Blue Foundry Bancorp (BLFY) 10-Q 5 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Oct. 29, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-40619
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
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	BLFY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
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		28,522,500
Entity Central Index Key	0001846017
Amendment Flag	false
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($)	Sep. 30, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 324,291,000	$ 316,445,000
Securities available for sale, at fair value	314,146,000	244,587,000
Assets held for sale	6,117,000	5,295,000
Securities held to maturity (fair value of $23,147 at September 30, 2021 and $6,979 at December 31, 2020)	23,325,000	7,005,000
Restricted stock, at cost	12,976,000	16,860,000
Loans receivable, net of allowance of $15,248 at September 30, 2021 and $16,959 at December 31, 2020	1,238,975,000	1,267,114,000
Real estate owned, net	624,000	624,000
Interest and dividends receivable	5,706,000	5,749,000
Premises and equipment, net	26,648,000	19,569,000
Right-of-use assets	26,101,000	24,878,000
Bank owned life insurance	21,547,000	21,186,000
Other assets	23,877,000	13,234,000
Total assets	2,024,333,000	1,942,546,000
Liabilities
Deposits	1,265,617,000	1,356,184,000
Advances from the Federal Home Loan Bank	247,600,000	329,400,000
Advances by borrowers for taxes and insurance	10,165,000	10,841,000
Lease liabilities	27,293,000	25,535,000
Other liabilities	25,423,000	14,986,000
Total liabilities	1,576,098,000	1,736,946,000
Shareholders’ equity
Common stock $0.01 par value; 28,522,500 shares authorized; 28,522,500 shares issued and outstanding	285,000	10,000
Additional paid-in capital	281,786,000	822,000
Retained earnings	$ 189,081,000	205,799,000
Shares in ESOP	2,281,800
Unallocated common shares held by ESOP (2,281,800 shares)	$ (22,405,000)	0
Accumulated other comprehensive (loss) income	(512,000)	(1,031,000)
Total shareholders’ equity	448,235,000	205,600,000
Total liabilities and shareholders’ equity	$ 2,024,333,000	$ 1,942,546,000

Consolidated Statements of Fi_2

Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Fair value of securities held for investment	$ 23,147	$ 6,979
Loans receivable, allowance	$ 15,248	$ 16,959
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	28,522,500	28,522,500
Common Stock, Shares, Issued	28,522,500	28,522,500
Common Stock, Shares, Outstanding	28,522,500	28,522,500

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Interest income:
Loans	$ 12,044	$ 13,412	$ 36,362	$ 41,577
Taxable investment income	1,901	1,578	5,064	5,385
Non-taxable investment income	128	147	392	487
Total interest income	14,073	15,137	41,818	47,449
Interest expense:
Deposits	1,651	3,796	6,848	12,611
Borrowed funds	1,318	1,712	4,357	5,090
Total interest expense	2,969	5,508	11,205	17,701
Net interest income	11,104	9,629	30,613	29,748
(Recovery of) provision for loan losses	(338)	1	(1,699)	2,754
Net interest income after (recovery of) provision for loan losses	11,442	9,628	32,312	26,994
Noninterest income:
Fees and service charges	347	399	1,410	1,319
Gain (loss) on premises and equipment	7	0	(79)	0
Write-down of real estate owned	0	0	0	(1,390)
Other	135	212	444	605
Total noninterest income	489	611	1,775	534
Noninterest expense:
Compensation and employee benefits	5,931	6,125	18,321	17,694
Expense on withdrawal from pension plan	9,232	0	9,232	0
Occupancy and equipment	1,853	1,504	5,849	4,246
Loss on assets held for sale	0	0	21	12,765
Data processing	1,781	955	5,432	2,719
Prepayment fees	1,401	843	1,401	843
Advertising	603	1,090	1,595	1,738
Professional services	875	1,779	2,819	6,257
Directors fees	136	123	413	370
Provision for commitment and letters of credit	1,245	0	541	0
Federal deposit insurance	130	131	384	200
Goodwill impairment	0	0	0	15,460
Contribution to Blue Foundry Charitable Foundation	9,000	0	9,000	0
Other	931	452	2,282	1,469
Total noninterest expenses	33,118	13,002	57,290	63,761
Loss before income tax benefit	(21,187)	(2,763)	(23,203)	(36,233)
Income tax benefit	(6,217)	(1,098)	(6,485)	(6,489)
Net loss	$ (14,970)	$ (1,665)	$ (16,718)	$ (29,744)
Earnings per common share, basic	$ (0.68)
Earnings per common share, diluted	$ (0.68)
Weighted average number of shares outstanding, basic	21,979,861
Weighted average number of shares outstanding, diluted	21,979,861

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (14,970)	$ (1,665)	$ (16,718)	$ (29,744)
Unrealized (loss) gain on securities available for sale:
Unrealized gain (loss) on securities available for sale	(1,501)	135	(3,254)	3,989
Unrealized (gain) loss on cash flow hedge:
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	(368)	(317)	(1,059)	(413)
Unrealized holding gain (loss) arising during the period	1,028	729	5,084	(5,721)
Unrealized gain (loss) on cash flow hedge	660	412	4,025	(6,134)
Defined benefit plans:
Reclassification adjustment for amortization of: Net actuarial loss	52	49	155	(195)
Total tax effect	248	(272)	(407)	553
Total other comprehensive (loss) income	(541)	324	519	(1,787)
Comprehensive loss	$ (15,511)	$ (1,341)	$ (16,199)	$ (31,531)

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Charitable Foundation	Blue Foundry Bank ESOP	Common Stock	Common StockCharitable Foundation	Additional Paid-In Capital	Additional Paid-In CapitalCharitable Foundation	Retained Earnings	Accumulated Other Comprehensive Income (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 income	(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, 2019	237,621			10		822		237,306	(517)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(29,744)
Other comprehensive income	(1,787)
Balance at end of period at Sep. 30, 2020	206,091			10		822		207,563	(2,304)
Balance at beginning of period at Mar. 31, 2020	223,356			10		822		225,972	(3,448)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(16,744)							(16,744)
Other comprehensive income	820								820
Balance at end of period at Jun. 30, 2020	207,432			10		822		209,228	(2,628)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(1,665)							(1,665)
Other comprehensive income	324
Balance at end of period at Sep. 30, 2020	206,091			10		822		207,563	(2,304)
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 income	597								597
Balance at end of period at Mar. 31, 2021	205,452			10		822		205,054	(434)
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	(16,718)
Other comprehensive income	519
Balance at end of period at Sep. 30, 2021	448,235		$ (22,405)	285		281,786		189,081	(512)
Balance at beginning of period at Mar. 31, 2021	205,452			10		822		205,054	(434)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(1,003)							(1,003)
Other comprehensive income	463								463
Balance at end of period at Jun. 30, 2021	204,912		0	10		822		204,051	29
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(14,970)							(14,970)
Proceeds from stock issued during the period	273,598	$ 7,500		268	$ 7	273,330	$ 7,493
Stock offering costs incurred and deferred	4,800
Purchase of common shares by the ESOP (2,281,800 shares)	(22,818)		(22,818)
ESOP shares committed to be released	554		413			141
Other comprehensive income	(541)								(541)
Balance at end of period at Sep. 30, 2021	$ 448,235		$ (22,405)	$ 285		$ 281,786		$ 189,081	$ (512)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net loss	$ (16,718)	$ (29,744)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of premises and equipment	1,644	1,411
Change in right-of-use asset	1,974	946
Amortization (accretion) of:
Deferred loan fees, costs, and discounts, net	492	(802)
Premiums and discounts on securities	624	208
Goodwill impairment	0	15,460
Deferred income tax benefit	(7,404)	(5,706)
Dividends on CRA fund	0	(15)
(Recovery) provision for loan losses	(1,699)	2,754
(Loss) gain on sales and calls of securities	0	119
Loss on assets held for sale	21	12,765
Gain (loss) on premises and equipment	79	0
Write-down of real estate owned	0	1,390
Increase in BOLI cash surrender value	(362)	(460)
Issuance of common shares donated to Blue Foundry Charitable Foundation	7,500	0
ESOP expense	554	0
Expense on withdrawal from pension plan	9,232	0
Decrease (increase) in interest and dividends receivable	43	(672)
(Increase) decrease in other assets	(1,323)	886
Increase (decrease) in other liabilities	3,111	(125)
Change in lease liability	(1,439)	(654)
Net cash provided by operating activities	(3,671)	(2,239)
Cash flows from investing activities
Net decrease in loans	29,347	73,158
Purchases of securities available for sale	(134,927)	(96,148)
Purchases of securities held to maturity	(20,362)	0
Sales of equity securities	0	4,178
Proceeds from calls of securities held to maturity	4,000	0
Proceeds from sales and calls of securities available for sale	14,000	11,437
Principal payments and maturities on securities available for sale	47,533	67,609
Redemption (purchase) of Federal Home Loan Bank stock	3,884	(1,899)
Proceeds from Bank owned life insurance	0	275
Purchases of premises and equipment	(9,695)	(3,084)
Net cash used in investing activities	(66,220)	55,526
Cash flows from financing activities
Net (decrease) increase in deposits	(90,567)	28,541
Proceeds of advances from Federal Home Loan Bank	474,600	478,000
Repayments of advances from Federal Home Loan Bank	(556,400)	(435,500)
Net decrease in advances by borrowers for taxes and insurance	(676)	(247)
Net proceeds from issuance of common shares	250,780	0
Net cash provided by financing activities	77,737	70,794
Net increase in cash and cash equivalents	7,846	124,081
Cash and cash equivalents at beginning of period	316,445	124,034
Cash and cash equivalents at end of period	324,291	248,115
Cash paid during the period for:
Interest	11,032	17,707
Income taxes	150	103
Supplemental noncash disclosures
Transfers of assets to held for sale	892	5,695
Lease liabilities arising from obtaining right-of-use assets	$ 3,197	$ 26,467

