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 ...

Blue Foundry Bancorp is the holding company for Blue Foundry Bank, a place where things are made, purpose is formed, and ideas are crafted. Headquartered in Rutherford NJ, with a presence in Bergen, Essex, Hudson, Middlesex, Morris, Passaic, Somerset and Union counties, Blue Foundry Bank is a full-service, innovative bank serving the doers, movers, and shakers in our communities. We offer individuals and businesses alike the tailored products and services they need to build their futures. With a rich histor ...

James D. Nesci, President and Chief Executive Officer, commented, "Deposit growth continued in the second quarter despite the highly competitive environment in our market area. We remain focused on growing the commercial loan portfolios and saw increases in commercial real estate and construction lending." Commenting on the recent appointment of John F. Kuntz to the Board of Directors, Mr. Nesci remarked, "We are delighted to welcome Mr. Kuntz to Blue Foundry's Board of Directors. His years of combined lega ...