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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 001-40619
BLUE FOUNDRY BANCORP
(Exact name of the registrant as specified in its charter)
Delaware
86-2831373
           (State or Other Jurisdiction of Incorporation or Organization)
                                   (I.R.S. Employer Identification Number)
19 Park Avenue,
Rutherford,New Jersey
07070
(Address of principal executive offices)
(Zip Code)
(201) 939-5000
(Registrant’s telephone number, including area code)

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par valueBLFYThe NASDAQ Stock Market LLC
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days.    ☒  Yes    ☐  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    ☒  Yes    ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act:
 
Large accelerated filer
 ☐ 
Accelerated filer
 
Non-accelerated filer
 ☒
Smaller reporting company
 
Emerging Growth Company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   ☐  Yes      No

As of May 6, 2022 the registrant had 28,522,500 shares of common stock, par value $0.01 per share, issued and outstanding.





BLUE FOUNDRY BANCORP
FORM 10-Q
Index



PAGE
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME







Part I Financial Information

ITEM 1. FINANCIAL STATEMENTS

BLUE FOUNDRY BANCORP
Consolidated Statements of Financial Condition
(Unaudited)

 March 31, 2022 December 31, 2021
(In thousands)
ASSETS
Cash and cash equivalents
$101,562 $193,446 
Securities available for sale, at fair value375,614 324,892 
Securities held to maturity (fair value of $27,993
  at March 31, 2022 and $22,849 at December 31, 2021)
29,838 23,281 
Restricted stock, at cost10,182 10,182 
Loans receivable, net of allowance of $13,465 at March 31, 2022 and $14,425 at December 31, 2021
1,328,021 1,273,184 
Interest and dividends receivable5,780 5,372 
Premises and equipment, net28,130 28,126 
Right-of-use assets24,811 25,457 
Bank owned life insurance21,776 21,662 
Other assets12,441 8,609 
Total assets$1,938,155 $1,914,211 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Deposits$1,283,022 $1,247,040 
Advances from the Federal Home Loan Bank185,500 185,500 
Advances by borrowers for taxes and insurance9,840 9,582 
Lease liabilities26,083 26,696 
Other liabilities13,496 15,922 
Total liabilities1,517,941 1,484,740 
Shareholders’ equity
Common stock $0.01 par value; 70,000,000 shares
     authorized; 28,522,500 shares issued and outstanding
285 285 
Additional paid-in capital282,100 282,006 
Retained earnings170,010 169,457 
Unallocated common shares held by ESOP (21,677)(21,905)
Accumulated other comprehensive loss(10,504)(372)
Total shareholders’ equity 420,214 429,471 
Total liabilities and shareholders’ equity$1,938,155 $1,914,211 
See accompanying notes to the consolidated financial statements.
3




BLUE FOUNDRY BANCORP
Consolidated Statements of Operations
(Unaudited)

Three Months Ended March 31,
20222021
(Dollars in thousands)
Interest income:
Loans$11,656 $12,262 
Taxable investment income1,817 1,545 
Non-taxable investment income121 135 
Total interest income13,594 13,942 
Interest expense:
Deposits882 2,818 
Borrowed funds773 1,525 
Total interest expense1,655 4,343 
Net interest income11,939 9,599 
Recovery of provision for loan losses(952)(808)
Net interest income after (recovery of) provision for loan losses12,891 10,407 
Non-interest income:
Fees and service charges800 526 
Other127 140 
Total non-interest income927 666 
Non-interest expense:
Compensation and employee benefits6,924 6,021 
Occupancy and equipment1,881 1,953 
Loss on assets held for sale 21 
Data processing1,478 1,767 
Advertising519 470 
Professional services1,291 1,397 
Directors fees136 140 
Recovery of provision for commitment and letters of credit(170)(231)
Federal deposit insurance78 125 
Other1,079 706 
Total non-interest expenses13,216 12,369 
Income (loss) before income tax expense (benefit)602 (1,296)
Income tax expense (benefit)49 (551)
Net income (loss)$553 $(745)
Basic and diluted earnings per share$0.02 n/a
Weighted average shares outstanding26,343,508 n/a
See accompanying notes to the consolidated financial statements.
4






