• Blue Foundry Bancorp Reports Second Quarter 2023 Results

    来源: Nasdaq GlobeNewswire / 26 7月 2023 07:15:01   America/Chicago

    RUTHERFORD, N.J., July 26, 2023 (GLOBE NEWSWIRE) -- Blue Foundry Bancorp (NASDAQ:BLFY) (the “Company”), the holding company for Blue Foundry Bank (the “Bank”), today reported a net loss of $1.8 million, or $0.08 per diluted common share, for the three months ended June 30, 2023, compared to net loss of $1.2 million, or $0.05 per diluted common share, for the three months ended March 31, 2023, and net income of $40 thousand for the three months ended June 30, 2022.

    “Blue Foundry continues to maintain its strong capital position and access to liquidity, as well as a diversified deposit base and a low percentage of uninsured deposits to customers,” said James D. Nesci, President and Chief Executive Officer.

    He continued, “Our second quarter performance largely reflects the impact that the inverted yield curve and the highly competitive rate environment in northern New Jersey has had on our funding base. Despite this, we are seeing our investments in technology lead to productivity saves through lower operating expenses. We also remain active in lending markets, focusing on the organic origination of commercial loans with strong credit metrics.”

    Highlights for the second quarter of 2023:

    • Deposits increased $22.7 million, or 1.8%, compared to the prior quarter.
    • Non-interest expense decreased $689 thousand or 5.1% sequentially, primarily driven by lower compensation and benefits expenses.
    • Uninsured deposits to third-party customers totaled approximately 14% of total deposits as of June 30, 2023.
    • Interest income for the quarter was $19.8 million, an increase of $933 thousand, or 5.0%, compared to the prior quarter.
    • Interest expense for the quarter was $8.9 million, an increase of $2.0 million, or 28.6%, compared to the prior quarter.
    • Net interest margin decreased 25 basis points from the prior quarter to 2.17%.
    • Tangible book value per share was $14.35.
    • 1,892,060 shares were repurchased at a weighted average cost of $9.68.

    Lending Franchise

    The Company continues to diversify its lending franchise by focusing on growing the commercial portfolio. During the first half of 2023, total loans increased by $36.6 million primarily due to growth within the Company’s non-residential real estate, construction, multifamily and commercial and industrial portfolios.

    The details of the loan portfolio are below:

     June 30, March 31, December 31, September 30, June 30,
     2023 2023 2022 2022 2022
     (In thousands)
    Residential one-to-four family$580,396  $592,809  $597,254  $594,795  $593,563 
    Multifamily 696,956   695,207   690,690   680,181   580,060 
    Non-residential real estate 237,247   239,844   216,061   185,147   211,429 
    Construction and land 36,032   28,141   17,799   12,792   20,762 
    Junior liens 21,338   19,644   18,631   16,778   16,537 
    Commercial and industrial 9,743   10,357   4,653   4,705   5,875 
    Consumer and other 33   58   39   39   47 
    Total loans 1,581,745   1,586,060   1,545,127   1,494,437   1,428,273 
    Less: Allowance for credit losses 14,413   14,153   13,400   13,600   14,050 
    Loans receivable, net$1,567,332  $1,571,907  $1,531,727  $1,480,837  $1,414,223 

    Retail Banking Franchise

    As of June 30, 2023, deposits totaled $1.27 billion, an increase of $22.7 million, or 1.8%, from March 31, 2023. While the Company continues to focus on attracting the full banking relationship of small- to medium-sized businesses through an extensive suite of deposit products, the rate environment in the northern New Jersey market has intensified competition for deposits. The reduction of $75.5 million in core deposits was more than offset by an increase of $98.2 million in time deposits, including $50.0 million of brokered deposits.

