CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

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

Condensed Statements of Financial Condition
		December 31, 2023		December 31, 2022
	(In thousands)
Assets:
Cash and cash equivalents		$	61,358	$	98,494
Investment in banking subsidiary		273,915		274,211
ESOP loan receivable		20,588		21,222
Other investments		109		157
Other assets		476		1,101
Total Assets		$	356,446	$	395,185
Liabilities and Stockholders’ Equity:
Total liabilities		$	806	$	1,467
Total stockholders’ equity		355,640		393,718
Total Liabilities and Stockholders’ Equity		$	356,446	$	395,185

Condensed Statements of Comprehensive Loss
		Year Ended December 31,
		2023		2022
	(In thousands)
Income:
Interest on ESOP loan receivable		$	690	$	710
Other income		23		19
Total income		713		729
Expenses:
Other expenses		3,650		2,384
Total expenses		3,650		2,384
Loss before income tax benefit		(2,937)		(1,655)
Income tax benefit		(183)		(41)
Loss before undistributed earnings of subsidiary		(2,754)		(1,614)
Equity in undistributed earnings of banking subsidiary		(4,643)		4,010
Net (loss) income		$	(7,397)	$	2,396
Comprehensive loss:
Net (loss) income	$	$	(7,397)	$	2,396
Other comprehensive income (loss)		1,839		(24,347)
Comprehensive loss	$	$	(5,558)	$	(21,951)

Condensed Statements of Cash Flows
		Twelve Months Ended December 31,
		2023		2022
	(In thousands)
Cash flows from operating activities:
Net (loss) income	$	$	(7,397)	2,396
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary		4,643		(4,010)
ESOP and stock-based compensation expense		1,241		682
Decrease (increase) in other assets		696		(863)
(Decrease) increase in other liabilities		(918)		842
Net cash used by operating activities		(1,735)		(953)
Cash flows from investing activities:
Purchase of other investments		(30)		(150)
Repayment of ESOP loan		635		615
Net cash provided by investing activities		605		465
Cash flows from financing activities:
Purchase of treasury stock		(36,006)		(15,349)
Net cash used in financing activities		(36,006)		(15,349)
Net decrease in cash and cash equivalents		(37,136)		(15,837)
Cash and cash equivalents at beginning of year		98,494		114,331
Cash and cash equivalents at end of year	$	$	61,358	98,494