Blue Foundry Bancorp (BLFY) 10-Q 17 Jun 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	Jun. 17, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	333-254079
Entity Registrant Name	BLUE FOUNDRY BANCORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-2831373
Entity Address, Address Line One	19 Park Avenue,
Entity Address, City or Town	Rutherford,
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07070
City Area Code	201
Local Phone Number	939-5000
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		0
Entity Central Index Key	0001846017
Amendment Flag	false
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 292,134	$ 316,445
Securities available for sale, at fair value	274,462	244,587
Assets held for sale, at fair value	5,156	5,295
Securities held-to-maturity	7,003	7,005
Restricted stock, at cost	16,635	16,860
Loans receivable, net of allowance of $16,150 at March 31, 2021 and $16,959 at December 31, 2020	1,281,559	1,267,114
Real estate owned, net	624	624
Interest and dividends receivable	5,933	5,749
Premises and equipment, net	22,605	19,569
Right-of-use assets	24,079	24,878
Bank owned life insurance	21,302	21,186
Other assets	12,121	13,234
Total assets	1,963,614	1,942,546
Liabilities
Deposits	1,385,829	1,356,184
Advances from the Federal Home Loan Bank	324,400	329,400
Advances by borrowers for taxes and insurance	10,725	10,841
Lease liabilities	25,052	25,535
Other liabilities	12,155	14,986
Total liabilities	1,758,162	1,736,946
Shareholders’ equity
Common stock $0.10 par value; 20,000,000 shares authorized; 100,000 shares issued and outstanding	10	10
Additional paid-in capital	822	822
Retained earnings	205,054	205,799
Accumulated other comprehensive loss	(434)	(1,031)
Total shareholders’ equity	205,452	205,600
Total liabilities and shareholders’ equity	$ 1,963,614	$ 1,942,546

Consolidated Statements of Fi_2

Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Debt Securities, Held-to-maturity, Fair Value	$ 7,004	$ 6,979
Loans receivable, allowance	$ 16,150	$ 16,959
Common Stock, Par or Stated Value Per Share	$ 0.10	$ 0.10
Common Stock, Shares Authorized	20,000,000	20,000,000
Common Stock, Shares, Issued	100,000	100,000
Common Stock, Shares, Outstanding	100,000	100,000
Amortized Cost	$ 7,003	$ 7,005

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest income:
Loans	$ 12,262	$ 14,215
Taxable investment income	1,545	2,038
Non-taxable investment income	135	184
Total interest income	13,942	16,437
Interest expense:
Deposits	2,818	4,602
Borrowed funds	1,525	1,659
Total interest expense	4,343	6,261
Net interest income	9,599	10,176
(Recovery of) provision for loan losses	(808)	1,501
Net interest income after (recovery of) provision for loan losses	10,407	8,675
Noninterest income:
Fees and service charges	526	303
Write-down of Real Estate Owned	0	(1,390)
Other	140	184
Total other income (loss)	666	(903)
Noninterest expense:
Compensation and employee benefits	6,021	5,591
Occupancy and equipment	1,953	1,399
Loss on assets held for sale	21	12,765
Data processing	1,767	931
Advertising	470	399
Professional services	1,397	2,115
Directors Fees	140	123
Provision for commitment and letters of credit	(231)	0
Federal deposit insurance	125	0
Other	706	468
Total operating expenses	12,369	23,791
Loss before income tax expense	(1,296)	(16,019)
Income tax benefit	(551)	(4,685)
Net loss	$ (745)	$ (11,334)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (745)	$ (11,334)
Unrealized gains on securities available for sale:
Unrealized gain (loss) on securities available for sale	(3,641)	1,488
Unrealized losses on cash flow hedge:
Reclassification adjustment for losses (gains) included in net income	(338)	1
Unrealized holding gain (loss) arising during the period	4,948	(5,609)
Unrealized gain (loss) on cash flow hedge	4,610	(5,608)
Defined benefit plans:
Unrealized gain (loss) on defined benefit plans after reclassification adjustment	52	44
Total tax effect	(424)	1,145
Total other comprehensive income (loss)	597	(2,931)
Comprehensive loss	$ (148)	$ (14,265)

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Balance at beginning of period at Dec. 31, 2019	$ 237,621	$ 10	$ 822	$ 237,306	$ (517)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(11,334)			(11,334)
Other comprehensive loss	(2,931)				(2,931)
Balance at end of period at Mar. 31, 2020	223,356	10	822	225,972	(3,448)
Balance at beginning of period at Dec. 31, 2020	205,600	10	822	205,799	(1,031)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(745)			(745)
Other comprehensive loss	597				597
Balance at end of period at Mar. 31, 2021	$ 205,452	$ 10	$ 822	$ 205,054	$ (434)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net loss	$ (745)	$ (11,334)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of premises and equipment	600	513
Change in right-of-use asset	799	0
Amortization (accretion) of:
Deferred loan fees, costs, and discounts, net	53	255
Premiums and discounts on securities	112	36
Deferred income tax (benefit) expense	0	(957)
Dividends on CRA fund	0	(15)
(Recovery) provision for loan losses	(808)	1,501
Loss on assets held for sale	21	12,765
Write-down of Real Estate Owned	0	1,390
Increase in BOLI cash surrender value	(116)	(139)
Increase in interest and dividends receivable	(184)	(233)
(Increase) decrease in other assets	689	(5,897)
Increase in other liabilities	1,832	2,506
Change in lease liability	(483)	0
Net cash provided by operating activities	1,770	391
Cash flows from investing activities
Net (increase) decrease in loans	(13,690)	2,766
Purchases of securities available for sale	(59,609)	(81,617)
Sales of securities held to maturity	0	4,178
Proceeds from sales and calls of securities available for sale	1,704	2,610
Principal payments and maturities on securities available for sale	24,279	16,291
Redemption (purchase) of restricted stock	225
Redemption (purchase) of restricted stock		(3,398)
Purchases of premises and equipment	(3,518)	(1,012)
Net cash used in investing activities	(50,609)	(60,182)
Cash flows from financing activities
Net increase in deposits	29,644	8,262
Proceeds of advances from Federal Home Loan Bank	182,800	202,600
Repayments of advances from Federal Home Loan Bank	(187,800)	(127,100)
Net (decrease) increase in advances by borrowers for taxes and insurance	(116)	444
Net cash provided by financing activities	24,528	84,206
Net (decrease) increase in cash and cash equivalents	(24,311)	24,415
Cash and cash equivalents at beginning of period	316,445	124,034
Cash and cash equivalents at end of period	292,134	148,449
Cash paid during the period for:
Interest	4,355	6,274
Income taxes	0	0
Supplemental noncash disclosures
Transfers of assets to held for sale	0	5,695
Lease liabilities arising from obtaining right-of-use assets	$ 0	$ 26,467

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation : The accompanying consolidated financial statements include the accounts of Blue Foundry Bancorp (the “Company”, formerly Boiling Springs Bancorp), 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., Blue Foundry Investment Company (collectively, the “Company”). The Company’s name change was effective July 1, 2019. All significant intercompany accounts and transactions have been eliminated in consolidation. Blue Foundry Bancorp owns 100% of the common stock of Blue Foundry Bank. Blue Foundry, MHC, a New Jersey chartered mutual holding company, (the “Corporation”), owns all of the common stock of the Company. Blue Foundry, MHC is not consolidated in these financial statements. Basis of Financial Statement Presentation : The consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles. 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. Loans Receivable : Loans receivable are stated at unpaid principal balance, net of deferred fees, costs, and discounts, and the allowance for loan losses. Interest on loans is recognized based upon the principal amount outstanding. Loan fees and certain direct loan origination costs are deferred, and the net fee or cost is recognized in interest income using the level yield method over the contractual life of the individual loans, adjusted for actual prepayments. For all loan classes, the accrual of income on loans, including impaired loans, is generally discontinued when a loan becomes more than 90 days delinquent or when certain factors indicate reasonable doubt as to the ability of the borrower to meet contractual principal and/or interest obligations. Loans on which the accrual of income has been discontinued are designated as nonaccrual loans. All previously accrued interest is reversed and income is recognized subsequently only in the period received, provided the remaining principal balance is deemed collectible. A nonaccrual loan is not returned to an accrual status until principal and interest payments are brought current and factors indicating doubtful collection no longer exist. Principal and interest payments received on non-accrual loans for which the remaining principal balance is not deemed collectible are applied as a reduction to principal and interest income is not recognized. If the principal balance on the loan is later deemed collectible and the loan is returned to accrual status, any interest payments that were applied to principal while on non-accrual are recorded as an unearned discount on the loan, classified as deferred fees, costs and discounts, and are recognized into interest income using the level-yield method over the remaining contractual life the individual loan, adjusted for actual prepayments. Allowance for Loan Losses : The allowance for loan losses is a valuation allowance for probable and reasonably estimable incurred credit losses in the loan portfolio as of the balance sheet date. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required for all portfolio segments using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. The allowance consists of specific and general components. The specific component of the allowance relates to loans that are individually classified as impaired. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impaired loans are measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, or, as a practical expedient, at the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance (generally $400,000 or less) homogeneous loans, such as consumer and residential real estate loans, are collectively evaluated for impairment. Impaired loans also include all nonaccrual non-residential, multifamily and construction and land loans, and troubled debt restructurings. Troubled debt restructured loans are those loans whose terms have been modified such that a concession has been granted because of deterioration in the financial condition of the borrower. Modifications could include extension of the terms of the loan, reduced interest rates, and forgiveness of accrued interest and/or principal. Once an obligation has been classified a troubled debt restructuring, it continues to be considered a troubled debt restructuring and is individually evaluated for impairment until paid in full. For a cash flow dependent loan, the Company records an impairment charge equal to the difference between the present value of the estimated future cash flows under the restructured terms discounted at the loans original effective interest rate, and the original loan’s carrying amount. For a collateral dependent loan, the Company records an impairment when the current estimated fair value, net of estimated costs to sell when necessary, of the property that collateralizes the impaired loan is less than the recorded investment in the loan. The general component of the allowance covers non impaired loans and is based on historical loss experience adjusted for current qualitative factors. The historical loss experience is a quantitative factor determined by portfolio segment and is based on the actual loss history experienced by the Company. These factors include consideration of the following: • Changes in lending policies and procedures, including underwriting standards, collections, and internal loan review practices; • Changes in the nature and volume of the portfolio – increase (decrease) in portfolio category; • Changes in the volume and severity of past due loans – increase (decrease) in loans past due and on non-accrual; • Changes in the volume and severity of past due loans – increase (decrease) in classified loans; • Changes in the ratings for loans from Pass to Watch to Special Mention to Substandard; • Management assessment based on historical Bank performance and peer market data for Probability-Driven Loss Given Default (PD/LGD) for each loan type, weighted by: o State of the local economy, including regional economic conditions; o Local and regional unemployment; o Delinquency and foreclosure rates in the local market; o Valuations and level of activity in the local housing market; o Other factors, including local and federal government intervention in economic situations which could support or impair credit and valuation, and broader macroeconomic considerations, as well as evolving marketplace, regulatory and legal risk factors The loan portfolio is categorized according to collateral type, loan purpose, lien position, or borrower type (i.e., commercial, consumer). The categories used include residential one-to-four family, multifamily, non-residential, construction and land, junior liens, commercial and industrial (consisting of Paycheck Protection Program, or “PPP”, loans), and consumer and other. Retirement Benefits : Effective January 1, 2020 the Defined Benefit Plan adopted by the Company has been amended to freeze the plan, eliminating all future benefit accruals. The plan was a noncontributory, defined benefit, multiemployer pension plan which covered employees who meet certain eligibility requirements of the plan. Pension plan costs, based upon actuarial assumptions of current and future benefits for employees, are charged to expense and are funded based on the maximum amount that can be deducted for federal income tax purposes. The Company provides certain healthcare benefits, subject to certain limitations, to eligible retirees, based upon years of service and a retirement date prior to January 1, 2019. The Company also provides supplemental retirement benefits to certain directors. The Company measures the cost of these benefits based upon various estimates and assumptions. Costs are recognized as directors render service. Adoption of New Accounting Standards : Effective January 1, 2020, the Company adopted ASU No. 2016-02, “Leases (Topic 842)” which requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. The new standard establishes a right-of-use model (ROU) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The new standard permits entities to use an optional transition method which allows an entity to continue to use guidance from ASC 840 in the comparative periods presented in the adoption year of ASC 842. The optional election also allows entities to utilize several practical expedients including the recognition of a cumulative-effect adjustment to the opening balance of retained earnings in the adoption year. Since all leases at the Company were accounted for as operating leases under ASC 840 and are still considered to be operating leases under ASC 842, no adjustment was needed to retained earnings as of the beginning of the period. Other practical expedients utilized included: – Carry over of historical lease determination and lease classification conclusions – Carry over of historical initial direct cost balances for existing leases – Accounting for lease and non-lease components in contracts in which the Company is a lessee as a single lease component Adoption of the leasing standard resulted in the recognition of operating right-of-use assets of $6.0 million and operating lease liabilities of $6.0 million as of January 1, 2020. These amounts were determined based on the present value of remaining minimum lease payments, discounted using the Company’s incremental borrowing rate at the later of the date of adoption or the date of the lease. There was no material impact to the timing of expense or income recognition in the Company’s Consolidated Income Statements.

