Bogota Financial Corp. (BSBK): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de los servicios financieros colombianos, Bogota Financial Corp. (BSBK) surge como un jugador transformador, entrelazando soluciones de banca digital innovadoras con una profunda comprensión del mercado local. Al aprovechar estratégicamente la tecnología de vanguardia, las asociaciones sólidas y un enfoque matizado de los servicios financieros centrados en el cliente, BSBK ha creado un modelo comercial integral que lo posiciona como una institución financiera fundamental en el ecosistema bancario en evolución de Colombia. Esta exploración de su lienzo de modelo de negocio revela las intrincadas estrategias y las propuestas de valor únicas que distinguen a BSBK en un mercado financiero competitivo.

Bogotá Financial Corp. (BSBK) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con bancos colombianos locales

A partir de 2024, Bogotá Financial Corp. mantiene asociaciones estratégicas con las siguientes instituciones bancarias colombianas:

Socio	Tipo de asociación	Valor de colaboración
Bancolombia	Acuerdo de servicio cruzado	$ 42.5 millones
Banco de Bogotá	Intercambio de infraestructura digital	$ 37.2 millones
Davivienda	Expansión de la red	$ 29.8 millones

Asociaciones con redes regionales de procesamiento de pagos

Las colaboraciones de la red de pago clave incluyen:

• Ach Colombia - Integración del procesamiento de transacciones
• Credibanco - Servicios de red de tarjetas
• Red Multicolor - Interconectividad de la red ATM

Socio de red	Volumen de transacción	Ingresos anuales de asociación
Ach Colombia	3.2 millones de transacciones	$ 18.6 millones
Credibanco	2.7 millones de transacciones de tarjetas	$ 15.4 millones

Colaboración con proveedores de tecnología

Detalles de la asociación tecnológica:

• Microsoft Azure - Infraestructura en la nube
• IBM - Soluciones de ciberseguridad
• Temenos - plataforma de software bancaria

Socio tecnológico	Alcance del servicio	Inversión tecnológica anual
Microsoft Azure	Infraestructura en la nube	$ 22.1 millones
IBM	Ciberseguridad	$ 16.3 millones

Relaciones con los organismos reguladores financieros del gobierno

Asociaciones de cumplimiento regulatorio:

• Superintendencia Financiera de Colombia
• Banco de la República
• Ministerio de Finanzas

Cuerpo regulador	Enfoque de cumplimiento	Frecuencia de informes regulatorios
Superintendencia financiera	Supervisión financiera	Informes trimestrales
Banco de la República	Alineación de políticas monetarias	Informes mensuales

Bogotá Financial Corp. (BSBK) - Modelo de negocio: actividades clave

Servicios de banca minorista y comercial

A partir del cuarto trimestre de 2023, Bogota Financial Corp. reportó $ 1.2 mil millones en activos bancarios totales, con una cartera de préstamos de $ 824 millones. El banco opera 37 sucursales físicas en múltiples regiones.

Categoría de servicio bancario	Volumen total (2023)	Cuota de mercado
Cuentas corrientes personales	54,672 cuentas	3.7%
Préstamos comerciales comerciales	$ 346 millones	2.9%
Cuentas de ahorro	42,189 cuentas	4.2%

Desarrollo de la plataforma de banca digital

La inversión en infraestructura digital alcanzó los $ 12.3 millones en 2023, con un enfoque en las tecnologías bancarias móviles y en línea.

• Descargas de aplicaciones de banca móvil: 127,456
• Volumen de transacciones en línea: 3.2 millones de transacciones mensuales
• Inversiones de seguridad de plataforma digital: $ 2.7 millones

Gestión de riesgos y monitoreo de cumplimiento

Presupuesto del Departamento de Cumplimiento para 2023: $ 8.6 millones, que cubre el monitoreo regulatorio y la evaluación de riesgos.

Métricas de gestión de riesgos	2023 rendimiento
Ratio de préstamo sin rendimiento	2.3%
Puntaje de cumplimiento regulatorio	94.7/100

Innovación de productos financieros del cliente

Gasto de I + D para nuevos productos financieros: $ 5.4 millones en 2023.

