EX-99.1

EX-99.1 2 d232949dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

Bogota Financial Corp. Reports Results for the

Three Months Ended March 31, 2022

NEWS PROVIDED BY

Bogota Financial Corp.

Teaneck, New Jersey, May 2, 2022 – 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, 2022 of $1.4 million, compared to net income of $3.0 million for the comparable prior year period. During the three months ended March 31, 2021, the Company recorded a bargain purchase gain of $1.9 million, and merger-related expenses of $318,000, each of which was associated with the acquisition of Gibraltar Bank. Excluding the bargain purchase gain and the merger-related expenses in 2021, net income for the three months ended March 31, 2021 was $1.4 million, which equals the comparable current year period¹.

On April 11, 2022, the Company announced it completed its initial 5% buyback plan, purchasing 296,044 shares. The Company’s Board of Directors has approved another 5% buyback plan, which is subject to regulatory approval.

Other Financial Highlights:

•

Total assets increased $13.3 million, or 1.6%, to $850.7 million at March 31, 2022 from $837.4 million at December 31, 2021, due to an increase in securities, which was primarily funded by cash and cash equivalents.

•

Net loans decreased $5.8 million, or 1.0%, to $564.4 million at March 31, 2022 from $570.2 million at December 31, 2021.

•

Total deposits were $619.9 million, increasing $22.5 million, or 3.8%, as compared to $597.5 million at December 31, 2021, primarily due to a new $20.0 million municipal deposit relationship. The average rate paid on deposits at March 31, 2022 decreased nine basis points from 0.61% at March 31, 2021 to 0.52% at December 31, 2021.

•

Return on average assets was 0.68% for the three-month period ended March 31, 2022 compared to 1.57% for the comparable period in 2021. Without the bargain purchase gain and merger-related expenses in 2021, the return on average assets would have been 0.68%¹ and 0.73%¹ for the three-month periods ended March 31, 2022 and 2021, respectively.

•

Return on average equity was 3.88% for the three-month period ended March 31, 2022 compared to 9.11% for the comparable period in 2021. Without the bargain purchase gain and merger-related expenses in 2021, the return on average equity would have been 3.88%¹ and 4.59%¹ for the three-month period ended March 31, 2022 and 2021, respectively.

Joseph Coccaro, President and Chief Executive Officer, said, “We are pleased with our results for the quarter. We continue to enjoy strong credit quality as non-performing loans and criticized assets remain very low. We continue to see improvement in our net interest margin which rose 14 basis points year over year.”

Mr. Coccaro further stated, “During the last year we completed the acquisition of Gibraltar Bank including a business system conversion and opened our sixth branch location in Hasbrouck Heights. This year we expect to grow loan and deposit balances and are forecasting for assets to increase to $900 million. However, forecasted rate hikes, higher inflation and a low inventory in housing will make this challenging.”

^[1]	This number represents a non-GAAP financial measure. Please see “Reconciliation of GAAP to Non-GAAP” contained at the end of this release.

Income Statement Analysis

Comparison of Operating Results for the Three Months Ended March 31, 2022 and March 31, 2021

Net income decreased by $1.6 million, or 53.4%, to $1.4 million for the three months ended March 31, 2022 from $3.0 million for the three months ended March 31, 2021. The decrease was due to a decrease in non-interest income of $2.0 million offset by an increase in net interest income of $544 thousand. Excluding the one-time bargain purchase gain of $1.9 million that occurred in 2021 in connection with the Gibraltar Bank acquisition, net income would have increased $300,000 for the three months ended March 31, 2022 as compared to the comparable period in 2021.

Interest income on cash and cash equivalents decreased $20,000, or 40.8%, to $29,000 for the three months ended March 31, 2022 from $49,000 for the three months ended March 31, 2021 due to a six basis point decrease in the average yield on cash and cash equivalents from 0.23% for the three months ended March 31, 2021 to 0.17% for the three months ended March 31, 2022 due to the lower interest rate environment. The decrease was also due to a $16.8 million decrease in the average balance of cash and cash equivalents to $71.5 million for the three months ended March 31, 2022 from $88.3 million for the three months ended March 31, 2021, reflecting the use of excess liquidity to purchase investment securities.

