Blue Foundry Bancorp reported a net loss of $1.9 million for the third quarter of 2025, a significant improvement from the $4.0 million loss recorded in the same period of 2024. The company's interest income rose to $24.1 million, up 12.1% from $21.5 million year-over-year, primarily due to higher rates on interest-earning assets and an increase in their average balance. The net interest income also increased to $12.2 million, reflecting a $3.1 million rise compared to the previous year, with the net interest margin improving to 2.34% from 1.82%.
In terms of overall financial performance, Blue Foundry Bancorp's total assets increased to $2.16 billion as of September 30, 2025, compared to $2.06 billion at the end of 2024. The growth in assets was driven by a $131.4 million increase in gross loans, which reached $1.71 billion, with notable contributions from consumer and commercial real estate loans. However, the company also saw a rise in non-performing loans, which totaled $11.4 million, or 0.7% of total loans, up from $5.1 million, attributed mainly to one commercial credit.
The bank's total deposits increased by $150.1 million, or 11.2%, to $1.49 billion, supported by growth in NOW and demand accounts as well as time deposits. The increase in deposits was partially offset by a decline in savings accounts. Additionally, the company reported a decrease in total shareholders' equity to $314.4 million, down 5.4% from $332.2 million, primarily due to share repurchases and the net loss for the period.
Operationally, Blue Foundry Bancorp has been focusing on managing its interest rate risk through the use of interest rate swaps, which totaled $526 million in notional amounts as of September 30, 2025. The company is also actively monitoring its credit loss provisions, which increased to $589,000 for the third quarter, reflecting a proactive approach to potential economic downturns. Looking ahead, the bank anticipates continued challenges in the economic environment but remains committed to its growth strategies and maintaining liquidity to meet customer needs.
About Blue Foundry Bancorp
Blue Foundry Bancorp is a Delaware-based bank holding company owning Blue Foundry Bank, a New Jersey-chartered savings bank. The bank primarily originates residential, multifamily, commercial real estate, construction, commercial and industrial loans, and home equity products, serving individuals and businesses in northern New Jersey. It funds lending through retail deposits and borrowings, emphasizing personalized service, local market knowledge, and diversified loan portfolios within a regulated banking framework.
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