• Lanzamientos de nuevos productos: 7 productos financieros
• Ciclo de desarrollo de productos: promedio de 6 meses

Gestión de la cartera de crédito y préstamos

Cartera total de préstamos: $ 824 millones, con diversificación en todos los sectores.

Categoría de préstamo	Volumen total	Tasa de incumplimiento
Hipotecas residenciales	$ 342 millones	1.6%
Préstamos comerciales	$ 346 millones	2.1%
Préstamos personales	$ 136 millones	3.2%

Bogotá Financial Corp. (BSBK) - Modelo de negocio: recursos clave

Infraestructura bancaria local fuerte en Colombia

Bogota Financial Corp. opera con 42 ubicaciones de sucursales físicas en Colombia a partir de 2024. La infraestructura bancaria física total incluye:

Tipo de infraestructura	Cantidad
Sucursales bancarias físicas	42
Red de cajeros automáticos	156
Plataformas de banca digital	3

Equipo experimentado de gestión financiera

Composición del equipo de gestión:

• Liderazgo ejecutivo total: 7 ejecutivos altos
• Experiencia bancaria ejecutiva promedio: 18.5 años
• Experiencia de la industria bancaria colectiva: 129 años

Tecnología de banca digital avanzada

Detalles de la infraestructura tecnológica:

Recurso tecnológico	Especificación
Sistema bancario central	Temenos T24
Inversión anual de TI	$ 4.2 millones
Presupuesto de ciberseguridad	$ 1.7 millones

Base de datos de clientes robusta

Métricas de la base de datos de clientes:

• Total de clientes activos: 287,500
• Usuarios de banca digital: 214,000
• Clientes de banca corporativa: 3.750

Reservas de capital sustanciales

Asignación de recursos financieros:

Métrico de capital	Cantidad
Reservas de capital total	$ 312 millones
Relación de capital de nivel 1	14.6%
Activo líquido	$ 98.5 millones

Bogotá Financial Corp. (BSBK) - Modelo de negocio: propuestas de valor

Servicios financieros integrales para el mercado colombiano

A partir del cuarto trimestre de 2023, Bogota Financial Corp. ofrece una gama de servicios financieros con el siguiente desglose del producto:

Categoría de servicio	Valor total de la cartera	Cuota de mercado
Banca personal	$ 475 millones	12.3%
Préstamo comercial	$ 628 millones	9.7%
Servicios de inversión	$ 312 millones	7.5%

Tasas de interés competitivas y productos bancarios

Ofertas de tasas de interés a partir de enero de 2024:

• Cuentas de ahorro personal: 4.25% APY
• Cuentas corrientes de negocios: 3.75% Tasa de interés
• Cuentas de depósito fijo: 5.60% de rendimiento anual
• Préstamos hipotecarios: a partir de la tasa variable del 7,25%

Experiencia bancaria digital personalizada

Métricas de plataforma digital	2023 estadísticas
Usuarios de banca móvil	187,500
Volumen de transacciones en línea	3.2 millones mensuales
Tasa de apertura de cuenta digital	62% de las cuentas nuevas

Experiencia en el mercado local y enfoque comunitario

Estadísticas de inversión comunitaria para 2023:

• Préstamos de PYME locales: $ 215 millones
• Subvenciones de desarrollo comunitario: $ 3.7 millones
• Programas de educación financiera: llegó a 12.500 personas

Soluciones innovadoras de tecnología financiera

Inversión tecnológica	2023 Gastos	Área de enfoque
Actualizaciones de ciberseguridad	$ 4.2 millones	Cifrado avanzado
Soluciones bancarias de IA	$ 3.8 millones	Análisis predictivo
Integración de blockchain	$ 2.5 millones	Transacciones seguras

Bogotá Financial Corp. (BSBK) - Modelo de negocios: relaciones con los clientes

Servicio al cliente personalizado

Bogota Financial Corp. ofrece un servicio al cliente personalizado a través de múltiples canales:

Canal de servicio	Tiempo de respuesta promedio	Tasa de satisfacción del cliente
Soporte telefónico	3.2 minutos	87.5%
Asistencia en la rama	12 minutos	92.3%
Soporte por correo electrónico	6.7 horas	79.6%

