Blue Foundry Bancorp Reports Fourth Quarter and Year-End 2024 Results
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) ha riportato una perdita netta di 11,9 milioni di dollari (0,55 dollari per azione) per il 2024, rispetto a una perdita di 7,4 milioni di dollari nel 2023. Nel quarto trimestre 2024 si è registrata una perdita netta di 2,7 milioni di dollari (0,13 dollari per azione).
I principali indicatori del Q4 2024 includono: prestiti totali per 1,58 miliardi di dollari (in aumento di 32,5 milioni di dollari rispetto al Q3), depositi per 1,34 miliardi di dollari (in aumento di 24,7 milioni di dollari), reddito da interessi pari a 21,8 milioni di dollari (in aumento dell'1,2%) e margine di interesse netto che è aumentato all'1,89%. L'azienda ha mantenuto una qualità del credito solida con prestiti non performanti allo 0,33% del totale dei prestiti.
Sviluppi rilevanti includono: 480.851 azioni riacquistate a una media di 10,49 dollari per azione, valore contabile tangibile per azione di 14,74 dollari e depositi non assicurati che rappresentano l'11% dei depositi totali. L'accantonamento per perdite su crediti rispetto ai prestiti totali si è attestato a 83 punti base, coprendo i prestiti non performanti di oltre 2,5 volte.
Blue Foundry Bancorp (NASDAQ:BLFY) reportó una pérdida neta de 11,9 millones de dólares (0,55 dólares por acción) para 2024, en comparación con una pérdida de 7,4 millones de dólares en 2023. El cuarto trimestre de 2024 mostró una pérdida neta de 2,7 millones de dólares (0,13 dólares por acción).
Las métricas clave del Q4 2024 incluyen: préstamos totales de 1,58 mil millones de dólares (un aumento de 32,5 millones de dólares desde el Q3), depósitos de 1,34 mil millones de dólares (un aumento de 24,7 millones), ingresos por intereses de 21,8 millones de dólares (un aumento del 1,2%) y un margen de interés neto que aumentó al 1,89%. La compañía mantuvo una sólida calidad crediticia con préstamos en mora al 0,33% del total de préstamos.
Desarrollos notables incluyen: 480,851 acciones recompradas a un promedio de 10,49 dólares por acción, valor contable tangible por acción de 14,74 dólares y depósitos no asegurados que representan el 11% del total de depósitos. La provisión para pérdidas crediticias sobre el total de préstamos fue de 83 puntos básicos, cubriendo los préstamos en mora en más de 2,5 veces.
Blue Foundry Bancorp (NASDAQ:BLFY)는 2024년 동안 1,190만 달러(주당 0.55달러)의 순손실을 보고했으며, 이는 2023년 740만 달러의 손실과 비교됩니다. 2024년 4분기에는 270만 달러(주당 0.13달러)의 순손실을 기록했습니다.
2024년 4분기의 주요 지표로는: 총 대출 15억 8천만 달러(3분기 대비 3천 250만 달러 증가), 총 예금 13억 4천만 달러(2천 470만 달러 증가), 이자 수익 2천 180만 달러(1.2% 증가), 순이자 마진 증가로 1.89%에 도달합니다. 회사는 대출 총액의 0.33%인 비소비 대출로 강력한 신용 품질을 유지하였습니다.
주목할 만한 발전 사항으로는: 주당 평균 10.49달러에 재매입된 48만 851주, 주당 14.74달러의 유 tangible book value, 총 예금의 11%를 차지하는 비보장 예금이 있습니다. 대출 총액 대비 신용 손실 충당금은 83 베이시스 포인트로, 비소비 대출을 2.5배 이상 초과하여 커버합니다.
Blue Foundry Bancorp (NASDAQ:BLFY) a déclaré une perte nette de 11,9 millions de dollars (0,55 dollars par action) pour 2024, par rapport à une perte de 7,4 millions de dollars en 2023. Le quatrième trimestre de 2024 a montré une perte nette de 2,7 millions de dollars (0,13 dollars par action).
Les principaux indicateurs du Q4 2024 incluent : des prêts totalisant 1,58 milliard de dollars (une augmentation de 32,5 millions de dollars par rapport au Q3), des dépôts à 1,34 milliard de dollars (une augmentation de 24,7 millions), un revenu d'intérêts de 21,8 millions de dollars (en hausse de 1,2 %) et une marge d'intérêt nette augmentant à 1,89 %. La société a maintenu une qualité de crédit solide avec des prêts non performants représentant 0,33 % du total des prêts.
Des développements notables incluent : 480 851 actions rachetées à un prix moyen de 10,49 dollars par action, une valeur comptable tangible par action de 14,74 dollars, et des dépôts non assurés représentant 11 % des dépôts totaux. La provision pour pertes de crédit par rapport au total des prêts s'élevait à 83 points de base, couvrant les prêts non performants plus de 2,5 fois.
Blue Foundry Bancorp (NASDAQ:BLFY) meldete für 2024 einen Nettoverlust von 11,9 Millionen Dollar (0,55 Dollar pro Aktie), verglichen mit einem Verlust von 7,4 Millionen Dollar im Jahr 2023. Im vierten Quartal 2024 wurde ein Nettoverlust von 2,7 Millionen Dollar (0,13 Dollar pro Aktie) verzeichnet.
Wesentliche Kennzahlen des Q4 2024 umfassen: Kredite in Höhe von 1,58 Milliarden Dollar (ein Anstieg um 32,5 Millionen Dollar im Vergleich zum Q3), Einlagen von 1,34 Milliarden Dollar (ein Anstieg um 24,7 Millionen), Zinserträge von 21,8 Millionen Dollar (ein Anstieg um 1,2 %) und eine Nettozinsspanne, die auf 1,89 % anstieg. Das Unternehmen hielt eine starke Kreditqualität mit notleidenden Krediten in Höhe von 0,33 % aller Kredite.
