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]

Financial Performance - The Company reported a net loss of $2.3 million, or $0.11 per diluted common share, for Q2 2024, an improvement from a net loss of $2.8 million in Q1 2024 and a net loss of $1.8 million in Q2 2023[4]. - The company reported a net loss of $2.344 million for the quarter ended June 30, 2024, compared to a net loss of $2.839 million for the previous quarter[56]. - The company reported a pre-provision net loss of $(3,106) thousand for the quarter, compared to $(3,374) thousand in the previous quarter[64]. Deposits and Loans - Deposits increased by $20.0 million, or 1.55%, compared to the prior quarter, totaling $1.31 billion as of June 30, 2024, reflecting a growth of $66.3 million, or 5.32%, since December 31, 2023[4][6]. - Total loans decreased by $13.3 million during the first six months of 2024, with construction and commercial real estate portfolios increasing by $11.5 million and $9.4 million, respectively[5]. - Total loans held for investment decreased by $13.3 million to $1.55 billion, with residential loans down by $24.5 million and multifamily loans down by $11.4 million[47]. - Core deposits represented 48.8% of total deposits, down from 52.1% at December 31, 2023[48]. - Core deposits amounted to $639,678 thousand, representing 48.8% of total deposits, down from 50.2% in the previous quarter[64]. Interest Income and Expenses - Interest income for the quarter was $21.3 million, an increase of $450 thousand, or 2.2%, compared to the prior quarter, while interest expense rose to $11.7 million, an increase of $294 thousand, or 2.6%[4]. - Net interest income for the three months ended June 30, 2024, was approximately $9.6 million, up from $9.4 million in the first quarter of 2024[42]. - Net interest income for the quarter was $9,573 thousand, an increase from $9,417 thousand in the previous quarter, while total revenue rose to $10,109 thousand from $9,868 thousand[64]. - Total interest income for the six months ended June 30, 2024, was $42.134 million, compared to $38.597 million for the same period in 2023[56]. Asset Management - Total assets as of June 30, 2024, were $2,045,452, compared to $2,027,787 as of March 31, 2024, reflecting a slight increase[32]. - Average interest-earning assets decreased by $42.5 million, while average interest-bearing deposits increased by $41.7 million[10]. - Total interest-earning assets decreased to $1,966,573 thousand with an average yield of 4.30% for the six months ended June 30, 2024, compared to $2,009,034 thousand and 3.87% for the same period in 2023[1]. - Total liabilities were $1,673,945 thousand, showing a slight decrease from $1,680,486 thousand in the previous quarter[1]. Capital and Equity - The Company maintained a strong capital position with shareholders' equity at $345.6 million, a decrease of $10.0 million primarily due to share repurchases[26]. - Tangible equity was reported at $345,211 thousand, with a tangible equity to tangible assets ratio of 16.88%[64]. - Tangible equity to tangible assets was 16.88%, with tangible common equity per share outstanding at $14.69[49]. Non-Performing Loans and Credit Losses - Non-performing loans decreased to $6,208 as of June 30, 2024, from $6,691 as of March 31, 2024[35]. - The allowance for credit losses to total loans ratio was 0.84% as of June 30, 2024, down from 0.88% in the previous quarter[35]. - Non-performing loans totaled $6.2 million, or 0.40% of total loans, compared to $5.9 million, or 0.38% at December 31, 2023[50]. - The allowance for credit losses on loans was 0.84% of gross loans, with a net release of provision for credit losses of $762 thousand for the quarter ended June 30, 2024[50]. Efficiency and Cost Management - Non-interest expense was $13.2 million, an increase of $247 thousand compared to the previous quarter, driven by higher compensation and benefits expenses[10]. - The efficiency ratio improved to 130.73% for the second quarter of 2024, down from 134.19% in the previous quarter[35]. - The efficiency ratio improved to 130.7% for June 30, 2024, compared to 134.2% for March 31, 2024, indicating better cost management[64].

Core Insights - The company experienced deposit growth of $20 million, or 1.55%, in the second quarter despite a competitive market environment [1] - The company is focusing on diversifying its lending portfolio, with increases in construction and commercial real estate loans [2] - The net interest margin increased by four basis points to 1.96% in the second quarter compared to the previous quarter [4] Financial Performance Overview - Interest income for the quarter was $21.3 million, an increase of $450 thousand, or 2.2%, compared to the prior quarter [1] - Interest expense for the quarter was $11.7 million, an increase of $294 thousand, or 2.6%, compared to the prior quarter [1] - Non-interest income increased by $85 thousand due to a gain on the sale of REO property [5] Balance Sheet Summary - Total deposits reached $1.31 billion, an increase of $66.3 million from December 31, 2023 [21] - Cash and cash equivalents increased by $14.2 million to $60.3 million [17] - Securities available-for-sale increased by $14 million to $297.8 million [18] Asset Quality - The allowance for credit losses on loans was 0.84% of gross loans as of June 30, 2024 [25] - Non-performing loans totaled $6.2 million, or 0.40% of total loans [25] - The company recorded a net release of provision for credit losses of $762 thousand for the second quarter [25] Capital and Shareholder Information - Shareholders' equity decreased by $10 million to $345.6 million, primarily due to share repurchases [24] - Book value per share was $14.70 and tangible book value per share was $14.69 [24] - The company repurchased 386,352 shares at a weighted average price of $8.84 per share [1]

