Blue Foundry Bancorp(BLFY) - 2024 Q2 - Quarterly Results

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].