Blue Foundry Bancorp(BLFY) - 2024 Q4 - Annual Results

Financial Performance - The company reported a net loss of $11.9 million, or $0.55 per diluted common share, for the year ended December 31, 2024, compared to a net loss of $7.4 million, or $0.31 per diluted common share for the year ended December 31, 2023[2]. - The net loss for the three months ended December 31, 2024, was $2,687,000, an improvement from a net loss of $2,931,000 in the same period of 2023[41]. - Non-interest income decreased by $152 thousand, or 26.57%, compared to the fourth quarter of 2023, primarily due to the absence of gains on sales of loans and securities[15]. - Non-interest expense for the year increased by $1.0 million to $52.6 million, driven by higher compensation and benefits costs[21]. - Total non-interest expenses were $12,881,000 for the three months ended December 31, 2024, compared to $12,543,000 for the same period in 2023, representing an increase of 2.7%[41]. - The efficiency ratio (non-GAAP) improved to 130.20% for the three months ended December 31, 2024, compared to 140.04% in the previous quarter[43]. Loan and Deposit Growth - Total loans increased by $22.8 million during 2024, reaching $1.58 billion, with significant growth in commercial real estate loans ($27.1 million) and construction loans ($25.1 million) offset by declines in residential and multifamily loans[5][27]. - Total deposits increased by $98.4 million, or 7.91%, to $1.34 billion compared to December 31, 2023, primarily driven by increases in time deposits and NOW and demand accounts[8][27]. - Deposits rose to $1,343.3 million at December 31, 2024, compared to $1,244.9 million at December 31, 2023[39]. - Total deposits reached $1,343,320 million, up from $1,244,904 million a year ago, indicating a growth of 7.9%[55]. Asset Quality - Non-performing loans to total loans remained low at 0.33%, with the allowance for credit losses covering non-performing loans by over 2.5 times[4][6]. - Non-performing loans totaled $5.1 million, or 0.33% of total loans at December 31, 2024, down from $5.9 million, or 0.38% at December 31, 2023[30]. - Non-performing loans decreased to $5,104,000 as of December 31, 2024, down from $6,208,000 a year earlier, indicating improved asset quality[43]. - The allowance for credit losses on loans was 0.83% of total loans at December 31, 2024, compared to 0.91% at December 31, 2023[30]. - The allowance for credit losses on loans to total loans ratio was 0.83% as of December 31, 2024, slightly down from 0.91% a year ago[43]. Interest Income and Margin - Interest income for the fourth quarter was $21.8 million, an increase of $253 thousand, or 1.2%, compared to the prior quarter[6]. - Total interest income for the three months ended December 31, 2024, was $21,785,000, an increase of 7.1% compared to $20,335,000 for the same period in 2023[41]. - Net interest income after the release of provision for credit losses was $9,774,000 for the three months ended December 31, 2024, compared to $9,040,000 for the same period in 2023, reflecting a 8.1% increase[41]. - The net interest margin increased by seven basis points to 1.89% in the fourth quarter of 2024 compared to the previous quarter[6][11]. - The net interest margin for the three months ended December 31, 2024, was 1.89%, up from 1.84% in the same period last year[47]. - The net interest rate spread for the three months ended December 31, 2024, was 1.40%, compared to 1.33% for the same period in 2023[48]. Shareholder Equity and Capital - Shareholders' equity decreased by $23.4 million to $332.2 million, primarily due to share repurchases costing $19.4 million[30]. - Total shareholders' equity as of December 31, 2024, was $337,320,000, a decrease from $357,275,000 on December 31, 2023[47]. - Tangible equity to tangible assets was 16.11% at December 31, 2024, down from 17.37% at December 31, 2023[30]. - Tangible equity decreased to $331,954 million from $355,083 million year-over-year, reflecting a decline of 6.5%[55]. - Book value per share remained stable at $14.75 as of December 31, 2024, compared to $14.51 a year earlier[43]. Borrowings and Assets - FHLB borrowings decreased by $58.0 million to $339.5 million, with deposit growth outpacing asset growth[30]. - Total assets increased to $2,060.7 million as of December 31, 2024, from $2,044.9 million at December 31, 2023[39]. - Total assets as of December 31, 2024, were $2,054,391,000, an increase from $2,042,561,000 on December 31, 2023[47]. - Total interest-bearing assets for the three months ended December 31, 2024, were $1,992,805,000, with a total interest income of $21,785,000, resulting in a yield of 4.37%[47].