Blue Foundry Bancorp - BLFY STOCK NEWS

Blue Foundry Bancorp (Nasdaq: BLFY) has appointed Elizabeth Varki Jobes, Esq. as a director, effective immediately. With extensive experience in legal and compliance roles at global companies, Jobes aims to enhance the Board's perspective. Currently the Global Chief Compliance Officer at Amryt Pharmaceuticals, she has held senior positions at EMD Serono and other firms. Her leadership extends to various boards, including Ampio Pharmaceuticals. Jobes expressed eagerness to contribute to Blue Foundry's innovative culture.

Blue Foundry Bancorp (NASDAQ:BLFY) reported a net income of $1.2 million ($0.05/share) for Q3 2022, a significant increase from $40,000 in Q2 2022 and a recovery from a $15 million loss a year prior. For the first nine months, net income was $1.8 million, up from a $16.7 million loss in 2021. Key highlights include a $68.1 million (4.8%) growth in gross loans, with core deposits increasing by $35 million (4%). Net interest income rose to $13.8 million, a 24.4% year-over-year increase, despite a decline in accumulated other comprehensive income of $8.8 million due to rising interest rates.

Blue Foundry Bancorp (NASDAQ: BLFY) will release its financial results for Q3 2022 on October 26, 2022. The earnings will be published on the company's website and the SEC's site. An investor conference call will follow at 11:00 AM (EST) on the same day, where company representatives will discuss the financial results. Participants can pre-register for the call and dial in for questions. Blue Foundry Bancorp, headquartered in Rutherford, NJ, is committed to serving communities with tailored banking solutions and has over 145 years of operational history.

Blue Foundry Bancorp (NASDAQ:BLFY) reported second quarter results showing a record loan growth of $94.3 million, or 7.1%, driven by commercial real estate. Net income was $40,000, down from $553,000 in the previous quarter but improved from a net loss of $1.0 million year-over-year. Core deposits rose by $27.9 million, representing 66.8% of total deposits, while net interest income climbed 10.2% to $13.2 million. The company announced a stock repurchase program and emphasized its ongoing strategy to develop its lending franchise.

Blue Foundry Bancorp (NASDAQ: BLFY) announced a share repurchase program to buy back up to 2,852,250 shares, representing about 10% of its outstanding common stock. This marks the company's first repurchase initiative following its mutual-to-stock conversion in July 2021. The buybacks are slated to begin after the release of Q2 2022 results and will be conducted based on market conditions and the company's financial performance. CEO James D. Nesci emphasized the company's strong capital position, highlighting the strategic importance of share repurchases in reallocating excess capital.

Blue Foundry Bancorp (NASDAQ: BLFY) will release its financial results for Q2 2022 on July 27, 2022. The earnings release will be accessible on the Company’s website and at the SEC's site. A conference call for investors will commence on the same day at 11:00 AM EST, where representatives will discuss the financial results. Participants can pre-register for the call via the provided link, or join by dial-in if unable to attend the webcast. The release also contains forward-looking statements that highlight various risks affecting future performance.

Blue Foundry Bancorp (NASDAQ:BLFY) reported a net income of $553,000, or $0.02 per diluted share, for Q1 2022, a turnaround from a net loss of $745,000 in Q1 2021. Key highlights include:

• Gross loans grew by $64.1 million, or 5.1%
• Core deposits increased by $64.8 million, representing 65.3% of total deposits
• Net interest income rose to $11.9 million, up 24.4%
• Non-performing loans decreased, indicating improved asset quality.

However, the rising interest rate environment negatively impacted the investment portfolio's value.

Blue Foundry Bancorp (Nasdaq: BLFY) announced the appointment of Kelly Pecoraro as the new Executive Vice President and Chief Financial Officer, effective May 18, 2022. Ms. Pecoraro brings significant experience from her previous role at Investors Bank, where she was Executive Vice President and Chief Accounting Officer. James D. Nesci, CEO, expressed enthusiasm for her joining, highlighting her valuable background in a fast-growing bank. Pecoraro stated her eagerness to contribute to Blue Foundry's mission during this pivotal time.

Blue Foundry Bancorp (NASDAQ: BLFY) will announce its financial results for Q1 2022 on April 27, 2022. The earnings release will be accessible on its website and the SEC's site. A conference call is scheduled for the same day at 11:00 AM (EST) to discuss the results, with a recording available for one month afterward. Investors can pre-register for the webcast or join via dial-in. Blue Foundry Bank, established over 145 years ago, serves various counties in New Jersey, focusing on tailored products for individuals and businesses.