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Jun 30, 2022
Blue Foundry Q2 2022 Earnings Report
Reported second quarter financial results highlighted by record loan growth.
Key Takeaways
Blue Foundry Bancorp reported a net income of $40 thousand for the second quarter of 2022. 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. Pre-provision net revenue was $529 thousand, an increase of $1.0 million compared to the prior quarter, and an increase of $2.3 million compared to the prior year quarter.
Organic loan originations totaled $147.0 million for the quarter, including originations of $94.6 million in multifamily loans and $36.7 million non-residential real estate loans.
Core deposits increased $27.9 million, or 3.3%, compared to the linked quarter, led by a $25.0 million increase in business accounts.
Non-interest expense, excluding the provision for commitments and letters of credit, improved $259 thousand or 1.9% sequentially.
Net interest income for the quarter was $13.2 million, an increase of $1.2 million, or 10.2%, compared to the prior quarter.
Revenue by Segment
Forward Guidance
The press release does not contain any forward guidance.
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