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Sep 30, 2022
Blue Foundry Q3 2022 Earnings Report
Reported net income of $1.2 million, driven by strong loan and core deposit growth and a focus on expense management.
Key Takeaways
Blue Foundry Bancorp reported a net income of $1.2 million for Q3 2022, a significant improvement compared to the previous quarter and the net loss in the same quarter of the previous year. This positive performance was attributed to strong loan and core deposit growth, coupled with a continued focus on expense management.
Gross loans grew by $68.1 million, excluding PPP loans, led by commercial real estate products.
Core deposits increased $35.0 million, now representing 71% of total deposits.
Net interest income increased by $653 thousand to $13.8 million.
The company recorded a release of provision for loan losses of $419,000.
Revenue by Segment
Forward Guidance
No specific forward guidance was provided in the press release.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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