RUTHERFORD, N.J., July 09, 2025 (GLOBE NEWSWIRE) -- Blue Foundry Bancorp (NASDAQ: BLFY) (the “Company”), the holding company for Blue Foundry Bank, announced that on the morning of Wednesday, July 30, 2025 it will release financial results for the quarter ended June 30, 2025. A copy of the earnings release will be available on the Company’s website, https://ir.bluefoundrybank.com/, in the “News” section and on the SEC’s website, https://www.sec.gov/. Representatives of the Company will hold a conference cal ...

Core Viewpoint - Blue Foundry Bancorp has authorized a sixth stock repurchase program to buy back up to 1,082,533 shares, representing approximately 5% of its outstanding common stock, which commenced on June 20, 2025 [1] Group 1: Stock Repurchase Program - The company has repurchased a total of 7,798,723 shares, or 27.3% of its common shares, since the first program was announced on July 20, 2022, at a weighted average price of $10.09 [2] - The new repurchase program allows for shares to be bought back in open market or private transactions, and the timing and amount of repurchases will depend on various factors including market conditions and the company's financial performance [3] Group 2: Management Commentary - The President and CEO of the company expressed satisfaction with the new repurchase program, highlighting the success of previous programs that allowed for share repurchases at a significant discount to tangible book value, which was $14.81 per share as of March 31, 2025 [4][2] - The CEO emphasized that share repurchases are a prudent use of capital and reflect the company's strong capital position [4] Group 3: Company Overview - Blue Foundry Bancorp is the holding company for Blue Foundry Bank, which serves various counties in New Jersey and offers tailored products and services to individuals and businesses [5] - The bank has a rich history of over 145 years and is committed to its customers and communities [5]

Financial Performance - The Company recorded a net loss of $2.7 million for Q1 2025, compared to a net loss of $2.8 million for Q1 2024, indicating a slight improvement [149]. - Non-interest income decreased by $57 thousand, or 12.6%, to $394 thousand in Q1 2025, primarily due to the absence of a gain on loan sales that occurred in the previous year [154]. - Non-interest expense increased by $387 thousand to $13.6 million in Q1 2025, driven by higher compensation and benefits expenses [155]. Interest Income and Loans - Interest income increased by $1.9 million, or 9.0%, to $22.7 million in Q1 2025, driven by higher rates on interest-earning assets [150]. - Net interest income rose to $10.7 million in Q1 2025, up from $9.4 million in Q1 2024, with a net interest rate spread of 1.62% and a net interest margin of 2.16% [152][159]. - The provision for credit losses was $201 thousand in Q1 2025, compared to a release of $535 thousand in Q1 2024, reflecting an increase in loan balances [153]. - Gross loans held for investment rose by $42.2 million to $1.63 billion at March 31, 2025, with notable increases in consumer and commercial real estate loans [162]. - Total loans increased to $1.625 billion at March 31, 2025, up from $1.583 billion at December 31, 2024, representing a growth of 2.7% [163]. Assets and Deposits - Total assets increased to $2.09 billion at March 31, 2025, from $2.06 billion at December 31, 2024 [160]. - Cash and cash equivalents increased by $3.7 million, or 9%, to $46.2 million at March 31, 2025 [160]. - Total deposits reached $1.39 billion at March 31, 2025, an increase of $43.9 million, or 3.3%, from December 31, 2024 [164]. - Core deposits accounted for 47.6% of total deposits at March 31, 2025, compared to 47.3% at December 31, 2024 [164]. Non-Performing Assets and Equity - Total non-performing assets rose to $5.723 million at March 31, 2025, compared to $5.104 million at December 31, 2024 [163]. - Total shareholders' equity decreased by $5.5 million, or 1.7%, to $326.7 million at March 31, 2025, primarily due to share repurchases [166]. Capital and Regulatory Compliance - The bank was considered "well capitalized" under regulatory guidelines as of March 31, 2025, exceeding all applicable regulatory capital requirements [181]. - Common equity tier 1 capital as of March 31, 2025, is $287,537 thousand, representing a ratio of 18.58% [182]. - Total capital as of March 31, 2025, is $300,942 thousand, with a ratio of 19.45% [182]. - Tier 1 capital as of March 31, 2025, stands at $287,537 thousand, with a ratio of 18.58% [182]. - The capital buffer for common equity tier 1 as of March 31, 2025, is $108,302 thousand, exceeding the minimum requirement of 7.00% [182]. - The total capital ratio as of March 31, 2025, exceeds the minimum requirement of 10.50% by reaching 19.45% [182]. - The leverage ratio for tier 1 capital as of March 31, 2025, is 13.73%, above the minimum requirement of 4.00% [182]. Interest Rate Risk - Estimated changes in net interest income indicate a potential increase of $1,682 thousand, or 3.4%, with a 200 basis point increase in interest rates [174]. - The estimated economic value of equity (EVE) would decrease by 33.1% with a 200 basis point increase in interest rates, indicating significant interest rate risk exposure [175].

