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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Blue Foundry Bancorp | NASDAQ:BLFY | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.08 | 0.88% | 9.19 | 7.37 | 10.00 | 9.23 | 9.10 | 9.11 | 25,599 | 22:16:11 |
James D. Nesci, President and Chief Executive Officer, commented, “Blue Foundry remains well capitalized with credit quality at historically stable levels. In addition to strong on-balance sheet liquidity, we have access to multiple sources of liquidity.”
He continued, “We have also been pleased with the resourcefulness of our management team and employees in managing expenses. This has helped offset some of the pressure on net interest income we are experiencing as the current rate environment continues to adversely affect our margin.”
Highlights for the third quarter of 2023:
Lending Franchise
The Company continues to diversify its lending franchise by focusing on growing the commercial portfolio. During the first nine months of 2023, total loans increased by $25.9 million primarily due to growth within the Company’s non-residential real estate, construction and commercial and industrial portfolios.
The details of the loan portfolio are below:
September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | |||||||||
(In thousands) | ||||||||||||
Residential one-to-four family | $ | 567,384 | $ | 580,396 | $ | 592,809 | $ | 597,254 | ||||
Multifamily | 689,966 | 696,956 | 695,207 | 690,690 | ||||||||
Non-residential real estate | 236,325 | 237,247 | 239,844 | 216,061 | ||||||||
Construction and land | 45,064 | 36,032 | 28,141 | 17,799 | ||||||||
Junior liens | 22,297 | 21,338 | 19,644 | 18,631 | ||||||||
Commercial and industrial | 9,904 | 9,743 | 10,357 | 4,653 | ||||||||
Consumer and other | 50 | 33 | 58 | 39 | ||||||||
Total loans | 1,570,990 | 1,581,745 | 1,586,060 | 1,545,127 | ||||||||
Less: Allowance for credit losses | 13,872 | 14,413 | 14,153 | 13,400 | ||||||||
Loans receivable, net | $ | 1,557,118 | $ | 1,567,332 | $ | 1,571,907 | $ | 1,531,727 | ||||
Retail Banking Franchise
As of September 30, 2023, deposits totaled $1.25 billion, a decrease of $35.8 million, or 2.77%, from December 31, 2022. The Company’s strategy is to focus on attracting the full banking relationship of small- to medium-sized businesses through an extensive suite of deposit products; however, the rate environment in the northern New Jersey market has intensified competition for deposits. The reduction of $191.9 million in core deposits was partially offset by an increase of $156.1 million in time deposits.
The details of deposits are below:
September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | |||||||||
(In thousands) | ||||||||||||
Non-interest bearing deposits | $ | 23,787 | $ | 26,067 | $ | 32,518 | $ | 37,907 | ||||
NOW and demand accounts | 378,268 | 404,407 | 427,281 | 410,937 | ||||||||
Savings | 278,665 | 315,713 | 361,871 | 423,758 | ||||||||
Core deposits | 680,720 | 746,187 | 821,670 | 872,602 | ||||||||
Time deposits | 572,384 | 521,074 | 422,911 | 416,260 | ||||||||
Total deposits | $ | 1,253,104 | $ | 1,267,261 | $ | 1,244,581 | $ | 1,288,862 | ||||
