0001846017false202212-31Q31P5YP5Y00018460172022-01-012022-09-3000018460172022-11-07xbrli:shares00018460172022-09-30iso4217:USD00018460172021-12-31iso4217:USDxbrli:shares00018460172022-07-012022-09-3000018460172021-07-012021-09-3000018460172021-01-012021-09-3000018460172020-12-310001846017us-gaap:CommonStockMember2020-12-310001846017us-gaap:AdditionalPaidInCapitalMember2020-12-310001846017us-gaap:RetainedEarningsMember2020-12-310001846017us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001846017blue:BlueFoundryBankESOPMember2020-12-310001846017us-gaap:RetainedEarningsMember2021-01-012021-03-3100018460172021-01-012021-03-310001846017us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-3100018460172021-03-310001846017us-gaap:CommonStockMember2021-03-310001846017us-gaap:AdditionalPaidInCapitalMember2021-03-310001846017us-gaap:RetainedEarningsMember2021-03-310001846017us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001846017blue:BlueFoundryBankESOPMember2021-03-310001846017us-gaap:RetainedEarningsMember2021-04-012021-06-3000018460172021-04-012021-06-300001846017us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-3000018460172021-06-300001846017us-gaap:CommonStockMember2021-06-300001846017us-gaap:AdditionalPaidInCapitalMember2021-06-300001846017us-gaap:RetainedEarningsMember2021-06-300001846017us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001846017blue:BlueFoundryBankESOPMember2021-06-300001846017us-gaap:RetainedEarningsMember2021-07-012021-09-300001846017us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300001846017us-gaap:CommonStockMember2021-07-012021-09-300001846017us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300001846017us-gaap:CommonStockMemberblue:CharitableFoundationMember2021-07-012021-09-300001846017us-gaap:AdditionalPaidInCapitalMemberblue:CharitableFoundationMember2021-07-012021-09-300001846017blue:CharitableFoundationMember2021-07-012021-09-3000018460172021-09-300001846017blue:BlueFoundryBankESOPMember2021-07-012021-09-300001846017us-gaap:CommonStockMember2021-09-300001846017us-gaap:AdditionalPaidInCapitalMember2021-09-300001846017us-gaap:RetainedEarningsMember2021-09-300001846017us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300001846017blue:BlueFoundryBankESOPMember2021-09-300001846017us-gaap:CommonStockMember2021-12-310001846017us-gaap:AdditionalPaidInCapitalMember2021-12-310001846017us-gaap:RetainedEarningsMember2021-12-310001846017us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001846017blue:BlueFoundryBankESOPMember2021-12-310001846017us-gaap:RetainedEarningsMember2022-01-012022-03-3100018460172022-01-012022-03-310001846017us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001846017us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001846017blue:BlueFoundryBankESOPMember2022-01-012022-03-3100018460172022-03-310001846017us-gaap:CommonStockMember2022-03-310001846017us-gaap:AdditionalPaidInCapitalMember2022-03-310001846017us-gaap:RetainedEarningsMember2022-03-310001846017us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001846017blue:BlueFoundryBankESOPMember2022-03-310001846017us-gaap:RetainedEarningsMember2022-04-012022-06-3000018460172022-04-012022-06-300001846017us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001846017us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001846017blue:BlueFoundryBankESOPMember2022-04-012022-06-3000018460172022-06-300001846017us-gaap:CommonStockMember2022-06-300001846017us-gaap:AdditionalPaidInCapitalMember2022-06-300001846017us-gaap:RetainedEarningsMember2022-06-300001846017us-gaap:TreasuryStockMember2022-06-300001846017us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001846017blue:BlueFoundryBankESOPMember2022-06-300001846017us-gaap:RetainedEarningsMember2022-07-012022-09-300001846017us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300001846017us-gaap:TreasuryStockMember2022-07-012022-09-300001846017us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001846017blue:BlueFoundryBankESOPMember2022-07-012022-09-300001846017us-gaap:CommonStockMember2022-09-300001846017us-gaap:AdditionalPaidInCapitalMember2022-09-300001846017us-gaap:RetainedEarningsMember2022-09-300001846017us-gaap:TreasuryStockMember2022-09-300001846017us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300001846017blue:BlueFoundryBankESOPMember2022-09-300001846017blue:BlueFoundryBancorpNJMember2022-09-30xbrli:pure0001846017blue:PublicStockOfferingMember2021-07-152021-07-1500018460172021-07-1500018460172021-07-152021-07-150001846017us-gaap:ContributionOfNonmonetaryAssetsToCharitableOrganizationMember2021-07-152021-07-15blue:segment0001846017us-gaap:USTreasuryNotesSecuritiesMember2022-09-300001846017us-gaap:CorporateBondSecuritiesMember2022-09-300001846017us-gaap:USGovernmentAgenciesDebtSecuritiesMember2022-09-300001846017us-gaap:USStatesAndPoliticalSubdivisionsMember2022-09-300001846017blue:MortgageBackSecuritiesResidentialOneToFourFamilyMember2022-09-300001846017blue:MortgageBackSecuritiesResidentialMultifamilyMember2022-09-300001846017us-gaap:AssetBackedSecuritiesMember2022-09-300001846017us-gaap:USTreasuryNotesSecuritiesMember2021-12-310001846017us-gaap:CorporateBondSecuritiesMember2021-12-310001846017us-gaap:USGovernmentAgenciesDebtSecuritiesMember2021-12-310001846017us-gaap:USStatesAndPoliticalSubdivisionsMember2021-12-310001846017blue:MortgageBackSecuritiesResidentialOneToFourFamilyMember2021-12-310001846017blue:MortgageBackSecuritiesResidentialMultifamilyMember2021-12-310001846017us-gaap:AssetBackedSecuritiesMember2021-12-310001846017us-gaap:DebtSecuritiesMemberus-gaap:AssetPledgedAsCollateralMember2022-09-300001846017us-gaap:DebtSecuritiesMemberus-gaap:AssetPledgedAsCollateralMember2021-12-31blue:security0001846017blue:OneToFourFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMember2022-09-300001846017blue:OneToFourFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMember2021-12-310001846017blue:MultiFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMember2022-09-300001846017blue:MultiFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMember2021-12-310001846017blue:NonresidentialLoansMemberblue:NonresidentialPortfolioSegmentMember2022-09-300001846017blue:NonresidentialLoansMemberblue:NonresidentialPortfolioSegmentMember2021-12-310001846017blue:ConstructionAndLandPortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-09-300001846017blue:ConstructionAndLandPortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-12-310001846017blue:JuniorLienPortfolioSegmentMemberus-gaap:JuniorLienMember2022-09-300001846017blue:JuniorLienPortfolioSegmentMemberus-gaap:JuniorLienMember2021-12-310001846017blue:CommercialAndIndustrialPPPLoansMemberus-gaap:CommercialPortfolioSegmentMember2022-09-300001846017blue:CommercialAndIndustrialPPPLoansMemberus-gaap:CommercialPortfolioSegmentMember2021-12-310001846017blue:ConsumerAndOtherPortfolioSegmentMemberblue:ConsumerAndOtherLoansMember2022-09-300001846017blue:ConsumerAndOtherPortfolioSegmentMemberblue:ConsumerAndOtherLoansMember2021-12-310001846017blue:PPPLoansMemberus-gaap:CommercialPortfolioSegmentMember2022-09-300001846017blue:PPPLoansMemberus-gaap:CommercialPortfolioSegmentMember2021-12-310001846017blue:OneToFourFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMember2022-06-300001846017blue:MultiFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMember2022-06-300001846017blue:NonresidentialLoansMemberblue:NonresidentialPortfolioSegmentMember2022-06-300001846017blue:ConstructionAndLandPortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-06-300001846017blue:JuniorLienPortfolioSegmentMemberus-gaap:JuniorLienMember2022-06-300001846017blue:CommercialAndIndustrialPPPLoansMemberus-gaap:CommercialPortfolioSegmentMember2022-06-300001846017blue:ConsumerAndOtherPortfolioSegmentMemberblue:ConsumerAndOtherLoansMember2022-06-300001846017us-gaap:UnallocatedFinancingReceivablesMember2022-06-300001846017blue:OneToFourFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMember2022-07-012022-09-300001846017blue:MultiFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMember2022-07-012022-09-300001846017blue:NonresidentialLoansMemberblue:NonresidentialPortfolioSegmentMember2022-07-012022-09-300001846017blue:ConstructionAndLandPortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-07-012022-09-300001846017blue:JuniorLienPortfolioSegmentMemberus-gaap:JuniorLienMember2022-07-012022-09-300001846017blue:CommercialAndIndustrialPPPLoansMemberus-gaap:CommercialPortfolioSegmentMember2022-07-012022-09-300001846017blue:ConsumerAndOtherPortfolioSegmentMemberblue:ConsumerAndOtherLoansMember2022-07-012022-09-300001846017us-gaap:UnallocatedFinancingReceivablesMember2022-07-012022-09-300001846017us-gaap:UnallocatedFinancingReceivablesMember2022-09-300001846017us-gaap:UnallocatedFinancingReceivablesMember2021-12-310001846017blue:OneToFourFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMember2022-01-012022-09-300001846017blue:MultiFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMember2022-01-012022-09-300001846017blue:NonresidentialLoansMemberblue:NonresidentialPortfolioSegmentMember2022-01-012022-09-300001846017blue:ConstructionAndLandPortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-01-012022-09-300001846017blue:JuniorLienPortfolioSegmentMemberus-gaap:JuniorLienMember2022-01-012022-09-300001846017blue:CommercialAndIndustrialPPPLoansMemberus-gaap:CommercialPortfolioSegmentMember2022-01-012022-09-300001846017blue:ConsumerAndOtherPortfolioSegmentMemberblue:ConsumerAndOtherLoansMember2022-01-012022-09-300001846017us-gaap:UnallocatedFinancingReceivablesMember2022-01-012022-09-300001846017blue:OneToFourFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMember2021-06-300001846017blue:MultiFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMember2021-06-300001846017blue:NonresidentialLoansMemberblue:NonresidentialPortfolioSegmentMember2021-06-300001846017blue:ConstructionAndLandPortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-06-300001846017blue:JuniorLienPortfolioSegmentMemberus-gaap:JuniorLienMember2021-06-300001846017blue:CommercialAndIndustrialPPPLoansMemberus-gaap:CommercialPortfolioSegmentMember2021-06-300001846017blue:ConsumerAndOtherPortfolioSegmentMemberblue:ConsumerAndOtherLoansMember2021-06-300001846017us-gaap:UnallocatedFinancingReceivablesMember2021-06-300001846017blue:OneToFourFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMember2021-07-012021-09-300001846017blue:MultiFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMember2021-07-012021-09-300001846017blue:NonresidentialLoansMemberblue:NonresidentialPortfolioSegmentMember2021-07-012021-09-300001846017blue:ConstructionAndLandPortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-07-012021-09-300001846017blue:JuniorLienPortfolioSegmentMemberus-gaap:JuniorLienMember2021-07-012021-09-300001846017blue:CommercialAndIndustrialPPPLoansMemberus-gaap:CommercialPortfolioSegmentMember2021-07-012021-09-300001846017blue:ConsumerAndOtherPortfolioSegmentMemberblue:ConsumerAndOtherLoansMember2021-07-012021-09-300001846017us-gaap:UnallocatedFinancingReceivablesMember2021-07-012021-09-300001846017blue:OneToFourFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMember2021-09-300001846017blue:MultiFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMember2021-09-300001846017blue:NonresidentialLoansMemberblue:NonresidentialPortfolioSegmentMember2021-09-300001846017blue:ConstructionAndLandPortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-09-300001846017blue:JuniorLienPortfolioSegmentMemberus-gaap:JuniorLienMember2021-09-300001846017blue:CommercialAndIndustrialPPPLoansMemberus-gaap:CommercialPortfolioSegmentMember2021-09-300001846017blue:ConsumerAndOtherPortfolioSegmentMemberblue:ConsumerAndOtherLoansMember2021-09-300001846017us-gaap:UnallocatedFinancingReceivablesMember2021-09-300001846017blue:OneToFourFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMember2020-12-310001846017blue:MultiFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMember2020-12-310001846017blue:NonresidentialLoansMemberblue:NonresidentialPortfolioSegmentMember2020-12-310001846017blue:ConstructionAndLandPortfolioSegmentMemberus-gaap:ConstructionLoansMember2020-12-310001846017blue:JuniorLienPortfolioSegmentMemberus-gaap:JuniorLienMember2020-12-310001846017blue:CommercialAndIndustrialPPPLoansMemberus-gaap:CommercialPortfolioSegmentMember2020-12-310001846017blue:ConsumerAndOtherPortfolioSegmentMemberblue:ConsumerAndOtherLoansMember2020-12-310001846017us-gaap:UnallocatedFinancingReceivablesMember2020-12-310001846017blue:OneToFourFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMember2021-01-012021-09-300001846017blue:MultiFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMember2021-01-012021-09-300001846017blue:NonresidentialLoansMemberblue:NonresidentialPortfolioSegmentMember2021-01-012021-09-300001846017blue:ConstructionAndLandPortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-01-012021-09-300001846017blue:JuniorLienPortfolioSegmentMemberus-gaap:JuniorLienMember2021-01-012021-09-300001846017blue:CommercialAndIndustrialPPPLoansMemberus-gaap:CommercialPortfolioSegmentMember2021-01-012021-09-300001846017blue:ConsumerAndOtherPortfolioSegmentMemberblue:ConsumerAndOtherLoansMember2021-01-012021-09-300001846017us-gaap:UnallocatedFinancingReceivablesMember2021-01-012021-09-300001846017blue:OneToFourFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMember2021-01-012021-12-310001846017blue:MultiFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMember2021-01-012021-12-310001846017blue:NonresidentialLoansMemberblue:NonresidentialPortfolioSegmentMember2021-01-012021-12-310001846017blue:ConstructionAndLandPortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-01-012021-12-310001846017blue:CommercialAndIndustrialPPPLoansMemberus-gaap:CommercialPortfolioSegmentMember2021-01-012021-12-310001846017blue:JuniorLienPortfolioSegmentMemberus-gaap:JuniorLienMember2021-01-012021-12-3100018460172021-01-012021-12-310001846017blue:ConsumerAndOtherPortfolioSegmentMemberblue:ConsumerAndOtherLoansMember2021-01-012021-12-310001846017blue:OneToFourFamilyResidentialLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2022-09-300001846017blue:OneToFourFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-09-300001846017blue:OneToFourFamilyResidentialLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2022-09-300001846017blue:OneToFourFamilyResidentialLoansMemberus-gaap:FinancialAssetPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2022-09-300001846017blue:OneToFourFamilyResidentialLoansMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2022-09-300001846017us-gaap:FinancingReceivables30To59DaysPastDueMemberblue:MultiFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMember2022-09-300001846017blue:MultiFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-09-300001846017blue:MultiFamilyResidentialLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2022-09-300001846017us-gaap:FinancialAssetPastDueMemberblue:MultiFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMember2022-09-300001846017blue:MultiFamilyResidentialLoansMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2022-09-300001846017us-gaap:FinancingReceivables30To59DaysPastDueMemberblue:NonresidentialLoansMemberblue:NonresidentialPortfolioSegmentMember2022-09-300001846017blue:NonresidentialLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberblue:NonresidentialPortfolioSegmentMember2022-09-300001846017us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberblue:NonresidentialLoansMemberblue:NonresidentialPortfolioSegmentMember2022-09-300001846017us-gaap:FinancialAssetPastDueMemberblue:NonresidentialLoansMemberblue:NonresidentialPortfolioSegmentMember2022-09-300001846017blue:NonresidentialLoansMemberus-gaap:FinancialAssetNotPastDueMemberblue:NonresidentialPortfolioSegmentMember2022-09-300001846017blue:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConstructionLoansMember2022-09-300001846017blue:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ConstructionLoansMember2022-09-300001846017blue:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConstructionLoansMember2022-09-300001846017blue:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMemberus-gaap:ConstructionLoansMember2022-09-300001846017blue:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:ConstructionLoansMember2022-09-300001846017us-gaap:FinancingReceivables30To59DaysPastDueMemberblue:JuniorLienPortfolioSegmentMemberus-gaap:JuniorLienMember2022-09-300001846017blue:JuniorLienPortfolioSegmentMemberus-gaap:JuniorLienMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-09-300001846017us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberblue:JuniorLienPortfolioSegmentMemberus-gaap:JuniorLienMember2022-09-300001846017us-gaap:FinancialAssetPastDueMemberblue:JuniorLienPortfolioSegmentMemberus-gaap:JuniorLienMember2022-09-300001846017blue:JuniorLienPortfolioSegmentMemberus-gaap:JuniorLienMemberus-gaap:FinancialAssetNotPastDueMember2022-09-300001846017blue:CommercialAndIndustrialPPPLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2022-09-300001846017blue:CommercialAndIndustrialPPPLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-09-300001846017blue:CommercialAndIndustrialPPPLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2022-09-300001846017blue:CommercialAndIndustrialPPPLoansMemberus-gaap:FinancialAssetPastDueMemberus-gaap:CommercialPortfolioSegmentMember2022-09-300001846017blue:CommercialAndIndustrialPPPLoansMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialPortfolioSegmentMember2022-09-300001846017blue:ConsumerAndOtherPortfolioSegmentMemberblue:ConsumerAndOtherLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-09-300001846017blue:ConsumerAndOtherPortfolioSegmentMemberblue:ConsumerAndOtherLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-09-300001846017blue:ConsumerAndOtherPortfolioSegmentMemberblue:ConsumerAndOtherLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-09-300001846017blue:ConsumerAndOtherPortfolioSegmentMemberblue:ConsumerAndOtherLoansMemberus-gaap:FinancialAssetPastDueMember2022-09-300001846017blue:ConsumerAndOtherPortfolioSegmentMemberblue:ConsumerAndOtherLoansMemberus-gaap:FinancialAssetNotPastDueMember2022-09-300001846017us-gaap:FinancingReceivables30To59DaysPastDueMember2022-09-300001846017us-gaap:FinancingReceivables60To89DaysPastDueMember2022-09-300001846017us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-09-300001846017us-gaap:FinancialAssetPastDueMember2022-09-300001846017us-gaap:FinancialAssetNotPastDueMember2022-09-300001846017blue:OneToFourFamilyResidentialLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2021-12-310001846017blue:OneToFourFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310001846017blue:OneToFourFamilyResidentialLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2021-12-310001846017blue:OneToFourFamilyResidentialLoansMemberus-gaap:FinancialAssetPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2021-12-310001846017blue:OneToFourFamilyResidentialLoansMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2021-12-310001846017us-gaap:FinancingReceivables30To59DaysPastDueMemberblue:MultiFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMember2021-12-310001846017blue:MultiFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310001846017blue:MultiFamilyResidentialLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2021-12-310001846017us-gaap:FinancialAssetPastDueMemberblue:MultiFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMember2021-12-310001846017blue:MultiFamilyResidentialLoansMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2021-12-310001846017us-gaap:FinancingReceivables30To59DaysPastDueMemberblue:NonresidentialLoansMemberblue:NonresidentialPortfolioSegmentMember2021-12-310001846017blue:NonresidentialLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberblue:NonresidentialPortfolioSegmentMember2021-12-310001846017us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberblue:NonresidentialLoansMemberblue:NonresidentialPortfolioSegmentMember2021-12-310001846017us-gaap:FinancialAssetPastDueMemberblue:NonresidentialLoansMemberblue:NonresidentialPortfolioSegmentMember2021-12-310001846017blue:NonresidentialLoansMemberus-gaap:FinancialAssetNotPastDueMemberblue:NonresidentialPortfolioSegmentMember2021-12-310001846017blue:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConstructionLoansMember2021-12-310001846017blue:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ConstructionLoansMember2021-12-310001846017blue:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConstructionLoansMember2021-12-310001846017blue:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMemberus-gaap:ConstructionLoansMember2021-12-310001846017blue:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:ConstructionLoansMember2021-12-310001846017us-gaap:FinancingReceivables30To59DaysPastDueMemberblue:JuniorLienPortfolioSegmentMemberus-gaap:JuniorLienMember2021-12-310001846017blue:JuniorLienPortfolioSegmentMemberus-gaap:JuniorLienMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310001846017us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberblue:JuniorLienPortfolioSegmentMemberus-gaap:JuniorLienMember2021-12-310001846017us-gaap:FinancialAssetPastDueMemberblue:JuniorLienPortfolioSegmentMemberus-gaap:JuniorLienMember2021-12-310001846017blue:JuniorLienPortfolioSegmentMemberus-gaap:JuniorLienMemberus-gaap:FinancialAssetNotPastDueMember2021-12-310001846017blue:CommercialAndIndustrialPPPLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2021-12-310001846017blue:CommercialAndIndustrialPPPLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310001846017blue:CommercialAndIndustrialPPPLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2021-12-310001846017blue:CommercialAndIndustrialPPPLoansMemberus-gaap:FinancialAssetPastDueMemberus-gaap:CommercialPortfolioSegmentMember2021-12-310001846017blue:CommercialAndIndustrialPPPLoansMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialPortfolioSegmentMember2021-12-310001846017blue:ConsumerAndOtherPortfolioSegmentMemberblue:ConsumerAndOtherLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-310001846017blue:ConsumerAndOtherPortfolioSegmentMemberblue:ConsumerAndOtherLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310001846017blue:ConsumerAndOtherPortfolioSegmentMemberblue:ConsumerAndOtherLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310001846017blue:ConsumerAndOtherPortfolioSegmentMemberblue:ConsumerAndOtherLoansMemberus-gaap:FinancialAssetPastDueMember2021-12-310001846017blue:ConsumerAndOtherPortfolioSegmentMemberblue:ConsumerAndOtherLoansMemberus-gaap:FinancialAssetNotPastDueMember2021-12-310001846017us-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-310001846017us-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310001846017us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310001846017us-gaap:FinancialAssetPastDueMember2021-12-310001846017us-gaap:FinancialAssetNotPastDueMember2021-12-310001846017blue:OneToFourFamilyResidentialLoansMemberus-gaap:PassMemberus-gaap:ResidentialPortfolioSegmentMember2022-09-300001846017blue:OneToFourFamilyResidentialLoansMemberus-gaap:SpecialMentionMemberus-gaap:ResidentialPortfolioSegmentMember2022-09-300001846017blue:OneToFourFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMember2022-09-300001846017blue:OneToFourFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:DoubtfulMember2022-09-300001846017us-gaap:PassMemberblue:MultiFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMember2022-09-300001846017us-gaap:SpecialMentionMemberblue:MultiFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMember2022-09-300001846017blue:MultiFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMember2022-09-300001846017blue:MultiFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:DoubtfulMember2022-09-300001846017us-gaap:PassMemberblue:NonresidentialLoansMemberblue:NonresidentialPortfolioSegmentMember2022-09-300001846017us-gaap:SpecialMentionMemberblue:NonresidentialLoansMemberblue:NonresidentialPortfolioSegmentMember2022-09-300001846017blue:NonresidentialLoansMemberblue:NonresidentialPortfolioSegmentMemberus-gaap:SubstandardMember2022-09-300001846017blue:NonresidentialLoansMemberblue:NonresidentialPortfolioSegmentMemberus-gaap:DoubtfulMember2022-09-300001846017blue:ConstructionAndLandPortfolioSegmentMemberus-gaap:PassMemberus-gaap:ConstructionLoansMember2022-09-300001846017blue:ConstructionAndLandPortfolioSegmentMemberus-gaap:SpecialMentionMemberus-gaap:ConstructionLoansMember2022-09-300001846017blue:ConstructionAndLandPortfolioSegmentMemberus-gaap:SubstandardMemberus-gaap:ConstructionLoansMember2022-09-300001846017blue:ConstructionAndLandPortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:DoubtfulMember2022-09-300001846017us-gaap:PassMemberblue:JuniorLienPortfolioSegmentMemberus-gaap:JuniorLienMember2022-09-300001846017us-gaap:SpecialMentionMemberblue:JuniorLienPortfolioSegmentMemberus-gaap:JuniorLienMember2022-09-300001846017blue:JuniorLienPortfolioSegmentMemberus-gaap:JuniorLienMemberus-gaap:SubstandardMember2022-09-300001846017blue:JuniorLienPortfolioSegmentMemberus-gaap:JuniorLienMemberus-gaap:DoubtfulMember2022-09-300001846017blue:CommercialAndIndustrialPPPLoansMemberus-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMember2022-09-300001846017blue:CommercialAndIndustrialPPPLoansMemberus-gaap:SpecialMentionMemberus-gaap:CommercialPortfolioSegmentMember2022-09-300001846017blue:CommercialAndIndustrialPPPLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2022-09-300001846017blue:CommercialAndIndustrialPPPLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:DoubtfulMember2022-09-300001846017blue:ConsumerAndOtherPortfolioSegmentMemberblue:ConsumerAndOtherLoansMemberus-gaap:PassMember2022-09-300001846017blue:ConsumerAndOtherPortfolioSegmentMemberblue:ConsumerAndOtherLoansMemberus-gaap:SpecialMentionMember2022-09-300001846017blue:ConsumerAndOtherPortfolioSegmentMemberblue:ConsumerAndOtherLoansMemberus-gaap:SubstandardMember2022-09-300001846017blue:ConsumerAndOtherPortfolioSegmentMemberblue:ConsumerAndOtherLoansMemberus-gaap:DoubtfulMember2022-09-300001846017us-gaap:PassMember2022-09-300001846017us-gaap:SpecialMentionMember2022-09-300001846017us-gaap:SubstandardMember2022-09-300001846017us-gaap:DoubtfulMember2022-09-300001846017blue:OneToFourFamilyResidentialLoansMemberus-gaap:PassMemberus-gaap:ResidentialPortfolioSegmentMember2021-12-310001846017blue:OneToFourFamilyResidentialLoansMemberus-gaap:SpecialMentionMemberus-gaap:ResidentialPortfolioSegmentMember2021-12-310001846017blue:OneToFourFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMember2021-12-310001846017blue:OneToFourFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:DoubtfulMember2021-12-310001846017us-gaap:PassMemberblue:MultiFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMember2021-12-310001846017us-gaap:SpecialMentionMemberblue:MultiFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMember2021-12-310001846017blue:MultiFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMember2021-12-310001846017blue:MultiFamilyResidentialLoansMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:DoubtfulMember2021-12-310001846017us-gaap:PassMemberblue:NonresidentialLoansMemberblue:NonresidentialPortfolioSegmentMember2021-12-310001846017us-gaap:SpecialMentionMemberblue:NonresidentialLoansMemberblue:NonresidentialPortfolioSegmentMember2021-12-310001846017blue:NonresidentialLoansMemberblue:NonresidentialPortfolioSegmentMemberus-gaap:SubstandardMember2021-12-310001846017blue:NonresidentialLoansMemberblue:NonresidentialPortfolioSegmentMemberus-gaap:DoubtfulMember2021-12-310001846017blue:ConstructionAndLandPortfolioSegmentMemberus-gaap:PassMemberus-gaap:ConstructionLoansMember2021-12-310001846017blue:ConstructionAndLandPortfolioSegmentMemberus-gaap:SpecialMentionMemberus-gaap:ConstructionLoansMember2021-12-310001846017blue:ConstructionAndLandPortfolioSegmentMemberus-gaap:SubstandardMemberus-gaap:ConstructionLoansMember2021-12-310001846017blue:ConstructionAndLandPortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:DoubtfulMember2021-12-310001846017us-gaap:PassMemberblue:JuniorLienPortfolioSegmentMemberus-gaap:JuniorLienMember2021-12-310001846017us-gaap:SpecialMentionMemberblue:JuniorLienPortfolioSegmentMemberus-gaap:JuniorLienMember2021-12-310001846017blue:JuniorLienPortfolioSegmentMemberus-gaap:JuniorLienMemberus-gaap:SubstandardMember2021-12-310001846017blue:JuniorLienPortfolioSegmentMemberus-gaap:JuniorLienMemberus-gaap:DoubtfulMember2021-12-310001846017blue:CommercialAndIndustrialPPPLoansMemberus-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMember2021-12-310001846017blue:CommercialAndIndustrialPPPLoansMemberus-gaap:SpecialMentionMemberus-gaap:CommercialPortfolioSegmentMember2021-12-310001846017blue:CommercialAndIndustrialPPPLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2021-12-310001846017blue:CommercialAndIndustrialPPPLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:DoubtfulMember2021-12-310001846017blue:ConsumerAndOtherPortfolioSegmentMemberblue:ConsumerAndOtherLoansMemberus-gaap:PassMember2021-12-310001846017blue:ConsumerAndOtherPortfolioSegmentMemberblue:ConsumerAndOtherLoansMemberus-gaap:SpecialMentionMember2021-12-310001846017blue:ConsumerAndOtherPortfolioSegmentMemberblue:ConsumerAndOtherLoansMemberus-gaap:SubstandardMember2021-12-310001846017blue:ConsumerAndOtherPortfolioSegmentMemberblue:ConsumerAndOtherLoansMemberus-gaap:DoubtfulMember2021-12-310001846017us-gaap:PassMember2021-12-310001846017us-gaap:SpecialMentionMember2021-12-310001846017us-gaap:SubstandardMember2021-12-310001846017us-gaap:DoubtfulMember2021-12-310001846017srt:MinimumMember2022-09-300001846017srt:MaximumMember2022-09-300001846017blue:BlueFoundryBancorp2022EquityIncentivePlanEquityPlanMember2022-08-250001846017us-gaap:RestrictedStockMemberblue:BlueFoundryBancorp2022EquityIncentivePlanEquityPlanMember2022-08-250001846017us-gaap:EmployeeStockOptionMemberblue:BlueFoundryBancorp2022EquityIncentivePlanEquityPlanMember2022-08-250001846017us-gaap:RestrictedStockMembersrt:MinimumMemberblue:BlueFoundryBancorp2022EquityIncentivePlanEquityPlanMember2022-08-252022-08-250001846017srt:MaximumMemberus-gaap:RestrictedStockMemberblue:BlueFoundryBancorp2022EquityIncentivePlanEquityPlanMember2022-08-252022-08-250001846017us-gaap:RestrictedStockMemberblue:BlueFoundryBancorp2022EquityIncentivePlanEquityPlanMember2022-08-252022-08-250001846017us-gaap:RestrictedStockMemberblue:BlueFoundryBancorp2022EquityIncentivePlanEquityPlanMember2022-01-012022-09-300001846017srt:MinimumMemberus-gaap:EmployeeStockOptionMemberblue:BlueFoundryBancorp2022EquityIncentivePlanEquityPlanMember2022-08-252022-08-250001846017srt:MaximumMemberus-gaap:EmployeeStockOptionMemberblue:BlueFoundryBancorp2022EquityIncentivePlanEquityPlanMember2022-08-252022-08-250001846017us-gaap:EmployeeStockOptionMemberblue:BlueFoundryBancorp2022EquityIncentivePlanEquityPlanMember2022-08-252022-08-250001846017us-gaap:EmployeeStockOptionMemberblue:BlueFoundryBancorp2022EquityIncentivePlanEquityPlanMember2022-01-012022-09-300001846017us-gaap:EmployeeStockOptionMemberblue:BlueFoundryBancorp2022EquityIncentivePlanEquityPlanMember2022-07-012022-09-300001846017us-gaap:RestrictedStockUnitsRSUMemberblue:BlueFoundryBancorp2022EquityIncentivePlanEquityPlanMember2022-01-012022-09-300001846017us-gaap:RestrictedStockUnitsRSUMemberblue:BlueFoundryBancorp2022EquityIncentivePlanEquityPlanMember2022-07-012022-09-300001846017blue:BlueFoundryBancorp2022EquityIncentivePlanEquityPlanMember2022-07-012022-09-300001846017blue:BlueFoundryBancorp2022EquityIncentivePlanEquityPlanMember2022-01-012022-09-300001846017us-gaap:EmployeeStockOptionMember2022-01-012022-09-300001846017us-gaap:RestrictedStockMember2022-09-300001846017us-gaap:RestrictedStockMember2022-01-012022-09-300001846017us-gaap:InterestRateSwapMember2022-09-300001846017us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2021-12-310001846017us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2022-09-300001846017us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2022-01-012022-09-300001846017us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2021-01-012021-12-310001846017us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMemberus-gaap:InterestRateSwapMember2022-01-012022-09-300001846017us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMemberus-gaap:InterestRateSwapMember2021-01-012021-12-310001846017us-gaap:OtherLiabilitiesMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2022-01-012022-09-300001846017us-gaap:OtherLiabilitiesMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2021-01-012021-12-310001846017us-gaap:AssetPledgedAsCollateralWithRightMember2022-09-300001846017us-gaap:AssetPledgedAsCollateralWithRightMember2021-12-310001846017us-gaap:InterestRateSwapMember2022-07-012022-09-300001846017us-gaap:InterestExpenseMemberus-gaap:InterestRateSwapMember2022-07-012022-09-300001846017us-gaap:InterestRateSwapMember2021-07-012021-09-300001846017us-gaap:InterestExpenseMemberus-gaap:InterestRateSwapMember2021-07-012021-09-300001846017us-gaap:InterestRateSwapMember2022-01-012022-09-300001846017us-gaap:InterestExpenseMemberus-gaap:InterestRateSwapMember2022-01-012022-09-300001846017us-gaap:InterestRateSwapMember2021-01-012021-09-300001846017us-gaap:InterestExpenseMemberus-gaap:InterestRateSwapMember2021-01-012021-09-300001846017us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-07-012022-09-300001846017us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-07-012021-09-300001846017us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-07-012022-09-300001846017us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-07-012021-09-300001846017us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2022-07-012022-09-300001846017us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2021-07-012021-09-300001846017us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-012022-09-300001846017us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-09-300001846017us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-09-300001846017us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-09-300001846017us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2022-01-012022-09-300001846017us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2021-01-012021-09-300001846017us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-310001846017us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-12-310001846017us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-12-310001846017us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-09-300001846017us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-09-300001846017us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-09-300001846017us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-09-300001846017us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-12-310001846017us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-310001846017us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310001846017us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-09-300001846017us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-09-300001846017us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-09-300001846017us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-09-300001846017us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300001846017us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300001846017us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-300001846017us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300001846017us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300001846017us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300001846017us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-300001846017us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300001846017us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-07-012022-09-300001846017us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-07-012021-09-300001846017us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-09-300001846017us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-09-300001846017us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300001846017us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300001846017us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-300001846017us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300001846017us-gaap:USTreasuryNotesSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001846017us-gaap:USTreasuryNotesSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-09-300001846017us-gaap:USTreasuryNotesSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-09-300001846017us-gaap:USTreasuryNotesSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-09-300001846017us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001846017us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-09-300001846017us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-09-300001846017us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-09-300001846017us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001846017us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-09-300001846017us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-09-300001846017us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-09-300001846017us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001846017us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-09-300001846017us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-09-300001846017us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-09-300001846017blue:MortgageBackSecuritiesResidentialOneToFourFamilyMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001846017blue:MortgageBackSecuritiesResidentialOneToFourFamilyMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-09-300001846017blue:MortgageBackSecuritiesResidentialOneToFourFamilyMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-09-300001846017blue:MortgageBackSecuritiesResidentialOneToFourFamilyMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-09-300001846017blue:MortgageBackSecuritiesResidentialMultifamilyMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001846017blue:MortgageBackSecuritiesResidentialMultifamilyMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-09-300001846017blue:MortgageBackSecuritiesResidentialMultifamilyMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-09-300001846017blue:MortgageBackSecuritiesResidentialMultifamilyMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-09-300001846017us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2022-09-300001846017us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:AssetBackedSecuritiesMember2022-09-300001846017us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMember2022-09-300001846017us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMember2022-09-300001846017us-gaap:FairValueMeasurementsRecurringMember2022-09-300001846017us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-09-300001846017us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-09-300001846017us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-09-300001846017us-gaap:FairValueMeasurementsNonrecurringMemberblue:AssetsHeldForSaleMember2022-09-300001846017us-gaap:FairValueMeasurementsNonrecurringMemberblue:AssetsHeldForSaleMemberus-gaap:FairValueInputsLevel1Member2022-09-300001846017us-gaap:FairValueMeasurementsNonrecurringMemberblue:AssetsHeldForSaleMemberus-gaap:FairValueInputsLevel2Member2022-09-300001846017us-gaap:FairValueMeasurementsNonrecurringMemberblue:AssetsHeldForSaleMemberus-gaap:FairValueInputsLevel3Member2022-09-300001846017us-gaap:USTreasuryNotesSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001846017us-gaap:USTreasuryNotesSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001846017us-gaap:USTreasuryNotesSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001846017us-gaap:USTreasuryNotesSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310001846017us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001846017us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001846017us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001846017us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310001846017us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001846017us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001846017us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001846017us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310001846017us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001846017us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001846017us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001846017us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310001846017blue:MortgageBackSecuritiesResidentialOneToFourFamilyMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001846017blue:MortgageBackSecuritiesResidentialOneToFourFamilyMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001846017blue:MortgageBackSecuritiesResidentialOneToFourFamilyMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001846017blue:MortgageBackSecuritiesResidentialOneToFourFamilyMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310001846017blue:MortgageBackSecuritiesResidentialMultifamilyMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001846017blue:MortgageBackSecuritiesResidentialMultifamilyMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001846017blue:MortgageBackSecuritiesResidentialMultifamilyMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001846017blue:MortgageBackSecuritiesResidentialMultifamilyMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310001846017us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2021-12-310001846017us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:AssetBackedSecuritiesMember2021-12-310001846017us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMember2021-12-310001846017us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMember2021-12-310001846017us-gaap:FairValueMeasurementsRecurringMember2021-12-310001846017us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001846017us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001846017us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310001846017us-gaap:FairValueInputsLevel1Member2022-09-300001846017us-gaap:FairValueInputsLevel2Member2022-09-300001846017us-gaap:FairValueInputsLevel3Member2022-09-300001846017us-gaap:FairValueInputsLevel1Member2021-12-310001846017us-gaap:FairValueInputsLevel2Member2021-12-310001846017us-gaap:FairValueInputsLevel3Member2021-12-310001846017us-gaap:OtherIncomeMemberblue:ServiceChargesOnDepositsMember2022-07-012022-09-300001846017us-gaap:OtherIncomeMemberblue:ServiceChargesOnDepositsMember2021-07-012021-09-300001846017us-gaap:OtherIncomeMemberblue:ServiceChargesOnDepositsMember2022-01-012022-09-300001846017us-gaap:OtherIncomeMemberblue:ServiceChargesOnDepositsMember2021-01-012021-09-300001846017us-gaap:OtherIncomeMemberblue:InterchangeIncomeMember2022-07-012022-09-300001846017us-gaap:OtherIncomeMemberblue:InterchangeIncomeMember2021-07-012021-09-300001846017us-gaap:OtherIncomeMemberblue:InterchangeIncomeMember2022-01-012022-09-300001846017us-gaap:OtherIncomeMemberblue:InterchangeIncomeMember2021-01-012021-09-300001846017us-gaap:OtherIncomeMember2022-07-012022-09-300001846017us-gaap:OtherIncomeMember2021-07-012021-09-300001846017us-gaap:OtherIncomeMember2022-01-012022-09-300001846017us-gaap:OtherIncomeMember2021-01-012021-09-300001846017blue:The2022StockRepurchaseProgramMember2022-07-200001846017blue:The2022StockRepurchaseProgramMemberus-gaap:SubsequentEventMember2022-07-202022-11-07

