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Mar 31, 2023
Blue Foundry Q1 2023 Earnings Report
Blue Foundry Bancorp reported a net loss for Q1 2023, impacted by the competitive rate environment and increased expenses.
Key Takeaways
Blue Foundry Bancorp reported a net loss of $1.2 million for the first quarter of 2023, compared to a net income of $553 thousand for the same period last year. The results were affected by the competitive rate environment and increased non-interest expenses, although total loans grew by $40.9 million.
Total loans grew by $40.9 million, or 2.7%, compared to the linked quarter.
Deposits declined $44.3 million, or 3.4%, compared to the linked quarter.
Net interest margin was 2.42%, a 20 basis point decrease from the prior quarter due to the competitive rate environment.
The Board approved the Company’s second stock repurchase program, authorizing the repurchase of up to 5% of the outstanding shares.
Revenue by Segment
Forward Guidance
The company did not provide specific forward guidance but mentioned that they are focused on expense management initiatives to mitigate top line pressures and believe they are well positioned with strong capital, access to liquidity and a low percentage of uninsured deposits.
Positive Outlook
- Strong capital position
- Access to liquidity
- Low percentage of uninsured deposits
- Focus on expense management initiatives
- Prudent growth in lending portfolio through organic origination of commercial loans with strong credit metrics.
Challenges Ahead
- Competitive rate environment impacting funding
- Decline in deposits
- Increase in interest expense
- Net interest margin decrease
Historical Earnings Impact
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Avg. Return Before/After Earnings
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