Bemerkenswerte Entwicklungen umfassen: 480.851 Aktien wurden zu einem Durchschnittspreis von 10,49 Dollar pro Aktie zurückgekauft, der buchungsgeschätzte Wert pro Aktie beträgt 14,74 Dollar, und unversicherte Einlagen machen 11 % der Gesamteinlagen aus. Die Rückstellung für Kreditverluste gegenüber den Gesamtkrediten lag bei 83 Basispunkten und deckte die notleidenden Kredite mehr als 2,5-fach ab.
- Loan portfolio grew by $32.5 million in Q4 2024
- Deposits increased by $24.7 million to $1.34 billion in Q4
- Interest income increased by 1.2% to $21.8 million in Q4
- Strong credit quality with non-performing loans at only 0.33% of total loans
- Net interest margin improved by seven basis points to 1.89%
- Net loss increased to $11.9 million in 2024 from $7.4 million in 2023
- Non-interest expense increased by $1.0 million to $52.6 million in 2024
- Net interest income decreased by $4.4 million to $37.6 million in 2024
- Shareholders' equity decreased by $23.4 million to $332.2 million
- Required full valuation allowance on deferred tax assets of $25.1 million
Insights
Blue Foundry's Q4 2024 results reveal a complex financial picture with concerning profitability trends but solid underlying fundamentals. The net loss of $11.9M for FY2024 represents a significant deterioration from the $7.4M loss in 2023, primarily driven by margin compression and elevated operating costs.
The bank's deposit strategy shows promising results with total deposits increasing $98.4M (7.91% YoY) to $1.34B. The deposit mix shift is noteworthy - core deposits now represent 47.3% of total deposits, down from 48.8%, reflecting a strategic pivot toward higher-cost time deposits. While this has pressured margins, the low 11% uninsured deposit ratio demonstrates strong balance sheet stability.
Asset quality metrics remain robust:
- Non-performing loans ratio of 0.33%, improving from 0.38% YoY
- Allowance coverage of 254.02% of non-performing loans
- Minimal net charge-offs of just $46K for the full year
The capital position remains solid with tangible equity to assets at 16.11%, though down from 17.37% last year, partly due to an aggressive share repurchase program totaling $19.4M. The $25.1M valuation allowance on deferred tax assets remains a concern, suggesting continued uncertainty about future profitability.
The loan portfolio diversification strategy is showing progress, with notable growth in commercial real estate (+$27.1M) and construction loans (+$25.1M), while reducing exposure to lower-yielding residential mortgages. However, the 1.89% net interest margin indicates ongoing challenges in the current rate environment.
RUTHERFORD, N.J., Jan. 29, 2025 (GLOBE NEWSWIRE) -- Blue Foundry Bancorp (NASDAQ:BLFY) (the “Company”), the holding company for Blue Foundry Bank (the “Bank”), reported a net loss of
The Company reported a net loss of
James D. Nesci, President and Chief Executive Officer, commented, “We are very pleased with both the deposit and loan growth achieved in the fourth quarter and look to carry this positive momentum into 2025.”
Mr. Nesci also noted, “Credit quality remained strong and we continue to experience very low charge-offs. Our allowance to credit losses to total loans is 83 basis points and covers non-performing loans by over 2.5 times.”
Highlights for the fourth quarter of 2024:
- Loans totaled
$1.58 billion , an increase of$32.5 million from the prior quarter end. - Deposits increased
$24.7 million to$1.34 billion compared to the prior quarter. - Uninsured deposits to third-party customers totaled approximately
11% of total deposits at December 31, 2024. - Interest income for the quarter was
$21.8 million , an increase of$253 thousand , or1.2% , compared to the prior quarter. - Interest expense for the quarter was
$12.3 million , a decrease of$133 thousand , or1.1% , compared to the prior quarter. - Net interest margin increased seven basis points from the prior quarter to
1.89% . - The release of provision for credit losses of
$301 thousand was primarily due to the decrease in unused lines of credit and releases of provision for loans of$37 thousand and for securities of$24 thousand . - Tangible book value per share was
$14.74 . See the “Supplemental Information - Non-GAAP Financial Measures” tables below for additional information regarding our non-GAAP measures. - 480,851 shares were repurchased under our share repurchase plans at a weighted average share price of
$10.49 per share. - Credit metrics remained favorable with non-performing loans to total loans of
0.33% .
