Blue Foundry Bancorp

Blue Foundry Bancorp operates as a bank holding company for Blue Foundry Bank, a savings bank that offers various banking products and services for individuals and businesses. It offers deposits and loans, such as one-to-four family residential property, home equity, commercial real estate, multi-family, construction, commercial & industrial and other consumer loans, as well as home equity lines of credit. It operates branches in Bergen, Morris, Essex, and Passaic Counties. The company was founded in 1939 and is headquartered in Rutherford, NJ.

Earnings data Q2 2021

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Earnings data Q4 2024

Blue Foundry Bancorp reports solid Q4 earnings amidst rate challenges

Blue Foundry Bancorp delivered a solid financial performance in Q4 2022, driven by net income and core deposit growth, despite challenges in net interest income.
The company's focus on expense management, loan growth, and asset quality positions it well for future growth and shareholder value enhancement.
Opportunities in loan portfolio expansion, customer base growth, and interest rate optimization present avenues for continued success and profitability.

Blue Foundry Bancorp reports Q1 loss, focuses on capital strength

Blue Foundry Bancorp navigated funding challenges in Q1 2023 while focusing on capital strength and liquidity management.
Despite a net loss, the company implemented measures to improve funding costs and enhance shareholder value.
Opportunities for growth and profitability exist through strategic loan portfolio expansion and expense optimization.

Blue Foundry Bancorp reports cost savings and loan growth focus

Blue Foundry Bancorp's Q2 2023 performance saw a decline in operating expenses and a boost in tangible book value per share.
While facing challenges like a net loss and increased interest expenses, the company maintained strong credit quality and liquidity.
Opportunities lie in expanding loan portfolios, focusing on small- to medium-sized businesses, and exploring growth in various loan products.
Balancing funding sources and cost-saving initiatives are key strategies for sustainable growth and financial stability.

Blue Foundry Bancorp manages margin pressure, eyes capital optimization

Blue Foundry Bancorp navigated margin pressure through expense management and maintaining strong capital and liquidity positions. Despite challenges in net interest income and loan balances, the company focused on high-quality loans and efficiency improvements. Opportunities lie in expanding banking relationships and capital optimization through share repurchases.

Blue Foundry Bancorp faces challenges but maintains strong capital

Blue Foundry Bancorp navigated challenges in 2023 with a focus on capital strength, share repurchases, and organic deposit growth amidst a tough economic environment.
Despite a net loss in Q4, the bank's asset quality remained strong, expenses were managed effectively, and opportunities for loan growth and higher yields are on the horizon.
With a stable asset quality, robust capital levels, and a strategic focus on growth and efficiency, Blue Foundry Bancorp is poised to navigate uncertainties and capitalize on opportunities in 2024.

Blue Foundry Bancorp reports Q1 growth despite net loss

Blue Foundry Bancorp's Q1 2024 performance showed deposit growth, reduced loan-to-deposit ratio, and a share repurchase program boosting tangible book value. While facing a net loss, the company remains well-capitalized and focused on growth opportunities through loan origination and expense optimization.

Blue Foundry Bancorp reports improved Q2 performance and growth opportunities

Blue Foundry Bancorp's Q2 2024 performance reflects progress in key financial metrics despite facing challenges in expense management and profitability.
The company's strategic initiatives to improve deposit growth, net interest margin, and asset quality position it well for future growth opportunities.
By addressing challenges and capitalizing on opportunities, Blue Foundry Bancorp aims to strengthen its financial position and drive sustainable value for shareholders.

Blue Foundry Bancorp reports Q3 loss, eyes growth opportunities

Blue Foundry Bancorp faced a net loss but demonstrated strength in deposit and loan growth, maintaining a well-capitalized position.
Challenges include a decrease in net interest income and margin, alongside flat expenses and declining yields on assets.
Opportunities lie in expanding the commercial credit pipeline, optimizing the investment portfolio, and enhancing cost efficiency.
Overall, the bank's performance reflects a mix of challenges and strengths, with potential for growth through strategic initiatives.

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RUTHERFORD, N.J., Aug. 17, 2023 (GLOBE NEWSWIRE) -- Blue Foundry Bancorp (NASDAQ: BLFY), the holding company for Blue Foundry Bank, announced that it has adopted a program to repurchase up to 1,268,382 shares of its common stock, which is approximately 5% of its outstanding common stock. This is the Company's third stock repurchase program since completing its mutual-to-stock conversion and related stock offering in July 2021.

