UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-40619 BLUE FOUNDRY BANCORP (Exact name of the registrant as specified in its charter) Delaware 86-2831373 (State or Other Jurisdiction of Incorporation or Org ...

Start Time: 11:00 January 1, 0000 11:23 AM ET Blue Foundry Bancorp (NASDAQ:BLFY) Q3 2024 Results Conference Call October 23, 2024, 11:00 AM ET Company Participants James Nesci - President and CEO Kelly Pecoraro - EVP and CFO Conference Call Participants Justin Crowley - Piper Sandler Chris O'Connell - KBW Operator Good morning, and welcome to Blue Foundry Bancorp's Third Quarter 2024 Earnings Call. Comments made during today's call may include forward-looking statements, which are based on management's curr ...

Financial Data and Key Metrics Changes - The company reported a quarterly net loss of $4 million, compared to a net loss of $2.3 million in the prior quarter, primarily due to an increase in the provision for credit losses [3][6] - Deposits increased by $7.5 million, while loans grew by $3.6 million, indicating a positive trend in the company's balance sheet [3][4] - Tangible book value per share increased by $0.05 to $14.74, reflecting shareholder value improvement [5] Business Line Data and Key Metrics Changes - The company originated $22 million in commercial lines of credit during the quarter, with unused lines of credit increasing by $12.8 million [6] - Non-performing assets declined by $1.1 million, resulting in a reduction in non-performing assets to total assets by 5 basis points and non-performing loans to total loans by 7 basis points [7] - The yield on loans contracted by 3 basis points to 4.53%, while the cost of funds increased by 10 basis points to 2.99% [8] Market Data and Key Metrics Changes - The company experienced an 11% increase in commercial deposits and a 7% increase in consumer deposits year-to-date [4] - The bank's liquidity position remains strong, with $334 million in untapped borrowing capacity and an additional $300 million in available for sale securities and unrestricted cash [5] Company Strategy and Development Direction - The company is focusing on becoming a more commercially-oriented institution, selectively originating real estate loans while expanding its commercial loan pipeline [4] - Management expressed a positive outlook for sustained loan growth in the coming quarters, driven by a healthy commercial loan pipeline [3] Management Comments on Operating Environment and Future Outlook - Management noted that the recent 50 basis point rate cut by the Federal Reserve is expected to positively impact net interest income [3] - The company anticipates improvements in net interest margin as loans close and deposits reprice lower [6][8] Other Important Information - The company repurchased 522,000 shares at a weighted average price of $10.52 during the quarter, contributing to shareholder value [5] - Operating expenses for the fourth quarter of 2024 are expected to be in the mid to high $13 million range [8] Q&A Session Summary Question: What drove the decrease in NIM for the quarter? - Management indicated that the decrease in loan yields was due to the timing of funding on loan products and re-pricing of deposits in anticipation of the Fed rate cut [11] Question: How does the company plan to lower deposit rates moving forward? - Management is monitoring the competitive rate environment and has recently lowered CD rates, aiming to shift customers back into core products [12] Question: Can you provide details on the consumer loan participation? - The company participated in a consumer loan pool with strong credit enhancements, although specific average FICO scores were not disclosed [13] Question: How is the loan pipeline looking compared to last quarter? - The loan pipeline is stronger than the previous quarter, with a pipeline of just over $60 million at rates around 8.7% [18] Question: What is the strategy regarding the CD portfolio? - Management indicated that the CD portfolio is kept short, with about $300 million set to reprice in the fourth quarter [25]

Blue Foundry Bancorp (BLFY) came out with a quarterly loss of $0.19 per share versus the Zacks Consensus Estimate of a loss of $0.17. This compares to loss of $0.06 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -11.76%. A quarter ago, it was expected that this company would post a loss of $0.19 per share when it actually produced a loss of $0.11, delivering a surprise of 42.11%.Over the last four quarters, the company has su ...

Exhibit 99.1 FOR IMMEDIATE RELEASE Blue Foundry Bancorp Reports Third Quarter 2024 Results RUTHERFORD, NJ, October 23, 2024 — Blue Foundry Bancorp (NASDAQ:BLFY) (the "Company"), the holding company for Blue Foundry Bank (the "Bank"), today reported a net loss of $4.0 million, or $0.19 per diluted common share, for the three months ended September 30, 2024, compared to net loss of $2.3 million, or $0.11 per diluted common share, for the three months ended June 30, 2024, and a net loss of $1.4 million, or $0. ...

