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1. A local version of Bank of America, serving communities across Northern New Jersey.

2. Think of it as the Wells Fargo of Northern New Jersey, focused on traditional banking for local customers.

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• Deposits: Financial accounts where customers can store their money, often earning interest.
• Loans: Funds provided to individuals and businesses, to be repaid with interest over time, covering residential property, home equity, commercial real estate, multi-family, construction, commercial and industrial, and other consumer needs, including home equity lines of credit.

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Blue Foundry Bancorp (BLFY), through its subsidiary Blue Foundry Bank, operates as a savings bank that serves a diverse base of customers rather than a few major identifiable companies. The company primarily sells its banking products and services to two broad categories of customers:

• Individual Customers: This category includes consumers seeking a range of personal banking products and services. These offerings typically include deposit accounts (checking, savings, money market), one-to-four family residential property loans, home equity loans, home equity lines of credit, and other consumer loans.

• Business Customers: This category encompasses various commercial entities, from small and medium-sized businesses to real estate investors and developers. Blue Foundry Bank provides them with business deposit accounts, commercial real estate loans, multi-family loans, construction loans, and commercial and industrial loans to support their operational and investment needs.

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James D. Nesci, President and Chief Executive Officer

James D. Nesci was appointed President and Chief Executive Officer of Blue Foundry Bancorp in June 2018 and has also served as a director of Blue Foundry Bancorp since 2019. He holds MBAs from Columbia Business School and London Business School and a BBA in Finance from Hofstra University. Prior to his role at Blue Foundry Bank, Mr. Nesci served as Head of National Sales for TD Bank's U.S. wealth management business. He also held positions as Executive Vice President and Chief Wealth Management Officer of Provident Bank and as President of Beacon Trust, a wholly-owned subsidiary of Provident Bank. Earlier in his career, he was Chief Operating Officer with Wilmington Trust Company, National Wealth Management.

Kelly Pecoraro, Executive Vice President and Chief Financial Officer

Kelly Pecoraro has served as Executive Vice President and Chief Financial Officer of Blue Foundry Bancorp since May 2022. Before joining Blue Foundry Bank, Ms. Pecoraro was Executive Vice President, Chief Accounting Officer and Comptroller at Investors Bank from January 2019 until April 2022. Investors Bank was acquired by Citizens Financial Group, Inc. in April 2022. She began her tenure at Investors Bank in May 2005 as part of the Financial Reporting team and was promoted to Chief Accounting Officer in January 2010. Ms. Pecoraro previously worked as an audit professional at KPMG LLP and is a Certified Public Accountant.

Elyse D. Beidner, Executive Vice President and Chief Legal Officer

Elyse D. Beidner has been the Executive Vice President and Chief Legal Officer of Blue Foundry Bank since 2004. She brings over 25 years of experience in providing legal support for various financial institutions, including JP Morgan Chase and Bank of America. Ms. Beidner earned a Bachelor's degree in French and Spanish from Goucher College, a Juris Doctor degree from Widener University School of Law, and a Masters in Corporate Law from New York University School of Law.

Alex Malkiman, Executive Vice President and Chief Technology Officer

Alex Malkiman has served as Executive Vice President and Chief Technology Officer since March 2022. Prior to joining Blue Foundry Bank, Mr. Malkiman held roles as Executive Director and Head of IT Infrastructure and Security at CIFC Asset Management and as Director of Global Infrastructure and Client Services at ITG. He holds a Bachelor of Science in Computer and Information Science from Brooklyn College and an MBA in Information Systems Management and Financial Management from the Lubin School of Business at Pace University.

Acela Roselle, Executive Vice President and Human Resources Director

Acela Roselle has been the Executive Vice President and Human Resources Director of Blue Foundry Bank since 1999. Before joining Blue Foundry Bank, Ms. Roselle served as the Employment Manager at Meadowlands Hospital Medical Center. She attended The Wood Business School in New York and obtained a SHRM PHR Certification through Fairleigh Dickinson University in 2000.

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The key risks to Blue Foundry Bancorp (BLFY) are:

• Unstable Profits and Recurring Net Losses: Blue Foundry Bancorp has reported unstable profits over time, leading to significant drawdowns. The company experienced a net loss of $7.4 million for the year ended December 31, 2023, a considerable shift from the net income of $2.4 million in the prior year. This trend of net losses continued, with a reported net loss of $11.9 million for the year ended December 31, 2024. Despite efforts to reduce losses, there is no clear sign of sustained profitability ahead, raising questions about the next phase of its turnaround, especially given the absence of meaningful revenue and forward profit data.
• Net Interest Margin Compression and Interest Rate Sensitivity: The bank has faced a significant decrease in its net interest margin, which declined by 78 basis points to 1.84% for Q4 2023 from Q4 2022. This compression is largely attributed to the broader challenges in the financial services industry, including higher interest rates that constrained asset growth and increased short-term funding costs, which in turn compressed margins on existing loans.
• Competitive Pressures and Broader Industry Headwinds: Blue Foundry Bancorp operates within a challenging economic landscape, characterized by significant industry headwinds such as unprecedented interest rate hikes, failures of larger banks, and a slowing economy in 2023 and 2024. The company also faces increased competitive pressures from fintech companies and larger banks that are leveraging advanced technologies like AI, which could further erode its market share.

