Bogota Financial Corp. (BSBK) is a New Jersey-chartered savings institution holding company with total assets of $877.2 million at March 31, 2026, down from $904.9 million at December 31, 2025. Under a liquidation lens, the recovery posture is modestly positive relative to stated book equity but subject to meaningful haircuts on the loan portfolio, which constitutes the dominant asset class. Net loans totaled $639.4 million at period end, down $8.2 million QoQ. The filing discloses a Level 3 fair value of $626.4 million against a carrying value of $647.6 million at December 31, 2025, implying an embedded mark-to-market deficit of approximately $21 million on the loan book at the prior period end; the current-period equivalent is not separately disclosed in the filing but is unlikely to have reversed materially given the rate environment. Under a liquidation haircut of approximately 90-95% applied to a primarily residential real estate loan book, recovery on loans would approximate $575-$607 million. Applying 100% recovery to cash ($27.9 million) and approximately 95% to AFS securities ($144.9 million carrying, fair valued), the liquidating asset pool before haircuts totals roughly $812 million. Against total liabilities at face value of $735.2 million — comprised of $600.9 million in deposits (dominated by $428.6 million in certificates of deposit) and $115.9 million in FHLB borrowings — the residual to equity under this framework is modestly positive but thin relative to stated book equity of $142.1 million. The primary erosion driver is the loan portfolio discount, with a secondary drag from AOCI: accumulated other comprehensive loss was $(1.77) million at March 31, 2026, improved from $(2.05) million at December 31, 2025, driven by partial recovery in AFS unrealized losses ($45K net of tax) and a significant favorable swing in the defined benefit plan component ($238K). Asset quality deterioration is a watch item: delinquent loans rose to $28.1 million (4.4% of total loans) from $26.8 million, and non-performing assets edged to $13.4 million (1.5% of assets). The largest NPL is a single $10.9 million construction loan (catering hall, 99% complete, 45% LTV) against which no specific reserve has been established; foreclosure is ongoing. The allowance for credit losses is thin at 0.40% of total loans and 19.69% of non-performing loans, providing minimal cushion in a liquidation scenario. Deposit composition shifted materially in Q1 2026: CDs declined $65.4 million (13.2%) as the company migrated toward core deposits; this was partially offset by a $22.6 million increase in FHLB advances, shifting the funding mix toward secured wholesale borrowing. The MFFAIS liquidation value estimate of $25.2 million represents a significant discount to stated equity of $142.1 million, consistent with the loan book discount and thin ACL coverage. Filing does not separately tag the defined benefit pension obligation, interest rate swap notional values, or the limited partnership investment ($2.4 million, $10 million commitment) in XBRL; these are discussed in MD&A but not separately tagged. No operating lease commitments are disclosed as material. No goodwill or intangibles are referenced. TAG_CONTEXT is empty; no XBRL tags were provided for this filing period.
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