Interest income on loans increased $72,000, or 1.3%, to $5.5 million for the three months ended March 31, 2022 compared to $5.5 million for the three months ended March 31, 2021 due to a nine basis point increase in the average yield on loans from 3.81% for the three months ended March 31, 2021 to 3.90% for the three months ended March 31, 2022 offset by a $2.2 million decrease in the average balance of loans to $571.8 million for the three months ended March 31, 2022 from $574.1 million for the three months ended March 31, 2021.

Interest income on securities decreased $28,000, or 4.1%, to $658,000 for the three months ended March 31, 2022 from $686,000 for the three months ended March 31, 2021 due to a 182 basis point decrease in the average yield from 3.72% for the three months ended March 31, 2021 to 1.90% for the three months ended March 31, 2022. The decrease was offset by a $64.0 million increase in the average balance of securities to $138.8 million for the three months ended March 31, 2022 from $74.8 million for the three months ended March 31, 2021, reflecting the purchase of investments with excess liquidity as deposit growth exceeded loan growth.

Interest expense on interest-bearing deposits decreased $437,000, or 34.6%, to $826,000 for the three months ended March 31, 2022 from $1.3 million for the three months ended March 31, 2021. The decrease was due primarily to a 43 basis point decrease in the average cost of interest-bearing deposits to 0.60% for the three months ended March 31, 2022 from 1.03% for the three months ended March 31, 2021. The decrease in the average cost of deposits was due to the lower interest rate environment and an increase in the average balance of lower-cost transaction accounts compared to a decrease in the average balance of higher cost certificates of deposit. This decrease was offset by a $61.7 million increase in the average balance of deposits to $561.1 million for the three months ended March 31, 2022 from $499.4 million for the three months ended March 31, 2021.

Interest expense on Federal Home Loan Bank borrowings decreased $101,000, or 23.5%, from $431,000 for the three months ended March 31, 2021 to $330,000 for the three months ended March 31, 2022. The decrease was due to a decrease in the average cost of borrowings of four basis points to 1.63% for the three months ended March 31, 2022 from 1.67% for the three months ended March 31, 2021 due to the lower interest rate environment and a decrease in the average balance of borrowings of $22.2 million to $82.3 million for the three months ended March 31, 2022 from $104.4 million for the three months ended March 31, 2021.

Net interest income increased $544,000, or 11.9%, to $5.1 million for the three months ended March 31, 2022 from $4.6 million for the three months ended March 31, 2021. The increase reflected a 20 basis point increase in our net interest rate spread to 2.48% for the three months ended March 31, 2022 from 2.28% for the three months ended March 31, 2021. Our net interest margin increased 14 basis points to 2.64% for the three months ended March 31, 2022 from 2.50% for the three months ended March 31, 2021.

We recorded no provision for loan losses the three months ended March 31, 2022 and recorded a $59,000 credit for the three-month period ended March 31, 2021. Lower balances in residential loans, a more positive economic environment and continued strong asset quality metrics were the reasons for the absence of a provision for the three months ended March 31, 2022. The Bank continues to have a low level of delinquent and non-accrual loans in the portfolio, as well as no charge-offs. Non-performing assets were $1.9 million, or 0.23% of total assets, at March 31, 2022. The allowance for loan losses was $2.2 million, or 0.38% of loans outstanding and 111.8% of nonperforming loans, at March 31, 2022.

Non-interest income decreased by $2.0 million, or 85.1%, to $344,000 for the three months ended March 31, 2022 from $2.3 million for the three months ended March 31, 2021. Gain on sale of loans decreased $149,000 offset by a $66,000 increase in bank-owned life insurance. The decrease was due to a $1.9 million decrease in the bargain purchase gain recognized in the Gibraltar Bank acquisition in 2021.

