Blue Foundry Bancorp reports Q2 EPS (8c) vs (5c) last quarter

Tangible book value per share was $14.35. Tangible equity to tangible assets was 17.59% and tangible common equity per share outstanding was $14.35. The Bank’s capital ratios remain above the FDIC’s “well capitalized” standards. “Blue Foundry continues to maintain its strong capital position and access to liquidity, as well as a diversified deposit base and a low percentage of uninsured deposits to customers,” said James D. Nesci, President and Chief Executive Officer. He continued, “Our second quarter performance largely reflects the impact that the inverted yield curve and the highly competitive rate environment in northern New Jersey has had on our funding base. Despite this, we are seeing our investments in technology lead to productivity saves through lower operating expenses. We also remain active in lending markets, focusing on the organic origination of commercial loans with strong credit metrics.”