The company (BLFY, Financial) has announced that its book value per share stands at $14.82, with a tangible book value per share slightly lower at $14.81. The President and CEO highlighted the company’s achievements in enhancing both asset yields and liability costs, leading to a 27 basis points rise in net interest margin. This financial performance has contributed to an increase in the company’s tangible book value, which now amounts to $14.81 per share.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 2 analysts, the average target price for Blue Foundry Bancorp (BLFY, Financial) is $10.38 with a high estimate of $11.00 and a low estimate of $9.75. The average target implies an upside of 9.33% from the current price of $9.49. More detailed estimate data can be found on the Blue Foundry Bancorp (BLFY) Forecast page.
Based on the consensus recommendation from 2 brokerage firms, Blue Foundry Bancorp's (BLFY, Financial) average brokerage recommendation is currently 3.0, indicating "Hold" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Blue Foundry Bancorp (BLFY, Financial) in one year is $12.77, suggesting a upside of 34.56% from the current price of $9.49. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Blue Foundry Bancorp (BLFY) Summary page.
BLFY Key Business Developments
Release Date: January 29, 2025
- Net Loss: $2.7 million for the fourth quarter.
- Pre-Provision Net Loss: $3 million for the quarter.
- Loan Growth: Increased by $32 million, predominantly in commercial portfolios.
- Deposit Growth: Increased by $25 million, with a 17% increase in non-interest-bearing accounts.
- Loan Funding: $59 million of loans funded during the quarter, yielding approximately 7.5%.
- Share Repurchase: 481,000 shares repurchased at a weighted average price of $10.49.
- Tangible Book Value Per Share: Remained flat at $14.74.
- Tangible Equity to Tangible Assets: 16.1%.
- Net Interest Income: Increased by $386,000, with a 7-basis point improvement in net interest margin.
- Yield on Loans: Increased by 4 basis points to 4.57%.
- Cost of Funds: Decreased 6 basis points to 2.93%.
- Expenses: Decreased by $386,000.
- Provision for Credit Losses: $301,000 release in the provision for credit losses.
- Nonperforming Assets: Remained relatively flat at 25 basis points to assets.
- Loan Coverage Ratios: 83 basis points to total loans and 254% of nonperforming loans.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- Blue Foundry Bancorp (BLFY, Financial) reported an increase in loans by $32 million, predominantly in commercial portfolios.
- Deposits grew by $25 million, with a significant 17% increase in non-interest-bearing accounts.
- The company maintained tangible book value and strong capital and credit quality despite a net loss.
- Net interest income increased by $386,000, leading to a 7-basis point improvement in net interest margin.
- The company repurchased 481,000 shares at a weighted average share price of $10.49, enhancing shareholder value.
Negative Points
- Blue Foundry Bancorp (BLFY) reported a quarterly net loss of $2.7 million.
- The company experienced a quarterly pre-provision net loss of $3 million.
- The yield on construction loans decreased due to a reduction in the prime rate.
- Borrowing costs increased by 13 basis points to 3.26%.
- The company did not achieve all corporate goals, resulting in a lower payout of the annual cash incentive plan.