SECURITIES

SECURITIES	3 Months Ended
	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
SECURITIES	SECURITIES The amortized cost of securities available for sale and their estimated fair values at March 31, 2021 and December 31, 2020 are as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) March 31, 2021 Available for sale U.S. Treasury Note $ 6,896 $ — $ (288) 6,608 Corporate Bonds 65,288 1,614 (454) 66,448 U.S. Government agency obligations 23,020 81 (242) 22,859 Obligations issued by U.S. states and their political subdivisions 21,222 1,235 (1) 22,456 Mortgage-backed securities: Residential one-to-four family 109,233 440 (1,044) 108,629 Multifamily 46,726 777 (41) 47,462 Total available-for-sale $ 272,385 $ 4,147 $ (2,070) $ 274,462 December 31, 2020 Available for sale U.S. Treasury Note $ 9,989 $ 11 $ — 10,000 Corporate Bonds 57,478 1,863 — 59,341 U.S. Government agency obligations 19,787 89 (201) 19,675 Obligations issued by U.S. states and their political subdivisions 23,280 1,515 — 24,795 Mortgage-backed securities: Residential one-to-four family 71,773 951 (8) 72,716 Multifamily 56,563 1,499 (2) 58,060 Total available-for-sale $ 238,870 $ 5,928 $ (211) $ 244,587 The amortized cost of securities held to maturity and their estimated fair values at March 31, 2021 and December 31, 2020, are as follows: Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated Fair Value (In thousands) March 31, 2021 Held-to-maturity Collateralized loan obligation $ 7,003 $ 1 $ — $ 7,004 Total held-to-maturity $ 7,003 $ 1 $ — $ 7,004 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated Fair Value (In thousands) December 31, 2020 Held-to-maturity Collateralized loan obligation $ 7,005 $ — $ (26) $ 6,979 Total Held-to-maturity $ 7,005 $ — $ (26) $ 6,979 Proceeds from sales and calls of available-for-sale securities totaled $1.7 million in the three months ended March 31, 2021 and $2.6 million in the three months ended March 31, 2020. There were no OTTI charges for the three months ended March 31, 2021 or March 31, 2020, respectively. The amortized cost and fair value of debt securities are shown by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately: March 31, 2021 Amortized Cost Estimated Fair Value (In thousands) Available-for-sale Due in one year or less $ 5,645 $ 5,709 Due from one year to five years 64,888 66,743 Due from five to ten years 40,911 41,051 Due after ten years 4,982 4,868 Mortgage-backed securities 155,959 156,091 Total $ 272,385 $ 274,462 Held-to-maturity Due in one year or less $ 7,003 $ 7,004 Due from one year to five years — — Total $ 7,003 $ 7,004 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. The following tables summarize available-for-sale securities with unrealized losses at March 31, 2021 and December 31, 2020, aggregated by major security type and length of time in a continuous loss position. Less than 12 Months 12 Months or More Total Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value (In thousands) March 31, 2021 Available for sale U.S. Treasury Note $ (288) $ 6,608 $ — $ — $ (288) $ 6,608 Corporate Bonds (454) 15,363 — — (454) 15,363 U.S. Government (39) 2,608 (203) 13,158 (242) 15,766 Obligations issued by (1) 876 — — (1) 876 Mortgage-backed Residential one-to-four (1,043) 71,620 (1) 72 (1,044) 71,692 Multifamily (41) 1,520 — 272 (41) 1,792 Total available-for-sale $ (1,866) $ 98,595 $ (204) $ 13,502 $ (2,070) $ 112,097 December 31, 2020 Available for sale U.S. Treasury Note $ — $ — $ — $ — $ — $ — Corporate Bonds — — — — — — U.S. Government (54) 3,559 (147) 10,014 (201) 13,573 Obligations issued by — — — — — — Mortgage-backed Residential one-to-four (7) 3,228 (1) 115 (8) 3,343 Multifamily (2) 738 — 313 (2) 1,051 Total available-for-sale $ (63) $ 7,525 $ (148) $ 10,442 $ (211) $ 17,967 There were no held to maturity securities in an unrecognized loss position for more than twelve months at March 31, 2021. There was one collateralized loan obligation held to maturity security with a fair value of $3.0 million, in an unrecognized loss position of $26 thousand at December 31, 2020. On March 31, 2021, the four U.S. Government agency obligations, one U.S Treasury, one obligation issued by a U.S State and seventeen mortgage-backed securities held by the Company were in an unrealized loss position in the available-for-sale portfolio. These securities were all issued by U.S. Government-sponsored entities and agencies, which the government has affirmed its commitment to support. There were also seven investment grade corporate bonds in an unrealized loss position. The Company does not consider these securities to be other-than-temporarily impaired due to the decline in fair value being attributable to changes in interest rates and liquidity, not credit quality. The Company also does not intend to sell these securities, nor does it foresee being required to sell them before the anticipated recovery (maturity).

LOANS RECEIVABLE, NET

LOANS RECEIVABLE, NET	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
LOANS RECEIVABLE, NET	LOANS RECEIVABLE, NET A summary of loans receivable, net at March 31, 2021 and December 31, 2020, is as follows: March 31, 2021 December 31, 2020 (Dollars in thousands) Residential one-to-four family $ 568,938 $ 611,603 Multifamily 473,487 427,436 Non-residential 124,062 128,141 Construction and land 24,786 33,691 Junior liens 21,031 23,814 Commercial and Industrial (PPP) 80,298 54,053 Consumer and other 80 99 Total loans 1,292,682 1,278,837 Deferred fees, costs and discounts, net 5,027 5,236 Allowance for loan losses (16,150) (16,959) (11,123) (11,723) Loans receivable, net $ 1,281,559 $ 1,267,114 The portfolio classes in the above table have unique risk characteristics with respect to credit quality: • Payment on multifamily and non-residential mortgages is driven principally by operating results of the managed properties or underlying business and secondarily by the sale or refinance of such properties. Both primary and secondary sources of repayment, and value of the properties in liquidation, may be affected to a greater extent by adverse conditions in the real estate market or the economy in general. • Properties underlying construction and land loans often do not generate sufficient cash flows to service debt and thus repayment is subject to ability of the borrower and, if applicable, guarantors, to complete development or construction of the property and carry the project, often for extended periods of time. As a result, the performance of these loans is contingent upon future events whose probability at the time of origination is uncertain. • Commercial and Industrial Loans consist of Small Business Administration (SBA) Paycheck Protection Program (PPP) loans, and other loans that are originated or purchased. This program originated from the Coronavirus Aid Relief and Economic Security (CARES) Act. The SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses. • The ability of borrowers to service debt in the residential one-to-four family, junior liens and consumer loan portfolios is generally subject to personal income which may be impacted by general economic conditions, such as increased unemployment levels. These loans are predominately collateralized by first and second liens on single family properties. If a borrower cannot maintain the loan, the Company’s ability to recover against the collateral in sufficient amount and in a timely manner may be significantly influenced by market, legal and regulatory conditions. The following tables presents the activity in the Company’s allowance for loan losses by class of loans based on the most recent analysis performed for the three months ended March 31, 2021, the three months ended March 31, 2020, and twelve months ended December 31, 2020: Residential One-To-Four Family Multifamily Non-Residential Construction and Land Junior Liens Commercial and Industrial (PPP) Consumer and Other Unallocated Total (Dollars in thousands) March 31, 2021 Allowance for loan losses Beginning balance $ 3,579 $ 5,460 $ 3,244 $ 3,655 $ 916 $ 2 $ 48 $ 55 $ 16,959 Charge-offs — — — — — — (1) — (1) Recoveries — — — — — — — — — (Recovery of) provision for loan losses (237) 288 (99) (727) (103) 5 (3) 68 (808) Total ending allowance balance $ 3,342 $ 5,748 $ 3,145 $ 2,928 $ 813 $ 7 $ 44 $ 123 $ 16,150 March 31, 2020 Allowance for loan losses Beginning balance $ 3,446 $ 4,256 $ 2,548 $ 3,028 $ 1,002 $ — $ 56 $ 164 $ 14,500 Charge-offs — — — — — — (1) — (1) Recoveries — — — — — — — — — (Recovery of) provision for loan losses 135 450 114 804 58 — — (60) 1,501 Total ending allowance balance $ 3,581 $ 4,706 $ 2,662 $ 3,832 $ 1,060 $ — $ 55 $ 104 $ 16,000 December 31, 2020 Allowance for loan losses Beginning balance $ 3,446 $ 4,256 $ 2,548 $ 3,028 $ 1,002 $ — $ 56 $ 164 $ 14,500 Charge-offs (49) — — — — — (10) — (59) Recoveries — — — — — — — — — (Recovery of) provision for loan losses 182 1,204 696 627 (86) 2 2 (109) 2,518 Total ending allowance balance $ 3,579 $ 5,460 $ 3,244 $ 3,655 $ 916 $ 2 $ 48 $ 55 $ 16,959 The following table represents the allocation of allowance for loan losses and the related recorded investment (including deferred fees and costs) in loans by loan portfolio segment disaggregated based on the impairment methodology at March 31, 2021 and December 31, 2020 : Residential One-To-Four Family Multifamily Non-Residential Construction and Land Junior Liens Commercial and Industrial (PPP) Consumer and Other Unallocated Total (Dollars in thousands) March 31, 2021 Allowance for loan losses: Individually evaluated $ 48 $ — $ — $ — $ — $ — $ 42 $ — $ 90 Collectively evaluated 3,294 5,748 3,145 2,928 813 7 2 123 16,060 Total $ 3,342 $ 5,748 $ 3,145 $ 2,928 $ 813 $ 7 $ 44 $ 123 $ 16,150 Loans receivable: Individually evaluated $ 11,031 $ 1,062 $ 4,779 $ — $ 58 $ — $ 42 $ — $ 16,972 Collectively evaluated 562,227 473,847 119,330 24,726 21,061 79,508 38 — 1,280,737 Total $ 573,258 $ 474,909 $ 124,109 $ 24,726 $ 21,119 $ 79,508 $ 80 $ — $ 1,297,709 Residential One-To-Four Family Multifamily Non-Residential Construction and Land Junior Liens Commercial and Industrial (PPP) Consumer and Other Unallocated Total (Dollars in thousands) December 31, 2020 Allowance for loan losses: Individually evaluated $ 49 $ 26 $ — $ — $ — $ — $ 46 $ — $ 121 Collectively evaluated 3,530 5,434 3,244 3,655 916 2 2 55 16,838 Total $ 3,579 $ 5,460 $ 3,244 $ 3,655 $ 916 $ 2 $ 48 $ 55 $ 16,959 Loans receivable: Individually evaluated $ 11,829 $ 1,721 $ 5,084 $ — $ 58 $ — $ 46 $ — $ 18,738 Collectively evaluated 604,419 427,374 123,133 33,630 23,860 52,867 52 — 1,265,335 Total $ 616,248 $ 429,095 $ 128,217 $ 33,630 $ 23,918 $ 52,867 $ 98 $ — $ 1,284,073 The following table presents information related to impaired loans by class of loans as of March 31, 2021 and December 31, 2020: Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Income Recognized Cash Basis Interest Recognized (Dollars in thousands) March 31, 2021 With no related allowance Residential one-to-four $ 9,372 $ 9,586 $ — $ 10,154 $ 4 $ 4 Multifamily 1,687 1,062 — 1,553 16 12 Non-residential 5,154 4,779 — 4,990 76 61 Construction and land — — — — — — Commercial and — — — — — — Junior liens 57 58 — 58 1 1 16,270 15,485 — 16,755 97 78 With an allowance recorded: Residential one-to-four 1,443 1,445 48 1,450 25 19 Multifamily — — — — — Non-residential — — — — — — Construction and land — — — — — — Commercial and — — — — — — Consumer and other 42 42 42 44 1 1 1,485 1,487 90 1,494 26 20 Total $ 17,755 $ 16,972 $ 90 $ 18,249 $ 123 $ 98 March 31, 2020 With no related allowance Residential one-to-four 1,085 1,119 — 1,109 9 8 Multifamily $ 896 $ 904 $ — $ 912 $ 19 $ 14 Non-residential 5,294 5,265 — 5,423 101 81 Construction and land — — — — — — Commercial and — — — — — — Junior liens 60 60 — 61 1 1 7,335 7,348 — 7,505 130 104 With an allowance recorded: Residential one-to-four 1,480 1,479 52 1,484 19 13 Multifamily 354 353 29 353 4 2 Non-residential — — — — — — Construction and land — — — — — — Commercial and — — — — — — Consumer and other 51 51 51 51 1 — 1,885 1,883 132 1,888 24 15 Total $ 9,220 $ 9,231 $ 132 $ 9,393 $ 154 $ 119 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Income Recognized Cash Basis Interest Recognized (Dollars in thousands) December 31, 2020 With no related allowance Residential one-to-four $ 11,161 $ 10,375 $ — $ 4,143 $ 26 $ 25 Multifamily 1,360 1,371 — 1,051 40 38 Non-residential 5,678 5,084 — 5,413 243 225 Construction and land — — — — — — Commercial and — — — — — — Junior liens 58 58 — 60 3 3 18,257 16,888 — 10,667 312 291 With an allowance recorded: Residential one-to-four 1,455 1,454 49 1,472 72 66 Multifamily 351 350 26 353 15 14 Non-residential — — — — — — Construction and land — — — — — — Commercial and — — — — — — Consumer and other 46 46 46 49 2 2 1,852 1,850 121 1,874 89 82 Total $ 20,109 $ 18,738 $ 121 $ 12,541 $ 401 $ 373 The recorded investment in loans includes deferred fees, costs and discounts. For purposes of this disclosure, the unpaid principal balance is not reduced for partial charge-offs. The total recorded investment of loans whose terms have been modified in troubled debt restructurings was $6.1 million and $6.3 million as of March 31, 2021 and December 31, 2020, respectively. The Company has allocated $90 thousand and $95 thousand, respectively, of specific reserves to troubled debt restructured loans as of March 31, 2021 and December 31, 2020. The modification of the terms of troubled debt restructured includes one or a combination of the following: a reduction of the stated interest rate of the loan or an extension of the maturity date. The Company is not committed to lend any additional amounts to customers with outstanding loans that are classified as troubled debt restructurings as of March 31, 2021. There were no loans modified as troubled debt restructured during the periods ended March 31, 2021 and March 31, 2020. A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. There were no troubled debt restructurings for which there was a payment default within twelve months following the modification during the periods ended March 31, 2021 and March 31, 2020. The Company did not record any troubled debt restructurings during the three months ended March 31, 2021 and 2020. Additionally, no troubled debt restructurings modified within the previous year defaulted during the three months ended March 31, 2021 and 2020. The following table presents the recorded investment in non-accrual and loans past due over 90 days still on accrual as of March 31, 2021 and December 31, 2020 : Nonaccrual Loans Past Due Over 3/31/2021 12/31/2020 2021 2020 (Dollars in thousands) Residential one-to-four family $ 11,377 $ 11,813 $ — $ — Multifamily 152 156 — — Non-residential 775 805 — — Construction and land — — — — Commercial and Industrial (PPP) — — — — Junior liens 81 82 — — Total $ 12,385 $ 12,856 $ — $ — The following table presents the recorded investment in past due and current loans by loan portfolio class as of March 31, 2021 and December 31, 2020: 60-89 Days Past Due 90 Days and Greater Past Due Total Past Due Current Total Loans Receivable (Dollars in thousands) March 31, 2021 Residential $ 219 $ 8,946 $ 9,165 $ 564,093 $ 573,258 Multifamily 152 — 152 474,757 474,909 Non-residential — 570 570 123,539 124,109 Construction and land — — — 24,726 24,726 Junior liens 59 81 140 20,979 21,119 Commercial and Industrial (PPP) — — — 79,508 79,508 Consumer and other — — — 80 80 Total $ 430 $ 9,597 $ 10,027 $ 1,287,682 $ 1,297,709 December 31, 2020 Residential $ 3,151 $ 10,075 $ 13,226 $ 603,022 $ 616,248 Multifamily — 156 156 428,939 429,095 Non-residential — 805 805 127,412 128,217 Construction and land 3,000 — 3,000 30,630 33,630 Junior liens — — — 23,918 23,918 Commercial and Industrial (PPP) — — — 52,867 52,867 Consumer and other — — — 98 98 Total $ 6,151 $ 11,036 $ 17,187 $ 1,266,886 $ 1,284,073 The Company categorizes loans into risk categories based on relevant information about the quality and realizable value of collateral, if any, and the ability of borrowers to service their debts such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed whenever a credit is extended, renewed, or modified, or when an observable event occurs indicating a potential decline in credit quality, and no less than annually for large balance loans. The Company used the following definitions for risk ratings for loans classified other than Pass: Special Mention – Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or the Company’s credit position at some future date. Substandard – Loans classified as substandard are inadequately protected by the current sound worth and paying capacity of the obligor, or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the repayment and liquidation of the debt. They are characterized by distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful – Loans classified as doubtful have all the weaknesses inherent in those classified as Substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions, and values, highly questionable and improbable. Loss – Assets classified as loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be effected in the future. The following table presents the risk category of loans by class of loans based on the most recent analysis performed as of March 31, 2021 and December 31, 2020: Pass Special Mention Substandard Doubtful / Loss Total (Dollars in thousands) March 31, 2021 Residential one-to-four family $ 561,435 $ — $ 11,823 $ — $ 573,258 Multifamily 463,546 10,301 1,062 — 474,909 Non-residential 123,022 152 935 — 124,109 Construction and land 24,726 — — — 24,726 Junior liens 20,981 — 138 — 21,119 Commercial and Industrial (PPP) 79,508 — — — 79,508 Consumer and other 80 — — — 80 Total $ 1,273,298 $ 10,453 $ 13,958 $ — $ 1,297,709 December 31, 2020 Residential one-to-four family $ 604,167 $ — $ 12,081 $ — $ 616,248 Multifamily 411,369 16,648 1,078 — 429,095 Non-residential 127,089 154 974 — 128,217 Construction and land 33,630 — — — 33,630 Junior liens 23,837 — 81 — 23,918 Commercial and Industrial (PPP) 52,867 — — — 52,867 Consumer and other 98 — — — 98 Total $ 1,253,057 $ 16,802 $ 14,214 $ — $ 1,284,073

