Blue Foundry Bancorp reported a net loss of $2.7 million for the first quarter of 2025, a slight improvement from the $2.8 million loss recorded in the same period of 2024. The company's interest income increased by 9% to $22.7 million, driven by higher rates on interest-earning assets, while interest expense rose to $12.0 million, reflecting increased costs associated with time deposits and interest-bearing core deposits. As a result, net interest income improved to $10.7 million, up from $9.4 million a year earlier, with a net interest margin of 2.16%, an increase of 24 basis points.
Total assets for Blue Foundry Bancorp grew to $2.09 billion as of March 31, 2025, compared to $2.06 billion at the end of 2024. The increase was primarily attributed to a rise in gross loans, which reached $1.63 billion, up $42.2 million from the previous quarter. Notably, consumer, commercial real estate, and construction loans saw significant increases, while multifamily and residential loans experienced declines. The company’s total deposits also rose by 3.3% to $1.39 billion, largely due to increases in NOW and demand accounts.
In terms of operational metrics, the company reported a provision for credit losses of $201,000 for the first quarter of 2025, contrasting with a release of $535,000 in the prior year. The allowance for credit losses on loans stood at $13.2 million, representing 0.81% of total loans. The company also noted a slight increase in non-performing loans, totaling $5.7 million, compared to $5.1 million at the end of 2024.
Strategically, Blue Foundry Bancorp has continued to focus on enhancing its loan portfolio and managing interest rate risk through interest rate swaps, which totaled $391 million as of March 31, 2025. The company remains committed to maintaining a strong capital position, with total shareholders' equity at $326.7 million, down from $332.2 million, primarily due to share repurchases and the net loss for the quarter. Looking ahead, the company anticipates continued growth in its loan portfolio and a focus on improving profitability while navigating the challenges posed by the current economic environment.
About Blue Foundry Bancorp
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