Q2 2024 Blue Foundry Bancorp Earnings Call Transcript
Key Points
- Deposit growth continued in the second quarter, with a 9% increase in commercial deposits and a 6% increase in consumer deposits.
- Net interest margin expanded for the second consecutive quarter, contributing to an improvement in pre-provision net revenue (PPNR) by $268,000.
- The company repurchased 386,000 shares at a weighted average share price of $8.84, improving shareholder value.
- Tangible book value per share increased by $0.09 to $14.69, and the company remains well-capitalized with a tangible equity to tangible common assets ratio of 16.9%.
- Non-performing assets declined by $1.1 million, and non-accrual loans improved by $483,000, indicating strong asset quality.
- The company reported a net loss of $2.3 million for the second quarter, although this was an improvement from the prior quarter's net loss of $2.8 million.
- Gross loans declined by $6.8 million during the quarter, as amortization and payoffs outpaced new loan funding.
- The cost of interest-bearing deposits increased by 16 basis points to 2.90%, reflecting ongoing funding pressures.
- Expenses are expected to increase in the third quarter to the mid to high $13 million range, driven by potential increases in compensation and hiring.
- The pace of share repurchases has slowed due to volume-based limitations, although the company remains committed to buybacks.
Good morning, and welcome to Blue Foundry Bancorp's second quarter 2024 earnings call. Comments made during today's call may include forward-looking statements, which are based on management's current expectations and are subject to uncertainty and changes in circumstance. 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 non-GAAP measures. As a reminder, this event is being recorded. (Operator Instructions) I will now turn the call over to President and CEO, Jim Nesci.
Thank you, operator, and good morning, everyone. Thank you for joining us for our second quarter earnings call. I'm joined by our Chief Financial Officer, Kelly Pecoraro, who will discuss the
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