BLUE FOUNDRY BANCORP
Consolidated Statements of Comprehensive Loss
(Unaudited)
Three Months Ended
March 31,
20222021
(In thousands)
Net income (loss)$553 $(745)
Other comprehensive (loss) income, net of tax (1):
Unrealized loss on securities available for sale:
Unrealized loss arising during the period
(15,739)(2,754)
Unrealized gain on cash flow hedge:
Reclassification adjustment for losses included in net income
322 243 
Unrealized gain arising during the period
5,237 3,071 
5,559 3,314 
Defined benefit plans:
Reclassification adjustment for amortization of:
Net actuarial loss
48 37 
48 37 
Total other comprehensive (loss) income, net of tax (1):
(10,132)597 
Comprehensive loss
$(9,579)$(148)
(1) The 2022 period tax is inclusive of a deferred tax valuation allowance.
See accompanying notes to the consolidated financial statements.
5



BLUE FOUNDRY BANCORP
Consolidated Statements of Changes in Shareholders’ Equity
Three Months Ended March 31, 2022 and 2021
(Unaudited)
Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Unallocated Common Stock Held by ESOPTotal
Shareholders’
Equity
(In thousands)
Balance at January 1, 2021$10 $822 $205,799 $(1,031)$ $205,600 
Net loss— — (745)— — (745)
Other comprehensive income— — — 597 — 597 
Balance at March 31, 2021
$10 $822 $205,054 $(434)$ $205,452 
Balance at January 1, 2022$285 $282,006 169,457 $(372)$(21,905)$429,471 
Net income— — 553 — — 553 
Other comprehensive loss— — — (10,132)— (10,132)
ESOP shares committed to be released (22,818 shares)
— 94 — — 228 322 
Balance at March 31, 2022
$285 $282,100 $170,010 $(10,504)$(21,677)$420,214 
See accompanying notes to the consolidated financial statements.
6

BLUE FOUNDRY BANCORP
Consolidated Statements of Cash Flows
(Unaudited)



Three Months Ended March 31,
20222021
(In thousands)
Cash flows from operating activities
Net income (loss)$553 $(745)
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization of premises and equipment633 600 
Change in right-of-use asset646 799 
(Accretion) amortization of:
Deferred loan fees, costs, and discounts, net
(131)53 
Premiums and discounts on securities299 112 
Deferred income tax benefit49  
Recovery of provision for loan losses(952)(808)
Loss on assets held for sale 21 
Increase in BOLI cash surrender value(114)(116)
ESOP expense322  
Increase in interest and dividends receivable(408)(184)
Decrease in other assets219 689 
(Decrease) increase in other liabilities(868)1,832 
Change in lease liability(614)(483)
Net cash (used in) provided by operating activities(366)1,770 
Cash flows from investing activities
Net increase in loans(8,716)(13,690)
Purchases of residential mortgage loans(45,039) 
Purchases of securities available for sale(80,039)(59,609)
Purchases of securities held to maturity(6,600) 
Proceeds from sales and calls of securities available for sale 1,704 
Principal payments and maturities on securities available for sale13,272 24,279 
Redemption of Federal Home Loan Bank stock 225 
Purchases of premises and equipment(636)(3,518)
Net cash used in investing activities(127,758)(50,609)
Cash flows from financing activities
Net increase in deposits35,983 29,644 
Proceeds from advances from Federal Home Loan Bank109,000 182,800 
Repayments of advances from Federal Home Loan Bank(109,000)(187,800)
Net increase (decrease) in advances by borrowers for taxes and insurance257 (116)
Net cash provided by financing activities36,240 24,528 
Net decrease in cash and cash equivalents(91,884)(24,311)
Cash and cash equivalents at beginning of period193,446 316,445 
Cash and cash equivalents at end of period$101,562 $292,134 

Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest$1,652 $4,335 
Income taxes  

See accompanying notes to the consolidated financial statements.
7

BLUE FOUNDRY BANCORP
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation: The accompanying consolidated financial statements include the accounts of Blue Foundry Bancorp (the “Company”), and its wholly owned subsidiary, Blue Foundry Bank (the “Bank”), and the Bank’s wholly owned subsidiaries, Blue Foundry Service Corp., Rutherford Center Development Corp., and Blue Foundry Investment Company (collectively, the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. Blue Foundry Bancorp owns 100% of the common stock of Blue Foundry Bank.