Blue Foundry Bancorp Announces Adoption of Third Stock Repurchase Program

Blue Foundry Bancorp (NASDAQ:BLFY ) Q2 2023 Earnings Conference Call July 26, 2023 11:00 AM ET Company Participants Jim Nesci - President and Chief Executive Officer Kelly Pecoraro - Chief Financial Officer Conference Call Participants Justin Crowley - Piper Sandler Operator Good morning and welcome to the Blue Foundry Bancorp's Second Quarter 2023 Earnings Call. My name is Carla and I will be your conference operator today.

Blue Foundry Bancorp (BLFY) Q2 2023 Earnings Call Transcript

RUTHERFORD, N.J., July 26, 2023 (GLOBE NEWSWIRE) -- Blue Foundry Bancorp (NASDAQ:BLFY) (the “Company”), the holding company for Blue Foundry Bank (the “Bank”), today reported a net loss of $1.8 million, or $0.08 per diluted common share, for the three months ended June 30, 2023, compared to net loss of $1.2 million, or $0.05 per diluted common share, for the three months ended March 31, 2023, and net income of $40 thousand for the three months ended June 30, 2022.

Blue Foundry Bancorp Reports Second Quarter 2023 Results

RUTHERFORD, N.J., July 12, 2023 (GLOBE NEWSWIRE) -- Blue Foundry Bancorp (NASDAQ: BLFY) (the “Company”), the holding company for Blue Foundry Bank, announced that on the morning of Wednesday, July 26, 2023 it will release financial results for the quarter and six months ended June 30, 2023. A copy of the earnings release will be available on the Company's website, https://ir.bluefoundrybank.com/ , in the “News” section and at the SEC's website, https://www.sec.gov/.

Blue Foundry Bancorp Schedules Second Quarter 2023 Earnings Conference Call

Blue Foundry Bancorp (BLFY) Q1 2023 Earnings Call Transcript.

Blue Foundry Bancorp (BLFY) Q1 2023 Earnings Call Transcript

RUTHERFORD, N.J., April 26, 2023 (GLOBE NEWSWIRE) -- Blue Foundry Bancorp (NASDAQ:BLFY) (the “Company”), the holding company for Blue Foundry Bank (the “Bank”), today reported a net loss of $1.2 million, or $0.05 per diluted common share, for the three months ended March 31, 2023, compared to net income of $562 thousand, or $0.02 per diluted common share, for the three months ended December 31, 2022, and a net income of $553 thousand, or $0.02 per diluted share, for the three months ended March 31, 2022.

Blue Foundry Bancorp Reports First Quarter 2023 Results

RUTHERFORD, N.J., April 24, 2023 (GLOBE NEWSWIRE) -- Blue Foundry Bancorp (NASDAQ: BLFY), the holding company for Blue Foundry Bank, announced that it has adopted a program to repurchase up to 1,335,126 shares of its common stock, which is approximately 5% of its outstanding common stock commencing upon the completion of the Company's existing stock repurchase program. This is the Company's second stock repurchase program since completing its mutual-to-stock conversion and related stock offering in July 2021.

Blue Foundry Bancorp Announces Adoption of Second Stock Repurchase Program

RUTHERFORD, N.J., April 12, 2023 (GLOBE NEWSWIRE) -- Blue Foundry Bancorp (NASDAQ: BLFY) (the “Company”), the holding company for Blue Foundry Bank, announced that it will release financial results for the quarter ended March 31, 2023 on the morning of Wednesday, April 26, 2023. A copy of the earnings release will be available on the Company's website, https://ir.bluefoundrybank.com/ , in the News section and at the SEC's website, https://www.sec.gov/.

Blue Foundry Bancorp Schedules First Quarter 2023 Earnings Conference Call

Blue Foundry Bancorp (NASDAQ:BLFY ) Q4 2022 Earnings Conference Call January 25, 2023 11:00 AM ET Company Participants Jim Nesci - President and CEO Kelly Pecoraro - CFO Conference Call Participants Christopher O'Connell - KBW Laurie Hunsicker - Compass Point Operator Good morning, and welcome to Blue Foundry Bancorp's Fourth Quarter 2022 Earnings Call. My name is Graham, and I will be your conference operator today.

Blue Foundry Bancorp (BLFY) Q4 2022 Earnings Call Transcript

RUTHERFORD, N. J. , Jan. 25, 2023 (GLOBE NEWSWIRE) -- Blue Foundry Bancorp (NASDAQ:BLFY) (the “Company”), the holding company for Blue Foundry Bank (the “Bank”), today reported net income of $2.4 million, or $0.09 per diluted common share, for the year ended December 31, 2022 compared to a net loss of $36.3 million for the year ended December 31, 2021.

Blue Foundry Bancorp Reports Fourth Quarter and Year-End 2022 Results

RUTHERFORD, N.J., Jan. 11, 2023 (GLOBE NEWSWIRE) -- Blue Foundry Bancorp (NASDAQ: BLFY) (the “Company”), the holding company for Blue Foundry Bank, announced that it will release financial results for the quarter and year-end December 31, 2022 on the morning of Wednesday, January 25, 2023. A copy of the earnings release will be available on the Company's website, https://ir.bluefoundrybank.com/ , in the News section and at the SEC's website, https://www.sec.gov/.

Blue Foundry Bancorp Schedules Fourth Quarter & Year-End 2022 Earnings Conference Call

Seasoned leader brings decades of legal and compliance expertise to the Board Seasoned leader brings decades of legal and compliance expertise to the Board

Blue Foundry Bancorp Names Elizabeth Varki Jobes, Esq. to Board of Directors

Start Time: 11:00 January 1, 0000 11:22 AM ET Blue Foundry Bancorp (NASDAQ:BLFY ) Q3 2022 Earnings Conference Call October 26, 2022, 11:00 AM ET Company Participants James Nesci - President and CEO Kelly Pecoraro - EVP and CFO Conference Call Participants Laurie Hunsicker - Compass Point Operator Good morning, and welcome to Blue Foundry Bancorp's Third Quarter 2022 Earnings Call. My name is Harry, and I will be your conference operator today.

Blue Foundry Bancorp (BLFY) Q3 2022 Earnings Call Transcript

RUTHERFORD, N.J., Oct. 26, 2022 (GLOBE NEWSWIRE) -- Blue Foundry Bancorp (NASDAQ:BLFY) (the “Company”), the holding company for Blue Foundry Bank (the “Bank”), today reported net income of $1.2 million, or $0.05 per diluted common share, for the three months ended September 30, 2022, compared to $40 thousand, or $0.00 per diluted common share, for the three months ended June 30, 2022, and a net loss of $15.0 million for the three months ended September 30, 2021.

Blue Foundry Bancorp Reports Third Quarter 2022 Results

RUTHERFORD, N.J., Oct. 12, 2022 (GLOBE NEWSWIRE) -- Blue Foundry Bancorp (NASDAQ: BLFY) (the “Company”), the holding company for Blue Foundry Bank, announced that it will release financial results for the quarter ended September 30, 2022 on the morning of Wednesday, October 26, 2022. A copy of the earnings release will be available on the Company's website, https://ir.bluefoundrybank.com/ , in the News section and at the SEC's website, https://www.sec.gov/.

Blue Foundry Bancorp Schedules Third Quarter 2022 Earnings Conference Call

Blue Foundry Bancorp (NASDAQ:BLFY ) Q2 2022 Earnings Conference Call July 27, 2022 11:00 AM ET Company Participants James Nesci - President and Chief Executive Officer Kelly Pecoraro - Chief Financial Officer Conference Call Participants Ross Haberman - RLH Investors Laurie Hunsicker - Compass Point Operator Good morning, and welcome to Blue Foundry Bancorp's Second Quarter 2022 Earnings Call. My name is Melissa, and I will be your conference operator today.

Blue Foundry Bancorp (BLFY) CEO James Nesci on Q2 2022 Results - Earnings Call Transcript

RUTHERFORD, N.J., July 27, 2022 (GLOBE NEWSWIRE) -- Blue Foundry Bancorp (NASDAQ:BLFY)(the “Company”), the holding company for Blue Foundry Bank (the “Bank”), today reported second quarter financial results highlighted by record loan growth. Gross loans grew by $94.3 million, or 7.1%, compared to the linked quarter, excluding Paycheck Protection Program (“PPP”) loans, led by commercial real estate products.

Blue Foundry Bancorp Reports Second Quarter 2022 Results

RUTHERFORD, N.J., July 20, 2022 (GLOBE NEWSWIRE) -- Blue Foundry Bancorp (NASDAQ: BLFY), the holding company for Blue Foundry Bank, announced that it has adopted a program to repurchase up to 2,852,250 shares of its common stock, which is approximately 10% of its outstanding common stock. This is the Company's first stock repurchase program since completing its mutual-to-stock conversion and related stock offering in July 2021.

