The following is a summary of the Blue Foundry Bancorp (BLFY) Q1 2024 Earnings Call Transcript:
Financial Performance:
Blue Foundry Bancorp recorded a net loss of $2.8 million in Q1 2024, showing slight improvement from the previous quarter mainly due to release in provision for credit losses and improvement in net interest margin.
The bank repurchased 532,000 shares at an average price of $9.49, boosting tangible book value per share by $0.11 to $14.60.
Deposit growth of $46 million was reported, leading to a 500 basis points reduction in the loan-to-deposit ratio.
Business Progress:
Continued focus by Blue Foundry on their strategy to leverage strong capital position for asset and deposit growth.
A push towards becoming a more commercially oriented institution, with a particular focus on selectively originating real estate loans and building the commercial pipeline.
Anticipated increase in production and commercial credits through 2024.
The bank maintains a commitment to prudent stewardship of capital with a low percentage of uninsured deposits.
More details: Blue Foundry Bancorp IR
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