Blue Foundry Bancorp - BLFY STOCK NEWS

Blue Foundry Bancorp (NASDAQ:BLFY) reported a net loss of $4.0 million, or $0.19 per diluted share, for Q3 2024, compared to a net loss of $2.3 million in Q2 2024. Key highlights include: deposits increased by $7.5 million to $1.32 billion; interest income rose by $240,000 to $21.5 million; net interest margin decreased 14 basis points to 1.82%. The company maintained strong capital position with tangible book value at $14.74 per share. Credit quality improved with a 17% reduction in non-performing loans. The company repurchased 521,685 shares at an average price of $10.52.

Blue Foundry Bancorp (NASDAQ: BLFY) has announced its upcoming Third Quarter 2024 Earnings Conference Call. The company will release its financial results for the quarter ended September 30, 2024, on the morning of Wednesday, October 23, 2024. The earnings release will be available on the company's website and the SEC's website.

A conference call for investors and analysts will be held on the same day at 11:00 AM (ET), where Blue Foundry Bancorp representatives will discuss the Q3 2024 earnings and address live questions from analysts. The call will be recorded and available on the company's website for one month.

Participants are encouraged to pre-register for the webcast using the provided link. For those unable to join via webcast, dial-in information is provided for both US and international callers.

Blue Foundry Bancorp (NASDAQ:BLFY) reported a net loss of $2.3 million, or $0.11 per diluted common share, for Q2 2024. Despite the loss, the company saw positive deposit growth of $20.0 million (1.55%) compared to the previous quarter. Key highlights include:

- Interest income increased by $450,000 (2.2%) to $21.3 million
- Net interest margin improved by 4 basis points to 1.96%
- Book value per share was $14.70 and tangible book value per share was $14.69
- 386,352 shares were repurchased at an average price of $8.84 per share

The company maintains a strong capital position and focus on growing commercial loan portfolios, with increases in commercial real estate and construction lending. Uninsured deposits to third-party customers totaled approximately 12% of total deposits as of June 30, 2024.

Blue Foundry Bancorp (Nasdaq: BLFY) has appointed John F. Kuntz, Esq. as a Director of both the Company and its subsidiary, Blue Foundry Bank. Mr. Kuntz brings extensive experience in financial, legal, and operational matters from his previous role as Senior Executive Vice President and Chief Administrative Officer of Provident Bank. His expertise includes managing various departments, participating in bank transactions, and serving as General Counsel and Corporate Secretary.

Mr. Kuntz's appointment is expected to provide additional perspective and depth to the organization, particularly in areas such as charitable foundations. His background includes membership in the American Bankers Association General Counsels Group and the Society for Corporate Governance. He holds a law degree from New York Law School and is licensed to practice in New Jersey and New York.

Blue Foundry Bancorp (NASDAQ: BLFY), the holding company for Blue Foundry Bank, will release its financial results for the quarter ended June 30, 2024, on the morning of July 24, 2024. The report will be available on the Company's website and the SEC's website. A conference call for investors and analysts will follow on the same day at 11:00 AM ET to discuss the results. A recording of the call will be available on the Company’s website for one month. Participants are encouraged to pre-register for the webcast or dial-in if unable to join via webcast.

Blue Foundry Bancorp reported a net loss of $2.8 million for Q1 2024, compared to $2.9 million in Q4 2023 and $1.2 million in Q1 2023. Deposits increased by $46.3 million, interest income grew by $507 thousand, and net interest margin rose to 1.92%. The Company repurchased 532,052 shares at $9.49 per share, increasing tangible book value to $14.60 per share. Total loans decreased by $6.6 million, with residential and multifamily portfolios down. Deposits reached $1.29 billion, with time deposits up by $45.7 million. Non-interest income was $9.4 million, up $200 thousand from Q4 2023. Non-interest expense increased by $699 thousand due to compensation and benefits expenses. The Company did not record a tax benefit for the losses. Cash and cash equivalents rose to $53.8 million, deposits totaled $1.29 billion, and shareholders' equity decreased to $350.2 million. Asset quality remained stable, with an ACL of 0.88%, a net release of provision for credit losses of $535 thousand, and non-performing loans at 0.43% of total loans.

Blue Foundry Bancorp (BLFY) will release financial results for the quarter ended March 31, 2024, on April 24, 2024. The Company will hold a conference call for investors and analysts to discuss the First Quarter 2024 Earnings. Participants can pre-register for the webcast or dial-in to listen to the call.

Blue Foundry Bancorp (BLFY) announced a new stock repurchase program to buy back up to 1,203,545 shares, approximately 5% of its outstanding common stock. This is the fourth program since its mutual-to-stock conversion in July 2021. The company has repurchased 5,409,022 shares since its first program. The new program will start after completing the third one. The repurchase can be done through various methods based on market conditions and the company's financial performance.

Blue Foundry Bancorp (NASDAQ:BLFY) reported a net loss of $7.4 million for the year ended December 31, 2023, compared to net income of $2.4 million for the year ended December 31, 2022. The company's net loss for the three months ended December 31, 2023, was $2.9 million compared to a net loss of $1.4 million for the three months ended September 30, 2023. The President and CEO commented on the challenging year for banks due to rate hikes and large bank failures, but highlighted the strong capital levels and credit quality. The company's lending franchise saw growth in higher-yielding commercial loans, while the retail franchise experienced a decrease in total deposits. The financial performance showed a decrease in net interest income and an increase in non-interest income. The company's balance sheet saw an increase in gross loans and FHLB borrowings, while shareholders' equity decreased due to share repurchases.