Overview

* Blue Foundry Bancorp ( BLFY ) Q3 net loss narrows to $1.9 mln from $4.0 mln yr/yr

* Net interest margin increased to 2.34% from 2.28% in the previous quarter

* Company repurchased 837,388 shares at an average price of $9.09 per share

Outlook

* Blue Foundry focuses on diversifying loan portfolio for higher yields and better returns

* Company expects profitability improvement to enhance market valuation

* Blue Foundry aims for balance sheet and interest income growth

Result Drivers

* NET INTEREST MARGIN - Co experienced expansion in net interest margin due to improvements in yield on assets and cost of funds, per CEO James D. Nesci

* LOAN AND DEPOSIT GROWTH - Loans increased by $41.9 mln and deposits by $77.1 mln compared to the linked quarter

* DIVERSIFIED LOAN PORTFOLIO - Co focused on diversifying loan portfolio with higher yields and better risk-adjusted returns, per CEO James D. Nesci

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 EPS -$0.10

Q3 Net -$1.90

Income mln

Q3 Net $12.20

Interest mln

Income

Q3 Net 2.34%

Interest

Margin

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the banks peer group is "buy."

* Wall Street's median 12-month price target for Blue Foundry Bancorp ( BLFY ) is $10.00, about 13.8% above its October 28 closing price of $8.62

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)