Blue Foundry Bancorp (BLFY) Q3 2022 Earnings Call Transcript

Start Time: 11:00 January 1, 0000 11:22 AM ET

Blue Foundry Bancorp (NASDAQ:BLFY)
Q3 2022 Earnings Conference Call
October 26, 2022, 11:00 AM ET

Company Participants

James Nesci - President and CEO
Kelly Pecoraro - EVP and CFO

Conference Call Participants

Laurie Hunsicker - Compass Point

Operator

Good morning, and welcome to Blue Foundry Bancorp's Third Quarter 2022 Earnings Call. My name is Harry, and I will be your conference operator today.

Comments made during today's call may include forward-looking statements, which are based on management's current expectations and are subject to uncertainty and changes in circumstances. Blue Foundry encourages all participants to refer to the full disclaimer contained in this morning's earnings release, which has been posted to the Investor Relations page on bluefoundrybank.com.

During the call, management will refer to non-GAAP measures, which exclude certain items from reported results. Please refer to today's earnings release for reconciliations of these non-GAAP measures. As a reminder, this event is being recorded. Your line will be muted for the duration of the call. After the speakers’ remarks, there will be a question-and-answer session.

I would now like to turn the call over to President and CEO, Jim Nesci.

James Nesci

Thank you, operator. Good morning, everyone, and welcome to our third quarter earnings call. I'm joined by our Chief Financial Officer, Kelly Pecoraro. After my opening remarks, Kelly will share the company's financial results.

Earlier this morning, we recorded third quarter net income of $1.2 million or $0.05 per diluted share and a pre-provision net revenue of $1.1 million. Our performance was largely driven by continued growth in commercial loans. Our lending team had another remarkable quarter, originating 172 million of loans. During the quarter, we focused on production on the multifamily segment, which we feel is a stable asset class during times of potential economic uncertainty. While our retail markets are