Loans
The Company continues to diversify its lending portfolio by focusing on growing the higher-yielding commercial portfolio. Gross loans increased
The details of the loan portfolio are below:
| December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | |||||||||||
| (Unaudited) | (Audited) | ||||||||||||||
| (In thousands) | |||||||||||||||
| Residential | $ | 518,243 | $ | 516,754 | $ | 526,453 | $ | 540,427 | $ | 550,929 | |||||
| Multifamily | 671,116 | 666,304 | 671,185 | 671,011 | 682,564 | ||||||||||
| Commercial real estate | 259,633 | 241,711 | 241,867 | 244,207 | 232,505 | ||||||||||
| Construction and land | 85,546 | 80,081 | 71,882 | 63,052 | 60,414 | ||||||||||
| Junior liens | 25,422 | 24,174 | 23,653 | 22,052 | 22,503 | ||||||||||
| Commercial and industrial | 16,311 | 14,228 | 12,261 | 13,372 | 11,768 | ||||||||||
| Consumer and other | 7,211 | 7,731 | 83 | 56 | 47 | ||||||||||
| Total loans | 1,583,482 | 1,550,983 | 1,547,384 | 1,554,177 | 1,560,730 | ||||||||||
| Allowance for credit losses on loans | 12,965 | 13,012 | 13,027 | 13,749 | 14,154 | ||||||||||
| Loans receivable, net | $ | 1,570,517 | $ | 1,537,971 | $ | 1,534,357 | $ | 1,540,428 | $ | 1,546,576 | |||||
Deposits
At December 31, 2024, total deposits were
The details of deposits are below:
| December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | |||||||||||
| (Unaudited) | (Audited) | ||||||||||||||
| (In thousands) | |||||||||||||||
| Non-interest bearing deposits | $ | 26,001 | $ | 22,254 | $ | 24,733 | $ | 25,342 | $ | 27,739 | |||||
| NOW and demand accounts | 369,554 | 357,503 | 368,386 | 373,172 | 361,139 | ||||||||||
| Savings | 240,426 | 237,651 | 246,559 | 250,298 | 259,402 | ||||||||||
| Core deposits | 635,981 | 617,408 | 639,678 | 648,812 | 648,280 | ||||||||||
| Time deposits | 707,339 | 701,262 | 671,478 | 642,372 | 596,624 | ||||||||||
| Total deposits | $ | 1,343,320 | $ | 1,318,670 | $ | 1,311,156 | $ | 1,291,184 | $ | 1,244,904 | |||||
Financial Performance Overview:
Fourth quarter of 2024 compared to the third quarter of 2024
Net interest income compared to the third quarter of 2024:
- Net interest income was
$9.5 million for the fourth quarter of 2024 compared to$9.1 million for the third quarter of 2024, an increase of$386 thousand . - Net interest margin increased by seven basis points to
1.89% . - The yield on average interest-earning assets increased five basis points to
4.37% , while the cost of average interest-bearing liabilities decreased six basis points to2.97% due to a decrease in rates paid on time deposits. - Average interest-earning assets increased by
$10.1 million and average interest-bearing liabilities increased by$15.4 million .
Non-interest income compared to the third quarter of 2024:
- Non-interest income increased
$33 thousand primarily due to increase in fees and service charges.
Non-interest expense compared to the third quarter of 2024:
- Non-interest expense decreased
$386 thousand primarily driven by decreases of$363 thousand in compensation and benefits expenses,$76 thousand in professional fees and$36 thousand in occupancy and equipment, partially offset by an increase in data processing expense of$102 thousand .
Income tax expense compared to the third quarter of 2024:
- The Company did not record a tax benefit for the losses incurred during the third or fourth quarter of 2024 due to the full valuation allowance required on its deferred tax assets.
- The Company’s current tax position reflects the full valuation allowance on its deferred tax assets. At December 31, 2024, the valuation allowance on deferred tax assets was
$25.1 million .
Fourth quarter of 2024 compared to the fourth quarter of 2023
Net interest income compared to the fourth quarter of 2023:
- Net interest income was
$9.5 million , an increase of$277 thousand . - Net interest margin increased five basis point to
1.89% . - Yield on average interest-earning assets increased 31 basis points to
4.37% . - Cost of average interest-bearing deposits increased 38 basis points to
2.90% , reflecting the competitive rate environment in our primary market. - Average loans increased by
$7.5 million and average interest-bearing deposits increased by$94.2 million .
Non-interest income compared to the fourth quarter of 2023:
- Non-interest income decreased
$152 thousand , or26.57% . The prior year period included gains on sales of loans and securities that were not present in the current period. In addition, there was a decline in fees and service charges from the prior period.
Non-interest expense compared to the fourth quarter of 2023:
- Non-interest expense was
$12.9 million , an increase of$338 thousand driven by increases in professional services expense, compensation and benefit costs and occupancy and equipment expense of$106 thousand ,$56 thousand and$54 thousand , respectively, partially offset by a decrease in advertising expense of$39 thousand . In addition, other expense increased$131 thousand when compared to the fourth quarter of 2023 due in part to increases in business development and postage expenses.
Income tax expense compared to the fourth quarter of 2023:
- The Company did not record a tax benefit for the loss incurred during the fourth quarter of 2024 or 2023 due to the full valuation allowance required on its deferred tax assets.
- The Company’s current tax position reflects the full valuation allowance on its deferred tax assets. At December 31, 2024, the valuation allowance on deferred tax assets was
$25.1 million .
Year ended December 31, 2024 compared to the year ended December 31, 2023
Net interest income compared to the year ended December 31, 2023:
- Net interest income was
$37.6 million , a decrease of$4.4 million . - Net interest margin decreased by 19 basis points to
1.90% . - Yield on average interest-earning assets increased 38 basis points to
4.32% . - Cost of average interest-bearing deposits increased 92 basis points to
2.89% , due to an increase in higher-cost time deposits and the competitive rate environment in our primary market. - Average loans decreased by
$16.4 million and average interest-bearing deposits increased by$52.6 million .
Non-interest income compared to the year ended December 31, 2023:
- Non-interest income decreased
$11 thousand , or0.61% , largely due to the lack of gain on sale of loans and securities, offset in part by a gain on sale of an REO property in 2024.
Non-interest expense compared to the year ended December 31, 2023:
- Non-interest expense was
$52.6 million , an increase of$1.0 million , primarily driven by increases in compensation and benefits of$994 thousand , occupancy and equipment of$528 thousand and FDIC premiums of$56 thousand , offset in part by decreases in data processing expense and professional services of$471 thousand and$118 thousand , respectively.
