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Blue Foundry Bancorp (NASDAQ: BLFY) is a full-service financial institution that operates as a community-focused bank, offering a diverse range of banking and lending services. Headquartered in Rutherford, New Jersey, Blue Foundry Bancorp is known for its innovative and customer-centric approach, serving as a dynamic partner for individuals, businesses, and communities. The bank is committed to providing tailored financial solutions that align with its mission of fostering growth, creativity, and resilience.
Core Business Operations
Blue Foundry Bancorp's primary business activities include originating a variety of loans, attracting retail deposits, and investing in securities. The bank offers:
- Residential Mortgages: One-to-four-family residential loans designed to support homeownership in the communities it serves.
- Commercial Lending: Multi-family, non-residential real estate mortgages, and commercial and industrial loans aimed at supporting local businesses and economic development.
- Home Equity Solutions: Home equity loans and lines of credit to help customers leverage the value of their homes.
In addition to its lending operations, Blue Foundry attracts retail deposits through its network of banking offices and online presence. The bank offers a wide range of deposit products, including checking and savings accounts, certificates of deposit, and money market accounts, catering to both individual and business customers.
Revenue Model
The bank's revenues are primarily derived from interest income on loans, which constitutes the backbone of its financial performance. Additionally, it earns income from interest on mortgage-backed securities and other investment securities. By strategically managing its interest-earning assets and interest-bearing liabilities, Blue Foundry aims to optimize its net interest margin, a key indicator of its profitability and operational efficiency.
Funding Sources
Blue Foundry Bancorp's operations are funded through a combination of:
- Deposits: Retail deposits from customers form the primary source of funding, reflecting the bank's strong community presence.
- Loan Payments: Principal and interest payments on loans contribute to its liquidity and operational stability.
- Borrowings: The bank also accesses funds through borrowings from the Federal Home Loan Bank of New York, providing additional financial flexibility.
Market Position and Differentiation
Blue Foundry Bancorp positions itself as a 'new kind of bank,' emphasizing its commitment to innovation, creativity, and customer empowerment. This is reflected in its branding as a bank for 'movers, shakers, and makers,' highlighting its focus on building solutions, solving challenges, and fostering community growth. The bank's resourceful and bold approach sets it apart from traditional financial institutions, appealing to customers who value a partner that is both innovative and deeply invested in their success.
Industry Context
Operating within the competitive financial services industry, Blue Foundry Bancorp faces challenges from larger national banks, regional competitors, and emerging fintech companies. To maintain its competitive edge, the bank leverages its local expertise, personalized customer service, and community-focused initiatives. Its ability to adapt to changing market conditions and regulatory requirements further underscores its resilience and commitment to long-term growth.
Commitment to Community and Innovation
Blue Foundry Bancorp's mission extends beyond traditional banking. It strives to be a catalyst for positive change, supporting local businesses, fostering homeownership, and empowering individuals to achieve their financial goals. By blending grit, creativity, and a roll-up-your-sleeves attitude, the bank embodies a modern approach to banking that resonates with its customers and communities.
Blue Foundry Bancorp (NASDAQ:BLFY) reported a net loss of $11.9 million ($0.55 per share) for 2024, compared to a $7.4 million loss in 2023. The fourth quarter 2024 showed a net loss of $2.7 million ($0.13 per share).
Key Q4 2024 metrics include: loans totaling $1.58 billion (up $32.5 million from Q3), deposits at $1.34 billion (up $24.7 million), interest income of $21.8 million (up 1.2%), and net interest margin increasing to 1.89%. The company maintained strong credit quality with non-performing loans at 0.33% of total loans.
Notable developments include: $480,851 shares repurchased at average $10.49 per share, tangible book value per share at $14.74, and uninsured deposits representing 11% of total deposits. The allowance for credit losses to total loans stood at 83 basis points, covering non-performing loans by over 2.5 times.
Blue Foundry Bancorp (NASDAQ: BLFY) has announced it will release its financial results for Q4 and full-year 2024 on Wednesday, January 29, 2025, before market open. The company will host a conference call for investors and analysts at 11:00 AM ET on the same day.
The earnings release will be available on the company's investor relations website and the SEC's website. The conference call will include a live Q&A session with analysts, and a recording will be accessible on the company's website for one month. Participants can pre-register for the webcast or join via phone using the provided dial-in numbers.
Blue Foundry Bancorp (NASDAQ: BLFY) has completed its fourth stock repurchase program and announced a new fifth program to buy back up to 1,139,420 shares (5% of outstanding stock) starting November 8, 2024. Since July 2022, the company has repurchased 6,659,303 shares (23.3%) at an average price of $10.14. The company's tangible book value per share was $14.74 as of September 30, 2024. The new program allows repurchases through open market, private transactions, or block trades, with timing and amount depending on market conditions and other factors.
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.
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