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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 June 30, 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 August 11, 2022 there were 28,522,500 shares issued and 28,416,741 shares outstanding of the Registrant’s Common Stock, par value $0.01 per share,





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

 June 30, 2022 December 31, 2021
(Unaudited)(Audited)
(In thousands)
ASSETS
Cash and cash equivalents
$54,806 $193,446 
Securities available for sale, at fair value352,183 324,892 
Securities held to maturity (fair value of $26,928
  at June 30, 2022 and $22,849 at December 31, 2021)
29,794 23,281 
Other investments11,337 10,182 
Loans receivable, net of allowance of $14,050 at June 30, 2022 and
$14,425 at December 31, 2021
1,414,223 1,273,184 
Interest and dividends receivable5,945 5,372 
Premises and equipment, net30,684 28,126 
Right-of-use assets24,163 25,457 
Bank owned life insurance21,892 21,662 
Other assets19,023 8,609 
Total assets$1,964,050 $1,914,211 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Deposits$1,296,674 $1,247,040 
Advances from the Federal Home Loan Bank205,500 185,500 
Advances by borrowers for taxes and insurance10,126 9,582 
Lease liabilities25,461 26,696 
Other liabilities13,996 15,922 
Total liabilities1,551,757 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 capital282,154 282,006 
Retained earnings170,050 169,457 
Unallocated common shares held by ESOP (21,449)(21,905)
Accumulated other comprehensive loss(18,747)(372)
Total shareholders’ equity 412,293 429,471 
Total liabilities and shareholders’ equity$1,964,050 $1,914,211 
See accompanying notes to the consolidated financial statements.
3




BLUE FOUNDRY BANCORP
Consolidated Statements of Operations
(Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
(Dollars in thousands)
Interest income:
Loans$12,444 $12,056 $24,100 $24,318 
Taxable investment income2,320 1,618 4,137 3,163 
Non-taxable investment income114 128 235 263 
Total interest income14,878 13,802 28,472 27,744 
Interest expense:
Deposits950 2,379 1,832 5,197 
Borrowed funds766 1,515 1,539 3,039 
Total interest expense1,716 3,894 3,371 8,236 
Net interest income13,162 9,908 25,101 19,508 
Provision (recovery of provision) for loan losses594 (553)(358)(1,361)
Net interest income after provision for loan losses12,568 10,461 25,459 20,869 
Non-interest income:
Fees and service charges365 537 1,165 1,063 
Gain on sales and calls of securities available for sale14  14  
Loss on premises and equipment (86) (86)
Other115 169 242 310 
Total non-interest income494 620 1,421 1,287 
Non-interest expense:
Compensation and employee benefits7,008 6,369 13,932 12,391 
Occupancy and equipment1,914 2,043 3,795 3,996 
Loss on assets held for sale   21 
Data processing1,393 1,885 2,871 3,652 
Advertising349 521 868 991 
Professional services976 546 2,267 1,943 
Directors fees126 136 262 277 
Recovery of provision for commitments and letters of credit(108)(473)(278)(704)
Federal deposit insurance99 129 177 254 
Other1,262 645 2,341 1,351 
Total non-interest expenses13,019 11,801 26,235 24,172 
Income (loss) before income tax expense (benefit)43 (720)645 (2,016)
Income tax expense (benefit)3 283 52 (268)
Net income (loss)$40 $(1,003)$593 $(1,748)
Basic and diluted earnings per share$ n/a$0.02 n/a
Weighted average shares outstanding26,366,324 n/a26,354,979 n/a
See accompanying notes to the consolidated financial statements.
4






BLUE FOUNDRY BANCORP
Consolidated Statements of Comprehensive (Loss) Income
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
(In thousands)
Net income (loss)$40 $(1,003)$593 $(1,748)
Other comprehensive (loss) income, net of tax (1):
Unrealized (loss) gain on securities available for sale:
Unrealized (loss) gain arising during the period
(10,805)1,321 (26,544)(1,433)
Reclassification adjustment for gains included in net income
(14) (14) 
(10,819)1,321 (26,558)(1,433)
Unrealized gain (loss) on cash flow hedge:
Unrealized gain (loss) arising during the period
2,214 (1,149)7,451 1,922 
Reclassification adjustment for losses included in net income
146 254 468 497 
2,360 (895)7,919 2,419 
Post-Retirement plans:
Net benefit arising from plan amendment (2)164  164  
Reclassification adjustment for amortization of:
Net actuarial loss
52 37 100 74 
216 37 264 74 
Total other comprehensive (loss) income, net of tax (1):
(8,243)463 (18,375)1,060 
Comprehensive loss
$(8,203)$(540)$(17,782)$(688)
(1) The 2022 period tax is inclusive of a deferred tax valuation allowance.
(2) Benefit arising from plan amendment approved in June 2022.
See accompanying notes to the consolidated financial statements.
5



