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Blue Foundry Bancorp (NASDAQ: BLFY) operates as the bank holding company for Blue Foundry Bank, a community-focused savings bank serving northern New Jersey. With origins dating back to the 1870s, the institution has evolved from its roots as a mutual savings and loan association into a publicly traded banking organization emphasizing technology-driven service delivery.
The bank provides personal and business banking services across Bergen, Essex, Hudson, Middlesex, Morris, Passaic, Somerset, and Union counties in New Jersey. Its product portfolio encompasses residential mortgages, commercial real estate financing, construction lending, business lines of credit, and consumer banking products. As an approved Small Business Administration lender, Blue Foundry Bank offers government-guaranteed loan programs to qualifying businesses.
Blue Foundry Bank has invested in digital banking infrastructure, offering customers web and mobile platforms for account management, bill payment, remote check deposit, and financial monitoring. The bank has positioned itself as a technology-forward community bank, recruiting management talent with expertise in digital retail and modern service delivery methods.
The company has entered into a definitive merger agreement with Fulton Financial Corporation, a regional banking institution. Subject to regulatory approvals, Blue Foundry Bancorp shareholders will receive Fulton common stock in exchange for their BLFY shares, and Blue Foundry Bank will be combined with Fulton Bank upon transaction closing.
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.
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