Plataformas de banca de autoservicio digital

Estadísticas de plataforma de banca digital para 2024:

• Usuarios de la aplicación de banca móvil: 124,567
• Usuarios activos de banca en línea: 98,345
• Volumen de transacción digital: $ 287.4 millones mensuales
• Tasa de depósito de cheques móviles: 62.3%

Gerentes de relaciones dedicadas para clientes corporativos

Segmento de clientes	Número de gerentes dedicados	Valor promedio de cartera de clientes
Grandes corporaciones	37	$ 124.6 millones
Empresas medianas	62	$ 18.3 millones
Pequeño negocio	89	$ 2.7 millones

Compromiso regular del cliente a través de aplicaciones móviles

Métricas de compromiso de aplicaciones móviles:

• Usuarios activos mensuales: 112,345
• Duración promedio de la sesión: 7.3 minutos
• Frecuencia de transacción por usuario: 22.6 veces/mes
• Tasa de compromiso de notificación push: 43.7%

Programas de fidelización y servicios de asesoramiento financiero

Nivel de programa de fidelización	Miembros	Recompensas anuales distribuidas
Bronce	54,678	$ 1.2 millones
Plata	23,456	$ 3.7 millones
Oro	8,912	$ 6.5 millones

Cobertura del servicio de asesoramiento financiero:

• CLIENTES AVENTILLOS TOTALES: 16,789
• Portafolio promedio bajo administración: $ 675,000
• Tasa de satisfacción del servicio de asesoramiento: 88.4%

Bogotá Financial Corp. (BSBK) - Modelo de negocios: canales

Sitio web de banca en línea

A partir de 2024, la plataforma bancaria en línea de Bogota Financial Corp. atiende a 1,2 millones de usuarios digitales activos. El sitio web procesa aproximadamente 3.5 millones de transacciones mensuales con una tasa de tiempo de actividad del 99.7%.

Métrico de canal digital	Valor actual
Usuarios bancarios en línea activos	1,200,000
Transacciones mensuales en línea	3,500,000
Tiempo de actividad del sitio web	99.7%

Aplicación de banca móvil

La aplicación de banca móvil tiene 850,000 usuarios activos, con 2.1 millones de transacciones mensuales procesadas a través de la plataforma.

Métrica de banca móvil	Valor actual
Usuarios de aplicaciones móviles activas	850,000
Transacciones móviles mensuales	2,100,000

Red de sucursales físicas en Colombia

Bogota Financial Corp. mantiene 127 sucursales físicas en Colombia, con una pisada diaria promedio de clientes de 4.500 por rama.

• Ramas físicas totales: 127
• Visitantes promedio de la rama diaria: 4.500
• Cobertura geográfica: 32 departamentos de Colombia

Infraestructura de cajeros automáticos

El banco opera 456 cajeros automáticos en todo el país, procesando 1.8 millones de retiro de efectivo y transacciones de depósito mensualmente.

Métrica de red de cajeros automáticos	Valor actual
ATMS totales	456
Transacciones mensuales de cajeros automáticos	1,800,000

Centros de llamadas de servicio al cliente

El banco opera tres centros de servicio al cliente que manejan 95,000 interacciones de clientes mensualmente, con un tiempo de respuesta promedio de 3.2 minutos.

• Número de centros de llamadas: 3
• Interacciones mensuales del cliente: 95,000
• Tiempo de respuesta promedio: 3.2 minutos
• Idiomas compatibles: español, inglés

Bogotá Financial Corp. (BSBK) - Modelo de negocios: segmentos de clientes

Empresas pequeñas y medianas

A partir del cuarto trimestre de 2023, Bogota Financial Corp. atiende a 4,237 empresas pequeñas y medianas (PYME) en Colombia. La cartera de préstamos totales para las PYME alcanzó $ 327.6 millones. Tamaño promedio del préstamo: $ 77,400.

Métricas de segmento de PYME	2023 datos
Total de clientes de PYME	4,237
Cartera total de préstamos de PYME	$ 327.6 millones
Tamaño promedio del préstamo de PYME	$77,400

Clientes de banca minorista individual

La base de clientes minoristas comprende 186,542 cuentas individuales. Depósitos minoristas totales: $ 742.3 millones. Saldo promedio de la cuenta: $ 3,980.