Financial Performance Overview:
Third quarter of 2023 compared to the third quarter of 2022
Net interest income compared to the third quarter of 2022:
Non-interest expense compared to the third quarter of 2022:
Income tax expense compared to the third quarter of 2022:
Nine months ended September 30, 2023 compared to the nine months ended September 30, 2022
Net interest income compared to the nine months ended September 30, 2022:
Non-interest expense compared to the nine months ended September 30, 2022:
Income tax expense compared to the nine months ended September 30, 2022:
Balance Sheet Summary:
September 30, 2023 compared to December 31, 2022
Cash and cash equivalents:
Securities available-for-sale:
Total loans:
Deposits:
Borrowings:
Capital:
Asset quality:
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 third quarter 2023 earnings announcement will be held today, Wednesday, October 25, 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 849840. 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. NesciPresident and Chief Executive OfficerBlueFoundryBank.comjnesci@bluefoundrybank.com201-972-8900
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 current or anticipated impact of military conflict, terrorism or other geopolitical events; the impact of potential government shutdown; 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 | ||||||||||||
September 30, 2023 | June 30,2023 | March 31,2023 | December 31,2022 | |||||||||
(unaudited) | (unaudited) | (unaudited) | ||||||||||
(Dollars in Thousands) | ||||||||||||
ASSETS | ||||||||||||
Cash and cash equivalents | $ | 52,407 | $ | 45,759 | $ | 57,621 | $ | 41,182 | ||||
Securities available-for-sale, at fair value | 283,649 | 300,923 | 309,083 | 314,248 | ||||||||
Securities held to maturity | 33,298 | 33,445 | 33,472 | 33,705 | ||||||||
Other investments | 20,515 | 20,420 | 21,070 | 16,069 | ||||||||
Loans held-for-sale | 2,435 | 2,497 | 2,552 | — | ||||||||
Loans, net | 1,557,118 | 1,567,332 | 1,571,907 | 1,531,727 | ||||||||
Real estate owned, net | 593 | — | — | — | ||||||||
Interest and dividends receivable | 7,787 | 7,285 | 7,375 | 6,893 | ||||||||
Premises and equipment, net | 32,031 | 31,519 | 30,839 | 29,825 | ||||||||
Right-of-use assets | 25,885 | 26,594 | 26,320 | 25,906 | ||||||||
Bank owned life insurance | 21,919 | 21,802 | 21,688 | 21,576 | ||||||||
Other assets | 22,939 | 22,938 | 19,128 | 22,207 | ||||||||
Total assets | $ | 2,060,576 | $ | 2,080,514 | $ | 2,101,055 | $ | 2,043,338 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
Liabilities | ||||||||||||
Deposits | $ | 1,253,104 | $ | 1,267,261 | $ | 1,244,581 | $ | 1,288,862 | ||||
Advances from the Federal Home Loan Bank | 402,500 | 399,500 | 422,500 | 310,500 | ||||||||
Advances by borrowers for taxes and insurance | 9,615 | 9,862 | 9,695 | 9,302 | ||||||||
Lease liabilities | 27,466 | 28,130 | 27,799 | 27,324 | ||||||||
Other liabilities | 8,742 | 9,227 | 10,787 | 13,632 | ||||||||
Total liabilities | 1,701,427 | 1,713,980 | 1,715,362 | 1,649,620 | ||||||||
Shareholders’ equity | 359,149 | 366,534 | 385,693 | 393,718 | ||||||||