For the three months ended March 31, 2022, non-interest expense increased $109,000, or 3.2% to $3.5 million, over the comparable 2021 period. Salaries and employee benefits increased $524,000, or 34.1%, attributable to adding the new Gibraltar employees and the new Hasbrouck Heights branch office. Data processing expense increased $70,000, or 33.6%, due to higher data processing expense from the merger. Professional fees decreased $115,000, or 44.3%, due in part to lower legal expense associated with the merger in 2021. Merger fees and core conversion expenses decreased $678,000 due to the merger in 2021. The increase of other general operating expenses was mainly due to increase occupancy costs for the acquired Gibraltar Bank branches and the new Hasbrouck Heights branch office.

Balance Sheet Analysis

Total assets were $850.7 million at March 31, 2022, representing an increase of $13.3 million, or 1.6%, from December 31, 2021. Cash and cash equivalents decreased $36.0 million during the period primarily due to investment purchases with excess liquidity. Net loans decreased $5.8 million, or 1.0%, due to $26.4 million in repayments, offset by new production of $20.6 million, consisting of a relatively equal mix of residential real estate loans and commercial real estate loans. Securities held to maturity increased $7.3 million due to the purchase of corporate bonds and mortgage-backed securities with excess cash. Securities available for sale increased $49.8 million due to the purchase of mortgage-backed securities and corporate bonds with excess cash.

Delinquent loans increased $100,000, or 87.9%, during the three-month period ended March 31, 2022, finishing at $1.8 million or 0.30% of total loans. During the same timeframe, non-performing assets remained unchanged at $1.9 million and were 0.23% of total assets at March 31, 2022. The Company’s allowance for loan losses was 0.38% of total loans and 111.8% of non-performing loans at March 31, 2022.

Total liabilities increased $15.9 million, or 2.3%, to $705.7 million mainly due to an increase in deposits reflecting a new $20.0 million municipal relationship, offset by a decrease in borrowings. Total deposits increased $22.5 million, or 3.8%, to $619.9 million at March 31, 2022 from $597.5 million at December 31, 2021. The increase in deposits reflected an increase in interest-bearing deposits of $18.8 million, or 3.4%, to $577.0 million as of March 31, 2022 from $558.2 million at December 31, 2021 and an increase in non-interest bearing deposits of $3.6 million, or 9.2%, to $42.9 million as of March 31, 2022 from $39.3 million as of December 31, 2021. Federal Home Loan Bank advances decreased $7.0 million, or 8.3%, due to maturing advances.

Stockholders’ equity decreased $2.6 million to $145.0 million, due to increased accumulated other comprehensive loss for securities for available sale of $2.4 million and the repurchase of 182,001 shares of stock during the quarter at a cost of $1.9 million, offset by net income of $1.4 million for the three months ended March 31, 2022. At March 31, 2022, the Company’s ratio of average stockholders’ equity-to-total assets was 17.35%, compared to 17.93% at March 31, 2021.

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 six offices located in Bogota, Hasbrouck Heights, 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, changes in the quality of our loan and security portfolios, increases in non-performing and classified loans, and legislative, accounting and regulatory changes that could adversely affect the business in which the Company and the Bank are engaged.

Further, given its ongoing and dynamic nature, it is difficult to predict the full impact of the COVID-19 pandemic on the Company’s business. The extent of such impact will depend on future developments, which are highly uncertain, including if the coronavirus can continue to be controlled and abated. As the result of the COVID-19 pandemic and the related adverse local and national economic consequences, the Company could be subject to any of the following risks, any of which could have a material, adverse effect on the Company’s business, financial condition, liquidity, and results of operations: demand for the Company’s products and services may decline, making it difficult to grow assets and income; if the economy worsens, loan delinquencies, problem assets, and foreclosures may increase, resulting in increased charges and reduced income; collateral for loans, especially real estate, may decline in value, which could cause loan losses to increase; the Company’s allowance for loan losses may have to be increased if borrowers experience financial difficulties, which will adversely affect the Company’s net income; the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us; the Company’s cyber security risks are increased as the result of an increase in the number of employees working remotely; and FDIC premiums may increase if the agency experience additional resolution costs.

