Blue Foundry Bancorp Reports First Quarter 2025 Results
Blue Foundry Bancorp reported a net loss of $2.7 million ($0.13 per share) for Q1 2025, matching Q4 2024's loss but showing slight improvement from Q1 2024's $2.8 million loss. Despite the losses, the bank demonstrated positive trends with a 27 basis points increase in net interest margin to 2.16%.
Key highlights include:
- Deposits grew by $43.9 million to $1.39 billion
- Loans increased by $42.2 million to $1.63 billion
- Interest income rose 4.3% to $22.7 million
- Interest expense decreased 2.8% to $12.0 million
- Tangible book value reached $14.81 per share
The bank maintained strong credit quality with non-performing assets at 0.27% of total assets. Notable portfolio changes included a $34.3 million increase in consumer loans and $28.5 million growth in commercial real estate, while multifamily loans decreased by $25.7 million. The bank's uninsured deposits remained low at 11% of total deposits.
Blue Foundry Bancorp ha riportato una perdita netta di 2,7 milioni di dollari (0,13 dollari per azione) nel primo trimestre del 2025, in linea con la perdita del quarto trimestre 2024, ma con un leggero miglioramento rispetto ai 2,8 milioni di dollari persi nel primo trimestre 2024. Nonostante le perdite, la banca ha mostrato segnali positivi con un aumento di 27 punti base del margine di interesse netto, che ha raggiunto il 2,16%.
I punti salienti includono:
- Le depositi sono cresciuti di 43,9 milioni di dollari, arrivando a 1,39 miliardi
- I prestiti sono aumentati di 42,2 milioni di dollari, raggiungendo 1,63 miliardi
- I ricavi da interessi sono saliti del 4,3% a 22,7 milioni di dollari
- Le spese per interessi sono diminuite del 2,8% a 12,0 milioni di dollari
- Il valore contabile tangibile ha raggiunto 14,81 dollari per azione
La banca ha mantenuto una solida qualità del credito, con attività non performanti pari allo 0,27% del totale degli attivi. Tra le variazioni rilevanti del portafoglio si segnalano un incremento di 34,3 milioni di dollari nei prestiti al consumo e una crescita di 28,5 milioni di dollari nel settore immobiliare commerciale, mentre i prestiti multifamiliari sono diminuiti di 25,7 milioni di dollari. I depositi non assicurati della banca sono rimasti bassi, pari all'11% del totale dei depositi.
Blue Foundry Bancorp reportó una pérdida neta de 2,7 millones de dólares (0,13 dólares por acción) en el primer trimestre de 2025, igualando la pérdida del cuarto trimestre de 2024, pero mostrando una ligera mejora respecto a la pérdida de 2,8 millones de dólares en el primer trimestre de 2024. A pesar de las pérdidas, el banco mostró tendencias positivas con un aumento de 27 puntos básicos en el margen neto de interés, que alcanzó el 2,16%.
Los aspectos destacados incluyen:
- Los depósitos crecieron 43,9 millones de dólares hasta 1,39 mil millones
- Los préstamos aumentaron 42,2 millones de dólares hasta 1,63 mil millones
- Los ingresos por intereses subieron un 4,3% hasta 22,7 millones de dólares
- Los gastos por intereses disminuyeron un 2,8% hasta 12,0 millones de dólares
- El valor tangible en libros alcanzó 14,81 dólares por acción
El banco mantuvo una sólida calidad crediticia con activos no productivos en 0,27% del total de activos. Cambios notables en la cartera incluyen un aumento de 34,3 millones de dólares en préstamos al consumo y un crecimiento de 28,5 millones de dólares en bienes raíces comerciales, mientras que los préstamos multifamiliares disminuyeron en 25,7 millones de dólares. Los depósitos no asegurados del banco se mantuvieron bajos, en un 11% del total de depósitos.
Blue Foundry Bancorp는 2025년 1분기에 270만 달러(주당 0.13달러)의 순손실을 보고했으며, 이는 2024년 4분기 손실과 동일하지만 2024년 1분기 280만 달러 손실보다는 약간 개선된 수치입니다. 손실에도 불구하고 은행은 순이자마진이 27bp 상승하여 2.16%를 기록하는 등 긍정적인 추세를 보였습니다.
주요 내용은 다음과 같습니다:
- 예금은 4,390만 달러 증가하여 13억 9천만 달러에 달함
- 대출은 4,220만 달러 증가하여 16억 3천만 달러에 달함
- 이자수익은 4.3% 증가하여 2,270만 달러 기록
- 이자비용은 2.8% 감소하여 1,200만 달러 기록
- 유형 장부가치는 주당 14.81달러에 도달
은행은 총자산의 0.27%에 해당하는 부실자산 비율로 강력한 신용 품질을 유지했습니다. 포트폴리오 주요 변화로는 소비자 대출이 3,430만 달러 증가했고, 상업용 부동산 대출이 2,850만 달러 증가했으며, 다가구 대출은 2,570만 달러 감소했습니다. 은행의 무보험 예금 비율은 전체 예금의 11%로 낮은 수준을 유지했습니다.