Total liabilities and shareholders’ equity | $ | 2,060,576 | $ | 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 | Nine months ended | |||||||||||||||||||
September 30, 2023 | June 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Interest income: | ||||||||||||||||||||
Loans | $ | 16,728 | $ | 16,481 | $ | 13,692 | $ | 48,778 | $ | 37,792 | ||||||||||
Taxable investment income | 3,339 | 3,172 | 2,571 | 9,663 | 6,708 | |||||||||||||||
Non-taxable investment income | 106 | 112 | 109 | 329 | 344 | |||||||||||||||
Total interest income | 20,173 | 19,765 | 16,372 | 58,770 | 44,844 | |||||||||||||||
Interest expense: | ||||||||||||||||||||
Deposits | 7,034 | 5,173 | 1,424 | 16,361 | 3,256 | |||||||||||||||
Borrowed funds | 3,263 | 3,686 | 1,133 | 9,686 | 2,672 | |||||||||||||||
Total interest expense | 10,297 | 8,859 | 2,557 | 26,047 | 5,928 | |||||||||||||||
Net interest income | 9,876 | 10,906 | 13,815 | 32,723 | 38,916 | |||||||||||||||
Provision for (release of) credit losses | (717 | ) | 143 | (419 | ) | (597 | ) | (777 | ) | |||||||||||
Net interest income after provision for (release of) credit losses | 10,593 | 10,763 | 14,234 | 33,320 | 39,693 | |||||||||||||||
Non-interest income: | ||||||||||||||||||||
Fees and service charges | 291 | 280 | 650 | 833 | 1,815 | |||||||||||||||
Gain on securities, net | — | — | — | — | 14 | |||||||||||||||
Gain on sale of loans | — | 24 | — | 159 | — | |||||||||||||||
Other income | 78 | 76 | 149 | 241 | 391 | |||||||||||||||
Total non-interest income | 369 | 380 | 799 | 1,233 | 2,220 | |||||||||||||||
Non-interest expense: | ||||||||||||||||||||
Compensation and employee benefits | 6,640 | 7,065 | 7,433 | 21,552 | 21,627 | |||||||||||||||
Occupancy and equipment | 2,104 | 2,124 | 1,921 | 6,210 | 5,716 | |||||||||||||||
Data processing | 1,473 | 1,535 | 1,559 | 4,609 | 4,430 | |||||||||||||||
Advertising | 85 | 77 | 125 | 234 | 993 | |||||||||||||||
Professional services | 646 | 764 | 1,012 | 2,390 | 3,279 | |||||||||||||||
Provision (release of provision) for commitments and letters of credit | — | — | 170 | — | (108 | ) | ||||||||||||||
Federal deposit insurance | 263 | 231 | 98 | 599 | 275 | |||||||||||||||
Other | 1,183 | 1,172 | 1,351 | 3,425 | 3,692 | |||||||||||||||
Total non-interest expense | 12,394 | 12,968 | 13,669 | 39,019 | 39,904 | |||||||||||||||
(Loss) income before income tax expense | (1,432 | ) | (1,825 | ) | 1,364 | (4,466 | ) | 2,009 | ||||||||||||
Income tax expense | — | — | 123 | — | 175 | |||||||||||||||
Net (loss) income | $ | (1,432 | ) | $ | (1,825 | ) | $ | 1,241 | $ | (4,466 | ) | $ | 1,834 | |||||||
Basic (loss) earnings per share | $ | (0.06 | ) | $ | (0.08 | ) | $ | 0.05 | $ | (0.18 | ) | $ | 0.07 | |||||||
Diluted (loss) earnings per share | $ | (0.06 | ) | $ | (0.08 | ) | $ | 0.05 | $ | (0.18 | ) | $ | 0.07 | |||||||
Weighted average shares outstanding-basic | 23,278,490 | 24,249,714 | 26,128,851 | 24,289,599 | 26,278,775 | |||||||||||||||
Weighted average shares outstanding-diluted | 23,278,490 | 24,249,714 | 26,246,039 | 24,289,599 | 26,318,267 |
(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.
