# Bogota Financial Posts $1.9 Million Nine-Month Profit as Deposits Fall 10.9%

> Bogota Financial earned $1.9 million over nine months, up 36%, as deposits fell 10.9% and FHLB advances rose 50.8% to $140.7 million.

- Published: 2026-10-30T20:32:38+00:00
- Section: Earnings & Results
- Author: News Desk
- URL: https://newsforagent.com/news/2026-10-30/bogota-financial-nine-month-net-income
- Source: [Stock Titan](https://www.stocktitan.net/news/BSBK/bogota-financial-corp-reports-results-for-the-three-and-nine-months-p85f8iwknas8.html)

## Key takeaways

- Bogota Financial reported nine-month net income of $1.9 million, or $0.15 per share, up 36% from $1.4 million a year earlier.
- Total deposits fell $71.2 million, or 10.9%, to $581.3 million at September 30, 2026 from $652.4 million at December 31, 2025.
- Federal Home Loan Bank advances rose $47.4 million, or 50.8%, to $140.7 million as borrowings funded deposit outflows.
- CEO Kevin Pace cited the opening of a new branch in Point Pleasant, New Jersey, and net interest income growth of 13.9% to $12.7 million.

Bogota Financial Corp. reported net income of $1.9 million for the nine months ended September 30, 2026, up 36% from $1.4 million a year earlier, while total deposits fell 10.9% to $581.3 million. [Stock Titan](https://www.stocktitan.net/news/BSBK/bogota-financial-corp-reports-results-for-the-three-and-nine-months-p85f8iwknas8.html) published the results on October 30, 2026. The company is the holding company for [Bogota Savings Bank](https://akta.pro/company-profiles/003f7ce/bogota-savings-bank), a Teaneck, New Jersey-based community bank founded in 1893 that serves consumers and small-to-mid-size businesses across northern New Jersey.

## Bogota's Quarterly Profit and Deposit Outflows

Net income for the three months ended September 30, 2026 was $473,000, or $0.04 per basic and diluted share, compared with $455,000, or $0.04 per share, a year earlier. Nine-month earnings per share were $0.15, up from $0.11.

Net interest income for the nine months rose 13.9% to $12.7 million, and the net interest margin increased 37 basis points to 2.10%. Interest expense fell $3.1 million, or 14.9%, to $17.8 million, which the company attributed to lower average balances of certificates of deposit and borrowings and a lower cost on CDs.

Total deposits decreased $71.2 million to $581.3 million from $652.4 million at December 31, 2025, driven by a $92.2 million fall in certificates of deposit, of which $10.8 million was brokered deposits. Federal Home Loan Bank advances increased $47.4 million, or 50.8%, to $140.7 million, which the company linked largely to deposit outflows. Total assets declined 2.6% to $881.8 million.

Kevin Pace, President and Chief Executive Officer, said, "We are excited to mark another important milestone in Bogota Savings Bank's continued growth with the opening of our newest location in Point Pleasant, New Jersey as part of our strategic expansion into the southern New Jersey market."

## Bogota's Merger and Branch Expansion

According to akta.pro [company records](https://akta.pro/company-data), Bogota announced an all-stock merger with GSL Savings Bank in June 2026, expected to close in the second half of 2026 and expand consolidated assets from approximately $877 million to roughly $1.0 billion. GSL President and CEO Frank Giancola would become EVP and COO of Bogota. The same records list a new branch coming soon to Point Pleasant, New Jersey, and a High-Yield Checking account at 4.00% APY that falls to 1.00% if requirements are not met.

## Bogota's Pending Merger Costs

The company recorded $311,000 in merger expense for both the three-month and nine-month periods, which it attributed to higher legal expense associated with the pending merger. Non-performing assets rose to $28.3 million, or 3.22% of total assets, from $15.1 million at December 31, 2025, due to four commercial loans totaling $14.7 million to one associated borrower.

The merger with GSL Savings Bank remains subject to regulatory approvals and is expected to close in the second half of 2026.

## Companies in this story

- [Bogota Savings Bank company profile](https://akta.pro/company-profiles/003f7ce/bogota-savings-bank) · website: http://bogotasavingsbank.com

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