Blue Foundry Bancorp a enregistré une perte nette de 2,7 millions de dollars (0,13 dollar par action) pour le premier trimestre 2025, correspondant à la perte du quatrième trimestre 2024, mais montrant une légère amélioration par rapport à la perte de 2,8 millions de dollars du premier trimestre 2024. Malgré les pertes, la banque a affiché des tendances positives avec une augmentation de 27 points de base de la marge nette d'intérêt, atteignant 2,16 %.
Points clés :
- Les dépôts ont augmenté de 43,9 millions de dollars pour atteindre 1,39 milliard
- Les prêts ont progressé de 42,2 millions de dollars pour atteindre 1,63 milliard
- Les revenus d'intérêts ont augmenté de 4,3 % pour atteindre 22,7 millions de dollars
- Les charges d'intérêts ont diminué de 2,8 % pour atteindre 12,0 millions de dollars
- La valeur comptable tangible a atteint 14,81 dollars par action
La banque a maintenu une solide qualité de crédit avec des actifs non performants représentant 0,27 % du total des actifs. Parmi les changements notables du portefeuille, on note une augmentation de 34,3 millions de dollars des prêts à la consommation et une croissance de 28,5 millions de dollars dans l'immobilier commercial, tandis que les prêts multifamiliaux ont diminué de 25,7 millions de dollars. Les dépôts non assurés de la banque sont restés faibles, représentant 11 % du total des dépôts.
Blue Foundry Bancorp meldete für das erste Quartal 2025 einen Nettogewinnverlust von 2,7 Millionen US-Dollar (0,13 US-Dollar pro Aktie), was dem Verlust des vierten Quartals 2024 entspricht, jedoch eine leichte Verbesserung gegenüber dem Verlust von 2,8 Millionen US-Dollar im ersten Quartal 2024 darstellt. Trotz der Verluste zeigte die Bank positive Entwicklungen mit einem Anstieg der Nettozinsmarge um 27 Basispunkte auf 2,16 %.
Wichtige Highlights umfassen:
- Einlagen stiegen um 43,9 Millionen US-Dollar auf 1,39 Milliarden US-Dollar
- Kredite erhöhten sich um 42,2 Millionen US-Dollar auf 1,63 Milliarden US-Dollar
- Zinserträge stiegen um 4,3 % auf 22,7 Millionen US-Dollar
- Zinsaufwendungen sanken um 2,8 % auf 12,0 Millionen US-Dollar
- Der materielle Buchwert erreichte 14,81 US-Dollar pro Aktie
Die Bank hielt eine starke Kreditqualität mit notleidenden Krediten von 0,27 % der Gesamtaktiva aufrecht. Bedeutende Portfoliowechsel beinhalteten eine Erhöhung der Verbraucherdarlehen um 34,3 Millionen US-Dollar und ein Wachstum im Bereich der gewerblichen Immobilien um 28,5 Millionen US-Dollar, während die Mehrfamilienkredite um 25,7 Millionen US-Dollar zurückgingen. Die unversicherten Einlagen der Bank blieben mit 11 % der Gesamteinlagen niedrig.
- Net interest margin increased 27 basis points to 2.16% from previous quarter
- Interest income increased $928k (4.3%) vs previous quarter
- Interest expense decreased $343k (2.8%) vs previous quarter
- Deposits grew $43.9M to $1.39B in Q1 2025
- Loans increased $42.2M to $1.63B
- Strong credit quality with non-performing assets at only 0.27% of total assets
- Low uninsured deposit exposure at 11% of total deposits
- Strong capital position with 15.61% tangible equity to assets ratio
- Net loss of $2.7M ($0.13 per share) in Q1 2025
- Full valuation allowance required on deferred tax assets ($25.4M)
- Non-interest expenses increased $748k primarily due to higher compensation costs
- Multifamily loan portfolio decreased by $25.7M
- Residential loan portfolio declined by $5.5M
- Increased reliance on higher-cost brokered deposits ($205M, up $50M from previous quarter)
Insights
Blue Foundry reports continued quarterly loss while improving interest margin and growing balance sheet; mixed financial signals despite strategic portfolio shifts.