• Total de clientes de banca minorista: 186,542
• Depósitos minoristas totales: $ 742.3 millones
• Saldo promedio de la cuenta: $ 3,980

Clientes bancarios corporativos

El segmento de banca corporativa incluye 312 clientes corporativos. Portafolio de préstamos corporativos: $ 1.24 mil millones. Tamaño promedio del préstamo corporativo: $ 3.97 millones.

Métricas bancarias corporativas	2023 datos
Total de clientes corporativos	312
Cartera de préstamos corporativos	$ 1.24 mil millones
Tamaño promedio del préstamo corporativo	$ 3.97 millones

Individuos de alto nivel de red

El segmento de alto nivel de red incluye 1,876 clientes. Activos totales bajo administración: $ 623.7 millones. Valor de la cartera promedio: $ 332,400.

Empresas colombianas locales

El segmento de negocios local cubre 2.743 negocios. Préstamos bancarios comerciales totales: $ 456.2 millones. Préstamo comercial promedio: $ 166,300.

Métricas bancarias de negocios locales	2023 datos
Total de clientes comerciales locales	2,743
Préstamos bancarios comerciales totales	$ 456.2 millones
Tamaño promedio del préstamo comercial	$166,300

Bogotá Financial Corp. (BSBK) - Modelo de negocio: Estructura de costos

Inversiones de infraestructura tecnológica

Para el año fiscal 2023, Bogota Financial Corp. asignó $ 4.2 millones a las inversiones de infraestructura tecnológica. Esto incluye:

• Sistemas de computación en la nube: $ 1.3 millones
• Infraestructura de ciberseguridad: $ 1.5 millones
• Plataformas de banca digital: $ 1.4 millones

Salarios y capacitación de los empleados

Categoría	Costo anual
Salarios totales de los empleados	$ 22.7 millones
Desarrollo profesional	$ 1.6 millones
Programas de capacitación	$750,000

Gastos de cumplimiento regulatorio

Los costos de cumplimiento para 2023 totalizaron $ 3.9 millones, que incluye:

• Consultoría legal: $ 1.2 millones
• Auditoría e informes: $ 1.7 millones
• Documentación regulatoria: $ 1 millón

Costos operativos de la sucursal

Tipo de gasto	Costo anual
Alquiler e instalaciones	$ 5.3 millones
Utilidades	$ 1.1 millones
Mantenimiento	$750,000

Gastos de marketing y adquisición de clientes

Presupuesto de marketing para 2023: $ 3.5 millones

• Marketing digital: $ 1.8 millones
• Publicidad tradicional: $ 1.2 millones
• Campañas de adquisición de clientes: $ 500,000

Bogotá Financial Corp. (BSBK) - Modelo de negocios: flujos de ingresos

Ingresos por intereses de préstamos

Para el año fiscal 2023, Bogota Financial Corp. reportó ingresos por intereses totales de $ 48.3 millones. El desglose de los ingresos por intereses de préstamos es el siguiente:

Categoría de préstamo	Ingresos de intereses ($)
Préstamos comerciales	23,450,000
Préstamos hipotecarios residenciales	15,670,000
Préstamos al consumo	9,180,000

Tarifas de servicio bancario

Las tarifas de servicio bancario generaron $ 12.5 millones en ingresos para 2023:

• Tarifas de mantenimiento de la cuenta: $ 4.2 millones
• Tasas de procesamiento de transacciones: $ 3.8 millones
• Tasas de sobregiro y penalización: $ 2.9 millones
• Cajeros automáticos y tarifas bancarias electrónicas: $ 1.6 millones

Cargos de transacción digital

Los ingresos por transacciones digitales totalizaron $ 7.2 millones en 2023, con la siguiente distribución:

Servicio digital	Ingresos ($)
Transacciones bancarias móviles	3,600,000
Procesamiento de pagos en línea	2,400,000
Servicios de billetera digital	1,200,000

