Wed, Nov 13, 10:00 PM (122 days ago)
For the third quarter ended September 30, 2024, Blue Foundry Bancorp (BLFY) reported a net loss of $4.0 million, worsening from a loss of $1.4 million in the same period of 2023. Interest income rose 6.7% to $21.5 million, driven by higher rates across interest-earning assets, despite a decline in average balances. Interest expense increased by 21% to $12.4 million due to rising rates on liabilities, resulting in a net interest income of $9.1 million, down from $9.9 million. The provision for credit losses was $248,000, contrasting with a $717,000 release in Q3 2023. Non-interest income saw a slight increase to $387,000, while non-interest expenses rose to $13.3 million, primarily due to higher compensation costs. As of September 30, 2024, total assets were $2.06 billion, with cash and equivalents up 65% to $76.1 million. Total deposits increased by 5.9% to $1.32 billion, with time deposits growing significantly. Shareholders' equity decreased to $339.3 million, reflecting treasury stock repurchases and ongoing losses. The bank maintained a strong capital position, exceeding regulatory requirements. Future operations may be impacted by interest rate fluctuations and economic conditions.