Blue Foundry's Q1 2025 results present a mixed financial picture. The bank reported a net loss of
The net interest margin increased by
The bank is actively reshaping its loan portfolio, with commercial real estate loans growing by
Asset quality remains strong with non-performing loans at just
The bank continues to repurchase shares, buying back 464,085 shares at an average price of
RUTHERFORD, N.J., April 30, 2025 (GLOBE NEWSWIRE) -- Blue Foundry Bancorp (NASDAQ:BLFY) (the “Company”), the holding company for Blue Foundry Bank (the “Bank”), today reported a net loss of
James D. Nesci, President and Chief Executive Officer, commented, “We are pleased with the improvement experienced in yields on assets and cost of liabilities as both contributed to a 27 basis points increase in net interest margin. In addition, we continue to maintain our strong capital position, increasing tangible book value to
Mr. Nesci also noted, “Deposit growth continued in the first quarter, funding loan growth of
Highlights for the first quarter of 2025:
- Deposits increased
$43.9 million to$1.39 billion and Loans increased$42.2 million to$1.63 billion compared to the linked quarter. - Uninsured deposits to third-party customers totaled approximately
11% of total deposits as of March 31, 2025. - Net interest margin increased 27 basis points from the linked quarter to
2.16% . - Interest income for the quarter was
$22.7 million , an increase of$928 thousand , or4.3% , compared to the linked quarter. - Interest expense for the quarter was
$12.0 million , a decrease of$343 thousand , or2.8% , compared to the linked quarter. - Provision for credit losses of
$201 thousand was primarily due to the increase in the provision for loans attributed to the increase in the commercial real estate portfolio. - Book value per share was
$14.82 and tangible book value per share was$14.81 . See the “Supplemental Information - Non-GAAP Financial Measures” tables below for additional information regarding our non-GAAP measures. - 464,085 shares were repurchased under our share repurchase plans at a weighted average share price of
$9.52 per share.
Loans
Loans increased by
The details of the loan portfolio are below:
| March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | ||||||||||||||||
| (In thousands) | ||||||||||||||||||||
| Residential | $ | 512,793 | $ | 518,243 | $ | 516,754 | $ | 526,453 | $ | 540,427 | ||||||||||
| Multifamily | 645,399 | 671,116 | 666,304 | 671,185 | 671,011 | |||||||||||||||
| Commercial real estate | 288,151 | 259,633 | 241,711 | 241,867 | 244,207 | |||||||||||||||
| Construction | 92,813 | 85,546 | 80,081 | 71,882 | 63,052 | |||||||||||||||
| Junior liens | 26,902 | 25,422 | 24,174 | 23,653 | 22,052 | |||||||||||||||
| Commercial and industrial | 18,079 | 16,311 | 14,228 | 12,261 | 13,372 | |||||||||||||||
| Consumer and other | 41,518 | 7,211 | 7,731 | 83 | 56 | |||||||||||||||
| Total loans | 1,625,655 | 1,583,482 | 1,550,983 | 1,547,384 | 1,554,177 | |||||||||||||||
| Less: Allowance for credit losses | 13,152 | 12,965 | 13,012 | 13,027 | 13,749 | |||||||||||||||
| Loans receivable, net | $ | 1,612,503 | $ | 1,570,517 | $ | 1,537,971 | $ | 1,534,357 | $ | 1,540,428 | ||||||||||
Deposits
As of March 31, 2025, deposits totaled
The details of deposits are below:
| March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | ||||||||||||||||
| (In thousands) | ||||||||||||||||||||
| Non-interest bearing deposits | $ | 25,222 | $ | 26,001 | $ | 22,254 | $ | 24,733 | $ | 25,342 | ||||||||||
| NOW and demand accounts | 398,332 | 369,554 | 357,503 | 368,386 | 373,172 | |||||||||||||||
| Savings | 236,779 | 240,426 | 237,651 | 246,559 | 250,298 | |||||||||||||||
| Core deposits | 660,333 | 635,981 | 617,408 | 639,678 | 648,812 | |||||||||||||||
| Time deposits | 726,908 | 707,339 | 701,262 | 671,478 | 642,372 | |||||||||||||||
| Total deposits | $ | 1,387,241 | $ | 1,343,320 | $ | 1,318,670 | $ | 1,311,156 | $ | 1,291,184 | ||||||||||
Financial Performance Overview:
First quarter of 2025 compared to the fourth quarter of 2024
Net interest income compared to the fourth quarter of 2024:
- Net interest income was
$10.7 million for the first quarter of 2025 compared to$9.5 million for the fourth quarter of 2024 as interest earned on interest-earning assets increased and interest paid on time deposits decreased. - Net interest margin increased by 27 basis points to
2.16% . - The yield on average interest-earning assets increased 14 basis points to
4.51% , while the cost of average interest-bearing liabilities decreased eight basis points to2.89% . - Average interest-earning assets increased by
$22.7 million and average interest-bearing liabilities increased by$30.3 million .
Non-interest expense compared to the fourth quarter of 2024:
- Non-interest expense increased
$748 thousand primarily driven by an increase of$895 thousand in compensation and benefits expenses due to normal salary increases and a reset of variable compensation accruals. Variable compensation, achieved at less than target in 2024, was reset at the start of 2025. In addition, an increase of$109 thousand in occupancy and equipment was largely due to snow removal expenses in the first quarter partially offset by decreases in furniture and equipment expense. These increases were partially offset by a decrease of$174 thousand in other expenses.
Income tax expense compared to the fourth quarter of 2024:
- The Company did not record a tax benefit for the losses incurred during the first quarter of 2025 and the fourth quarter of 2024 due to the full valuation allowance required on its deferred tax assets.
- The Company’s current tax position reflects the previously established full valuation allowance on its deferred tax assets. At March 31, 2025, the valuation allowance on deferred tax assets was
$25.4 million .
