans. Interest income on securities increased $86,000, or 4.6%, due to a 151 basis point increase in the average yield offset by a $44.4 million decrease in the average balance. The changes in the yield and average balance reflect that, in the fourth quarter of 2024, the Company sold approximately $66.0 million in amortized cost ($57.1 million in market value) of securities with a weighted average yield of 1.89% and reinvested $32.7 million of these proceeds into securities with a weighted average yield of 5.60%. Interest expense decreased $920,000, or 11.9%, from $7.7 million for the three months ended June 30, 2024 to $6.8 million for the three months ended June 30, 2025 due to lower average balances and costs on deposits and lower balances on borrowings. During the three months ended June 30, 2025, the use of hedges reduced the interest expense on the Federal Home Loan Bank advances and brokered deposits by $186,000. At June 30, 2025, cash flow hedges used to manage interest rate risk had a notional value of $65.0 million, while fair value hedges totaled $60.0 million in notional value. Interest expense on interest-bearing deposits decreased $730,000, or 11.7%, to $5.5 million for the three months ended June 30, 2025 from $6.3 million for the three months ended June 30, 2024. The decrease was due to a 32 basis point decrease in the average cost of deposits to 3.67% for the three months ended June 30, 2025 from 3.99% for the three months ended June 30, 2024. The decrease in the average cost of deposits was due to the lower interest rate environment and a change in the composition of the deposit portfolio. The average balances of certificates of deposit decreased $35.4 million to $482.5 million for the three months ended June 30, 2025 from $517.9 million for the three months ended June 30, 2024 while the average balance of NOW/money market accounts and savings accounts increased $5.6 million and $4.7 million for the three months ended June 30, 2025, respectively, compared to the three months ended June 30, 2024. Interest expense on Federal Home Loan Bank advances decreased $190,000, or 12.9%, from $1.5 million for the three months ended June 30, 2024 to $1.3 million for the three months ended June 30, 2025. The decrease was primarily due to a decrease in the average balance of $40.0 million to $130.3 million for the three months ended June 30, 2025 from $170.3 million for the three months ended June 30, 2024. The decrease was offset by an increase in the average cost of borrowings of 47 basis points to 3.96% for the three months ended June 30, 2025 from 3.49% for the three months ended June 30, 2024 due to the new borrowings being shorter durations at higher rates. Net interest income increased $951,000, or 34.7%, to $3.7 million for the three months ended June 30, 2025 from $2.7 million for the three months ended June 30, 2024. The increase reflected a 48 basis point increase in our net interest rate spread to 1.20% for the three months ended June 30, 2025 from 0.72% for the three months ended June 30, 2024. Our net interest margin increased 53 basis points to 1.74% for the three months ended June 30, 2025 from 1.21% for the three months ended June 30, 2024. We did not record a provision for credit losses for the three months ended June 30, 2025 compared to a $35,000 provision for credit losses for the three-month period ended June 30, 2024. Non-interest income increased $29,000, or 9.4%, to $332,000 for the three months ended June 30, 2025 from $303,000 for the three months ended June 30, 2024. Bank-owned life insurance income increased $13,000, or 6.0%, due to higher balances during 2025, which was augmented by an increase in the gain on sale of loans of $9,000 and an increase in fee and service charge income of $11,000. For the three months ended June 30, 2025, non-interest expense increased $129,000, or 3.5%, over the comparable 2024 period. Professional fees increased $112,000, or 43.2%, due to an increase in audit and consulting fees. Occupancy and equipment costs increased $274,000, or 74.6%, as a result of the lease-buyback transaction completed in the fourth quarter of 2024, which resulted in increased lease expense going forward. These were offset by a $83,000, or 3.9%, reduction in salaries and employee benefits, which decreased due to lower headcount, a $99,000, or 86.1%, decrease in advertising expenses and a $78,000, or 29.4%, decrease in other non-interest expense. Income tax expense increased $229,000, or 151.9%, to a benefit of $53,000 for the three months ended June 30, 2025 from a $281,000 benefit for the three months ended June 30, 2024. The decrease was due to an increase of $886,000 in net income. Comparison of Operating Results for the Six Months Ended June 30, 2025 and June 30, 2024 Net income increased by $1.8 million, or 209.4%, to a net income of $955,000 for the six months ended June 30, 2025 from a net loss of $873,000 for the six months ended June 30, 2024. This increase was primarily due to an increase of $1.9 million in net interest income, partially