    The details of deposits are below:

      June 30, March 31, December 31, September 30, June 30,
      2023 2023 2022 2022 2022
      (In thousands)
    Non-interest bearing deposits $26,067  $32,518  $37,907  $48,097  $43,655 
    NOW and demand accounts  404,407   427,281   410,937   396,873   464,157 
    Savings  315,713   361,871   423,758   455,979   358,166 
    Core deposits  746,187   821,670   872,602   900,949   865,978 
    Time deposits  521,074   422,911   416,260   365,548   430,696 
    Total deposits $1,267,261  $1,244,581  $1,288,862  $1,266,497  $1,296,674 

    Financial Performance Overview:

    Second quarter of 2023 compared to the second quarter of 2022

    Net interest income compared to the second quarter of 2022:

    • Net interest income was $10.9 million in the three months ended June 30, 2023 compared to $13.2 million in same period in 2022 due to increases in rates paid on interest-bearing liabilities.
    • Net interest margin decreased by 66 basis points to 2.17%.
    • Yield on average interest-earning assets increased 74 basis points to 3.93%, while the cost of average interest-bearing liabilities increased 170 basis points to 2.18%.
    • Average loans increased by $213.7 million and average interest-bearing liabilities increased by $208.3 million.

    Non-interest expense compared to the second quarter of 2022:

    • Non-interest expense was $13.0 million, a decrease of $159 thousand excluding the provision for commitments and letters of credit, driven by a decrease of $272 thousand in advertising, a decrease of $212 thousand in professional services and a decrease of $69 thousand in compensation and benefits expenses, partially offset by an increase of $210 thousand in occupancy and equipment, an increase of $142 thousand in data processing and an increase of $132 thousand in FDIC assessment.
    • Since the adoption of the current expected credit loss (CECL) methodology on January 1, 2023, the provision for commitments and letters of credit is recorded in the provision for credit losses. This expense was previously recorded in non-interest expense. During the second quarter of 2022, the Company recorded a $108 thousand release of its provision for commitments and letters of credit.

    Income tax expense compared to the second quarter of 2022:

    • The Company did not record a tax benefit for the loss incurred during the current quarter due to the full valuation allowance required on its deferred tax assets. The prior year quarter effective tax rate of 7.0% was a result of the taxable income produced during the prior year quarter, partially offset by the ability to utilize a portion of the net operating losses that were fully reserved.
    • The Company’s current tax position reflects the previously established full valuation allowance on its deferred tax assets. At June 30, 2023, the valuation allowance on deferred tax assets was $22.1 million.

    Six months ended June 30, 2023 compared to the six months ended June 30, 2022

    Net interest income compared to the six months ended June 30, 2022:

    • Net interest income was $22.8 million, a decrease of $2.3 million.
    • Net interest margin decreased by 43 basis points to 2.29%.
    • Yield on average interest-earning assets increased 78 basis points to 3.87% while the cost of average interest-bearing deposits increased 125 basis points to 1.55%.
    • Average loans increased by $243.0 million and average interest-bearing deposits decreased by $15.7 million.

    Non-interest expense compared to the six months ended June 30, 2022:

    • Non-interest expense was $26.6 million, an increase of $112 thousand excluding the provision of commitments and letters of credit, driven by an increase of $718 thousand in compensation and benefits costs, $311 thousand in occupancy and equipment costs and $265 thousand in data processing expense, partially offset by decreases of $719 thousand in advertising and $523 thousand in fees for professional services.
    • The Company recorded a $278 thousand release of its provision for commitments and letters of credit in the first half of 2022.

    Income tax expense compared to the six months ended June 30, 2022:

    • The Company did not record a tax benefit for the loss incurred during the six months ended June 30, 2023 due to the full valuation allowance required on its deferred tax assets. The six months ended June 30, 2022 effective tax rate of 8.1% was a result of the taxable income produced during the prior year period, partially offset by the ability to utilize a portion of the net operating losses that were fully reserved.
    • The Company’s current tax position reflects the previously established full valuation allowance on its deferred tax assets. At June 30, 2023, the valuation allowance on deferred tax assets was $22.1 million.

