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Blue Foundry Bancorp Reports First Quarter 2025 Results
BLFYBlue Foundry Bancorp(BLFY) GlobeNewswire·2025-04-30 12:15

Core Points - Blue Foundry Bancorp reported a net loss of 2.7million,or2.7 million, or 0.13 per diluted common share, for Q1 2025, consistent with the previous quarter and slightly improved from a net loss of 2.8millioninQ12024[1][34].FinancialPerformance−Thenetinterestmarginincreasedby27basispointsto2.162.8 million in Q1 2024 [1][34]. Financial Performance - The net interest margin increased by 27 basis points to 2.16%, driven by improved yields on assets and reduced costs of liabilities [2][12]. - Interest income for the quarter was 22.7 million, up by 928thousand,or4.3928 thousand, or 4.3%, compared to the previous quarter [6]. - Interest expense decreased by 343 thousand, or 2.8%, to 12.0millioncomparedtothelinkedquarter[6].LoanandDepositGrowth−Totalloansincreasedby12.0 million compared to the linked quarter [6]. Loan and Deposit Growth - Total loans increased by 42.2 million to 1.63billion,withsignificantgrowthincommercialrealestateandconsumerportfolios[4][22].−Depositsroseby1.63 billion, with significant growth in commercial real estate and consumer portfolios [4][22]. - Deposits rose by 43.9 million to 1.39billion,withincreasesinNOWanddemandaccountsandtimedeposits[7][22].AssetQuality−Thenon−performingassetratiowas0.271.39 billion, with increases in NOW and demand accounts and time deposits [7][22]. Asset Quality - The non-performing asset ratio was 0.27%, with non-performing loans totaling 5.7 million, or 0.35% of total loans [28][36]. - The allowance for credit losses on loans was 0.81% of gross loans, with a provision for credit losses of 201thousandrecordedforQ12025[28][36].CapitalPosition−Tangiblebookvaluepershareincreasedto201 thousand recorded for Q1 2025 [28][36]. Capital Position - Tangible book value per share increased to 14.81, and the company maintained a strong capital position [2][28]. - Shareholders' equity decreased by 5.5millionto5.5 million to 326.7 million, primarily due to share repurchases [28].