Blue Foundry Bancorp (BLFY) Q3 2023 Earnings Call Transcript

Blue Foundry Bancorp (NASDAQ:BLFY) Q3 2023 Earnings Conference Call October 25, 2023 11:00 AM ET

Company Participants

Jim Nesci - President and Chief Executive Officer
Kelly Pecoraro - Chief Financial Officer

Conference Call Participants

Justin Crowley - Piper Sandler
Chris O’Connell - KBW

Operator

Good morning and welcome to Blue Foundry Bancorp’s Third Quarter 2023 Earnings Call. My name is Jordan and I will be your conference operator today. [Operator Instructions]

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. [Operator Instructions]

I am now going to turn the call over to President and CEO, Jim Nesci.

Jim Nesci

Thank you, operator. Good morning and welcome to Blue Foundry Bancorp’s third quarter earnings call. I am joined by our Chief Financial Officer, Kelly Pecoraro, who will share the company’s financial results in greater detail after my opening remarks.

The results we announced earlier today illustrate the impact that the higher-for-longer rate environment continues to have on our revenue. The highly competitive Northern New Jersey market, coupled with sustained higher short-term interest rates has had an adverse impact on our margin and cost of funds. Despite this pressure on revenue, we remain focused on expense management and maintaining our robust capital base, strong liquidity and stable asset quality. My management team and I have been diligent in exploring opportunities to reduce our expense base to offset some