Blue Foundry Bancorp(US:BLFY) Globenewswireยท2025-01-29 13:15Financial 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 [1] - For the three months ended December 31, 2024, the company reported a net loss of $2.7 million, or $0.13 per diluted common share, an improvement from a net loss of $4.0 million, or $0.19 per diluted common share for the three months ended September 30, 2024 [2] Loan and Deposit Growth - Gross loans increased by $22.8 million during 2024, with notable increases in commercial real estate loans ($27.1 million), construction loans ($25.1 million), and other categories, while residential loans decreased by $32.7 million [4][31] - Total deposits increased by $98.4 million, or 7.91%, from December 31, 2023, primarily due to increases in time deposits and NOW and demand accounts [8][31] Interest Income and Expenses - Interest income for the fourth quarter of 2024 was $21.8 million, an increase of $253 thousand, or 1.2%, compared to the prior quarter [6] - Interest expense for the quarter was $12.3 million, a decrease of $133 thousand, or 1.1%, compared to the prior quarter [6] Credit Quality - 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, indicating improved credit quality [38] - 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 [38] Shareholder Equity and Capital Ratios - Shareholders' equity decreased by $23.4 million to $332.2 million, primarily due to share repurchases and year-to-date losses [31] - Tangible equity to tangible assets was 16.11% at December 31, 2024, down from 17.37% at December 31, 2023 [31]