First quarter of 2025 compared to the first quarter of 2024
Net interest income compared to the first quarter of 2024:
- Net interest income was
$10.7 million for the first three months of 2025 compared to$9.4 million for the same period in 2024. The increase was largely due to increases in interest earned on interest-earning assets and lower interest costs on time deposits. - Net interest margin increased by 24 basis points to
2.16% . - The yield on average interest-earning assets increased 26 basis points to
4.51% , partially offset by a three basis point increase in the cost of average interest-bearing liabilities. - Average interest-earning assets and average interest-bearing liabilities increased by
$44.3 million and$70.2 million , respectively. Average loans drove the growth in interest-earning assets, with an increase of$45.7 million . Average interest-bearing deposits increased by$96.6 million , while average FHLB advances decreased by$26.5 million .
Non-interest expense compared to the first quarter of 2024:
- Non-interest expense was
$13.6 million for the first quarter of 2025, an increase of$387 thousand driven by increases of$289 thousand ,$111 thousand and$100 thousand in compensation and benefits expenses, occupancy and equipment expenses and data processing, respectively.
Income tax expense compared to the first quarter of 2024:
- The Company did not record a tax benefit for the losses incurred during the first quarters of 2025 and 2024 due to the full valuation allowance required on its deferred tax assets.
- The Company’s current tax position reflects the previously established full valuation allowance on its deferred tax assets. At March 31, 2025, the valuation allowance on deferred tax assets was
$25.4 million .
Balance Sheet Summary:
March 31, 2025 compared to December 31, 2024
Cash and cash equivalents:
- Cash and cash equivalents increased
$3.7 million to$46.2 million .
Securities available-for-sale:
- Securities available-for-sale decreased
$10.4 million to$286.6 million due to maturities, calls and pay downs offset by a decrease in unrealized losses of$4.1 million .
Securities held-to-maturity
- Securities held-to-maturity decreased
$1.0 million due to pay downs in the portfolio.
Total loans:
- Total loans held for investment increased
$42.2 million to$1.63 billion . - Consumer, commercial real estate and construction loans increased
$34.3 million ,$28.5 million , and$7.3 million , respectively. Partially offsetting these increases were decreases in multifamily loans of$25.7 million and residential loans of$5.5 million . - During the first quarter, the Company purchased consumer and residential loans totaling
$35.0 million and$6.6 million , respectively.
Deposits:
- Deposits increased
$43.9 million from December 31, 2024 to$1.39 billion at March 31, 2025. This was largely the result of a$28.8 million increase in NOW and demand accounts and a$19.6 million increase in certificates of deposits. - Core deposits (defined as non-interest bearing checking, NOW and demand accounts and savings accounts) represented
47.6% of total deposits, compared to47.3% at December 31, 2024. - Brokered deposits totaled
$205.0 million and$155.0 million at March 31, 2025 and December 31, 2024, respectively. The increase in brokered deposits supplemented the reduction in retail time deposits. - Uninsured and uncollateralized deposits to third-party customers were
$159.8 million , or11% of total deposits, at the end of the first quarter.
Borrowings:
- FHLB borrowings decreased
$5.5 million to$334.0 million . - As of March 31, 2025, the Company had
$275.6 million of additional borrowing capacity at the FHLB,$107.5 million in secured lines at the Federal Reserve Bank and$30.0 million of other unsecured lines of credit.
Capital:
- Shareholders’ equity decreased
$5.5 million to$326.7 million . The decrease was primarily driven by the repurchase of shares, including shares netted for income tax withholding on vested equity awards, at a cost of$4.8 million . Additionally, the year-to-date loss, partially offset by favorable changes in accumulated other comprehensive income, contributed to the decrease in shareholders’ equity. - Tangible equity to tangible assets was
15.61% and tangible common equity per share outstanding was$14.81 . See the “Supplemental Information - Non-GAAP Financial Measures” tables below for additional information regarding our non-GAAP measures. - The Bank’s capital ratios remain above the FDIC’s “well capitalized” standards.
Asset quality:
- As of March 31, 2025, the allowance for credit losses (“ACL”) on loans as a percentage of gross loans was
0.81% . - The Company recorded a provision for credit losses of
$201 thousand for the first quarter of 2025. For the first quarter of 2025, there was a provision of$203 thousand in the ACL for loans, offset by a release of$1 thousand in the ACL for both off-balance-sheet commitments and held-to-maturity securities. The provision was primarily driven by the increase in loan balances and the shift in composition of the portfolio. - Non-performing loans totaled
$5.7 million , or0.35% of total loans compared to$5.1 million , or0.33% of total loans at December 31, 2024. - Net charge-offs were
$16 thousand for the three months ended March 31, 2025. - The ratio of allowance for credit losses on loans to non-performing loans was
229.81% at March 31, 2025 compared to254.02% at December 31, 2024.