Income tax expense compared to the year ended December 31, 2023:
- The Company did not record a tax benefit for the loss incurred during 2024 or 2023 due to the full valuation allowance required on its deferred tax assets.
- The Company’s current tax position reflects the previously established full valuation allowance on its deferred tax assets. At December 31, 2024, the valuation allowance on deferred tax assets was
$25.1 million .
Balance Sheet Summary:
December 31, 2024 compared to December 31, 2023
Securities available-for-sale:
- Securities available-for-sale increased
$13.3 million to$297.0 million due to purchases and a$3.3 million improvement in the unrealized loss position on the portfolio, partially offset by amortization, maturities and calls during the year.
Other investments:
- Other investments decreased during 2024 by
$2.6 million due to a decrease in FHLB stock as a result of a reduction in FHLB borrowings.
Total loans:
- Gross loans held for investment increased
$22.8 million to$1.58 billion . - Commercial real estate loans increased
$27.1 million , construction loans increased$25.1 million , consumer and other category increased$7.2 million and commercial and industrial loans increased$4.5 million , while residential and multifamily loans decreased$32.7 million and$11.4 million , respectively. - Loan fundings totaled
$108.4 million , including fundings of$35.7 million in commercial real estate loans,$33.7 million in construction loans,$12.2 million in multifamily loans and$11.2 million in commercial and industrial loans. In addition, the Company purchased$21.6 million of conforming residential mortgages in New Jersey and participated in a consumer loan participation of$8.0 million during the year.
Deposits:
- Deposits totaled
$1.34 billion , an increase of$98.4 million since December 31, 2023, largely the result of increases in customer deposits. - Core deposits (defined as non-interest bearing checking, NOW and demand accounts and savings accounts) represented
47.3% of total deposits compared to48.8% at December 31, 2023, as time deposits increased$110.7 million . - The increase in time deposits include
$30.0 million in brokered deposits, bringing our total brokered deposit balance to$155.0 million at December 31, 2024. - Uninsured and uncollateralized deposits to third-party customers were
$147.6 million , or11% of total deposits, at the end of the fourth quarter.
Borrowings:
- FHLB borrowings decreased by
$58.0 million to$339.5 million as we were able to pay off short-term borrowings with deposit growth that outpaced asset growth. - As of December 31, 2024, the Company had
$270.6 million of additional borrowing capacity at the FHLB,$107.7 million in secured lines of credit at the Federal Reserve Bank and$30.0 million of other unsecured lines of credit.
Capital:
- Shareholders’ equity decreased by
$23.4 million to$332.2 million . The decrease was primarily driven by the repurchase of shares at a cost of$19.4 million . Additionally, the year-to-date loss, partially offset by favorable changes in accumulated other comprehensive income, also contributed to the decrease. - Tangible equity to tangible assets was
16.11% and17.37% at December 31, 2024 and 2023, respectively. - Tangible common equity per share outstanding was
$14.74 at December 31, 2024 and$14.49 at December 31, 2023. - The Bank’s capital ratios remain above the FDIC’s “well capitalized” standards.
Asset quality:
- The allowance for credit losses on loans represented
0.83% of total loans at December 31, 2024 compared to0.91% at December 31, 2023. The allowance for credit losses on loans was254.02% of non-performing loans compared to239.98% at December 31, 2023. - The Company recorded a release of provision for credit losses of
$301 thousand for the fourth quarter of 2024 and a release of provision for credit losses of$1.4 million for the year ended December 31, 2024. For the fourth quarter of 2024, there was a release of provision of$240 thousand ,$37 thousand and$24 thousand in the ACL for off-balance-sheet commitments, loans and held-to-maturity securities, respectively. For the year ended December 31, 2024, there was a release of$1.1 million in the ACL for loans,$146 thousand in the ACL for off-balance-sheet commitments and$60 thousand in the ACL for held-to-maturity securities. The release was driven by the impact of the economic forecasts for the key drivers of our loan segments as well as a decrease in off-balance-sheet commitments. - Non-performing loans totaled
$5.1 million , or0.33% of total loans at December 31, 2024 compared to$5.9 million , or0.38% of total loans at December 31, 2023. - Net charge-offs were
$10 thousand and$46 thousand for the quarter and year ended December 31, 2024, respectively.
About Blue Foundry
Blue Foundry Bancorp is the holding company for Blue Foundry Bank, a place where things are made, purpose is formed, and ideas are crafted. Headquartered in Rutherford NJ, with a presence in Bergen, Essex, Hudson, Middlesex, Morris, Passaic, Somerset and Union counties, Blue Foundry Bank is a full-service, innovative bank serving the doers, movers, and shakers in our communities. We offer individuals and businesses alike the tailored products and services they need to build their futures. With a rich history dating back more than 145 years, Blue Foundry Bank has a longstanding commitment to its customers and communities. To learn more about Blue Foundry Bank visit BlueFoundryBank.com or call (888) 931-BLUE. Member FDIC.
Conference Call Information
A conference call discussing Blue Foundry’s fourth quarter and year ended December 31, 2024 financial results will be held today, Wednesday, January 29, 2025 at 11:00 a.m. (EST). To listen to the live call, please dial 1-833-470-1428 (toll free) or +1-404-975-4839 (international) and use access code 168429. Participants are encouraged to preregister to listen via webcast at https://events/q4inc.com/attendee/980680589. The conference call will be recorded and will be available on the Company’s website for one month.
Contact:
James D. Nesci
President and Chief Executive Officer
jnesci@bluefoundrybank.com
201-972-8900
Forward Looking Statements
Certain statements contained herein are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements, which are based on certain current assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target” and similar expressions.
Forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: inflation and changes in the interest rate environment that reduce our margins and yields, the fair value of financial instruments or our level of loan originations, or increase in the level of defaults, losses and prepayments on loans we have made and make; general economic conditions, either nationally or in our market areas, that are worse than expected; changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; our ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in our market area; our ability to implement and change our business strategies; competition among depository and other financial institutions; adverse changes in the securities or secondary mortgage markets; changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees, capital requirements and insurance premiums; changes in monetary or fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; changes in the quality or composition of our loan or investment portfolios; technological changes that may be more difficult or expensive than expected; a failure or breach of our operational or security systems or infrastructure, including cyber-attacks; the inability of third party providers to perform as expected; our ability to manage market risk, credit risk and operational risk in the current economic environment; our ability to enter new markets successfully and capitalize on growth opportunities; our ability to successfully integrate into our operations any assets, liabilities, customers, systems and management personnel we may acquire and our ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related there to; changes in consumer spending, borrowing and savings habits; changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission or the Public Company Accounting Oversight Board; our ability to retain key employees; the current or anticipated impact of military conflict, terrorism or other geopolitical events; the ability of the U.S. Government to manage federal debt limits; and changes in the financial condition, results of operations or future prospects of issuers of securities that we own.
Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. Except as required by applicable law or regulation, we do not undertake, and we specifically disclaim any obligation, to release publicly the results of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.
| BLUE FOUNDRY BANCORP AND SUBSIDIARY Consolidated Statements of Financial Condition | |||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | |||||||
| (Unaudited) | (Unaudited) | (Audited) | |||||||
| (In thousands) | |||||||||
| ASSETS | |||||||||
| Cash and cash equivalents | $ | 42,502 | $ | 76,109 | $ | 46,025 | |||
| Securities available for sale, at fair value | 297,028 | 290,806 | 283,766 | ||||||
| Securities held to maturity | 33,076 | 33,119 | 33,254 | ||||||
| Other investments | 17,791 | 18,203 | 20,346 | ||||||
| Loans, net | 1,570,517 | 1,537,971 | 1,546,576 | ||||||
| Real estate owned, net | — | — | 593 | ||||||
| Interest and dividends receivable | 8,014 | 8,386 | 7,595 | ||||||
| Premises and equipment, net | 29,486 | 30,161 | 32,475 | ||||||
| Right-of-use assets | 23,470 | 24,190 | 25,172 | ||||||
| Bank owned life insurance | 22,519 | 22,399 | 22,034 | ||||||
| Other assets | 16,280 | 13,749 | 27,127 | ||||||
| Total assets | $ | 2,060,683 | $ | 2,055,093 | $ | 2,044,963 | |||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||
| Liabilities | |||||||||
| Deposits | $ | 1,343,320 | $ | 1,318,670 | $ | 1,244,904 | |||
| Advances from the Federal Home Loan Bank | 339,500 | 348,500 | 397,500 | ||||||
| Advances by borrowers for taxes and insurance | 9,356 | 9,909 | 8,929 | ||||||
| Lease liabilities | 25,168 | 25,870 | 26,777 | ||||||
| Other liabilities | 11,141 | 12,845 | 11,213 | ||||||
| Total liabilities | 1,728,485 | 1,715,794 | 1,689,323 | ||||||
| Shareholders’ equity | 332,198 | 339,299 | 355,640 | ||||||
| Total liabilities and shareholders’ equity | $ | 2,060,683 | $ | 2,055,093 | $ | 2,044,963 | |||
| BLUE FOUNDRY BANCORP AND SUBSIDIARY Consolidated Statements of Operations (Dollars in thousands except per share data) | ||||||||||||||||||||
| Three months ended | Year Ended December 31, | |||||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | 2024 | 2023 | ||||||||||||||||
| (unaudited) | (Unaudited) | (Audited) | ||||||||||||||||||
| Interest income: | ||||||||||||||||||||
| Loans | $ | 17,777 | $ | 17,646 | $ | 16,907 | $ | 70,185 | $ | 65,685 | ||||||||||
| Taxable investment income | 3,972 | 3,850 | 3,327 | 15,122 | 12,990 | |||||||||||||||
| Non-taxable investment income | 36 | 36 | 101 | 144 | 430 | |||||||||||||||
| Total interest income | 21,785 | 21,532 | 20,335 | 85,451 | 79,105 | |||||||||||||||
