Blue Foundry Bancorp Reports 2024 Financial Results

Blue Foundry Bancorp ( (BLFY) ) has released its Q4 earnings. Here is a breakdown of the information Blue Foundry Bancorp presented to its investors.

Blue Foundry Bancorp is a financial institution serving communities in northern New Jersey, focusing on personal and business banking solutions. The company’s latest financial results for the year ending December 31, 2024, revealed a net loss of $11.9 million, which widened from the previous year’s loss of $7.4 million. Despite this, Blue Foundry Bancorp showed positive developments in key areas, including growth in both deposits and loans in the fourth quarter of 2024.

In the fourth quarter of 2024, Blue Foundry Bancorp reported a net loss of $2.7 million, an improvement from the $4.0 million loss in the previous quarter. The company achieved deposit growth of $24.7 million, bringing deposits to a total of $1.34 billion, and an increase in loans by $32.5 million to $1.58 billion. The net interest margin also saw a slight improvement, rising by seven basis points to 1.89%.

The year saw a focus on diversifying its loan portfolio, with significant increases in commercial real estate and construction loans, though there were reductions in the residential and multifamily portfolios. Blue Foundry Bancorp also managed to maintain strong credit quality, with non-performing loans to total loans at a low 0.33%. The company did not record a tax benefit for its losses due to a full valuation allowance on its deferred tax assets.

Looking forward, Blue Foundry Bancorp aims to continue its momentum into 2025, leveraging its deposit and loan growth while maintaining strong credit quality. The management remains optimistic about future prospects, focusing on expanding its commercial lending and enhancing its customer relationships in the competitive northern New Jersey market.