BLUE FOUNDRY BANCORP AND SUBSIDIARY | |||||||||||||||||||
Consolidated Financial Highlights | |||||||||||||||||||
(Dollars in Thousands Except Per Share Data) (Unaudited) | |||||||||||||||||||
Three months ended | |||||||||||||||||||
September 30,2023 | June 30,2023 | March 31,2023 | December 31,2022 | September 30,2022 | |||||||||||||||
Performance Ratios (%): | |||||||||||||||||||
(Loss) return on average assets | (0.27 | ) | (0.35 | ) | (0.24 | ) | 0.11 | 0.25 | |||||||||||
(Loss) return on average equity | (1.55 | ) | (1.95 | ) | (1.25 | ) | 0.56 | 1.20 | |||||||||||
Interest rate spread (1) | 1.48 | 1.75 | 2.05 | 2.35 | 2.68 | ||||||||||||||
Net interest margin (2) | 1.94 | 2.17 | 2.42 | 2.62 | 2.84 | ||||||||||||||
Efficiency ratio (non-GAAP) (3) | 120.98 | 114.90 | 109.92 | 97.76 | 92.37 | ||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 123.05 | 130.77 | 126.39 | 128.30 | 130.30 | ||||||||||||||
Tangible equity to tangible assets (4) | 17.07 | 17.59 | 18.33 | 19.24 | 19.72 | ||||||||||||||
Book value per share (5) | $ | 14.27 | $ | 14.38 | $ | 14.08 | $ | 14.30 | $ | 14.11 | |||||||||
Tangible book value per share (5) | $ | 14.24 | $ | 14.35 | $ | 14.06 | $ | 14.28 | $ | 14.09 | |||||||||
Asset Quality: | |||||||||||||||||||
Non-performing loans | $ | 6,139 | $ | 7,736 | $ | 7,481 | $ | 7,767 | $ | 8,409 | |||||||||
Real estate owned, net | 593 | — | — | — | — | ||||||||||||||
Non-performing assets | $ | 6,732 | $ | 7,736 | $ | 7,481 | $ | 7,767 | $ | 8,409 | |||||||||
Allowance for credit losses to total loans (%) | 0.88 | 0.91 | 0.89 | 0.87 | 0.91 | ||||||||||||||
Allowance for credit losses to non-performing loans (%) | 225.97 | 186.31 | 189.18 | 172.52 | 161.73 | ||||||||||||||
Non-performing loans to total loans (%) | 0.39 | 0.49 | 0.47 | 0.50 | 0.56 | ||||||||||||||
Non-performing assets to total assets (%) | 0.33 | 0.37 | 0.36 | 0.38 | 0.42 | ||||||||||||||
Net charge-offs to average outstanding loans during the period (%) | 0.01 | — | — | (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 $358.5 million, which excludes intangible assets ($644 thousand of capitalized software). Tangible assets equal $2.10 billion and exclude intangible assets. (5) September 30, 2023 per share metrics computed using 25,174,412 total shares outstanding.
BLUE FOUNDRY BANCORP AND SUBSIDIARY | |||||||||||||||||||||||||||
Analysis of Net Interest Income | |||||||||||||||||||||||||||
(Dollars in Thousands) (Unaudited) | |||||||||||||||||||||||||||
Three Months Ended, | |||||||||||||||||||||||||||
September 30, 2023 | June 30, 2023 | September 30, 2022 | |||||||||||||||||||||||||
Average Balance | Interest | AverageYield/Cost | Average Balance | Interest | AverageYield/Cost | Average Balance | Interest | AverageYield/Cost | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||
Loans (1) | $ | 1,577,173 | $ | 16,728 | 4.21 | % | $ | 1,583,057 | $ | 16,481 | 4.18 | % | $ | 1,465,114 | $ | 13,692 | 3.71 | % | |||||||||
Mortgage-backed securities | 170,326 | 840 | 1.96 | % | 174,398 | 967 | 2.22 | % | 197,406 | 1,055 | 2.12 | % | |||||||||||||||
Other investment securities | 194,953 | 1,507 | 3.07 | % | 198,588 | 1,505 | 3.04 | % | 204,506 | 1,230 | 2.39 | % | |||||||||||||||
FHLB stock | 21,047 | 456 | 8.60 | % | 22,832 | 342 | 6.00 | % | 13,141 | 139 | 4.20 | % | |||||||||||||||
Cash and cash equivalents | 51,884 | 642 | 4.91 | % | 40,614 | 470 | 4.64 | % | 49,163 | 256 | 2.07 | % | |||||||||||||||
Total interest-earning assets | 2,015,383 | 20,173 | 3.97 | % | 2,019,489 | 19,765 | 3.93 | % | 1,929,330 | 16,372 | 3.37 | % | |||||||||||||||
Non-interest earning assets | 58,042 | 56,280 | 61,264 | ||||||||||||||||||||||||
Total assets | $ | 2,073,425 | $ | 2,075,769 | $ | 1,990,594 | |||||||||||||||||||||
