Blue Foundry Bancorp (NASDAQ: BLFY)

Blue Foundry Bancorp, recognized by its ticker symbol BLFY, operates as a bank holding company in the financial industry. Its primary subsidiary, Blue Foundry Bank, is a New Jersey-chartered stock savings bank. The company's main business activities revolve around originating and purchasing one-to-four family residential, multifamily, and non-residential real estate mortgages, home equity loans and lines of credit, construction, and commercial and industrial loans, primarily in its local market area.

Blue Foundry Bank's operations span various segments, with residential one-to-four family loans making up 35.3% of its total loan portfolio, multifamily loans accounting for 43.7%, and non-residential real estate loans accounting for 14.9%. The bank's primary sources of funds include deposits, principal and interest payments on loans and securities, and borrowings from the Federal Home Loan Bank of New York. Being a Delaware corporation, Blue Foundry Bancorp is subject to comprehensive regulation and examination by the New Jersey Department of Banking and Insurance and the Federal Deposit Insurance Corporation.

The company generates revenue through its lending and investment activities. Its loan portfolio is diverse, comprising residential one-to-four family loans, multifamily loans, non-residential real estate loans, construction loans, junior liens, consumer loans, and commercial and industrial loans. Blue Foundry Bank's loan origination activities are carried out by its lending personnel and throughout its branch network. The company competes with various financial institutions, including community banks, credit unions, and large regional banks. To stand out, Blue Foundry Bank emphasizes high-quality personalized service, convenience, responsiveness to loan applications, and competitive pricing.

Residential One-to-Four Family Loans:
Blue Foundry Bancorp's residential one-to-four family loan portfolio consists of fixed-rate and adjustable-rate mortgages, home equity loans, and lines of credit. The company offers a variety of loan products, including government-backed loans like FHA and VA loans, and conventional loans. These loans primarily finance the purchase or refinance of one-to-four family residential properties.

Multifamily Loans:
The company's multifamily loan portfolio includes loans for apartment buildings, condominiums, and other multifamily properties. Blue Foundry Bank offers a range of loan products, including fixed-rate and adjustable-rate loans, and construction loans. These loans are primarily used to finance the acquisition, construction, or refinancing of multifamily properties.

Non-Residential Real Estate Loans:
The non-residential real estate loan portfolio finances commercial properties such as office buildings, retail centers, and industrial facilities. The company provides fixed-rate and adjustable-rate loans, as well as construction loans for these purposes.

Commercial and Industrial Loans:
Blue Foundry Bancorp's commercial and industrial loan portfolio includes loans to small businesses, such as restaurants, retail stores, and professional services firms. The company offers term loans, lines of credit, and equipment financing. These loans primarily serve the working capital needs of small businesses.

Loan Delinquencies:
Blue Foundry Bank follows stringent loan delinquency procedures, involving late notices, phone calls, and escalating collection notices. Loan delinquencies more than 30 days past due are reported to the Board of Directors monthly. For properties in default, the company has a foreclosure process in place.

Investment Activities:
The company's investment activities aim to provide liquidity, mitigate interest rate risk, ensure the safety of principal, and generate earnings. Blue Foundry Bancorp invests in a range of securities, including U.S. Treasury securities, corporate bonds, and mortgage-backed securities.

Deposits:
Blue Foundry Bancorp's deposits are primarily non-interest bearing, interest-bearing, and time deposits. The company offers a range of deposit products, including checking accounts, savings accounts, and certificates of deposit.

Borrowings:
The company's borrowings primarily comprise advances from the Federal Home Loan Bank of New York. Additionally, Blue Foundry Bancorp has an unsecured line of credit with a correspondent bank and can borrow at the Federal Reserve Bank's Discount Window.