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 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. On July 15, 2021, the Company became the holding company for the Bank when Blue Foundry, MHC completed its conversion into the stock holding company form of organization. In connection with the conversion, the Company sold 27,772,500 shares of common stock at a price of $10 per share, for gross proceeds of $277.7 million. The Company also contributed 750,000 shares of common stock and $1.5 million in cash to Blue Foundry Charitable Foundation, Inc. Shares of the Company’s common stock began trading on July 16, 2021 on the Nasdaq Global Select Market under the trading symbol “BLFY.” Basis of Financial Statement Presentation : The consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles. The financial statements were prepared in accordance with the instructions for Form 10-Q and with Regulation S-X and do not include information or footnotes necessary for a complete presentation of the financial condition, results of operations, and cash flows in conformity with U.S. generally accepted accounting principles (“GAAP”). The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of financial condition and revenues and expenses for the period. Actual results could differ from those estimates. Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or shareholders’ equity. The results of operations and other data presented for the three and nine months ended September 30, 2021 are not necessarily indicative of the results of operations that may be expected for subsequent periods or the full year results. These financial statements should be read in conjunction with the annual financial statements and notes thereto included in Company’s prospectus, filed with the Securities and Exchange Commission pursuant to Rule 424(b)(3) on May 21, 2021. 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 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 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 primarily 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. In August, 2021 the Company notified Pentegra of its intent to withdraw from the DB Plan, effective September 30, 2021. The Company recorded an accrued withdrawal liability for the estimated exit price of the defined benefit pension plan, in accordance with ASC 450. The withdraw is expected to close in the fourth quarter of 2021. 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. In August, 2021 the Company notified Pentegra of its intent to withdraw from the DB Plan, effective September 30, 2021. The Company recorded an accrued withdrawal liability for the estimated exit price of the defined benefit pension plan, in accordance with ASC 450. The withdrawal is expected to close in the fourth quarter of 2021. Employee Stock Ownership Plan: The cost of shares issued to the ESOP, but not yet allocated to participants, is shown as a reduction of shareholders’ equity. Compensation expense is based on the market price of shares as they are committed to be released to participant accounts. Dividends on allocated ESOP shares reduce retained earnings; dividends on unearned ESOP shares reduce the ESOP’s debt and accrued interest. Earnings per share: Basic earnings per share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. ESOP shares committed to be released are considered to be outstanding for purposes of the earnings per share computation. ESOP shares that have not been legally released, but that relate to employee services rendered during an accounting period (interim or annual) ending before the related debt service payment is made, are considered committed to be released. Diluted earnings per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options awards and are determined using the treasury stock method . 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	9 Months Ended
	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
SECURITIES	SECURITIES The amortized cost of securities available for sale and their estimated fair values at September 30, 2021 and December 31, 2020 are as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) September 30, 2021 Available for sale U.S. Treasury Note $ 6,901 $ — $ (128) $ 6,773 Corporate Bonds 86,169 2,038 (89) 88,118 U.S. Government agency obligations 25,311 73 (144) 25,240 Obligations issued by U.S. states and their political subdivisions 21,106 1,161 (3) 22,264 Mortgage-backed securities: Residential one-to-four family 123,930 237 (1,364) 122,803 Multifamily 41,497 790 (73) 42,214 Asset-backed securities 6,769 11 (46) 6,734 Total available-for-sale $ 311,683 $ 4,310 $ (1,847) $ 314,146 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 September 30, 2021 and December 31, 2020, are as follows: Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated Fair Value (In thousands) September 30, 2021 Held-to-maturity Collateralized loan obligation $ 3,000 $ — $ — $ 3,000 Asset-backed securities 15,325 — (186) 15,139 Corporate bonds 5,000 8 — 5,008 Total held-to-maturity $ 23,325 $ 8 $ (186) $ 23,147 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 $10.0 million and $14.0 million in the three and nine months ended September 30, 2021 and $6.5 million and $11.4 million in the three and nine months ended September 30, 2020, respectively. There were no other-than-temporary impairment (“OTTI”) charges for the three and nine months ended September 30, 2021 or September 30, 2020, respectively. The amortized cost and fair value of debt securities are shown below by contractual maturity. 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: September 30, 2021 Amortized Cost Estimated Fair Value (In thousands) Available-for-sale Due in one year or less $ 11,257 $ 11,388 Due from one year to five years 91,243 93,410 Due from five to ten years 38,783 39,422 Due after ten years 4,973 4,909 Mortgage-backed securities 165,427 165,017 Total $ 311,683 $ 314,146 Held-to-maturity Due in one year or less $ 3,000 $ 3,000 Due from one year to five years 11,084 11,067 Due from five to ten years 9,241 9,080 Total $ 23,325 $ 23,147 The following tables summarize available-for-sale securities with unrealized losses at September 30, 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) September 30, 2021 Available for sale U.S. Treasury Note $ (128) $ 6,773 $ — $ — $ (128) $ 6,773 Corporate Bonds (89) 17,415 — — (89) 17,415 U.S. Government — — (144) 8,680 (144) 8,680 Obligations issued by (3) 1,851 — — (3) 1,851 Mortgage-backed Residential one-to-four (1,364) 106,396 — — (1,364) 106,396 Multifamily (73) 916 — 186 (73) 1,102 Asset-backed securities (46) 1,713 — — (46) 1,713 Total available-for-sale $ (1,703) $ 135,064 $ (144) $ 8,866 $ (1,847) $ 143,930 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 was one collateralized loan obligation held to maturity security in an unrecognized loss position for more than twelve months at September 30, 2021. This collateralized loan obligation security had a fair value of $3.0 million, and was in a minimal unrecognized loss position, at September 30, 2021. The Company did not have any held to maturity securities in an unrecognized loss position for more than twelve months at December 31, 2020. There were two asset-backed held to maturity securities with total fair value of $15.1 million, in an aggregate unrecognized loss position for less than twelve months of $186 thousand, at September 30, 2021, and one collateralized loan obligation held to maturity security with a fair value of $3.0 million, in an unrecognized loss position for less than 12 months of $26 thousand, at December 31, 2020. On September 30, 2021, three U.S. Government agency obligations, one U.S Treasury note, two obligations issued by U.S. states and their political subdivisions, and twenty-six 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 and two asset-backed securities 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). Securities pledged at September 30, 2021 and December 31, 2020, had a carrying amount of $9.8 million and $12.7 million, respectively, and were pledged to secure public deposits, Federal Home Loan Bank (“FHLB”) advances, repurchase agreements and derivatives.

LOANS RECEIVABLE, NET

LOANS RECEIVABLE, NET	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
LOANS RECEIVABLE, NET	LOANS RECEIVABLE, NET A summary of loans receivable, net at September 30, 2021 and December 31, 2020, is as follows: September 30, 2021 December 31, 2020 (In thousands) Residential one-to-four family $ 522,213 $ 611,603 Multifamily 511,408 427,436 Non-residential 130,823 128,141 Construction and land 21,337 33,691 Junior liens 19,540 23,814 Commercial and industrial (including PPP) 44,262 54,053 Consumer and other 80 99 Total loans 1,249,663 1,278,837 Deferred fees, costs and premiums and discounts, net 4,560 5,236 Allowance for loan losses (15,248) (16,959) (10,688) (11,723) Loans receivable, net $ 1,238,975 $ 1,267,114 The commercial and industrial portfolio is comprised of $41.1 million of PPP loans as well as $3.2 million of general commercial and industrial loans, including Small Business Administration (“SBA”), as of September 30, 2021. 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 SBA Paycheck Protection Program 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 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 and nine months ended September 30, 2021, and 2020: Residential One-To-Four Family Multifamily Non-Residential Construction and Land Junior Liens Commercial and Industrial (including PPP) Consumer and Other Unallocated Total (In thousands) Three Months Ended September 30, 2021 Allowance for loan losses Beginning balance $ 2,918 $ 5,350 $ 3,243 $ 3,185 $ 758 $ 4 $ 42 $ 93 $ 15,593 Charge-offs — — — — — — (7) — (7) Recoveries — — — — — — — — — (Recovery of) provision for loan losses (43) 386 (116) (556) (54) 39 5 1 (338) Total ending allowance balance $ 2,875 $ 5,736 $ 3,127 $ 2,629 $ 704 $ 43 $ 40 $ 94 $ 15,248 Nine Months Ended September 30, 2021 Allowance for loan losses Beginning balance $ 3,579 $ 5,460 $ 3,244 $ 3,655 $ 916 $ 2 $ 48 $ 55 $ 16,959 Charge-offs — — — — — — (12) — (12) Recoveries — — — — — — — — — (Recovery of) provision for loan losses (704) 276 (117) (1,026) (212) 41 4 39 (1,699) Total ending allowance balance $ 2,875 $ 5,736 $ 3,127 $ 2,629 $ 704 $ 43 $ 40 $ 94 $ 15,248 Three Months Ended September 30, 2020 Allowance for loan losses Beginning balance $ 3,691 $ 4,776 $ 2,742 $ 4,823 $ 1,067 $ — $ 53 $ 99 $ 17,251 Charge-offs — — — — — — (2) — (2) Recoveries — — — — — — — — — (Recovery of) provision for loan losses (260) 117 (225) (117) (39) (1) 526 1 Total ending allowance balance $ 3,431 $ 4,893 $ 2,517 $ 4,706 $ 1,028 $ — $ 50 $ 625 $ 17,250 Nine Months Ended September 30, 2020 Allowance for loan losses Beginning balance $ 3,446 $ 4,256 $ 2,548 $ 3,028 $ 1,002 $ — $ 57 $ 164 $ 14,501 Charge-offs — — — — — — (5) — (5) Recoveries — — — — — — — — — (Recovery of) provision for loan losses (15) 637 (31) 1,678 26 (2) 461 2,754 Total ending allowance balance $ 3,431 $ 4,893 $ 2,517 $ 4,706 $ 1,028 $ — $ 50 $ 625 $ 17,250 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 September 30, 2021 and December 31, 2020 : Residential One-To-Four Family Multifamily Non-Residential Construction and Land Junior Liens Commercial and Industrial (including PPP) Consumer and Other Unallocated Total (In thousands) September 30, 2021 Allowance for loan losses: Individually evaluated $ 32 $ — $ — $ — $ — $ — $ 39 $ — $ 71 Collectively evaluated 2,843 5,736 3,127 2,629 704 43 1 94 15,177 Total $ 2,875 $ 5,736 $ 3,127 $ 2,629 $ 704 $ 43 $ 40 $ 94 $ 15,248 Loans receivable: Individually evaluated $ 10,133 $ 1,032 $ 5,004 $ — $ 56 $ — $ 39 $ — $ 16,264 Collectively evaluated 516,698 511,847 125,846 21,290 19,576 42,661 41 1,237,959 Total $ 526,831 $ 512,879 $ 130,850 $ 21,290 $ 19,632 $ 42,661 $ 80 $ — $ 1,254,223 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 September 30, 2021, September 30, 2020 and December 31, 2020: Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Income Recognized Cash Basis Interest Recognized (In thousands) September 30, 2021 With no related allowance Residential one-to-four $ 8,757 $ 9,065 $ — $ 9,666 $ 9 $ 8 Multifamily 1,030 1,032 — 1,249 17 15 Non-residential 5,155 5,004 — 4,899 173 159 Construction and land — — — — — — Commercial and — — — — — — Junior liens 56 56 — 57 2 2 14,998 15,157 — 15,871 201 184 With an allowance recorded: Residential one-to-four 1,069 1,068 32 1,297 38 34 Multifamily — — — — — — Non-residential — — — — — — Construction and land — — — — — — Commercial and — — — — — — Consumer and other 39 39 39 42 2 1 1,108 1,107 71 1,339 40 35 Total $ 16,106 $ 16,264 $ 71 $ 17,210 $ 241 $ 219 September 30, 2020 With no related allowance Residential one-to-four $ 6,399 $ 6,508 $ — $ 473 $ 97 $ 96 Multifamily 1,216 1,226 — 405 45 41 Non-residential 6,006 5,812 — 2,410 207 201 Construction and land — — — — — — Commercial and — — — — — — Junior liens 60 59 — 27 1 1 13,681 13,605 — 3,315 350 339 With an allowance recorded: Residential one-to-four 1,519 1,521 108 679 53 47 Multifamily 353 352 28 157 11 10 Non-residential — — — — — — Construction and land — — — — — — Commercial and — — — — — — Consumer and other 49 48 48 23 1 1 1,921 1,921 184 859 65 58 Total $ 15,602 $ 15,526 $ 184 $ 4,174 $ 415 $ 397 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Income Recognized Cash Basis Interest Recognized (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 $5.5 million and $6.3 million as of September 30, 2021 and December 31, 2020, respectively. The Company has allocated $72 thousand and $95 thousand, respectively, of specific reserves to troubled debt restructured loans as of September 30, 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 September 30, 2021. A troubled debt restructuring (“TDR”) 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 September 30, 2021 and September 30, 2020. The Company did not record any troubled debt restructurings during the three and nine months ended September 30, 2021 and 2020, as well as during the previous year. The following table presents the recorded investment in non-accrual loans and loans past due 90 days or more still on accrual as of September 30, 2021 and December 31, 2020 : Nonaccrual Loans Past Due 9/30/2021 12/31/2020 9/30/2021 12/31/2020 (In thousands) Residential one-to-four family $ 10,969 $ 11,813 $ — $ — Multifamily 145 156 — — Non-residential 1,236 805 — — Construction and land — — — — Commercial and industrial (including PPP) — — — — Junior liens 114 82 — — Total $ 12,464 $ 12,856 $ — $ — The following table presents the recorded investment in past due and current loans by loan portfolio class as of September 30, 2021 and December 31, 2020: 60-89 Days Past Due 90 Days and Greater Past Due Total Past Due Current Total Loans Receivable (In thousands) September 30, 2021 Residential $ 542 $ 9,233 $ 9,775 $ 517,056 $ 526,831 Multifamily — 145 145 512,734 512,879 Non-residential 191 1,262 1,453 129,397 130,850 Construction and land — — — 21,290 21,290 Junior liens 51 56 107 19,525 19,632 Commercial and Industrial (including PPP) — — — 42,661 42,661 Consumer and other — — — 80 80 Total $ 784 $ 10,696 $ 11,480 $ 1,242,743 $ 1,254,223 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 (including 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 September 30, 2021 and December 31, 2020: Pass Special Mention Substandard Doubtful / Loss Total (In thousands) September 30, 2021 Residential one-to-four family $ 515,423 $ — $ 11,408 $ — $ 526,831 Multifamily 507,027 4,820 1,032 — 512,879 Non-residential 129,306 146 1,398 — 130,850 Construction and land 21,290 — — — 21,290 Junior liens 19,519 — 113 — 19,632 Commercial and Industrial (including PPP) 42,661 — — 42,661 Consumer and other 80 — — — 80 Total $ 1,235,306 $ 4,966 $ 13,951 $ — $ 1,254,223 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 (including PPP) 52,867 — — — 52,867 Consumer and other 98 — — — 98 Total $ 1,253,057 $ 16,802 $ 14,214 $ — $ 1,284,073