Liabilities and shareholders' equity: | |||||||||||||||||||||||||||
NOW, savings, and money market deposits | $ | 684,228 | 2,123 | 1.23 | % | $ | 754,048 | 2,217 | 1.18 | % | $ | 831,191 | 759 | 0.36 | % | ||||||||||||
Time deposits | 558,252 | 4,911 | 3.49 | % | 442,547 | 2,956 | 2.68 | % | 405,823 | 665 | 0.65 | % | |||||||||||||||
Interest-bearing deposits | 1,242,480 | 7,034 | 2.25 | % | 1,196,595 | 5,173 | 1.73 | % | 1,237,014 | 1,424 | 0.46 | % | |||||||||||||||
FHLB advances | 395,359 | 3,263 | 3.27 | % | 432,137 | 3,686 | 3.42 | % | 243,647 | 1,133 | 1.84 | % | |||||||||||||||
Total interest-bearing liabilities | 1,637,839 | 10,297 | 2.49 | % | 1,628,732 | 8,859 | 2.18 | % | 1,480,661 | 2,557 | 0.69 | % | |||||||||||||||
Non-interest bearing deposits | 25,540 | 26,914 | 49,869 | ||||||||||||||||||||||||
Non-interest bearing other | 44,628 | 44,240 | 48,103 | ||||||||||||||||||||||||
Total liabilities | 1,708,007 | 1,699,886 | 1,578,633 | ||||||||||||||||||||||||
Total shareholders' equity | 365,418 | 375,883 | 411,961 | ||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 2,073,425 | $ | 2,075,769 | $ | 1,990,594 | |||||||||||||||||||||
Net interest income | $ | 9,876 | $ | 10,906 | $ | 13,815 | |||||||||||||||||||||
Net interest rate spread (2) | 1.48 | % | 1.75 | % | 2.68 | % | |||||||||||||||||||||
Net interest margin (3) | 1.94 | % | 2.17 | % | 2.84 | % |
(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) | ||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||
2023 | 2022 | |||||||||||||||||
Average Balance | Interest | AverageYield/Cost | Average Balance | Interest | AverageYield/Cost | |||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Assets: | ||||||||||||||||||
Loans (1) | $ | 1,571,204 | $ | 48,778 | 4.15 | % | $ | 1,372,306 | $ | 37,792 | 3.68 | % | ||||||
Mortgage-backed securities | 174,742 | 2,789 | 2.13 | % | 191,662 | 2,842 | 1.98 | % | ||||||||||
Other investment securities | 197,522 | 4,523 | 3.06 | % | 204,009 | 3,395 | 2.22 | % | ||||||||||
FHLB stock | 21,343 | 1,106 | 6.93 | % | 11,080 | 371 | 4.48 | % | ||||||||||
Cash and cash equivalents | 46,363 | 1,574 | 4.54 | % | 103,526 | 444 | 0.57 | % | ||||||||||
Total interest-earning assets | 2,011,174 | 58,770 | 3.91 | % | 1,882,583 | 44,844 | 3.18 | % | ||||||||||
Non-interest earning assets | 56,762 | 69,008 | ||||||||||||||||
Total assets | $ | 2,067,936 | $ | 1,951,591 | ||||||||||||||
Liabilities and shareholders' equity: | ||||||||||||||||||
NOW, savings, and money market deposits | $ | 753,419 | $ | 6,350 | 1.13 | % | $ | 799,762 | $ | 1,323 | 0.22 | % | ||||||
Time deposits | 472,866 | 10,011 | 2.83 | % | 431,724 | 1,933 | 0.60 | % | ||||||||||
Interest-bearing deposits | 1,226,285 | 16,361 | 1.78 | % | 1,231,486 | 3,256 | 0.35 | % | ||||||||||
FHLB advances | 395,800 | 9,686 | 3.27 | % | 205,828 | 2,672 | 1.74 | % | ||||||||||
Total interest-bearing liabilities | 1,622,085 | 26,047 | 2.15 | % | 1,437,314 | 5,928 | 0.55 | % | ||||||||||
Non-interest bearing deposits | 23,092 | 45,338 | ||||||||||||||||
Non-interest bearing other | 44,572 | 47,691 | ||||||||||||||||
Total liabilities | 1,689,749 | 1,530,343 | ||||||||||||||||
Total shareholders' equity | 378,187 | 421,248 | ||||||||||||||||
Total liabilities and shareholders' equity | $ | 2,067,936 | $ | 1,951,591 | ||||||||||||||
Net interest income | $ | 32,723 | $ | 38,916 | ||||||||||||||
Net interest rate spread (2) | 1.76 | % | 2.64 | % | ||||||||||||||
Net interest margin (3) | 2.18 | % | 2.76 | % |
(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 credit losses (in the 2023 periods), provision for loan losses and provision for commitments and letters of credit (in the 2022 periods) and income tax expense, while pre-provision net revenue does not.
