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Jun 30, 2021
Blue Foundry Q2 2021 Earnings Report
Reported a net loss due to strategic investments in infrastructure.
Key Takeaways
Blue Foundry Bancorp reported a net loss of $1.0 million for the second quarter of 2021, an improvement compared to a net loss of $16.7 million for the same period in 2020. The improvement was driven by a decrease in non-interest expenses. Total assets increased by $634.3 million to $2.58 billion, primarily due to cash received from the conversion to a stock holding company.
Net loss of $1.0 million for the three months ended June 30, 2021, compared to a net loss of $16.7 million for the three months ended June 30, 2020.
Total assets increased $634.3 million, or 32.65%, to $2.58 billion at June 30, 2021, from $1.94 billion at December 31, 2020.
Cash and cash equivalents increased $608.7 million to $925.1 million at June 30, 2021, from $316.4 million at December 31, 2020.
Gross loans held for investment decreased $25.3 million, or 1.98%, to $1.25 billion at June 30, 2021, from $1.28 billion at December 31, 2020.
Forward Guidance
The company intends to leverage investments and grow the bank as a public company, using new capital to fund loans, refine products, expand retail banking, and invest in its people.
Positive Outlook
- Fund new loans
- Refine existing products and services
- Expand our retail banking franchise
- Continue to invest in the backbone of this organization, our people
- Eager for our future as a public institution
Challenges Ahead
- Conditions related to the recent global coronavirus outbreak that has and will continue to pose risks and could harm our business and results of operations
- General economic conditions, either nationally or in our market areas, that are worse than expected
- Changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses
Historical Earnings Impact
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Avg. Return Before/After Earnings
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