| Interest expense: | ||||||||||||||||||||
| Deposits | 9,573 | 9,712 | 7,755 | 36,830 | 24,116 | |||||||||||||||
| Borrowed funds | 2,739 | 2,733 | 3,384 | 11,071 | 13,070 | |||||||||||||||
| Total interest expense | 12,312 | 12,445 | 11,139 | 47,901 | 37,186 | |||||||||||||||
| Net interest income | 9,473 | 9,087 | 9,196 | 37,550 | 41,919 | |||||||||||||||
| (Release of ) provision for credit losses | (301 | ) | 248 | 156 | (1,350 | ) | (441 | ) | ||||||||||||
| Net interest income after (release of ) provision for credit losses | 9,774 | 8,839 | 9,040 | 38,900 | 42,360 | |||||||||||||||
| Non-interest income: | ||||||||||||||||||||
| Fees and service charges | 306 | 272 | 331 | 1,203 | 1,164 | |||||||||||||||
| Gain on securities, net | — | — | 20 | — | 20 | |||||||||||||||
| Gain on sale of loans | — | — | 72 | 36 | 231 | |||||||||||||||
| Other income | 114 | 115 | 149 | 555 | 390 | |||||||||||||||
| Total non-interest income | 420 | 387 | 572 | 1,794 | 1,805 | |||||||||||||||
| Non-interest expense: | ||||||||||||||||||||
| Compensation and benefits | 6,943 | 7,306 | 6,887 | 29,433 | 28,439 | |||||||||||||||
| Occupancy and equipment | 2,194 | 2,230 | 2,140 | 8,878 | 8,350 | |||||||||||||||
| Data processing | 1,514 | 1,412 | 1,510 | 5,648 | 6,119 | |||||||||||||||
| Advertising | 81 | 87 | 120 | 292 | 354 | |||||||||||||||
| Professional services | 737 | 813 | 631 | 2,903 | 3,021 | |||||||||||||||
| Federal deposit insurance premiums | 226 | 236 | 200 | 855 | 799 | |||||||||||||||
| Other expense | 1,186 | 1,183 | 1,055 | 4,596 | 4,480 | |||||||||||||||
| Total non-interest expenses | 12,881 | 13,267 | 12,543 | 52,605 | 51,562 | |||||||||||||||
| Loss before income tax expense | (2,687 | ) | (4,041 | ) | (2,931 | ) | (11,911 | ) | (7,397 | ) | ||||||||||
| Income tax expense | — | — | — | — | — | |||||||||||||||
| Net loss | $ | (2,687 | ) | $ | (4,041 | ) | $ | (2,931 | ) | $ | (11,911 | ) | $ | (7,397 | ) | |||||
| Basic loss per share | $ | (0.13 | ) | $ | (0.19 | ) | $ | (0.13 | ) | $ | (0.55 | ) | $ | (0.31 | ) | |||||
| Diluted loss per share | $ | (0.13 | ) | $ | (0.19 | ) | $ | (0.13 | ) | $ | (0.55 | ) | $ | (0.31 | ) | |||||
| Weighted average shares outstanding-basic | 20,826,845 | 21,263,482 | 22,845,252 | 21,477,429 | 23,925,724 | |||||||||||||||
| Weighted average shares outstanding-diluted | 20,826,845 | 21,263,482 | 22,845,252 | 21,477,429 | 23,925,724 | |||||||||||||||
| BLUE FOUNDRY BANCORP AND SUBSIDIARY Consolidated Financial Highlights (Dollars in thousands except for share data) (Unaudited) | ||||||||||||||||||||
| Three months ended | ||||||||||||||||||||
| December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | ||||||||||||||||
| Performance Ratios (%) | ||||||||||||||||||||
| Loss on average assets | (0.52 | ) | (0.79 | ) | (0.47 | ) | (0.56 | ) | (0.57 | ) | ||||||||||
| Loss on average equity | (3.17 | ) | (4.68 | ) | (2.71 | ) | (3.23 | ) | (3.25 | ) | ||||||||||
| Interest rate spread (1) | 1.40 | 1.29 | 1.43 | 1.40 | 1.33 | |||||||||||||||
| Net interest margin (2) | 1.89 | 1.82 | 1.96 | 1.92 | 1.84 | |||||||||||||||
| Efficiency ratio (non-GAAP) (3) | 130.20 | 140.04 | 130.73 | 134.19 | 128.41 | |||||||||||||||
| Average interest-earning assets to average interest-bearing liabilities | 120.84 | 121.37 | 122.28 | 122.50 | 122.93 | |||||||||||||||
| Tangible equity to tangible assets (4) | 16.11 | 16.50 | 16.88 | 17.25 | 17.37 | |||||||||||||||
| Book value per share (5) | $ | 14.75 | $ | 14.76 | $ | 14.70 | $ | 14.61 | $ | 14.51 | ||||||||||
| Tangible book value per share (5) | $ | 14.74 | $ | 14.74 | $ | 14.69 | $ | 14.60 | $ | 14.49 | ||||||||||
| Asset Quality | ||||||||||||||||||||
| Non-performing loans | $ | 5,104 | $ | 5,146 | $ | 6,208 | $ | 6,691 | $ | 5,898 | ||||||||||
| Real estate owned, net | — | — | — | 593 | 593 | |||||||||||||||
| Non-performing assets | $ | 5,104 | $ | 5,146 | $ | 6,208 | $ | 7,284 | $ | 6,491 | ||||||||||
| Allowance for credit losses on loans to total loans (%) | 0.83 | 0.84 | 0.84 | 0.88 | 0.91 | |||||||||||||||
| Allowance for credit losses on loans to non-performing loans (%) | 254.02 | 252.86 | 209.84 | 205.48 | 239.98 | |||||||||||||||
| Non-performing loans to total loans (%) | 0.33 | 0.33 | 0.40 | 0.43 | 0.38 | |||||||||||||||
| Non-performing assets to total assets (%) | 0.25 | 0.25 | 0.30 | 0.36 | 0.32 | |||||||||||||||
| Net charge-offs to average outstanding loans during the period (%) | — | — | — | — | — | |||||||||||||||
(1) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(2) Net interest margin represents net interest income divided by average interest-earning assets.
(3) Efficiency ratio represents adjusted non-interest expense divided by the sum of net interest income plus non-interest income.