LEASES

LEASES	9 Months Ended
	Sep. 30, 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 ROU assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term. As of September 30, 2021, the Company had the following related to operating leases: As of September 30, 2021 (In thousands) Right-of-use assets $ 26,101 Lease liabilities $ 27,293 The following table is a summary of the Company’s components of net lease cost for the three and nine months ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 (In thousands) Operating lease cost $ 751 $ 505 $ 2,264 $ 1,111 Finance lease cost 6 6 17 10 Variable lease cost 58 23 161 66 Total lease cost $ 815 $ 534 $ 2,442 $ 1,187 As of September 30, 2021, the weighted average remaining lease term for operating leases was 12.3 years and the weighted average discount rate used in the measurement of lease liabilities was 1.96%. Cash payments for lease liabilities totaled $653 thousand and $1.91 million, respectively for the three and nine months ended September 30, 2021 and $399 thousand and $1.15 million for the three and nine months ended September 30, 2020. Future undiscounted lease payments for operating leases with initial terms of one year or more as of September 30, 2021 are as follows: (In thousands) 2022 $ 2,971 2023 2,862 2024 2,708 2025 2,401 2026 2,321 Thereafter 17,821 Total undiscounted lease payments 31,084 Less: imputed interest (3,791) Total $ 27,293

DEPOSITS

DEPOSITS	9 Months Ended
	Sep. 30, 2021
Deposits [Abstract]
DEPOSITS	DEPOSITS Deposits at September 30, 2021 and December 31, 2020, are summarized as follows: September 30, 2021 December 31, 2020 (In thousands) NOW and demand accounts $ 396,487 $ 362,169 Savings 347,620 276,584 Time deposits 521,510 717,431 Total $ 1,265,617 $ 1,356,184 Included within the NOW and demand account caption, as well as the Savings caption above are money market accounts with varying transactional limits. Time deposits mature as follows for the years ending December 31: (In thousands) Remainder of 2021 $ 128,516 2022 246,645 2023 113,255 2024 20,173 2025 6,801 2026 6,120 $ 521,510

DERIVATIVES

DERIVATIVES	9 Months Ended
	Sep. 30, 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 with notional amounts totaling $109,000,000 at September 30, 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: September 30, 2021 December 31, 2020 (Dollars in thousands) Notional amounts $ 109,000 $ 109,000 Weighted average pay rates 1.4577 % 1.4577 % Weighted average receive rates 0.1241 % 0.2303 % Weighted average maturity 5.5 Years 6.0 years Unrealized losses $ (1,520) $ (5,545) Interest income (expense) recorded on these swap transactions totaled $(368) thousand, $(1.1) million, $(317) thousand and $(413) thousand during the three and nine months ended September 30, 2021 and 2020, respectively, and is reported as a component of interest expense on FHLB advances. At September 30, 2021, the Company expected $0.4 million of the unrealized loss to be reclassified as an increase to interest expense during the remainder of 2021. Cash Flow Hedge The effect of cash flow hedge accounting on accumulated other comprehensive income for the three and nine months ended September 30, 2021 and September 30, 2020 are as follows: 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) (In thousands) Three months ended September 30, 2021 Interest rate contracts $ 474 Interest Expense $ (368) Nine Months Ended September 30, 2021 Interest rate contracts $ 2,893 Interest Expense $ (1,059) Three months ended September 30, 2020 Interest rate contracts $ 296 Interest Expense $ (317) Nine months ended September 30, 2020 Interest rate contracts $ (4,410) Interest Expense $ (413)

RETIREMENT PLANS

RETIREMENT PLANS	9 Months Ended
	Sep. 30, 2021
Retirement Benefits [Abstract]
RETIREMENT PLANS	RETIREMENT PLANS The Company has been a participant 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 Pentegra DB 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 Pentegra DB 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 elected to withdraw from the Pentegra DB Plan in August 2021, and has recorded an associated $9.2 million accrued withdrawal liability. The withdrawal is expected to be finalized in the fourth quarter of 2021. The final exit price may vary from the amount originally estimated, as it is based on market pricing. 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 September 30, 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 and nine months ended September 30, 2021 and 2020: SERP and DRP Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (In thousands) (In thousands) Service cost $ 38 $ 24 $ 113 $ 66 Interest cost 19 21 56 76 Prior Service Cost 17 17 51 51 Amortization: Net loss (gain) 36 32 106 (135) Net periodic benefit cost $ 110 $ 94 $ 326 $ 58 Post Retirement Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (In thousands) (In thousands) Service cost $ — $ — $ 1 $ 1 Interest cost $ 10 $ 12 $ 29 $ 41 Amortization: Net loss (gain) (1) — (2) (111) Net periodic benefit cost $ 9 $ 12 $ 28 $ (69)

FAIR VALUE OF ASSETS AND LIABIL

FAIR VALUE OF ASSETS AND LIABILITIES	9 Months Ended
	Sep. 30, 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 real estate owned (“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. Adjustments that are based on contracts / letters of intent result in a Level 2 classification. The following table summarizes the fair value of assets and liabilities as of September 30, 2021: Fair Value Measurements at September 30, 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 $ 6,773 $ 6,773 $ — $ — Domestic Corporate Bonds 88,118 — 88,118 — U.S. Government agency obligations 25,240 19,318 5,922 — Obligations issued by U.S. states and their political subdivisions 22,264 — 22,264 — Mortgage-backed securities: Residential one-to-four family 122,803 — 122,803 — Multifamily 42,214 — 42,214 — Asset-backed securities 6,734 $ — 6,734 — $ 314,146 $ 26,091 $ 288,055 $ — Financial Liabilities Derivatives $ (1,520) $ — $ (1,520) $ — Measured on a nonrecurring basis: Nonfinancial assets Assets held for sale $ 5,225 $ — $ 5,225 $ — Real estate owned 624 — 624 — In June 2021, certain REO was designated to held for sale and were transferred at cost basis in the amount of $892 thousand, and is therefore not included in the above table. 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 REO 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 were reclassified from premises to assets held for sale. The impairment recorded on the REO was $1.4 million, which resulted in a remaining book value on those assets of $624 thousand. 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 September 30, 2021 and December 31, 2020 are as follows: Fair Value Measurements at September 30, 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 $ 324,291 $ 324,291 $ — $ — Securities held-to-maturity 23,325 — 23,147 — Loans, net 1,238,975 1,235,172 Financial liabilities Deposits other than time deposits 744,107 744,107 Time Deposits 521,510 — 521,294 — Federal Home Loan advances 247,600 244,611 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) 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	9 Months Ended
	Sep. 30, 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 Unrealized Gains and Losses on Available-for-sale Defined 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) Other comprehensive income (loss) before reclassification $ (1,149) $ 1,321 $ — $ 172 Amounts reclassified from accumulated other comprehensive income 254 — 37 291 Net current period other comprehensive (loss) gain (895) 1,321 37 463 Balance at June 30, 2021 $ (1,567) $ 2,775 $ (1,179) $ 29 Other comprehensive income (loss) before reclassification $ 209 $ (1,053) $ — $ (844) Amounts reclassified from accumulated other comprehensive income 265 — 38 303 Net current period other comprehensive (loss) gain 474 (1,053) 38 (541) Balance at September 30, 2021 $ (1,093) $ 1,722 $ (1,141) $ (512) Gains and Losses on Cash Flow Unrealized Gains and Losses on Available-for-sale Defined 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) Other comprehensive income (loss) before reclassification $ (743) $ 1,701 $ — $ 958 Amounts reclassified from accumulated other comprehensive income 69 — (207) (138) Net current period other comprehensive (loss) gain (674) 1,701 (207) 820 Balance at June 30, 2020 $ (5,066) $ 3,687 $ (1,249) $ (2,628) Other comprehensive income (loss) before reclassification $ 68 $ (7) $ — $ 61 Amounts reclassified from accumulated other comprehensive income 228 — 35 263 Net current period other comprehensive (loss) gain 296 (7) 35 324 Balance at September 30, 2020 $ (4,770) $ 3,680 $ (1,214) $ (2,304) The following is significant amounts reclassified out of each component of accumulated other comprehensive income (loss): Details about Accumulated Other Comprehensive Income Components Three Months Ended September 30, 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 $ (368) $ (317) Interest (expense) income Amortization of benefit plan items: Net actuarial loss (52) (49) Compensation and employee benefits Total tax effect 118 103 Income tax expense Total reclassification for the period, net of tax $ (302) $ (263) Details about Accumulated Other Comprehensive Income Components Nine Months Ended September 30, 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 $ (1,059) $ (413) Interest (expense) income Amortization of benefit plan items: Net actuarial loss (155) $ 195 Compensation and employee benefits Total tax effect 341 61 Income tax expense Total reclassification for the period, net of tax $ (873) $ (157)