On July 15, 2021, the Company became the holding company for the Bank when Blue Foundry, MHC completed its conversion into the stock holding company form of organization. In connection with the conversion, the Company sold 27,772,500 shares of common stock at a price of $10 per share, for gross proceeds of $277.7 million. The Company also contributed 750,000 shares of common stock and $1.5 million in cash to Blue Foundry Charitable Foundation, Inc. and established an Employee Stock Ownership Plan (“ESOP”) acquiring 2,281,800 shares of common stock. Shares of the Company’s common stock began trading on July 16, 2021 on the Nasdaq Global Select Market under the trading symbol “BLFY.”

Basis of Financial Statement Presentation: The consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles. Certain information and note disclosures usually included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for the preparation of the Quarterly Reports on Form 10-Q and with Regulation S-X. The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of financial condition and revenues and expenses for the period. Actual results could differ from those estimates. Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or shareholders’ equity. The results of operations and other data presented for the three months ended March 31, 2022 are not necessarily indicative of the results of operations that may be expected for subsequent periods or the full year results. These financial statements should be read in conjunction with the annual financial statements and notes thereto included in Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed on March 14, 2022.

Loans Receivable: Loans receivable are stated at unpaid principal balance, net of deferred fees, costs, and discounts, and the allowance for loan losses. Interest on loans is recognized based upon the principal amount outstanding. Loan fees and certain direct loan origination costs are deferred, and the net fee or cost is recognized in interest income using the level yield method over the contractual life of the individual loans, adjusted for actual prepayments.

For all loan classes, the accrual of income on loans, including impaired loans, is generally discontinued when a loan becomes 90 days delinquent or when certain factors indicate reasonable doubt as to the ability of the borrower to meet contractual principal and/or interest obligations. Loans on which the accrual of income has been discontinued are designated as nonaccrual loans. All previously accrued interest is reversed and income is recognized subsequently only in the period received, provided the remaining principal balance is deemed collectible. A nonaccrual loan is not returned to an accrual status until principal and interest payments are brought current and factors indicating doubtful collection no longer exist.

Principal and interest payments received on non-accrual loans for which the remaining principal balance is not deemed collectible are applied as a reduction to principal and interest income is not recognized. If the principal balance on the loan is later deemed collectible and the loan is returned to accrual status, any interest payments that were applied to principal while on non-accrual are recorded as an unearned discount on the loan, classified as deferred fees, costs and discounts, and are recognized into interest income using the level-yield method over the remaining contractual life of the individual loan, adjusted for actual prepayments.




8

BLUE FOUNDRY BANCORP
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Allowance for Loan Losses: The allowance for loan losses is a valuation allowance for probable and reasonably estimable incurred credit losses in the loan portfolio as of the balance sheet date. Loan losses are charged against the allowance when management believes the loan balance, or portions thereof, are uncollectible. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required for all portfolio segments using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off.

The allowance consists of individually evaluated and collectively evaluated components. The individually evaluated component of the allowance relates to loans that are individually classified as impaired. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired.

Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed.

Impaired loans are measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, or, as a practical expedient, at the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance (generally $400,000 or less) homogeneous loans, such as consumer and residential real estate loans, are collectively evaluated for impairment. Impaired loans also include all nonaccrual non-residential, multifamily and construction loans, and troubled debt restructurings.

Troubled debt restructured loans are those loans whose terms have been modified such that a concession has been granted because the borrower is experiencing financial difficulties. Modifications could include extension of the terms of the loan, reduced interest rates, and forgiveness of accrued interest and/or principal. Once an obligation has been classified a troubled debt restructuring, it continues to be considered a troubled debt restructuring and is individually evaluated for impairment until paid in full. For a cash flow dependent loan, the Company records an impairment charge equal to the difference between the present value of the estimated future cash flows under the restructured terms discounted at the loan’s original effective interest rate, and the original loan’s carrying amount. For a collateral dependent loan, the Company records an impairment when the current estimated fair value, net of estimated costs to sell when necessary, of the property that collateralizes the impaired loan is less than the recorded investment in the loan.