Financial Data and Key Metrics Changes - The company reported a net loss of $2.7 million or 13¢ per diluted share for the first quarter, similar to the prior quarter [8] - Net interest income increased by $1.3 million or 13.4%, driven by a 27 basis point expansion in net interest margin [8][9] - Tangible book value per share increased to $14.81, up 7¢ from the prior quarter [6] Business Line Data and Key Metrics Changes - Loan production totaled $90 million during the quarter with a weighted average yield of approximately 7.1% [5] - The company achieved 3% loan growth while improving the yield on the loan portfolio by 15 basis points [4] - The growth in commercial real estate loans, particularly owner-occupied properties, and construction lending reflects the company's strategy to support local businesses [5][6] Market Data and Key Metrics Changes - Deposits increased by $43.9 million or 3.2%, with core deposit count growing by $24.4 million or 3.8% [12][13] - The company maintains a strong liquidity position with $413 million in untapped borrowing capacity [7] Company Strategy and Development Direction - The strategic priorities for 2025 focus on driving loan growth, maintaining strong credit quality, and diversifying low-cost funding sources [3] - The company is emphasizing asset classes that deliver higher yield and better risk-adjusted returns [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the momentum of lending and deposit gathering activities despite reporting a net loss [4] - The company expects additional margin expansion of about 5 to 10 basis points in the second quarter [16] Other Important Information - The company repurchased 464,000 shares at a weighted average price of $9.52, enhancing shareholder value [6][7] - Nonperforming assets increased slightly but remain low at 27 basis points of total assets [14] Q&A Session Summary Question: Margin for the quarter - Management expects margin expansion of about 5 to 10 basis points in the second quarter [16] Question: Loan maturities and resets - Approximately $220 million in loans will mature or reprice within 2025, with yields just shy of 7% [17] Question: Deposit side and CD book - The current cost of CDs is $4.11, with room to lower rates as they transition to core deposits [19][20] Question: Unsecured consumer loans - The yield on unsecured consumer loans is around 7%, and they come with credit reserves [21][23] Question: Future loan purchases - The company may purchase additional loans to augment organic growth but does not plan to rely heavily on this strategy long-term [24] Question: Buyback program - The company plans to continue executing the share buyback program while being mindful of capital deployment [49][52]

Financial Data and Key Metrics Changes - The company reported a net loss of $2.7 million or 13¢ per diluted share for Q1 2025, similar to the prior quarter, but showed a meaningful improvement in net interest income [9][10] - Net interest income increased by $1.3 million or 13.4%, driven by a 27 basis point expansion in net interest margin [9][10] - Tangible book value per share increased to $14.81, up 7¢ from the prior quarter [6] Business Line Data and Key Metrics Changes - Loan production totaled $90 million during the quarter with a weighted average yield of approximately 7.1% [5] - The company achieved 3% loan growth, with $44 million in deposit growth and a 14 basis point reduction in the cost of deposits [4] - The loan portfolio included $33 million in commercial real estate loans, $9 million in residential mortgages, and $7 million in construction loans [5] Market Data and Key Metrics Changes - Deposits increased by $43.9 million or 3.2%, with core deposit count growing by $24.4 million or 3.8% [13][14] - The company maintained a strong liquidity position with $413 million in untapped borrowing capacity and $28 million in liquidity from unencumbered available-for-sale securities and unrestricted cash [7] Company Strategy and Development Direction - The strategic priorities for 2025 focus on driving loan growth, maintaining strong credit quality, and diversifying low-cost funding sources [3] - The company is emphasizing higher-yielding asset classes and portfolio diversification to enhance earnings and long-term franchise value [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the momentum of lending and deposit gathering activities, despite reporting a net loss [4] - The company expects additional margin expansion of 5 to 10 basis points in the second quarter [18] - Management highlighted the importance of maintaining expense discipline while anticipating operating expenses to remain in the high $13 million to low $14 million range [11] Other Important Information - The company repurchased 464,000 shares at a weighted average price of $9.52, enhancing shareholder value [6] - Nonperforming assets increased slightly but remain low at 27 basis points of total assets [15] Q&A Session Summary Question: Margin for the quarter - Management expects margin expansion of 5 to 10 basis points in the second quarter [18] Question: Loan maturities and resets - Approximately $220 million in loans will mature or reprice within 2025, with yields just shy of 7% [19] Question: Deposit rates and margin expansion - The company has room to lower rates on core deposits as they transition from CDs [21] Question: Unsecured consumer loans - The yield on unsecured consumer loans is around 7%, and they come with credit reserves [24] Question: Future loan purchases - The company will consider additional loan purchases to augment organic growth but does not have a set cap on this strategy [26] Question: Expense outlook - Additional bankers may be hired to support organic loan growth, impacting expenses [41] Question: Share buyback program - The company plans to continue executing the share buyback program while being mindful of capital deployment [53]

