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Dec 31, 2023
Blue Foundry Q4 2023 Earnings Report
Blue Foundry Bancorp reported a net loss for Q4 2023, impacted by industry-wide challenges, while maintaining strong capital levels and credit quality.
Key Takeaways
Blue Foundry Bancorp reported a net loss of $2.9 million for the fourth quarter of 2023, compared to a net income of $562 thousand for the same period in 2022. The results were affected by unprecedented rate hikes, large bank failures, and a slowing economy. However, the company's capital levels and credit quality remained strong, and expenses were managed efficiently.
Net loss of $2.9 million, or $0.13 per diluted common share, compared to a net income of $562 thousand, or $0.02 per diluted common share for Q4 2022.
Non-interest expense, excluding the provision for commitments and letters of credit, decreased by $529 thousand, or 4.05%, compared to Q4 2022.
Tangible book value per share increased $0.25 to $14.49 from the linked quarter.
Net interest margin decreased ten basis points from the linked quarter and 78 basis points from the fourth quarter of 2022 to 1.84% for the fourth quarter of 2023.
Revenue by Segment
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