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Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest income:        
Loans $ 12,044 $ 13,412 $ 36,362 $ 41,577
Taxable investment income 1,901 1,578 5,064 5,385
Non-taxable investment income 128 147 392 487
Total interest income 14,073 15,137 41,818 47,449
Interest expense:        
Deposits 1,651 3,796 6,848 12,611
Borrowed funds 1,318 1,712 4,357 5,090
Total interest expense 2,969 5,508 11,205 17,701
Net interest income 11,104 9,629 30,613 29,748
(Recovery of) provision for loan losses (338) 1 (1,699) 2,754
Net interest income after (recovery of) provision for loan losses 11,442 9,628 32,312 26,994
Noninterest income:        
Fees and service charges 347 399 1,410 1,319
Gain (loss) on premises and equipment 7 0 (79) 0
Write-down of real estate owned 0 0 0 (1,390)
Other 135 212 444 605
Total noninterest income 489 611 1,775 534
Noninterest expense:        
Compensation and employee benefits 5,931 6,125 18,321 17,694
Expense on withdrawal from pension plan 9,232 0 9,232 0
Occupancy and equipment 1,853 1,504 5,849 4,246
Loss on assets held for sale 0 0 21 12,765
Data processing 1,781 955 5,432 2,719
Prepayment fees 1,401 843 1,401 843
Advertising 603 1,090 1,595 1,738
Professional services 875 1,779 2,819 6,257
Directors fees 136 123 413 370
Provision for commitment and letters of credit 1,245 0 541 0
Federal deposit insurance 130 131 384 200
Goodwill impairment 0 0 0 15,460
Contribution to Blue Foundry Charitable Foundation 9,000 0 9,000 0
Other 931 452 2,282 1,469
Total noninterest expenses 33,118 13,002 57,290 63,761
Loss before income tax benefit (21,187) (2,763) (23,203) (36,233)
Income tax benefit (6,217) (1,098) (6,485) (6,489)
Net loss $ (14,970) $ (1,665) $ (16,718) $ (29,744)
Earnings per common share, basic $ (0.68)      
Earnings per common share, diluted $ (0.68)      
Weighted average number of shares outstanding, basic 21,979,861      
Weighted average number of shares outstanding, diluted 21,979,861