Core Viewpoint - Blue Foundry Bancorp will release its financial results for the fourth quarter and year-end 2024 on January 29, 2025, and will hold a conference call to discuss these results with investors and analysts [1][2]. Group 1: Financial Results Announcement - The financial results for the quarter ended December 31, 2024, will be available on the Company's website and the SEC's website [1]. - A conference call for investors and analysts is scheduled for January 29, 2025, at 11:00 AM (ET) to discuss the earnings [2]. Group 2: Conference Call Details - Participants are encouraged to pre-register for the webcast call, receiving immediate confirmation and a calendar invitation [3]. - Dial-in information is provided for those unable to join via webcast, including a toll-free number for the United States and an international number [4]. Group 3: Company Overview - Blue Foundry Bancorp is the holding company for Blue Foundry Bank, which has a history of over 145 years and serves various counties in New Jersey [4]. - The bank offers tailored products and services to individuals and businesses, emphasizing its commitment to customers and communities [4].

Core Viewpoint - Blue Foundry Bancorp has initiated a fifth stock repurchase program, allowing the repurchase of up to 1.14 million shares, which is about 5% of its outstanding shares, following the completion of its fourth program [1][2]. Company Summary - The fifth stock repurchase program commenced on November 8, 2024, and follows the completion of the fourth program on November 7, 2024, which authorized the repurchase of up to 1.2 million shares [1]. - Blue Foundry Bancorp has a history of share repurchase programs, having repurchased a total of 6.65 million shares since its initial public offering in July 2021, representing 23.3% of its outstanding shares at a weighted average price of $10.14 per share [3]. - The company does not have a history of paying dividends, with the CEO stating that share repurchases are a prudent use of capital, especially as they have been able to repurchase shares at a discount to tangible book value [2]. Financial Position - As of September 30, 2024, Blue Foundry Bancorp had total debt of $358.4 million and cash and cash equivalents of only $76.1 million, raising concerns about the sustainability of its share repurchase activities given its weak liquidity position [4]. Market Performance - Over the past three months, Blue Foundry Bancorp's shares have increased by 8.7%, while the industry has seen a growth of 19.1%. The company currently holds a Zacks Rank of 4 (Sell) [5].

Financial Performance - The company reported a net loss of $4.0 million for Q3 2024, compared to a net loss of $1.4 million in Q3 2023[96]. - The Company recorded a net loss of $9.2 million for the nine months ended September 30, 2024, compared to a net loss of $4.5 million for the same period in 2023[99]. Interest Income and Expense - Interest income increased by $1.4 million, or 6.7%, to $21.5 million in Q3 2024, driven by higher rates on interest-earning assets[96]. - Interest income increased by $4.9 million, or 8.3%, to $63.7 million for the nine months ended September 30, 2024, driven by higher rates on interest-earning assets[99]. - Interest expense rose by $2.1 million to $12.4 million in Q3 2024, primarily due to increased rates on interest-bearing liabilities[96]. Net Interest Income - Net interest income decreased to $9.1 million in Q3 2024 from $9.9 million in Q3 2023, with a net interest margin decline of 12 basis points to 1.82%[96]. - Net interest income decreased by $4.6 million to $28.1 million for the nine months ended September 30, 2024, with a net interest margin of 1.90% compared to 2.18% in 2023[99]. Credit Losses - The provision for credit losses was $248 thousand in Q3 2024, compared to a $717 thousand release in Q3 2023[96]. - The allowance for credit losses on loans was 0.84% of total loans as of September 30, 2024[96]. Assets and Deposits - Total assets increased to $2.06 billion at September 30, 2024, from $2.04 billion at December 31, 2023[102]. - Cash and cash equivalents increased by $30.1 million, or 65%, to $76.1 million at September 30, 2024, due to deposit growth and loan repayments[103]. - Total deposits rose by $73.8 million, or 5.9%, to $1.32 billion at September 30, 2024[106]. - Total deposits increased to $1,318,670 thousand as of September 30, 2024, up from $1,244,904 thousand at December 31, 2023, representing a growth of 5.9%[107]. Loans and Borrowings - Gross loans decreased by $9.7 million to $1.55 billion at September 30, 2024, with residential loans down by $34.2 million[103]. - Non-performing loans decreased to $5.1 million at September 30, 2024, from $6.1 million at December 31, 2023[106]. - Borrowings decreased by $49,000 thousand, or 12.3%, to $348,500 thousand from $397,500 thousand as of December 31, 2023, due to increased deposits being used to pay down borrowings[108]. Shareholders' Equity - Total shareholders' equity decreased by $16,300 thousand, or 4.6%, to $339,300 thousand at September 30, 2024, primarily due to treasury share repurchases costing $14,400 thousand[108]. Capital Ratios - Common equity tier 1 capital ratio was 19.84% at September 30, 2024, significantly exceeding the minimum requirement of 4.50%[115]. - Total capital ratio was 20.76% at September 30, 2024, well above the minimum requirement of 8.00%[115]. Economic Value and Commitments - Estimated net interest income would decrease by 2.3% to $42,686 thousand with a 200 basis point increase in interest rates[110]. - Economic value of equity (EVE) would decrease by 18.4% to $174,039 thousand with a 100 basis point increase in interest rates[112]. - The company had $31,300 thousand in commitments to originate loans and unused lines of credit totaled $74,600 thousand as of September 30, 2024[113]. - Total available borrowing capacity was $255,700 thousand, which is 2.6 times total uninsured and uncollateralized deposits[113]. Branch Expansion - The Company added a branch to its network in the fourth quarter of 2023, contributing to its market expansion strategy[99].

