{"id":751375,"date":"2023-04-26T09:55:41","date_gmt":"2023-04-26T13:55:41","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/blue-foundry-bancorp-reports-first-quarter-2023-results\/"},"modified":"2023-04-26T09:55:41","modified_gmt":"2023-04-26T13:55:41","slug":"blue-foundry-bancorp-reports-first-quarter-2023-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/blue-foundry-bancorp-reports-first-quarter-2023-results\/","title":{"rendered":"Blue Foundry Bancorp Reports First Quarter 2023 Results"},"content":{"rendered":"
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RUTHERFORD, N.J., April 26, 2023 (GLOBE NEWSWIRE) — Blue Foundry Bancorp (NASDAQ:BLFY) <\/strong>(the \u201cCompany\u201d), the holding company for Blue Foundry Bank (the \u201cBank\u201d), today reported a net loss of $1.2 million, or $0.05 per diluted common share, for the three months ended March 31, 2023, compared to net income of $562 thousand, or $0.02 per diluted common share, for the three months ended December 31, 2022, and a net income of $553 thousand, or $0.02 per diluted share, for the three months ended March 31, 2022.<\/p>\n

\u201cLast week the Board approved the Company\u2019s second stock repurchase program, authorizing the repurchase of up to 5% of the outstanding shares at the conclusion of the initial stock repurchase program,\u201d said James D. Nesci, President and Chief Executive Officer. \u201cWe are pleased to be able to continue to return value to shareholders and we believe the program represents a prudent use of capital.\u201d<\/p>\n

Mr. Nesci continued, \u201cWhile the banking industry has been challenged by recent events, we believe Blue Foundry is well positioned with strong capital, access to liquidity, and a low percentage of uninsured deposits to customers. Additionally, we can provide over $100 million in FDIC insurance coverage through products we offer.\u201d<\/p>\n

\u201cOur first quarter performance largely reflects the impact that the competitive rate environment has had on our funding. We executed an interest rate swap program during the quarter that helped us manage funding costs while allowing us to prudently grow our lending portfolio through the organic origination of commercial loans with strong credit metrics. We also continue to remain focused on expense management initiatives to mitigate top line pressures.\u201d<\/p>\n

\n Highlights for the <\/strong>
\n first<\/strong>
\n quarter of <\/strong>
\n 2023<\/strong>
\n :<\/strong>\n <\/p>\n