Blue Foundry Bancorp (BLFY) Q4 2023 earnings summary

Executive summary

• FY2023 net loss was $7.4M, or $0.31 per diluted share, versus net income of $2.4M, or $0.09 per diluted share, in FY2022.

• Q4 2023 net loss was $2.9M, or $0.13 per diluted share, versus a $1.4M loss in Q3 2023 and $562K net income in Q4 2022.

• Capital levels and credit quality remained strong; 2024 priorities include prudent balance-sheet growth funded through organic deposit acquisition.

Financial highlights

• FY2023 net interest income was $41.9M, down $9.9M YoY; net interest margin fell 64 bps to 2.09%.

• Q4 net interest income was $9.2M, down $3.7M YoY; NIM fell 78 bps YoY to 1.84%.

• FY2023 non-interest income fell $859K, or 32.24%, YoY; lower fee income after overdraft-charge discontinuation was partly offset by $231K in loan-sale gains.

• FY2023 non-interest expense was $51.6M, down $1.5M excluding provision for commitments and letters of credit; Q4 expense was $12.5M, down $529K on the same basis YoY.

Outlook and guidance

• 2024 priorities are prudent balance-sheet growth and organic deposit acquisition, with continued focus on expense management and operational efficiencies.