Blue Foundry Bancorp(US:BLFY) Seeking Alpha·2024-10-23 17:41Core Viewpoint - Blue Foundry Bancorp reported a quarterly net loss of $4 million for Q3 2024, indicating challenges in financial performance while maintaining a positive outlook for future quarters [3]. Financial Performance - The company experienced a quarterly pre-provision net loss of $3.8 million [3]. - Deposits increased by $7.5 million, reflecting a positive trend in customer confidence [3]. - Loans grew by $3.6 million, indicating a slight expansion in lending activities [3]. - The company achieved tangible book value per share growth, suggesting improvements in shareholder value despite the net loss [3]. Operational Outlook - Capital and credit quality remain strong, which is crucial for the company's stability and future growth [3]. - The management expressed a positive outlook for both the fourth quarter and the upcoming year, indicating confidence in recovery and growth strategies [3].