Exhibit 99.1 FOR IMMEDIATE RELEASE Blue Foundry Bancorp Reports First Quarter 2025 Results RUTHERFORD, NJ, April 30, 2025 — Blue Foundry Bancorp (NASDAQ:BLFY) (the "Company"), the holding company for Blue Foundry Bank (the "Bank"), today reported a net loss of $2.7 million, or $0.13 per diluted common share, for the three months ended March 31, 2025, compared to net loss of $2.7 million, or $0.13 per diluted common share, for the three months ended December 31, 2024, and a net loss of $2.8 million, or $0.13 ...

Core Points - Blue Foundry Bancorp reported a net loss of $2.7 million, or $0.13 per diluted common share, for Q1 2025, consistent with the previous quarter and slightly improved from a net loss of $2.8 million in Q1 2024 [1][34]. Financial Performance - The net interest margin increased by 27 basis points to 2.16%, driven by improved yields on assets and reduced costs of liabilities [2][12]. - Interest income for the quarter was $22.7 million, up by $928 thousand, or 4.3%, compared to the previous quarter [6]. - Interest expense decreased by $343 thousand, or 2.8%, to $12.0 million compared to the linked quarter [6]. Loan and Deposit Growth - Total loans increased by $42.2 million to $1.63 billion, with significant growth in commercial real estate and consumer portfolios [4][22]. - Deposits rose by $43.9 million to $1.39 billion, with increases in NOW and demand accounts and time deposits [7][22]. Asset Quality - The non-performing asset ratio was 0.27%, with non-performing loans totaling $5.7 million, or 0.35% of total loans [28][36]. - The allowance for credit losses on loans was 0.81% of gross loans, with a provision for credit losses of $201 thousand recorded for Q1 2025 [28][36]. Capital Position - Tangible book value per share increased to $14.81, and the company maintained a strong capital position [2][28]. - Shareholders' equity decreased by $5.5 million to $326.7 million, primarily due to share repurchases [28].

Core Points - Blue Foundry Bancorp reported a net loss of $2.7 million for Q1 2025, consistent with the previous quarter and slightly improved from a loss of $2.8 million in Q1 2024 [1][6][35] - The company experienced a 27 basis points increase in net interest margin, reaching 2.16%, driven by improved yields on assets and reduced costs of liabilities [2][12] - Total loans increased by $42.2 million to $1.63 billion, with significant growth in commercial real estate and consumer loan portfolios [4][22] - Deposits rose by $43.9 million to $1.39 billion, with a notable increase in NOW and demand accounts [6][7][22] Financial Performance - Interest income for Q1 2025 was $22.7 million, a 4.3% increase from the previous quarter, while interest expense decreased by 2.8% to $12.0 million [6][12] - The provision for credit losses was $201 thousand, reflecting an increase in the commercial real estate portfolio [6][29] - Non-performing loans totaled $5.7 million, representing 0.35% of total loans, an increase from 0.33% in the previous quarter [29][36] Loan and Deposit Details - The consumer loan portfolio increased by $34.3 million, while the commercial real estate portfolio grew by $28.5 million [4][22] - Core deposits accounted for 47.6% of total deposits, slightly up from 47.3% at the end of 2024 [22] - Brokered deposits increased to $205 million, supplementing the reduction in retail time deposits [22] Capital and Asset Quality - Tangible book value per share increased to $14.81, while shareholders' equity decreased to $326.7 million due to share repurchases and year-to-date losses [2][22] - The allowance for credit losses on loans was 0.81%, with a coverage ratio of 229.81% for non-performing loans [29][36] - The company's capital ratios remain above the FDIC's "well capitalized" standards [23]

