Bogota Financial Q2 net income, EPS rise on insurance claim recovery
BSBK•Reported Q2 EPS
| Metric | Actual | Consensus Estimate |
|---|---|---|
| Q2 EPS | $0.06 |
Outlook and valuation note
The company did not provide specific financial guidance for the current or future periods.
The stock recently traded at 23 times the next 12-month earnings, versus a P/E of 22 three months ago.
Q2 results and buyback activity
U.S. savings bank holding company reported Q2 net income and EPS rose year over year.
The company repurchased nearly all shares authorized under its buyback program.
Net interest income rose, helped by higher non-interest income and lower expenses.
Drivers of the quarterly improvement
- Insurance claim recovery - Non-interest income nearly doubled, driven by a $300,000 collection on an insurance claim related to a prior fraud loss.
- Lower interest expense - Interest expense fell 15.6% as average deposit and borrowing balances declined, offsetting lower interest income.