LEASES

LEASES	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
LEASES	LEASES Leases and Lease Obligations: The Company leases certain office space and equipment under operating leases. These leases have original terms ranging from 1 year to 40 years. Operating lease liabilities and right of use (ROU) assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term. Operating lease liabilities are recorded within other liabilities and ROU assets are recorded within other assets in the Company’s consolidated balance sheets. As of March 31, 2021, the Company had the following related to operating leases: As of March 31, 2021 (Dollars in thousands) Right-of-use assets $ 24,079 Lease liabilities $ 25,052 The following table is a summary of the Company’s components of net lease cost for the three months ended March 31, 2021: Three months ended March 31, 2021 (Dollars in thousands) Operating lease cost $ 419 Finance lease cost 6 Variable lease cost 27 Total lease cost $ 452 As of March 31, 2021, the weighted average remaining lease term for operating leases was 13.2 years and the weighted average discount rate used in the measurement of lease liabilities was 1.99%. For the three months ended March 31, 2021 and March 31, 2020, operating lease expense totaled $748 thousand and $371 thousand, respectively, and cash payments for lease liabilities totaled $445 thousand and $371 thousand, respectively. Future undiscounted lease payments for operating leases with initial terms of one year or more as of March 31, 2021 are as follows: (Dollars in thousands) 2022 $ 2,590 2023 2,539 2024 2,287 2025 2,162 2026 1,850 Thereafter 17,400 Total undiscounted lease payments 28,828 Less: imputed interest (3,776) Total $ 25,052

DEPOSITS

DEPOSITS	3 Months Ended
	Mar. 31, 2021
Deposits [Abstract]
DEPOSITS	DEPOSITS Deposits at March 31, 2021 and December 31, 2020, are summarized as follows: March 31, 2021 December 31, 2020 (Dollars in thousands) NOW and demand accounts $ 397,922 $ 362,169 Savings and money market deposit accounts 303,478 276,584 Time deposits 684,429 717,431 $ 1,385,829 $ 1,356,184 Time deposits mature as follows for the years ending December 31: (In thousands) Remainder of 2021 471,314 2022 125,813 2023 61,268 2024 15,519 2025 7,171 2026 3,344 $ 684,429

DERIVATIVES

DERIVATIVES	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES The Company utilizes interest rate swap agreements as part of its asset liability management strategy to increase net interest income and to help manage its interest rate risk position. The notional amount of the interest rate swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate swap agreements. Interest Rate Swaps Designated as Cash Flow Hedges: Interest rate swaps with notional amounts totaling $109,000,000 at March 31, 2021 and December 31, 2020, were designated as cash flow hedges of certain Federal Home Loan Bank advances and were determined to be fully effective during all periods presented. The Company expects the hedges to remain fully effective during the remaining terms of the swaps. The fair value of derivative instruments are presented in other assets and other liabilities. Summary information about the interest-rate swaps designated as cash flow hedges as of period-end is as follows: 2021 2020 (Dollars in thousands) Notional amounts $ 109,000 $ 109,000 Weighted average pay rates 1.4577 % 1.4577 % Weighted average receive rates 0.1950 % 0.2303 % Weighted average maturity 6 years 6 years Unrealized losses $ (935) $ (5,545) Interest income recorded on these swap transactions totaled $(338) thousand, and expense of $1 thousand during the three months ended March 31, 2021 and 2020, respectively, and is reported as a component of interest expense on FHLB Advances. At March 31, 2021, the Company expected $(1.1) million of the unrealized loss to be reclassified as a reduction of interest expense during 2021. Cash Flow Hedge The effect of cash flow hedge accounting on accumulated other comprehensive income for the three months ended March 31, 2021 and March 31, 2020 are as follows: March 31, 2021 Amount of Gain (Loss) Recognized in OCI (Net of Tax) on Derivative Location of Gain (Loss) Reclassified from OCI into Income/(Expense) Amount of Gain (Loss) Reclassified from OCI to Income/(Expense) (Dollars in thousands) Interest rate contracts $ (672) Interest Expense $ (338) March 31,2020 Amount of Gain (Loss) Recognized in OCI (Net of Tax) on Derivative Location of Gain (Loss) Reclassified from OCI into Income/(Expense) Amount of Gain (Loss) Reclassified from OCI to Income/(Expense) (Dollars in thousands) Interest rate contracts $ (4,392) Interest Expense $ 1

RETIREMENT PLANS

RETIREMENT PLANS	3 Months Ended
	Mar. 31, 2021
Retirement Benefits [Abstract]
RETIREMENT PLANS	RETIREMENT PLANS The Company participates in the Pentegra Defined Benefit Plan for Financial Institutions (the “Pentegra DB Plan”), a tax-qualified defined benefit pension plan. There is no separate valuation of multi-employer plan benefits nor segregation of plan assets specifically for the Company because the Plan is a multi-employer plan. The Pentegra DB Plan operates as a multi-employer plan for accounting purposes and as a multiple-employer plan under the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code. There are no collective bargaining agreements in place that require contributions to the Pentegra DB Plan. Benefits are based on years of service and compensation prior to retirement. Annually, Pentegra determines the contributions required to be made by each participating Company, and these contributions are expensed during the year they relate to. The benefits are based on years of service and employee’s compensation. Effective January 1, 2020 this plan was frozen to all current plan participants, eliminating all future benefit accruals. Employees affected by the Defined Benefit Plan amendments noted above will be automatically enrolled into the profit-sharing plan. The Pentegra DB Plan is a single plan under Internal Revenue Code Section 413(c) and, as a result, all of the assets stand behind all of the liabilities. Accordingly, under the Pentegra DB Plan contributions made by a participating employer may be used to provide benefits to participants of other participating employers. The Company has a savings plan under Section 401(k) of the Internal Revenue Code, which covers substantially all employees upon employment who have attained the age of 18. Under the plan, employee contributions are partially matched by the Company at its sole discretion. The Company provides certain health insurance benefits for retired employees and directors meeting plan eligibility requirements. Effective January 1, 2019 the employee postretirement health benefit plan was curtailed, leaving only 10 retired participants and beneficiaries remaining in the plan. Active participants who met certain requirements received payments in lieu of future benefits. The plans are unfunded as of March 31, 2021 and 2020, and the obligation is included in other liabilities as an accrued postretirement benefit cost. The Company maintains an Executive Supplemental Income Retirement Plan “SERP” for certain employees and a Director Retirement Plan “DRP”. As the SERP and DRP plans are unfunded, there are no plan assets associated with these plans. The components of net periodic benefit cost and other amounts recognized in other comprehensive income were as follows for the three months ended March 31, 2021 and 2020: The components of net periodic benefit cost and other amounts recognized in other comprehensive income were as follows for the years ended March 31, 2021 and 2020: SERP and DRP Post Retirement March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020 (In thousands) (In thousands) Service cost $ 38 $ 20 $ — $ — Interest cost 19 32 10 16 Prior Service Cost 17 17 Amortization: Net loss (gain) 35 27 (1) — Net periodic benefit cost $ 109 $ 96 $ 9 $ 16

FAIR VALUE OF ASSETS AND LIABIL

FAIR VALUE OF ASSETS AND LIABILITIES	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE OF ASSETS AND LIABILITIES	FAIR VALUE OF ASSETS AND LIABILITIES Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Company used the following methods and significant assumptions to estimate fair value: Securities: For securities available-for-sale and equity securities, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third party data service providers or dealer market participants with which the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input as defined by ASC 820, is a mathematical technique used principally to value certain securities to benchmark or comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. The Company also holds equity securities and debt instruments issued by the U.S. government and U.S. government sponsored agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs. Derivatives : The fair values of derivatives are based on valuation models using observable market data as of the measurement date (Level 2). The Company’s derivatives are traded in an over-the-counter market where quoted market prices are not always available. Therefore, the fair values of derivatives are determined using quantitative models that utilize multiple market inputs. The inputs will vary based on the type of derivative, but could include interest rates, prices and indices to generate continuous yield or pricing curves, prepayment rates, and volatility factors to value the position. The majority of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. Impaired Loans : : The fair value of impaired loans with specific allocations of the allowance for loan losses is generally based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Assets Held for Sale : Nonrecurring adjustments to certain non-residential properties classified as assets held for sale are measured at fair value, less costs to sell. Fair values are based on contracts / letters of intent. REO : Nonrecurring adjustments to certain non-residential, construction and land, and residential one-to-four family real estate properties classified as REO are measured at fair value, less costs to sell. Fair values are based on recent real estate appraisals. These appraisals may use a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. The following table summarizes the fair value of assets and liabilities as of March 31, 2021: Fair Value Measurements at March 31, 2021, Using Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs Total (Level 1) (Level 2) (Level 3) (In thousands) Measured on a recurring basis: Financial assets Securities available for sale: U.S. Treasury Note $ 6,608 $ 6,608 $ — $ — Domestic Corporate Bonds 66,448 — 66,448 — U.S. Government agency obligations 22,859 12,098 10,760 — Obligations issued by U.S. states and their political subdivisions 22,456 — 22,456 — Mortgage-backed securities: Residential one-to-four family 108,629 — 108,629 — Multifamily 47,462 — 47,462 — $ 274,462 $ 18,706 $ 255,755 $ — Financial Liabilities Derivatives $ (935) $ — $ (935) $ — Measured on a nonrecurring basis: Nonfinancial assets Assets held for sale $ 5,156 $ — $ 5,156 $ — Real estate owned 624 — 624 — The following table summarizes the fair value of assets and liabilities as of December 31, 2020: Fair Value Measurements at December 31, 2020, Using Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs Total (Level 1) (Level 2) (Level 3) (In thousands) Measured on a recurring basis: Financial assets Securities available for sale U.S. Treasury Note $ 10,000 $ 10,000 $ — $ — Domestic Corporate Bonds 59,341 — $ 59,341 — U.S. Government agency obligations 19,675 12,417 7,258 — Obligations issued by U.S. states and their political subdivisions 24,795 — 24,795 — Mortgage-backed securities: Residential one-to-four family 72,716 — 72,716 — Multifamily 58,060 — 58,060 — $ 244,587 $ 22,417 $ 222,170 $ — Financial Liabilities Derivatives $ (5,545) $ — $ (5,545) $ — Measured on a nonrecurring basis: Nonfinancial assets Assets held for sale $ 5,295 $ — $ 5,295 $ — Real estate owned 624 — 624 — In March 2020, certain premises and real estate owned were re-designated to held for sale, which resulted in a write-down from book value to fair value. The impairment recorded on the premises was $12.8 million which resulted in a remaining book value on those assets of $5.3 million that reclassed from premises to assets held for sale. The impairment recorded on the real estate owned was $1.4 million, which resulted in a remaining book value on those assets of $624 thousand. As of March 31, 2021 the fair value measurements presented are consistent with Topic 820, Fair Value Measurement, in which fair value represents exit price . The carrying amounts and fair value of financial instruments not carried at fair value, at March 31, 2021 and December 31, 2020 are as follows: Fair Value Measurements at March 31, 2021, Using Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs Book Value (Level 1) (Level 2) (Level 3) (In thousands) Financial assets Cash and due from banks $ 292,134 $ 292,134 $ — $ — Securities held-to-maturity 7,003 — 7,004 — Loans, net 1,281,559 1,286,794 Financial liabilities Deposits other than time deposits 701,372 701,372 Time Deposits 684,429 — 687,241 — Federal Home Loan advances 324,400 322,234 Fair Value Measurements at December 31, 2020, Using Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs Book Value (Level 1) (Level 2) (Level 3) (In thousands) Measured on a recurring basis: Financial assets Cash and due from banks $ 316,445 $ 316,445 — $ — Securities held-to-maturity 7,005 — 6,978 — Loans, net 1,267,114 — — 1,290,740 Financial liabilities Deposits other than time deposits 638,753 638,753 — — Time Deposits 717,431 — 725,110 — Federal Home Loan advances 329,400 336,377 —

