Blue Foundry Bancorp reports Q1 EPS (13c) vs. (5c) last year

Net interest margin increased eight basis points from the prior quarter to 1.92%. Book value per share was $14.61 and tangible book value per share was $14.60. Tangible equity to tangible assets was 17.25% and tangible common equity per share outstanding was $14.60. James Nesci, President and CEO, commented, “The first quarter was highlighted by significant deposit growth generated through the efforts of our staff. This growth was a catalyst for the margin expansion realized during the quarter. Our asset quality remains strong and our exposure to the more concerning lending markets is minimal. As we are committed to being good stewards of capital, we were pleased to announce our fourth repurchase program in the first quarter. During the quarter, we repurchased more than 532 thousand shares and increased our tangible book value per share to $14.60.”