Blue Foundry Bancorp

first quarter 2024 earnings call. 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 speaker's remarks, there will be a question and answer session. I will now turn the call over to President and CEO Jim Neske.

Please go ahead. Thank you, Operator.

Good morning, everyone, and welcome to our first quarter earnings call. I am joined by our Chief Financial Officer, Kelly Pecoraro. I'm going to provide a strategic update, and then Kelly will discuss the company's first quarter financial results in detail. We continue to focus on executing against our strategy and delivering value for all of Blue Foundry's stakeholders. Paramount to our success is our ability to leverage the company's strong capital position to fund asset and deposit growth. promising step in the right direction during the quarter we grew deposits by 46 million dollars this growth was driven by the execution of our strategic initiatives and resulted in a reduction in our loan to deposit ratio by 500 basis points continued deposit growth will allow us to generate interest earning assets and expand revenue while maintaining an appropriate amount of leverage given our strategy to become a more commercially oriented institution We have been selected in originating real estate loans while building our commercial pipeline. We expect to see production and commercial credits pick up as we move through 2024. As always, we are disciplined in underwriting strong credits for all of our loan product offerings. We are committed to continue being good stewards of capital. Our stock, along with many of our peers, is trading at a discount to tangible book value, We believe that repurchasing shares at these levels is a credit use of capital. In the first quarter, our board approved another repurchase program for us in less than two years. Under our repurchase programs, we repurchased 532,000 shares at a weighted average share price of $9.49 during the quarter. These repurchases, coupled with an improvement to our AOCI, helped increase tangible book value per share by 11 cents to $14.60. Our bank and holding company remain well capitalized with capital levels that are among the highest in the banking industry. Tangible equity to tangible common assets was 17.25% as of March 31st. Blue Foundry continues to operate with a low percentage of uninsured deposits and a low concentration risk to any single depositor. Uninsured and uncollateralized deposits from customer accounts for $133 million at March 31st. This is approximately 10% of the company's total deposits. At the end of the first quarter, we had $418 million in untapped borrowing capacity and our unencumbered available for sale securities provided another $251 million of liquidity. We had $54 million of cash on the balance sheet, of which $38 million was unrestricted. Additionally, our available liquidity covers 5.3 times our uninsured and uncollateralized deposits to customers. With that, I'd like to turn the call over to Kelly, and then we would be delighted to answer your questions. Kelly?