Blue Foundry Bancorp(US:BLFY)2025-04-30 13:59Financial Performance - Blue Foundry Bancorp reported a net loss of $2.7 million, or $0.13 per diluted common share, for Q1 2025, consistent with the previous quarter and a slight improvement from a net loss of $2.8 million in Q1 2024[2]. - Basic loss per share for the first quarter of 2025 was $(0.13), consistent with the loss per share reported in the same quarter of 2024[33]. - The company reported a net loss of $2,692 thousand for the first quarter of 2025, slightly higher than the loss of $2,687 thousand in the same quarter of 2024[33]. Interest Income and Margin - The net interest margin increased by 27 basis points to 2.16%, driven by improved yields on assets and reduced costs of liabilities[3]. - Net interest income for the three months ended March 31, 2025, was $10,744 thousand, an increase of 13.5% compared to $9,473 thousand for the same period in 2024[33]. - The net interest margin improved to 2.16% for the first quarter of 2025, compared to 1.89% in the previous quarter[35]. - The net interest margin for Q1 2025 was 2.16%, an increase from 1.89% in Q4 2024[38]. - The net interest rate spread improved to 1.62% in Q1 2025 from 1.40% in Q4 2024[39]. Loan and Deposit Growth - Total loans increased by $42.2 million to $1.63 billion, with significant growth in the commercial real estate and consumer loan portfolios[5]. - Deposits rose by $43.9 million to $1.39 billion, reflecting a 3.27% increase from the previous quarter, primarily due to growth in NOW and demand accounts[8]. - Core deposits increased to $660,333,000, representing 47.6% of total deposits, up from 47.3% in the previous quarter[44]. - Average loan balances increased to $1,601,262,000 with a yield of 4.72% in Q1 2025, up from $1,557,342,000 and 4.57% in Q4 2024[38]. - Total interest-earning assets rose to $2,015,547,000 with a yield of 4.51% in Q1 2025, compared to $1,992,805,000 and 4.37% in Q4 2024[38]. Asset and Liability Management - Total assets increased to $2,092,206 thousand as of March 31, 2025, up from $2,060,683 thousand at December 31, 2024, representing a growth of 1.6%[30]. - Total liabilities increased to $1,765,543 thousand as of March 31, 2025, compared to $1,728,485 thousand at December 31, 2024, reflecting a rise of 2.1%[30]. - Shareholders' equity decreased to $326,663 thousand as of March 31, 2025, down from $332,198 thousand at December 31, 2024[30]. - The tangible book value per share increased to $14.81, while shareholders' equity decreased by $5.5 million to $326.7 million due to share repurchases[21]. - Brokered deposits increased to $205.0 million, up from $155.0 million at the end of Q4 2024, supplementing the reduction in retail time deposits[21]. Credit Quality - The allowance for credit losses on loans was 0.81% of gross loans, with a provision for credit losses of $201 thousand recorded in Q1 2025[21]. - Non-performing loans totaled $5.7 million, or 0.35% of total loans, compared to $5.1 million, or 0.33% at the end of Q4 2024[21]. - Non-performing loans amounted to $5,723 thousand, representing 0.35% of total loans as of March 31, 2025, compared to 0.33% as of December 31, 2024[35]. - The provision for credit losses was $201 thousand for the first quarter of 2025, compared to a release of $301 thousand in the same quarter of 2024[33]. Operational Efficiency - The efficiency ratio improved to 122.36% for the first quarter of 2025, down from 130.20% in the previous quarter[35]. - The efficiency ratio improved to 122.4% in Q1 2025 from 130.2% in Q4 2024, indicating better operational efficiency[44].