The collectively evaluated component of the allowance covers non impaired loans and is based on historical loss experience adjusted for current qualitative factors. The historical loss experience is a quantitative factor determined by portfolio segment and is based on the actual loss history experienced by the Company. The qualitative factors include consideration of the following:

Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses
Changes in international, national, regional, and local economic and business conditions and developments that affect the collectibility of the portfolio, including the condition of various market segments
Changes in the nature and volume of the portfolio and in the terms of loans
Changes in the experience, ability, and depth of lending management and other relevant staff



9

BLUE FOUNDRY BANCORP
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Changes in the volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans.
Changes in the quality of the institution's loan review system
Changes in the value of underlying collateral for collateral-dependent loans
The existence and effect of any concentrations of credit, and changes in the level of such concentrations
The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the institution's existing portfolio

The loan portfolio is categorized according to collateral type, loan purpose, lien position, or borrower type (i.e., commercial, consumer). The categories used include residential one-to-four family, multifamily, non-residential, construction, junior liens, commercial and industrial (includes Paycheck Protection Program, or “PPP”, loans), and consumer and other.

Employee Stock Ownership Plan: The cost of shares issued to the ESOP, but not yet allocated to participants, is shown as a reduction of shareholders’ equity. Compensation expense is based on the market price of shares as they are committed to be released to participant accounts. Dividends on allocated ESOP shares reduce retained earnings; dividends on unearned ESOP shares reduce the ESOP’s debt and accrued interest.

Comprehensive Income (Loss): Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on both securities available for sale and derivatives, net of the related tax effect adjusted for deferred tax valuation allowances. Also included are changes in the unfunded status of the Company’s defined benefit plans, net of the related tax effect, which are recognized as separate components of shareholders’ equity.

Earnings per share: Basic earnings per share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. ESOP shares committed to be released are considered to be outstanding for purposes of the earnings per share computation. ESOP shares that have not been legally released, but that relate to employee services rendered during an accounting period (interim or annual) ending before the related debt service payment is made, are considered committed to be released. Diluted earnings per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options awards and are determined using the treasury stock method.

Segment Reporting: The Company operates as a single operating segment for financial reporting purposes.

Adoption of New Accounting Standards: No new accounting standards were adopted during the three months ended March 31, 2022.

Accounting Standards Not Yet Adopted: As an “emerging growth company” as defined in Title 1 of the Jumpstart Our Business Startups (JOBS) Act prior to December 31, 2019, the Company elected to use the extended transition period to delay the adoption of new or reissued accounting pronouncements applicable to public companies until such pronouncements were made applicable to private companies.

The FASB issued, but the Company has not yet adopted, ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” to replace the incurred loss model for loans and other financial assets with an expected loss models, which is referred to as the current expected credit loss (“CECL”) model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized costs, including loan receivables and held-to maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in certain leases recognized by a lessor. In addition, the amendments in Topic 326 require credit losses on available-for-sale securities to be presented as a valuation



10

BLUE FOUNDRY BANCORP
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

allowance rather than a direct write-down on the basis of the securities. The Company is required to adopt this standard by January 1, 2023.

The change from an incurred loss model to an expected loss model represents a fundamental shift from existing GAAP and may result in a material increase to the Company's accounting for credit losses on financial instruments. To prepare for implementation of the new standard the Company has established a cross functional steering committee comprised of members from different disciplines including finance, credit, risk management, internal audit, and operations, among others. The Company has also engaged a third-party consultant to assist with model development, data governance and operational controls to support the adoption of this ASU. A detailed implementation plan has been developed which includes assessing the processes, portfolio segmentation, model development and validation, and system requirements and resources needed. The Company has begun to evaluate the effect that this Update will have on its financial statements and related disclosures. The Company expects the new credit models will include additional assumptions used to calculate credit losses over the estimated life of the financial assets and will include the impact of forecasted macroeconomic conditions. The Company has a system provider for modeling. During 2022, the Company will be focused on model validations as well as the development of processes and related controls. The Company expects to begin parallel runs starting in the second quarter of 2022. The Company is unable to reasonably estimate the impact of adopting this ASU at this time as it will be dependent upon our loan and securities portfolio composition and credit quality at the adoption date, as well as economic conditions and forecasts at that time. Upon adoption, any impact to the allowance for credit losses will have an impact on retained earnings.