Core Insights - Blue Foundry Bancorp has appointed John F. Kuntz, Esq. as a Director for both the Company and its subsidiary, Blue Foundry Bank, effective immediately [3] - Mr. Kuntz brings extensive experience in financial, legal, and operational matters, which is expected to enhance the organization's perspective and depth [1][5] - His previous roles include General Counsel and Corporate Secretary at Provident Financial Services, where he was involved in significant transactions such as taking the bank public and acquiring multiple banks and wealth management companies [4][6] Company Overview - Blue Foundry Bancorp is the holding company for Blue Foundry Bank, headquartered in Rutherford, NJ, and serves various counties in New Jersey [2] - The bank has a history of over 145 years and is committed to providing tailored products and services to individuals and businesses [2] Leadership and Experience - Mr. Kuntz has held senior positions, including Senior Executive Vice President and Chief Administrative Officer at Provident Bank, managing various departments such as Loan and Deposit Operations, Credit, and Marketing [6] - He is a member of the American Bankers Association General Counsels Group and the Society for Corporate Governance, holding a law degree from New York Law School and a B.A. from Fairfield University, both with honors [7]

Core Viewpoint - Blue Foundry Bancorp has appointed John F. Kuntz as a Director, which is expected to enhance the company's leadership and operational capabilities [1][2]. Group 1: Appointment Details - John F. Kuntz has been appointed as a Director of Blue Foundry Bancorp and its subsidiary, Blue Foundry Bank, effective immediately [1]. - Kenneth Grimbilas, Chairman, expressed confidence in Mr. Kuntz's extensive knowledge in financial, legal, and operational matters, which will add depth to the organization [2]. Group 2: Professional Background - Mr. Kuntz previously served as Senior Executive Vice President and Chief Administrative Officer at Provident Bank, overseeing various departments including Loan and Deposit Operations, Credit, and Marketing [2]. - He participated in significant transactions at Provident, including taking the bank public and acquiring multiple banks and wealth management companies [3]. - Mr. Kuntz has also held roles as General Counsel and Corporate Secretary at Provident Financial Services, Inc., and served on the Board of Directors of Beacon Trust Company [4]. Group 3: Qualifications and Memberships - Mr. Kuntz is a member of the American Bankers Association General Counsels Group and the Society for Corporate Governance, holding a law degree from New York Law School and a B.A. from Fairfield University, both with magna cum laude honors [5]. - He is licensed to practice law in both New Jersey and New York [5]. Group 4: Company Overview - Blue Foundry Bancorp is the holding company for Blue Foundry Bank, which has a history of over 145 years and is headquartered in Rutherford, NJ [6]. - The bank serves various counties in New Jersey and offers tailored products and services to individuals and businesses [6].

Core Viewpoint - Blue Foundry Bancorp will release its financial results for Q2 2024 on July 24, 2024, and will hold a conference call to discuss these results with investors and analysts [1][2]. Financial Results Announcement - The financial results for the quarter ended June 30, 2024, will be available on the Company's website and the SEC's website [1]. - A conference call for investors and analysts is scheduled for July 24, 2024, at 11:00 AM (ET) to discuss the earnings [2]. Conference Call Details - Participants are encouraged to pre-register for the webcast call, which will provide immediate confirmation and a calendar invitation [3]. - Dial-in options are available for those unable to join via webcast, with specific numbers for the United States and international participants [3]. Company Overview - Blue Foundry Bancorp is the holding company for Blue Foundry Bank, headquartered in Rutherford, NJ, and serves various counties in New Jersey [4]. - The bank offers tailored products and services to individuals and businesses, emphasizing its commitment to the community and a history of over 145 years [4].

