Bogota Financial Corp. Issues Revised Earnings Release for Three and Nine Months Ended September 30, 2024

Bogota Financial Corp. (NASDAQ: BSBK) recently disclosed a revised earnings release that corrects its financial results for the three and nine months ended September 30, 2024. The adjustment was made due to a misstatement related to the rates paid on certain certificates of deposit during the mentioned period.

The Original Earnings Release, unveiled before the correction, had understated interest expense on deposits by $300,000 for the quarter ending September 30, 2024. The Revised Earnings Release, issued after market close on November 1, 2024, reflects the rectified financial figures.

Specific adjustments include changes in interest expenses, net interest income, and income before taxes for the three and nine months ending September 30, 2024. Bogota Financial Corp., known as the holding company for Bogota Savings Bank, provided detailed insights into the corrected financial data.

The revised financial information was included in the 8-K current report submitted to the Securities and Exchange Commission. The company highlighted that the amended data should not be considered as “filed” for regulatory purposes or incorporated by reference in any securities filings.

The correction to the financial results was triggered by an internal review that identified the misstated figures. Bogota Financial Corp. is committed to ensuring accurate and transparent reporting of its financial performance.

The public can access the complete Revised Earnings Release, which provides a comprehensive breakdown of the corrected financial metrics for the specified periods.

As the company addresses the errors in its financial reporting, investors and stakeholders are keen to observe how these adjustments may impact the overall market sentiments associated with Bogota Financial Corp. The endeavor reflects the company’s dedication to upholding financial integrity and accountability in its disclosures.

Investors are advised to review the detailed financial statements and metrics presented in the Revised Earnings Release for a comprehensive understanding of Bogota Financial Corp.’s financial performance during the outlined periods.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Bogota Financial’s 8K filing here.

About Bogota Financial

Bogota Financial Corp. operates as the bank holding company for Bogota Savings Bank that provides banking products and services in the United States. It offers deposit accounts, including demand accounts, savings accounts, money market accounts, and certificate of deposit accounts. The company also provides one-to four-family residential real estate loans, and commercial real estate and multi-family loans; consumer loans, such as home equity loans and lines of credit; commercial and industrial loans; and construction loans; and buys, sells, and holds investment securities.