REVENUE FROM CONTRACTS WITH CUS

REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2021 and 2020, respectively. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (In thousands) (In thousands) Noninterest income Service charges on deposits $ 246 $ 188 $ 706 $ 527 Interchange income 9 5 25 16 Total Revenue from Contracts with Customers $ 255 $ 193 $ 731 $ 543 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.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic EPS represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common shares (such as stock options) were exercised or converted into additional common shares that would then share in the earnings of the entity. Diluted EPS is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period, plus the effect of potential dilutive common share equivalents. There were no securities or other contracts that had a dilutive effect during the three and nine months ended September 30, 2021, and therefore the weighted-average common shares outstanding used to calculate both basic and diluted EPS are the same. Shares held by the Employee Stock Ownership Plan (“ESOP”) that have not been allocated to employees in accordance with the terms of the ESOP, referred to as “unallocated ESOP shares”, are not deemed outstanding for earnings per share calculations. Earnings per share data is not applicable for the three and nine months ended September 30, 2020 as the Company had no shares outstanding. Three Months Ended September 30, 2021 (Income In thousands) Net income applicable to common shares $ (14,970) Average number of common shares outstanding 23,872,092 Less: Average unallocated ESOP shares 1,892,231 Average number of common shares outstanding used to calculate basic earnings per common share 21,979,861 Common stock equivalents — Earnings per common share basic and diluted $ (0.68)

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS As 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. Debt Repayment On October 21, 2021, the Bank extinguished $62.1 million in borrowings from the Federal Home Loan Bank of New York. This repayment has enhanced the Bank’s overall net interest margin and reduced its wholesale funding ratio. These borrowings had a weighted average rate of 1.9% and a weighted average remaining life of 0.86 years. The Bank incurred a prepayment penalty of $755 thousand associated with the extinguishment of this debt.

ESOP

ESOP	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
ESOP	ESOP Employees participate in an Employee Stock Ownership Plan (ESOP). The ESOP borrowed funds from the Company to purchase 2,281,800 shares of stock at $10 per share. The Bank makes discretionary contributions to the ESOP, as well as paying dividends on unallocated shares to the ESOP, and the ESOP uses funds it receives to repay the loan. When loan payments are made, ESOP shares are allocated to participants based on relative compensation. Participants receive the shares at the end of employment. Dividends on allocated shares increase participants accounts. There were no contributions to the ESOP during the first nine months of 2021, as the initial annual loan payment will be made during the fourth quarter. Expense recorded was $554 thousand during the first nine months of 2021, and is recognized over the service period. Shares held by the ESOP were as follows: Nine Months Ended September 30, 2021 (Dollars in thousands) Allocated to participants 41,290 Unallocated 2,240,510 Total ESOP shares 2,281,800 Fair value of unearned shares at September 30, 2021 $ 30,897

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 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. On July 15, 2021, the Company became the holding company for the Bank when Blue Foundry, MHC completed its conversion into the stock holding company form of organization. In connection with the conversion, the Company sold 27,772,500 shares of common stock at a price of $10 per share, for gross proceeds of $277.7 million. The Company also contributed 750,000 shares of common stock and $1.5 million in cash to Blue Foundry Charitable Foundation, Inc. Shares of the Company’s common stock began trading on July 16, 2021 on the Nasdaq Global Select Market under the trading symbol “BLFY.”
Basis of Financial Statement Presentation	Basis of Financial Statement Presentation : The consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles. The financial statements were prepared in accordance with the instructions for Form 10-Q and with Regulation S-X and do not include information or footnotes necessary for a complete presentation of the financial condition, results of operations, and cash flows in conformity with U.S. generally accepted accounting principles (“GAAP”). The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of financial condition and revenues and expenses for the period. Actual results could differ from those estimates. Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or shareholders’ equity. The results of operations and other data presented for the three and nine months ended September 30, 2021 are not necessarily indicative of the results of operations that may be expected for subsequent periods or the full year results. These financial statements should be read in conjunction with the annual financial statements and notes thereto included in Company’s prospectus, filed with the Securities and Exchange Commission pursuant to Rule 424(b)(3) on May 21, 2021.
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 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	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 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 primarily 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. In August, 2021 the Company notified Pentegra of its intent to withdraw from the DB Plan, effective September 30, 2021. The Company recorded an accrued withdrawal liability for the estimated exit price of the defined benefit pension plan, in accordance with ASC 450. The withdraw is expected to close in the fourth quarter of 2021. 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.
Employee Stock Ownership Plan	Employee Stock Ownership Plan: The cost of shares issued to the ESOP, but not yet allocated to participants, is shown as a reduction of shareholders’ equity. Compensation expense is based on the market price of shares as they are committed to be released to participant accounts. Dividends on allocated ESOP shares reduce retained earnings; dividends on unearned ESOP shares reduce the ESOP’s debt and accrued interest.
Earnings per share	Earnings per share: Basic earnings per share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. ESOP shares committed to be released are considered to be outstanding for purposes of the earnings per share computation. ESOP shares that have not been legally released, but that relate to employee services rendered during an accounting period (interim or annual) ending before the related debt service payment is made, are considered committed to be released. Diluted earnings per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options awards and are determined using the treasury stock method .
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)	9 Months Ended
	Sep. 30, 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 September 30, 2021 and December 31, 2020 are as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) September 30, 2021 Available for sale U.S. Treasury Note $ 6,901 $ — $ (128) $ 6,773 Corporate Bonds 86,169 2,038 (89) 88,118 U.S. Government agency obligations 25,311 73 (144) 25,240 Obligations issued by U.S. states and their political subdivisions 21,106 1,161 (3) 22,264 Mortgage-backed securities: Residential one-to-four family 123,930 237 (1,364) 122,803 Multifamily 41,497 790 (73) 42,214 Asset-backed securities 6,769 11 (46) 6,734 Total available-for-sale $ 311,683 $ 4,310 $ (1,847) $ 314,146 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 September 30, 2021 and December 31, 2020, are as follows: Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated Fair Value (In thousands) September 30, 2021 Held-to-maturity Collateralized loan obligation $ 3,000 $ — $ — $ 3,000 Asset-backed securities 15,325 — (186) 15,139 Corporate bonds 5,000 8 — 5,008 Total held-to-maturity $ 23,325 $ 8 $ (186) $ 23,147 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 below by contractual maturity. 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: September 30, 2021 Amortized Cost Estimated Fair Value (In thousands) Available-for-sale Due in one year or less $ 11,257 $ 11,388 Due from one year to five years 91,243 93,410 Due from five to ten years 38,783 39,422 Due after ten years 4,973 4,909 Mortgage-backed securities 165,427 165,017 Total $ 311,683 $ 314,146 Held-to-maturity Due in one year or less $ 3,000 $ 3,000 Due from one year to five years 11,084 11,067 Due from five to ten years 9,241 9,080 Total $ 23,325 $ 23,147
Summary of available-for-sale securities with unrealized losses	The following tables summarize available-for-sale securities with unrealized losses at September 30, 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) September 30, 2021 Available for sale U.S. Treasury Note $ (128) $ 6,773 $ — $ — $ (128) $ 6,773 Corporate Bonds (89) 17,415 — — (89) 17,415 U.S. Government — — (144) 8,680 (144) 8,680 Obligations issued by (3) 1,851 — — (3) 1,851 Mortgage-backed Residential one-to-four (1,364) 106,396 — — (1,364) 106,396 Multifamily (73) 916 — 186 (73) 1,102 Asset-backed securities (46) 1,713 — — (46) 1,713 Total available-for-sale $ (1,703) $ 135,064 $ (144) $ 8,866 $ (1,847) $ 143,930 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)	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
Summary of loans receivable	A summary of loans receivable, net at September 30, 2021 and December 31, 2020, is as follows: September 30, 2021 December 31, 2020 (In thousands) Residential one-to-four family $ 522,213 $ 611,603 Multifamily 511,408 427,436 Non-residential 130,823 128,141 Construction and land 21,337 33,691 Junior liens 19,540 23,814 Commercial and industrial (including PPP) 44,262 54,053 Consumer and other 80 99 Total loans 1,249,663 1,278,837 Deferred fees, costs and premiums and discounts, net 4,560 5,236 Allowance for loan losses (15,248) (16,959) (10,688) (11,723) Loans receivable, net $ 1,238,975 $ 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 and nine months ended September 30, 2021, and 2020: Residential One-To-Four Family Multifamily Non-Residential Construction and Land Junior Liens Commercial and Industrial (including PPP) Consumer and Other Unallocated Total (In thousands) Three Months Ended September 30, 2021 Allowance for loan losses Beginning balance $ 2,918 $ 5,350 $ 3,243 $ 3,185 $ 758 $ 4 $ 42 $ 93 $ 15,593 Charge-offs — — — — — — (7) — (7) Recoveries — — — — — — — — — (Recovery of) provision for loan losses (43) 386 (116) (556) (54) 39 5 1 (338) Total ending allowance balance $ 2,875 $ 5,736 $ 3,127 $ 2,629 $ 704 $ 43 $ 40 $ 94 $ 15,248 Nine Months Ended September 30, 2021 Allowance for loan losses Beginning balance $ 3,579 $ 5,460 $ 3,244 $ 3,655 $ 916 $ 2 $ 48 $ 55 $ 16,959 Charge-offs — — — — — — (12) — (12) Recoveries — — — — — — — — — (Recovery of) provision for loan losses (704) 276 (117) (1,026) (212) 41 4 39 (1,699) Total ending allowance balance $ 2,875 $ 5,736 $ 3,127 $ 2,629 $ 704 $ 43 $ 40 $ 94 $ 15,248 Three Months Ended September 30, 2020 Allowance for loan losses Beginning balance $ 3,691 $ 4,776 $ 2,742 $ 4,823 $ 1,067 $ — $ 53 $ 99 $ 17,251 Charge-offs — — — — — — (2) — (2) Recoveries — — — — — — — — — (Recovery of) provision for loan losses (260) 117 (225) (117) (39) (1) 526 1 Total ending allowance balance $ 3,431 $ 4,893 $ 2,517 $ 4,706 $ 1,028 $ — $ 50 $ 625 $ 17,250 Nine Months Ended September 30, 2020 Allowance for loan losses Beginning balance $ 3,446 $ 4,256 $ 2,548 $ 3,028 $ 1,002 $ — $ 57 $ 164 $ 14,501 Charge-offs — — — — — — (5) — (5) Recoveries — — — — — — — — — (Recovery of) provision for loan losses (15) 637 (31) 1,678 26 (2) 461 2,754 Total ending allowance balance $ 3,431 $ 4,893 $ 2,517 $ 4,706 $ 1,028 $ — $ 50 $ 625 $ 17,250 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 September 30, 2021 and December 31, 2020 : Residential One-To-Four Family Multifamily Non-Residential Construction and Land Junior Liens Commercial and Industrial (including PPP) Consumer and Other Unallocated Total (In thousands) September 30, 2021 Allowance for loan losses: Individually evaluated $ 32 $ — $ — $ — $ — $ — $ 39 $ — $ 71 Collectively evaluated 2,843 5,736 3,127 2,629 704 43 1 94 15,177 Total $ 2,875 $ 5,736 $ 3,127 $ 2,629 $ 704 $ 43 $ 40 $ 94 $ 15,248 Loans receivable: Individually evaluated $ 10,133 $ 1,032 $ 5,004 $ — $ 56 $ — $ 39 $ — $ 16,264 Collectively evaluated 516,698 511,847 125,846 21,290 19,576 42,661 41 1,237,959 Total $ 526,831 $ 512,879 $ 130,850 $ 21,290 $ 19,632 $ 42,661 $ 80 $ — $ 1,254,223 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 September 30, 2021, September 30, 2020 and December 31, 2020: Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Income Recognized Cash Basis Interest Recognized (In thousands) September 30, 2021 With no related allowance Residential one-to-four $ 8,757 $ 9,065 $ — $ 9,666 $ 9 $ 8 Multifamily 1,030 1,032 — 1,249 17 15 Non-residential 5,155 5,004 — 4,899 173 159 Construction and land — — — — — — Commercial and — — — — — — Junior liens 56 56 — 57 2 2 14,998 15,157 — 15,871 201 184 With an allowance recorded: Residential one-to-four 1,069 1,068 32 1,297 38 34 Multifamily — — — — — — Non-residential — — — — — — Construction and land — — — — — — Commercial and — — — — — — Consumer and other 39 39 39 42 2 1 1,108 1,107 71 1,339 40 35 Total $ 16,106 $ 16,264 $ 71 $ 17,210 $ 241 $ 219 September 30, 2020 With no related allowance Residential one-to-four $ 6,399 $ 6,508 $ — $ 473 $ 97 $ 96 Multifamily 1,216 1,226 — 405 45 41 Non-residential 6,006 5,812 — 2,410 207 201 Construction and land — — — — — — Commercial and — — — — — — Junior liens 60 59 — 27 1 1 13,681 13,605 — 3,315 350 339 With an allowance recorded: Residential one-to-four 1,519 1,521 108 679 53 47 Multifamily 353 352 28 157 11 10 Non-residential — — — — — — Construction and land — — — — — — Commercial and — — — — — — Consumer and other 49 48 48 23 1 1 1,921 1,921 184 859 65 58 Total $ 15,602 $ 15,526 $ 184 $ 4,174 $ 415 $ 397 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Income Recognized Cash Basis Interest Recognized (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 loans and loans past due 90 days or more still on accrual as of September 30, 2021 and December 31, 2020 : Nonaccrual Loans Past Due 9/30/2021 12/31/2020 9/30/2021 12/31/2020 (In thousands) Residential one-to-four family $ 10,969 $ 11,813 $ — $ — Multifamily 145 156 — — Non-residential 1,236 805 — — Construction and land — — — — Commercial and industrial (including PPP) — — — — Junior liens 114 82 — — Total $ 12,464 $ 12,856 $ — $ — The following table presents the recorded investment in past due and current loans by loan portfolio class as of September 30, 2021 and December 31, 2020: 60-89 Days Past Due 90 Days and Greater Past Due Total Past Due Current Total Loans Receivable (In thousands) September 30, 2021 Residential $ 542 $ 9,233 $ 9,775 $ 517,056 $ 526,831 Multifamily — 145 145 512,734 512,879 Non-residential 191 1,262 1,453 129,397 130,850 Construction and land — — — 21,290 21,290 Junior liens 51 56 107 19,525 19,632 Commercial and Industrial (including PPP) — — — 42,661 42,661 Consumer and other — — — 80 80 Total $ 784 $ 10,696 $ 11,480 $ 1,242,743 $ 1,254,223 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 (including PPP) — — — 52,867 52,867 Consumer and other — — — 98 98 Total $ 6,151 $ 11,036 $ 17,187 $ 1,266,886 $ 1,284,073
Schedule of credit quality indicators	The following table presents the risk category of loans by class of loans based on the most recent analysis performed as of September 30, 2021 and December 31, 2020: Pass Special Mention Substandard Doubtful / Loss Total (In thousands) September 30, 2021 Residential one-to-four family $ 515,423 $ — $ 11,408 $ — $ 526,831 Multifamily 507,027 4,820 1,032 — 512,879 Non-residential 129,306 146 1,398 — 130,850 Construction and land 21,290 — — — 21,290 Junior liens 19,519 — 113 — 19,632 Commercial and Industrial (including PPP) 42,661 — — 42,661 Consumer and other 80 — — — 80 Total $ 1,235,306 $ 4,966 $ 13,951 $ — $ 1,254,223 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 (including PPP) 52,867 — — — 52,867 Consumer and other 98 — — — 98 Total $ 1,253,057 $ 16,802 $ 14,214 $ — $ 1,284,073