The Company undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.

BOGOTA FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION


	As of			As of
	March 31, 2022			December 31, 2021
	(unaudited)
Assets
Cash and due from banks	$	15,233,627		$	14,446,792
Interest-bearing deposits in other banks		53,820,627			90,621,993

Cash and cash equivalents		69,054,254			105,068,785
Securities available for sale		91,591,740			41,838,798
Securities held to maturity (fair value of $78,414,506 and $74,081,059, respectively)		81,314,630			74,053,099
Loans held for sale		450,000			1,152,500
Loans, net of allowance of $2,153,174 and $2,153,174, respectively		564,426,841			570,209,669
Premises and equipment, net		8,060,909			8,127,979
Federal Home Loan Bank (FHLB) stock and other restricted securities		4,514,700			4,851,300
Accrued interest receivable		2,770,432			2,712,605
Core deposit intangibles		318,347			336,364
Bank-owned life insurance		24,667,417			24,524,122
Other assets		3,520,871			4,486,366

Total Assets	$	850,690,141		$	837,361,587

Liabilities and Equity
Non-interest bearing deposits	$	42,935,960		$	39,317,500
Interest bearing deposits		576,996,588			558,162,278

Total Deposits		619,932,548			597,479,778
FHLB advances		78,003,974			85,051,736
Advance payments by borrowers for taxes and insurance		2,931,998			2,856,120
Other liabilities		4,795,689			4,397,742

Total liabilities		705,664,209			689,785,376

Commitments and Contingencies		—			—
Stockholders’ Equity
Preferred stock $0.01 par value 1,000,000 shares authorized, none issued and outstanding at March 31, 2022 and December 31, 2021		—			—
Common stock $0.01 par value, 30,000,000 shares authorized, 14,425,308 issued and outstanding at March 31, 2022 and 14,605,809 at December 31, 2021		144,252			146,057
Additional paid-in capital		66,580,931			68,247,204
Retained earnings		86,280,709			84,879,812
Unearned ESOP shares (456,644 shares at March 31, 2022 and 463,239 shares at December 31, 2021)		(5,348,905	)		(5,424,206	)
Accumulated other comprehensive loss		(2,631,055	)		(272,656	)

Total stockholders’ equity		145,025,932			147,576,211

Total liabilities and stockholders’ equity	$	850,690,141		$	837,361,587

BOGOTA FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)


	Three months ended March 31,
	2022		2021
Interest income
Loans	$	5,537,080	$	5,464,961
Securities
Taxable		637,121		673,547
Tax-exempt		20,996		12,585
Other interest-earning assets		83,813		123,004

Total interest income		6,279,010		6,274,097

Interest expense
Deposits		826,184		1,263,682
FHLB advances		329,833		431,125

Total interest expense		1,156,017		1,694,807

Net interest income		5,122,993		4,579,290
Credit for loan losses		—		(59,000	)

Net interest income after provision (credit) for loan losses		5,122,993		4,638,290

Non-interest income
Fees and service charges		39,318		52,527
Gain on sale of loans		87,130		236,037
Bargain purchase gain		—		1,933,397
Bank-owned life insurance		155,993		89,666
Other		61,982		6,979

Total non-interest income		344,423		2,318,606

Non-interest expense
Salaries and employee benefits		2,063,347		1,538,920
Occupancy and equipment		344,429		266,479
FDIC insurance assessment		54,000		45,000
Data processing		278,347		208,309
Advertising		121,145		60,000
Director fees		214,791		198,239
Professional fees		144,263		258,917
Merger fees		—		318,265
Core conversion costs		—		360,000
Other		320,953		178,317

Total non-interest expense		3,541,275		3,432,446

Income before income taxes		1,926,141		3,524,450
Income tax expense		525,244		518,143

Net income	$	1,400,897	$	3,006,307
Earnings per Share - basic	$	0.10	$	0.23
Earnings per Share - diluted	$	0.10	$	0.23
Weighted average shares outstanding		13,858,884		13,107,593
Weighted average shares outstanding - diluted		13,878,304		13,107,593

BOGOTA FINANCIAL CORP.