BLUE FOUNDRY BANCORP
Consolidated Statements of Changes in Shareholders’ Equity
Six Months Ended June 30, 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 
Net loss— — (1,003)— — (1,003)
Other comprehensive loss— — — 463 — 463 
Balance at June 30, 2021
$10 $822 $204,051 $29 $ $204,912 
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 
Net loss— — 40 — — 40 
Other comprehensive income— — — (8,243)— (8,243)
ESOP shares committed to be released (22,818 shares)
— 54 — — 228 282 
Balance at June 30, 2022
$285 $282,154 $170,050 $(18,747)$(21,449)$412,293 
See accompanying notes to the consolidated financial statements.
6

BLUE FOUNDRY BANCORP
Consolidated Statements of Cash Flows
(Unaudited)



Six Months Ended June 30,
20222021
(In thousands)
Cash flows from operating activities
Net income (loss)$593 $(1,748)
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization of premises and equipment1,280 1,028 
Change in right-of-use asset1,294 1,346 
(Accretion) amortization of:
Deferred loan fees, costs, and discounts, net
(265)(1,954)
Premiums and discounts on securities566 377 
Deferred income tax benefit52  
Recovery of provision for loan losses(358)(1,361)
Gain on sales and calls of securities(14) 
Loss on assets held for sale 21 
Gain on premises and equipment 86 
Increase in BOLI cash surrender value(230)(237)
ESOP expense604  
(Increase) decrease in interest and dividends receivable(573)242 
Increase in other assets(4,056)(198)
Decrease in other liabilities(102)(227)
Change in lease liability(1,235)(939)
Net cash used in operating activities(2,444)(3,564)
Cash flows from investing activities
Net (increase) decrease in loans(68,711)29,253 
Purchases of residential mortgage loans(71,703) 
Purchases of securities available for sale(80,039)(91,349)
Purchases of securities held to maturity(6,600) 
Proceeds from calls of securities held to maturity 4,000 
Proceeds from sales and calls of securities available for sale2,408 4,000 
Principal payments and maturities on securities available for sale23,264 35,326 
Purchases of other investments(150) 
Purchase of Federal Home Loan Bank stock(2,130) 
Redemption of Federal Home Loan Bank stock1,125 833 
Purchases of premises and equipment(3,838)(7,312)
Net cash used in investing activities(206,374)(25,249)
Cash flows from financing activities
Net increase in deposits49,634 651,883 
Proceeds from advances from Federal Home Loan Bank268,000 319,000 
Repayments of advances from Federal Home Loan Bank(248,000)(333,000)
Net increase (decrease) in advances by borrowers for taxes and insurance544 (424)
Net cash provided by financing activities70,178 637,459 
Net (decrease) increase in cash and cash equivalents(138,640)608,646 
Cash and cash equivalents at beginning of period193,446 316,445 
Cash and cash equivalents at end of period$54,806 $925,091 


See accompanying notes to the consolidated financial statements.
7

BLUE FOUNDRY BANCORP
Consolidated Statements of Cash Flows
(Unaudited)



Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest$3,335 $8,197 
Income taxes120 150 
Supplemental noncash disclosures
Transfers of assets to held for sale$ $892 
Lease liabilities arising from obtaining right-of-use assets 2,168 
See accompanying notes to the consolidated financial statements.
8

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 and six months ended June 30, 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.

The accounting policies of the Company conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1, Summary of Significant Accounting Policies, included in the Company’s 2021 Annual Report on Form 10-K. There have been no changes to the Company’s significant accounting policies since December 31, 2021.