About Blue Foundry
Blue Foundry Bancorp is the holding company for Blue Foundry Bank, a place where things are made, purpose is formed, and ideas are crafted. Headquartered in Rutherford NJ, with a presence in Bergen, Essex, Hudson, Middlesex, Morris, Passaic, Somerset and Union counties, Blue Foundry Bank is a full-service, innovative bank serving the doers, movers, and shakers in our communities. We offer individuals and businesses alike the tailored products and services they need to build their futures. With a rich history dating back more than 145 years, Blue Foundry Bank has a longstanding commitment to its customers and communities. To learn more about Blue Foundry Bank visit BlueFoundryBank.com or call (888) 931-BLUE. Member FDIC.
Conference Call Information
A conference call covering Blue Foundry’s first quarter 2025 earnings announcement will be held today, Wednesday, April 30, 2025 at 11:00 a.m. (EDT). To listen to the live call, please dial 1-833-470-1428 (toll free) or +1-404-975-4839 (international) and use access code 556514. The webcast (audio only) will be available on ir.bluefoundrybank.com. The conference call will be recorded and will be available on the Company’s website for one month.
Contact:
James D. Nesci
President and Chief Executive Officer
BlueFoundryBank.com
jnesci@bluefoundrybank.com
201-972-8900
Forward-Looking Statements
Certain statements contained herein are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements, which are based on certain current assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target” and similar expressions.
Forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: inflation and changes in the interest rate environment that reduce our margins and yields, the fair value of financial instruments or our level of loan originations, or increase in the level of defaults, losses and prepayments on loans we have made and make; general economic conditions, either nationally or in our market areas, that are worse than expected, including potential recessionary conditions, the imposition of tariffs or other domestic or international governmental policies; including potential recessionary conditions, the imposition of tariffs or other domestic or international governmental policies; changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; our ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in our market area; our ability to implement and change our business strategies; competition among depository and other financial institutions; adverse changes in the securities or secondary mortgage markets; changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees, capital requirements and insurance premiums; changes in monetary or fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; changes in the quality or composition of our loan or investment portfolios; technological changes that may be more difficult or expensive than expected; a failure or breach of our operational or security systems or infrastructure, including cyber-attacks; the inability of third party providers to perform as expected; our ability to manage market risk, credit risk and operational risk in the current economic environment; changes in consumer spending, borrowing and savings habits; changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission or the Public Company Accounting Oversight Board; our ability to retain key employees; the current or anticipated impact of military conflict, terrorism or other geopolitical events; the ability of the U.S. Government to manage federal debt limits; and changes in the financial condition, results of operations or future prospects of issuers of securities that we own.
Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. Except as required by applicable law or regulation, we do not undertake, and we specifically disclaim any obligation, to release publicly the results of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.
| BLUE FOUNDRY BANCORP AND SUBSIDIARY | ||||||||||||
| Consolidated Statements of Financial Condition | ||||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||||||
| (unaudited) | (audited) | (unaudited) | ||||||||||
| (Dollars in Thousands) | ||||||||||||
| ASSETS | ||||||||||||
| Cash and cash equivalents | $ | 46,220 | $ | 42,502 | $ | 53,753 | ||||||
| Securities available-for-sale, at fair value | 286,620 | 297,028 | 265,191 | |||||||||
| Securities held to maturity | 32,038 | 33,076 | 33,217 | |||||||||
| Other investments | 17,605 | 17,791 | 17,908 | |||||||||
| Loans, net | 1,612,503 | 1,570,517 | 1,540,428 | |||||||||
| Real estate owned, net | — | — | 593 | |||||||||
| Interest and dividends receivable | 8,746 | 8,014 | 8,001 | |||||||||
| Premises and equipment, net | 28,805 | 29,486 | 31,696 | |||||||||
| Right-of-use assets | 22,778 | 23,470 | 24,454 | |||||||||
| Bank owned life insurance | 22,638 | 22,519 | 22,153 | |||||||||
| Other assets | 14,253 | 16,280 | 30,393 | |||||||||