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The addressable markets for Blue Foundry Bancorp's main products and services in New Jersey are as follows:

• Deposits: The total deposits in New Jersey were approximately $155.55 billion as of the first quarter of 2025.
• One-to-Four Family Residential Property Loans: New home loans booked in New Jersey in 2024 amounted to $29.1 billion.
• Home Equity Loans and Lines of Credit (HELOCs): While a specific market size in dollar value for new originations in New Jersey is not readily available, New Jersey homeowners experienced significant average equity gains, with an increase of $26,100 in the fourth quarter of 2025 and $36,000 in the first quarter of 2025. Lenders anticipate year-over-year growth of nearly 10% for HELOC debt and 7% for home equity loan debt nationally in 2025.
• Commercial Real Estate Loans: The commercial real estate market in New Jersey generated approximately $32 billion in annual transaction volume in 2026.
• Multi-Family Loans: New Jersey has approximately 636,319 multifamily units. The market size for multi-family loans is largely encompassed within the broader commercial real estate and construction loan markets.
• Construction Loans: The forecast for construction spending in New Jersey is $57.6 billion for 2025-2026, with an estimated $29.7 billion in 2025 and $28 billion in 2026.
• Commercial and Industrial Loans: Total new lending to businesses through loans of $1 million or less in New Jersey was $12.2 billion in 2021.
• Other Consumer Loans: Null

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1. Growth in Commercial Loan Portfolio: Blue Foundry Bancorp is focused on expanding its commercial banking operations, specifically targeting small to medium-sized businesses and increasing its commercial real estate (owner-occupied) and commercial and industrial (C&I) loan portfolios. The company anticipates high single-digit loan growth in 2025. This strategic emphasis on higher-yielding commercial loans is expected to drive overall interest income.
2. Expansion of Core and Commercial Deposits: A key driver for funding loan growth and improving the cost of funds is the strategic acquisition and growth of core deposits, particularly from commercial customers. This focus on deepening client engagement with commercial relationships is designed to provide a more stable and lower-cost funding base. Year-to-date in Q3 2025, core deposits grew by over 10% and commercial deposits by over 17%.
3. Net Interest Margin (NIM) Improvement: Blue Foundry Bancorp is working to expand its net interest margin through careful management of both asset yields and the cost of liabilities. Improvements in net interest margin directly contribute to higher net interest income, which is a primary component of the bank's revenue. The company has reported sequential increases in NIM, including a 27 basis point expansion in Q1 2025 and a 12 basis point increase in Q2 2025.
4. Strategic Shift in Loan Portfolio Mix: The bank is actively diversifying its loan portfolio by de-emphasizing lower-yielding segments, such as multi-family loans, and increasing its focus on higher-yielding commercial and consumer loan products. This strategic reallocation is intended to enhance the overall yield of its loan portfolio and, consequently, its revenue.

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Share Repurchases

• Blue Foundry Bancorp authorized its sixth stock repurchase program in June 2025, allowing for the buyback of up to 1,082,533 shares, which is approximately 5% of its outstanding common stock.
• Since July 2022, the company has completed five prior repurchase programs, buying back a total of 7,798,723 shares (27.3% of common shares) at a weighted average price of $10.09 per share.
• As of March 31, 2025, the tangible book value per share was $14.81, indicating that these repurchases were executed at a significant discount.

Share Issuance

• No significant share issuances by Blue Foundry Bancorp to raise capital were found in the provided timeframe, apart from the shares outstanding data.

Inbound Investments

• In November 2025, Blue Foundry Bancorp announced an all-stock merger agreement with Fulton Financial Corporation.
• The transaction was valued at approximately $243 million, with each Blue Foundry share to be exchanged for 0.6500 Fulton shares, based on Fulton's share price on November 21, 2025.
• Shareholders of Blue Foundry Bancorp approved the merger on January 29, 2026.

Outbound Investments

• No information regarding significant strategic outbound investments in other companies by Blue Foundry Bancorp was found.

Capital Expenditures

• Specific dollar values for capital expenditures or expected capital expenditures for Blue Foundry Bancorp were not explicitly reported in the provided information.
• As a bank, capital expenditures would typically focus on investments in its branch network, technology infrastructure, and operational equipment.