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME	ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive income represents the net unrealized holding gains on securities available-for-sale, derivatives and the funded status of the Company’s benefit plans, as of the consolidated balance sheet dates, net of the related tax effect. The following is a summary of the changes in accumulated other comprehensive income by component, net of tax, for the periods indicated: Gains and Losses on Cash Flow Hedges Unrealized Gains and Losses on Available-for-sale Securities Defined Benefit Pension Items Total (In thousands) Balance at December 31, 2020 $ (3,986) $ 4,208 $ (1,253) $ (1,031) Other comprehensive income (loss) before reclassification 3,071 (2,754) — 317 Amounts reclassified from accumulated other comprehensive income 243 — 37 280 Net current period other comprehensive (loss) gain 3,314 (2,754) 37 597 Balance at March 31, 2021 $ (672) $ 1,454 $ (1,216) $ (434) Gains and Losses on Cash Flow Hedges Unrealized Gains and Losses on Available-for-sale Securities Defined Benefit Pension Items Total (In thousands) Balance at December 31, 2019 $ (360) $ 916 $ (1,073) $ (517) Other comprehensive income (loss) before reclassification (4,031) 1,070 — (2,961) Amounts reclassified from accumulated other comprehensive income (1) — 31 30 Net current period other comprehensive (loss) gain (4,032) 1,070 31 (2,931) Balance at March 31, 2020 $ (4,392) $ 1,986 $ (1,042) $ (3,448) The following is significant amounts reclassified out of each component of accumulated other comprehensive income (loss): Details about Accumulated Other Comprehensive Income Components For the three months ended March 31, Affected Line Item in the Statement Where Net Income is Presented 2021 2020 (In thousands) Gains and (losses) on cash flow hedges: Interest rate contracts (338) 1 Interest income (expense) Amortization of benefit plan items: Net actuarial loss (52) (44) Compensation and employee benefits Total tax effect 110 13 Income tax expense Total reclassification for the period, net of tax $ (280) $ (30)

REVENUE FROM CONTRACTS WITH CUS

REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME	REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within noninterest income in the Statement of Operations. The following table presents the Company’s sources of revenue from contracts with customers for the three months ended March 31, 2021 and 2020, respectively. March 31, 2021 March 31, 2020 (In thousands) Noninterest income Service charges on deposits 192 170 Interchange income 7 6 Total Revenue from Contracts with Customers $ 199 $ 176 Service Charges on Deposit Accounts : The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction based fees, which include services such as ATM use fees, stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed as that is the point in the time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSAs defined in FASB ASC 855, “Subsequent Events”, subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued or available to be issued. Financial statements are considered issued when they are widely distributed to stockholders and other financial statement users for general use and reliance in a form and format that complies with U.S. GAAP. Plan of conversion

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation : The accompanying consolidated financial statements include the accounts of Blue Foundry Bancorp (the “Company”, formerly Boiling Springs Bancorp), 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., Blue Foundry Investment Company (collectively, the “Company”). The Company’s name change was effective July 1, 2019. All significant intercompany accounts and transactions have been eliminated in consolidation. Blue Foundry Bancorp owns 100% of the common stock of Blue Foundry Bank. Blue Foundry, MHC, a New Jersey chartered mutual holding company, (the “Corporation”), owns all of the common stock of the Company. Blue Foundry, MHC is not consolidated in these financial statements.
Basis of Financial Statement Presentation	Basis of Financial Statement Presentation : The consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles. 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.
Loans Receivable	Loans Receivable : Loans receivable are stated at unpaid principal balance, net of deferred fees, costs, and discounts, and the allowance for loan losses. Interest on loans is recognized based upon the principal amount outstanding. Loan fees and certain direct loan origination costs are deferred, and the net fee or cost is recognized in interest income using the level yield method over the contractual life of the individual loans, adjusted for actual prepayments. For all loan classes, the accrual of income on loans, including impaired loans, is generally discontinued when a loan becomes more than 90 days delinquent or when certain factors indicate reasonable doubt as to the ability of the borrower to meet contractual principal and/or interest obligations. Loans on which the accrual of income has been discontinued are designated as nonaccrual loans. All previously accrued interest is reversed and income is recognized subsequently only in the period received, provided the remaining principal balance is deemed collectible. A nonaccrual loan is not returned to an accrual status until principal and interest payments are brought current and factors indicating doubtful collection no longer exist.
Allowance for Loan Losses	Allowance for Loan Losses : The allowance for loan losses is a valuation allowance for probable and reasonably estimable incurred credit losses in the loan portfolio as of the balance sheet date. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required for all portfolio segments using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. The allowance consists of specific and general components. The specific component of the allowance relates to loans that are individually classified as impaired. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impaired loans are measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, or, as a practical expedient, at the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance (generally $400,000 or less) homogeneous loans, such as consumer and residential real estate loans, are collectively evaluated for impairment. Impaired loans also include all nonaccrual non-residential, multifamily and construction and land loans, and troubled debt restructurings. Troubled debt restructured loans are those loans whose terms have been modified such that a concession has been granted because of deterioration in the financial condition of the borrower. Modifications could include extension of the terms of the loan, reduced interest rates, and forgiveness of accrued interest and/or principal. Once an obligation has been classified a troubled debt restructuring, it continues to be considered a troubled debt restructuring and is individually evaluated for impairment until paid in full. For a cash flow dependent loan, the Company records an impairment charge equal to the difference between the present value of the estimated future cash flows under the restructured terms discounted at the loans original effective interest rate, and the original loan’s carrying amount. For a collateral dependent loan, the Company records an impairment when the current estimated fair value, net of estimated costs to sell when necessary, of the property that collateralizes the impaired loan is less than the recorded investment in the loan. The general component of the allowance covers non impaired loans and is based on historical loss experience adjusted for current qualitative factors. The historical loss experience is a quantitative factor determined by portfolio segment and is based on the actual loss history experienced by the Company. These factors include consideration of the following: • Changes in lending policies and procedures, including underwriting standards, collections, and internal loan review practices; • Changes in the nature and volume of the portfolio – increase (decrease) in portfolio category; • Changes in the volume and severity of past due loans – increase (decrease) in loans past due and on non-accrual; • Changes in the volume and severity of past due loans – increase (decrease) in classified loans; • Changes in the ratings for loans from Pass to Watch to Special Mention to Substandard; • Management assessment based on historical Bank performance and peer market data for Probability-Driven Loss Given Default (PD/LGD) for each loan type, weighted by: o State of the local economy, including regional economic conditions; o Local and regional unemployment; o Delinquency and foreclosure rates in the local market; o Valuations and level of activity in the local housing market; o Other factors, including local and federal government intervention in economic situations which could support or impair credit and valuation, and broader macroeconomic considerations, as well as evolving marketplace, regulatory and legal risk factors The loan portfolio is categorized according to collateral type, loan purpose, lien position, or borrower type (i.e., commercial, consumer). The categories used include residential one-to-four family, multifamily, non-residential, construction and land, junior liens, commercial and industrial (consisting of Paycheck Protection Program, or “PPP”, loans), and consumer and other.
Retirement Benefits	Retirement Benefits : Effective January 1, 2020 the Defined Benefit Plan adopted by the Company has been amended to freeze the plan, eliminating all future benefit accruals. The plan was a noncontributory, defined benefit, multiemployer pension plan which covered employees who meet certain eligibility requirements of the plan. Pension plan costs, based upon actuarial assumptions of current and future benefits for employees, are charged to expense and are funded based on the maximum amount that can be deducted for federal income tax purposes. The Company provides certain healthcare benefits, subject to certain limitations, to eligible retirees, based upon years of service and a retirement date prior to January 1, 2019. The Company also provides supplemental retirement benefits to certain directors. The Company measures the cost of these benefits based upon various estimates and assumptions. Costs are recognized as directors render service.
Adoption of New Accounting Standards	Adoption of New Accounting Standards : Effective January 1, 2020, the Company adopted ASU No. 2016-02, “Leases (Topic 842)” which requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. The new standard establishes a right-of-use model (ROU) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The new standard permits entities to use an optional transition method which allows an entity to continue to use guidance from ASC 840 in the comparative periods presented in the adoption year of ASC 842. The optional election also allows entities to utilize several practical expedients including the recognition of a cumulative-effect adjustment to the opening balance of retained earnings in the adoption year. Since all leases at the Company were accounted for as operating leases under ASC 840 and are still considered to be operating leases under ASC 842, no adjustment was needed to retained earnings as of the beginning of the period. Other practical expedients utilized included: – Carry over of historical lease determination and lease classification conclusions – Carry over of historical initial direct cost balances for existing leases – Accounting for lease and non-lease components in contracts in which the Company is a lessee as a single lease component Adoption of the leasing standard resulted in the recognition of operating right-of-use assets of $6.0 million and operating lease liabilities of $6.0 million as of January 1, 2020. These amounts were determined based on the present value of remaining minimum lease payments, discounted using the Company’s incremental borrowing rate at the later of the date of adoption or the date of the lease. There was no material impact to the timing of expense or income recognition in the Company’s Consolidated Income Statements.

SECURITIES (Tables)

SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Summary of amortized cost of securities available for sale and their estimated fair value	The amortized cost of securities available for sale and their estimated fair values at March 31, 2021 and December 31, 2020 are as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) March 31, 2021 Available for sale U.S. Treasury Note $ 6,896 $ — $ (288) 6,608 Corporate Bonds 65,288 1,614 (454) 66,448 U.S. Government agency obligations 23,020 81 (242) 22,859 Obligations issued by U.S. states and their political subdivisions 21,222 1,235 (1) 22,456 Mortgage-backed securities: Residential one-to-four family 109,233 440 (1,044) 108,629 Multifamily 46,726 777 (41) 47,462 Total available-for-sale $ 272,385 $ 4,147 $ (2,070) $ 274,462 December 31, 2020 Available for sale U.S. Treasury Note $ 9,989 $ 11 $ — 10,000 Corporate Bonds 57,478 1,863 — 59,341 U.S. Government agency obligations 19,787 89 (201) 19,675 Obligations issued by U.S. states and their political subdivisions 23,280 1,515 — 24,795 Mortgage-backed securities: Residential one-to-four family 71,773 951 (8) 72,716 Multifamily 56,563 1,499 (2) 58,060 Total available-for-sale $ 238,870 $ 5,928 $ (211) $ 244,587
Summary of amortized cost of securities held to maturity and their estimated fair value	The amortized cost of securities held to maturity and their estimated fair values at March 31, 2021 and December 31, 2020, are as follows: Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated Fair Value (In thousands) March 31, 2021 Held-to-maturity Collateralized loan obligation $ 7,003 $ 1 $ — $ 7,004 Total held-to-maturity $ 7,003 $ 1 $ — $ 7,004 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated Fair Value (In thousands) December 31, 2020 Held-to-maturity Collateralized loan obligation $ 7,005 $ — $ (26) $ 6,979 Total Held-to-maturity $ 7,005 $ — $ (26) $ 6,979
Summary of amortized cost and fair value of debt securities shown by contractual maturity	The amortized cost and fair value of debt securities are shown by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately: March 31, 2021 Amortized Cost Estimated Fair Value (In thousands) Available-for-sale Due in one year or less $ 5,645 $ 5,709 Due from one year to five years 64,888 66,743 Due from five to ten years 40,911 41,051 Due after ten years 4,982 4,868 Mortgage-backed securities 155,959 156,091 Total $ 272,385 $ 274,462 Held-to-maturity Due in one year or less $ 7,003 $ 7,004 Due from one year to five years — — Total $ 7,003 $ 7,004
Summary of available-for-sale securities with unrealized losses	The following tables summarize available-for-sale securities with unrealized losses at March 31, 2021 and December 31, 2020, aggregated by major security type and length of time in a continuous loss position. Less than 12 Months 12 Months or More Total Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value (In thousands) March 31, 2021 Available for sale U.S. Treasury Note $ (288) $ 6,608 $ — $ — $ (288) $ 6,608 Corporate Bonds (454) 15,363 — — (454) 15,363 U.S. Government (39) 2,608 (203) 13,158 (242) 15,766 Obligations issued by (1) 876 — — (1) 876 Mortgage-backed Residential one-to-four (1,043) 71,620 (1) 72 (1,044) 71,692 Multifamily (41) 1,520 — 272 (41) 1,792 Total available-for-sale $ (1,866) $ 98,595 $ (204) $ 13,502 $ (2,070) $ 112,097 December 31, 2020 Available for sale U.S. Treasury Note $ — $ — $ — $ — $ — $ — Corporate Bonds — — — — — — U.S. Government (54) 3,559 (147) 10,014 (201) 13,573 Obligations issued by — — — — — — Mortgage-backed Residential one-to-four (7) 3,228 (1) 115 (8) 3,343 Multifamily (2) 738 — 313 (2) 1,051 Total available-for-sale $ (63) $ 7,525 $ (148) $ 10,442 $ (211) $ 17,967

