Blue Foundry Bancorp (BLFY) Q4 2025 earnings summary

Executive summary

• Reported a net loss of $10.0 million for 2025, an improvement from a $11.9 million loss in 2024, driven by higher net interest income but offset by increased provision for credit losses and non-interest expenses.

• Entered into a definitive merger agreement with Fulton Financial Corporation in November 2025; merger expected to close around April 1, 2026, with Blue Foundry shareholders receiving 0.65 shares of Fulton for each share held.

• All required regulatory and shareholder approvals for the merger have been obtained.

Financial highlights

• Net interest income increased by $9.8 million (26.2%) to $47.4 million in 2025; net interest margin rose to 2.30% from 1.90%.

• Interest income grew 11.5% to $95.3 million, while interest expense remained flat at $47.9 million.

• Provision for credit losses was $2.1 million in 2025, compared to a $1.4 million release in 2024.

• Non-interest expense increased 8.3% to $57.0 million, including $1.3 million in merger-related costs.

• Total assets rose to $2.17 billion, loans increased 6.8% to $1.69 billion, and deposits grew 12.4% to $1.51 billion.

• Shareholders' equity decreased by $19.5 million to $312.7 million, mainly due to share repurchases and net loss.

Outlook and guidance

• The merger with Fulton Financial is expected to close in early April 2026, pending satisfaction of remaining conditions.

• No dividends are anticipated in the near term; future payments subject to board discretion and financial condition.