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Investing.com -- Blue Foundry Bancorp (NASDAQ:BLFY) reported a smaller-than-expected first quarter loss on Tuesday, but its stock fell 5.4% as investors reacted to ongoing challenges in the banking environment.
The New Jersey-based bank holding company posted a net loss of $2.7 million, or -$0.13 per share, for the quarter ended March 31, 2025. This beat analyst estimates for a loss of -$0.18 per share. Revenue came in at $11.14 million, surpassing the consensus forecast of $10.42 million.
Blue Foundry’s net interest margin improved 27 basis points from the previous quarter to 2.16%. Total (EPA:TTEF) deposits increased $43.9 million to $1.39 billion, while loans grew $42.2 million to $1.63 billion compared to the linked quarter.
"We are pleased with the improvement experienced in yields on assets and cost of liabilities as both contributed to a 27 basis points increase in net interest margin," said James D. Nesci, President and CEO. He added that the bank continues to maintain a strong capital position, with tangible book value rising to $14.81 per share.
The company’s provision for credit losses was $201,000, primarily due to growth in its commercial real estate portfolio. Non-performing loans totaled $5.7 million, or 0.35% of total loans, up slightly from 0.33% in the previous quarter.
Blue Foundry repurchased 464,085 shares during the quarter at an average price of $9.52 per share. The stock’s 5.4% decline following the earnings release suggests investors remain cautious about the banking sector outlook despite the company’s better-than-expected results.
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