In November 2019, FASB issued ASU 2019-11, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses." ASU 2019-11 was issued to address issues raised by stakeholders during the implementation of ASU 2016-13. ASU 2019-11 provides transition relief when adjusting the effective interest rate for troubled debt restructurings ("TDRs") that exist as of the adoption date, extends the disclosure relief in ASU 2019-04 to disclose accrued interest receivable balances separately from the amortized cost basis to additional disclosures involving amortized cost basis, and provides clarification regarding application of the guidance in paragraph 326-20-35-6 for financial assets secured by collateral maintenance provisions that provides a practical expedient to measure the estimate of expected credit losses by comparing the amortized cost basis of a financial asset and the fair value of collateral securing the financial asset as of the reporting date. The effective date and transition requirements for the amendment are the same as the effective date and transition requirements in ASU 2016-13.

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”. The amendments provide expedients and exceptions for applying GAAP to contracts or hedging relationships affected by the discontinuance of LIBOR as a benchmark rate to alleviate the burden and cost of such modifications. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments also provide a one-time election to sell and/or transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform. The update is in effect for a limited time from March 12, 2020 through December 31, 2022. The Company continues to evaluate its financial instruments indexed to USDLIBOR for which Topic 848 provides expedients, exceptions and elections. The Company is monitoring and developing transition plans to address potential revisions to documentation, as well as customer management and communication, internal training, financial, operational and risk management implications, and legal and contract management. The Company continues to assess the expected impact of LIBOR cessation on the Company’s Consolidated Financial Statements.

In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848): Scope”. The update specifically addresses whether Topic 848 applies to derivative instruments that do not reference a rate that is expected to be discontinued but that instead use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform, commonly referred to as the “discounting transition.” This ASU extends certain optional expedients provided in Topic 848 to contract modifications and derivatives affected by the discounting transition. The amendments in ASU 2021-01 may be applied under a retrospective approach as of any date from the beginning of an interim period that includes or is after March 12, 2020 or



11

BLUE FOUNDRY BANCORP
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

prospectively to new modifications made on or after any date within the interim period including January 7, 2021. The update is in effect for a limited time from March 12, 2020 through December 31, 2022. The update is not expected to have a material impact on the Company’s Consolidated Financial Statements.

NOTE 2 – SECURITIES

The amortized cost of securities available for sale and their estimated fair values at March 31, 2022 and December 31, 2021 are as follows:

Amortized
Cost
Gross Unrealized GainsGross Unrealized LossesEstimated
Fair
Value
(In thousands)
March 31, 2022
Available for sale
U.S. Treasury Note$46,939 $ $(1,666)$45,273 
Corporate Bonds86,560 415 (1,749)85,226 
U.S. Government agency obligations22,885 23 (544)22,364 
Obligations issued by U.S. states and their political subdivisions
19,115 293 (210)19,198 
Mortgage-backed securities:
Residential one-to-four family
178,941 5 (10,607)168,339 
Multifamily
29,604 36 (427)29,213 
Asset-backed securities6,269  (268)6,001 
Total available-for-sale$390,313 $772 $(15,471)$375,614 
    
December 31, 2021
Available for sale
U.S. Treasury Note$36,933 $4 $(105)$36,832 
Corporate Bonds86,118 1,791 (290)87,619 
U.S. Government agency obligations23,462 46 (179)23,329 
Obligations issued by U.S. states and their political subdivisions
19,172 1,152  20,324 
Mortgage-backed securities:
Residential one-to-four family
116,166 140 (1,905)114,401 
Multifamily
35,412 598 (94)35,916 
Asset-backed securities6,538 3 (70)6,471 
Total available-for-sale$323,801 $3,734 $(2,643)$324,892 





12

BLUE FOUNDRY BANCORP
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


The amortized cost of securities held-to-maturity and their estimated fair values at March 31, 2022 and December 31, 2021, are as follows:
Amortized CostGross Unrecognized GainsGross Unrecognized LossesEstimated
Fair
Value
(In thousands)
March 31, 2022
Held-to-maturity
     Asset-backed securities$15,238 $ $(1,306)$13,932 
     Corporate bonds14,600 1 (540)14,061 
Total held-to-maturity$29,838 $1 $(1,846)$27,993 
Amortized CostGross Unrecognized GainsGross Unrecognized LossesEstimated
Fair
Value
(In thousands)
December 31, 2021
Held-to-maturity
Corporate bonds$8,000 $ $(59)$7,941 
     Asset-backed securities15,281  (373)14,908 
Total Held-to-maturity$23,281 $ $(432)$22,849 