Three months ended | ||||||||||||||||||||
September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | ||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||
Pre-provision net revenue and efficiency ratio, as adjusted: | ||||||||||||||||||||
Net interest income | $ | 9,876 | $ | 10,906 | $ | 11,941 | $ | 12,927 | $ | 13,815 | ||||||||||
Other income | 369 | 380 | 484 | 444 | 799 | |||||||||||||||
Operating expenses, as reported | 12,394 | 12,968 | 13,657 | 12,869 | 13,669 | |||||||||||||||
Less: Provision for commitments and letters of credit | — | — | — | (203 | ) | 170 | ||||||||||||||
Operating expenses, as adjusted | 12,394 | 12,968 | 13,657 | 13,072 | 13,499 | |||||||||||||||
Pre-provision net (loss) revenue, as adjusted | $ | (2,149 | ) | $ | (1,682 | ) | $ | (1,232 | ) | $ | 299 | $ | 1,115 | |||||||
Efficiency ratio, as adjusted | 121.0 | % | 114.9 | % | 109.9 | % | 97.8 | % | 92.4 | % | ||||||||||
Core deposits: | ||||||||||||||||||||
Total deposits | $ | 1,253,104 | $ | 1,267,261 | $ | 1,244,581 | $ | 1,288,862 | $ | 1,266,497 | ||||||||||
Less: time deposits | 572,384 | 521,074 | 422,911 | 416,260 | 365,548 | |||||||||||||||
Core deposits | $ | 680,720 | $ | 746,187 | $ | 821,670 | $ | 872,602 | $ | 900,949 | ||||||||||
Core deposits to total deposits | 54.3 | % | 58.9 | % | 66.0 | % | 67.7 | % | 71.1 | % | ||||||||||
Tangible equity: | ||||||||||||||||||||
Shareholders’ equity | $ | 359,149 | $ | 366,534 | $ | 385,693 | $ | 393,718 | $ | 397,338 | ||||||||||
Less: intangible assets | 644 | 730 | 781 | 798 | 760 | |||||||||||||||
Tangible equity | $ | 358,505 | $ | 365,804 | $ | 384,912 | $ | 392,920 | $ | 396,578 | ||||||||||
Tangible book value per share: | ||||||||||||||||||||
Tangible equity | $ | 358,505 | $ | 365,804 | $ | 384,912 | $ | 392,920 | $ | 396,578 | ||||||||||
Shares outstanding | 25,174,412 | 25,493,422 | 27,385,482 | 27,523,219 | 28,155,292 | |||||||||||||||
Tangible book value per share | $ | 14.24 | $ | 14.35 | $ | 14.06 | $ | 14.28 | 14.09 |
1 Year Blue Foundry Bancorp Chart |
1 Month Blue Foundry Bancorp Chart |
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