Blue Foundry Ban Stock Price, News & Analysis

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.

Blue Foundry Bancorp (NASDAQ: BLFY) announced it will release its financial results for Q4 and year-end December 31, 2022, on January 25, 2023. A conference call for investors is scheduled for 11:00 AM EST on the same day to discuss these results. Participants can pre-register for the webcast via the provided link, with dial-in options available for those wishing to ask questions. The release will be accessible on the company’s website and SEC’s site. Blue Foundry Bancorp operates as a full-service bank headquartered in Rutherford, NJ.

Blue Foundry Bancorp (Nasdaq: BLFY) has appointed Elizabeth Varki Jobes, Esq. as a director, effective immediately. With extensive experience in legal and compliance roles at global companies, Jobes aims to enhance the Board's perspective. Currently the Global Chief Compliance Officer at Amryt Pharmaceuticals, she has held senior positions at EMD Serono and other firms. Her leadership extends to various boards, including Ampio Pharmaceuticals. Jobes expressed eagerness to contribute to Blue Foundry's innovative culture.

Blue Foundry Bancorp (NASDAQ:BLFY) reported a net income of $1.2 million ($0.05/share) for Q3 2022, a significant increase from $40,000 in Q2 2022 and a recovery from a $15 million loss a year prior. For the first nine months, net income was $1.8 million, up from a $16.7 million loss in 2021. Key highlights include a $68.1 million (4.8%) growth in gross loans, with core deposits increasing by $35 million (4%). Net interest income rose to $13.8 million, a 24.4% year-over-year increase, despite a decline in accumulated other comprehensive income of $8.8 million due to rising interest rates.

Blue Foundry Bancorp (NASDAQ: BLFY) will release its financial results for Q3 2022 on October 26, 2022. The earnings will be published on the company's website and the SEC's site. An investor conference call will follow at 11:00 AM (EST) on the same day, where company representatives will discuss the financial results. Participants can pre-register for the call and dial in for questions. Blue Foundry Bancorp, headquartered in Rutherford, NJ, is committed to serving communities with tailored banking solutions and has over 145 years of operational history.

Blue Foundry Bancorp (NASDAQ:BLFY) reported second quarter results showing a record loan growth of $94.3 million, or 7.1%, driven by commercial real estate. Net income was $40,000, down from $553,000 in the previous quarter but improved from a net loss of $1.0 million year-over-year. Core deposits rose by $27.9 million, representing 66.8% of total deposits, while net interest income climbed 10.2% to $13.2 million. The company announced a stock repurchase program and emphasized its ongoing strategy to develop its lending franchise.

Blue Foundry Bancorp (NASDAQ: BLFY) announced a share repurchase program to buy back up to 2,852,250 shares, representing about 10% of its outstanding common stock. This marks the company's first repurchase initiative following its mutual-to-stock conversion in July 2021. The buybacks are slated to begin after the release of Q2 2022 results and will be conducted based on market conditions and the company's financial performance. CEO James D. Nesci emphasized the company's strong capital position, highlighting the strategic importance of share repurchases in reallocating excess capital.