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 September 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 November 7, 2022 there were 28,522,500 shares issued and 27,881,922 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

 September 30, 2022 December 31, 2021
(Unaudited)(Audited)
(In thousands)
ASSETS
Cash and cash equivalents
$57,324 $193,446 
Securities available for sale, at fair value321,320 324,892 
Securities held to maturity (fair value of $26,344
  at September 30, 2022 and $22,849 at December 31, 2021)
30,749 23,281 
Other investments15,432 10,182 
Loans receivable, net of allowance of $13,600 at September 30, 2022 and $14,425 at December 31, 2021
1,480,837 1,273,184 
Interest and dividends receivable6,431 5,372 
Premises and equipment, net29,992 28,126 
Right-of-use assets25,537 25,457 
Bank owned life insurance22,012 21,662 
Other assets22,284 8,609 
Total assets$2,011,918 $1,914,211 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Deposits$1,266,497 $1,247,040 
Advances from the Federal Home Loan Bank295,500 185,500 
Advances by borrowers for taxes and insurance10,926 9,582 
Lease liabilities26,875 26,696 
Other liabilities14,782 15,922 
Total liabilities1,614,580 1,484,740 
Shareholders’ equity
Preferred stock, $0.01 par value, 10,000,000 authorized: none issued
  
Common stock $0.01 par value; 70,000,000 shares authorized; 28,522,500 shares issued at September 30, 2022 and December 31, 2021; 28,155,292 and 28,522,500 shares outstanding at September 30, 2022 and December 31, 2021, respectively.
285 285 
Additional paid-in capital278,861 282,006 
Retained earnings171,201 169,457 
Treasury stock, at cost: 367,208 shares at September 30, 2022
(4,235) 
Unallocated common shares held by Employee Stock Ownership Plan(21,220)(21,905)
Accumulated other comprehensive loss(27,554)(372)
Total shareholders’ equity 397,338 429,471 
Total liabilities and shareholders’ equity$2,011,918 $1,914,211 
See accompanying notes to the consolidated financial statements.
3