(4) Tangible equity equals
(5) Per share metrics are computed using 22,522,626 total shares outstanding.
| BLUE FOUNDRY BANCORP AND SUBSIDIARY Analysis of Net Interest Income (Unaudited) | |||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | |||||||||||||||||||||||||
| Average Balance | Interest | Average Yield/Cost | Average Balance | Interest | Average Yield/Cost | Average Balance | Interest | Average Yield/Cost | |||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||||||
| Assets: | |||||||||||||||||||||||||||
| Loans (1) | $ | 1,557,342 | $ | 17,777 | 4.57 | % | $ | 1,548,962 | $ | 17,646 | 4.53 | % | $ | 1,564,800 | $ | 16,907 | 4.29 | % | |||||||||
| Mortgage-backed securities | 185,382 | 1,254 | 2.71 | % | 181,596 | 1,186 | 2.60 | % | 165,471 | 904 | 2.17 | % | |||||||||||||||
| Other investment securities | 164,392 | 1,573 | 3.83 | % | 173,008 | 1,527 | 3.51 | % | 190,507 | 1,486 | 3.09 | % | |||||||||||||||
| FHLB stock | 17,153 | 411 | 9.58 | % | 17,666 | 406 | 9.15 | % | 20,970 | 477 | 9.02 | % | |||||||||||||||
| Cash and cash equivalents | 68,536 | 770 | 4.50 | % | 61,507 | 767 | 4.96 | % | 45,895 | 561 | 4.85 | % | |||||||||||||||
| Total interest-bearing assets | 1,992,805 | 21,785 | 4.37 | % | 1,982,739 | 21,532 | 4.32 | % | 1,987,643 | 20,335 | 4.06 | % | |||||||||||||||
| Non-interest earning assets | 61,586 | 61,787 | 54,918 | ||||||||||||||||||||||||
| Total assets | $ | 2,054,391 | $ | 2,044,526 | $ | 2,042,561 | |||||||||||||||||||||
| Liabilities and shareholders' equity: | |||||||||||||||||||||||||||
| NOW, savings, and money market deposits | $ | 614,623 | 1,988 | 1.29 | % | $ | 598,048 | 1,925 | 1.28 | % | $ | 634,257 | 1,989 | 1.24 | % | ||||||||||||
| Time deposits | 698,801 | 7,585 | 4.32 | % | 688,570 | 7,787 | 4.50 | % | 584,977 | 5,766 | 3.91 | % | |||||||||||||||
| Interest-bearing deposits | 1,313,424 | 9,573 | 2.90 | % | 1,286,618 | 9,712 | 3.00 | % | 1,219,234 | 7,755 | 2.52 | % | |||||||||||||||
| FHLB advances | 335,686 | 2,739 | 3.26 | % | 347,076 | 2,733 | 3.13 | % | 397,643 | 3,384 | 3.38 | % | |||||||||||||||
| Total interest-bearing liabilities | 1,649,110 | 12,312 | 2.97 | % | 1,633,694 | 12,445 | 3.03 | % | 1,616,877 | 11,139 | 2.73 | % | |||||||||||||||
| Non-interest bearing deposits | 24,945 | 23,421 | 26,629 | ||||||||||||||||||||||||
| Non-interest bearing other | 43,016 | 43,713 | 41,780 | ||||||||||||||||||||||||
| Total liabilities | 1,717,071 | 1,700,828 | 1,685,286 | ||||||||||||||||||||||||
| Total shareholders' equity | 337,320 | 343,698 | 357,275 | ||||||||||||||||||||||||
| Total liabilities and shareholders' equity | $ | 2,054,391 | $ | 2,044,526 | $ | 2,042,561 | |||||||||||||||||||||
| Net interest income | $ | 9,473 | $ | 9,087 | $ | 9,196 | |||||||||||||||||||||
| Net interest rate spread (2) | 1.40 | % | 1.29 | % | 1.33 | % | |||||||||||||||||||||
| Net interest margin (3) | 1.89 | % | 1.82 | % | 1.84 | % | |||||||||||||||||||||
(1) Average loan balances are net of deferred loan fees and costs, and premiums and discounts, and include non-accrual loans.
(2) Net interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(3) Net interest margin represents net interest income divided by average interest-earning assets.
| BLUE FOUNDRY BANCORP AND SUBSIDIARY Analysis of Net Interest Income continued (Unaudited) | ||||||||||||||||||
| Year Ended December 31, | ||||||||||||||||||
| 2024 | 2023 | |||||||||||||||||
| Average Balance | Interest | Average Yield/Cost | Average Balance | Interest | Average Yield/Cost | |||||||||||||
| (Dollar in thousands) | ||||||||||||||||||
| Assets: | ||||||||||||||||||
| Loans (1) | $ | 1,553,143 | $ | 70,185 | 4.52 | % | $ | 1,569,590 | $ | 65,685 | 4.18 | % | ||||||
| Mortgage-backed securities | 173,691 | 4,276 | 2.46 | % | 172,405 | 3,693 | 2.14 | % | ||||||||||
| Other investment securities | 174,172 | 6,440 | 3.70 | % | 195,754 | 6,010 | 3.07 | % | ||||||||||
| FHLB stock | 18,038 | 1,756 | 9.73 | % | 21,249 | 1,582 | 7.45 | % | ||||||||||
| Cash and cash equivalents | 58,261 | 2,794 | 4.80 | % | 46,245 | 2,135 | 4.62 | % | ||||||||||
| Total interest-bearing assets | 1,977,305 | 85,451 | 4.32 | % | 2,005,243 | 79,105 | 3.94 | % | ||||||||||
| Non-interest earning assets | 59,832 | 56,297 | ||||||||||||||||
| Total assets | $ | 2,037,137 | $ | 2,061,540 | ||||||||||||||
| Liabilities and shareholders' equity: | ||||||||||||||||||
| NOW, savings, and money market deposits | $ | 610,172 | 7,803 | 1.28 | % | $ | 722,149 | 8,339 | 1.15 | % | ||||||||
| Time deposits | 665,740 | 29,027 | 4.36 | % | 501,124 | 15,777 | 3.15 | % | ||||||||||
| Interest-bearing deposits | 1,275,912 | 36,830 | 2.89 | % | 1,223,273 | 24,116 | 1.97 | % | ||||||||||
| FHLB advances | 348,306 | 11,071 | 3.18 | % | 396,265 | 13,070 | 3.30 | % | ||||||||||
| Total interest-bearing liabilities | 1,624,218 | 47,901 | 2.95 | % | 1,619,538 | 37,186 | 2.30 | % | ||||||||||
| Non-interest bearing deposits | 24,980 | 25,227 | ||||||||||||||||
| Non-interest bearing other | 42,345 | 43,868 | ||||||||||||||||
| Total liabilities | 1,691,543 | 1,688,633 | ||||||||||||||||
| Total shareholders' equity | 345,594 | 372,907 | ||||||||||||||||
| Total liabilities and shareholders' equity | $ | 2,037,137 | $ | 2,061,540 | ||||||||||||||
| Net interest income | $ | 37,550 | $ | 41,919 | ||||||||||||||
| Net interest rate spread (2) | 1.37 | % | 1.64 | % | ||||||||||||||
| Net interest margin (3) | 1.90 | % | 2.09 | % | ||||||||||||||
(1) Average loan balances are net of deferred loan fees and costs, and premiums and discounts, and include non-accrual loans.