Part I [Financial Statements](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) Blue Foundry Bancorp reported a net loss of $2.8 million in Q1 2024, with total assets at $2.03 billion, reflecting declining net interest income due to rising interest expenses [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets slightly decreased to $2.03 billion as of March 31, 2024, with shareholders' equity declining to $350.2 million due to treasury stock repurchases Consolidated Balance Sheet Summary (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$2,027,787** | **$2,044,963** | | Loans receivable, net | $1,540,428 | $1,546,576 | | Securities available-for-sale | $265,191 | $283,766 | | **Total Liabilities** | **$1,677,631** | **$1,689,323** | | Deposits | $1,291,184 | $1,244,904 | | Advances from FHLB | $342,500 | $397,500 | | **Total Shareholders' Equity** | **$350,156** | **$355,640** | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) The company reported a net loss of $2.8 million for Q1 2024, driven by a decrease in net interest income due to significantly higher interest expenses Q1 Statement of Operations (in thousands, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total Interest Income | $20,842 | $18,832 | | Total Interest Expense | $11,425 | $6,891 | | **Net Interest Income** | **$9,417** | **$11,941** | | Release of provision for credit losses | $(535) | $(23) | | Total Non-interest Expense | $13,242 | $13,657 | | **Net Loss** | **$(2,839)** | **$(1,209)** | | **Diluted Loss Per Share** | **$(0.13)** | **$(0.05)** | [Consolidated Statements of Comprehensive Income (Loss)](index=5&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) The company recorded a comprehensive loss of $1.1 million for Q1 2024, partially offset by $1.7 million in other comprehensive income from unrealized gains Q1 Comprehensive Income (Loss) (in thousands) | Component | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Loss | $(2,839) | $(1,209) | | Total Other Comprehensive Income | $1,705 | $1,593 | | **Comprehensive (Loss) Income** | **$(1,134)** | **$384** | [Consolidated Statements of Changes in Shareholders' Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Shareholders' equity decreased to $350.2 million by March 31, 2024, primarily due to a net loss and treasury stock repurchases - Total shareholders' equity decreased by **$5.5 million** during Q1 2024, ending at **$350.2 million**[15](index=15&type=chunk) - Key drivers for the decrease in equity were the net loss of **$2.8 million** and treasury stock purchases of **$5.3 million**[15](index=15&type=chunk) [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash increased by $7.7 million in Q1 2024, driven by investing activities despite cash used in operations and financing Q1 Cash Flow Summary (in thousands) | Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(4,855) | $(4,422) | | Net cash provided by (used in) investing activities | $26,295 | $(37,929) | | Net cash (used in) provided by financing activities | $(13,712) | $58,790 | | **Net increase in cash and cash equivalents** | **$7,728** | **$16,439** | [Notes to Unaudited Consolidated Financial Statements](index=9&type=section&id=NOTES%20TO%20UNAUDITED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) Notes detail the securities portfolio's unrealized losses, the loan portfolio's composition, a decreased allowance for credit losses, and the use of interest rate swaps for hedging - The company's securities portfolio, valued at fair value of **$265.2 million** for AFS and an estimated fair value of **$28.6 million** for HTM, has significant unrealized losses primarily attributed to changes in interest rates, not credit quality[28](index=28&type=chunk)[57](index=57&type=chunk)[48](index=48&type=chunk) - The loan portfolio, totaling **$1.55 billion**, is primarily composed of multifamily (**$671.0 million**) and residential (**$540.4 million**) loans, with non-accrual loans increasing to **$6.7 million**[58](index=58&type=chunk)[90](index=90&type=chunk) - The Allowance for Credit Losses on loans decreased to **$13.7 million** from **$14.2 million**, driven by a release of provision of **$396 thousand**[94](index=94&type=chunk) - The company utilizes interest rate swaps with a total notional amount of **$254.0 million** as of March 31, 2024, to hedge interest rate risk on FHLB advances and brokered deposits[111](index=111&type=chunk) [Management's Discussion and Analysis (MD&A)](index=34&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management attributes the increased net loss of $2.8 million in Q1 2024 to significant net interest margin compression, despite deposit growth and strong capitalization - Net loss increased to **$2.8 million** in Q1 2024 from **$1.2 million** in Q1 2023[156](index=156&type=chunk) - Net interest margin decreased by **50 basis points** to **1.92%** YoY, and net interest spread decreased by **66 basis points** to **1.39%**, reflecting significant margin compression[156](index=156&type=chunk) - Total deposits increased by **$46.3 million (3.7%)** during the quarter, primarily driven by a **$45.7 million** increase in time deposits[160](index=160&type=chunk) - The company repurchased **556,353 shares** at a weighted average cost of **$9.49 per share** during the quarter[190](index=190&type=chunk) [Quantitative and Qualitative Disclosure About Market Risk](index=39&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURE%20ABOUT%20MARKET%20RISK) The company's primary market risk is interest rate risk, with EVE sensitivity showing a 24.3% decrease for a 100 basis point rate increase, managed through various strategies including swaps Economic Value of Equity (EVE) Sensitivity Analysis (as of March 31, 2024) | Change in Interest Rates (bps) | Estimated EVE (in thousands) | Change from Base (%) | | :--- | :--- | :--- | | +200 | $86,379 | (48.4)% | | +100 | $126,650 | (24.3)% | | 0 | $167,400 | 0.0% | | -100 | $208,705 | 24.7% | | -200 | $249,172 | 48.9% | - The company uses derivative financial instruments (interest rate swaps) with an aggregate notional amount of **$254.0 million** as of March 31, 2024, to reduce risk associated with interest rate volatility[164](index=164&type=chunk) [Controls and Procedures](index=42&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the quarter - Management concluded that as of March 31, 2024, the company's disclosure controls and procedures were effective[196](index=196&type=chunk) Part II [Legal Proceedings](index=42&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is not currently engaged in any material legal proceedings, with ongoing actions not expected to have a material adverse effect - The Company is not engaged in any legal proceedings of a material nature at the present time[197](index=197&type=chunk) [Risk Factors](index=42&type=section&id=ITEM%201A.%20RISK%20FACTORS) There have been no material changes in risk factors from those identified in the Annual Report on Form 10-K - There have been no material changes in risk factors from those identified in the Annual Report on Form 10-K[209](index=209&type=chunk) [Issuer Purchases of Equity Securities](index=43&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES.%20USE%20OF%20PROCEEDS%20AND%20ISSUER%20PURCHASES%20OF%20EQUITY%20SECURITIES) The company repurchased 556,353 shares at an average price of $9.49 per share in Q1 2024, and adopted a new repurchase program for up to 1,203,545 shares Q1 2024 Share Repurchases | Period | Total Shares Purchased | Average Price Paid | Shares Purchased Under Program | | :--- | :--- | :--- | :--- | | January | 225,600 | $9.96 | 225,600 | | February | 186,111 | $9.26 | 186,111 | | March | 144,642 | $9.07 | 120,341 | | **Total** | **556,353** | **$9.49** | **532,052** | - On February 21, 2024, the Company adopted its fourth repurchase program to repurchase up to **1,203,545 shares**, or **5%** of its outstanding common stock[172](index=172&type=chunk) [Exhibits](index=44&type=section&id=ITEM%206.%20EXHIBITS) This section lists exhibits filed with the Form 10-Q, including articles of incorporation, bylaws, and required certifications from executive officers - Key exhibits filed include Certifications of the Principal Executive Officer and Principal Financial Officer pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002[213](index=213&type=chunk)

