Core Viewpoint - Blue Foundry Bancorp has authorized a sixth stock repurchase program to buy back up to 1,082,533 shares, representing approximately 5% of its outstanding common stock, which commenced on June 20, 2025 [1] Group 1: Stock Repurchase Program - The company has repurchased a total of 7,798,723 shares, or 27.3% of its common shares, since the first program was announced on July 20, 2022, at a weighted average price of $10.09 [2] - The new repurchase program allows for shares to be bought back in open market or private transactions, and the timing and amount of repurchases will depend on various factors including market conditions and the company's financial performance [3] Group 2: Management Commentary - The President and CEO of the company expressed satisfaction with the new repurchase program, highlighting the success of previous programs that allowed for share repurchases at a significant discount to tangible book value, which was $14.81 per share as of March 31, 2025 [4][2] - The CEO emphasized that share repurchases are a prudent use of capital and reflect the company's strong capital position [4] Group 3: Company Overview - Blue Foundry Bancorp is the holding company for Blue Foundry Bank, which serves various counties in New Jersey and offers tailored products and services to individuals and businesses [5] - The bank has a rich history of over 145 years and is committed to its customers and communities [5]
Blue Foundry Bancorp Announces Adoption of Sixth Stock Repurchase Program