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Summary of balance sheet information related to operating leases	As of September 30, 2021, the Company had the following related to operating leases: As of September 30, 2021 (In thousands) Right-of-use assets $ 26,101 Lease liabilities $ 27,293
Summary of lease cost	The following table is a summary of the Company’s components of net lease cost for the three and nine months ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 (In thousands) Operating lease cost $ 751 $ 505 $ 2,264 $ 1,111 Finance lease cost 6 6 17 10 Variable lease cost 58 23 161 66 Total lease cost $ 815 $ 534 $ 2,442 $ 1,187
Summary of future undiscounted operating lease payments	Future undiscounted lease payments for operating leases with initial terms of one year or more as of September 30, 2021 are as follows: (In thousands) 2022 $ 2,971 2023 2,862 2024 2,708 2025 2,401 2026 2,321 Thereafter 17,821 Total undiscounted lease payments 31,084 Less: imputed interest (3,791) Total $ 27,293

DEPOSITS (Tables)

DEPOSITS (Tables)	9 Months Ended
	Sep. 30, 2021
Deposits [Abstract]
Summary of deposits	Deposits at September 30, 2021 and December 31, 2020, are summarized as follows: September 30, 2021 December 31, 2020 (In thousands) NOW and demand accounts $ 396,487 $ 362,169 Savings 347,620 276,584 Time deposits 521,510 717,431 Total $ 1,265,617 $ 1,356,184
Schedule of timed deposit maturities	Time deposits mature as follows for the years ending December 31: (In thousands) Remainder of 2021 $ 128,516 2022 246,645 2023 113,255 2024 20,173 2025 6,801 2026 6,120 $ 521,510

DERIVATIVES (Tables)

DERIVATIVES (Tables)	9 Months Ended
	Sep. 30, 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: September 30, 2021 December 31, 2020 (Dollars in thousands) Notional amounts $ 109,000 $ 109,000 Weighted average pay rates 1.4577 % 1.4577 % Weighted average receive rates 0.1241 % 0.2303 % Weighted average maturity 5.5 Years 6.0 years Unrealized losses $ (1,520) $ (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 and nine months ended September 30, 2021 and September 30, 2020 are as follows: 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) (In thousands) Three months ended September 30, 2021 Interest rate contracts $ 474 Interest Expense $ (368) Nine Months Ended September 30, 2021 Interest rate contracts $ 2,893 Interest Expense $ (1,059) Three months ended September 30, 2020 Interest rate contracts $ 296 Interest Expense $ (317) Nine months ended September 30, 2020 Interest rate contracts $ (4,410) Interest Expense $ (413)

RETIREMENT PLANS (Tables)

RETIREMENT PLANS (Tables)	9 Months Ended
	Sep. 30, 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 three and nine months ended September 30, 2021 and 2020: SERP and DRP Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (In thousands) (In thousands) Service cost $ 38 $ 24 $ 113 $ 66 Interest cost 19 21 56 76 Prior Service Cost 17 17 51 51 Amortization: Net loss (gain) 36 32 106 (135) Net periodic benefit cost $ 110 $ 94 $ 326 $ 58 Post Retirement Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (In thousands) (In thousands) Service cost $ — $ — $ 1 $ 1 Interest cost $ 10 $ 12 $ 29 $ 41 Amortization: Net loss (gain) (1) — (2) (111) Net periodic benefit cost $ 9 $ 12 $ 28 $ (69)