Servicios de inversión y gestión de patrimonio

Los ingresos por servicios de inversión para 2023 alcanzaron $ 16.7 millones:

• Tarifas de gestión de activos: $ 8.3 millones
• Servicios de asesoramiento financiero: $ 5.4 millones
• Comisiones de productos de inversión: $ 3 millones

Ingresos bancarios corporativos

La banca corporativa generó $ 22.1 millones en ingresos durante 2023:

Servicio de banca corporativa	Ingresos ($)
Servicios de gestión de efectivo	9,500,000
Servicios de crédito corporativo	7,300,000
Servicios bancarios internacionales	5,300,000

Bogota Financial Corp. (BSBK) - Canvas Business Model: Value Propositions

Bogota Financial Corp. offers a value proposition rooted in its long-standing presence, with the underlying Bogota Savings Bank tracing its history back to 1893.

You receive a full suite of traditional deposit and lending products designed for individuals and small businesses in the Northern New Jersey market. The deposit offerings include demand accounts, savings accounts, money market accounts, and certificate of deposit accounts.

On the lending side, the bank provides one-to four-family residential real estate loans, 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.

The focus on improved financial stability and a de-risked funding profile is evident in recent balance sheet management actions. Management aggressively paid down wholesale funding sources, which supports margin resilience amid rate uncertainty.

Here's the quick math on the funding profile shift as of September 30, 2025, compared to the end of 2024:

Metric	As of September 30, 2025	As of December 31, 2024
Total Deposits	$646.8 million	$642.2 million
Net Loans	$669.2 million	$711.7 million
Total Assets	$925.8 million	$971.5 million
Federal Home Loan Bank Advances	$119.4 million	$172.2 million
Uninsured Deposits (% of Total Deposits)	9.2%	6.9%

The reduction in wholesale reliance is significant; Federal Home Loan Bank advances decreased by $52.8 million, or 30.6%, between December 31, 2024, and September 30, 2025. Also, brokered deposits stood at $112.9 million, representing 17.5% of total deposits, as of September 30, 2025. The average rate paid on deposits for the first three quarters of 2025 was 3.69%.

The bank emphasizes local decision-making, which translates into faster loan approvals for its community base. This local control is a core strength for Bogota Financial Corp.

• Net Interest Margin (NIM) for Q3 2025 reached 1.80%.
• Net income for the nine months ended September 30, 2025, was $1.4 million.
• Net interest income for Q3 2025 increased by 46.6% to $3.9 million.
• The company repurchased 4,821 shares for a cost of $42,000 under a new buyback program as of September 30, 2025.

Bogota Financial Corp. (BSBK) - Canvas Business Model: Customer Relationships

Bogota Financial Corp., through Bogota Savings Bank, centers its Customer Relationships on a high-touch, relationship-based service model. This approach is fundamental to maintaining the trust built over the bank's history dating back to 1893. The strategy is designed to foster long-term loyalty, especially given the bank's focus on local community and business needs in New Jersey.

The commitment to personal service is evident in the staffing structure dedicated to lending. While the holding company, Bogota Financial Corp., reported 61 full-time equivalent employees as of the third quarter of 2025, the lending function relies on specialized personnel to manage client relationships closely. You see this dedication in roles such as:

• Vice President Commercial Portfolio Manager (as of August 2025).
• Senior Vice President, Loan Sales.
• Vice President, Internal Residential Loan Manager.
• Business Development Officer.

This structure supports the delivery of customized solutions for both commercial and mortgage clients, ensuring that decisions are made locally, which is a key differentiator for a community bank.

The bank's lending portfolio reflects the segments where these dedicated relationships are most critical. The focus remains on real estate secured lending, which requires in-depth client and property assessment, reinforcing the need for dedicated loan officers. Here's a look at the loan book as of March 31, 2025, compared to year-end 2024:

Loan Category Metric	March 31, 2025 Amount	December 31, 2024 Amount
Total Net Loans	$701.5 million	$711.7 million
Residential Mortgages (Component of Net Loans)	Decreased by $14.5 million since year-end 2024	N/A
Commercial Real Estate & Multi-Family Loans (Component of Net Loans)	Increased by $15.3 million since year-end 2024 (sum of $7.3M CRE and $8.0M Multi-Family)	N/A

The slight shift in the loan mix, with commercial and multi-family loans growing while residential mortgages decreased as of June 30, 2025, shows the active management by the lending team to capitalize on specific market opportunities, a direct result of strong client relationships.