SELECTED RATIOS

(unaudited)


	At or For the Three Months Ended March 31,
	2022			2021
Performance Ratios (1):
Return on average assets (2)		0.68	%		1.57	%
Return on average equity (3)		3.88	%		9.11	%
Interest rate spread (4)		2.48	%		2.26	%
Net interest margin (5)		2.64	%		2.50	%
Efficiency ratio (6)		64.77	%		51.71	%
Average interest-earning assets to average interest-bearing liabilities		122.33	%		123.09	%
Net loans to deposits		91.05	%		104.34	%
Equity to assets (7)		17.05	%		15.83	%
Capital Ratios:
Tier 1 capital to average assets		17.35	%		17.93	%
Asset Quality Ratios:
Allowance for loan losses as a percent of total loans		0.38	%		0.36	%
Allowance for loan losses as a percent of non-performing loans		111.82	%		225.94	%
Net recoveries to average outstanding loans during the period		0.00	%		0.00	%
Non-performing loans as a percent of total loans		0.34	%		0.16	%
Non-performing assets as a percent of total assets		0.23	%		0.11	%

(1)	Performance ratios are annualized.

(2)	Represents net income divided by average total assets.

(3)	Represents net income divided by average stockholders’ equity.

(4)	Represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost of average interest-bearing liabilities. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of 30%.

(5)	Represents net interest income as a percent of average interest-earning assets. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of 30% for 2022 and 2021.

(6)	Represents non-interest expenses divided by the sum of net interest income and non-interest income.

(7)	Represents average stockholders’ equity divided by average total assets.

LOANS (unaudited)

Loans are summarized as follows at March 31, 2022 and December 31, 2021:


	March 31, 2022			December 31, 2021
Real estate:
Residential	$	316,657,570		$	319,968,234
Commercial and multi-family real estate		177,225,830			175,375,419
Construction		43,639,387			41,384,687
Commercial and industrial		3,494,447			7,905,524
Consumer:
Home equity and other		25,562,781			27,728,979

Total loans		566,580,015			572,362,843
Allowance for loan losses		(2,153,174	)		(2,153,174	)

Net loans	$	564,426,841		$	570,209,669

The following tables set forth the distribution of total deposit accounts, by account type, at the dates indicated.


	At March 31,								At December
	2022								2021
	Amount		Percent			Average Rate			Amount		Percent			Average Rate
							(Dollars in thousands)
	(unaudited)
Noninterest bearing demand accounts	$	42,936		6.93	%		—	%	$	39,318		6.58	%		—	%
NOW accounts		101,222		16.33			0.62			69,940		11.71			0.82
Money market accounts		65,198		10.52			0.34			57,541		9.63			0.34
Savings accounts		70,644		11.40			0.26			64,285		10.76			0.26
Certificates of deposit		339,933		54.83			0.65			366,396		61.32			0.74

Total	$	619,933		100.00	%		0.52	%	$	597,480		100.00	%		0.61	%

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.