BLUE FOUNDRY BANCORP
Consolidated Statements of Operations
(Unaudited)

Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
(Dollars in thousands)
Interest and dividend income:
Loans$13,692 $12,044 $37,792 $36,362 
Taxable investment income2,571 1,901 6,708 5,064 
Non-taxable investment income109 128 344 392 
Total interest income16,372 14,073 44,844 41,818 
Interest expense:
Deposits1,424 1,651 3,256 6,848 
Borrowed funds1,133 1,318 2,672 4,357 
Total interest expense2,557 2,969 5,928 11,205 
Net interest income13,815 11,104 38,916 30,613 
Release of provision for loan losses(419)(338)(777)(1,699)
Net interest income after provision for loan losses14,234 11,442 39,693 32,312 
Non-interest income:
Fees and service charges650 347 1,815 1,410 
Gain on securities, net  14  
Other income149 142 391 365 
Total non-interest income799 489 2,220 1,775 
Non-interest expense:
Compensation and benefits7,302 5,931 21,234 18,321 
Loss on pension withdrawal  9,232  9,232 
Occupancy and equipment1,921 1,853 5,716 5,849 
Data processing1,559 1,781 4,430 5,432 
Debt extinguishment costs 1,401  1,401 
Advertising125 603 993 1,595 
Professional services1,012 875 3,279 2,819 
Directors fees131 136 393 413 
Provision (release of provision) for commitments and letters of credit170 1,245 (108)541 
Federal deposit insurance premiums98 130 275 384 
Contribution to Blue Foundry Charitable Foundation 9,000  9,000 
Other expense1,351 931 3,692 2,303 
Total non-interest expenses13,669 33,118 39,904 57,290 
Income (loss) before income tax expense (benefit)1,364 (21,187)2,009 (23,203)
Income tax expense (benefit)123 (6,217)175 (6,485)
Net income (loss)$1,241 $(14,970)$1,834 $(16,718)
Basic and diluted earnings (loss) per share$0.05 $(0.68)$0.07 n/a
Weighted average shares outstanding - basic26,128,851 21,979,86126,278,775 n/a
Weighted average shares outstanding - diluted26,246,039 21,979,86126,318,267 n/a
See accompanying notes to the consolidated financial statements.
4






