Blue Foundry Bancorp holds annual shareholder meeting

Blue Foundry Bancorp (NASDAQ:BLFY), a non-federally chartered savings institution with a market capitalization of $197 million and current stock price of $9.94, reported the results of its annual shareholder meeting held on May 15, 2025, according to a recent SEC filing. At the meeting, a quorum was achieved with 88.42% of the company’s outstanding shares represented.

Shareholders elected four directors to two-year terms: Elizabeth Varki Jobes, Patrick H. Kinzler, Mirella Lang, and James D. Nesci. The election saw a range of 14,653,720 to 14,817,383 votes in favor, with broker non-votes accounting for 3,257,414 in each case. According to InvestingPro data, management has been showing confidence in the company through aggressive share buybacks, despite the company’s current unprofitable status.

Additionally, the appointment of KPMG LLP as the company’s independent auditor for the fiscal year ending December 31, 2025, was ratified with 18,716,031 votes for, 281,923 against, and 541,644 abstentions.

A shareholder proposal recommending the sale or merger of the company was not approved, receiving 2,224,355 votes for, 13,813,797 against, 244,032 abstentions, and 3,257,414 broker non-votes.

The details provided in this article are based on the company’s 8-K filing with the SEC.

In other recent news, Blue Foundry Bancorp reported its first-quarter 2025 earnings, revealing a net loss of $2.7 million, which was smaller than anticipated. The company posted an earnings per share (EPS) of -$0.13, surpassing the forecasted -$0.18, and revenue reached $11.14 million, exceeding expectations of $10.42 million. Notably, net interest income rose by 13.4%, with a margin expansion of 27 basis points. The company maintains a strong capital position with 15.6% tangible equity to tangible assets. Despite these positive earnings results, the stock price saw a decline, reflecting mixed investor sentiment. Blue Foundry Bancorp anticipates further margin expansion in the second quarter and expects $220 million in loans to mature or reprice within the year. The company continues to focus on strategic loan portfolio diversification and higher-yield asset classes. Analyst firms such as Piper Sandler have engaged with the company regarding future expectations, highlighting the importance of strategic growth and prudent financial management.

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