CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY (Tables)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Condensed Statements of Financial Condition

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

Condensed Statements of Financial Condition
	At December 31,
	2022		2021
	(In thousands)
Assets:
Cash and cash equivalents	$	98,494	$	114,331
Investment in banking subsidiary		274,211		293,414
ESOP loan receivable		21,222		21,837
Other investments		157		—
Other assets		1,101		245
Total Assets	$	395,185	$	429,827
Liabilities and Stockholders’ Equity:
Total liabilities	$	1,467	$	356
Total stockholders’ equity		393,718		429,471
Total Liabilities and Stockholders’ Equity	$	395,185	$	429,827

Condensed Statements of Comprehensive Loss

Condensed Statements of Comprehensive Loss
	Year Ended December 31,
	2022		2021
	(In thousands)
Income:
Interest on ESOP loan receivable	$	710	$	343
Other income		19		23
Total income		729		366
Expenses:
Contribution to Blue Foundry Charitable Foundation		—		9,000
Other expenses		2,384		719
Total expenses		2,384		9,719
Loss before income tax benefit		(1,655)		(9,353)
Income tax benefit		(41)		(59)
Loss before undistributed earnings of subsidiary		(1,614)		(9,294)
Equity in undistributed earnings of banking subsidiary		4,010		(27,048)
Net income (loss)	$	2,396	$	(36,342)
Comprehensive income (loss):
Net income (loss)	$	2,396	$	(36,342)
Other comprehensive (loss) income		(24,347)		659
Comprehensive loss	$	(21,951)	$	(35,683)

Condensed Statements of Cash Flows

Condensed Statements of Cash Flows
	Twelve Months Ended December 31,
	2022		2021
	(In thousands)
Cash flows from operating activities:
Net income (loss)	$	2,396	$	(36,342)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary		(4,010)		27,048
Issuance of common shares donated to Blue Foundry Charitable Foundation		—		7,500
ESOP and stock-based compensation expense		682		361
Increase in other assets		(863)		(82)
Increase in other liabilities		842		237
Net cash used by operating activities		(953)		(1,278)
Cash flows from investing activities:
Capital contribution to banking subsidiary		—		(136,481)
Purchase of other investments		(150)		—
Loan to ESOP		—		(22,818)
Repayment of ESOP loan		615		981
Net cash provided by (used in) investing activities		465		(158,318)
Cash flows from financing activities:
Purchase of treasury stock		(15,349)		—
Proceeds from issuance of common shares				273,598
Net cash (used in) provided by financing activities		(15,349)		273,598
Net (decrease) increase in cash and cash equivalents		(15,837)		114,002
Cash and cash equivalents at beginning of year		114,331		329
Cash and cash equivalents at end of year	$	98,494	$	114,331