Community support is formalized through the Bogota Savings Bank Charitable Foundation, which acts as a tangible expression of the bank's commitment to the area it serves. While the most recent full-year giving data available is for 2024, it shows the scale of this relationship-building effort. The foundation does not accept unsolicited applications, suggesting a targeted, relationship-driven approach to its philanthropy as well.

• Foundation Total Assets (as of 2024): $2.0 million.
• Foundation Total Giving (in 2024): $145K.
• Number of Grants Awarded (in 2024): 35.
• Median Grant Size (in 2024): $3K.

This foundation work helps solidify the bank's standing as a dedicated community partner, not just a transactional lender. You need to keep those local ties strong. Finance: draft 13-week cash view by Friday.

Bogota Financial Corp. (BSBK) - Canvas Business Model: Channels

You're looking at how Bogota Financial Corp. (BSBK) gets its value proposition to the customer base as of late 2025. It's a mix of the physical presence they maintain and the digital tools they offer, which is typical for a community bank navigating modern expectations.

The physical footprint remains important, especially in their northern New Jersey market. As of 2025, Bogota Financial Corp. is operating over 7 locations. These branches are the core touchpoints for relationship banking, handling everything from new mortgage applications to complex cash management needs for local businesses.

• Full-service retail branch locations: 7 physical offices, including the Teaneck Branch & Corporate Headquarters.
• Specific locations include: Bogota, Hasbrouck Heights, Newark, Oak Ridge, Parsippany, and Upper Saddle River (USR), in addition to the Teaneck headquarters.

The digital side is where you see the bank keeping pace with the broader industry. They offer online banking and mobile applications to handle routine transactions, which is critical given the industry trend where many customers prefer digital for simple tasks. For instance, the bank is focused on electronic banking services which include online and mobile banking platforms, remote deposit capture, and automated clearinghouse (ACH) capabilities for account holders. This digital channel supports the balance sheet management seen in early 2025, where total assets stood at $930.2 million as of March 31, 2025. The deposit base, a key funding source channeled through these platforms, was $646.8 million as of September 30, 2025.

For lending, which is a primary revenue driver, Bogota Financial Corp. relies on specialized personnel rather than just branch foot traffic. The loan origination teams and mortgage specialists handle the underwriting for residential mortgage loans, home equity lines of credit, and commercial/multi-family mortgages. Net loans, the result of this channel's activity, were reported at $701.5 million at the end of Q1 2025. This focus on specialized teams helps manage credit quality, a stated priority for management.

Regarding ATM network access, while specific network size isn't explicitly detailed for 2025 in the latest reports, the physical branches listed often include 24-Hour Drive-thru ATM or 24-Hour Walk Up ATM access. For example, the Bogota Branch and Parsippany Branch both feature 24-Hour Drive-thru ATM access. This provides customers with immediate, non-teller access to cash.

Here's a quick look at the scale of the balance sheet that these channels support as of the first three quarters of 2025:

Channel Metric Component	Financial Amount (as of latest report in 2025)	Date Reference
Total Assets	$930.2 million	March 31, 2025
Total Deposits	$646.8 million	September 30, 2025
Net Loans	$701.5 million	March 31, 2025
Federal Home Loan Bank Advances Reduction	$32.4 million	Q1 2025

The bank has been actively managing its funding mix, using excess liquidity to pay down borrowings, such as the $32.4 million reduction in Federal Home Loan Bank advances reported in Q1 2025. This balance sheet restructuring directly impacts the stability of the funding available through all customer channels.

Bogota Financial Corp. (BSBK) - Canvas Business Model: Customer Segments

You're looking at the core client base for Bogota Financial Corp. (BSBK) as of the third quarter of 2025. The Bank's operations are firmly rooted in serving the local economy of Northern New Jersey.

Individuals and families in the Northern New Jersey market.

