GICS Sector : Financial Services
Blue Foundry Bancorp operates as a bank holding company for Blue Foundry Bank, a savings bank that offers various banking products and services for individuals and businesses.The company offers deposits; and loans, such as one-to-four family residential property, home equity, commercial real estate, multi-family, construction, commercial and industrial, and other consumer loans, as well as home equity lines of credit.As of December 31, 2021, it operated 17 full-service branch offices located in northern New Jersey.
Blue Foundry Bancorp reported a quarterly net loss of $1.9 million and a quarterly pre-provision net loss of $1.3 million, which improved compared to the prior quarter. The actual EPS came out at -$0.1, in line with estimates. Net interest income was $12.2 million, up $551,000 from the prior quarter, driven by a $693,000 increase in interest income. The net interest margin expanded by 6 basis points to 2.34%, supported by a 9 basis point increase in asset yields and a 4 basis point reduction in the cost of liability.
Publication Date: Nov -24
Deposits increased by $77.1 million, and loans grew by $41.9 million, with core deposits growing by over 10% and commercial deposits by over 17%. This growth is a positive sign, indicating the company's efforts to diversify its loan portfolio and grow core deposits are paying off. As per Kelly Pecoraro, Chief Financial Officer, "the yield on average interest-earning assets grew to 4.67%, while the cost of average interest-bearing liabilities declined to 2.72%."
Tangible book value per share increased to $15.14 per share, and the company repurchased over 837,000 shares at a weighted average price of $9.09 per share. Liquidity and capital remained strong, with $423 million in borrowing capacity and an additional $178 million in unencumbered securities. The company's Price-to-Tangible Book Value can be calculated using the given P/B Ratio of 0.07 and considering the tangible book value, indicating a relatively low valuation.
The company anticipates the fourth quarter to be relatively flat but expects a pickup in net interest margin in 2026 due to repricing. Analysts estimate next year's revenue growth at 19.4%. With a P/B Ratio of 0.07 and a Net Interest Margin of 2.34%, the company's valuation appears reasonable. However, the reported net loss and the negative ROE of -1.17% are concerns that need to be addressed.
Credit quality remained sound overall, but the company recorded a provision for credit loss of $589,000 primarily driven by deterioration in economic forecasts. Total nonperforming loans were $11.4 million or 66 basis points of total loans on September 30, up from $6.3 million or 38 basis points at the prior quarter end. This increase in nonperforming loans is a risk factor that investors should monitor.
$HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Blue Foundry Bancorp (NASDAQ: BLFY)
Dec -01
Blue Foundry Corporation Investor Alert By The Former Attorney General Of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Blue Foundry Bancorp - BLFY
Nov -24
Shareholder Alert: The Ademi Firm investigates whether Blue Foundry Bancorp is obtaining a Fair Price for its Public Shareholders
Nov -24
BLFY Merger Investigation: Halper Sadeh LLC is Investigating Whether the Sale of Blue Foundry Bancorp is Fair to Shareholders
Nov -24
Fulton Financial Corporation and Blue Foundry Bancorp Combining in All-Stock Merger
Nov -24
FULTON FINANCIAL CORPORATION AND BLUE FOUNDRY BANCORP COMBINING IN ALL-STOCK MERGER
Nov -24
Halper Sadeh LLC Encourages CDTX, MRSN, HOLX Shareholders to Contact the Firm to Discuss Their Rights
Nov -14
Blue Foundry Bancorp (BLFY) Q3 2025 Earnings Call Transcript
Oct -29
Blue Foundry Bancorp's 7.4% growth in Banking and Related Activities is driven by increasing demand for digital banking services, strategic expansion into new markets, and a focus on commercial lending. Additionally, the company's investments in technology and operational efficiency have improved customer experience, leading to increased deposits and loan growth.
Blue Foundry Bancorp offers a range of personal banking services, including checking and savings accounts, credit cards, and personal loans.
The company provides business banking services, including business checking and savings accounts, credit cards, and commercial loans.
Blue Foundry Bancorp offers mortgage lending services, including fixed-rate and adjustable-rate mortgages, refinancing options, and home equity loans.
The company provides wealth management services, including investment advice, portfolio management, and retirement planning.
Blue Foundry Bancorp offers digital banking services, including online banking, mobile banking, and mobile deposit.
The threat of substitutes for Blue Foundry Bancorp is moderate, as customers have some alternatives for banking services, but the company's strong brand and customer loyalty mitigate this threat.
The bargaining power of customers is low, as Blue Foundry Bancorp has a diverse customer base and no single customer has significant bargaining power.
The bargaining power of suppliers is low, as Blue Foundry Bancorp has multiple suppliers for its operations and can negotiate favorable terms.
The threat of new entrants is high, as the banking industry is attractive and new fintech companies are emerging, posing a threat to Blue Foundry Bancorp's market share.
The intensity of rivalry is high, as Blue Foundry Bancorp operates in a highly competitive banking industry with many established players, and the company must differentiate itself to maintain its market position.
| Value | |
|---|---|
| Debt Weight | 52.99% |
| Debt Cost | 6.56% |
| Equity Weight | 47.01% |
| Equity Cost | 6.56% |
| WACC | 6.56% |
| Leverage | 112.73% |
Value: 7.4
Growth: 6.2
Quality: 6.3
Yield: 5.0
Momentum: 7.0
Volatility: 7.7
1-Year Total Return ->
Value: 8.6
Growth: 2.0
Quality: 4.5
Yield: 0.0
Momentum: 9.0
Volatility: 9.7
1-Year Total Return ->
Value: 5.7
Growth: 5.2
Quality: 5.2
Yield: 0.0
Momentum: 8.0
Volatility: 6.3
1-Year Total Return ->
Value: 5.7
Growth: 4.3
Quality: 5.9
Yield: 0.0
Momentum: 6.0
Volatility: 7.7
1-Year Total Return ->
Value: 7.0
Growth: 2.3
Quality: 3.8
Yield: 0.0
Momentum: 8.0
Volatility: 8.0
1-Year Total Return ->
Value: 8.8
Growth: 5.1
Quality: 4.6
Yield: 0.0
Momentum: 2.5
Volatility: 7.3
1-Year Total Return ->