Blue Foundry Bancorp Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
October 26, 2022 at 05:45 pm IST
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Blue Foundry Bancorp reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported net interest income was USD 13.82 million compared to USD 11.1 million a year ago. Net income was USD 1.24 million compared to net loss of USD 14.97 million a year ago. Basic earnings per share from continuing operations was USD 0.05 compared to basic loss per share from continuing operations of USD 0.68 a year ago. Diluted earnings per share from continuing operations was USD 0.05 compared to diluted loss per share from continuing operations of USD 0.68 a year ago.
For the nine months, net interest income was USD 38.92 million compared to USD 30.61 million a year ago. Net income was USD 1.83 million compared to net loss of USD 16.72 million a year ago. Basic earnings per share from continuing operations was USD 0.07. Diluted earnings per share from continuing operations was USD 0.07.
Blue Foundry Bancorp is a holding company for Blue Foundry Bank (the Bank). The Bank is a chartered stock savings bank. The Bank's principal business consists of originating one-to-four family residential, multi-family, and non-residential real estate mortgages, home equity loans and lines of credit, construction, and commercial and industrial loans in its principal market and surrounding areas. In addition, it often lends outside of its branch network in more densely populated and metropolitan areas, adding diversification to its loan portfolio. It attracts retail deposits from the general public in the areas surrounding its banking offices, through its borrowers, and through its online presence, offering a variety of deposit products. It also invests in securities. Its primary sources of funds are deposits, principal and interest payments on loans, securities, and borrowings from the Federal Home Loan Bank of New York. It operates over 20 full-service banking offices in New Jersey.
BLUE FOUNDRY BANCORP 