BLUE FOUNDRY BANCORP
Consolidated Statements of Comprehensive (Loss) Income
(Unaudited)


Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
(In thousands)
Net income (loss)$1,241 $(14,970)$1,834 $(16,718)
Other comprehensive (loss) income, net of tax (1):
Unrealized loss on securities available for sale:
Unrealized loss arising during the period
(12,968)(1,053)(39,512)(2,486)
Reclassification adjustment for gain included in net income
  (14) 
(12,968)(1,053)(39,526)(2,486)
Unrealized gain on cash flow hedge:
Unrealized gain arising during the period
4,294 210 11,745 2,132 
Reclassification adjustment for (gain) loss included in net income
(198)264 270 761 
4,096 474 12,015 2,893 
Post-Retirement plans:
Net benefit arising from plan amendment (2)  164  
Reclassification adjustment for amortization of:
Net actuarial loss
65 38 165 112 
65 38 329 112 
Total other comprehensive (loss) income, net of tax (1):
(8,807)(541)(27,182)519 
Comprehensive loss
$(7,566)$(15,511)$(25,348)$(16,199)
(1) The 2022 periods include 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
Nine months ended September 30, 2021
(Unaudited)
Common StockAdditional
Paid-In
Capital
Retained
Earnings
Treasury
Stock
Accumulated
Other
Comprehensive
Income (Loss)
Unallocated Common Stock Held by ESOPTotal
Shareholders’
Equity
SharesPar Value
(In thousands, except share data)
Balance at January 1, 2021100,000$10 $822 $205,799 $— $(1,031)$ $205,600 
Net loss— — (745)— — — (745)
Other comprehensive income— — — — 597 — 597 
Balance at March 31, 2021
100,000$10 $822 $205,054 $— $(434)$ $205,452 
Net loss— — (1,003)— — — (1,003)
Other comprehensive income— — — — 463 — 463 
Balance at June 30, 2021
100,000$10 $822 $204,051 $— $29 $ $204,912 
Net loss— — (14,970)— — (14,970)
Other comprehensive loss— — — — (541)— (541)
Proceeds of stock offering and issuance of common shares27,672,500268 273,330 — — — — 273,598 
Issuance of common shares donated to the Blue Foundry Charitable Foundation750,0007 7,493 — — — — 7,500 
Purchase of common shares by the ESOP (2,281,800 shares)
— — — — — (22,818)(22,818)
ESOP shares committed to be released (41,290 shares)
— 141 — — — 413 554 
Balance at September 30, 2021
28,522,500$285 $281,786 $189,081 $— $(512)$(22,405)$448,235 
See accompanying notes to the consolidated financial statements.
6



