Blue Foundry Bancorp (NASDAQ:BLFY) Q3 2023 Earnings Call Transcript

Chris O’Connell: Okay. Got it. And just taking a step back, I mean in order – do you have any idea of in the current rate environment and if that kind of persists as it is right now with the inverted yield curve, which I know makes things difficult. Where the NIM could bottom and start to move back up in terms of timing and just what levers can be pulled to kind of get to a path to profitability from here?

Jim Nesci: So, I don’t know that it’s a specific lever. What we continue to focus on is our core business strategy of banking small and medium-sized businesses. We continue to look for the lower cost deposits, obviously, that those businesses provide to banks like ours. But that’s where we are going to stay on the strategy. We continue to increase the deposit base. The products are working well. Obviously, we want to see them scale up faster, but that’s where we are going to keep pushing our manpower into.

Chris O’Connell: Okay. And any sense of the timing as to where would you get to an inflection point in the margin?

Jim Nesci: It’s too hard to say at this juncture. I don’t have any guidance on that point at this time.

Chris O’Connell: Okay. Alright. That’s all I had. Thank you for taking my questions.

Jim Nesci: Chris thanks.

Kelly Pecoraro: Thank you, Chris.

Operator: With that I will hand back to the team for any closing remarks.

Jim Nesci: Thank you, operator. Thank you again for joining us on our third quarter call, our earnings call. We look forward to speaking with you again next quarter. Thanks and have a great day.

Operator: Ladies and gentlemen, this concludes today’s call. Thank you for joining. You may now disconnect your lines.