    Balance Sheet Summary:

    June 30, 2023 compared to December 31, 2022

    Cash and cash equivalents:

    • Cash and cash equivalents increased $4.6 million compared to December 31, 2022.

    Securities available-for-sale:

    • Securities available-for-sale decreased $13.3 million to $300.9 million due to amortization and payoffs.
    • Unrealized losses improved slightly to a net loss of $35.9 million.

    Total loans:

    • Total loans held for investment increased $36.6 million to $1.58 billion.
    • Non-residential real estate loans increased $21.2 million, construction and land loans increased $18.2 million, commercial and industrial increased $5.1 million and multifamily loans increased $6.3 million.

    Deposits:

    • Deposits totaled $1.27 billion, a decrease of $21.6 million from December 31, 2022, largely the result of the competitive rate environment.
    • Core deposits represented 58.9% of total deposits, compared to 67.7% at December 31, 2022 and 66.8% at June 30, 2022.
    • Uninsured and uncollateralized deposits to third party customers were $172.5 million, or 14% of total deposits, at the end of the second quarter.

    Borrowings:

    • FHLB borrowings increased by $89.0 million to $399.5 million to support loan growth and replace deposit attrition.
    • During the first quarter of 2023, the Company executed $100 million of hedges on interest rates with maturities ranging from three to five years. The Company’s hedging program aims to reduce the Company’s sensitivity to interest rate by locking in spread.
    • As of June 30, 2023, the Company had $363.0 million of additional borrowing capacity at FHLB and $32.5 million of other unsecured lines of credit.

    Capital:

    • Shareholders’ equity decreased by $27.2 million to $366.5 million. The decrease was primarily driven by the $27.4 million cost of shares repurchased and a $3.1 million reduction in retained earnings, partially offset by stock-based compensation activity.
    • Tangible equity to tangible assets was 17.59% and tangible common equity per share outstanding was $14.35.
    • The Bank’s capital ratios remain above the FDIC’s “well capitalized” standards.

    Asset quality:

    • As of June 30, 2023, the Allowance for Credit Losses as a percentage of gross loans was 0.91%.
    • The Company recorded a net provision for credit losses of $143 thousand for the quarter ended June 30, 2023, driven by an increase in the allowance for loans, partially offset by a decrease in the allowance for commitments.
    • Non-performing loans totaled $7.7 million, or 0.49% of total loans compared to $7.8 million, or 0.50% of total loans at December 31, 2022, and $10.0 million, or 0.70% of total loans at June 30, 2022.
    • Net charge-offs were $13 thousand for the quarter ended June 30, 2023 and $17 thousand for the six months ended June 30, 2023.

    About Blue Foundry

    Blue Foundry Bancorp is the holding company for Blue Foundry Bank, a place where things are made, purpose is formed, and ideas are crafted. Headquartered in Rutherford NJ, with a presence in Bergen, Essex, Hudson, Morris, Passaic, Somerset and Union counties, Blue Foundry Bank is a full-service, innovative bank serving the doers, movers, and shakers in our communities. We offer individuals and businesses alike the tailored products and services they need to build their futures. With a rich history dating back more than 145 years, Blue Foundry Bank has a longstanding commitment to its customers and communities. To learn more about Blue Foundry Bank visit BlueFoundryBank.com or call (888) 931-BLUE. Member FDIC.

    Conference Call Information

    A conference call covering Blue Foundry’s second quarter 2023 earnings announcement will be held today, Wednesday, July 26, 2023 at 11:00 a.m. (EDT). To listen to the live call, please dial 1-833-470-1428 (toll free) or +1-404-975-4839 (international) and use access code 445457. The webcast (audio only) will be available on ir.bluefoundrybank.com. The conference call will be recorded and will be available on the Company’s website for one month.

    Contact:
    James D. Nesci
    President and Chief Executive Officer
    BlueFoundryBank.com
    jnesci@bluefoundrybank.com
    201-972-8900

    Forward Looking Statements

    Certain statements contained herein are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements, which are based on certain current assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target” and similar expressions.

    Forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: inflation and changes in the interest rate environment that reduce our margins and yields, the fair value of financial instruments or our level of loan originations, or increase the level of defaults, losses and prepayments on loans we have made and make; general economic conditions, either nationally or in our market areas, that are worse than expected; changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; our ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in our market area; our ability to implement and change our business strategies; competition among depository and other financial institutions; the effects of the recent turmoil in the banking industry (including the failures of two financial institutions); adverse changes in the securities or secondary mortgage markets; changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees, capital requirements and insurance premiums; changes in monetary or fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; changes in the quality or composition of our loan or investment portfolios; technological changes that may be more difficult or expensive than expected; a failure or breach of our operational or security systems or infrastructure, including cyber-attacks; the inability of third party providers to perform as expected; our ability to manage market risk, credit risk and operational risk in the current economic environment; our ability to enter new markets successfully and capitalize on growth opportunities; our ability to successfully integrate into our operations any assets, liabilities, customers, systems and management personnel we may acquire and our ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related there to; changes in consumer spending, borrowing and savings habits; changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission or the Public Company Accounting Oversight Board; our ability to retain key employees; the ability of the U.S. Government to manage federal debt limits; and changes in the financial condition, results of operations or future prospects of issuers of securities that we own.

    Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. Except as required by applicable law or regulation, we do not undertake, and we specifically disclaim any obligation, to release publicly the results of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

    BLUE FOUNDRY BANCORP AND SUBSIDIARY
    Consolidated Statements of Financial Condition
      June 30, 2023 March 31, 2023 December 31,
    2022
      (unaudited) (unaudited)  
      (Dollars in Thousands)
    ASSETS      
    Cash and cash equivalents $45,759  $57,621  $41,182 
    Securities available-for-sale, at fair value  300,923   309,083   314,248 
    Securities held to maturity  33,445   33,472   33,705 
    Other investments  20,420   21,070   16,069 
    Loans held-for-sale  2,497   2,552    
    Loans, net  1,567,332   1,571,907   1,531,727 
    Interest and dividends receivable  7,285   7,375   6,893 
    Premises and equipment, net  31,519   30,839   29,825 
    Right-of-use assets  26,594   26,320   25,906 
    Bank owned life insurance  21,802   21,688   21,576 
    Other assets  22,938   19,128   22,207 
    Total assets $2,080,514  $2,101,055  $2,043,338 
           
    LIABILITIES AND SHAREHOLDERS’ EQUITY    
    Liabilities      
    Deposits $1,267,261  $1,244,581  $1,288,862 
    Advances from the Federal Home Loan Bank  399,500   422,500   310,500 
    Advances by borrowers for taxes and insurance  9,862   9,695   9,302 
    Lease liabilities  28,130   27,799   27,324 
    Other liabilities  9,227   10,787   13,632 
    Total liabilities  1,713,980   1,715,362   1,649,620 
           
    Shareholders’ equity  366,534   385,693   393,718 
    Total liabilities and shareholders’ equity $2,080,514  $2,101,055  $2,043,338 

     