Financial Performance - The company recorded a net loss of $2.3 million for the three months ended June 30, 2024, compared to a net loss of $1.8 million for the same period in 2023[93] - Net loss for the six months ended June 30, 2024 was $5.2 million, compared to $3.0 million in the same period in 2023[95] Interest Income and Expense - Interest income increased by $1.5 million (7.7%) to $21.3 million for the three months ended June 30, 2024, driven by higher rates on interest-earning assets[93] - Interest expense rose by $2.9 million to $11.7 million for the three months ended June 30, 2024, primarily due to increased rates on interest-bearing liabilities[93] - Interest income increased by $3.5 million (9.2%) to $42.1 million for the six months ended June 30, 2024, driven by higher rates on interest-earning assets[95] Net Interest Income - Net interest income decreased to $9.6 million for the three months ended June 30, 2024, from $10.9 million in the same period of 2023[93] - Net interest income decreased by $3.9 million to $19.0 million for the six months ended June 30, 2024, with a net interest margin of 1.94%, down 35 basis points[95] Credit Losses and Provisions - The company recorded a $762 thousand release of provision for credit losses for the three months ended June 30, 2024, compared to a $143 thousand provision in 2023[93] - The Allowance for Credit Losses (ACL) on loans as a percentage of total loans was 0.84% as of June 30, 2024[93] Non-Interest Income and Expense - Non-interest income increased by $156 thousand (41.1%) to $536 thousand for the second quarter of 2024[93] - Non-interest expense rose by $247 thousand to $13.2 million for the second quarter of 2024[93] Asset and Liability Management - The yield on average interest-earning assets increased 44 basis points to 4.37% for the three months ended June 30, 2024[93] - The cost of average interest-bearing liabilities increased 76 basis points to 2.94% for the three months ended June 30, 2024[93] - The yield on average interest-earning assets increased by 43 basis points to 4.30% for the six months ended June 30, 2024[95] - The cost of average interest-bearing liabilities increased by 91 basis points to 2.89% for the six months ended June 30, 2024[95] Balance Sheet Changes - Total assets were $2.05 billion at June 30, 2024, compared to $2.04 billion at December 31, 2023[99] - Cash and cash equivalents increased by $14.2 million (31%) to $60.3 million at June 30, 2024[100] - Gross loans held for investment decreased by $13.3 million to $1.55 billion at June 30, 2024[100] - Total deposits increased by $66.3 million (5.3%) to $1.31 billion at June 30, 2024, with time deposits up $74.9 million (12.6%)[103] - Borrowings decreased by $55.0 million (13.8%) to $342.5 million at June 30, 2024, compared to $397.5 million at December 31, 2023[104] Shareholders' Equity and Share Repurchases - Total shareholders' equity decreased by $10.0 million (2.8%) to $345.6 million at June 30, 2024, driven by treasury share repurchases and year-to-date loss[104] - The company repurchased 942,705 shares at a cost of $8.8 million ($9.33 per share) in 2024[104] Interest Rate Hedges and Sensitivity - Interest rate hedges totaled $254.0 million at June 30, 2024, with a weighted average duration of 2.7 years and a weighted average rate of 2.51%[104] - A 100 basis point increase in interest rates would result in a 24% decrease in the economic value of equity (EVE), while a 100 basis point decrease would result in a 24% increase in EVE[109] Loan and Credit Commitments - Loan origination commitments totaled $19.5 million, and unused lines of credit totaled $71.7 million at June 30, 2024[111] - Certificates of deposit maturing in less than one year totaled $655.1 million at June 30, 2024[111] - Available borrowing capacity at June 30, 2024 was $360.5 million with the Federal Home Loan Bank of New York[111] Securities and Regulatory Capital - The estimated fair market value of unencumbered securities totaled $313.3 million (96.1% of the portfolio) at June 30, 2024[111] - The company exceeded all regulatory capital requirements and was considered "well capitalized" at June 30, 2024[113] Non-Performing Loans - Non-performing loans totaled $6.2 million at June 30, 2024, compared to $6.1 million at December 31, 2023[102]

Here are three stocks with buy rank and strong momentum characteristics for investors to consider today, August 2: WisdomTree, Inc. (WT) : This financial services company has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 8.9% over the last 60 days. WisdomTree's shares gained 25.7% over the last three months compared with the S&P 500's advanced of 6.2%. The company possesses a Momentum Score of A. Blue Foundry Bancorp (BLFY) : This bank holding company fo ...

Blue Foundry Bancorp (BLFY) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices. The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate. The pow ...

Blue Foundry Bancorp (NASDAQ:BLFY) Q2 2024 Earnings Conference Call July 24, 2024 11:00 AM ET Company Participants James Nesci - President and Chief Executive Officer Kelly Pecoraro - Executive Vice President and Chief Financial Officer Conference Call Participants Justin Crowley - Piper Sandler Christopher O'Connell - KBW Operator Good morning and welcome to Blue Foundry Bancorp's Second Quarter 2024 Earnings Call. Comments made during today's call may include forward-looking statements, which are based on ...

This quarterly report represents an earnings surprise of 42.11%. A quarter ago, it was expected that this company would post a loss of $0.20 per share when it actually produced a loss of $0.13, delivering a surprise of 35%. Blue Foundry Bancorp, which belongs to the Zacks Banks - Northeast industry, posted revenues of $10.11 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 4.54%. This compares to year-ago revenues of $11.29 million. The company has topped consensus revenue ...