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 ...

Kenneth Grimbilas, Chairman, stated, "We are very pleased to have Mr. Kuntz join Blue Foundry's Board of Directors. His extensive knowledge and experience in financial, legal and operational matters will provide additional perspective and depth to the organization. His experience with charitable foundations will also prove to be instrumental at Blue Foundry." Mr. Kuntz previously served as General Counsel and Corporate Secretary of Provident Financial Services, Inc., the public holding company of Provident ...

RUTHERFORD, N.J., July 23, 2024 (GLOBE NEWSWIRE) -- Blue Foundry Bancorp (Nasdaq: BLFY) (the "Company"), announced today the appointment of John F. Kuntz, Esq. as a Director of both the Company and its subsidiary, Blue Foundry Bank, effective immediately. Kenneth Grimbilas, Chairman, stated, "We are very pleased to have Mr. Kuntz join Blue Foundry's Board of Directors. His extensive knowledge and experience in financial, legal and operational matters will provide additional perspective and depth to the orga ...

RUTHERFORD, N.J., July 10, 2024 (GLOBE NEWSWIRE) -- Blue Foundry Bancorp (NASDAQ: BLFY) (the "Company"), the holding company for Blue Foundry Bank, announced that on the morning of Wednesday, July 24, 2024 it will release financial results for the quarter ended June 30, 2024. 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 ...

SECURITIES AND EXCHANGE COMMISSION FORM 10-Q For the quarterly period ended March 31, 2024 Commission File Number 001-40619 (201) 939-5000 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter per ...

Blue Foundry Bancorp (NASDAQ:BLFY) Q1 2024 Earnings Conference Call April 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 - Keefe, Bruyette, & Woods, Inc. Operator Good morning, and welcome to Blue Foundry Bancorp's First Quarter 2024 Earnings Call. Comments made during today's call may include forward-looking st ...

Blue Foundry Bancorp (BLFY) came out with a quarterly loss of $0.13 per share versus the Zacks Consensus Estimate of a loss of $0.20. This compares to loss of $0.05 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 35%. A quarter ago, it was expected that this company would post a loss of $0.14 per share when it actually produced a loss of $0.13, delivering a surprise of 7.14%.Over the last four quarters, the company has surpass ...

Financial Performance - The company reported a net loss of $2.8 million, or $0.13 per diluted common share, for Q1 2024, compared to a net loss of $2.9 million in Q4 2023 and a net loss of $1.2 million in Q1 2023[2]. - The company reported a net loss of $2,839 thousand for the first quarter of 2024, compared to a net loss of $1,209 thousand for the same period in 2023[29]. - Basic loss per share remained at $(0.13) for the first quarter of 2024, consistent with the previous quarter[29]. - Pre-provision net loss for March 31, 2024, was $(3,374,000), worsening from $(2,775,000) in the previous quarter[53]. Deposits and Loans - Deposits increased by $46.3 million, or 3.7%, to $1.29 billion compared to the prior quarter, primarily due to a $45.7 million increase in time deposits[10]. - Total loans held for investment decreased by $6.6 million to $1.55 billion, with commercial real estate loans increasing by $11.7 million[9]. - Core deposits represented 50.3% of total deposits, down from 52.1% at the end of Q4 2023[10]. - Total deposits as of March 31, 2024, were $1,291,184,000, an increase from $1,244,904,000 in December 31, 2023[53]. Interest Income and Margin - Interest income for the quarter was $20.8 million, an increase of $507 thousand, or 2.5%, compared to the prior quarter[2]. - Total interest income increased to $20,842 thousand for the three months ended March 31, 2024, compared to $18,832 thousand for the same period in 2023, reflecting a growth of about 10.7%[29]. - The net interest margin increased by 8 basis points to 1.92%[17]. - The company reported a net interest margin of 1.92% for March 31, 2024, compared to 1.84% for December 31, 2023[49]. Non-Performing Loans and Credit Losses - Non-performing loans totaled $6.7 million, or 0.43% of total loans, compared to $5.9 million, or 0.38% at the end of Q4 2023[10]. - Non-performing loans increased to $6,691,000 as of March 31, 2024, up from $5,898,000 on December 31, 2023[49]. - The allowance for credit losses on loans was 0.88% of gross loans, with a net release of provision for credit losses of $535 thousand during the quarter[10]. - The allowance for credit losses to total loans ratio improved to 0.88% as of March 31, 2024, down from 0.91% on December 31, 2023[49]. Shareholder Equity and Book Value - Shareholders' equity decreased by $5.5 million to $350.2 million, primarily due to share repurchases[10]. - Book value per share increased to $14.61 as of March 31, 2024, compared to $14.51 on December 31, 2023[49]. - Tangible book value per share increased to $14.60 as of March 31, 2024, compared to $14.49 in December 31, 2023[53]. Operational Efficiency - Non-interest expense was $13,242 thousand for the three months ended March 31, 2024, a decrease of $415 thousand compared to the previous quarter, driven by reductions in compensation and benefits expenses[37]. - The efficiency ratio for the first quarter of 2024 was impacted by changes in non-interest expenses and income, reflecting the company's operational efficiency[31]. - The efficiency ratio deteriorated to 134.19% for March 31, 2024, compared to 128.41% for December 31, 2023[49]. - Efficiency ratio for March 31, 2024, was 134.2%, up from 128.4% in the previous quarter[53]. Assets - Total assets decreased to $2,027,787 thousand as of March 31, 2024, down from $2,044,963 thousand at December 31, 2023, representing a decline of approximately 0.8%[45]. - Total assets as of March 31, 2024, were $2,027,787,000, a slight decrease from $2,044,963,000 in December 31, 2023[53]. - Total interest-earning assets amounted to $1,971,284,000 as of March 31, 2024, down from $1,987,643,000 on December 31, 2023[51]. Future Outlook - The company anticipates potential challenges due to inflation and changes in the interest rate environment, which could affect margins and yields moving forward[44].

RUTHERFORD, N.J., April 24, 2024 (GLOBE NEWSWIRE) -- Blue Foundry Bancorp (NASDAQ:BLFY) (the "Company"), the holding company for Blue Foundry Bank (the "Bank"), today reported a net loss of $2.8 million, or $0.13 per diluted common share, for the three months ended March 31, 2024, compared to net loss of $2.9 million, or $0.13 per diluted common share, for the three months ended December 31, 2023, and a net loss of $1.2 million, or $0.05 per diluted common share, for the three months ended March 31, 2023. J ...