Bogota Financial is the holding company for Bogota Savings Bank, a community savings bank founded in 1893 and headquartered in Teaneck, New Jersey. The bank operates seven branches across Bergen, Morris, and Essex Counties in northern New Jersey. The core business is simple: the bank takes in deposits and makes loans, primarily residential mortgage loans, in northern New Jersey. The loan portfolio is predominantly residential real estate loans (68% of total loans), with the balance split among commercial real estate (~19%), multi-family real estate (~9%), construction (~3%), and small commercial and consumer loans. The bank also holds an investment securities portfolio of roughly $158M, primarily mortgage-backed securities and corporate bonds. Bogota Savings Bank earns a net interest spread — borrowing cheaply through deposits and lending at higher rates. The deposit base is heavily weighted toward certificates of deposit (~76% of total deposits), with brokered deposits making up ~17%. Management has been deliberately shifting the loan mix toward higher-yielding commercial and multi-family loans. The bank supplements its in-house originations with mortgage broker purchases and participations in loans originated by other lenders. The bank maintains a conservative underwriting stance — no subprime, no interest-only, no Option ARM products — and is well-capitalized with a community bank leverage ratio of 15.8% against a 9% regulatory minimum.