Blue Foundry Bancorp(US:BLFY) Newsfilter·2024-07-24 12:15Core 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]