Blue Foundry Ban - BLFY STOCK NEWS

Blue Foundry Bancorp (NASDAQ:BLFY) reported a net income of $553,000, or $0.02 per diluted share, for Q1 2022, a turnaround from a net loss of $745,000 in Q1 2021. Key highlights include:

• Gross loans grew by $64.1 million, or 5.1%
• Core deposits increased by $64.8 million, representing 65.3% of total deposits
• Net interest income rose to $11.9 million, up 24.4%
• Non-performing loans decreased, indicating improved asset quality.

However, the rising interest rate environment negatively impacted the investment portfolio's value.

Blue Foundry Bancorp (Nasdaq: BLFY) announced the appointment of Kelly Pecoraro as the new Executive Vice President and Chief Financial Officer, effective May 18, 2022. Ms. Pecoraro brings significant experience from her previous role at Investors Bank, where she was Executive Vice President and Chief Accounting Officer. James D. Nesci, CEO, expressed enthusiasm for her joining, highlighting her valuable background in a fast-growing bank. Pecoraro stated her eagerness to contribute to Blue Foundry's mission during this pivotal time.

Blue Foundry Bancorp (NASDAQ: BLFY) will announce its financial results for Q1 2022 on April 27, 2022. The earnings release will be accessible on its website and the SEC's site. A conference call is scheduled for the same day at 11:00 AM (EST) to discuss the results, with a recording available for one month afterward. Investors can pre-register for the webcast or join via dial-in. Blue Foundry Bank, established over 145 years ago, serves various counties in New Jersey, focusing on tailored products for individuals and businesses.

Blue Foundry Bancorp (NASDAQ:BLFY) reported a net loss of $19.6 million, or $(0.75) per share, for Q4 2021, compared to a $1.8 million loss in Q4 2020. For the full year 2021, net loss rose to $36.3 million, influenced primarily by a $16.7 million valuation allowance on deferred tax assets. Total assets decreased to $1.91 billion. Despite losses, the bank saw net interest margin increase by 63 basis points to 2.63%. Deposits fell 8% to $1.25 billion, with a notable reduction in high-cost time deposits as the bank optimized its funding strategy.

Blue Foundry Bancorp (NASDAQ: BLFY) will announce its financial results for the fourth quarter and year ended December 31, 2021, on January 26, 2022. The earnings release will be available on the company's website and at the SEC. An investor conference call will be held on the same date at 11:00 AM EST, allowing participants to discuss the results. Those interested in the call can pre-register online. Blue Foundry Bancorp, based in Rutherford, NJ, provides tailored banking services to individuals and businesses while emphasizing community commitment.

Blue Foundry Bancorp (NASDAQ:BLFY) reported a net loss of $14.97 million, or $0.68 per diluted share, for Q3 2021, worsening from a $1.7 million loss in Q3 2020. The nine-month loss narrowed to $16.7 million from $29.7 million year-over-year. One-time pre-tax expenses of $19.6 million affected results, including a $9.2 million pension withdrawal and a $9 million charitable contribution. Total assets rose by 4.2% to $2.02 billion, but gross loans declined 2.28% to $1.25 billion. Total equity increased to $448.2 million due to the recent conversion into a fully stock company.

Blue Foundry Bancorp (NASDAQ: BLFY) will report its financial results for Q3 2021 on October 22, 2021. The earnings release will be available on the company's website, and a conference call for investors is scheduled at 11:00 AM (EST) on the same day. With over $2 billion in assets, Blue Foundry Bank has been serving northern New Jersey communities for over 140 years. This update follows a commitment to transparency and engagement with shareholders, underscoring the importance of forthcoming financial disclosures.

Blue Foundry Bancorp (NASDAQ:BLFY) reported a net loss of $1.0 million for Q2 2021, significantly improved from a $16.7 million loss in Q2 2020. For the first half of 2021, the net loss was $1.7 million compared to $28.1 million in H1 2020, largely due to reduced non-interest expenses. Total assets rose 32.65% to $2.58 billion, driven by a successful stock conversion. The Company raised $277.7 million by selling 27,772,500 shares at $10 each. However, gross loans decreased by 1.98% to $1.25 billion, and the net interest margin fell to 1.99% from 2.11% a year ago.

Blue Foundry Bancorp has successfully completed its stock offering, raising $277.7 million by selling 27,772,500 shares at $10.00 each, oversubscribed by eligible account holders. The Company also contributed 750,000 shares and $1.5 million to the Blue Foundry Bank Charitable Foundation. A total of 28,522,500 shares will now be outstanding, with trading expected to start on July 16, 2021, under the ticker symbol BLFY. Keefe, Bruyette & Woods served as the marketing agent for this offering.