Blue Foundry Bancorp Reports First Quarter 2025 Results

Core Points - Blue Foundry Bancorp reported a net loss of $2.7 million for Q1 2025, consistent with the previous quarter and slightly improved from a loss of $2.8 million in Q1 2024 [1][6][35] - The company experienced a 27 basis points increase in net interest margin, reaching 2.16%, driven by improved yields on assets and reduced costs of liabilities [2][12] - Total loans increased by $42.2 million to $1.63 billion, with significant growth in commercial real estate and consumer loan portfolios [4][22] - Deposits rose by $43.9 million to $1.39 billion, with a notable increase in NOW and demand accounts [6][7][22] Financial Performance - Interest income for Q1 2025 was $22.7 million, a 4.3% increase from the previous quarter, while interest expense decreased by 2.8% to $12.0 million [6][12] - The provision for credit losses was $201 thousand, reflecting an increase in the commercial real estate portfolio [6][29] - Non-performing loans totaled $5.7 million, representing 0.35% of total loans, an increase from 0.33% in the previous quarter [29][36] Loan and Deposit Details - The consumer loan portfolio increased by $34.3 million, while the commercial real estate portfolio grew by $28.5 million [4][22] - Core deposits accounted for 47.6% of total deposits, slightly up from 47.3% at the end of 2024 [22] - Brokered deposits increased to $205 million, supplementing the reduction in retail time deposits [22] Capital and Asset Quality - Tangible book value per share increased to $14.81, while shareholders' equity decreased to $326.7 million due to share repurchases and year-to-date losses [2][22] - The allowance for credit losses on loans was 0.81%, with a coverage ratio of 229.81% for non-performing loans [29][36] - The company's capital ratios remain above the FDIC's "well capitalized" standards [23]