    BLUE FOUNDRY BANCORP AND SUBSIDIARY
    Consolidated Statements of Operations
    (Dollars in Thousands Except Per Share Data) (Unaudited)
      Three months ended Six months ended
      June 30, 2023 March 31, 2023 June 30, 2022 June 30, 2023 June 30, 2022
      (Dollars in thousands)
    Interest income:          
    Loans $16,481  $15,569  $12,444  $32,050  $24,100 
    Taxable investment income  3,172   3,152   2,320   6,324   4,137 
    Non-taxable investment income  112   111   114   223   235 
    Total interest income  19,765   18,832   14,878   38,597   28,472 
    Interest expense:          
    Deposits  5,173   4,154   950   9,327   1,832 
    Borrowed funds  3,686   2,737   766   6,423   1,539 
    Total interest expense  8,859   6,891   1,716   15,750   3,371 
    Net interest income  10,906   11,941   13,162   22,847   25,101 
    Provision for (release of) credit losses  143   (23)  594   120   (358)
    Net interest income after provision for (release of) credit losses  10,763   11,964   12,568   22,727   25,459 
    Non-interest income:          
    Fees and service charges  280   262   365   542   1,165 
    Gain on securities, net        14      14 
    Gain on sale of loans  24   135      159    
    Other income  76   87   115   163   242 
    Total non-interest income  380   484   494   864   1,421 
    Non-interest expense:          
    Compensation and employee benefits  7,065   7,847   7,134   14,912   14,194 
    Occupancy and equipment  2,124   1,982   1,914   4,106   3,795 
    Data processing  1,535   1,601   1,393   3,136   2,871 
    Advertising  77   72   349   149   868 
    Professional services  764   980   976   1,744   2,267 
    Release of provision for commitments and letters of credit        (108)     (278)
    Federal deposit insurance  231   105   99   336   177 
    Other  1,172   1,070   1,262   2,242   2,341 
    Total non-interest expense  12,968   13,657   13,019   26,625   26,235 
    (Loss) income before income tax expense  (1,825)  (1,209)  43   (3,034)  645 
    Income tax expense        3      52 
    Net (loss) income $(1,825) $(1,209) $40  $(3,034) $593 
    Basic (loss) earnings per share $(0.08) $(0.05) $  $(0.13) $0.02 
    Diluted (loss) earnings per share $(0.08) $(0.05) $  $(0.13) $0.02 
    Weighted average shares outstanding-basic and diluted (1)  24,249,714   25,374,653   26,366,324   24,131,017   26,354,979 

    (1) The assumed vesting of outstanding restricted stock units had an antidilutive effect on diluted earnings per share due to the Company’s net loss for the 2023 periods. There were no equity awards to cause dilution in the 2022 periods.

    BLUE FOUNDRY BANCORP AND SUBSIDIARY
    Consolidated Financial Highlights
    (Dollars in Thousands Except Per Share Data) (Unaudited)
      Three months ended
      June 30,
    2023
     March 31,
    2023
     December 31,
    2022
     September 30,
    2022
     June 30,
    2022
    Performance Ratios (%):          
    (Loss) return on average assets  (0.35)  (0.24)  0.11   0.25   0.01 
    (Loss) return on average equity  (1.95)  (1.25)  0.56   1.20   0.04 
    Interest rate spread (1)  1.75   2.05   2.35   2.68   2.71 
    Net interest margin (2)  2.17   2.42   2.62   2.84   2.83 
    Efficiency ratio (non-GAAP) (3)  114.90   109.92   97.76   92.37   96.13 
    Average interest-earning assets to average interest-bearing liabilities  130.77   126.39   128.30   130.30   131.52 
    Tangible equity to tangible assets (4)  17.59   18.33   19.24   19.72   20.97 
    Book value per share (5) $14.38  $14.08  $14.30  $14.11  $14.46 
    Tangible book value per share (5) $14.35  $14.06  $14.28  $14.09  $14.43 
               
    Asset Quality:          
    Non-performing loans $7,736  $7,481  $7,767  $8,409  $9,998 
    Real estate owned, net               
    Non-performing assets $7,736  $7,481  $7,767  $8,409  $9,998 
    Allowance for credit losses to total loans (%)  0.91   0.89   0.87   0.91   0.98 
    Allowance for credit losses to non-performing loans (%)  186.31   189.18   172.52   161.73   140.53 
    Non-performing loans to total loans (%)  0.49   0.47   0.50   0.56   0.70 
    Non-performing assets to total assets (%)  0.37   0.36   0.38   0.42   0.51 
    Net charge-offs to average outstanding loans during the period (%)        (0.01)  0.01    

    (1) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
    (2) Net interest margin represents net interest income divided by average interest-earning assets.
    (3) Efficiency ratio represents adjusted non-interest expense divided by the sum of net interest income plus non-interest income.
    (4) Tangible equity equals $365.8 million, which exclude intangible assets ($730 thousand of capitalized software). Tangible assets equal $2.08 billion and exclude intangible assets.
    (5) June 30, 2023 per share metrics computed using 25,493,422 total shares outstanding.