	Three Months Ended March 31,
	2022								2021
	Average Balance			Interest and Dividends		Yield/ Cost ⁽³⁾			Average Balance			Interest and Dividends		Yield/ Cost ⁽³⁾
						(Dollars in thousands)
	(unaudited)
Assets:
Cash and cash equivalents	$	71,541		$	29		0.17	%	$	88,314		$	49		0.23	%
Loans		571,827			5,537		3.90	%		574,071			5,465		3.81	%
Securities		138,798			658		1.90	%		74,842			686		3.72	%
Other interest-earning assets		4,834			55		4.50	%		6,039			74		4.97	%

Total interest-earning assets		787,000			6,279		3.21	%		743,266			6,274		3.42	%

Non-interest-earning assets		50,802								32,171

Total assets	$	837,802							$	775,437

Liabilities and equity:
NOW and money market accounts	$	143,453		$	220		0.62	%	$	90,461		$	109		0.49	%
Savings accounts		66,583			43		0.26	%		41,892			22		0.21	%
Certificates of deposit		351,027			563		0.65	%		367,036			1,133		1.25	%

Total interest-bearing deposits		561,063			826		0.60	%		499,389			1,264		1.03	%

Federal Home Loan Bank advances		82,280			330		1.63	%		104,449			431		1.67	%

Total interest-bearing liabilities		643,343			1,156		0.73	%		603,838			1,695		1.14	%

Non-interest-bearing deposits		42,936								27,502
Other non-interest-bearing liabilities		5,265								10,307

Total liabilities		691,544								641,647

Total equity		146,258								133,790

Total liabilities and equity	$	837,802							$	775,437

Net interest income				$	5,123							$	4,579

Interest rate spread ⁽¹⁾							2.48	%							2.28	%
Net interest margin ⁽²⁾							2.64	%							2.50	%
Average interest-earning assets to average interest-bearing liabilities		122.33	%							123.09	%

1.	Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.

2.	Net interest margin represents net interest income divided by average total interest-earning assets.

3.	Annualized.

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.


	Three Months Ended March 31, 2022 Compared to Three Months Ended March 31, 2021
	Increase (Decrease) Due to
	Volume			Rate			Net
	(In thousands)
	(unaudited)
Interest income:
Cash and cash equivalents	$	(8	)	$	(12	)	$	(20	)
Loans receivable		(136	)		208			72
Securities		1,715			(1,743	)		(28	)
Other interest earning assets		(13	)		(6	)		(19	)

Total interest-earning assets		1,558			(1,553	)		5

Interest expense:
NOW and money market accounts		76			35			111
Savings accounts		15			6			21
Certificates of deposit		(47	)		(523	)		(570	)
Federal Home Loan Bank advances		(91	)		(10	)		(101	)

Total interest-bearing liabilities		(47	)		(492	)		(539	)

Net increase (decrease) in net interest income	$	1,605		$	(1,061	)	$	544

BOGOTA FINANCIAL CORP.

RECONCILIATION OF GAAP TO NON-GAAP

The Company’s management believes that the presentation of net income on a non-GAAP basis, excluding nonrecurring items, provides useful information for evaluating the Company’s operating results and any related trends that may be affecting the Company’s business. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP.


	Three months ended March 31, 2022
	(unaudited)
	Income Before Income Taxes			Provision for Income Taxes		Net Income
GAAP basis	$	1,926,141		$	525,244	$	1,400,897
Add: merger-related expenses		—			—		—

Non-GAAP basis	$	1,926,141		$	525,244	$	1,400,897


	Three months ended March 31, 2021
	Income Before Income Taxes			Provision for Income Taxes		Net Income
GAAP basis	$	3,524,450		$	518,143	$	3,006,307
Add: merger-related expenses	$	318,265		$	—	$	318,265
Less: Bargain purchase gain	$	(1,933,397	)	$	—	$	(1,933,397	)

Non-GAAP basis	$	3,842,715		$	518,143	$	1,391,175


	Three months ended March 31,
Return on average assets (annualized):	2022			2021
GAAP		0.68	%		1.57	%
Adjustments		0.00	%		0.84	%

Non-GAAP		0.68	%		0.73	%
Return on average equity (annualized):
GAAP		3.88	%		9.11	%
Adjustments		0.00	%		4.52	%

Non-GAAP		3.88	%		4.59	%

Contacts

Joseph Coccaro – President & CEO, 201-862-0660 ext. 1110