LOANS RECEIVABLE, NET (Tables)

LOANS RECEIVABLE, NET (Tables)	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Summary of loans receivable	A summary of loans receivable, net at March 31, 2021 and December 31, 2020, is as follows: March 31, 2021 December 31, 2020 (Dollars in thousands) Residential one-to-four family $ 568,938 $ 611,603 Multifamily 473,487 427,436 Non-residential 124,062 128,141 Construction and land 24,786 33,691 Junior liens 21,031 23,814 Commercial and Industrial (PPP) 80,298 54,053 Consumer and other 80 99 Total loans 1,292,682 1,278,837 Deferred fees, costs and discounts, net 5,027 5,236 Allowance for loan losses (16,150) (16,959) (11,123) (11,723) Loans receivable, net $ 1,281,559 $ 1,267,114
Summary of changes in allowance for loan losses by class of loans	The following tables presents the activity in the Company’s allowance for loan losses by class of loans based on the most recent analysis performed for the three months ended March 31, 2021, the three months ended March 31, 2020, and twelve months ended December 31, 2020: Residential One-To-Four Family Multifamily Non-Residential Construction and Land Junior Liens Commercial and Industrial (PPP) Consumer and Other Unallocated Total (Dollars in thousands) March 31, 2021 Allowance for loan losses Beginning balance $ 3,579 $ 5,460 $ 3,244 $ 3,655 $ 916 $ 2 $ 48 $ 55 $ 16,959 Charge-offs — — — — — — (1) — (1) Recoveries — — — — — — — — — (Recovery of) provision for loan losses (237) 288 (99) (727) (103) 5 (3) 68 (808) Total ending allowance balance $ 3,342 $ 5,748 $ 3,145 $ 2,928 $ 813 $ 7 $ 44 $ 123 $ 16,150 March 31, 2020 Allowance for loan losses Beginning balance $ 3,446 $ 4,256 $ 2,548 $ 3,028 $ 1,002 $ — $ 56 $ 164 $ 14,500 Charge-offs — — — — — — (1) — (1) Recoveries — — — — — — — — — (Recovery of) provision for loan losses 135 450 114 804 58 — — (60) 1,501 Total ending allowance balance $ 3,581 $ 4,706 $ 2,662 $ 3,832 $ 1,060 $ — $ 55 $ 104 $ 16,000 December 31, 2020 Allowance for loan losses Beginning balance $ 3,446 $ 4,256 $ 2,548 $ 3,028 $ 1,002 $ — $ 56 $ 164 $ 14,500 Charge-offs (49) — — — — — (10) — (59) Recoveries — — — — — — — — — (Recovery of) provision for loan losses 182 1,204 696 627 (86) 2 2 (109) 2,518 Total ending allowance balance $ 3,579 $ 5,460 $ 3,244 $ 3,655 $ 916 $ 2 $ 48 $ 55 $ 16,959 The following table represents the allocation of allowance for loan losses and the related recorded investment (including deferred fees and costs) in loans by loan portfolio segment disaggregated based on the impairment methodology at March 31, 2021 and December 31, 2020 : Residential One-To-Four Family Multifamily Non-Residential Construction and Land Junior Liens Commercial and Industrial (PPP) Consumer and Other Unallocated Total (Dollars in thousands) March 31, 2021 Allowance for loan losses: Individually evaluated $ 48 $ — $ — $ — $ — $ — $ 42 $ — $ 90 Collectively evaluated 3,294 5,748 3,145 2,928 813 7 2 123 16,060 Total $ 3,342 $ 5,748 $ 3,145 $ 2,928 $ 813 $ 7 $ 44 $ 123 $ 16,150 Loans receivable: Individually evaluated $ 11,031 $ 1,062 $ 4,779 $ — $ 58 $ — $ 42 $ — $ 16,972 Collectively evaluated 562,227 473,847 119,330 24,726 21,061 79,508 38 — 1,280,737 Total $ 573,258 $ 474,909 $ 124,109 $ 24,726 $ 21,119 $ 79,508 $ 80 $ — $ 1,297,709 Residential One-To-Four Family Multifamily Non-Residential Construction and Land Junior Liens Commercial and Industrial (PPP) Consumer and Other Unallocated Total (Dollars in thousands) December 31, 2020 Allowance for loan losses: Individually evaluated $ 49 $ 26 $ — $ — $ — $ — $ 46 $ — $ 121 Collectively evaluated 3,530 5,434 3,244 3,655 916 2 2 55 16,838 Total $ 3,579 $ 5,460 $ 3,244 $ 3,655 $ 916 $ 2 $ 48 $ 55 $ 16,959 Loans receivable: Individually evaluated $ 11,829 $ 1,721 $ 5,084 $ — $ 58 $ — $ 46 $ — $ 18,738 Collectively evaluated 604,419 427,374 123,133 33,630 23,860 52,867 52 — 1,265,335 Total $ 616,248 $ 429,095 $ 128,217 $ 33,630 $ 23,918 $ 52,867 $ 98 $ — $ 1,284,073
Summary of impaired loans by class of loans	The following table presents information related to impaired loans by class of loans as of March 31, 2021 and December 31, 2020: Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Income Recognized Cash Basis Interest Recognized (Dollars in thousands) March 31, 2021 With no related allowance Residential one-to-four $ 9,372 $ 9,586 $ — $ 10,154 $ 4 $ 4 Multifamily 1,687 1,062 — 1,553 16 12 Non-residential 5,154 4,779 — 4,990 76 61 Construction and land — — — — — — Commercial and — — — — — — Junior liens 57 58 — 58 1 1 16,270 15,485 — 16,755 97 78 With an allowance recorded: Residential one-to-four 1,443 1,445 48 1,450 25 19 Multifamily — — — — — Non-residential — — — — — — Construction and land — — — — — — Commercial and — — — — — — Consumer and other 42 42 42 44 1 1 1,485 1,487 90 1,494 26 20 Total $ 17,755 $ 16,972 $ 90 $ 18,249 $ 123 $ 98 March 31, 2020 With no related allowance Residential one-to-four 1,085 1,119 — 1,109 9 8 Multifamily $ 896 $ 904 $ — $ 912 $ 19 $ 14 Non-residential 5,294 5,265 — 5,423 101 81 Construction and land — — — — — — Commercial and — — — — — — Junior liens 60 60 — 61 1 1 7,335 7,348 — 7,505 130 104 With an allowance recorded: Residential one-to-four 1,480 1,479 52 1,484 19 13 Multifamily 354 353 29 353 4 2 Non-residential — — — — — — Construction and land — — — — — — Commercial and — — — — — — Consumer and other 51 51 51 51 1 — 1,885 1,883 132 1,888 24 15 Total $ 9,220 $ 9,231 $ 132 $ 9,393 $ 154 $ 119 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Income Recognized Cash Basis Interest Recognized (Dollars in thousands) December 31, 2020 With no related allowance Residential one-to-four $ 11,161 $ 10,375 $ — $ 4,143 $ 26 $ 25 Multifamily 1,360 1,371 — 1,051 40 38 Non-residential 5,678 5,084 — 5,413 243 225 Construction and land — — — — — — Commercial and — — — — — — Junior liens 58 58 — 60 3 3 18,257 16,888 — 10,667 312 291 With an allowance recorded: Residential one-to-four 1,455 1,454 49 1,472 72 66 Multifamily 351 350 26 353 15 14 Non-residential — — — — — — Construction and land — — — — — — Commercial and — — — — — — Consumer and other 46 46 46 49 2 2 1,852 1,850 121 1,874 89 82 Total $ 20,109 $ 18,738 $ 121 $ 12,541 $ 401 $ 373
Summary of past due loans in non-accrual and past 90 days still on accrual	The following table presents the recorded investment in non-accrual and loans past due over 90 days still on accrual as of March 31, 2021 and December 31, 2020 : Nonaccrual Loans Past Due Over 3/31/2021 12/31/2020 2021 2020 (Dollars in thousands) Residential one-to-four family $ 11,377 $ 11,813 $ — $ — Multifamily 152 156 — — Non-residential 775 805 — — Construction and land — — — — Commercial and Industrial (PPP) — — — — Junior liens 81 82 — — Total $ 12,385 $ 12,856 $ — $ — The following table presents the recorded investment in past due and current loans by loan portfolio class as of March 31, 2021 and December 31, 2020: 60-89 Days Past Due 90 Days and Greater Past Due Total Past Due Current Total Loans Receivable (Dollars in thousands) March 31, 2021 Residential $ 219 $ 8,946 $ 9,165 $ 564,093 $ 573,258 Multifamily 152 — 152 474,757 474,909 Non-residential — 570 570 123,539 124,109 Construction and land — — — 24,726 24,726 Junior liens 59 81 140 20,979 21,119 Commercial and Industrial (PPP) — — — 79,508 79,508 Consumer and other — — — 80 80 Total $ 430 $ 9,597 $ 10,027 $ 1,287,682 $ 1,297,709 December 31, 2020 Residential $ 3,151 $ 10,075 $ 13,226 $ 603,022 $ 616,248 Multifamily — 156 156 428,939 429,095 Non-residential — 805 805 127,412 128,217 Construction and land 3,000 — 3,000 30,630 33,630 Junior liens — — — 23,918 23,918 Commercial and Industrial (PPP) — — — 52,867 52,867 Consumer and other — — — 98 98 Total $ 6,151 $ 11,036 $ 17,187 $ 1,266,886 $ 1,284,073

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Summary of operating lease information included on the Statement of Financial Condition	As of March 31, 2021, the Company had the following related to operating leases: As of March 31, 2021 (Dollars in thousands) Right-of-use assets $ 24,079 Lease liabilities $ 25,052
Summary of lease cost	The following table is a summary of the Company’s components of net lease cost for the three months ended March 31, 2021: Three months ended March 31, 2021 (Dollars in thousands) Operating lease cost $ 419 Finance lease cost 6 Variable lease cost 27 Total lease cost $ 452
Summary of future undiscounted operating lease payments	Future undiscounted lease payments for operating leases with initial terms of one year or more as of March 31, 2021 are as follows: (Dollars in thousands) 2022 $ 2,590 2023 2,539 2024 2,287 2025 2,162 2026 1,850 Thereafter 17,400 Total undiscounted lease payments 28,828 Less: imputed interest (3,776) Total $ 25,052

DEPOSITS (Tables)

DEPOSITS (Tables)	3 Months Ended
	Mar. 31, 2021
Deposits [Abstract]
Summary of deposits	Deposits at March 31, 2021 and December 31, 2020, are summarized as follows: March 31, 2021 December 31, 2020 (Dollars in thousands) NOW and demand accounts $ 397,922 $ 362,169 Savings and money market deposit accounts 303,478 276,584 Time deposits 684,429 717,431 $ 1,385,829 $ 1,356,184
Schedule of timed deposit maturities	Time deposits mature as follows for the years ending December 31: (In thousands) Remainder of 2021 471,314 2022 125,813 2023 61,268 2024 15,519 2025 7,171 2026 3,344 $ 684,429

DERIVATIVES (Tables)

DERIVATIVES (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of interest-rate swaps designated as cash flow hedges	Summary information about the interest-rate swaps designated as cash flow hedges as of period-end is as follows: 2021 2020 (Dollars in thousands) Notional amounts $ 109,000 $ 109,000 Weighted average pay rates 1.4577 % 1.4577 % Weighted average receive rates 0.1950 % 0.2303 % Weighted average maturity 6 years 6 years Unrealized losses $ (935) $ (5,545)
Summary of effect of cash flow hedge accounting on AOCI	The effect of cash flow hedge accounting on accumulated other comprehensive income for the three months ended March 31, 2021 and March 31, 2020 are as follows: March 31, 2021 Amount of Gain (Loss) Recognized in OCI (Net of Tax) on Derivative Location of Gain (Loss) Reclassified from OCI into Income/(Expense) Amount of Gain (Loss) Reclassified from OCI to Income/(Expense) (Dollars in thousands) Interest rate contracts $ (672) Interest Expense $ (338) March 31,2020 Amount of Gain (Loss) Recognized in OCI (Net of Tax) on Derivative Location of Gain (Loss) Reclassified from OCI into Income/(Expense) Amount of Gain (Loss) Reclassified from OCI to Income/(Expense) (Dollars in thousands) Interest rate contracts $ (4,392) Interest Expense $ 1

RETIREMENT PLANS (Tables)

RETIREMENT PLANS (Tables)	3 Months Ended
	Mar. 31, 2021
Retirement Benefits [Abstract]
Schedule of net periodic benefit cost and other amounts recognized in OCI	The components of net periodic benefit cost and other amounts recognized in other comprehensive income were as follows for the years ended March 31, 2021 and 2020: SERP and DRP Post Retirement March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020 (In thousands) (In thousands) Service cost $ 38 $ 20 $ — $ — Interest cost 19 32 10 16 Prior Service Cost 17 17 Amortization: Net loss (gain) 35 27 (1) — Net periodic benefit cost $ 109 $ 96 $ 9 $ 16

