XML 17 R5.htm IDEA: XBRL DOCUMENT v3.23.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Interest income:    
Loans $ 52,279 $ 48,719
Taxable investment income 9,678 6,821
Non-taxable investment income 456 513
Total interest income 62,413 56,053
Interest expense:    
Deposits 5,738 7,884
Borrowed funds 4,832 5,220
Total interest expense 10,570 13,104
Net interest income 51,843 42,949
Release of provision for loan losses (1,001) (2,518)
Net interest income after release of provision for loan losses 52,844 45,467
Non-interest income:    
Fees and service charges 2,156 1,975
Gain (loss) on securities, net 14 (1)
Other income 494 505
Total non-interest income 2,664 2,479
Non-interest expense:    
Compensation and benefits 29,247 25,755
Loss on pension withdrawal 0 11,206
Occupancy and equipment 7,625 7,929
Data processing 5,754 6,933
Debt extinguishment costs 0 2,155
Advertising 1,061 2,390
Professional services 4,117 4,528
(Release of) provision for commitments and letters of credit (311) 689
Federal deposit insurance 381 494
Contribution to Blue Foundry Charitable Foundation 0 9,000
Other expense 4,900 3,591
Total non-interest expense 52,774 74,670
Income (loss) before income tax expense 2,734 (26,724)
Income tax expense 338 9,618
Net income (loss) $ 2,396 $ (36,342)
Basic earnings (loss) per share (in dollars per share) $ 0.09 $ (2.99)
Diluted earnings (loss) per share (in dollars per share) $ 0.09 $ (2.99)
Weighted average shares outstanding, basic (in shares) 26,165,841 12,171,050
Weighted average shares outstanding, diluted (in shares) 26,270,864 12,171,050