     

    BLUE FOUNDRY BANCORP AND SUBSIDIARY
    Analysis of Net Interest Income
    (Dollars in Thousands) (Unaudited)
      Three Months Ended,
      June 30, 2023 March 31, 2023 June 30, 2022
      Average Balance Interest Average
    Yield/Cost
     Average Balance Interest Average
    Yield/Cost
     Average Balance Interest Average
    Yield/Cost
      (Dollars in thousands)
    Assets:                  
    Loans (1) $1,583,057 $16,481 4.18% $1,553,118 $15,569 4.07% $1,369,389 $12,444 3.64%
    Mortgage-backed securities  174,398  967 2.22%  179,604  982 2.22%  205,387  1,066 2.08%
    Other investment securities  198,588  1,505 3.04%  199,069  1,512 3.08%  208,958  1,144 2.20%
    FHLB stock  22,832  342 6.00%  20,141  308 6.20%  10,121  116 4.60%
    Cash and cash equivalents  40,614  470 4.64%  46,530  461 4.02%  74,242  108 0.58%
    Total interest-earning assets  2,019,489  19,765 3.93%  1,998,462  18,832 3.82%  1,868,097  14,878 3.19%
    Non-interest earning assets  56,280      55,942      68,003    
    Total assets $2,075,769     $2,054,404     $1,936,100    
    Liabilities and shareholders' equity:                  
    NOW, savings, and money market deposits $754,048  2,217 1.18% $805,392  2,010 1.01% $800,918  312 0.16%
    Time deposits  442,547  2,956 2.68%  416,238  2,144 2.09%  431,813  638 0.59%
    Interest-bearing deposits  1,196,595  5,173 1.73%  1,221,630  4,154 1.38%  1,232,731  950 0.29%
    FHLB advances  432,137  3,686 3.42%  359,511  2,737 3.09%  187,698  766 1.64%
    Total interest-bearing liabilities  1,628,732  8,859 2.18%  1,581,141  6,891 1.77%  1,420,429  1,716 0.48%
    Non-interest bearing deposits  26,914      34,879      48,763    
    Non-interest bearing other  44,240      44,850      46,688    
    Total liabilities  1,699,886      1,660,870      1,515,880    
    Total shareholders' equity  375,883      393,534      420,220    
    Total liabilities and shareholders' equity $2,075,769     $2,054,404     $1,936,100    
    Net interest income   $10,906     $11,941     $13,162  
    Net interest rate spread (2)     1.75%     2.05%     2.71%
    Net interest margin (3)     2.17%     2.42%     2.83%

    (1) Average loan balances are net of deferred loan fees and costs, and premiums and discounts, and include non-accrual loans.
    (2) Net interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
    (3) Net interest margin represents net interest income divided by average interest-earning assets.

     