FAIR VALUE OF ASSETS AND LIAB_2

FAIR VALUE OF ASSETS AND LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2021: Fair Value Measurements at September 30, 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 $ 6,773 $ 6,773 $ — $ — Domestic Corporate Bonds 88,118 — 88,118 — U.S. Government agency obligations 25,240 19,318 5,922 — Obligations issued by U.S. states and their political subdivisions 22,264 — 22,264 — Mortgage-backed securities: Residential one-to-four family 122,803 — 122,803 — Multifamily 42,214 — 42,214 — Asset-backed securities 6,734 $ — 6,734 — $ 314,146 $ 26,091 $ 288,055 $ — Financial Liabilities Derivatives $ (1,520) $ — $ (1,520) $ — Measured on a nonrecurring basis: Nonfinancial assets Assets held for sale $ 5,225 $ — $ 5,225 $ — Real estate owned 624 — 624 — In June 2021, certain REO was designated to held for sale and were transferred at cost basis in the amount of $892 thousand, and is therefore not included in the above table. 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 September 30, 2021 and December 31, 2020 are as follows: Fair Value Measurements at September 30, 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 $ 324,291 $ 324,291 $ — $ — Securities held-to-maturity 23,325 — 23,147 — Loans, net 1,238,975 1,235,172 Financial liabilities Deposits other than time deposits 744,107 744,107 Time Deposits 521,510 — 521,294 — Federal Home Loan advances 247,600 244,611 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) 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)	9 Months Ended
	Sep. 30, 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 Unrealized Gains and Losses on Available-for-sale Defined 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) Other comprehensive income (loss) before reclassification $ (1,149) $ 1,321 $ — $ 172 Amounts reclassified from accumulated other comprehensive income 254 — 37 291 Net current period other comprehensive (loss) gain (895) 1,321 37 463 Balance at June 30, 2021 $ (1,567) $ 2,775 $ (1,179) $ 29 Other comprehensive income (loss) before reclassification $ 209 $ (1,053) $ — $ (844) Amounts reclassified from accumulated other comprehensive income 265 — 38 303 Net current period other comprehensive (loss) gain 474 (1,053) 38 (541) Balance at September 30, 2021 $ (1,093) $ 1,722 $ (1,141) $ (512) Gains and Losses on Cash Flow Unrealized Gains and Losses on Available-for-sale Defined 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) Other comprehensive income (loss) before reclassification $ (743) $ 1,701 $ — $ 958 Amounts reclassified from accumulated other comprehensive income 69 — (207) (138) Net current period other comprehensive (loss) gain (674) 1,701 (207) 820 Balance at June 30, 2020 $ (5,066) $ 3,687 $ (1,249) $ (2,628) Other comprehensive income (loss) before reclassification $ 68 $ (7) $ — $ 61 Amounts reclassified from accumulated other comprehensive income 228 — 35 263 Net current period other comprehensive (loss) gain 296 (7) 35 324 Balance at September 30, 2020 $ (4,770) $ 3,680 $ (1,214) $ (2,304)
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 Three Months Ended September 30, 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 $ (368) $ (317) Interest (expense) income Amortization of benefit plan items: Net actuarial loss (52) (49) Compensation and employee benefits Total tax effect 118 103 Income tax expense Total reclassification for the period, net of tax $ (302) $ (263) Details about Accumulated Other Comprehensive Income Components Nine Months Ended September 30, 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 $ (1,059) $ (413) Interest (expense) income Amortization of benefit plan items: Net actuarial loss (155) $ 195 Compensation and employee benefits Total tax effect 341 61 Income tax expense Total reclassification for the period, net of tax $ (873) $ (157)

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2021 and 2020, respectively. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (In thousands) (In thousands) Noninterest income Service charges on deposits $ 246 $ 188 $ 706 $ 527 Interchange income 9 5 25 16 Total Revenue from Contracts with Customers $ 255 $ 193 $ 731 $ 543

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of earnings per share	Three Months Ended September 30, 2021 (Income In thousands) Net income applicable to common shares $ (14,970) Average number of common shares outstanding 23,872,092 Less: Average unallocated ESOP shares 1,892,231 Average number of common shares outstanding used to calculate basic earnings per common share 21,979,861 Common stock equivalents — Earnings per common share basic and diluted $ (0.68)

ESOP (Tables)

ESOP (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Shares held by ESOP	Shares held by the ESOP were as follows: Nine Months Ended September 30, 2021 (Dollars in thousands) Allocated to participants 41,290 Unallocated 2,240,510 Total ESOP shares 2,281,800 Fair value of unearned shares at September 30, 2021 $ 30,897

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	Jul. 15, 2021	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Right-of-use assets		$ 26,101	$ 24,878
Recognition of operating lease liabilities		$ 27,293	$ 25,535
Charitable contribution in cash	$ 1,500
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	Sep. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 311,683	$ 238,870
Gross Unrealized Gains	4,310	5,928
Gross Unrealized Losses	(1,847)	(211)
Estimated Fair Value	314,146	244,587
U.S. Treasury Note
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,901	9,989
Gross Unrealized Gains	0	11
Gross Unrealized Losses	(128)	0
Estimated Fair Value	6,773	10,000
Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	86,169	57,478
Gross Unrealized Gains	2,038	1,863
Gross Unrealized Losses	(89)	0
Estimated Fair Value	88,118	59,341
U.S. Government agency obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	25,311	19,787
Gross Unrealized Gains	73	89
Gross Unrealized Losses	(144)	(201)
Estimated Fair Value	25,240	19,675
Obligations issued by U.S. states and their political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	21,106	23,280
Gross Unrealized Gains	1,161	1,515
Gross Unrealized Losses	(3)	0
Estimated Fair Value	22,264	24,795
Residential one-to-four family
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	123,930	71,773
Gross Unrealized Gains	237	951
Gross Unrealized Losses	(1,364)	(8)
Estimated Fair Value	122,803	72,716
Multifamily
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	41,497	56,563
Gross Unrealized Gains	790	1,499
Gross Unrealized Losses	(73)	(2)
Estimated Fair Value	42,214	$ 58,060
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,769
Gross Unrealized Gains	11
Gross Unrealized Losses	(46)
Estimated Fair Value	$ 6,734

SECURITIES - Summary of amort_2

SECURITIES - Summary of amortized cost of securities held to maturity and their estimated fair value (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 23,325	$ 7,005
Gross Unrecognized Gains	8	0
Gross Unrecognized Losses	(186)	(26)
Estimated Fair Value	23,147	6,979
Collateralized loan obligation
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	3,000	7,005
Gross Unrecognized Gains	0	0
Gross Unrecognized Losses	0	(26)
Estimated Fair Value	3,000	$ 6,979
Asset-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	15,325
Gross Unrecognized Gains	0
Gross Unrecognized Losses	(186)
Estimated Fair Value	15,139
Corporate Bonds
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	5,000
Gross Unrecognized Gains	8
Gross Unrecognized Losses	0
Estimated Fair Value	$ 5,008

SECURITIES - Narrative (Details

SECURITIES - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)security	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)security	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)security
Schedule of Held-to-maturity Securities [Line Items]
Proceeds from sales and calls of available-for-sale securities | $	$ 10,000,000	$ 6,500,000	$ 14,000,000	$ 11,400,000
Other than temporary impairment on available for sale securities. | $	0	$ 0	0	$ 0
Securities pledged as collateral | $	$ 9,800,000		$ 9,800,000		$ 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 securities held to maturity | $					$ 3,000,000
Unrecognized loss position of securities 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	3		3
U.S. Treasury Note
Schedule of Held-to-maturity Securities [Line Items]
Number of available for sale securities in an unrealized loss position	1		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	2		2
Residential Mortgage Backed Securities
Schedule of Held-to-maturity Securities [Line Items]
Number of available for sale securities in an unrealized loss position	26		26
Corporate Bonds
Schedule of Held-to-maturity Securities [Line Items]
Number of available for sale securities in an unrealized loss position	7		7
Asset-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Number of held to maturity securities in an unrecognized loss position					2
Fair value of securities held to maturity | $	$ 15,100,000		$ 15,100,000
Unrecognized loss position of securities held to maturity | $	$ 186,000		$ 186,000
Number of available for sale securities in an unrealized loss position	2		2

SECURITIES - Summary of amort_3

SECURITIES - Summary of amortized cost and fair value of debt securities shown by contractual maturity (Details) $ in Thousands	Sep. 30, 2021USD ($)
Amortized Cost
Due in one year or less	$ 11,257
Due from one year to five years	91,243
Due from five to ten years	38,783
Due after ten years	4,973
Mortgage-backed securities	165,427
Total	311,683
Estimated Fair Value
Due in one year or less	11,388
Due from one year to five years	93,410
Due from five to ten years	39,422
Due after ten years	4,909
Mortgage-backed securities	165,017
Total	314,146
Amortized Cost
Due in one year or less	3,000
Due from one year to five years	11,084
Due from five to ten years	9,241
Total	23,325
Estimated Fair Value
Due in one year or less	3,000
Due from one year to five years	11,067
Due from five to ten years	9,080
Total	$ 23,147

SECURITIES - Summary of availab

SECURITIES - Summary of available for sale securities with unrealized losses (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	$ (1,703)	$ (63)
Estimated Fair Value	135,064	7,525
Unrealized Losses	(144)	(148)
Estimated Fair Value	8,866	10,442
Unrealized Losses	(1,847)	(211)
Estimated Fair Value	143,930	17,967
U.S. Treasury Note
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(128)	0
Estimated Fair Value	6,773	0
Unrealized Losses	0	0
Estimated Fair Value	0	0
Unrealized Losses	(128)	0
Estimated Fair Value	6,773	0
Corporate Bonds
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(89)	0
Estimated Fair Value	17,415	0
Unrealized Losses	0	0
Estimated Fair Value	0	0
Unrealized Losses	(89)	0
Estimated Fair Value	17,415	0
U.S. Government agency obligations
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	0	(54)
Estimated Fair Value	0	3,559
Unrealized Losses	(144)	(147)
Estimated Fair Value	8,680	10,014
Unrealized Losses	(144)	(201)
Estimated Fair Value	8,680	13,573
Obligations issued by U.S. states and their political subdivisions
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(3)	0
Estimated Fair Value	1,851	0
Unrealized Losses	0	0
Estimated Fair Value	0	0
Unrealized Losses	(3)	0
Estimated Fair Value	1,851	0
Residential one-to-four family
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(1,364)	(7)
Estimated Fair Value	106,396	3,228
Unrealized Losses	0	(1)
Estimated Fair Value	0	115
Unrealized Losses	(1,364)	(8)
Estimated Fair Value	106,396	3,343
Multifamily
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(73)	(2)
Estimated Fair Value	916	738
Unrealized Losses	0	0
Estimated Fair Value	186	313
Unrealized Losses	(73)	(2)
Estimated Fair Value	1,102	$ 1,051
Asset-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(46)
Estimated Fair Value	1,713
Unrealized Losses	0
Estimated Fair Value	0
Unrealized Losses	(46)
Estimated Fair Value	$ 1,713

LOANS RECEIVABLE, NET - Summary

LOANS RECEIVABLE, NET - Summary of loans receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	$ 1,249,663		$ 1,278,837
Deferred fees, costs and premiums and discounts, net	4,560		5,236
Allowance for loan losses	(15,248)	$ (15,593)	(16,959)	$ (17,250)	$ (17,251)	$ (14,501)
Allowance for credit loss less deferred fees, costs and discounts, net	(10,688)		(11,723)
Loans receivable, net	1,238,975		1,267,114
Residential Portfolio Segment | Residential one-to-four family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	522,213		611,603
Allowance for loan losses	(2,875)	(2,918)	(3,579)	(3,431)	(3,691)	(3,446)
Residential Portfolio Segment | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	511,408		427,436
Allowance for loan losses	(5,736)	(5,350)	(5,460)	(4,893)	(4,776)	(4,256)
Nonresidential Portfolio Segment | Non-residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	130,823		128,141
Allowance for loan losses	(3,127)	(3,243)	(3,244)	(2,517)	(2,742)	(2,548)
Construction and Land Portfolio Segment | Construction and land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	21,337		33,691
Allowance for loan losses	(2,629)	(3,185)	(3,655)	(4,706)	(4,823)	(3,028)
Junior Lien Portfolio Segment | Junior liens
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	19,540		23,814
Allowance for loan losses	(704)	(758)	(916)	(1,028)	(1,067)	(1,002)
Commercial Portfolio Segment | Commercial and industrial (including PPP)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	44,262		54,053
Allowance for loan losses	(43)	(4)	(2)	0	0	0
Commercial Portfolio Segment | PPP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	41,100
Commercial Portfolio Segment | Commercial And Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	3,200
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	$ (40)	$ (42)	$ (48)	$ (50)	$ (53)	$ (57)

