Blue Foundry Bancorp Expands Stock Repurchase Efforts Further

Blue Foundry Bancorp's Stock Repurchase Program Details

Blue Foundry Bancorp, the parent company of Blue Foundry Bank, has recently concluded its fourth stock repurchase initiative and unveiled plans for a fifth. On November 7, the bank announced this strategic decision to buy back up to 1,139,420 shares of common stock, representing about 5% of its total outstanding stock. This new repurchase program, which kicked off on November 8, highlights the company's ongoing commitment to enhancing shareholder value.

History and Impact of Stock Repurchase Programs

Since initiating its first stock repurchase program in July 2022, Blue Foundry Bancorp has successfully bought back a total of 6,659,303 shares, roughly accounting for 23.3% of its common stock. The average acquisition price across these programs has been approximately $10.14 per share, illustrating an opportunistic approach to share repurchases. As of the end of September 2024, the company’s tangible book value per share stood at $14.74, which suggests that the corporation is repurchasing shares while providing value to its shareholders.

How the Repurchase Process Works

The stock repurchase will take place through various methods, including open market purchases, block trades, or through a trading plan authorized by the SEC. The timing of buybacks will hinge on market conditions, stock availability, and the financial performance of Blue Foundry Bancorp. As a company, they are not compelled to buy back a specific number of shares within a set timeframe, allowing for flexibility in capital management.

Statement from Leadership

James D. Nesci, the President and CEO, expressed enthusiasm regarding this fifth repurchase program, emphasizing its role in wise capital usage. His insights reflect a thoughtful strategy where repurchases occur at prices beneficial to the company's shareholder base, enhancing the capital position and affirming the belief in the bank's future growth.

About Blue Foundry Bancorp

Blue Foundry Bancorp has built a solid reputation in the financial services sector, functioning as a full-service bank committed to innovation and community support. Headquartered in Rutherford, New Jersey, the bank operates across multiple counties, offering a range of tailored financial services that empower individuals and businesses to realize their aspirations. With a rich legacy of over 145 years, Blue Foundry Bank is dedicated to meeting the needs of its customers while engaging actively within the communities it serves.

Looking to the Future

With the depiction of robust management and strong capital backing, Blue Foundry Bancorp is poised to navigate the complexities of the financial landscape while pursuing growth opportunities. Shareholders can expect the company to remain active in its repurchase efforts as part of a broader strategy to fortify their standing in the market.

Frequently Asked Questions

What is the purpose of Blue Foundry Bancorp's stock repurchase program?

The stock repurchase program aims to enhance shareholder value by buying back shares at favorable prices, signaling confidence in the company’s financial health.

How many shares will Blue Foundry Bancorp repurchase under this new program?

The company intends to repurchase up to 1,139,420 shares, which constitutes roughly 5% of its outstanding common stock.

What has been the historical impact of previous stock repurchase programs?

Historically, Blue Foundry Bancorp's repurchase actions have accounted for approximately 23.3% of its common shares, reflecting robust shareholder interest and effective capital management strategies.

How does the company decide when to repurchase shares?

The timing of share repurchases depends on market conditions, stock availability, and the overall financial performance of Blue Foundry Bancorp.

Who can I contact for more information regarding investments?

For investor inquiries, you can contact Elyse D. Beidner at Blue Foundry Bancorp’s Investor Relations department for assistance.

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