Blue Foundry Falls on Q4 Numbers

Blue Foundry Bancorp (NASDAQ:BLFY) shares faltered Wednesday, as the holding company for Blue Foundry Bank reported a net loss of $11.9 million, or $0.55 per diluted common share, for the year ended December 31, 2024 compared to a net loss of $7.4 million, or $0.31 per diluted common share for the year ended December 31, 2023.The Company reported a net loss of $2.7 million, or $0.13 per diluted common share, for the three months ended December 31, 2024 compared to a net loss of $4.0 million, or $0.19 per diluted common share for the three months ended September 30, 2024, and a net loss of $2.9 million, or $0.13 per diluted common share for the three months ended December 31, 2023.CEO James D. Nesci commented, “We are very pleased with both the deposit and loan growth achieved in the fourth quarter and look to carry this positive momentum into 2025.”Nesci also noted, “Credit quality remained strong and we continue to experience very low charge-offs. Our allowance to credit losses to total loans is 83 basis points and covers non-performing loans by over 2.5 times.”Q4 loans totaled $1.58 billion, an increase of $32.5 million from the prior quarter end. Deposits increased $24.7 million to $1.34 billion compared to the prior quarter.BLFY shares slipped 21 cents, or 2.2%, to $9.58.