Bogota Financial Q2 2026: Net Income Triples, But Non-Performing Loans Double

summarizeSummary

Bogota Financial's Q2 2026 net income tripled to $748,000, but non-performing loans more than doubled to $27.8 million. The 10-Q also details the pending GSL Savings Bank acquisition.

check_boxKey Events · Earnings and Guidance · BSBK

• Net Income Triples

  Q2 2026 net income was $748,000, up from $224,000 a year ago, driven by a $145,000 increase in net interest income and a $300,000 insurance claim recovery.

• Non-Performing Loans Double

  Non-performing loans rose to $27.8 million (3.2% of total assets) from $13.3 million at year-end 2025, including a $10.9 million construction loan and two commercial real estate loans totaling $12.5 million.

• Deposit Outflows Continue

  Total deposits fell $78.2 million, or 12.0%, to $574.2 million, with certificates of deposit down $91.4 million. FHLB borrowings increased $47.7 million to $141.0 million to offset the outflows.

• GSL Acquisition Details

  The pending acquisition of GSL Savings Bank is expected to close in the second half of 2026. GSL had $151.2 million in assets, $119.7 million in gross loans, and $120.4 million in deposits as of June 30, 2026.

auto_awesomeAnalysis · BSBK · Finance

Bogota Financial's Q2 2026 10-Q shows net income of $748,000, triple the prior year, driven by higher net interest income and a $300,000 insurance recovery. However, non-performing loans more than doubled to $27.8 million, or 3.2% of total assets, from $13.3 million at year-end 2025. The increase stems from a $10.9 million construction loan for a catering hall and two commercial real estate loans totaling $12.5 million. Management states all nonaccrual loans are well-secured and no specific reserves were recorded, but the sharp rise in problem assets is a key risk to monitor. The filing also provides details on the pending GSL Savings Bank acquisition, expected to close in the second half of 2026.