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Allowance for loan losses
Beginning balance	$ 15,248	$ 17,250	$ 15,248	$ 17,250	$ 15,593	$ 16,959	$ 17,251	$ 14,501
Charge-offs	(7)	(2)	(12)	(5)
Recoveries	0	0	0	0
(Recovery of) provision for loan losses	(338)	1	(1,699)	2,754
Total ending allowance balance	15,248	17,250	15,248	17,250
Residential Portfolio Segment | Residential one-to-four family
Allowance for loan losses
Beginning balance	2,875	3,431	2,875	3,431	2,918	3,579	3,691	3,446
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
(Recovery of) provision for loan losses	(43)	(260)	(704)	(15)
Total ending allowance balance	2,875	3,431	2,875	3,431
Residential Portfolio Segment | Multifamily
Allowance for loan losses
Beginning balance	5,736	4,893	5,736	4,893	5,350	5,460	4,776	4,256
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
(Recovery of) provision for loan losses	386	117	276	637
Total ending allowance balance	5,736	4,893	5,736	4,893
Nonresidential Portfolio Segment | Non-residential
Allowance for loan losses
Beginning balance	3,127	2,517	3,127	2,517	3,243	3,244	2,742	2,548
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
(Recovery of) provision for loan losses	(116)	(225)	(117)	(31)
Total ending allowance balance	3,127	2,517	3,127	2,517
Construction and Land Portfolio Segment | Construction and land
Allowance for loan losses
Beginning balance	2,629	4,706	2,629	4,706	3,185	3,655	4,823	3,028
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
(Recovery of) provision for loan losses	(556)	(117)	(1,026)	1,678
Total ending allowance balance	2,629	4,706	2,629	4,706
Junior Lien Portfolio Segment | Junior liens
Allowance for loan losses
Beginning balance	704	1,028	704	1,028	758	916	1,067	1,002
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
(Recovery of) provision for loan losses	(54)	(39)	(212)	26
Total ending allowance balance	704	1,028	704	1,028
Commercial Portfolio Segment | Commercial and industrial (including PPP)
Allowance for loan losses
Beginning balance	43	0	43	0	4	2	0	0
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
(Recovery of) provision for loan losses	39		41
Total ending allowance balance	43	0	43	0
Consumer and Other Portfolio Segment | Consumer and other
Allowance for loan losses
Beginning balance	40	50	40	50	42	48	53	57
Charge-offs	(7)	(2)	(12)	(5)
Recoveries	0	0	0	0
(Recovery of) provision for loan losses	5	(1)	4	(2)
Total ending allowance balance	40	50	40	50
Unallocated Financing Receivables
Allowance for loan losses
Beginning balance	94	625	94	625	$ 93	$ 55	$ 99	$ 164
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
(Recovery of) provision for loan losses	1	526	39	461
Total ending allowance balance	$ 94	$ 625	$ 94	$ 625

LOANS RECEIVABLE, NET - Summa_3

LOANS RECEIVABLE, NET - Summary of allowance and loans receivable evaluated for impairment (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Allowance for loan losses:
Individually evaluated for impairment	$ 71		$ 121
Collectively evaluated for impairment	15,177		16,838
Total	15,248	$ 15,593	16,959	$ 17,250	$ 17,251	$ 14,501
Loans receivable:
Individually evaluated for impairment	16,264		18,738
Collectively evaluated for impairment	1,237,959		1,265,335
Total Loans Receivable	1,254,223		1,284,073
Residential Portfolio Segment | Residential one-to-four family
Allowance for loan losses:
Individually evaluated for impairment	32		49
Collectively evaluated for impairment	2,843		3,530
Total	2,875	2,918	3,579	3,431	3,691	3,446
Loans receivable:
Individually evaluated for impairment	10,133		11,829
Collectively evaluated for impairment	516,698		604,419
Total Loans Receivable	526,831		616,248
Residential Portfolio Segment | Multifamily
Allowance for loan losses:
Individually evaluated for impairment	0		26
Collectively evaluated for impairment	5,736		5,434
Total	5,736	5,350	5,460	4,893	4,776	4,256
Loans receivable:
Individually evaluated for impairment	1,032		1,721
Collectively evaluated for impairment	511,847		427,374
Total Loans Receivable	512,879		429,095
Nonresidential Portfolio Segment | Non-residential
Allowance for loan losses:
Individually evaluated for impairment	0		0
Collectively evaluated for impairment	3,127		3,244
Total	3,127	3,243	3,244	2,517	2,742	2,548
Loans receivable:
Individually evaluated for impairment	5,004		5,084
Collectively evaluated for impairment	125,846		123,133
Total Loans Receivable	130,850		128,217
Construction and Land Portfolio Segment | Construction and land
Allowance for loan losses:
Individually evaluated for impairment	0		0
Collectively evaluated for impairment	2,629		3,655
Total	2,629	3,185	3,655	4,706	4,823	3,028
Loans receivable:
Individually evaluated for impairment	0		0
Collectively evaluated for impairment	21,290		33,630
Total Loans Receivable	21,290		33,630
Junior Lien Portfolio Segment | Junior liens
Allowance for loan losses:
Individually evaluated for impairment	0		0
Collectively evaluated for impairment	704		916
Total	704	758	916	1,028	1,067	1,002
Loans receivable:
Individually evaluated for impairment	56		58
Collectively evaluated for impairment	19,576		23,860
Total Loans Receivable	19,632		23,918
Commercial Portfolio Segment | Commercial and industrial (including PPP)
Allowance for loan losses:
Individually evaluated for impairment	0		0
Collectively evaluated for impairment	43		2
Total	43	4	2	0	0	0
Loans receivable:
Individually evaluated for impairment	0		0
Collectively evaluated for impairment	42,661		52,867
Total Loans Receivable	42,661		52,867
Consumer and Other Portfolio Segment | Consumer and other
Allowance for loan losses:
Individually evaluated for impairment	39		46
Collectively evaluated for impairment	1		2
Total	40	42	48	50	53	57
Loans receivable:
Individually evaluated for impairment	39		46
Collectively evaluated for impairment	41		52
Total Loans Receivable	80		98
Unallocated Financing Receivables
Allowance for loan losses:
Individually evaluated for impairment	0		0
Collectively evaluated for impairment	94		55
Total	94	$ 93	55	$ 625	$ 99	$ 164
Loans receivable:
Individually evaluated for impairment	0		0
Collectively evaluated for impairment			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	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
With no related allowance recorded:
Unpaid Principal Balance	$ 14,998	$ 13,681	$ 18,257
Recorded Investment	15,157	13,605	16,888
Average Recorded Investment	15,871	3,315	10,667
Interest Income Recognized	201	350	312
Cash Basis Interest Recognized	184	339	291
With an allowance recorded:
Unpaid Principal Balance	1,108	1,921	1,852
Recorded Investment	1,107	1,921	1,850
Allowance for Loan Losses Allocated	71	184	121
Average Recorded Investment	1,339	859	1,874
Interest Income Recognized	40	65	89
Cash Basis Interest Recognized	35	58	82
Total
Unpaid Principal Balance	16,106	15,602	20,109
Recorded Investment	16,264	15,526	18,738
Allowance for Loan Losses Allocated	71	184	121
Average Recorded Investment	17,210	4,174	12,541
Interest Income Recognized	241	415	401
Cash Basis Interest Recognized	219	397	373
Residential Portfolio Segment | Residential one-to-four family
With no related allowance recorded:
Unpaid Principal Balance	8,757	6,399	11,161
Recorded Investment	9,065	6,508	10,375
Average Recorded Investment	9,666	473	4,143
Interest Income Recognized	9	97	26
Cash Basis Interest Recognized	8	96	25
With an allowance recorded:
Unpaid Principal Balance	1,069	1,519	1,455
Recorded Investment	1,068	1,521	1,454
Allowance for Loan Losses Allocated	32	108	49
Average Recorded Investment	1,297	679	1,472
Interest Income Recognized	38	53	72
Cash Basis Interest Recognized	34	47	66
Total
Allowance for Loan Losses Allocated	32	108	49
Residential Portfolio Segment | Multifamily
With no related allowance recorded:
Unpaid Principal Balance	1,030	1,216	1,360
Recorded Investment	1,032	1,226	1,371
Average Recorded Investment	1,249	405	1,051
Interest Income Recognized	17	45	40
Cash Basis Interest Recognized	15	41	38
With an allowance recorded:
Unpaid Principal Balance	0	353	351
Recorded Investment	0	352	350
Allowance for Loan Losses Allocated	0	28	26
Average Recorded Investment	0	157	353
Interest Income Recognized	0	11	15
Cash Basis Interest Recognized	0	10	14
Total
Allowance for Loan Losses Allocated	0	28	26
Nonresidential Portfolio Segment | Non-residential
With no related allowance recorded:
Unpaid Principal Balance	5,155	6,006	5,678
Recorded Investment	5,004	5,812	5,084
Average Recorded Investment	4,899	2,410	5,413
Interest Income Recognized	173	207	243
Cash Basis Interest Recognized	159	201	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 (including 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	56	60	58
Recorded Investment	56	59	58
Average Recorded Investment	57	27	60
Interest Income Recognized	2	1	3
Cash Basis Interest Recognized	2	1	3
Consumer and Other Portfolio Segment | Consumer and other
With an allowance recorded:
Unpaid Principal Balance	39	49	46
Recorded Investment	39	48	46
Allowance for Loan Losses Allocated	39	48	46
Average Recorded Investment	42	23	49
Interest Income Recognized	2	1	2
Cash Basis Interest Recognized	1	1	2
Total
Allowance for Loan Losses Allocated	$ 39	$ 48	$ 46

LOANS RECEIVABLE, NET - Narrati

LOANS RECEIVABLE, NET - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Receivables [Abstract]
Loans with terms modified in troubled debt restructurings	$ 5,500,000		$ 6,300,000
Reserves specific to troubled debt restructuring	72,000		$ 95,000
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	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Nonaccrual	$ 12,464	$ 12,856
Loans Past Due 90 Days and Still Accruing	0	0
Residential Portfolio Segment | Residential one-to-four family
Financing Receivable, Past Due [Line Items]
Nonaccrual	10,969	11,813
Loans Past Due 90 Days and Still Accruing	0	0
Residential Portfolio Segment | Multifamily
Financing Receivable, Past Due [Line Items]
Nonaccrual	145	156
Loans Past Due 90 Days and Still Accruing	0	0
Nonresidential Portfolio Segment | Non-residential
Financing Receivable, Past Due [Line Items]
Nonaccrual	1,236	805
Loans Past Due 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 90 Days and Still Accruing	0	0
Commercial Portfolio Segment | Commercial and industrial (including PPP)
Financing Receivable, Past Due [Line Items]
Nonaccrual	0	0
Loans Past Due 90 Days and Still Accruing	0	0
Junior Lien Portfolio Segment | Junior liens
Financing Receivable, Past Due [Line Items]
Nonaccrual	114	82
Loans Past Due 90 Days and Still Accruing	$ 0	$ 0

