Blue Foundry Bancorp - BLFY STOCK NEWS

Blue Foundry Bancorp reports a net loss of $1.4 million for Q3 2023, compared to a net loss of $1.8 million in Q2 2023. Net interest income decreased, while non-interest expense decreased by 4.4%. The Company executed $50 million of hedges on interest rates. Total loans increased by $25.9 million. Deposits decreased by $35.8 million. Cash and cash equivalents increased by $11.2 million. Securities available-for-sale decreased by $30.6 million. Uninsured deposits to third-party customers totaled 10% of total deposits.

Blue Foundry Bancorp to release Q3 2023 financial results

Blue Foundry Bancorp has announced a program to repurchase up to 1,268,382 shares of its common stock, which is approximately 5% of its outstanding common stock. This is the company's third stock repurchase program since its mutual-to-stock conversion in July 2021. The previous programs allowed for the repurchase of 4,187,376 shares. The timing and amount of repurchases will depend on various factors.

Blue Foundry Bancorp reports a net loss of $1.8 million for Q2 2023. Deposits increased by $22.7 million. Non-interest expense decreased by $689 thousand. Interest income increased by $933 thousand. Net interest margin decreased by 25 basis points. Tangible book value per share was $14.35. Total loans increased by $36.6 million. Deposits increased by $22.7 million. Net interest income decreased by $2.3 million. Non-interest expense increased by $112 thousand.

Blue Foundry Bancorp (NASDAQ: BLFY) will release financial results for Q2 and six months ended June 30, 2023 on July 26, 2023. A conference call will be held at 11:00AM (ET) on the same day for investors and analysts. Webcast pre-registration link: https://events.q4inc.com/attendee/238875048

Blue Foundry Bancorp (NASDAQ:BLFY) reported a net loss of $1.2 million, or $0.05 per diluted share, for Q1 2023, a decline from net income of $553 thousand a year ago. This loss contrasts with a net income of $562 thousand in Q4 2022. Despite challenging market conditions, the company initiated a stock repurchase program for up to 5% of outstanding shares. Total loans grew by $40.9 million, or 2.7%, while deposits decreased by $44.3 million, or 3.4%. Interest income rose to $18.8 million, but interest expense surged by 48.4% to $6.9 million. The net interest margin decreased to 2.42%. The bank maintains strong capital ratios and has over $100 million in FDIC insurance coverage. Tangible book value per share stands at $14.06.

Blue Foundry Bancorp (BLFY) has announced a new stock repurchase program to buy back up to 1,335,126 shares, approximately 5% of its outstanding stock, succeeding its previous repurchase initiative. The first program, announced on July 20, 2022, authorized the purchase of up to 2,852,250 shares, with 2,723,979 shares repurchased for $30,240,939 at an average price of $11.10 per share by April 18, 2023. The new program reflects the company's strong capital position, as highlighted by President and CEO James D. Nesci, who emphasized that share repurchases represent a prudent capital use. Repurchases will occur based on market conditions and the company's financial performance, compliant with SEC regulations.

Blue Foundry Bancorp (NASDAQ: BLFY) announced it will release its financial results for Q1 2023 on April 26, 2023. The earnings report will be accessible on the Company's website and at the SEC's site. A conference call is scheduled for the same day at 11:00 AM (ET) to discuss the results, which will be recorded for future access. Investors are encouraged to pre-register for the call through the provided webcast link. Blue Foundry Bank serves various counties in New Jersey, providing tailored banking products to individuals and businesses. Established over 145 years ago, the bank emphasizes its commitment to community and customer service.

Blue Foundry Bancorp (NASDAQ:BLFY) reported a net income of $2.4 million for 2022, reversing a $36.3 million loss in 2021. The company achieved a gross loan growth of 20% and a 13% increase in core deposits year-over-year. In Q4 2022, net income was $562,000, down from $1.2 million in Q3 2022. Notably, net interest income for Q4 was $12.9 million, down 6.4% from Q3. The bank has repurchased 1.3 million shares, representing 46% of its buyback program. Despite a challenging economic environment, management remains confident in the bank's strong asset quality and capital adequacy.