offset by an increase of $488,000 in income tax expense. Income for the six months ended June 30, 2025 included a one-time death benefit of approximately $543,000 from the Company's bank-owned life insurance policy related to a former employee. Interest income increased $893,000, or 4.4%, from $20.5 million for the six months ended June 30, 2024 to $21.4 million for the six months ended June 30, 2025 due to higher yields on interest-earning assets and a decrease in the average balance of interest-earning assets. Interest income on cash and cash equivalents increased $95,000, or 34.4%, to $371,000 for the six months ended June 30, 2025 from $276,000 for the six months ended June 30, 2024 due to a $4.8 million increase in the average balance to $13.3 million for the six months ended June 30, 2025 from $8.5 million for the six months ended June 30, 2024. This was partially offset by 92 basis point decrease in the average yield from 6.50% for the six months ended June 30, 2024 to 5.58% for the six months ended June 30, 2025. Interest income on loans increased $387,000, or 2.3%, to $16.9 million for the six months ended June 30, 2025 compared to $16.5 million for the six months ended June 30, 2024 due primarily to a 18 basis point increase in the average yield from 4.64% for the six months ended June 30, 2024 to 4.82% for the six months ended June 30, 2025, offset by a $10.3 million decrease in the average balance to $701.4 million for the six months ended June 30, 2025 from $711.7 million for the six months ended June 30, 2024. Interest income on securities increased $390,000, or 11.5%, to $3.8 million for the six months ended June 30, 2025 from $3.4 million for the six months ended June 30, 2024 primarily due to a 143 basis point increase in the average yield from 3.85% for the six months ended June 30, 2024 to 5.28% for the six months ended June 30, 2025, which was offset by a $32.9 million decrease in the average balance to $143.2 million for the six months ended June 30, 2025 from $176.1 million for the six months ended June 30, 2024. The decrease in the average balance and the increase in the yield was as a result of the balance sheet restructuring undertaken in the fourth quarter of 2024, where certain lower-yielding securities were sold, a portion of the proceeds were reinvested into higher-yielding securities and all remaining held to maturity securities were reclassified as available for sale. Interest expense decreased $1.0 million, or 6.6%, from $15.1 million for the six months ended June 30, 2024 to $14.1 million for the six months ended June 30, 2025 due to lower average balances on certificates of deposit and borrowings and a lower rate paid on certificates of deposit. During the six months ended June 30, 2025, the use of hedges reduced the interest expense on the Federal Home Loan Bank advances and brokered deposits by $363,000. At June 30, 2025, cash flow hedges used to manage interest rate risk had a notional value of $65.0 million, while fair value hedges totaled $60.0 million in notional value. Interest expense on interest-bearing deposits decreased $938,000, or 7.7%, to $11.3 million for the six months ended June 30, 2025 from $12.2 million for the six months ended June 30, 2024. The decrease was due to a 16 basis point decrease in the average cost of deposits to 3.75% for the six months ended June 30, 2025 from 3.91% for the six months ended June 30, 2024. The decrease in the average cost was driven by a 21 basis point decrease in the average cost of certificates of deposit to 4.13% for the six months ended June 30, 2025 from 4.34% for the six months ended June 30, 2024. The decrease in the average cost of deposits was due to the lower interest rate environment and a change in the composition of the deposit portfolio. The average balances of certificates of deposit decreased $33.8 million to $483.4 million for the six months ended June 30, 2025 from $517.2 million for the six months ended June 30, 2024 while average NOW/money market accounts and savings accounts increased $7.7 million and $3.6 million for the six months ended June 30, 2025, respectively, compared to the six months ended June 30, 2024. Interest expense on Federal Home Loan Bank advances decreased $62,000, or 2.1%. The decrease was primarily due to a decrease in the average balance of $16.2 million to $144.1 million for the six months ended June 30, 2025 from $160.3 million for the six months ended June 30, 2024. The decrease was offset by an increase in the average cost of borrowings of 33 basis points to 3.99% for the six months ended June 30, 2025 from 3.66% for the six months ended June 30, 2024 due to the new borrowings being for shorter durations at higher rates. Net interest income increased $1.9 million, or 35.1%, to $7.3 million for the six months ended June 30, 2025 from $5.4 million for the six months ended June 30, 2024. The increase reflected a 47 basis point increase in our net interest rate spread to 1.15% for the six months ended June 30, 2025 from 0.68% for the six