Welcome to our dedicated page for Blue Foundry Bancorp news (Ticker: BLFY), a resource for investors and traders seeking the latest updates and insights on Blue Foundry Bancorp stock.
Blue Foundry Bancorp (NASDAQ: BLFY) is the holding company for Blue Foundry Bank, a full-service financial institution headquartered in Rutherford, New Jersey. Blue Foundry Bank operates across Bergen, Essex, Hudson, Middlesex, Morris, Passaic, Somerset, and Union counties. Known for its innovative approach, Blue Foundry Bank serves a diverse range of clients, from individuals to businesses, providing tailored financial solutions to help them build their futures.
Blue Foundry Bank specializes in originating one-to-four-family residential, multi-family, and non-residential real estate mortgages, home equity loans, lines of credit, and commercial and industrial loans. Additionally, the bank attracts retail deposits from the general public not only through its physical branches but also via its robust online presence, offering a wide array of deposit products.
Core Revenue Streams:
- Interest from loans
- Interest from mortgage-backed and other investment securities
The bank's funding primarily comes from deposits, principal, and interest payments on loans and securities, as well as borrowings from the Federal Home Loan Bank of New York.
Blue Foundry Bank is committed to its communities and has a history spanning over 145 years, underlining a steadfast dedication to customer service and community development. The bank prides itself on being resourceful, bold, and committed, embodying a spirit of innovation and hard work.
Recent news highlights include:
- A conference call scheduled on October 25, 2023, to discuss the Third Quarter 2023 Earnings.
- Release of financial results for the quarter and year-end December 31, 2023, on January 24, 2024.
- A conference call scheduled on April 24, 2024, to discuss the First Quarter 2024 Earnings.
These events keep investors informed and engaged, providing transparency and real-time updates on the bank’s performance.
Blue Foundry Bancorp (NASDAQ:BLFY) reported a net loss of $2.3 million, or $0.11 per diluted common share, for Q2 2024. Despite the loss, the company saw positive deposit growth of $20.0 million (1.55%) compared to the previous quarter. Key highlights include:
- Interest income increased by $450,000 (2.2%) to $21.3 million
- Net interest margin improved by 4 basis points to 1.96%
- Book value per share was $14.70 and tangible book value per share was $14.69
- 386,352 shares were repurchased at an average price of $8.84 per share
The company maintains a strong capital position and focus on growing commercial loan portfolios, with increases in commercial real estate and construction lending. Uninsured deposits to third-party customers totaled approximately 12% of total deposits as of June 30, 2024.
Blue Foundry Bancorp (Nasdaq: BLFY) has appointed John F. Kuntz, Esq. as a Director of both the Company and its subsidiary, Blue Foundry Bank. Mr. Kuntz brings extensive experience in financial, legal, and operational matters from his previous role as Senior Executive Vice President and Chief Administrative Officer of Provident Bank. His expertise includes managing various departments, participating in bank transactions, and serving as General Counsel and Corporate Secretary.
Mr. Kuntz's appointment is expected to provide additional perspective and depth to the organization, particularly in areas such as charitable foundations. His background includes membership in the American Bankers Association General Counsels Group and the Society for Corporate Governance. He holds a law degree from New York Law School and is licensed to practice in New Jersey and New York.
Blue Foundry Bancorp (NASDAQ: BLFY), the holding company for Blue Foundry Bank, will release its financial results for the quarter ended June 30, 2024, on the morning of July 24, 2024. The report will be available on the Company's website and the SEC's website. A conference call for investors and analysts will follow on the same day at 11:00 AM ET to discuss the results. A recording of the call will be available on the Company’s website for one month. Participants are encouraged to pre-register for the webcast or dial-in if unable to join via webcast.
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