    BLUE FOUNDRY BANCORP AND SUBSIDIARY
    Analysis of Net Interest Income
    (Dollars in Thousands) (Unaudited)
      Six Months Ended June 30,
       2023   2022 
      Average Balance Interest Average
    Yield/Cost
     Average Balance Interest Average
    Yield/Cost
      (Dollars in thousands)
    Assets:            
    Loans (1) $1,568,170 $32,050 4.12% $1,325,134 $24,100 3.67%
    Mortgage-backed securities  176,987  1,949 2.22%  188,742  1,788 1.91%
    Other investment securities  198,827  3,017 3.06%  203,756  2,164 2.14%
    FHLB stock  21,494  649 6.09%  10,032  232 4.66%
    Cash and cash equivalents  43,556  932 4.31%  131,158  188 0.29%
    Total interest-earning assets  2,009,034  38,597 3.87%  1,858,822  28,472 3.09%
    Non-interest earning assets  56,112      72,945    
    Total assets $2,065,146     $1,931,767    
    Liabilities and shareholders' equity:            
    NOW, savings, and money market deposits  780,362  4,227 1.09%  780,609  548 0.14%
    Time deposits  429,465  5,100 2.39%  444,889  1,284 0.58%
    Interest-bearing deposits  1,209,827  9,327 1.55%  1,225,498  1,832 0.30%
    FHLB advances  396,025  6,423 3.27%  186,605  1,539 1.66%
    Total interest-bearing liabilities  1,605,852  15,750 1.98%  1,412,103  3,371 0.48%
    Non-interest bearing deposits  30,091      46,213    
    Non-interest bearing other  44,543      47,482    
    Total liabilities  1,680,486      1,505,798    
    Total shareholders' equity  384,660      425,969    
    Total liabilities and shareholders' equity $2,065,146     $1,931,767    
    Net interest income   $22,847     $25,101  
    Net interest rate spread (2)     1.89%     2.62%
    Net interest margin (3)     2.29%     2.72%

    (1) Average loan balances are net of deferred loan fees and costs, and premiums and discounts, and include non-accrual loans.
    (2) Net interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
    (3) Net interest margin represents net interest income divided by average interest-earning assets.

     

    BLUE FOUNDRY BANCORP AND SUBSIDIARY
    Adjusted Pre-Provision Net Revenue (Non-GAAP)
    (Unaudited)

    This press release contains certain supplemental financial information, described in the table below, which has been determined by methods other than U.S. Generally Accepted Accounting Principles ("GAAP") that management uses in its analysis of Blue Foundry's performance. Management believes these non-GAAP financial measures provide information useful to investors in understanding Blue Foundry's financial results. These non-GAAP measures should not be considered a substitute for GAAP basis measures and results and Blue Foundry strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.

    Net income, as presented in the Consolidated Statements of Operations, includes the provision for loan losses, provision for commitments and letters of credit, and income tax expense, while pre-provision net revenue does not.

      Three months ended
      June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022
      (Dollars in thousands, except per share data)
    Pre-provision net revenue (PPNR) and efficiency ratio, as adjusted:          
    Net interest income $10,906  $11,941  $12,927  $13,815  $13,162 
    Other income  380   484   444   799   494 
    Operating expenses, as reported  12,968   13,657   12,869   13,669   13,019 
    Less: Provision for commitments and letters of credit        (203)  170   (108)
    Operating expenses, as adjusted  12,968   13,657   13,072   13,499   13,127 
    Pre-provision net (loss) revenue, as adjusted $(1,682) $(1,232) $299  $1,115  $529 
    Efficiency ratio, as adjusted  114.9%  109.9%  97.8%  92.4%  96.1%
               
    Core deposits:          
    Total deposits $1,267,261  $1,244,581  $1,288,862  $1,266,497  $1,296,674 
    Less: time deposits  521,074   422,911   416,260   365,548   430,696 
    Core deposits $746,187  $821,670  $872,602  $900,949  $865,978 
    Core deposits to total deposits  58.9%  66.0%  67.7%  71.1%  66.8%
               
    Tangible equity:          
    Shareholders’ equity $366,534  $385,693  $393,718  $397,338  $412,293 
    Less: intangible assets  730   781   798   760   630 
    Tangible equity $365,804  $384,912  $392,920  $396,578  $411,663 
               
    Tangible book value per share:          
    Tangible equity $365,804  $384,912 $$392,920  $396,578  $411,663 
    Shares outstanding  25,493,422   27,385,482   27,523,219   28,155,292   28,522,500 
    Tangible book value per share $14.35  $14.06  $14.28  $14.09   14.43 

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