months ended June 30, 2024. Our net interest margin increased 50 basis points to 1.70% for the six months ended June 30, 2025 from 1.20% for the six months ended June 30, 2024. We recorded a $80,000 recovery of credit losses for the six months ended June 30, 2025 compared to a $70,000 provision for credit losses for the six-month period ended June 30, 2024. The decrease in the allowance for credit losses was due to the decrease in loans and held-to-maturity securities. Non-interest income increased $619,000, or 102.7%, to $1.2 million for the six months ended June 30, 2025 from $602,000 for the six months ended June 30, 2024. Bank-owned life insurance income increased $564,000, or 132.0%, due to a death benefit related to a former employee and higher balances during 2025. In addition to the death benefit, gains on sale of loans also increased by $38,000 when compared to the comparable period in 2024. For the six months ended June 30, 2025, non-interest expense increased $345,000, or 4.7%, over the comparable 2024 period. Professional fees increased $114,000, or 25.0%, due to higher audit and consulting expense. Occupancy and equipment costs increased $574,000, or 77.8%, as a result of the lease-buyback transaction completed in the fourth quarter of 2024, which resulted in increased lease expense going forward. These were offset by a $162,000, or 3.8%, reduction in salaries and employee benefit, which decreased due to lower headcount, advertising expense, which decreased by $104,000, or 46.0%, and other non-interest expense, which decreased $102,000, or 20.0%. Income tax expense increased $488,000, or 85.8%, to a benefit of $81,000 for the six months ended June 30, 2025 from a $568,000 benefit for the six months ended June 30, 2024. The decrease was due to an increase of $2.3 million in income. Balance Sheet Analysis Total assets were $921.8 million at June 30, 2025, representing a decrease of $49.7 million, or 5.1%, from December 31, 2024. Cash and cash equivalents decreased $31.9 million during the period primarily due to the paydown of borrowings. Net loans decreased $18.5 million, or 2.6%, due to $32.0 million in repayments, partially offset by new production of $15.5 million. This resulted in a $14.5 million decrease in the balance of residential loans and a $17.4 million decrease in construction loans, offset by a $7.3 million and $8.0 million of commercial real estate and multi-family loans, respectively. Due to the interest rate environment, we have seen a decrease in demand for residential and construction loans, which have been primary drivers of our loan growth in recent periods. Securities available for sale increased $4.3 million or 3.1%, due to new purchases of mortgage-backed securities. Delinquent loans increased $6.1 million to $20.4 million, or 2.94% of total loans, at June 30, 2025, compared to $14.3 million at December 31, 2024. The increase was primarily due to one commercial real estate loan with a balance of $7.1 million, which is considered well-secured, accruing and in the process of collection. During the same timeframe, non-performing assets decreased from $14.0 million at December 31, 2024 to $13.9 million, which represented 1.50% of total assets at June 30, 2025. No loans were charged-off during the three or six months ended June 30, 2025 or June 30, 2024. The Company’s allowance for credit losses related to loans was 0.37% of total loans and 18.69% of non-performing loans at June 30, 2025 compared to 0.37% of total loans and 18.77% of non-performing loans at December 31, 2024. The Bank does not have any exposure to commercial real estate loans secured by office space. At June 30, 2025, the Company had no allowance for credit losses related to held-to-maturity securities, as the Company did not hold any held-to-maturity securities at June 30, 2025 or at December 31, 2024. Total liabilities decreased $50.8 million, or 6.1%, to $783.4 million mainly due to a $13.9 million decrease in deposits and by a $36.2 million decrease in borrowings. Total deposits decreased $14.0 million, or 2.2%, to $628.2 million at June 30, 2025 from $642.2 million at December 31, 2024. The decrease in deposits reflected a decrease in certificate of deposit accounts, which decreased by $11.5 million to $481.8 million from $493.3 million at December 31, 2024, a decrease in NOW deposit accounts, which decreased by $2.8 million to $52.6 million from $55.4 million at December 31, 2024, a decrease in money market deposit accounts, which decreased by $2.3 million to $11.7 million from $14.0 million at December 31, 2024, and by a decrease in noninterest bearing demand accounts, which decreased by $2.0 million from $32.7 million at December 31, 2024 to $30.7 million at June 30, 2025. At June 30, 2025, brokered deposits were $108.0 million or 17.2% of deposits and municipal deposits were $25.4 million or 4.1% of deposits. At June 30, 2025, uninsured deposits represented 9.1% of the Bank’s total deposits. Federal Home Loan Bank advances decreased $36.2 million, or 21.0%, due to paydown