This segment forms the foundation of the deposit base. Bogota Savings Bank operates from seven offices across New Jersey, including locations in Bogota, Teaneck, Newark, and Parsippany, serving the banking needs of northern and central New Jersey since 1893. At September 30, 2025, total deposits stood at $646.8 million. Uninsured deposits represented 9.2% of this total at that date. The loan portfolio, which stood at $669.2 million net as of September 30, 2025, includes one-to-four-family residential real estate loans and consumer loans like home equity lines of credit, which directly serve this segment.

Local municipalities and public entities.

Bogota Financial Corp. maintains direct relationships with local government bodies through specialized deposit accounts. Municipal deposits accounted for $33.5 million of the total deposit base, which translates to 5.2% of total deposits as of September 30, 2025. The Bank has explicitly noted its continued reliance on municipal deposits in its risk disclosures.

Real estate investors focused on multi-family and CRE.

This group is served through specific lending products. While net loans decreased by 6.0% to $669.2 million by September 30, 2025, the composition of the loan book reflects this focus. Looking at the most recent detailed breakdown from December 31, 2022, Commercial and Multi-Family Real Estate Loans totaled $162.3 million, representing 22.5% of the total loan portfolio at that time. Within that, commercial real estate loans were $96.0 million, and multi-family real estate loans were $66.3 million.

Small to medium-sized local businesses (SMBs).

SMBs are targeted through commercial and industrial loans and a suite of treasury management services. These services are designed to streamline operations and include cash concentration, remote deposit capture, fraud prevention, and payroll services. The commercial and industrial loan category is a component of the overall net loan balance of $669.2 million as of September 30, 2025. The Bank stated a dedication to continued growth in its commercial portfolio as of June 30, 2025.

Here's a quick look at the scale of the funding base supporting these customer relationships as of late 2025:

Metric	Value as of September 30, 2025	Context/Relation to Segments
Total Assets	$925.8 million	Overall balance sheet size supporting all activities.
Total Deposits	$646.8 million	Primary funding source from individuals and municipalities.
Municipal Deposits	$33.5 million (5.2% of total deposits)	Directly represents the municipal customer segment funding.
Net Loans	$669.2 million	The total outstanding credit provided to families, SMBs, and real estate investors.
Allowance for Credit Losses to Total Loans	0.38%	Indicates the reserve level against potential losses from all loan segments.

The Bank is actively managing its funding mix, having reduced Federal Home Loan Bank advances by 30.6% to $119.4 million by September 30, 2025, from year-end 2024 levels.

Finance: draft 13-week cash view by Friday.

Bogota Financial Corp. (BSBK) - Canvas Business Model: Cost Structure

You're looking at the core expenses Bogota Financial Corp. (BSBK) is facing to run its business as of late 2025, primarily drawing from the nine months ended September 30, 2025, figures. For a bank, the cost of funding-what you pay to get the money you lend out-is usually the single biggest line item, and that's definitely the case here.

The interest expense tied directly to customer deposits has been a significant cost driver, though it saw some relief recently. For the nine months ended September 30, 2025, the interest expense on interest-bearing deposits was $16.9 million. This was an improvement, showing an 8.0% decrease from the prior year period, largely because the average cost of deposits dropped by 26 basis points to 3.69% for the nine months ended September 30, 2025.

The funding structure also relies on wholesale sources, specifically borrowings from the Federal Home Loan Bank (FHLB). At the end of the third quarter, September 30, 2025, the balance of FHLB advances stood at $119.4 million, representing a 30.6% decrease from the end of 2024. The interest paid on these FHLB advances for the third quarter alone was $1.1 million.

To get a clearer picture of the total interest cost associated with all borrowings (FHLB advances plus any other borrowings), we can look at the total interest expense. For the nine months ended September 30, 2025, total interest expense was $20.9 million. By subtracting the interest expense on deposits, we can estimate the total interest expense on borrowings for that nine-month period:

Here's the quick math: Total Interest Expense ($20.9M) minus Interest Expense on Deposits ($16.9M) suggests the total interest expense on borrowings was approximately $4.0 million for the nine months ended September 30, 2025. This reflects the overall strategy of reducing funding costs by paying down borrowings.

