Blue Foundry Bancorp(US:BLFY) Globenewswireยท2025-10-29 12:15Core Insights - Blue Foundry Bancorp reported a net loss of $1.9 million, or $0.10 per diluted common share, for Q3 2025, an improvement from a net loss of $2.0 million in Q2 2025 and a net loss of $4.0 million in Q3 2024 [1][6][39]. Financial Performance - The net interest margin increased by six basis points to 2.34% compared to the previous quarter, driven by improvements in yield on assets and cost of funds [2][12]. - Interest income for Q3 2025 was $24.1 million, a 3.0% increase from the previous quarter, while interest expense rose to $11.9 million [6][39]. - The provision for credit losses was $589 thousand for Q3 2025, reflecting an increase in the provision for loans [6][39]. Loan Portfolio - Total loans increased by $131.4 million to $1.71 billion during the first nine months of 2025, with significant growth in consumer loans and commercial real estate [4][27]. - The consumer loan portfolio rose by $114.5 million, while the commercial real estate portfolio increased by $57.4 million [4][27]. - Construction and multifamily portfolios saw declines of $25.0 million and $23.8 million, respectively [4][27]. Deposit Growth - Total deposits reached $1.49 billion, an increase of $150.1 million from December 31, 2024, driven by increases in NOW and demand accounts and time deposits [7][27]. - Core deposits increased by $68.2 million, representing 57.8% of total deposits, up from 53.5% at the end of 2024 [7][27]. - Brokered deposits rose to $275.0 million, up from $155.0 million at the end of 2024 [7][27]. Shareholder Value - Tangible book value per share exceeded $15, reaching $15.14, reflecting the company's commitment to enhancing shareholder value [2][6]. - The company repurchased 837,388 shares at a weighted average price of $9.09 per share during the quarter [6][39]. Asset Quality - Non-performing loans totaled $11.4 million, or 0.66% of total loans, an increase from 0.33% at the end of 2024 [33][41]. - The allowance for credit losses as a percentage of gross loans was 0.81% as of September 30, 2025 [27][41].