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 was a bank holding company for Blue Foundry Bank, a New Jersey-chartered stock savings bank serving individuals and businesses across northern and central New Jersey counties. News about BLFY centered on quarterly results, net interest margin trends, loan-portfolio mix, core deposit activity, credit metrics, non-interest expense, and stock repurchase programs.
Later company updates covered the completed acquisition of Blue Foundry Bancorp by Fulton Financial Corporation and the resulting change in Blue Foundry's public-company status. Coverage also included shareholder voting matters, material agreements, capital-structure disclosures, and other governance events tied to the bank holding company.
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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.