CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY (Tables)

12 Months Ended

Dec. 31, 2021

The condensed financial statements of Blue Foundry Bancorp (parent company only) are presented below:


Condensed Statements of Financial Condition
	At December 31,
	2021		2020
	(In thousands)
Assets:
Cash and cash equivalents	$	114,331	$	329
Investment in banking subsidiary		293,414		205,227
ESOP loan receivable		21,837		—
Other assets		245		164
Total Assets	$	429,827	$	205,720
Liabilities and Stockholders’ Equity:
Total liabilities	$	356	$	120
Total stockholders’ equity		429,471		205,600
Total Liabilities and Stockholders’ Equity	$	429,827	$	205,720


Condensed Statements of Operations
	Year Ended December 31,
	2021		2020
	(In thousands)
Income:
Interest on ESOP loan receivable	$	343	$	—
Other income		23		16
Total income		366		16
Expenses:
Contribution to Blue Foundry Charitable Foundation		9,000		—
Goodwill Impairment		—		13,100
Other expenses		719		66
Total expenses		9,719		13,166
Loss before income tax (benefit) expense		(9,353)		(13,150)
Income tax (benefit) expense		(59)		98
Loss before undistributed earnings of subsidiary		(9,294)		(13,248)
Equity in undistributed earnings of banking subsidiary		(27,048)		(18,258)
Net loss	$	(36,342)	$	(31,506)


Condensed Statements of Cash Flows
	Twelve Months Ended December 31,
	2021		2020
	(In thousands)
Cash flows from operating activities:
Net loss	$	(36,342)	$	(31,506)
Adjustments to reconcile net loss to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary		27,048		18,258
Issuance of common shares donated to Blue Foundry Charitable Foundation		7,500		—
Goodwill impairment		—		13,100
ESOP expense		361		—
Increase in other assets		(82)		(5)
Increase in other liabilities		237		55
Net cash used by operating activities		(1,278)		(98)

Cash flows from investing activities:
Capital contribution to banking subsidiary		(136,481)		—
Loan to ESOP		(22,818)		—
Repayment of ESOP loan		981		—
Net cash used in investing activities		(158,318)		—

Cash flows from financing activities:
Proceeds from issuance of common shares		273,598		—
Net cash provided by financing activities		273,598		—
Net increase (decrease) in cash and cash equivalents		114,002		(98)
Cash and cash equivalents at beginning of year		329		427
Cash and cash equivalents at end of year	$	114,331	$	329