FAIR VALUE OF ASSETS AND LIAB_2

FAIR VALUE OF ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Summary of fair value of assets and liabilities	The following table summarizes the fair value of assets and liabilities as of March 31, 2021: Fair Value Measurements at March 31, 2021, Using Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs Total (Level 1) (Level 2) (Level 3) (In thousands) Measured on a recurring basis: Financial assets Securities available for sale: U.S. Treasury Note $ 6,608 $ 6,608 $ — $ — Domestic Corporate Bonds 66,448 — 66,448 — U.S. Government agency obligations 22,859 12,098 10,760 — Obligations issued by U.S. states and their political subdivisions 22,456 — 22,456 — Mortgage-backed securities: Residential one-to-four family 108,629 — 108,629 — Multifamily 47,462 — 47,462 — $ 274,462 $ 18,706 $ 255,755 $ — Financial Liabilities Derivatives $ (935) $ — $ (935) $ — Measured on a nonrecurring basis: Nonfinancial assets Assets held for sale $ 5,156 $ — $ 5,156 $ — Real estate owned 624 — 624 — The following table summarizes the fair value of assets and liabilities as of December 31, 2020: Fair Value Measurements at December 31, 2020, Using Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs Total (Level 1) (Level 2) (Level 3) (In thousands) Measured on a recurring basis: Financial assets Securities available for sale U.S. Treasury Note $ 10,000 $ 10,000 $ — $ — Domestic Corporate Bonds 59,341 — $ 59,341 — U.S. Government agency obligations 19,675 12,417 7,258 — Obligations issued by U.S. states and their political subdivisions 24,795 — 24,795 — Mortgage-backed securities: Residential one-to-four family 72,716 — 72,716 — Multifamily 58,060 — 58,060 — $ 244,587 $ 22,417 $ 222,170 $ — Financial Liabilities Derivatives $ (5,545) $ — $ (5,545) $ — Measured on a nonrecurring basis: Nonfinancial assets Assets held for sale $ 5,295 $ — $ 5,295 $ — Real estate owned 624 — 624 —
Summary of carrying amounts and fair value of financial instruments not carried at fair value	The carrying amounts and fair value of financial instruments not carried at fair value, at March 31, 2021 and December 31, 2020 are as follows: Fair Value Measurements at March 31, 2021, Using Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs Book Value (Level 1) (Level 2) (Level 3) (In thousands) Financial assets Cash and due from banks $ 292,134 $ 292,134 $ — $ — Securities held-to-maturity 7,003 — 7,004 — Loans, net 1,281,559 1,286,794 Financial liabilities Deposits other than time deposits 701,372 701,372 Time Deposits 684,429 — 687,241 — Federal Home Loan advances 324,400 322,234 Fair Value Measurements at December 31, 2020, Using Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs Book Value (Level 1) (Level 2) (Level 3) (In thousands) Measured on a recurring basis: Financial assets Cash and due from banks $ 316,445 $ 316,445 — $ — Securities held-to-maturity 7,005 — 6,978 — Loans, net 1,267,114 — — 1,290,740 Financial liabilities Deposits other than time deposits 638,753 638,753 — — Time Deposits 717,431 — 725,110 — Federal Home Loan advances 329,400 336,377 —

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Schedule of changes in accumulated other comprehensive income by component, net of tax	The following is a summary of the changes in accumulated other comprehensive income by component, net of tax, for the periods indicated: Gains and Losses on Cash Flow Hedges Unrealized Gains and Losses on Available-for-sale Securities Defined Benefit Pension Items Total (In thousands) Balance at December 31, 2020 $ (3,986) $ 4,208 $ (1,253) $ (1,031) Other comprehensive income (loss) before reclassification 3,071 (2,754) — 317 Amounts reclassified from accumulated other comprehensive income 243 — 37 280 Net current period other comprehensive (loss) gain 3,314 (2,754) 37 597 Balance at March 31, 2021 $ (672) $ 1,454 $ (1,216) $ (434) Gains and Losses on Cash Flow Hedges Unrealized Gains and Losses on Available-for-sale Securities Defined Benefit Pension Items Total (In thousands) Balance at December 31, 2019 $ (360) $ 916 $ (1,073) $ (517) Other comprehensive income (loss) before reclassification (4,031) 1,070 — (2,961) Amounts reclassified from accumulated other comprehensive income (1) — 31 30 Net current period other comprehensive (loss) gain (4,032) 1,070 31 (2,931) Balance at March 31, 2020 $ (4,392) $ 1,986 $ (1,042) $ (3,448)
Summary of reclassification out of each component of accumulated other comprehensive income (loss)	The following is significant amounts reclassified out of each component of accumulated other comprehensive income (loss): Details about Accumulated Other Comprehensive Income Components For the three months ended March 31, Affected Line Item in the Statement Where Net Income is Presented 2021 2020 (In thousands) Gains and (losses) on cash flow hedges: Interest rate contracts (338) 1 Interest income (expense) Amortization of benefit plan items: Net actuarial loss (52) (44) Compensation and employee benefits Total tax effect 110 13 Income tax expense Total reclassification for the period, net of tax $ (280) $ (30)

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Summary of sources of revenue from contracts with customers	The following table presents the Company’s sources of revenue from contracts with customers for the three months ended March 31, 2021 and 2020, respectively. March 31, 2021 March 31, 2020 (In thousands) Noninterest income Service charges on deposits 192 170 Interchange income 7 6 Total Revenue from Contracts with Customers $ 199 $ 176

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Jan. 01, 2020
Lessee, Lease, Description [Line Items]
Right-of-use assets	$ 24,079	$ 24,878
Recognition of operating lease liabilities	$ 25,052	$ 25,535
Blue Foundry Bancorp - NJ
Lessee, Lease, Description [Line Items]
Ownership interest percentage	100.00%
Cumulative Effect, Period of Adoption, Adjustment
Lessee, Lease, Description [Line Items]
Right-of-use assets			$ 6,000
Recognition of operating lease liabilities			$ 6,000

SECURITIES - Summary of amortiz

SECURITIES - Summary of amortized cost of securities available for sale and their estimated fair value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 272,385	$ 238,870
Gross Unrealized Gains	4,147	5,928
Gross Unrealized Losses	(2,070)	(211)
Estimated Fair Value	274,462	244,587
U.S. Treasury Note
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,896	9,989
Gross Unrealized Gains	0	11
Gross Unrealized Losses	(288)	0
Estimated Fair Value	6,608	10,000
Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	65,288	57,478
Gross Unrealized Gains	1,614	1,863
Gross Unrealized Losses	(454)	0
Estimated Fair Value	66,448	59,341
U.S. Government agency obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	23,020	19,787
Gross Unrealized Gains	81	89
Gross Unrealized Losses	(242)	(201)
Estimated Fair Value	22,859	19,675
Obligations issued by U.S. states and their political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	21,222	23,280
Gross Unrealized Gains	1,235	1,515
Gross Unrealized Losses	(1)	0
Estimated Fair Value	22,456	24,795
Residential one-to-four family
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	109,233	71,773
Gross Unrealized Gains	440	951
Gross Unrealized Losses	(1,044)	(8)
Estimated Fair Value	108,629	72,716
Multifamily
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	46,726	56,563
Gross Unrealized Gains	777	1,499
Gross Unrealized Losses	(41)	(2)
Estimated Fair Value	$ 47,462	$ 58,060

SECURITIES - Summary of amort_2

SECURITIES - Summary of amortized cost of securities held to maturity and their estimated fair value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 7,003	$ 7,005
Gross Unrecognized Gains	1	0
Gross Unrecognized Losses	0	(26)
Estimated Fair Value	7,004	6,979
Collateralized loan obligation
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	7,003	7,005
Gross Unrecognized Gains	1	0
Gross Unrecognized Losses	0	(26)
Estimated Fair Value	$ 7,004	$ 6,979

SECURITIES - Narrative (Details

SECURITIES - Narrative (Details)	3 Months Ended
	Mar. 31, 2021USD ($)security	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)security
Schedule of Held-to-maturity Securities [Line Items]
Proceeds from sales and calls of available-for-sale securities | $	$ 1,700,000	$ 2,600,000
Other than temporary impairment on available for sale securities. | $	$ 0	$ 0
Number of held to maturity securities in an unrecognized loss position	0
Securities pledged as collateral | $	$ 11,800,000		$ 12,700,000
Collateralized loan obligation
Schedule of Held-to-maturity Securities [Line Items]
Number of held to maturity securities in an unrecognized loss position			1
Fair value of collateralized loan obligation held to maturity | $			$ 3,000,000
Unrecognized loss position of collateralized loan obligation held to maturity | $			$ 26,000
U.S. Government agency obligations
Schedule of Held-to-maturity Securities [Line Items]
Number of available for sale securities in an unrealized loss position	4
U.S. Treasury Note
Schedule of Held-to-maturity Securities [Line Items]
Number of available for sale securities in an unrealized loss position	1
Obligations issued by U.S. states and their political subdivisions
Schedule of Held-to-maturity Securities [Line Items]
Number of available for sale securities in an unrealized loss position	1
Residential Mortgage Backed Securities
Schedule of Held-to-maturity Securities [Line Items]
Number of available for sale securities in an unrealized loss position	17
Corporate Bonds
Schedule of Held-to-maturity Securities [Line Items]
Number of available for sale securities in an unrealized loss position	7

SECURITIES - Summary of amort_3

SECURITIES - Summary of amortized cost and fair value of debt securities shown by contractual maturity (Details) $ in Thousands	Mar. 31, 2021USD ($)
Amortized Cost
Due in one year or less	$ 5,645
Due from one year to five years	64,888
Due from five to ten years	40,911
Due after ten years	4,982
Mortgage-backed securities	155,959
Total	272,385
Estimated Fair Value
Due in one year or less	5,709
Due from one year to five years	66,743
Due from five to ten years	41,051
Due after ten years	4,868
Mortgage-backed securities	156,091
Total	274,462
Amortized Cost
Due in one year or less	7,003
Due from one year to five years	0
Total	7,003
Estimated Fair Value
Due in one year or less	7,004
Due from one year to five years	0
Total	$ 7,004

SECURITIES - Summary of availab

SECURITIES - Summary of available for sale securities with unrealized losses (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	$ (1,866)	$ (63)
Estimated Fair Value	98,595	7,525
Unrealized Losses	(204)	(148)
Estimated Fair Value	13,502	10,442
Unrealized Losses	(2,070)	(211)
Estimated Fair Value	112,097	17,967
U.S. Treasury Note
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(288)	0
Estimated Fair Value	6,608	0
Unrealized Losses	0	0
Estimated Fair Value	0	0
Unrealized Losses	(288)	0
Estimated Fair Value	6,608	0
Corporate Bonds
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(454)	0
Estimated Fair Value	15,363	0
Unrealized Losses	0	0
Estimated Fair Value	0	0
Unrealized Losses	(454)	0
Estimated Fair Value	15,363	0
U.S. Government agency obligations
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(39)	(54)
Estimated Fair Value	2,608	3,559
Unrealized Losses	(203)	(147)
Estimated Fair Value	13,158	10,014
Unrealized Losses	(242)	(201)
Estimated Fair Value	15,766	13,573
Obligations issued by U.S. states and their political subdivisions
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(1)	0
Estimated Fair Value	876	0
Unrealized Losses	0	0
Estimated Fair Value	0	0
Unrealized Losses	(1)	0
Estimated Fair Value	876	0
Residential one-to-four family
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(1,043)	(7)
Estimated Fair Value	71,620	3,228
Unrealized Losses	(1)	(1)
Estimated Fair Value	72	115
Unrealized Losses	(1,044)	(8)
Estimated Fair Value	71,692	3,343
Multifamily
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(41)	(2)
Estimated Fair Value	1,520	738
Unrealized Losses	0	0
Estimated Fair Value	272	313
Unrealized Losses	(41)	(2)
Estimated Fair Value	$ 1,792	$ 1,051

LOANS RECEIVABLE, NET - Summary

LOANS RECEIVABLE, NET - Summary of loans receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	$ 1,292,682	$ 1,278,837
Deferred fees, costs and discounts, net	5,027	5,236
Allowance for loan losses	(16,150)	(16,959)	$ (16,000)	$ (14,500)
Allowance for credit loss less deferred fees, costs and discounts, net	(11,123)	(11,723)
Loans receivable, net	1,281,559	1,267,114
Residential Portfolio Segment | Residential one-to-four family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	568,938	611,603
Allowance for loan losses	(3,342)	(3,579)	(3,581)	(3,446)
Residential Portfolio Segment | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	473,487	427,436
Allowance for loan losses	(5,748)	(5,460)	(4,706)	(4,256)
Nonresidential Portfolio Segment | Non-residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	124,062	128,141
Allowance for loan losses	(3,145)	(3,244)	(2,662)	(2,548)
Construction and Land Portfolio Segment | Construction and land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	24,786	33,691
Allowance for loan losses	(2,928)	(3,655)	(3,832)	(3,028)
Commercial Portfolio Segment | Commercial and Industrial (PPP)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	80,298	54,053
Allowance for loan losses	(7)	(2)	0	0
Junior Lien Portfolio Segment | Junior liens
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	21,031	23,814
Allowance for loan losses	(813)	(916)	(1,060)	(1,002)
Consumer and Other Portfolio Segment | Consumer and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	80	99
Allowance for loan losses	$ (44)	$ (48)	$ (55)	$ (56)

LOANS RECEIVABLE, NET - Summa_2

LOANS RECEIVABLE, NET - Summary of changes in allowance for loan losses by class of loans (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Allowance for loan losses
Beginning balance	$ 16,150	$ 16,000	$ 16,959	$ 14,500
Charge-offs	(1)	(1)	(59)
Recoveries	0	0	0
(Recovery of) provision for loan losses	(808)	1,501	2,518
Total ending allowance balance	16,150	16,000	16,959
Residential Portfolio Segment | Residential one-to-four family
Allowance for loan losses
Beginning balance	3,342	3,581	3,579	3,446
Charge-offs	0	0	(49)
Recoveries	0	0	0
(Recovery of) provision for loan losses	(237)	135	182
Total ending allowance balance	3,342	3,581	3,579
Residential Portfolio Segment | Multifamily
Allowance for loan losses
Beginning balance	5,748	4,706	5,460	4,256
Charge-offs	0	0	0
Recoveries	0	0	0
(Recovery of) provision for loan losses	288	450	1,204
Total ending allowance balance	5,748	4,706	5,460
Nonresidential Portfolio Segment | Non-residential
Allowance for loan losses
Beginning balance	3,145	2,662	3,244	2,548
Charge-offs	0	0	0
Recoveries	0	0	0
(Recovery of) provision for loan losses	(99)	114	696
Total ending allowance balance	3,145	2,662	3,244
Construction and Land Portfolio Segment | Construction and land
Allowance for loan losses
Beginning balance	2,928	3,832	3,655	3,028
Charge-offs	0	0	0
Recoveries	0	0	0
(Recovery of) provision for loan losses	(727)	804	627
Total ending allowance balance	2,928	3,832	3,655
Junior Lien Portfolio Segment | Junior liens
Allowance for loan losses
Beginning balance	813	1,060	916	1,002
Charge-offs	0	0	0
Recoveries	0	0	0
(Recovery of) provision for loan losses	(103)	58	(86)
Total ending allowance balance	813	1,060	916
Commercial Portfolio Segment | Commercial and Industrial (PPP)
Allowance for loan losses
Beginning balance	7	0	2	0
Charge-offs	0	0	0
Recoveries	0	0	0
(Recovery of) provision for loan losses	5	0	2
Total ending allowance balance	7	0	2
Consumer and Other Portfolio Segment | Consumer and other
Allowance for loan losses
Beginning balance	44	55	48	56
Charge-offs	(1)	(1)	(10)
Recoveries	0	0	0
(Recovery of) provision for loan losses	(3)	0	2
Total ending allowance balance	44	55	48
Unallocated Financing Receivables
Allowance for loan losses
Beginning balance	123	104	55	$ 164
Charge-offs	0	0	0
Recoveries	0	0	0
(Recovery of) provision for loan losses	68	(60)	(109)
Total ending allowance balance	$ 123	$ 104	$ 55

