In This Story
Blue Foundry Bancorp (BLFY+0.93%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net loss of $11.9 million for the year, compared to a net loss of $7.4 million in the previous year. The increase in net loss is attributed to a decrease in net interest income by $4.4 million.
Interest income increased by $6.3 million, primarily due to higher yields on loans and securities. However, interest expense also increased by $10.7 million, driven by higher costs on deposits.
The company's total assets increased to $2.06 billion, with gross loans rising by $22.8 million to $1.58 billion. The loan portfolio experienced growth in commercial real estate, construction, and consumer loans.
Deposits increased by $98.4 million, totaling $1.34 billion at year-end, with a significant portion of the growth in time deposits.
The company maintained an allowance for credit losses on loans of $12.9 million, reflecting a decrease from the previous year. Non-performing assets totaled $5.1 million, representing 0.25% of total assets.
Blue Foundry Bancorp's shareholders' equity decreased by $23.4 million to $332.2 million, impacted by share repurchases and the net loss.
The company continues to focus on growing its loan portfolio and deposit base, while managing interest rate risk through various strategies, including the use of interest rate swaps.
The filing outlines the company's efforts to improve operational efficiency and leverage technology to enhance service delivery and customer experience.
Blue Foundry Bancorp operates primarily in northern New Jersey, with 20 full-service banking offices and a focus on expanding relationships with small and medium-sized businesses.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Blue Foundry Bancorp annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.