Q3 2024 Blue Foundry Bancorp Earnings Call Transcript
Key Points
- Deposits increased by $7.5 million and loans grew by $3.6 million, indicating growth in core banking activities.
- Tangible book value per share increased by $0.05 to $14.74, reflecting improved shareholder value.
- The company has a healthy commercial loan pipeline, which is expected to drive sustained loan growth in future quarters.
- Blue Foundry Bancorp (BLFY) remains well-capitalized with a tangible equity to tangible common assets ratio of 16.5%, one of the strongest in the banking industry.
- The bank operates with robust liquidity, having $334 million in untapped borrowing capacity and additional liquidity from unencumbered securities and cash.
- The company reported a net loss of $4 million for the third quarter, compared to a net loss of $2.3 million in the previous quarter.
- Net interest income decreased by $486,000, leading to a 14 basis point reduction in net interest margin.
- Interest expense increased by $726,000, outpacing the increase in interest income.
- The cost of funds increased by 10 basis points to 2.99%, indicating rising funding costs.
- The yield on loans contracted by 3 basis points to 4.53%, reflecting pressure on loan profitability.
Good morning, and welcome to Blue Foundry Bancorp's Third Quarter 2024 Earnings Call. Comments made during today's call may include forward-looking statements, which are based on management's current expectations, subject to uncertainty and changes in circumstances. Blue Foundry encourages all participants to refer to the full disclaimer contained in this morning's earnings release, which has been posted to the Investor Relations page on bluefoundrybank.com.
During the call, management will refer to non-GAAP measures, which exclude certain items from reported results. Please refer to today's earnings release for reconciliations of these GAAP non-GAAP measures. As a reminder, this event is being recorded. Your line will be muted for the duration of the call. After the speakers' remarks, there will be a question-and-answer session.
I will now turn the call over to President and CEO, Jim Nesci.
Thank you, operator, and good morning, everyone. Thank you for joining
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