LOANS RECEIVABLE, NET - Summa_3

LOANS RECEIVABLE, NET - Summary of allowance and loans receivable evaluated for impairment (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Allowance for loan losses:
Individually evaluated for impairment	$ 90	$ 121
Collectively evaluated for impairment	16,060	16,838
Total	16,150	16,959	$ 16,000	$ 14,500
Loans receivable:
Individually evaluated for impairment	16,972	18,738
Collectively evaluated for impairment	1,280,737	1,265,335
Total Loans Receivable	1,292,682	1,278,837
Total Loans Receivable	1,297,709	1,284,073
Residential Portfolio Segment | Residential one-to-four family
Allowance for loan losses:
Individually evaluated for impairment	48	49
Collectively evaluated for impairment	3,294	3,530
Total	3,342	3,579	3,581	3,446
Loans receivable:
Individually evaluated for impairment	11,031	11,829
Collectively evaluated for impairment	562,227	604,419
Total Loans Receivable	568,938	611,603
Total Loans Receivable	573,258	616,248
Residential Portfolio Segment | Multifamily
Allowance for loan losses:
Individually evaluated for impairment	0	26
Collectively evaluated for impairment	5,748	5,434
Total	5,748	5,460	4,706	4,256
Loans receivable:
Individually evaluated for impairment	1,062	1,721
Collectively evaluated for impairment	473,847	427,374
Total Loans Receivable	473,487	427,436
Total Loans Receivable	474,909	429,095
Nonresidential Portfolio Segment | Non-residential
Allowance for loan losses:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	3,145	3,244
Total	3,145	3,244	2,662	2,548
Loans receivable:
Individually evaluated for impairment	4,779	5,084
Collectively evaluated for impairment	119,330	123,133
Total Loans Receivable	124,062	128,141
Total Loans Receivable	124,109	128,217
Construction and Land Portfolio Segment | Construction and land
Allowance for loan losses:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	2,928	3,655
Total	2,928	3,655	3,832	3,028
Loans receivable:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	24,726	33,630
Total Loans Receivable	24,786	33,691
Total Loans Receivable	24,726	33,630
Junior Lien Portfolio Segment | Junior liens
Allowance for loan losses:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	813	916
Total	813	916	1,060	1,002
Loans receivable:
Individually evaluated for impairment	58	58
Collectively evaluated for impairment	21,061	23,860
Total Loans Receivable	21,031	23,814
Total Loans Receivable	21,119	23,918
Commercial Portfolio Segment | Commercial and Industrial (PPP)
Allowance for loan losses:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	7	2
Total	7	2	0	0
Loans receivable:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	79,508	52,867
Total Loans Receivable	80,298	54,053
Total Loans Receivable	79,508	52,867
Consumer and Other Portfolio Segment | Consumer and other
Allowance for loan losses:
Individually evaluated for impairment	42	46
Collectively evaluated for impairment	2	2
Total	44	48	55	56
Loans receivable:
Individually evaluated for impairment	42	46
Collectively evaluated for impairment	38	52
Total Loans Receivable	80	99
Total Loans Receivable	80	98
Unallocated Financing Receivables
Allowance for loan losses:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	123	55
Total	123	55	$ 104	$ 164
Loans receivable:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	0	0
Total Loans Receivable	$ 0	$ 0

LOANS RECEIVABLE, NET - Summa_4

LOANS RECEIVABLE, NET - Summary of impaired loans by class of loan (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
With no related allowance recorded:
Unpaid Principal Balance	$ 16,270	$ 7,335	$ 18,257
Recorded Investment	15,485	7,348	16,888
Average Recorded Investment	16,755	7,505	10,667
Interest Income Recognized	97	130	312
Cash Basis Interest Recognized	78	104	291
With an allowance recorded:
Unpaid Principal Balance	1,485	1,885	1,852
Recorded Investment	1,487	1,883	1,850
Allowance for Loan Losses Allocated	90	132	121
Average Recorded Investment	1,494	1,888	1,874
Interest Income Recognized	26	24	89
Cash Basis Interest Recognized	20	15	82
Total
Unpaid Principal Balance	17,755	9,220	20,109
Recorded Investment	16,972	9,231	18,738
Allowance for Loan Losses Allocated	90	132	121
Average Recorded Investment	18,249	9,393	12,541
Interest Income Recognized	123	154	401
Cash Basis Interest Recognized	98	119	373
Residential Portfolio Segment | Residential one-to-four family
With no related allowance recorded:
Unpaid Principal Balance	9,372	1,085	11,161
Recorded Investment	9,586	1,119	10,375
Average Recorded Investment	10,154	1,109	4,143
Interest Income Recognized	4	9	26
Cash Basis Interest Recognized	4	8	25
With an allowance recorded:
Unpaid Principal Balance	1,443	1,480	1,455
Recorded Investment	1,445	1,479	1,454
Allowance for Loan Losses Allocated	48	52	49
Average Recorded Investment	1,450	1,484	1,472
Interest Income Recognized	25	19	72
Cash Basis Interest Recognized	19	13	66
Total
Allowance for Loan Losses Allocated	48	52	49
Residential Portfolio Segment | Multifamily
With no related allowance recorded:
Unpaid Principal Balance	1,687	896	1,360
Recorded Investment	1,062	904	1,371
Average Recorded Investment	1,553	912	1,051
Interest Income Recognized	16	19	40
Cash Basis Interest Recognized	12	14	38
With an allowance recorded:
Unpaid Principal Balance	0	354	351
Recorded Investment		353	350
Allowance for Loan Losses Allocated	0	29	26
Average Recorded Investment	0	353	353
Interest Income Recognized	0	4	15
Cash Basis Interest Recognized	0	2	14
Total
Allowance for Loan Losses Allocated	0	29	26
Nonresidential Portfolio Segment | Non-residential
With no related allowance recorded:
Unpaid Principal Balance	5,154	5,294	5,678
Recorded Investment	4,779	5,265	5,084
Average Recorded Investment	4,990	5,423	5,413
Interest Income Recognized	76	101	243
Cash Basis Interest Recognized	61	81	225
With an allowance recorded:
Unpaid Principal Balance	0	0	0
Recorded Investment	0	0	0
Allowance for Loan Losses Allocated	0	0	0
Average Recorded Investment	0	0	0
Interest Income Recognized	0	0	0
Cash Basis Interest Recognized	0	0	0
Total
Allowance for Loan Losses Allocated	0	0	0
Construction and Land Portfolio Segment | Construction and land
With no related allowance recorded:
Unpaid Principal Balance	0	0	0
Recorded Investment	0	0	0
Average Recorded Investment	0	0	0
Interest Income Recognized	0	0	0
Cash Basis Interest Recognized	0	0	0
With an allowance recorded:
Unpaid Principal Balance	0	0	0
Recorded Investment	0	0	0
Allowance for Loan Losses Allocated	0	0	0
Average Recorded Investment	0	0	0
Interest Income Recognized	0	0	0
Cash Basis Interest Recognized	0	0	0
Total
Allowance for Loan Losses Allocated	0	0	0
Commercial Portfolio Segment | Commercial and Industrial (PPP)
With no related allowance recorded:
Unpaid Principal Balance	0	0	0
Recorded Investment	0	0	0
Average Recorded Investment	0	0	0
Interest Income Recognized	0	0	0
Cash Basis Interest Recognized	0	0	0
With an allowance recorded:
Unpaid Principal Balance	0	0	0
Recorded Investment	0	0	0
Allowance for Loan Losses Allocated	0	0	0
Average Recorded Investment	0	0	0
Interest Income Recognized	0	0	0
Cash Basis Interest Recognized	0	0	0
Total
Allowance for Loan Losses Allocated	0	0	0
Junior Lien Portfolio Segment | Junior liens
With no related allowance recorded:
Unpaid Principal Balance	57	60	58
Recorded Investment	58	60	58
Average Recorded Investment	58	61	60
Interest Income Recognized	1	1	3
Cash Basis Interest Recognized	1	1	3
Consumer and Other Portfolio Segment | Consumer and other
With an allowance recorded:
Unpaid Principal Balance	42	51	46
Recorded Investment	42	51	46
Allowance for Loan Losses Allocated	42	51	46
Average Recorded Investment	44	51	49
Interest Income Recognized	1	1	2
Cash Basis Interest Recognized	1	0	2
Total
Allowance for Loan Losses Allocated	$ 42	$ 51	$ 46

LOANS RECEIVABLE, NET - Narrati

LOANS RECEIVABLE, NET - Narrative (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2021USD ($)security	Mar. 31, 2020security	Dec. 31, 2020USD ($)security
Receivables [Abstract]
Loans with terms modified in troubled debt restructurings	$ 6,100,000		$ 6,300,000
Reserves specific to troubled debt restructuring	$ 90,000		$ 95,000
Number of loans modified as trouble debt restructuring during the period | security	0	0	0
Number of loans restructurings with subsequent default in the next twelve months	$ 0		$ 0

LOANS RECEIVABLE, NET - Summa_5

LOANS RECEIVABLE, NET - Summary of past due loans in non-accrual and past 90 days still on accrual (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Nonaccrual	$ 12,385	$ 12,856
Loans Past Due Over 90 days and Still Accruing	0	0
Residential Portfolio Segment | Residential one-to-four family
Financing Receivable, Past Due [Line Items]
Nonaccrual	11,377	11,813
Loans Past Due Over 90 days and Still Accruing	0	0
Residential Portfolio Segment | Multifamily
Financing Receivable, Past Due [Line Items]
Nonaccrual	152	156
Loans Past Due Over 90 days and Still Accruing	0	0
Nonresidential Portfolio Segment | Non-residential
Financing Receivable, Past Due [Line Items]
Nonaccrual	775	805
Loans Past Due Over 90 days and Still Accruing	0	0
Construction and Land Portfolio Segment | Construction and land
Financing Receivable, Past Due [Line Items]
Nonaccrual	0	0
Loans Past Due Over 90 days and Still Accruing	0	0
Commercial Portfolio Segment | Commercial and Industrial (PPP)
Financing Receivable, Past Due [Line Items]
Nonaccrual	0	0
Loans Past Due Over 90 days and Still Accruing	0	0
Junior Lien Portfolio Segment | Junior liens
Financing Receivable, Past Due [Line Items]
Nonaccrual	81	82
Loans Past Due Over 90 days and Still Accruing	$ 0	$ 0

LOANS RECEIVABLE, NET - Aging A

LOANS RECEIVABLE, NET - Aging Analysis (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	$ 1,297,709	$ 1,284,073
60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	430	6,151
90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	9,597	11,036
Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	10,027	17,187
Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,287,682	1,266,886
Residential Portfolio Segment | Residential one-to-four family
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	573,258	616,248
Residential Portfolio Segment | Residential one-to-four family | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	219	3,151
Residential Portfolio Segment | Residential one-to-four family | 90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	8,946	10,075
Residential Portfolio Segment | Residential one-to-four family | Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	9,165	13,226
Residential Portfolio Segment | Residential one-to-four family | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	564,093	603,022
Residential Portfolio Segment | Multifamily
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	474,909	429,095
Residential Portfolio Segment | Multifamily | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	152	0
Residential Portfolio Segment | Multifamily | 90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	156
Residential Portfolio Segment | Multifamily | Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	152	156
Residential Portfolio Segment | Multifamily | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	474,757	428,939
Nonresidential Portfolio Segment | Non-residential
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	124,109	128,217
Nonresidential Portfolio Segment | Non-residential | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Nonresidential Portfolio Segment | Non-residential | 90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	570	805
Nonresidential Portfolio Segment | Non-residential | Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	570	805
Nonresidential Portfolio Segment | Non-residential | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	123,539	127,412
Construction and Land Portfolio Segment | Construction and land
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	24,726	33,630
Construction and Land Portfolio Segment | Construction and land | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	3,000
Construction and Land Portfolio Segment | Construction and land | 90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Construction and Land Portfolio Segment | Construction and land | Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	3,000
Construction and Land Portfolio Segment | Construction and land | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	24,726	30,630
Junior Lien Portfolio Segment | Junior liens
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	21,119	23,918
Junior Lien Portfolio Segment | Junior liens | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	59	0
Junior Lien Portfolio Segment | Junior liens | 90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	81	0
Junior Lien Portfolio Segment | Junior liens | Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	140	0
Junior Lien Portfolio Segment | Junior liens | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	20,979	23,918
Commercial Portfolio Segment | Commercial and Industrial (PPP)
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	79,508	52,867
Commercial Portfolio Segment | Commercial and Industrial (PPP) | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Commercial Portfolio Segment | Commercial and Industrial (PPP) | 90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Commercial Portfolio Segment | Commercial and Industrial (PPP) | Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Commercial Portfolio Segment | Commercial and Industrial (PPP) | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	79,508	52,867
Consumer and Other Portfolio Segment | Consumer and other
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	80	98
Consumer and Other Portfolio Segment | Consumer and other | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Consumer and Other Portfolio Segment | Consumer and other | 90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Consumer and Other Portfolio Segment | Consumer and other | Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Consumer and Other Portfolio Segment | Consumer and other | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	$ 80	$ 98