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 and six months ended June 30, 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 model, 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 cost, 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



9

BLUE FOUNDRY BANCORP
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

amendments in Topic 326 require credit losses on available-for-sale securities to be presented as a valuation 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, lending, 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 ASU 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. Upon the Company's adoption of CECL, the change from the incurred loss model to the CECL model will be recognized through an adjustment to retained earnings. The future impact of CECL on the Company’s allowance for credit losses, and provision expense, subsequent to initial adoption, will depend on changes in the loan portfolio, economic conditions, and refinements to key assumptions including forecasting and qualitative factors. Furthermore, the adoption of ASU 2016-13 will necessitate that we establish an allowance for expected credit losses for certain debt securities and other financial assets, however we do not expect these allowances to be significant.

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 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.

In March 2022, the FASB issued ASU No. 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures”. The amendments in this ASU were issued to (1) eliminate accounting guidance for TDRs by creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty; (2) require disclosures of current period gross write-offs by year of origination for financing receivables and net investments in leases. For entities that have adopted the amendments in ASU 2016-13, Measurement of Credit Losses on Financial Instruments, this update will be effective for financial statements issued for fiscal years and interim periods beginning after December



10

BLUE FOUNDRY BANCORP
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

15, 2022. Early adoption is permitted. The amendments in this ASU should be applied prospectively, except for the transition method related to the recognition and measurement of TDRs, where there is an option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. The Company is currently evaluating the impact of this standard to the Consolidated Financial Statements.


NOTE 2 – SECURITIES

The amortized cost of securities available for sale and their estimated fair values at June 30, 2022 and December 31, 2021 are as follows:

Amortized
Cost
Gross Unrealized GainsGross Unrealized LossesEstimated
Fair
Value
(In thousands)
June 30, 2022
Available for sale
U.S. Treasury Note$46,938 $ $(2,304)$44,634 
Corporate Bonds85,092 55 (3,852)81,295 
U.S. Government agency obligations22,036 24 (745)21,315 
Obligations issued by U.S. states and their political subdivisions
17,195 68 (350)16,913 
Mortgage-backed securities:
Residential one-to-four family
173,406 3 (17,234)156,175 
Multifamily
27,509  (832)26,677 
Asset-backed securities5,527  (353)5,174 
Total available-for-sale$377,703 $150 $(25,670)$352,183 
    
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 




11

BLUE FOUNDRY BANCORP
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The amortized cost of securities held-to-maturity and their estimated fair values at June 30, 2022 and December 31, 2021, are as follows:
Amortized CostGross Unrecognized GainsGross Unrecognized LossesEstimated
Fair
Value
(In thousands)
June 30, 2022
Held-to-maturity
     Corporate bonds$14,600 $ $(1,037)$13,563 
     Asset-backed securities15,194  (1,829)13,365 
Total held-to-maturity$29,794 $ $(2,866)$26,928 
(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 

Proceeds from sales and calls of securities available for sale totaled $2.4 million, resulting in gross realized gains of $14 thousand and no gross losses realized during the three and six months ended June 30, 2022, respectively. During the three and six months ended June 30, 2021, proceeds from sales and calls of securities available for sale totaled $4.0 million, resulting in no gain or loss realized.

Securities pledged at June 30, 2022 and December 31, 2021, had a carrying amount of $4.5 million and $9.1 million, respectively, and were pledged to secure borrowings, public deposits and derivatives as needed.

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.

June 30, 2022
Amortized CostEstimated Fair Value
(In thousands)
Available-for-sale
Due in one year or less$4,538 $4,542 
Due from one year to five years100,219 96,386 
Due from five to ten years50,184 48,033 
Due after ten years16,320 15,196 
Mortgage-backed and asset-backed securities206,442 188,026 
Total$377,703 $352,183 
Held-to-maturity
  Due from one year to five years$18,645 $17,164 
  Due from five to ten years 11,149 9,764 
Total$29,794 $26,928 






12

BLUE FOUNDRY BANCORP
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The following tables summarize available-for-sale securities with unrealized losses at June 30, 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)
June 30, 2022
Available for sale
U.S. Treasury Note$(1,424)$38,604 $(880)$6,030 $(2,304)$44,634 
Corporate Bonds(3,379)67,385 (473)4,858 (3,852)72,243 
U.S. Government agency obligations(437)9,562 (308)6,524 (745)16,086 
Obligations issued by U.S. states and their political subdivisions(350)6,172   (350)6,172 
Mortgage-backed securities:
Residential one-to-four family(10,349)109,118 (6,885)