Financial Data and Key Metrics Changes - Deposits increased by $46 million, resulting in a reduction of the loan-to-deposit ratio by 500 basis points [2] - Net interest income rose by $221,000, leading to an 8 basis point expansion in net interest margin [3] - The net loss for the first quarter was $2.8 million, an improvement from a net loss of $2.9 million in the prior quarter [39] - Tangible book value per share increased by $0.11 to $14.60 due to share repurchases [19] Business Line Data and Key Metrics Changes - Commercial account balances increased by $18.5 million or 10% during the quarter [43] - Gross loans declined by $6.6 million as amortization and payoffs outpaced new loan funding [42] - The allowance to total loans decreased by 3 basis points to 88 basis points [22] Market Data and Key Metrics Changes - Uninsured and uncollateralized deposits accounted for $133 million, approximately 10% of total deposits [20] - Yields on loans increased by 16 basis points to 4.45%, while the yield on all interest-earning assets increased by 19 basis points to 4.25% [41] Company Strategy and Development Direction - The company aims to become more commercially oriented, focusing on originating real estate loans and building a commercial pipeline [2] - The management is committed to being good stewards of capital and believes that repurchasing shares at current levels is a good use of capital [36] - The focus remains on attracting full banking relationships with small to medium-sized businesses [43] Management Comments on Operating Environment and Future Outlook - Management anticipates production and commercial credits to pick up as 2024 progresses, while remaining disciplined in underwriting [36] - There may be slight margin pressure in the upcoming quarters due to interest rate activity and the macroeconomic environment [3] - The company is exploring opportunities to optimize its expense base, expecting operating expenses for Q2 2024 to be in the mid to high $13 million range [23] Other Important Information - The company operates with a low percentage of uninsured deposits and low concentration risk to any single depositor [20] - The debt securities portfolio was reduced by $18.6 million during the quarter due to maturities, calls, and scheduled paydowns [42] Q&A Session Summary Question: Comments on margin and future outlook - Management discussed the potential for NIM pressure due to the repricing of time deposits and the competitive environment [26][45] Question: Credit quality and nonperforming assets - Management expressed satisfaction with credit metrics, noting strong underwriting practices and a manageable level of nonperforming assets [28][47] Question: Buyback strategy - Management confirmed a strong belief in the buyback program and indicated that they would remain active in repurchasing shares [60] Question: Loan pipeline and growth expectations - Management noted a slight reduction in the loan portfolio but emphasized a focus on higher-yielding assets and a healthy pipeline of approximately $40 million [64][65]

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].