Blue Foundry Bancorp ( (BLFY) ) has released its Q1 earnings. Here is a breakdown of the information Blue Foundry Bancorp presented to its investors.
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Blue Foundry Bancorp, the holding company for Blue Foundry Bank, operates in the financial services sector, providing a range of banking products and services to individuals and businesses across several counties in New Jersey.
In its first quarter of 2025 earnings report, Blue Foundry Bancorp announced a net loss of $2.7 million, consistent with the previous quarter. Despite the loss, the company reported an improvement in its net interest margin and a strong capital position.
Key financial highlights include a 27 basis points increase in net interest margin to 2.16%, driven by improved yields on assets and reduced costs of liabilities. The company also saw a significant increase in deposits and loans, with deposits rising by $43.9 million and loans by $42.2 million. The growth in the commercial real estate and consumer loan portfolios was a notable contributor to this increase. Additionally, the company maintained strong credit quality with a non-performing asset ratio of 0.27%.
Despite the net loss, Blue Foundry Bancorp’s strategic focus on expanding its commercial portfolio and managing its asset quality positions it for potential future growth. The management remains optimistic about maintaining its strong capital position and continuing to enhance shareholder value.