of existing borrowings. Short-term borrowings increased $10.5 million, or 35.6%, to $40.0 million at June 30, 2025 from $29.5 million at December 31, 2024, while long-term borrowings decreased $46.7 million, or 32.8%, to $95.9 million at June 30, 2025 from $142.7 million at December 31, 2024. Total borrowing capacity at the Federal Home Loan Bank is $241.3 million of which $139.0 million has been advanced. Total stockholders’ equity increased $1.2 million to $138.4 million, primarily due to net income of $955,000. At June 30, 2025, the Company’s ratio of average stockholders’ equity-to-total assets was 14.96%, compared to 13.99% at December 31, 2024. About Bogota Financial Corp. Bogota Financial Corp. is a Maryland corporation organized as the mid-tier holding company of Bogota Savings Bank and is the majority-owned subsidiary of Bogota Financial, MHC. Bogota Savings Bank is a New Jersey chartered stock savings bank that has served the banking needs of its customers in northern and central New Jersey since 1893. It operates from seven offices located in Bogota, Hasbrouck Heights, Upper Saddle River, Newark, Oak Ridge, Parsippany and Teaneck, New Jersey and operates a loan production office in Spring Lake, New Jersey. Forward-Looking Statements This press release contains certain forward-looking statements about the Company and the Bank. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, inflation, general economic conditions or conditions within the securities markets, the imposition of tariffs or other domestic or international governmental policies and retaliatory responses, real estate market values in the Bank’s lending area, changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; the availability of low-cost funding; our continued reliance on brokered and municipal deposits; demand for loans in our market area; changes in the quality of our loan and security portfolios, economic assumptions or changes in our methodology, either of which may impact our allowance for credit losses calculation, increases in non-performing and classified loans, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, a failure in or breach of the Company’s operational or security systems or infrastructure, including cyberattacks, the failure to maintain current technologies, failure to retain or attract employees and legislative, accounting and regulatory changes that could adversely affect the business in which the Company and the Bank are engaged. The Company undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release. LOANS Loans are summarized as follows at June 30, 2025 and December 31, 2024: The following tables set forth the distribution of total deposit accounts, by account type, at the dates indicated: Average Balance Sheets and Related Yields and Rates The following tables present information regarding average balances of assets and liabilities, the total dollar amounts of interest income and dividends from average interest-earning assets, the total dollar amounts of interest expense on average interest-bearing liabilities, and the resulting annualized average yields and costs. The yields and costs for the periods indicated are derived by dividing income or expense by the average balances of assets or liabilities, respectively, for the periods presented. Average balances have been calculated using daily balances. Nonaccrual loans are included in average balances only. Loan fees are included in interest income on loans and are not material. Rate/Volume Analysis The following table sets forth the effects of changing rates and volumes on net interest income. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The net column represents the sum of the prior columns. Changes attributable to changes in both rate and volume that cannot be segregated have been allocated proportionally based on the changes due to rate and the changes due to volume. Contacts Kevin Pace – President & CEO, 201-862-0660 ext. 1110

TEANECK, N.J., April 30, 2025 (GLOBE NEWSWIRE) -- Bogota Financial Corp. (NASDAQ: BSBK) (the “Company”), the holding company for Bogota Savings Bank (the “Bank”), reported net income for the three months ended March 31, 2025 of $731,000, or $0.06 per basic and diluted share, compared to a net loss of $441,000, or $0.03 per basic and diluted share, for the comparable prior year period. The increase in net income was primarily due to a decrease in deposit costs and increases in the yield on loans and security income, which resulted in a $942,000 increase in net interest income over the previous year. The Company also recorded a one-time death benefit accrual from its bank-owned life insurance policy for a former employee of approximately $543,000. The Bank has completed its previous repurchase program and has no repurchase program outstanding. As of March 31, 2025, 238,258 shares had been repurchased pursuant to the previous program at a cost of $1.7 million. Other Financial Highlights: Total assets decreased $41.3 million, or 4.3%, to $930.2 million at March 31, 2025 from $971.5 