Blue Foundry Bank


7 Sylvan Way
Rutherford, NJ 07054
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Notable Rates APY Vs.Others
Savings 0.30% 2.55% →
1-Year CD 0.40% 2.85% →
2-Year CD 0.30% 3.20% →
5-Year CD 0.40% 3.65% →
30-Year Mortgage 7.78% 6.31% →
15-Year Mortgage 7.36% 5.86% →
HELOC 5.00% 2.79% →

2022 Overview

General Bank Information

Blue Foundry Bank is an FDIC insured institution located in Rutherford, NJ. It was founded in 1939 and has approximately $1.94 billion in assets. Customers can open an account at one of its 18 branches.

FDIC Insured Yes
FDIC Certificate # 30052
Date Established 1939
Assets $ 1,937.92 million
Loans $ 1,328.02 million
Deposits $ 1,407.78 million
Capital $ 284.21 million

For a more detailed analysis of Blue Foundry Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - August 16, 2022

Your Current Location: Virginia, VA 20146

Savings and Money Market Rates APY MIN MAX
Money Market
0.20% $25,000 - Learn More
6 Mo CD
0.20% $1,000 - Learn More
12 Mo CD
0.40% $1,000 - Learn More
18 Mo CD
0.43% $1,000 - Learn More
24 Mo CD
0.30% $1,000 - Learn More
36 Mo CD
0.30% $1,000 - Learn More
48 Mo CD
0.35% $1,000 - Learn More
60 Mo CD
0.40% $1,000 - Learn More

Variable IRA Rates APY MIN MAX
0.50% $1 - Learn MoreShow Less
Int Checking Rates APY MIN MAX
Int Ckg
0.30% $2,500 - Learn MoreShow Less

Loan Rates - August 16, 2022

Your Current Location: Virginia, VA 20146

Home Equity Rates APR Rate Monthly Payment
Refinance Mortgage Rates APR Rate Monthly Payment
Purchase Mortgage Rates APR Rate Monthly Payment

Monthly payments for mortgage products are based on a loan amount of $200,000. Home equity monthly payments are based on a loan amount of $50,000. Auto loan monthly payments are based on a loan amount of $25,000. Rates for each product are based on a variety of factors including credit score and loan amount. For specific requirements please check with the lender. Rates may change at any time.


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Climate Initiatives

Blue Foundry Bank is encouraged to provide us with this information. When we receive this information from the bank, we will provide it here.

Financial Details

Blue Foundry Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Blue Foundry Bank. The data is provided by the FDIC. All banks listed on are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
Blue Foundry Bank U.S. Bank Average
3.63% 4.01%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of March 31, 2022, Blue Foundry Bank had $10,814,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $284,214,000 in equity and $13,465,000 in loans loss reserves. That gives it a Texas Ratio of 3.63%.

Return on Equity
Blue Foundry Bank U.S. Bank Average
0.98% 9.01%

Blue Foundry Bank has a Return on Equity of 0.98% versus the BestCashCow average of 9.01%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Blue Foundry Bank U.S. Bank Average
14.67% 10.66%

Blue Foundry Bank has a Capitalization of 14.67% versus the BestCashCow average of 10.66. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

Blue Foundry Bank Balance Sheet Analysis

As of March 31, 2022, Blue Foundry Bank had assets of $1,937,918,000, loans of $1,328,021,000, and deposits of $1,407,783,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

March 31, 2022
Cash & Balances due from depository institutions $ 101.70 million
Interest-bearing balances $ 95.69 million
Total securities $ 405.45 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 1,328.02 million
Loan loss allowance $ 13.47 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles $ 0.45 million
All other assets $ 49.35 million
     Total Assets $ 1,653.70 million
Total deposits $ 1,407.78 million
      Interest-bearing deposits $ 1,244.00 million
      Deposits held in domestic offices $ 1,407.78 million
      % insured (estimated) 77.97%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 207.34 million
Subordinated debt N.A.
All other liabilities $ 38.58 million
      Total Liabilities $ 1,653.70 million
      Shareholders’ Equity $ 284.21 million

Summary Income Statement

March 31, 2022
Total Interest Income $ 14.16 million
Total Interest Expense $ 1.83 million
Net interest income $ 12.33 million
Provision for loan and lease losses N.A.
Total non interest income $ 0.36 million
Total non interest expense $ 12.87 million
Pre-tax Net Operating Income $ 0.77 million

Bank Loan Profile?

