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Dec 31, 2022
Blue Foundry Q4 2022 Earnings Report
Reported net income for Q4 2022, driven by strong loan growth and customer-friendly deposit products.
Key Takeaways
Blue Foundry Bancorp reported a net income of $562 thousand, or $0.02 per diluted common share, for the three months ended December 31, 2022. The quarter was highlighted by continued strong loan growth, with a 3.4% increase compared to the linked quarter. Total deposits increased by 1.8%, driven by growth in time deposits.
Gross loans grew by $51.3 million, or 3.4%, compared to the linked quarter, led by growth in commercial portfolios.
Total deposits increased $22.4 million, or 1.8%, compared to the linked quarter, driven by growth in time deposits.
Net interest income for the quarter was $12.9 million, a decrease of $888 thousand, or 6.4%, compared to the prior quarter, and an increase of $590 thousand, or 4.8%, compared to the prior year quarter.
During the quarter, 632,073 shares were repurchased at a weighted average cost of $12.40.
Revenue by Segment
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