Blue Foundry Bancorp Announces Adoption of Initial Stock Repurchase Program

RUTHERFORD, N.J., July 06, 2022 (GLOBE NEWSWIRE) -- Blue Foundry Bancorp (NASDAQ: BLFY) (the “Company”), the holding company for Blue Foundry Bank, announced that it will release financial results for the quarter ended June 30, 2022 on the morning of Wednesday, July 27, 2022. A copy of the earnings release will be available on the Company's website, https://ir.bluefoundrybank.com/ , in the News section and at the SEC's website, https://www.sec.gov/.

Blue Foundry Bancorp Schedules Second Quarter 2022 Earnings Conference Call

Blue Foundry Bancorp (NASDAQ:BLFY ) Q1 2022 Earnings Conference Call April 27, 2022 11:00 AM ET Company Participants Jim Neste - President & Chief Executive Officer Alex Angeleno - Controller & Interim Chief Financial Officer Conference Call Participants Laurie Hunsicker - Compass Point Operator Good morning. My name is Simon, and I'll be your conference operator today.

Blue Foundry Bancorp (BLFY) CEO Jim Neste on Q1 2022 Results - Earnings Call Transcript

RUTHERFORD, N.J., April 27, 2022 (GLOBE NEWSWIRE) -- Blue Foundry Bancorp (NASDAQ:BLFY) (the “Company”), the holding company for Blue Foundry Bank (the “Bank”), today reported net income of $553,000, or $0.02 per diluted common share, for the three months ended March 31, 2022 compared to a net loss of $745,000 for the three months ended March 31, 2021.

Blue Foundry Bancorp Reports First Quarter 2022 Results

RUTHERFORD, N.J.--(BUSINESS WIRE)--Blue Foundry Bancorp (Nasdaq: BLFY) (the “Company”), announced today that Kelly Pecoraro will be joining Blue Foundry Bancorp on May 9, 2022. Subsequently, Ms. Pecoraro is expected to be appointed as the Company's Executive Vice President and Chief Financial Officer on May 18, 2022 at the May meeting of the Company's Board of Directors. James D. Nesci, President and Chief Executive Officer stated, “We are excited to welcome Ms. Pecoraro to Blue Foundry's execu

Blue Foundry Bancorp Announces Kelly Pecoraro Will Join the Company

RUTHERFORD, N.J., April 13, 2022 (GLOBE NEWSWIRE) -- Blue Foundry Bancorp (NASDAQ: BLFY) (the “Company”), the holding company for Blue Foundry Bank, announced that it will release financial results for the quarter ended March 31, 2022 on the morning of Wednesday, April 27, 2022. A copy of the earnings release will be available on the Company's website, https://ir.bluefoundrybank.com/ , in the News section and at the SEC's website, https://www.sec.gov/.

Blue Foundry Bancorp Schedules First Quarter 2022 Earnings Conference Call

RUTHERFORD, N.J., Jan. 26, 2022 (GLOBE NEWSWIRE) -- Blue Foundry Bancorp (NASDAQ:BLFY) (the “Company”), the holding company for Blue Foundry Bank (the “Bank”), today reported a net loss of $19.6 million, or $(0.75) per basic and diluted common share, for the three months ended December 31, 2021 compared to a net loss of $1.8 million for the three months ended December 31, 2020. For the year ended December 31, 2021, the Company's net loss increased $4.8 million to $36.3 million, or $(2.99) per basic and diluted common share, from a net loss of $31.5 million for the year ended December 31, 2020. The increase in net loss for the period was primarily as a result of the establishment of a $16.7 million valuation allowance on the Company's deferred tax assets. Earnings per share for the year ended December 31, 2021 was calculated using 12,171,050 weighted average shares outstanding which represents zero shares outstanding prior to the conversion and related stock offering on July 15, 2021. Earnings per share for the three months ended December 31, 2021 was calculated using 26,307,456 weighted average shares outstanding.

Blue Foundry Bancorp Reports Fourth Quarter and Year-End 2021 Results

RUTHERFORD, N.J., Jan. 12, 2022 (GLOBE NEWSWIRE) -- Blue Foundry Bancorp (NASDAQ: BLFY) (the “Company”), the holding company for Blue Foundry Bank, announced that on the morning of Wednesday, January 26, 2022 it will release financial results for the quarter and year ended December 31, 2021. A copy of the earnings release will be available on the Company's website, https://ir.bluefoundrybank.com/ , in the News section, and at the SEC's website, www.sec.gov.

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