| Total assets | $ | 2,092,206 | $ | 2,060,683 | $ | 2,027,787 | ||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
| Liabilities | ||||||||||||
| Deposits | $ | 1,387,241 | $ | 1,343,320 | $ | 1,291,184 | ||||||
| Advances from the Federal Home Loan Bank | 334,000 | 339,500 | 342,500 | |||||||||
| Advances by borrowers for taxes and insurance | 9,743 | 9,356 | 9,368 | |||||||||
| Lease liabilities | 24,490 | 25,168 | 26,081 | |||||||||
| Other liabilities | 10,069 | 11,141 | 8,498 | |||||||||
| Total liabilities | 1,765,543 | 1,728,485 | 1,677,631 | |||||||||
| Shareholders’ equity | 326,663 | 332,198 | 350,156 | |||||||||
| Total liabilities and shareholders’ equity | $ | 2,092,206 | $ | 2,060,683 | $ | 2,027,787 | ||||||
| BLUE FOUNDRY BANCORP AND SUBSIDIARY | ||||||||||||
| Consolidated Statements of Operations | ||||||||||||
| (Dollars in Thousands Except Per Share Data) (Unaudited) | ||||||||||||
| Three months ended | ||||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||||||
| (Dollars in thousands) | ||||||||||||
| Interest income: | ||||||||||||
| Loans | $ | 18,892 | $ | 17,777 | $ | 17,192 | ||||||
| Taxable investment income | 3,785 | 3,972 | 3,614 | |||||||||
| Non-taxable investment income | 36 | 36 | 36 | |||||||||
| Total interest income | 22,713 | 21,785 | 20,842 | |||||||||
| Interest expense: | ||||||||||||
| Deposits | 9,026 | 9,573 | 8,413 | |||||||||
| Borrowed funds | 2,943 | 2,739 | 3,012 | |||||||||
| Total interest expense | 11,969 | 12,312 | 11,425 | |||||||||
| Net interest income | 10,744 | 9,473 | 9,417 | |||||||||
| Provision for (release of) credit losses | 201 | (301 | ) | (535 | ) | |||||||
| Net interest income after provision for (release of) credit losses | 10,543 | 9,774 | 9,952 | |||||||||
| Non-interest income: | ||||||||||||
| Fees and service charges | 243 | 306 | 329 | |||||||||
| Gain on sale of loans | — | — | 36 | |||||||||
| Other income | 151 | 114 | 86 | |||||||||
| Total non-interest income | 394 | 420 | 451 | |||||||||
| Non-interest expense: | ||||||||||||
| Compensation and employee benefits | 7,838 | 6,943 | 7,549 | |||||||||
| Occupancy and equipment | 2,303 | 2,194 | 2,192 | |||||||||
| Data processing | 1,487 | 1,514 | 1,387 | |||||||||
| Advertising | 67 | 81 | 72 | |||||||||
| Professional services | 699 | 737 | 730 | |||||||||
| Federal deposit insurance | 223 | 226 | 199 | |||||||||
| Other | 1,012 | 1,186 | 1,113 | |||||||||
| Total non-interest expense | 13,629 | 12,881 | 13,242 | |||||||||
| Loss before income tax expense | (2,692 | ) | (2,687 | ) | (2,839 | ) | ||||||
| Income tax expense | — | — | — | |||||||||
| Net loss | $ | (2,692 | ) | $ | (2,687 | ) | $ | (2,839 | ) | |||
| Basic loss per share | $ | (0.13 | ) | $ | (0.13 | ) | $ | (0.13 | ) | |||
| Diluted loss per share | $ | (0.13 | ) | $ | (0.13 | ) | $ | (0.13 | ) | |||
| Weighted average shares outstanding | ||||||||||||
| Basic | 20,404,941 | 20,826,845 | 22,095,260 | |||||||||
| Diluted (1) | 20,404,941 | 20,826,845 | 22,095,260 | |||||||||
| (1) The assumed vesting of outstanding restricted stock units had an anti-dilutive effect on diluted earnings per share due to the Company’s net loss for the 2025 and 2024 periods. | ||||||||||||
| BLUE FOUNDRY BANCORP AND SUBSIDIARY | ||||||||||||||||||||
| Consolidated Financial Highlights | ||||||||||||||||||||
| (Dollars in Thousands Except Per Share Data) (Unaudited) | ||||||||||||||||||||
| Three months ended | ||||||||||||||||||||
| March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | ||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Performance Ratios (%): | ||||||||||||||||||||
| Loss on average assets | (0.53 | ) | (0.52 | ) | (0.79 | ) | (0.47 | ) | (0.56 | ) | ||||||||||
| Loss on average equity | (3.29 | ) | (3.17 | ) | (4.68 | ) | (2.71 | ) | (3.23 | ) | ||||||||||
| Interest rate spread (1) | 1.62 | 1.40 | 1.29 | 1.43 | 1.40 | |||||||||||||||
| Net interest margin (2) | 2.16 | 1.89 | 1.82 | 1.96 | 1.92 | |||||||||||||||
| Efficiency ratio (3) (4) | 122.36 | 130.20 | 140.04 | 130.73 | 134.19 | |||||||||||||||
| Average interest-earning assets to average interest-bearing liabilities | 120.01 | 120.84 | 121.37 | 122.28 | 122.50 | |||||||||||||||
| Tangible equity to tangible assets (4) | 15.61 | 16.11 | 16.50 | 16.88 | 17.25 | |||||||||||||||
| Book value per share (5) | $ | 14.82 | $ | 14.75 | $ | 14.76 | $ | 14.70 | $ | 14.61 | ||||||||||
| Tangible book value per share (4) (5) | $ | 14.81 | $ | 14.74 | $ | 14.74 | $ | 14.69 | $ | 14.60 | ||||||||||
| Asset Quality: | ||||||||||||||||||||
| Non-performing loans | $ | 5,723 | $ | 5,104 | $ | 5,146 | $ | 6,208 | $ | 6,691 | ||||||||||
| Real estate owned, net | — | — | — | — | 593 | |||||||||||||||
| Non-performing assets | $ | 5,723 | $ | 5,104 | $ | 5,146 | $ | 6,208 | $ | 7,284 | ||||||||||
| Allowance for credit losses to total loans (%) | 0.81 | 0.83 | 0.84 | 0.84 | 0.88 | |||||||||||||||
| Allowance for credit losses to non-performing loans (%) | 229.81 | 254.02 | 252.86 | 209.84 | 205.48 | |||||||||||||||