There were no available for sale securities called or sold during the three months ended March 31, 2022. During the three months ended March 31, 2021, proceeds from sales and calls of securities available for sale totaled $1.7 million, resulting in no gain or loss realized.

There were no other-than-temporary impairment (“OTTI”) charges for the three months ended March 31, 2022 or March 31, 2021, respectively.





13

BLUE FOUNDRY BANCORP
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The amortized cost and fair value of debt securities are shown below by contractual maturity. Expected maturities on mortgage-backed securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. Securities not due at a single maturity are shown separately.

March 31, 2022
Amortized CostEstimated Fair Value
(In thousands)
Available-for-sale
Due in one year or less$5,420 $5,440 
Due from one year to five years97,836 95,474 
Due from five to ten years55,726 54,965 
Due after ten years16,517 16,182 
Mortgage-backed and asset-backed securities214,814 203,553 
Total$390,313 $375,614 
Held-to-maturity
  Due from one year to five years$6,058 $5,594 
  Due from five to ten years 21,780 20,410 
Due after ten years2,000 1,989 
Total$29,838 $27,993 

The following tables summarize available-for-sale securities with unrealized losses at March 31, 2022 and December 31, 2021, aggregated by major security type and length of time in a continuous loss position.

Less than 12 Months12 Months or MoreTotal
Unrealized LossesEstimated
Fair Value
Unrealized LossesEstimated
Fair Value
Unrealized LossesEstimated
Fair Value
(In thousands)
March 31, 2022
Available for sale
U.S. Treasury Note$(1,083)$38,949 $(583)$6,324 $(1,666)$45,273 
Corporate Bonds(1,381)45,434 (368)4,988 (1,749)50,422 
U.S. Government agency obligations(356)9,643 (188)7,419 (544)17,062 
Obligations issued by U.S. states and their political subdivisions(210)2,925   (210)2,925 
Mortgage-backed securities:
Residential one-to-four family(6,795)129,328 (3,812)38,897 (10,607)168,225 
Multifamily(304)12,654 (124)784 (427)13,438 
Asset-backed securities(139)4,601 (128)1,400 (268)6,001 
Total available-for-sale$(10,268)$243,534 $(5,203)$59,812 $(15,471)$303,346 
December 31, 2021
Available for sale
U.S. Treasury Note$(105)$16,814 $ $ $(105)$16,814 
Corporate Bonds(290)17,183   (290)17,183 
U.S. Government agency obligations(49)9,951 (130)7,980 (179)17,931 
Mortgage-backed securities:
Residential one-to-four family(1,761)104,805 (144)3,009 (1,905)107,814 
Multifamily  (94)910 (94)910 
Asset-backed securities(70)4,458   (70)4,458 
Total available-for-sale$(2,275)$153,211 $(368)$11,899 $(2,643)$165,110 





14

BLUE FOUNDRY BANCORP
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The number of available for sale securities in an unrealized loss position at March 31, 2022 totaled 84, compared with 44 at December 31, 2021. The increase in the number of securities in an unrealized loss position at March 31, 2022 was due to higher current market interest rates compared to rates at December 31, 2021. Of the 84 available for sale securities in an unrealized loss position at March 31, 2022, 59 are comprised of U.S. Government agency obligations, Treasury notes, and mortgage-backed securities. These securities were all issued by U.S. Government-sponsored entities and agencies, which the government has affirmed its commitment to support. There were also three municipal bonds, 18 investment grade corporate bonds and four asset-backed securities in an unrealized loss position. The Company does not consider these securities to be other-than-temporarily impaired due to the decline in fair value being attributable to changes in interest rates and liquidity, not credit quality. The Company also does not intend to sell these securities, nor does it foresee being required to sell them before the anticipated recovery (maturity).