The top three loan types in Blue Foundry Bank’s loan portfolio are 1-4 Family Residential Loans, Multifamily Mortgages, and Commercial Real Estate.

Compared to other banks in New Jersey, Blue Foundry Bank has a significantly higher percent of Multifamily Mortgages on its balance sheet, potentially indicating a specialty in that lending area.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 45.29
Credit Card Loans 0.00
Consumer Auto Loans 0.00
Small Business Loans 2.91
Construction and Development Loans 1.39
Commercial Real Estate 14.12
Commercial and Industrial Loans 1.20
Farm Loans 0.00

Customer Reviews for Blue Foundry Bank

  • August 31, 2020 |


    + Applied for a PPP loan, they lost my first set of documents.
    + ReSubmitted documents - was told I needed to open an account in order to get funded for the loan? I asked for a check they said NO!
    + Was told I needed to open the account by 5pm the same day I was emailed (at 2:30pm), or I would loses the funding!??
    + Called the branch and informed to open the account, I would need $1,000 - mind you by 5pm...
    + Obtained $1,000 (so glad I applied for a loan) only to go to branch to find inside was closed due to COVID.
    + They asked for the same documents submitted with the loan, I said to make copies, the branch told me they don't share documents between departments!
    + Asked 'Money Laundering Questions' they were IMPOSSIBLE to answer during COVID age ... "how much cash will be deposited on a monthly basis", 'how much in checks will be deposited"...etc.
    + Asked to speak with upper managements regarding questions-branch manager walked away saying "I'm done with you" while closing shades on windows since it was now after 5pm.
    + After all documents were signed - I HEARD NOTHING FROM THE BANK...
    + I didn't know if the loan was approved...
    + I didn't know if the account was opened...
    + How I found out the account was opened and loan funded... I received checks in the mail 3 weeks later!
    + Did the bank ask me if how I would like the checks to appear...NO!
    + If I would like my address on the checks.... NO!
    + If I would like the phone number on the checks ... NO!
    + Was I asked if I would I like to have a Debit Card for the account... NO!!
    + Then, setting up online access was horrific, experiencing a problem after hours, I asked for a rep to call me the following business day... NO PHONE CALL!
    + Finally, after waiting a few days I HAD TO CALL to setup the online access.... keep in mind, they had contacted me by email a few times before they got my business... the reason why I had trouble, they had the incorrect email address on file... WHO AUTHORIZED THE CHANGE OF EMAIL...
    + THIS IS A BUSINESS ACCOUNT, when I reverted the email address back to the correct one.... WHY ARE NOTICES BEING MAILED TO MY HOME ADDRESS???
    + Trying to get answers, their IVR system directs calls each day to different branches, and these branches CANNOT TRANSFER CALLS! (and their phone system is 'new').
    + The icing on the cake, because I am so unhappy with the wonderful customer service, they are closing my account!


  • February 25, 2020 |

    Bait And Switch - ZERO - STAY AWAY
    This bank presents loan programs on its website that it doesn't truly offer. After downloading the forms from their website and submitting the applications, they then told me that they no longer offer it. I have repeatedly asked them to honor the programs that they are presenting to their customers. In my third attempt to get them to honor the program, they didn't even have the decency to include a response letter, they just sent back the letter I sent to them. What a horrible bank and customer service experience.

  • December 22, 2014

    Can I apply for a cd without coming into your bank. (through the mail)?

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