| Non-performing loans to total loans (%) | 0.35 | 0.33 | 0.33 | 0.40 | 0.43 | |||||||||||||||
| Non-performing assets to total assets (%) | 0.27 | 0.25 | 0.25 | 0.30 | 0.36 | |||||||||||||||
| Net charge-offs to average outstanding loans during the period (%) | — | — | — | — | — | |||||||||||||||
| (1) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. | ||||||||||||||||||||
| (2) Net interest margin represents net interest income divided by average interest-earning assets. | ||||||||||||||||||||
| (3) Efficiency ratio represents adjusted non-interest expense divided by the sum of net interest income plus non-interest income. | ||||||||||||||||||||
| (4) See the “Supplemental Information - Non-GAAP Financial Measures” tables below for additional information regarding our non-GAAP measures. | ||||||||||||||||||||
| (5) March 31, 2025 per share metrics computed using 22,047,649 total shares outstanding. | ||||||||||||||||||||
| BLUE FOUNDRY BANCORP AND SUBSIDIARY | |||||||||||||||||||||||||||
| Analysis of Net Interest Income | |||||||||||||||||||||||||||
| (Dollars in Thousands) (Unaudited) | |||||||||||||||||||||||||||
| Three Months Ended, | |||||||||||||||||||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||||||||||||||||||
| Average Balance | Interest | Average Yield/Cost | Average Balance | Interest | Average Yield/Cost | Average Balance | Interest | Average Yield/Cost | |||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||||||
| Assets: | |||||||||||||||||||||||||||
| Loans (1) | $ | 1,601,262 | $ | 18,892 | 4.72 | % | $ | 1,557,342 | $ | 17,777 | 4.57 | % | $ | 1,555,534 | $ | 17,192 | 4.45 | % | |||||||||
| Mortgage-backed securities | 189,820 | 1,323 | 2.79 | % | 185,382 | 1,254 | 2.71 | % | 160,349 | 876 | 2.20 | % | |||||||||||||||
| Other investment securities | 163,590 | 1,689 | 4.13 | % | 164,392 | 1,573 | 3.83 | % | 183,717 | 1,652 | 3.62 | % | |||||||||||||||
| FHLB stock | 17,680 | 399 | 9.02 | % | 17,153 | 411 | 9.58 | % | 20,123 | 492 | 9.83 | % | |||||||||||||||
| Cash and cash equivalents | 43,195 | 410 | 3.80 | % | 68,536 | 770 | 4.50 | % | 51,561 | 630 | 4.92 | % | |||||||||||||||
| Total interest-earning assets | 2,015,547 | 22,713 | 4.51 | % | 1,992,805 | 21,785 | 4.37 | % | 1,971,284 | 20,842 | 4.25 | % | |||||||||||||||
| Non-interest earning assets | 61,518 | 61,586 | 59,357 | ||||||||||||||||||||||||
| Total assets | $ | 2,077,065 | $ | 2,054,391 | $ | 2,030,641 | |||||||||||||||||||||
| Liabilities and shareholders' equity: | |||||||||||||||||||||||||||
| NOW, savings, and money market deposits | $ | 619,234 | 2,031 | 1.33 | % | $ | 614,623 | 1,988 | 1.29 | % | $ | 616,169 | 1,937 | 1.26 | % | ||||||||||||
| Time deposits | 712,796 | 6,995 | 3.98 | % | 698,801 | 7,585 | 4.32 | % | 619,220 | 6,476 | 4.21 | % | |||||||||||||||
| Interest-bearing deposits | 1,332,030 | 9,026 | 2.75 | % | 1,313,424 | 9,573 | 2.90 | % | 1,235,389 | 8,413 | 2.74 | % | |||||||||||||||
| FHLB advances | 347,394 | 2,943 | 3.39 | % | 335,686 | 2,739 | 3.26 | % | 373,874 | 3,012 | 3.24 | % | |||||||||||||||
| Total interest-bearing liabilities | 1,679,424 | 11,969 | 2.89 | % | 1,649,110 | 12,312 | 2.97 | % | 1,609,263 | 11,425 | 2.86 | % | |||||||||||||||
| Non-interest bearing deposits | 25,411 | 24,945 | 26,491 | ||||||||||||||||||||||||
| Non-interest bearing other | 40,679 | 43,016 | 41,569 | ||||||||||||||||||||||||
| Total liabilities | 1,745,514 | 1,717,071 | 1,677,323 | ||||||||||||||||||||||||
| Total shareholders' equity | 331,551 | 337,320 | 353,318 | ||||||||||||||||||||||||
| Total liabilities and shareholders' equity | $ | 2,077,065 | $ | 2,054,391 | $ | 2,030,641 | |||||||||||||||||||||
| Net interest income | $ | 10,744 | $ | 9,473 | $ | 9,417 | |||||||||||||||||||||
| Net interest rate spread (2) | 1.62 | % | 1.40 | % | 1.39 | % | |||||||||||||||||||||
| Net interest margin (3) | 2.16 | % | 1.89 | % | 1.92 | % | |||||||||||||||||||||
| (1) Average loan balances are net of deferred loan fees and costs, premiums and discounts and include non-accrual loans. | |||||||||||||||||||||||||||
| (2) Net interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. | |||||||||||||||||||||||||||
| (3) Net interest margin represents net interest income divided by average interest-earning assets. | |||||||||||||||||||||||||||
BLUE FOUNDRY BANCORP AND SUBSIDIARY
Supplemental Information – Non-GAAP Financial Measures
(Unaudited)
This press release contains certain supplemental financial information, described in the table below, which has been determined by methods other than U.S. Generally Accepted Accounting Principles ("GAAP") that management uses in its analysis of Blue Foundry's performance. Management believes these non-GAAP financial measures provide information useful to investors in understanding Blue Foundry's financial results. These non-GAAP measures should not be considered a substitute for GAAP basis measures and results and Blue Foundry strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.
