Blue Foundry Bancorp (BLFY) Q4 2022 Earnings Call Transcript

Blue Foundry Bancorp (NASDAQ:BLFY) Q4 2022 Earnings Conference Call January 25, 2023 11:00 AM ET

Company Participants

Jim Nesci - President and CEO
Kelly Pecoraro - CFO

Conference Call Participants

Christopher O'Connell - KBW
Laurie Hunsicker - Compass Point

Operator

Good morning, and welcome to Blue Foundry Bancorp's Fourth Quarter 2022 Earnings Call. My name is Graham, 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 encourage all participant 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 measure, 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 will now turn the call over to President and CEO, Jim Nesci.

Jim Nesci

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

Earlier this morning, we reported fourth quarter net income of $562,000 or $0.02 per diluted share and a pre-provision net revenue of $299,000. Our performance was largely driven by continued growth in commercial loans.

Our lending team originated $68 million of loans, primarily in non-residential and multifamily. While this origination activity was not as robust as in previous quarters, net loan growth remained strong as pay offs slowed.

In 2022, we generated net income of $2.4