Blue Foundry Bancorp (BLFY) Q1 2023 Earnings Call Transcript

Blue Foundry Bancorp (NASDAQ:BLFY) Q1 2023 Earnings Conference Call April 26, 2023 11:00 AM ET

Company Participants

Jim Nesci - President & CEO
Kelly Pecoraro - CFO

Conference Call Participants

Chris O'Connell - KBW

Operator

Good morning, and welcome to Blue Foundry Bancorp's First Quarter 2023 Earnings Call. My name is Lauren, 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 will now turn the call over to President and CEO, Jim Nesci.

Jim Nesci

Thank you, Operator.

Good morning, and welcome to our first quarter earnings call. I'm joined by our Chief Financial Officer, Kelly Pecoraro, who will share the company's financial results in greater detail after my opening remarks.

Our management team continues to monitor the macroeconomic environment and liquidity challenges being experienced throughout the banking industry. We remain steadfast in maintaining our strong capital and liquidity positions. Both our bank and holding company remain more than well capitalized.

At the end of the first quarter, we had $736 million in liquidity sources, including $336 million in untapped borrowing capacity, and $400 million in cash and securities. 90% of our debt securities portfolio is held as available-for-sale and therefore mark-to-market as of March 31.