Net income, as presented in the Consolidated Statements of Operations, includes the provision for credit losses and income tax expense, while pre-provision net revenue does not.
| Three months ended | ||||||||||||||||||||
| March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | ||||||||||||||||
| (Dollars in thousands, except per share data) | ||||||||||||||||||||
| Pre-provision net revenue and efficiency ratio: | ||||||||||||||||||||
| Net interest income | $ | 10,744 | $ | 9,473 | $ | 9,087 | $ | 9,573 | $ | 9,417 | ||||||||||
| Other income | 394 | 420 | 387 | 536 | 451 | |||||||||||||||
| Total revenue | 11,138 | 9,893 | 9,474 | 10,109 | 9,868 | |||||||||||||||
| Operating expenses | 13,629 | 12,881 | 13,267 | 13,215 | 13,242 | |||||||||||||||
| Pre-provision net loss | $ | (2,491 | ) | $ | (2,988 | ) | $ | (3,793 | ) | $ | (3,106 | ) | $ | (3,374 | ) | |||||
| Efficiency ratio | 122.4 | % | 130.2 | % | 140.0 | % | 130.7 | % | 134.2 | % | ||||||||||
| Core deposits: | ||||||||||||||||||||
| Total deposits | $ | 1,387,241 | $ | 1,343,320 | $ | 1,318,670 | $ | 1,311,156 | $ | 1,291,184 | ||||||||||
| Less: time deposits | 726,908 | 707,339 | 701,262 | 671,478 | 642,372 | |||||||||||||||
| Core deposits | $ | 660,333 | $ | 635,981 | $ | 617,408 | $ | 639,678 | $ | 648,812 | ||||||||||
| Core deposits to total deposits | 47.6 | % | 47.3 | % | 46.8 | % | 48.8 | % | 50.2 | % | ||||||||||
| Total assets | $ | 2,092,206 | $ | 2,060,683 | $ | 2,055,093 | $ | 2,045,452 | $ | 2,027,787 | ||||||||||
| Less: intangible assets | 189 | 244 | 300 | 386 | 473 | |||||||||||||||
| Tangible assets | $ | 2,092,017 | $ | 2,060,439 | $ | 2,054,793 | $ | 2,045,066 | $ | 2,027,314 | ||||||||||
| Tangible equity: | ||||||||||||||||||||
| Shareholders’ equity | $ | 326,663 | $ | 332,198 | $ | 339,299 | $ | 345,597 | $ | 350,156 | ||||||||||
| Less: intangible assets | 189 | 244 | 300 | 386 | 473 | |||||||||||||||
| Tangible equity | $ | 326,474 | $ | 331,954 | $ | 338,999 | $ | 345,211 | $ | 349,683 | ||||||||||
| Tangible equity to tangible assets | 15.61 | % | 16.11 | % | 16.50 | % | 16.88 | % | 17.25 | % | ||||||||||
| Tangible book value per share: | ||||||||||||||||||||
| Tangible equity | $ | 326,474 | $ | 331,954 | $ | 338,999 | $ | 345,211 | $ | 349,683 | ||||||||||
| Shares outstanding | 22,047,649 | 22,522,626 | 22,990,908 | 23,505,357 | 23,958,888 | |||||||||||||||
| Tangible book value per share | $ | 14.81 | $ | 14.74 | $ | 14.74 | $ | 14.69 | 14.60 | |||||||||||
FAQ
What caused Blue Foundry (BLFY) stock's Q1 2025 net loss of $2.7 million?
How much did Blue Foundry (BLFY) increase its deposits in Q1 2025?
What is Blue Foundry's (BLFY) share buyback performance in Q1 2025?
How strong is Blue Foundry's (BLFY) loan portfolio quality in Q1 2025?
What is Blue Foundry's (BLFY) exposure to uninsured deposits as of March 2025?
How did Blue Foundry's (BLFY) net interest margin perform in Q1 2025?