Core Points - Blue Foundry Bancorp will release its financial results for the quarter ended March 31, 2025, on April 30, 2025 [1] - A conference call for investors and analysts will be held on the same day at 11:00 AM (ET) to discuss the earnings [2] - Participants are encouraged to pre-register for the webcast call [3] Company Overview - Blue Foundry Bancorp is the holding company for Blue Foundry Bank, headquartered in Rutherford, NJ, with a presence in several counties [4] - The bank offers tailored products and services to individuals and businesses, emphasizing its commitment to the community [4] - Blue Foundry Bank has a history of over 145 years, highlighting its longstanding dedication to customers [4]

Credit Risk and Loan Performance - As of December 31, 2024, the company's allowance for credit losses on loans was 0.83% of total loans and 254.02% of non-performing loans [175]. - The company's non-performing assets totaled $5.1 million, representing 0.25% of total assets as of December 31, 2024 [177]. - The company may face increased loan delinquencies and problem assets due to adverse economic conditions [189]. - The company is vulnerable to local economic downturns due to the geographic concentration of its loan portfolio primarily in New Jersey [186]. Investment Portfolio and Interest Rate Sensitivity - The investment portfolio was approximately $330.1 million, with $297.0 million classified as available-for-sale and $33.2 million as held-to-maturity [185]. - An instantaneous 200 basis point increase in market interest rates would decrease the company's net portfolio value by $70.1 million [172]. - A 100 basis point increase in interest rates would result in a 19% decrease in the company's net present value (NPV) [291]. - The company's net interest income sensitivity analysis shows a potential increase of $48,719 thousand (2.5%) with a 200 basis point increase in interest rates [289]. - The company has entered into derivative financial instruments with an aggregate notional amount of $349.0 million to manage interest rate volatility [284]. - The company utilizes a third-party modeling program to evaluate interest rate risk and assess liquidity requirements on a quarterly basis [281]. Business Strategy and Growth Challenges - The company intends to increase its commercial real estate and commercial loan originations, which will elevate lending risk [173]. - The company plans to grow its assets and deposits, but faces challenges in attracting customers from competitors and managing growth effectively [194]. - New de novo branches may increase expenses faster than revenues, impacting earnings until sufficient deposits and loans are generated [195]. - The company is investing in new lines of business and products, but faces risks related to market acceptance and regulatory compliance [196]. Regulatory and Compliance Issues - The company is subject to extensive regulation, which may increase operational costs and affect business operations [216]. - The company expects increased expenses due to the obligations of being a public company, including substantial public reporting requirements [213]. - The company may need to hire additional compliance and accounting staff to meet public company requirements, which could increase operating expenses [213]. Operational Risks and Management - The company relies on third-party vendors for operations, which exposes it to operational and information security risks [208]. - The management team is crucial for implementing the business strategy, and the loss of key personnel could adversely affect operations [210]. - Cybersecurity risks are increasing, and while the Board oversees risk management, reliance on management and consultants remains significant [211]. - Changes in management's estimates and assumptions could materially impact the company's consolidated financial statements [220]. Economic Environment and Market Conditions - Inflation remained above the Federal Reserve's 2% target throughout 2024, posing risks to consumer purchasing power and business loan repayments [191]. - Approximately $108 million, or 6.8% of total loans, are in New York multifamily loans affected by rent stabilization or rent control regulations [222]. - Competition in the financial services industry is intense, with larger competitors able to offer better pricing and a broader range of services [198]. - A lack of liquidity could adversely affect the company's financial condition and results of operations, impacting its ability to fund operations [188]. - The company utilizes stress analysis during underwriting to mitigate risks associated with adjustable-rate loans in a rising interest rate environment [178].