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Mar 31, 2024
Blue Foundry Q1 2024 Earnings Report
Blue Foundry Bancorp reported a net loss for Q1 2024, driven by increased rates paid on interest-bearing liabilities, despite deposit growth and margin expansion.
Key Takeaways
Blue Foundry Bancorp reported a net loss of $2.8 million for Q1 2024. The quarter was marked by significant deposit growth and margin expansion, but also by increased interest expenses. The company repurchased over 532 thousand shares and increased its tangible book value per share.
Deposits increased by $46.3 million, or 3.7% compared to the prior quarter.
Net interest margin increased by eight basis points from the prior quarter to 1.92%.
Release of provision for credit losses of $535 thousand due to the impact of the change in forecast on the loan portfolio.
Over 532 thousand shares were repurchased under share repurchase plans at a weighted average share price of $9.49 per share, increasing tangible book value per share to $14.60.
Forward Guidance
The company did not provide specific forward guidance in the provided document.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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