| Over a week ago | ||||
As previously reported,… As previously reported, Compass Point analyst Laurie Havener Hunsicker downgraded Blue Foundry Bancorp to Neutral from Buy with a price target of $13, down from $14, noting that the firm's revised estimates point to Blue Foundry "operating substantially in the red in the near and medium term." The firm, which said funding pressure is creating a substantial profitability challenge and that it expects funding headwinds will continue in FY23, sees limited catalysts for Blue Foundry in the near and medium term, it added. | ||||
Compass Point analyst… Compass Point analyst Laurie Havener Hunsicker downgraded Blue Foundry Bancorp to Neutral from Buy with a price target of $13, down from $14. | ||||
James Nesci, President… James Nesci, President and Chief Executive Officer, commented, "Our fourth quarter was highlighted by continued strong loan growth. In 2022, consistently robust and diverse loan production drove a 20% increase in gross loans. Additionally, the Company's focus on attracting customers to our suite of consumer-friendly deposit products led to a 13% annual increase in core deposits." He continued, "While today's economic environment remains difficult, we are steadfast in executing on our strategic priorities. We are also committed to the underwriting standards that have resulted in consistently strong asset quality, and both our bank and holding company remain well capitalized." | ||||
| Over a quarter ago | ||||
Reports tangible book… Reports tangible book value per share $14.09. Tangible equity to tangible assets was 19.72% and tangible common equity per share outstanding was $14.09. The Bank's capital ratios remain above the FDIC's "well capitalized" standards. "Our third quarter performance reflects the positive momentum achieved through the execution of our strategic priorities," said James D. Nesci, President and Chief Executive Officer. "Strong loan growth and core deposit growth coupled with a continued focus on expense management drove a significant improvement in operating results." | ||||
Keefe Bruyette analyst… Keefe Bruyette analyst Christopher O'Connell initiated coverage of Blue Foundry Bancorp with a Market Perform rating and $13.25 price target. The company is taking the right steps to transform its balance sheet and deploy its "significant" excess capital, but its elevated loan-to-deposit ratio and strong loan growth is likely to limit further net interest margin improvement in the current rising rate environment, O'Connell tells investors in a research note. | ||||
Reports tangible book… Reports tangible book value per share $14.43.Tangible equity to tangible assets was 20.97% and tangible common equity per share outstanding was $14.43. The Bank's capital ratios remain above the FDIC's "well capitalized" standards. James Nesci, president and CEO commented, "This year has been a pivotal time in the Company's history. On July 15th we celebrated the one year anniversary of our mutual-to stock conversion and on July 20th we announced the adoption of our first stock repurchase program." He continued, "We are encouraged by the improvement in the results delivered for the second quarter. Strong production in both our lending and retail franchises led to profitability on an operating basis for the first time as a public company." | ||||
Blue Foundry Bancorp… Blue Foundry Bancorp announced that it has adopted a program to repurchase up to 2,852,250 shares of its common stock, which is approximately 10% of its outstanding common stock. This is the company's first stock repurchase program since completing its mutual-to-stock conversion and related stock offering in July 2021. | ||||
New option listings for… New option listings for July 7th include Blue Foundry Bancorp (BLFY), Centessa Pharmaceuticals PLC (ADS) (CNTA), Amerant Bancorp Inc (Class A Stock) (AMTB), Aries I Acquisition Corporation (Class A Stock) (RAM), PowerShares S&P 500 ex Rate Sensitive Low Volatility Port ETF (XRLV), Invesco S&P SmallCap Quality ETF (XSHQ), Invesco S&P SmallCap Momentum ETF (XSMO), TORM PLC (Class A Stock) (TRMD), ProShares Ultra Consumer Services (UCC), ProShares Ultra FTSE Europe (UPV), TYNE ETF (TYNE), Vanguard S&P Small Cap 600 (VIOO), Vanguard S&P Small Cap 600 Value (VIOV), Vanguard Russell 1000 (VONE), Vanguard Russell 3000 (VTHR), Vangard Russell 2000 Value (VTWV), STGF ETF (STGF), and SWAR ETF (SWAR). Option delistings effective July 7th include Cabot Microelectronics (CCMP). | ||||
Net interest income was… Net interest income was $11.9 million, an increase of $2.3 million. Net interest margin increased by 54 basis points to 2.62%. "We continued to make excellent progress on our strategic initiatives during a solid first quarter," said James Nesci, president and chief executive officer. "We were successful in deploying meaningful liquidity as we grew our lending and investment portfolios while asset quality remained strong." | ||||
Blue Foundry Bancorp… Blue Foundry Bancorp announced that Kelly Pecoraro will be joining Blue Foundry Bancorp on May 9. Subsequently, Pecoraro is expected to be appointed as the company's Executive Vice President and CFO on May 18 at the May meeting of the company's Board of Directors. Pecoraro comes from Investors Bank where she served as Executive Vice President, Chief Accounting Officer and Comptroller of the $28B bank operating in the New York metropolitan area. | ||||