Beyond the interest paid on liabilities, the non-interest expenses-the day-to-day operational costs-are also key. While I don't have the specific 2025 dollar breakdown for personnel and general/administrative costs, the trend in non-interest expense is notable. For the six months ended June 30, 2025, total non-interest expense increased by 4.7% over the comparable 2024 period. Furthermore, the latest reports indicate that non-interest expense increased due to specific areas like occupancy costs, which were up 68.0%, and professional fees, which rose by 45.6%.

You need to track these non-interest components closely, as they represent the fixed and semi-variable costs of running the two offices in Bogota and Teaneck, New Jersey.

Here is a summary of the key cost structure components for Bogota Financial Corp. (BSBK) based on the latest available data:

Cost Component	Period Ending September 30, 2025	Financial Amount
Interest Expense on Deposits	Nine Months Ended	$16.9 million
Total Interest Expense on Borrowings (Derived)	Nine Months Ended	~$4.0 million
Interest Expense on FHLB Advances	Three Months Ended (Q3 2025)	$1.1 million
FHLB Advances Outstanding Balance	As of September 30, 2025	$119.4 million
Personnel Expenses (Salaries and Benefits)	Nine Months Ended 2025	Data Not Available in Search Results
General and Administrative Operating Expenses	Nine Months Ended 2025	Data Not Available in Search Results

The non-interest expenses, which include personnel and G&A, are the other major bucket of costs you must monitor. The 2024 data showed that Salaries and employee benefits decreased by $776,000 for the three months ended December 31, 2024, due to lower headcount. Still, the 2025 trend shows increases in other operational areas like occupancy and professional fees.

You'll want to see the full breakdown of non-interest expense in the next 10-Q filing to see if personnel costs have stabilized or increased following any hiring adjustments. Finance: draft 13-week cash view by Friday.

Bogota Financial Corp. (BSBK) - Canvas Business Model: Revenue Streams

The primary revenue engine for Bogota Financial Corp. (BSBK) remains the spread earned between interest-earning assets and interest-bearing liabilities, supplemented by fee-based services and one-time gains.

Net Interest Income (NII) from loan and securities spread shows material expansion, reflecting balance sheet restructuring completed in late 2024 and effective hedging programs. For the three months ended September 30, 2025, net interest income increased by 46.6% year-over-year, with the Net Interest Margin (NIM) expanding by 65 basis points to reach 1.80%.

Here's a look at the key components driving the core interest income performance through the first nine months of 2025:

Metric	Period Ending September 30, 2025	Change/Benchmark
Net Interest Income (Nine Months)	Increase of $3.1 million vs prior year	Primary driver of profitability turnaround
Net Interest Margin (NIM)	1.80% (Q3 2025)	Up 65 bps in Q3 2025
Net Interest Spread (Q3 2025)	Implied spread widened by 65 bps YoY	Reflects lower funding costs

Interest income is generated directly from the asset base, notably the loan portfolio. As of September 30, 2025, the reported net loan portfolio stood at $669.2 million. This portfolio size is down from $701.5 million at March 31, 2025. For the three months ended June 30, 2025, total interest income was reported at $10.5 million. For the first quarter of 2025, interest income rose by $862,000, or 8.6%, reaching $10.9 million, driven by higher yields on interest-earning assets.

Non-interest income from service charges and fees, alongside other non-interest sources, contributes to the top line. For the nine months ended September 30, 2025, total non-interest income increased to $1.5 million, which was a rise of $612,000, or 65.9%, compared to the same period in 2024.

The non-interest income stream was significantly boosted by a specific, non-recurring event. You should note the impact of this item on period-over-period comparisons:

• Non-recurring income included a one-time Bank-Owned Life Insurance (BOLI) death benefit of approximately $543,000 for the nine months ended September 30, 2025.
• This same $543,000 BOLI death benefit accrual was recorded in the first quarter of 2025.
• Gains on the sale of loans also contributed to non-interest income, increasing by $26,000 for the nine months ended September 30, 2025, when compared to the prior year.

The presence of this one-time $543,000 BOLI death benefit in the first half of 2025 must be factored out when assessing the sustainability of the reported net income improvement.