Core Viewpoint - Blue Foundry Bancorp reported a quarterly net loss of $4 million for Q3 2024, indicating challenges in financial performance while maintaining a positive outlook for future quarters [3]. Financial Performance - The company experienced a quarterly pre-provision net loss of $3.8 million [3]. - Deposits increased by $7.5 million, reflecting a positive trend in customer confidence [3]. - Loans grew by $3.6 million, indicating a slight expansion in lending activities [3]. - The company achieved tangible book value per share growth, suggesting improvements in shareholder value despite the net loss [3]. Operational Outlook - Capital and credit quality remain strong, which is crucial for the company's stability and future growth [3]. - The management expressed a positive outlook for both the fourth quarter and the upcoming year, indicating confidence in recovery and growth strategies [3].

Financial Data and Key Metrics Changes - The company reported a quarterly net loss of $4 million, compared to a net loss of $2.3 million in the prior quarter, primarily due to an increase in the provision for credit losses [3][6] - Deposits increased by $7.5 million, while loans grew by $3.6 million, indicating a positive trend in the company's balance sheet [3][4] - Tangible book value per share increased by $0.05 to $14.74, reflecting shareholder value improvement [5] Business Line Data and Key Metrics Changes - The company originated $22 million in commercial lines of credit during the quarter, with unused lines of credit increasing by $12.8 million [6] - Non-performing assets declined by $1.1 million, resulting in a reduction in non-performing assets to total assets by 5 basis points and non-performing loans to total loans by 7 basis points [7] - The yield on loans contracted by 3 basis points to 4.53%, while the cost of funds increased by 10 basis points to 2.99% [8] Market Data and Key Metrics Changes - The company experienced an 11% increase in commercial deposits and a 7% increase in consumer deposits year-to-date [4] - The bank's liquidity position remains strong, with $334 million in untapped borrowing capacity and an additional $300 million in available for sale securities and unrestricted cash [5] Company Strategy and Development Direction - The company is focusing on becoming a more commercially-oriented institution, selectively originating real estate loans while expanding its commercial loan pipeline [4] - Management expressed a positive outlook for sustained loan growth in the coming quarters, driven by a healthy commercial loan pipeline [3] Management Comments on Operating Environment and Future Outlook - Management noted that the recent 50 basis point rate cut by the Federal Reserve is expected to positively impact net interest income [3] - The company anticipates improvements in net interest margin as loans close and deposits reprice lower [6][8] Other Important Information - The company repurchased 522,000 shares at a weighted average price of $10.52 during the quarter, contributing to shareholder value [5] - Operating expenses for the fourth quarter of 2024 are expected to be in the mid to high $13 million range [8] Q&A Session Summary Question: What drove the decrease in NIM for the quarter? - Management indicated that the decrease in loan yields was due to the timing of funding on loan products and re-pricing of deposits in anticipation of the Fed rate cut [11] Question: How does the company plan to lower deposit rates moving forward? - Management is monitoring the competitive rate environment and has recently lowered CD rates, aiming to shift customers back into core products [12] Question: Can you provide details on the consumer loan participation? - The company participated in a consumer loan pool with strong credit enhancements, although specific average FICO scores were not disclosed [13] Question: How is the loan pipeline looking compared to last quarter? - The loan pipeline is stronger than the previous quarter, with a pipeline of just over $60 million at rates around 8.7% [18] Question: What is the strategy regarding the CD portfolio? - Management indicated that the CD portfolio is kept short, with about $300 million set to reprice in the fourth quarter [25]

Blue Foundry Bancorp (BLFY) came out with a quarterly loss of $0.19 per share versus the Zacks Consensus Estimate of a loss of $0.17. This compares to loss of $0.06 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -11.76%. A quarter ago, it was expected that this company would post a loss of $0.19 per share when it actually produced a loss of $0.11, delivering a surprise of 42.11%.Over the last four quarters, the company has su ...

Exhibit 99.1 FOR IMMEDIATE RELEASE Blue Foundry Bancorp Reports Third Quarter 2024 Results RUTHERFORD, NJ, October 23, 2024 — Blue Foundry Bancorp (NASDAQ:BLFY) (the "Company"), the holding company for Blue Foundry Bank (the "Bank"), today reported a net loss of $4.0 million, or $0.19 per diluted common share, for the three months ended September 30, 2024, compared to net loss of $2.3 million, or $0.11 per diluted common share, for the three months ended June 30, 2024, and a net loss of $1.4 million, or $0. ...

