NASDAQ$BLFY
Blue Foundry Bancorp · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Blue Foundry Bancorp reported a net loss for Q1 2023, impacted by the competitive rate environment and increased expenses.
Blue Foundry Bancorp reported a net loss of $1.2 million for the first quarter of 2023, compared to a net income of $553 thousand for the same period last year. The results were affected by the competitive rate environment and increased non-interest expenses, although total loans grew by $40.9 million.
- Total loans grew by $40.9 million, or 2.7%, compared to the linked quarter.
- Deposits declined $44.3 million, or 3.4%, compared to the linked quarter.
- Net interest margin was 2.42%, a 20 basis point decrease from the prior quarter due to the competitive rate environment.
- The Board approved the Company’s second stock repurchase program, authorizing the repurchase of up to 5% of the outstanding shares.
Headline financials
Revenue & EPS history
Blue Foundry · Revenue · Quarterly
$12.4M
Revenue by segment
Blue Foundry · $1.59B total across 7 segments · Q1 2023
- Multifamily$695M—43.8%
- Residential$593M—37.4%
- Commercial real estate$240M—15.1%
- Construction$28.1M—1.8%
- Junior liens$19.6M—1.2%
- Commercial and industrial$10.4M—0.7%
- Consumer and other$58K—0.0%
Forward guidance
The company did not provide specific forward guidance but mentioned that they are focused on expense management initiatives to mitigate top line pressures and believe they are well positioned with strong capital, access to liquidity and a low percentage of uninsured deposits.
Tailwinds
- Strong capital position
- Access to liquidity
- Low percentage of uninsured deposits
- Focus on expense management initiatives
- Prudent growth in lending portfolio through organic origination of commercial loans with strong credit metrics.
Headwinds
- Competitive rate environment impacting funding
- Decline in deposits
- Increase in interest expense
- Net interest margin decrease
- Tax position reflects the previously established full valuation allowance on its deferred tax assets.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 16 quarterly earnings reports · overlaid with Q1 2023
+0.1%
Avg return
Earnings day
+0.0%
Avg return
5 days after
+3.5%
Avg return
30 days after
39%
7 / 18 earnings
Positive
+3.9%
Q4 2023
Best reaction
-6.1%
Q4 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | +0.6% | +3.4% | — | |
| Q3 2025 | -1.6% | -4.4% | +27.6% | |
| Q2 2025 | -1.6% | -3.6% | +5.3% | |
| Q1 2025 | -1.6% | +5.2% | -4.5% | |
| Q3 2024 | -1.8% | -0.4% | +12.5% | |
| Q2 2024 | +1.7% | +0.9% | -2.5% | |
| Q1 2024 | -0.7% | +0.7% | +8.5% | |
| Q4 2023 | +3.9% | +5.5% | -5.1% | |
| Q3 2023 | +2.0% | -1.6% | +15.2% | |
| Q2 2023 | +2.5% | +1.8% | -5.5% | |
| Q1 2023 | -0.2% | -5.7% | -3.9% | |
| Q4 2022 | -6.1% | -6.1% | -2.7% | |
| Q3 2022 | +2.8% | +4.5% | +10.6% | |
| Q2 2022 | -0.6% | -1.1% | -3.2% | |
| Q1 2022 | +3.4% | +1.4% | -3.9% | |
| Q4 2021 | -0.1% | +1.0% | -4.1% | |
| Q3 2021 | -0.4% | -0.6% | +7.9% | |
| Q2 2021 | -0.6% | -0.6% | +7.1% | |
| Q1 2021 | — | — | — | |
| Q4 2020 | — | — | — | |
| Q3 2020 | — | — | — | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — |
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