(2) Net interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(3) Net interest margin represents net interest income divided by average interest-earning assets.
BLUE FOUNDRY BANCORP AND SUBSIDIARY
Adjusted Pre-Provision Net Loss (Non-GAAP)
(Dollars in thousands except per share data) (Unaudited)
This press release contains certain supplemental financial information, described in the table below, which has been determined by methods other than U.S. Generally Accepted Accounting Principles ("GAAP") that management uses in its analysis of Blue Foundry's performance. Management believes these non-GAAP financial measures provide information useful to investors in understanding Blue Foundry's financial results. These non-GAAP measures should not be considered a substitute for GAAP basis measures and results and Blue Foundry strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.
Net loss, as presented in the Consolidated Statements of Operations, includes the provision for credit losses and income tax expense while pre-provision net loss does not.
| Three months ended | ||||||||||||||||||||
| December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | ||||||||||||||||
| Pre-provision net loss and efficiency ratio, as adjusted: | ||||||||||||||||||||
| Net interest income | $ | 9,473 | $ | 9,087 | $ | 9,573 | $ | 9,417 | $ | 9,196 | ||||||||||
| Other income | 420 | 387 | 536 | 451 | 572 | |||||||||||||||
| 9,893 | 9,474 | 10,109 | 9,868 | 9,768 | ||||||||||||||||
| Operating expenses, as reported | 12,881 | 13,267 | 13,215 | 13,242 | 12,543 | |||||||||||||||
| Pre-provision net loss, as adjusted | $ | (2,988 | ) | $ | (3,793 | ) | $ | (3,106 | ) | $ | (3,374 | ) | $ | (2,775 | ) | |||||
| Efficiency ratio | 130.2 | % | 140.0 | % | 130.7 | % | 134.2 | % | 128.4 | % | ||||||||||
| Core deposits: | ||||||||||||||||||||
| Total deposits | $ | 1,343,320 | $ | 1,318,670 | $ | 1,311,156 | $ | 1,291,184 | $ | 1,244,904 | ||||||||||
| Less: time deposits | 707,339 | 701,262 | 671,478 | 642,372 | 596,624 | |||||||||||||||
| Core deposits | $ | 635,981 | $ | 617,408 | $ | 639,678 | $ | 648,812 | $ | 648,280 | ||||||||||
| Core deposits to total deposits | 47.3 | % | 46.8 | % | 48.8 | % | 50.2 | % | 52.1 | % | ||||||||||
| Total assets | $ | 2,060,683 | $ | 2,055,093 | $ | 2,045,452 | $ | 2,027,787 | $ | 2,044,963 | ||||||||||
| Less: intangible assets | 244 | 300 | 386 | 473 | 557 | |||||||||||||||
| Tangible assets | $ | 2,060,439 | $ | 2,054,793 | $ | 2,045,066 | $ | 2,027,314 | $ | 2,044,406 | ||||||||||
| Tangible equity: | ||||||||||||||||||||
| Shareholders’ equity | $ | 332,198 | $ | 339,299 | $ | 345,597 | $ | 350,156 | $ | 355,640 | ||||||||||
| Less: intangible assets | 244 | 300 | 386 | 473 | 557 | |||||||||||||||
| Tangible equity | $ | 331,954 | $ | 338,999 | $ | 345,211 | $ | 349,683 | $ | 355,083 | ||||||||||
| Tangible equity to tangible assets | 16.11 | % | 16.50 | % | 16.88 | % | 17.25 | % | 17.37 | % | ||||||||||
| Tangible book value per share: | ||||||||||||||||||||
| Tangible equity | $ | 331,954 | $ | 338,999 | $ | 345,211 | $ | 349,683 | $ | 355,083 | ||||||||||
| Shares outstanding | 22,522,626 | 22,990,908 | 23,505,357 | 23,958,888 | 24,509,950 | |||||||||||||||
| Tangible book value per share | $ | 14.74 | $ | 14.74 | $ | 14.69 | $ | 14.60 | $ | 14.49 | ||||||||||
FAQ
What was Blue Foundry Bancorp's (BLFY) net loss for Q4 2024?
How much did BLFY's loan portfolio grow in Q4 2024?
What was BLFY's deposit growth in Q4 2024?
What percentage of BLFY's deposits were uninsured as of December 31, 2024?
How many shares did BLFY repurchase and at what price in Q4 2024?
