Welcome to our dedicated page for Blue Foundry Ban news (Ticker: BLFY), a resource for investors and traders seeking the latest updates and insights on Blue Foundry Ban stock.
Blue Foundry Bancorp (BLFY) delivers innovative banking solutions through residential/commercial mortgages and deposit services. This news hub provides investors and stakeholders with essential updates about the institution's financial operations and market position.
Access curated press releases and analysis covering earnings reports, loan portfolio developments, leadership changes, and strategic initiatives. Our repository simplifies tracking BLFY's performance in real estate financing and commercial lending sectors.
Key focus areas include mortgage rate adjustments, securities investment updates, regulatory compliance developments, and home equity product innovations. All content undergoes strict verification to ensure factual reporting aligned with financial disclosure standards.
Bookmark this page for streamlined access to BLFY's verified financial communications. Combine our updates with SEC filings and earnings calls for comprehensive market analysis.
Blue Foundry Bancorp (NASDAQ:BLFY) reported a net loss of $1.2 million, or $0.05 per diluted share, for Q1 2023, a decline from net income of $553 thousand a year ago. This loss contrasts with a net income of $562 thousand in Q4 2022. Despite challenging market conditions, the company initiated a stock repurchase program for up to 5% of outstanding shares. Total loans grew by $40.9 million, or 2.7%, while deposits decreased by $44.3 million, or 3.4%. Interest income rose to $18.8 million, but interest expense surged by 48.4% to $6.9 million. The net interest margin decreased to 2.42%. The bank maintains strong capital ratios and has over $100 million in FDIC insurance coverage. Tangible book value per share stands at $14.06.
Blue Foundry Bancorp (BLFY) has announced a new stock repurchase program to buy back up to 1,335,126 shares, approximately 5% of its outstanding stock, succeeding its previous repurchase initiative. The first program, announced on July 20, 2022, authorized the purchase of up to 2,852,250 shares, with 2,723,979 shares repurchased for $30,240,939 at an average price of $11.10 per share by April 18, 2023. The new program reflects the company's strong capital position, as highlighted by President and CEO James D. Nesci, who emphasized that share repurchases represent a prudent capital use. Repurchases will occur based on market conditions and the company's financial performance, compliant with SEC regulations.
Blue Foundry Bancorp (NASDAQ: BLFY) announced it will release its financial results for Q1 2023 on April 26, 2023. The earnings report will be accessible on the Company's website and at the SEC's site. A conference call is scheduled for the same day at 11:00 AM (ET) to discuss the results, which will be recorded for future access. Investors are encouraged to pre-register for the call through the provided webcast link. Blue Foundry Bank serves various counties in New Jersey, providing tailored banking products to individuals and businesses. Established over 145 years ago, the bank emphasizes its commitment to community and customer service.
Blue Foundry Bancorp (NASDAQ:BLFY) reported a net income of $2.4 million for 2022, reversing a $36.3 million loss in 2021. The company achieved a gross loan growth of 20% and a 13% increase in core deposits year-over-year. In Q4 2022, net income was $562,000, down from $1.2 million in Q3 2022. Notably, net interest income for Q4 was $12.9 million, down 6.4% from Q3. The bank has repurchased 1.3 million shares, representing 46% of its buyback program. Despite a challenging economic environment, management remains confident in the bank's strong asset quality and capital adequacy.
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