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Jun 30, 2023
Blue Foundry Q2 2023 Earnings Report
Blue Foundry Bancorp reported a net loss for Q2 2023, impacted by the inverted yield curve and competitive rate environment.
Key Takeaways
Blue Foundry Bancorp reported a net loss of $1.8 million for the second quarter of 2023. The results were influenced by the inverted yield curve and a competitive rate environment, despite an increase in deposits and a decrease in non-interest expenses.
Deposits increased by $22.7 million, representing a 1.8% increase compared to the previous quarter.
Non-interest expense decreased by $689 thousand, or 5.1% sequentially, driven by lower compensation and benefits expenses.
Uninsured deposits to third-party customers totaled approximately 14% of total deposits as of June 30, 2023.
Net interest margin decreased 25 basis points from the prior quarter to 2.17%.
Revenue by Segment
Forward Guidance
The company did not provide specific forward guidance in the earnings report.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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