Blue Foundry Bancorp(US:BLFY)2024-04-24 14:01Financial 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].