Overview

* Blue Foundry reports Q2 net loss of $2.0 mln, improved from Q1

* Net interest margin expands 12 basis points to 2.28% in Q2

* Company announces sixth stock repurchase program for up to 5% shares

Outlook

* Blue Foundry expects continued balance sheet and interest income growth

* Company focuses on diversifying loan portfolio for higher yields

* Company anticipates net interest margin improvement due to asset yield enhancements

Result Drivers

* NET INTEREST MARGIN - Expanded due to improvements in asset yields and cost of liabilities, per CEO James D. Nesci

* LOAN PORTFOLIO DIVERSIFICATION - Focus on diversifying loan portfolio with higher yield asset classes

* CORE DEPOSIT GROWTH - Attributed to focus on attracting full banking relationships, especially among commercial customers

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 EPS -$0.1

Q2 Net -$2 mln

Income

Q2 Net $11.60

Interest mln

Income

Q2 Net 2.3%

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 $9.88, about 10.7% above its July 29 closing price of $8.82

Press Release:

(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.)