Q4 2023 Blue Foundry Bancorp Earnings Call Transcript
Hello, everyone, and welcome. My name is [Drew] and I'll be your conference operator today. At this time, I would like to welcome everyone to the Blue Foundry Bancorp Fourth Quarter and Year-End 2023 Earnings Call. (Operator Instructions)
I will now turn the call over to your host, James Nesci. Please go ahead.
Thank you, operator. Good morning, and happy new year to everyone. Welcome to our fourth quarter earnings call. I'm joined by our Chief Financial Officer, Kelly Pecoraro, who will share the company's financial results in greater detail after my opening remarks.
2023 was a challenging year, especially for financial institutions. We navigated bank failures, a slowing economy, and the impact of rate hikes at historic speed. When we entered the year, economists predicted a mild recession, but 2023 showcased economic resilience despite higher interest rates. Higher rates caused a flight of deposits out of depository institutions across the United States. Our markets were not excluded
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