million at December 31, 2024, due to a decrease in cash and cash equivalents, loans and securities. Cash and cash equivalents decreased $26.6 million, or 51.0%, to $25.6 million at March 31, 2025 from $52.2 million at December 31, 2024 as excess funds were used to pay down borrowings. Securities decreased $2.6 million, or 1.8%, to $137.7 million at March 31, 2025 from $140.3 million at December 31, 2024. Net loans decreased $10.2 million, or 1.4%, to $701.5 million at March 31, 2025 from $711.7 million at December 31, 2024. Total deposits at March 31, 2025 were $633.0 million, decreasing $9.2 million, or 1.4%, as compared to $642.2 million at December 31, 2024, due to a $9.5 million decrease in interest-bearing deposits, primarily due to a $17.3 million decrease in certificates of deposit, and a $1.2 million decrease in money market accounts, offset by a $6.6 million increase in NOW accounts and a $2.4 million increase in savings accounts. The average cost of deposits increased 13 basis points to 3.55% for the first quarter of 2025 from 3.42% for the three months ended December 31, 2024. Federal Home Loan Bank advances decreased $32.4 million, or 18.8% to $139.8 million at March 31, 2025 from $172.2 million as of December 31, 2024. Kevin Pace, President and Chief Executive Officer, said “We continue to have a positive outlook on achieving the long-term goals we have set. We have also experienced immediate improvements from the balance sheet restructuring completed at the end of 2024. With a full quarter completed, the positive impact of the restructuring is reflected on our financials. The current market turmoil has created uncertainty around rates. We remain very mindful of this as we project our growth and look to improve our net interest margin.” “Credit quality remains a focus, as it has historically, while we anticipate modest loan growth in the short term. Growth and diversification of our assets are a priority of our strategic plan and we remain dedicated to that vision." Income Statement Analysis Comparison of Operating Results for the Three Months Ended March 31, 2025 and March 31, 2024 Net income increased by $1.2 million to net income of $731,000 for the three months ended March 31, 2025 compared to a net loss of $441,000 for the three months ended March 31, 2024. This increase was primarily due to an increase of $942,000 in net interest income, and a $590,000 increase in non-interest income, partially offset by an increase of $300,000 in occupancy and equipment costs, and a decrease of $259,000 in income tax benefit. Interest income increased $862,000, or 8.6%, from $10.1 million for the three months ended March 31, 2024 to $10.9 million for the three months ended March 31, 2025 primarily due to higher yields on interest-earning assets, offset by a decrease in interest-earning assets. Interest income on cash and cash equivalents increased $115,000, or 76.7%, to $265,000 for the three months ended March 31, 2025 from $150,000 for the three months ended March 31, 2024 due to a $6.7 million increase in the average balance to $16.6 million for the three months ended March 31, 2025 from $9.9 million for the three months ended March 31, 2024, reflecting the decrease in loans and securities. The increase was augmented by a 27 basis point increase in the average yield from 6.10% for the three months ended March 31, 2024 to 6.37% for the three months ended March 31, 2025 due to the higher interest rate environment. Interest income on loans increased $396,000, or 4.8%, to $8.6 million for the three months ended March 31, 2025 compared to $8.2 million for the three months ended March 31, 2024 due primarily to a 27 basis point increase in the average yield from 4.61% for the three months ended March 31, 2024 to 4.88% for the three months ended March 31, 2025, which was offset by a $8.3 million decrease in the average balance to $705.1 million for the three months ended March 31, 2025 from $713.4 million for the three months ended March 31, 2024. Interest income on securities increased $304,000, or 19.9%, to $1.8 million for the three months ended March 31, 2025 from $1.5 million for the three months ended March 31, 2024 primarily due to a 138 basis point increase in the average yield from 3.67% for the three months ended March 31, 2024 to 5.05% for the three months ended March 31, 2025 due to the rebalancing of the balance sheet in the fourth quarter of 2024. This was partially offset by a $21.4 million decrease in the average balance to $145.3 million for the three months ended March 31, 2025 from $166.7 million for the three months ended March 31, 2024. Interest expense decreased $80,000, or 1.1%, from $7.4 million for the three months ended March 31, 2024 to $7.3 million for the three months ended March 31, 2025 due to lower average balances on certificates of deposits, offset by an increase in the cost of funds. During the three months ended March 31, 2025, the use of hedges reduced the interest expense on the Federal Home Loan Bank and brokered deposit advances by $177,000. At March 31, 2025, cash flow hedges used to manage interest rate risk had a notional value of $65.0 million, while fair value hedges totaled $60.0 million in notional value. Interest expense on interest-bearing deposits decreased $208,000, or 3.5%, to $5.8 million for the three months ended March 31, 2025 from $6.0 million for the three months ended March 31, 2024. The average balances of certificates of deposit decreased $32.2 million to $484.3 million for the three months ended March 31, 2025 from $516.5 million for the three months ended March 31, 2024 while the average balance of NOW/money market accounts and savings accounts increased $10.0 million and $2.5 million for the three months ended March 31, 2025, respectively, compared to the three months ended March 31, 2024. Interest expense on Federal Home Loan Bank advances increased $128,000, or 8.9%, from $1.4 million for the three months ended March 31, 2024 to $1.6 million for the three months ended March 31, 2025. The increase was primarily due to an increase in the average cost of borrowings of 24 basis points to 4.02% for the three months ended March 31, 2025 from 3.78% for the three months ended March 31, 2024 due to new borrowings being at shorter durations. The increase was also due to an increase in the average balance of $4.8 million to $158.1 million for the three months ended March 31, 2025 from $153.3 million for the three months ended March 31, 2024. Net interest income increased $942,000, or 35.5%, to $3.6 million for the three months ended March 31, 2025 from $2.7 million for the three months ended March 31, 2024. The increase reflected a 44 basis point increase in our net interest rate spread to 1.12% for the three months ended March 31, 2025 from 0.68% for the three months ended March 31, 2024. Our net interest margin increased 48 basis points to 1.66% for the three months ended March 31, 2025 from 1.18% for the three months ended March 31, 2024. We recorded a recovery for credit losses for the three months ended March 31, 2025 of $80,000 compared to a provision for credit losses of $35,000 for the three months ended March 31, 2024 due to decreases in loan balances and unfunded commitments. Non-interest income increased by $590,000, or 197.4%, to $889,000 for the three months ended March 31, 2025 from $299,000 for the three months ended March 31, 2024. Bank-owned life insurance income increased $550,000, or 259.5%, due to a death benefit received related to a former employee. Gain on sale of loans increased $29,000 compared to no gain on sale of loans for the comparable period last year. For the three months ended March 31, 2025, non-interest expense increased $217,000, or 5.9%, over the comparable 2024 period. This was due to a $300,000, or 80.9% increase in occupancy and equipment costs, which increased as we began leasing certain offices as part of the sale-leaseback transaction completed in the fourth quarter of 2024, which was offset by a $78,000, or 3.6%, decrease in salaries and employee benefit costs, which decreased as a result of reduced headcount, taxes and a reduction in stock-based compensation expense. Income tax benefit decreased $259,000, to a benefit of $28,000 for the three months ended March 31, 2025 from a $287,000 benefit for the three months ended March 31, 2024. The decrease was due to an increase of $1.4 million in taxable income, offset by the benefits of income from bank-owned life insurance, which is tax free. Balance Sheet Analysis Total assets were $930.2 million at March 31, 2025, representing a decrease of $41.3 million, or 4.3%, from December 31, 2024. Cash and cash equivalents decreased $26.6 million during the period primarily due to the paydown of borrowings and decrease in deposits. Net loans decreased $10.2 million, or 1.44%, due to a $6.6 million decrease in the balance of residential loans, as well as a $9.7 million decrease in the balance of construction loans and a decrease of $1.1 million in commercial and industrial loans. The decrease was partially offset by new production of $7.8 million of commercial real estate loans. Due to the interest rate environment, we have experienced a decrease in demand for residential and construction loans, which have been primary drivers of our loan growth in recent periods. Securities available for sale decreased $2.6 million, or 1.8%. Delinquent loans decreased $842,000 to $13.5 million, or 1.92% of total loans, at March 31, 2025, compared to $14.3 million, or 2.01% of total loans, at December 31, 2024. The decrease was mostly due to the payoff of one commercial real estate loan with a balance of $455,000 and residential loans totaling $387,000 being brought current. During the same timeframe, non-performing assets decreased from $14.0 million at December 31, 2024 to $13.9 million, which represented 1.49% of total assets at March 31, 2025. No loans were charged-off during the three months ended March 31, 2025 or March 31, 2024. The Company’s allowance for credit losses related to loans was 0.37% of total loans and 