Financial Performance - The company recorded a net loss of $2.3 million for the three months ended June 30, 2024, compared to a net loss of $1.8 million for the same period in 2023[93] - Net loss for the six months ended June 30, 2024 was $5.2 million, compared to $3.0 million in the same period in 2023[95] Interest Income and Expense - Interest income increased by $1.5 million (7.7%) to $21.3 million for the three months ended June 30, 2024, driven by higher rates on interest-earning assets[93] - Interest expense rose by $2.9 million to $11.7 million for the three months ended June 30, 2024, primarily due to increased rates on interest-bearing liabilities[93] - Interest income increased by $3.5 million (9.2%) to $42.1 million for the six months ended June 30, 2024, driven by higher rates on interest-earning assets[95] Net Interest Income - Net interest income decreased to $9.6 million for the three months ended June 30, 2024, from $10.9 million in the same period of 2023[93] - Net interest income decreased by $3.9 million to $19.0 million for the six months ended June 30, 2024, with a net interest margin of 1.94%, down 35 basis points[95] Credit Losses and Provisions - The company recorded a $762 thousand release of provision for credit losses for the three months ended June 30, 2024, compared to a $143 thousand provision in 2023[93] - The Allowance for Credit Losses (ACL) on loans as a percentage of total loans was 0.84% as of June 30, 2024[93] Non-Interest Income and Expense - Non-interest income increased by $156 thousand (41.1%) to $536 thousand for the second quarter of 2024[93] - Non-interest expense rose by $247 thousand to $13.2 million for the second quarter of 2024[93] Asset and Liability Management - The yield on average interest-earning assets increased 44 basis points to 4.37% for the three months ended June 30, 2024[93] - The cost of average interest-bearing liabilities increased 76 basis points to 2.94% for the three months ended June 30, 2024[93] - The yield on average interest-earning assets increased by 43 basis points to 4.30% for the six months ended June 30, 2024[95] - The cost of average interest-bearing liabilities increased by 91 basis points to 2.89% for the six months ended June 30, 2024[95] Balance Sheet Changes - Total assets were $2.05 billion at June 30, 2024, compared to $2.04 billion at December 31, 2023[99] - Cash and cash equivalents increased by $14.2 million (31%) to $60.3 million at June 30, 2024[100] - Gross loans held for investment decreased by $13.3 million to $1.55 billion at June 30, 2024[100] - Total deposits increased by $66.3 million (5.3%) to $1.31 billion at June 30, 2024, with time deposits up $74.9 million (12.6%)[103] - Borrowings decreased by $55.0 million (13.8%) to $342.5 million at June 30, 2024, compared to $397.5 million at December 31, 2023[104] Shareholders' Equity and Share Repurchases - Total shareholders' equity decreased by $10.0 million (2.8%) to $345.6 million at June 30, 2024, driven by treasury share repurchases and year-to-date loss[104] - The company repurchased 942,705 shares at a cost of $8.8 million ($9.33 per share) in 2024[104] Interest Rate Hedges and Sensitivity - Interest rate hedges totaled $254.0 million at June 30, 2024, with a weighted average duration of 2.7 years and a weighted average rate of 2.51%[104] - A 100 basis point increase in interest rates would result in a 24% decrease in the economic value of equity (EVE), while a 100 basis point decrease would result in a 24% increase in EVE[109] Loan and Credit Commitments - Loan origination commitments totaled $19.5 million, and unused lines of credit totaled $71.7 million at June 30, 2024[111] - Certificates of deposit maturing in less than one year totaled $655.1 million at June 30, 2024[111] - Available borrowing capacity at June 30, 2024 was $360.5 million with the Federal Home Loan Bank of New York[111] Securities and Regulatory Capital - The estimated fair market value of unencumbered securities totaled $313.3 million (96.1% of the portfolio) at June 30, 2024[111] - The company exceeded all regulatory capital requirements and was considered "well capitalized" at June 30, 2024[113] Non-Performing Loans - Non-performing loans totaled $6.2 million at June 30, 2024, compared to $6.1 million at December 31, 2023[102]

Here are three stocks with buy rank and strong momentum characteristics for investors to consider today, August 2: WisdomTree, Inc. (WT) : This financial services company has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 8.9% over the last 60 days. WisdomTree's shares gained 25.7% over the last three months compared with the S&P 500's advanced of 6.2%. The company possesses a Momentum Score of A. Blue Foundry Bancorp (BLFY) : This bank holding company fo ...

Core Viewpoint - Blue Foundry Bancorp (BLFY) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive trend in earnings estimates which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on changes in earnings estimates, which have a strong correlation with near-term stock price movements [2][4]. - Institutional investors utilize earnings estimates to determine the fair value of stocks, leading to buying or selling actions that affect stock prices [4]. Company Performance and Outlook - The upgrade for Blue Foundry Bancorp reflects an improvement in the company's underlying business, suggesting that investor sentiment may drive the stock price higher [5]. - Over the past three months, the Zacks Consensus Estimate for Blue Foundry Bancorp has increased by 15.9%, indicating a positive revision trend [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks which have averaged a +25% annual return since 1988 [7]. - Blue Foundry Bancorp's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10].