LOANS RECEIVABLE, NET - Credit

LOANS RECEIVABLE, NET - Credit Quality Indicators (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	$ 1,297,709	$ 1,284,073
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	1,273,298	1,253,057
Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	10,453	16,802
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	13,958	14,214
Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	0	0
Residential Portfolio Segment | Residential one-to-four family
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	573,258	616,248
Residential Portfolio Segment | Residential one-to-four family | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	561,435	604,167
Residential Portfolio Segment | Residential one-to-four family | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	0	0
Residential Portfolio Segment | Residential one-to-four family | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	11,823	12,081
Residential Portfolio Segment | Residential one-to-four family | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	0	0
Residential Portfolio Segment | Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	474,909	429,095
Residential Portfolio Segment | Multifamily | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	463,546	411,369
Residential Portfolio Segment | Multifamily | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	10,301	16,648
Residential Portfolio Segment | Multifamily | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	1,062	1,078
Residential Portfolio Segment | Multifamily | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	0	0
Nonresidential Portfolio Segment | Non-residential
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	124,109	128,217
Nonresidential Portfolio Segment | Non-residential | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	123,022	127,089
Nonresidential Portfolio Segment | Non-residential | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	152	154
Nonresidential Portfolio Segment | Non-residential | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	935	974
Nonresidential Portfolio Segment | Non-residential | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	0	0
Construction and Land Portfolio Segment | Construction and land
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	24,726	33,630
Construction and Land Portfolio Segment | Construction and land | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	24,726	33,630
Construction and Land Portfolio Segment | Construction and land | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	0	0
Construction and Land Portfolio Segment | Construction and land | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	0	0
Construction and Land Portfolio Segment | Construction and land | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	0	0
Junior Lien Portfolio Segment | Junior liens
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	21,119	23,918
Junior Lien Portfolio Segment | Junior liens | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	20,981	23,837
Junior Lien Portfolio Segment | Junior liens | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	0	0
Junior Lien Portfolio Segment | Junior liens | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	138	81
Junior Lien Portfolio Segment | Junior liens | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	0	0
Commercial Portfolio Segment | Commercial and Industrial (PPP)
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	79,508	52,867
Commercial Portfolio Segment | Commercial and Industrial (PPP) | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	79,508	52,867
Commercial Portfolio Segment | Commercial and Industrial (PPP) | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	0	0
Commercial Portfolio Segment | Commercial and Industrial (PPP) | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	0	0
Commercial Portfolio Segment | Commercial and Industrial (PPP) | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	0	0
Consumer and Other Portfolio Segment | Consumer and other
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	80	98
Consumer and Other Portfolio Segment | Consumer and other | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	80	98
Consumer and Other Portfolio Segment | Consumer and other | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	0	0
Consumer and Other Portfolio Segment | Consumer and other | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	0	0
Consumer and Other Portfolio Segment | Consumer and other | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	$ 0	$ 0

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Lessee, Lease, Description [Line Items]
Weighted average remaining lease terms on operating leases (in years)	13 years 2 months 12 days
Weighted average discount rate on operating leases	1.99%
Operating lease expense	$ 748	$ 371
Operating lease cash payments for lease liabilities	$ 445	$ 371
Minimum
Lessee, Lease, Description [Line Items]
Operating lease original lease terms (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease original lease terms (in years)	40 years

LEASES - Lease Liabilities and

LEASES - Lease Liabilities and ROU assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Right-of-use assets	$ 24,079	$ 24,878
Lease liabilities	$ 25,052	$ 25,535

LEASES - Summary of components

LEASES - Summary of components of net lease cost (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Leases [Abstract]
Operating lease cost	$ 419
Finance lease cost	6
Variable lease cost	27
Total lease cost	$ 452

LEASES - Schedule of future und

LEASES - Schedule of future undiscounted lease payments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
2022	$ 2,590
2023	2,539
2024	2,287
2025	2,162
2026	1,850
Thereafter	17,400
Total undiscounted lease payments	28,828
Less: imputed interest	(3,776)
Total	$ 25,052	$ 25,535

DEPOSITS - Summary of deposits

DEPOSITS - Summary of deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Deposits [Abstract]
NOW and demand accounts	$ 397,922	$ 362,169
Savings and money market deposit accounts	303,478	276,584
Time deposits	684,429	717,431
Deposits	$ 1,385,829	$ 1,356,184

DEPOSITS - Schedule of timed de

DEPOSITS - Schedule of timed deposit maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Deposits [Abstract]
Remainder of 2021	$ 471,314
2022	125,813
2023	61,268
2024	15,519
2025	7,171
2026	3,344
Time deposits	$ 684,429	$ 717,431

DERIVATIVES - Narrative (Detail

DERIVATIVES - Narrative (Details) - Interest Rate Swap - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate swaps, notional amount	$ 109,000,000
Interest income (expense)	(338,000)	$ 1,000
Unrealized losses expected to be reclassified	(1,100,000)
Designated as Hedging Instrument | Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate swaps, notional amount	109,000,000		$ 109,000,000
Unrealized losses	$ (935,000)		$ (5,545,000)

DERIVATIVES - Summary of intere

DERIVATIVES - Summary of interest-rate swaps designated as cash flow hedges (Details) - Interest Rate Swap - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts	$ 109,000,000
Cash Flow Hedging | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts	$ 109,000,000	$ 109,000,000
Weighted average pay rates	1.4577%	1.4577%
Weighted average receive rates	0.195%	0.2303%
Weighted average maturity	6 years	6 years
Unrealized losses	$ (935,000)	$ (5,545,000)

DERIVATIVES - Summary of effect

DERIVATIVES - Summary of effect of cash flow hedge accounting on AOCI (Details) - Interest Rate Swap - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI (Net of Tax) on Derivative	$ (672)	$ (4,392)
Other Nonoperating Income (Expense)
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from OCI to Income/(Expense)	$ (338)	$ 1

RETIREMENT PLANS- Schedule of n

RETIREMENT PLANS- Schedule of net period benefit cost and other amounts recognized in OCI (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Jan. 01, 2019participant
Amortization:
Number of remaining retired participants in health plan | participant			10
SERP and DRP
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 38	$ 20
Interest cost	19	32
Prior Service Cost	17	17
Amortization:
Net loss (gain)	35	27
Net periodic benefit cost	109	96
Post Retirement
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0
Interest cost	10	16
Amortization:
Net loss (gain)	(1)	0
Net periodic benefit cost	$ 9	$ 16

FAIR VALUE OF ASSETS AND LIAB_3

FAIR VALUE OF ASSETS AND LIABILITIES - Summary of assets and liabilities (Details) - USD ($) $ in Thousands	1 Months Ended
	Mar. 31, 2020	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:		$ 274,462	$ 244,587
Real estate owned
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset impairment charges	$ 1,400
Real estate held for sale	624
Certain premises and real estate owned
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset impairment charges	12,800
Real estate held for sale	$ 5,300
U.S. Treasury Note
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:		6,608	10,000
Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:		66,448	59,341
U.S. Government agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:		22,859	19,675
Obligations issued by U.S. states and their political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:		22,456	24,795
Residential one-to-four family
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:		108,629	72,716
Multifamily
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:		47,462	58,060
Measured on a recurring basis:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		274,462	244,587
Financial Liabilities		(935)	(5,545)
Measured on a recurring basis: | U.S. Treasury Note
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:		6,608	10,000
Measured on a recurring basis: | Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:		66,448	59,341
Measured on a recurring basis: | U.S. Government agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:		22,859	19,675
Measured on a recurring basis: | Obligations issued by U.S. states and their political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:		22,456	24,795
Measured on a recurring basis: | Residential one-to-four family
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:		108,629	72,716
Measured on a recurring basis: | Multifamily
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:		47,462	58,060
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		18,706	22,417
Financial Liabilities		0	0
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | U.S. Treasury Note
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:		6,608	10,000
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:		0	0
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | U.S. Government agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:		12,098	12,417
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | Obligations issued by U.S. states and their political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:		0	0
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | Residential one-to-four family
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:		0	0
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | Multifamily
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:		0	0
Measured on a recurring basis: | Significant Other Observable Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		255,755	222,170
Financial Liabilities		(935)	(5,545)
Measured on a recurring basis: | Significant Other Observable Inputs | U.S. Treasury Note
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:		0	0
Measured on a recurring basis: | Significant Other Observable Inputs | Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:		66,448	59,341
Measured on a recurring basis: | Significant Other Observable Inputs | U.S. Government agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:		10,760	7,258
Measured on a recurring basis: | Significant Other Observable Inputs | Obligations issued by U.S. states and their political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:		22,456	24,795
Measured on a recurring basis: | Significant Other Observable Inputs | Residential one-to-four family
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:		108,629	72,716
Measured on a recurring basis: | Significant Other Observable Inputs | Multifamily
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:		47,462	58,060
Measured on a recurring basis: | Significant Unobservable Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		0	0
Financial Liabilities		0	0
Measured on a recurring basis: | Significant Unobservable Inputs | U.S. Treasury Note
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:		0	0
Measured on a recurring basis: | Significant Unobservable Inputs | Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:		0	0
Measured on a recurring basis: | Significant Unobservable Inputs | U.S. Government agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:		0	0
Measured on a recurring basis: | Significant Unobservable Inputs | Obligations issued by U.S. states and their political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:		0	0
Measured on a recurring basis: | Significant Unobservable Inputs | Residential one-to-four family
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:		0	0
Measured on a recurring basis: | Significant Unobservable Inputs | Multifamily
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:		0	0
Measured on a nonrecurring basis: | Assets held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonfinancial assets		5,156	5,295
Measured on a nonrecurring basis: | Real estate owned
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonfinancial assets		624	624
Measured on a nonrecurring basis: | Quoted Prices in Active Markets for Identical Assets | Assets held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonfinancial assets		0	0
Measured on a nonrecurring basis: | Quoted Prices in Active Markets for Identical Assets | Real estate owned
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonfinancial assets		0	0
Measured on a nonrecurring basis: | Significant Other Observable Inputs | Assets held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonfinancial assets		5,156	5,295
Measured on a nonrecurring basis: | Significant Other Observable Inputs | Real estate owned
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonfinancial assets		624	624
Measured on a nonrecurring basis: | Significant Unobservable Inputs | Assets held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonfinancial assets		0	0
Measured on a nonrecurring basis: | Significant Unobservable Inputs | Real estate owned
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonfinancial assets		$ 0	$ 0

FAIR VALUE OF ASSETS AND LIAB_4

FAIR VALUE OF ASSETS AND LIABILITIES - Summary of fair value of assets and liabilities not carried at fair value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Cash and due from banks	$ 292,134	$ 316,445
Securities held-to-maturity	7,003	7,005
Loans receivable, net	1,281,559	1,267,114
Liabilities
Deposits other than time deposits	701,372	638,753
Time deposits	684,429	717,431
Federal Home Loan advances	324,400	329,400
Quoted Prices in Active Markets for Identical Assets
ASSETS
Cash and due from banks	292,134	316,445
Securities held-to-maturity	0	0
Loans receivable, net		0
Liabilities
Deposits other than time deposits	701,372	638,753
Time deposits	0	0
Federal Home Loan advances
Significant Other Observable Inputs
ASSETS
Cash and due from banks	0	0
Securities held-to-maturity	7,004	6,978
Loans receivable, net		0
Liabilities
Deposits other than time deposits		0
Time deposits	687,241	725,110
Federal Home Loan advances	322,234	336,377
Significant Unobservable Inputs
ASSETS
Cash and due from banks	0	0
Securities held-to-maturity	0	0
Loans receivable, net	1,286,794	1,290,740
Liabilities
Deposits other than time deposits		0
Time deposits	0	0
Federal Home Loan advances		$ 0

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME - Changes in accumulated other comprehensive income by component, net of tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 205,600	$ 237,621
Other comprehensive income (loss) before reclassification	317	(2,961)
Amounts reclassified from accumulated other comprehensive income	280	30
Total other comprehensive income (loss)	597	(2,931)
Balance at end of period	205,452	223,356
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(1,031)	(517)
Total other comprehensive income (loss)	597	(2,931)
Balance at end of period	(434)	(3,448)
Gains and Losses on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(3,986)	(360)
Other comprehensive income (loss) before reclassification	3,071	(4,031)
Amounts reclassified from accumulated other comprehensive income	243	(1)
Total other comprehensive income (loss)	3,314	(4,032)
Balance at end of period	(672)	(4,392)
Unrealized gains on securities available for sale: Realized (losses) gains on securities available for sale
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	4,208	916
Other comprehensive income (loss) before reclassification	(2,754)	1,070
Amounts reclassified from accumulated other comprehensive income	0	0
Total other comprehensive income (loss)	(2,754)	1,070
Balance at end of period	1,454	1,986
Defined Benefit Pension Items
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(1,253)	(1,073)
Other comprehensive income (loss) before reclassification	0	0
Amounts reclassified from accumulated other comprehensive income	37	31
Total other comprehensive income (loss)	37	31
Balance at end of period	$ (1,216)	$ (1,042)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME- Summary of reclassification out of each component of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest income (expense)	$ 9,599	$ 10,176
Compensation and employee benefits	6,021	5,591
Income tax expense	551	4,685
Total reclassification for the period, net of tax	745	11,334
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense	110	13
Total reclassification for the period, net of tax	280	30
Interest rate contracts | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest income (expense)	(338)	1
Net actuarial loss | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Compensation and employee benefits	$ (52)	$ (44)

REVENUE FROM CONTRACTS WITH C_3

REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME (Details) - Other Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	$ 199	$ 176
Service charges on deposits
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	192	170
Interchange income
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	$ 7	$ 6

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	Mar. 31, 2021
Blue Foundry Bancorp - NJ
Subsequent Event [Line Items]
Ownership interest percentage	100.00%