BLUE FOUNDRY BANCORP
Consolidated Statements of Changes in Shareholders’ Equity
Nine Months Ended September 30, 2022
(Unaudited)
Common StockAdditional
Paid-In
Capital
Retained
Earnings
Treasury
Stock
Accumulated
Other
Comprehensive
Income (Loss)
Unallocated Common Stock Held by ESOPTotal
Shareholders’
Equity
SharesPar Value
(In thousands, except per share data)
Balance at January 1, 202228,522,500$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
28,522,500$285 $282,100 $170,010 $— $(10,504)$(21,677)$420,214 
Net income— — 40 — — — 40 
Other comprehensive loss— — — — (8,243)— (8,243)
ESOP shares committed to be released (22,818 shares)
— 54 — — — 228 282 
Balance at June 30, 2022
28,522,500$285 $282,154 $170,050 $ $(18,747)$(21,449)$412,293 
Net income— — 1,241 — — — 1,241 
Other comprehensive loss— — — — (8,807)— (8,807)
Purchase of Treasury stock (666,689)— — — (7,781)— — (7,781)
Treasury stock allocated to restricted stock plan299,481— (3,456)(90)3,546 — —  
Compensation cost for stock options and restricted stock— 125 — — — — 125 
ESOP shares committed to be released (22,818 shares)
— 38 — — — 229 267 
Balance at September 30, 2022
28,155,292$285 $278,861 $171,201 $(4,235)$(27,554)$(21,220)$397,338 




See accompanying notes to the consolidated financial statements.
7

BLUE FOUNDRY BANCORP
Consolidated Statements of Cash Flows
(Unaudited)



Nine Months Ended September 30,
20222021
(In thousands)
Cash flows from operating activities
Net income (loss)$1,834 $(16,718)
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization of premises and equipment1,973 1,644 
Change in right-of-use asset1,943 1,974 
(Accretion) amortization of:
Deferred loan fees, costs, and discounts, net
(451)492 
Premiums and discounts on securities819 624 
Change in deferred taxes175 (7,404)
Release of provision for loan losses(777)(1,699)
Gain on sales and calls of securities(14) 
Increase in BOLI cash surrender value(350)(362)
Issuance of common shares donated to Blue Foundry Charitable Foundation 7,500 
ESOP and stock-based compensation expense 996 554 
Expense on withdrawal from pension plan 9,232 
(Increase) decrease in interest and dividends receivable(1,059)43 
Increase in other assets(2,261)(1,223)
Decrease in other liabilities483 3,111 
Change in lease liability(1,844)(1,439)
Net cash provided by (used in) operating activities1,467 (3,671)
Cash flows from investing activities
Net (originations) repayments of loans receivable(120,056)29,347 
Purchases of residential mortgage loans(86,369) 
Purchases of securities available for sale(80,039)(134,927)
Purchases of securities held to maturity(7,600)(20,362)
Proceeds from calls of securities held to maturity 4,000 
Proceeds from sales and calls of securities available for sale2,408 14,000 
Principal payments and maturities on securities available for sale40,828 47,533 
Purchases of other investments(150) 
Purchase of Federal Home Loan Bank stock(12,548) 
Redemption of Federal Home Loan Bank stock7,493 3,884 
Purchases of premises and equipment(4,841)(9,695)
Net cash used in investing activities(260,874)(66,220)
Cash flows from financing activities
Net change in deposits19,457 (90,567)
Proceeds from advances from Federal Home Loan Bank646,000 474,600 
Repayments of advances from Federal Home Loan Bank(536,000)(556,400)
Net increase (decrease) in advances by borrowers for taxes and insurance1,344 (676)
Purchase of treasury stock(7,516) 
Net proceeds from issuance of common shares 250,780 
Net cash provided by financing activities123,285 77,737 
Net (decrease) increase in cash and cash equivalents(136,122)7,846 
Cash and cash equivalents at beginning of period193,446 316,445 
Cash and cash equivalents at end of period$57,324 $324,291 


See accompanying notes to the consolidated financial statements.
8

BLUE FOUNDRY BANCORP
Consolidated Statements of Cash Flows
(Unaudited)



Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest$5,974 $11,032 
Income taxes190 150 
Supplemental noncash disclosures
Transfers of assets to held for sale$917 $892 
Lease liabilities arising from obtaining right-of-use assets2,023 3,197 
     Common shares purchased by the ESOP (22,818)
See accompanying notes to the consolidated financial statements.
9

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 nine months ended September 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. Except for the below, there have been no changes to the Company’s significant accounting policies since December 31, 2021.

Share Based Compensation: The Company maintains an equity incentive plan under which restricted stock and stock options may be granted to employees and directors.

The Company recognizes the cost of employee services received in exchange for awards of equity instruments based on the grant-date fair value of those awards in accordance with ASC 718, “Compensation-Stock Compensation”. The Company estimates the per share fair value of option grants on the date of grant using the Black-Scholes option pricing model using assumptions for the expected dividend yield, expected stock price volatility, risk-free interest rate and expected option term. These assumptions are subjective in nature, involve uncertainties and, therefore, cannot be determined with precision. The Black-Scholes option pricing model also contains certain inherent limitations when applied to options that are not traded on public markets.

The per share fair value of options is highly sensitive to changes in assumptions. In general, the per share fair value of options will move in the same direction as changes in the expected stock price volatility, risk-free interest rate and expected option term, and in the opposite direction as changes in the expected dividend yield. For example, the per share fair value of options will generally increase as expected stock price volatility increases, risk-free interest rate increases, expected option term increases and expected dividend yield decreases. The use of different assumptions or different option pricing models could result in materially different per share fair values of options.



10

BLUE FOUNDRY BANCORP
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


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 nine months ended September 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 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 change 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 and HTM securities portfolios, 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.

Our CECL models will include the following major items:
a historical loss period, which represents a full economic credit cycle utilizing loss experience including peer historical loss data
a reasonable and supportable forecast period of one year, based on managements current review of macroeconomic factors and the reliability of extended forecasts
a reversion period (after the reasonable and supportable forecast period) using a straight-line approach
expected prepayment rates based on our historical experience and benchmark assumptions where internal data is limited; and
incorporation of qualitative factors not captured within the modeled results.

The Company expects to adopt ASU 2016-13 with an effective date at or before the required implementation date. The adoption of ASU 2016-13 is not expected to have a significant impact on our regulatory capital ratios.

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



11

BLUE FOUNDRY BANCORP
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

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 assessing if transition plans are necessary and if it is appropriate for the Company to utilize transition relief. 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 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.






12

BLUE FOUNDRY BANCORP
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 2 – SECURITIES

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

Amortized
Cost
Gross Unrealized GainsGross Unrealized LossesEstimated
Fair
Value
(In thousands)
September 30, 2022
Available for sale
U.S. Treasury Note$46,938 $ $(3,366)$43,572 
Corporate Bonds84,033  (5,587)78,446 
U.S. Government agency obli