18.65% of non-performing loans at March 31, 2025 compared to 0.37% of total loans and 21.81% of non-performing loans at December 31, 2024. The Bank does not have any exposure to commercial real estate loans secured by office space. Total liabilities decreased $42.3 million, or 5.1%, to $791.9 million mainly due to a $32.4 million decrease in borrowings and a $9.2 million decrease in total deposits. The decrease in deposits reflected a decrease in certificate of deposit accounts, which decreased by $17.3 million to $476.0 million from $493.3 million at December 31, 2024, and a $1.2 million, or 8.3%, decrease in money market accounts. This was offset by an increase in NOW deposit accounts, which increased by $6.6 million to $62.0 million from $55.4 million at December 31, 2024, and by an increase in savings accounts, which increased by $2.4 million from $46.9 million at December 31, 2024 to $49.3 million at March 31, 2025. At March 31, 2025, brokered deposits were $94.2 million or 14.9% of deposits and municipal deposits were $39.2 million or 6.2% of deposits. At March 31, 2025, uninsured deposits represented 7.9% of the Bank’s total deposits. Federal Home Loan Bank advances decreased $32.4 million, or 18.8%, due to paydown of existing borrowings. Total borrowing capacity at the Federal Home Loan Bank is $261.9 million of which $139.8 million has been advanced. Total stockholders’ equity increased $965,000 to $138.3 million, due to net income of $731,000 and a decrease in accumulated other comprehensive loss of $360,000. At March 31, 2025, the Company’s ratio of average stockholders’ equity-to-average total assets was 14.59%, compared to 13.99% at December 31, 2024. About Bogota Financial Corp. Bogota Financial Corp. is a Maryland corporation organized as the mid-tier holding company of Bogota Savings Bank and is the majority-owned subsidiary of Bogota Financial, MHC. Bogota Savings Bank is a New Jersey chartered stock savings bank that has served the banking needs of its customers in northern and central New Jersey since 1893. It operates from seven offices located in Bogota, Hasbrouck Heights, Upper Saddle River, Newark, Oak Ridge, Parsippany and Teaneck, New Jersey and operates a loan production office in Spring Lake, New Jersey. Forward-Looking Statements This press release contains certain forward-looking statements about the Company and the Bank. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, inflation, general economic conditions including potential recessionary conditions, the imposition of tariffs or other domestic or international governmental policies, conditions within the securities markets, real estate market values in the Bank’s lending area, changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; the availability of low-cost funding; our continued reliance on brokered and municipal deposits; demand for loans in our market area; changes in the quality of our loan and security portfolios, economic assumptions or changes in our methodology for calculating our allowance for credit losses calculation, increases in non-performing and classified loans, monetary and fiscal policies of the U.S. Government including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, a failure in or breach of the Company’s operational or security systems or infrastructure, including cyberattacks, the failure to maintain current technologies, failure to retain or attract employees and legislative, accounting and regulatory changes that could adversely affect the business in which the Company and the Bank are engaged. The Company undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release. LOANS Loans are summarized as follows at March 31, 2025 and December 31, 2024: The following tables set forth the distribution of total deposit accounts, by account type, at the dates indicated: Average Balance Sheets and Related Yields and Rates The following tables present information regarding average balances of assets and liabilities, the total dollar amounts of interest income and dividends from average interest-earning assets, the total dollar amounts of interest expense on average interest-bearing liabilities, and the resulting annualized average yields and costs. The yields and costs for the periods indicated are derived by dividing income or expense by the average balances of assets or liabilities, respectively, for the periods presented. Average balances have been calculated using daily balances. Nonaccrual loans are included in average balances only. Loan fees are included in interest income on loans and are not material. Rate/Volume Analysis The following table sets forth the effects of changing rates and volumes on net interest income. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The net column represents the sum of the prior columns. Changes attributable to changes in both rate and volume that cannot be segregated have been allocated proportionally based on the changes due to rate and the changes due to volume. ContactsKevin Pace – President & CEO, 201-862-0660 ext. 1110