The Company did not have any held to maturity securities in an unrecognized loss position for more than twelve months at March 31, 2022 and December 31, 2021. The number of held to maturity securities in an unrealized loss position at March 31, 2022 totaled eight, compared with four at December 31, 2021. The increase in the number of securities in an unrealized loss position at March 31, 2022, was due to higher current market interest rates compared to rates at December 31, 2021. At March 31, 2022, held to maturity securities in an aggregate unrecognized loss position for less than twelve months included two asset-backed securities with total fair value of $13.9 million in an aggregate unrecognized loss position of $1.3 million and six investment grade corporate bonds with total fair value of $13.1 million in an aggregate unrecognized loss position of $540 thousand. At December 31, 2021, held to maturity securities in an aggregate unrecognized loss position for less than twelve months included two asset-backed securities with total fair value of $14.9 million in an aggregate unrecognized loss position of $373 thousand and two investment grade corporate bonds with total fair value of $6.9 million in an aggregate unrecognized loss position of $59 thousand.

Securities pledged at March 31, 2022 and December 31, 2021, had a carrying amount of $4.7 million and $9.1 million, respectively, and were pledged to secure public deposits, Federal Home Loan Bank (“FHLB”) advances, repurchase agreements and derivatives as needed.





15

BLUE FOUNDRY BANCORP
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 3 – LOANS RECEIVABLE, NET

A summary of loans receivable, net at March 31, 2022 and December 31, 2021, is as follows:

 March 31, 2022 December 31, 2021
(In thousands)
Residential one-to-four family$579,083 $560,976 
Multifamily517,037 515,240 
Non-residential187,310 141,561 
Construction18,613 23,419 
Junior liens18,071 18,464 
Commercial and industrial (including PPP)16,201 21,563 
Consumer and other37 87 
Total gross loans1,336,352 1,281,310 
Deferred fees, costs and premiums and discounts, net5,134 6,299 
Total loans1,341,486 1,287,609 
Allowance for loan losses(13,465)(14,425)
Loans receivable, net$1,328,021 $1,273,184 

The commercial and industrial portfolio is comprised of general commercial and industrial loans, including Small Business Administration (“SBA”) and Paycheck Protection Program (“PPP”) loans. At March 31, 2022, PPP loans totaled $8.1 million, net of unearned deferred fees.

The portfolio classes in the above table have unique risk characteristics with respect to credit quality:

Payment on multifamily and non-residential mortgages is driven principally by operating results of the managed properties or underlying business and secondarily by the sale or refinance of such properties. Both primary and secondary sources of repayment, and value of the properties in liquidation, may be affected to a greater extent by adverse conditions in the real estate market or the economy in general.
Properties underlying construction loans often do not generate sufficient cash flows to service debt and thus repayment is subject to ability of the borrower and, if applicable, guarantors, to complete development or construction of the property and carry the project, often for extended periods of time. As a result, the performance of these loans is contingent upon future events whose probability at the time of origination is uncertain.
Commercial and Industrial Loans consist of SBA Paycheck Protection Program loans, and other loans that are originated or purchased. This program originated from the Coronavirus Aid Relief and Economic Security (“CARES”) Act. The SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.
The ability of borrowers to service debt in the residential one-to-four family, junior liens and consumer loan portfolios is generally subject to personal income which may be impacted by general economic conditions, such as increased unemployment levels. These loans are predominately collateralized by first and second liens on single family properties. If a borrower cannot maintain the loan, the Company’s ability to recover against the collateral in sufficient amount and in a timely manner may be significantly influenced by market, legal and regulatory conditions.



16

BLUE FOUNDRY BANCORP
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS



The following tables presents the activity in the Company’s allowance for loan losses by class of loans based on the most recent analysis performed for the three months ended March 31, 2022, and 2021:

Residential
One-To-Four
Family
MultifamilyNon-ResidentialConstructionJunior LiensCommercial
and Industrial
(including PPP)
Consumer
and Other
UnallocatedTotal
(In thousands)
Three Months Ended March 31, 2022
Allowance for loan losses
Beginning balance$2,822 $5,263 $2,846 $2,678 $636 $51 $38 $91 $14,425 
Charge-offs      (10) (10)
Recoveries      2  2 
(Recovery of) provision for loan losses(212)(