Financial Performance - The company reported a net loss of $4.0 million for Q3 2024, compared to a net loss of $1.4 million in Q3 2023[96]. - The Company recorded a net loss of $9.2 million for the nine months ended September 30, 2024, compared to a net loss of $4.5 million for the same period in 2023[99]. Interest Income and Expense - Interest income increased by $1.4 million, or 6.7%, to $21.5 million in Q3 2024, driven by higher rates on interest-earning assets[96]. - Interest income increased by $4.9 million, or 8.3%, to $63.7 million for the nine months ended September 30, 2024, driven by higher rates on interest-earning assets[99]. - Interest expense rose by $2.1 million to $12.4 million in Q3 2024, primarily due to increased rates on interest-bearing liabilities[96]. Net Interest Income - Net interest income decreased to $9.1 million in Q3 2024 from $9.9 million in Q3 2023, with a net interest margin decline of 12 basis points to 1.82%[96]. - Net interest income decreased by $4.6 million to $28.1 million for the nine months ended September 30, 2024, with a net interest margin of 1.90% compared to 2.18% in 2023[99]. Credit Losses - The provision for credit losses was $248 thousand in Q3 2024, compared to a $717 thousand release in Q3 2023[96]. - The allowance for credit losses on loans was 0.84% of total loans as of September 30, 2024[96]. Assets and Deposits - Total assets increased to $2.06 billion at September 30, 2024, from $2.04 billion at December 31, 2023[102]. - Cash and cash equivalents increased by $30.1 million, or 65%, to $76.1 million at September 30, 2024, due to deposit growth and loan repayments[103]. - Total deposits rose by $73.8 million, or 5.9%, to $1.32 billion at September 30, 2024[106]. - Total deposits increased to $1,318,670 thousand as of September 30, 2024, up from $1,244,904 thousand at December 31, 2023, representing a growth of 5.9%[107]. Loans and Borrowings - Gross loans decreased by $9.7 million to $1.55 billion at September 30, 2024, with residential loans down by $34.2 million[103]. - Non-performing loans decreased to $5.1 million at September 30, 2024, from $6.1 million at December 31, 2023[106]. - Borrowings decreased by $49,000 thousand, or 12.3%, to $348,500 thousand from $397,500 thousand as of December 31, 2023, due to increased deposits being used to pay down borrowings[108]. Shareholders' Equity - Total shareholders' equity decreased by $16,300 thousand, or 4.6%, to $339,300 thousand at September 30, 2024, primarily due to treasury share repurchases costing $14,400 thousand[108]. Capital Ratios - Common equity tier 1 capital ratio was 19.84% at September 30, 2024, significantly exceeding the minimum requirement of 4.50%[115]. - Total capital ratio was 20.76% at September 30, 2024, well above the minimum requirement of 8.00%[115]. Economic Value and Commitments - Estimated net interest income would decrease by 2.3% to $42,686 thousand with a 200 basis point increase in interest rates[110]. - Economic value of equity (EVE) would decrease by 18.4% to $174,039 thousand with a 100 basis point increase in interest rates[112]. - The company had $31,300 thousand in commitments to originate loans and unused lines of credit totaled $74,600 thousand as of September 30, 2024[113]. - Total available borrowing capacity was $255,700 thousand, which is 2.6 times total uninsured and uncollateralized deposits[113]. Branch Expansion - The Company added a branch to its network in the fourth quarter of 2023, contributing to its market expansion strategy[99].

Core Viewpoint - Blue Foundry Bancorp reported a quarterly net loss of $4 million for Q3 2024, indicating challenges in financial performance while maintaining a positive outlook for future quarters [3]. Financial Performance - The company experienced a quarterly pre-provision net loss of $3.8 million [3]. - Deposits increased by $7.5 million, reflecting a positive trend in customer confidence [3]. - Loans grew by $3.6 million, indicating a slight expansion in lending activities [3]. - The company achieved tangible book value per share growth, suggesting improvements in shareholder value despite the net loss [3]. Operational Outlook - Capital and credit quality remain strong, which is crucial for the company's stability and future growth [3]. - The management expressed a positive outlook for both the fourth quarter and the upcoming year, indicating confidence in recovery and growth strategies [3].

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 ...

Core Viewpoint - Blue Foundry Bancorp (BLFY) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive trend in earnings estimates which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on changes in earnings estimates, which have a strong correlation with near-term stock price movements [2][4]. - Institutional investors utilize earnings estimates to determine the fair value of stocks, leading to buying or selling actions that affect stock prices [4]. Company Performance and Outlook - The upgrade for Blue Foundry Bancorp reflects an improvement in the company's underlying business, suggesting that investor sentiment may drive the stock price higher [5]. - Over the past three months, the Zacks Consensus Estimate for Blue Foundry Bancorp has increased by 15.9%, indicating a positive revision trend [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks which have averaged a +25% annual return since 1988 [7]. - Blue Foundry Bancorp's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10].

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 ...

Company Performance - Blue Foundry Bancorp reported a quarterly loss of $0.11 per share, which was better than the Zacks Consensus Estimate of a loss of $0.19, but worse than a loss of $0.08 per share a year ago [5] - The company posted revenues of $10.11 million for the quarter ended June 2024, exceeding the Zacks Consensus Estimate by 4.54%, but down from $11.29 million in the same quarter last year [2] - The company has surpassed consensus EPS estimates four times over the last four quarters [6] Stock Performance - Blue Foundry Bancorp shares have increased approximately 14.6% since the beginning of the year, compared to the S&P 500's gain of 16.5% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating it is expected to perform in line with the market in the near future [8] Industry Outlook - The Banks - Northeast industry, to which Blue Foundry Bancorp belongs, is currently ranked in the top 27% of over 250 Zacks industries, suggesting a favorable outlook [9] - The performance of Blue Foundry Bancorp's stock may be influenced by the overall industry outlook and trends in earnings estimate revisions [9][11]