LOANS RECEIVABLE, NET - Aging A

LOANS RECEIVABLE, NET - Aging Analysis (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	$ 1,254,223	$ 1,284,073
60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	784	6,151
90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	10,696	11,036
Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	11,480	17,187
Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,242,743	1,266,886
Residential Portfolio Segment | Residential one-to-four family
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	526,831	616,248
Residential Portfolio Segment | Residential one-to-four family | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	542	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	9,233	10,075
Residential Portfolio Segment | Residential one-to-four family | Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	9,775	13,226
Residential Portfolio Segment | Residential one-to-four family | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	517,056	603,022
Residential Portfolio Segment | Multifamily
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	512,879	429,095
Residential Portfolio Segment | Multifamily | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Residential Portfolio Segment | Multifamily | 90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	145	156
Residential Portfolio Segment | Multifamily | Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	145	156
Residential Portfolio Segment | Multifamily | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	512,734	428,939
Nonresidential Portfolio Segment | Non-residential
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	130,850	128,217
Nonresidential Portfolio Segment | Non-residential | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	191	0
Nonresidential Portfolio Segment | Non-residential | 90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,262	805
Nonresidential Portfolio Segment | Non-residential | Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,453	805
Nonresidential Portfolio Segment | Non-residential | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	129,397	127,412
Construction and Land Portfolio Segment | Construction and land
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	21,290	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	21,290	30,630
Junior Lien Portfolio Segment | Junior liens
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	19,632	23,918
Junior Lien Portfolio Segment | Junior liens | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	51	0
Junior Lien Portfolio Segment | Junior liens | 90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	56	0
Junior Lien Portfolio Segment | Junior liens | Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	107	0
Junior Lien Portfolio Segment | Junior liens | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	19,525	23,918
Commercial Portfolio Segment | Commercial and industrial (including PPP)
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	42,661	52,867
Commercial Portfolio Segment | Commercial and industrial (including PPP) | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Commercial Portfolio Segment | Commercial and industrial (including PPP) | 90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Commercial Portfolio Segment | Commercial and industrial (including PPP) | Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Commercial Portfolio Segment | Commercial and industrial (including PPP) | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	42,661	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	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	$ 1,254,223	$ 1,284,073
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	1,235,306	1,253,057
Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	4,966	16,802
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	13,951	14,214
Doubtful/Loss
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	526,831	616,248
Residential Portfolio Segment | Residential one-to-four family | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	515,423	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	11,408	12,081
Residential Portfolio Segment | Residential one-to-four family | Doubtful/Loss
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	512,879	429,095
Residential Portfolio Segment | Multifamily | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	507,027	411,369
Residential Portfolio Segment | Multifamily | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	4,820	16,648
Residential Portfolio Segment | Multifamily | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	1,032	1,078
Residential Portfolio Segment | Multifamily | Doubtful/Loss
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	130,850	128,217
Nonresidential Portfolio Segment | Non-residential | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	129,306	127,089
Nonresidential Portfolio Segment | Non-residential | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	146	154
Nonresidential Portfolio Segment | Non-residential | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	1,398	974
Nonresidential Portfolio Segment | Non-residential | Doubtful/Loss
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	21,290	33,630
Construction and Land Portfolio Segment | Construction and land | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	21,290	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/Loss
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	19,632	23,918
Junior Lien Portfolio Segment | Junior liens | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	19,519	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	113	81
Junior Lien Portfolio Segment | Junior liens | Doubtful/Loss
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	0	0
Commercial Portfolio Segment | Commercial and industrial (including PPP)
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	42,661	52,867
Commercial Portfolio Segment | Commercial and industrial (including PPP) | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	42,661	52,867
Commercial Portfolio Segment | Commercial and industrial (including PPP) | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	0	0
Commercial Portfolio Segment | Commercial and industrial (including PPP) | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	0	0
Commercial Portfolio Segment | Commercial and industrial (including PPP) | Doubtful/Loss
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable		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/Loss
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	$ 0	$ 0

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Lessee, Lease, Description [Line Items]
Weighted average remaining lease terms on operating leases (in years)	12 years 3 months 18 days		12 years 3 months 18 days
Weighted average discount rate on operating leases	1.96%		1.96%
Operating lease cash payments for lease liabilities	$ 653	$ 399	$ 1,910	$ 1,150
Minimum
Lessee, Lease, Description [Line Items]
Operating lease original lease terms (in years)	1 year		1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease original lease terms (in years)	40 years		40 years

LEASES - Lease Liabilities and

LEASES - Lease Liabilities and ROU assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Right-of-use assets	$ 26,101	$ 24,878
Lease liabilities	$ 27,293	$ 25,535

LEASES - Summary of components

LEASES - Summary of components of net lease cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating lease cost	$ 751	$ 505	$ 2,264	$ 1,111
Finance lease cost	6	6	17	10
Variable lease cost	58	23	161	66
Total lease cost	$ 815	$ 534	$ 2,442	$ 1,187

LEASES - Schedule of future und

LEASES - Schedule of future undiscounted lease payments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
2022	$ 2,971
2023	2,862
2024	2,708
2025	2,401
2026	2,321
Thereafter	17,821
Total undiscounted lease payments	31,084
Less: imputed interest	(3,791)
Total	$ 27,293	$ 25,535

DEPOSITS - Summary of deposits

DEPOSITS - Summary of deposits (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Deposits [Abstract]
NOW and demand accounts	$ 396,487	$ 362,169
Savings	347,620	276,584
Time deposits	521,510	717,431
Deposits	$ 1,265,617	$ 1,356,184

DEPOSITS - Schedule of timed de

DEPOSITS - Schedule of timed deposit maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Deposits [Abstract]
Remainder of 2021	$ 128,516
2022	246,645
2023	113,255
2024	20,173
2025	6,801
2026	6,120
Time deposits	$ 521,510	$ 717,431

DERIVATIVES - Narrative (Detail

DERIVATIVES - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest (expense) income			$ (1,100,000)	$ (413,000)
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate swaps, notional amount	$ 109,000,000		109,000,000
Interest (expense) income	(368,000)	$ (317,000)
Unrealized losses expected to be reclassified	400,000		400,000
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate swaps, notional amount	$ 109,000,000		$ 109,000,000		$ 109,000,000

DERIVATIVES - Summary of intere

DERIVATIVES - Summary of interest-rate swaps designated as cash flow hedges (Details) - Interest Rate Swap - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 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	0.1241%	0.2303%
Weighted average maturity	5 years 6 months	6 years
Unrealized losses	$ (1,520,000)	$ (5,545,000)

DERIVATIVES - Summary of effect

DERIVATIVES - Summary of effect of cash flow hedge accounting on AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI (Net of Tax) on Derivative			$ 2,893	$ (4,410)
Amount of Gain (Loss) Reclassified from OCI to Income/(Expense)			$ (1,059)	$ (413)
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI (Net of Tax) on Derivative	$ 474	$ 296
Interest Rate Swap | Other Nonoperating Income (Expense)
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from OCI to Income/(Expense)	$ (368)	$ (317)

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		9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Aug. 31, 2021USD ($)	Jan. 01, 2019participant
Amortization:
Number of remaining retired participants in health plan | participant						10
Loss on pension withdrawal					$ 9,200
SERP and DRP
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 38	$ 24	$ 113	$ 66
Interest cost	19	21	56	76
Prior Service Cost	17	17	51	51
Amortization:
Net loss (gain)	36	32	106	(135)
Net periodic benefit cost	110	94	326	58
Post Retirement
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0	1	1
Interest cost	10	12	29	41
Amortization:
Net loss (gain)	(1)	0	(2)	(111)
Net periodic benefit cost	$ 9	$ 12	$ 28	$ (69)

FAIR VALUE OF ASSETS AND LIAB_3

FAIR VALUE OF ASSETS AND LIABILITIES - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended
	Mar. 31, 2020	Sep. 30, 2021	Jun. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate held for sale		$ 892
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
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

FAIR VALUE OF ASSETS AND LIAB_4

FAIR VALUE OF ASSETS AND LIABILITIES - Summary of assets and liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	$ 314,146	$ 244,587
U.S. Treasury Note
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	6,773	10,000
Domestic Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	88,118	59,341
U.S. Government agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	25,240	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:	22,264	24,795
Residential one-to-four family
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	122,803	72,716
Multifamily
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	42,214	58,060
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	6,734
Measured on a recurring basis:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	314,146	244,587
Financial Liabilities	(1,520)	(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:	6,773	10,000
Measured on a recurring basis: | Domestic Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	88,118	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:	25,240	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:	22,264	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:	122,803	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:	42,214	58,060
Measured on a recurring basis: | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	6,734
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	26,091	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:	6,773	10,000
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | Domestic 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:	19,318	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: | Quoted Prices in Active Markets for Identical Assets | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	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	288,055	222,170
Financial Liabilities	(1,520)	(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 | Domestic Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	88,118	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:	5,922	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:	22,264	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:	122,803	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:	42,214	58,060
Measured on a recurring basis: | Significant Other Observable Inputs | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	6,734
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 | Domestic 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 recurring basis: | Significant Unobservable Inputs | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	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	5,225	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	5,225	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_5

FAIR VALUE OF ASSETS AND LIABILITIES - Summary of fair value of assets and liabilities not carried at fair value (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Financial assets
Cash and due from banks	$ 324,291	$ 316,445
Securities held-to-maturity	23,325	7,005
Loans, net	1,238,975	1,267,114
Financial liabilities
Deposits other than time deposits	744,107	638,753
Time deposits	521,510	717,431
Federal Home Loan advances	247,600	329,400
Real estate held for sale	892
Quoted Prices in Active Markets for Identical Assets
Financial assets
Cash and due from banks	324,291	316,445
Securities held-to-maturity	0	0
Loans, net		0
Financial liabilities
Deposits other than time deposits	744,107	638,753
Time deposits	0	0
Federal Home Loan advances
Significant Other Observable Inputs
Financial assets
Cash and due from banks	0	0
Securities held-to-maturity	23,147	6,978
Loans, net		0
Financial liabilities
Deposits other than time deposits		0
Time deposits	521,294	725,110
Federal Home Loan advances	244,611	336,377
Significant Unobservable Inputs
Financial assets
Cash and due from banks	0	0
Securities held-to-maturity	0	0
Loans, net	1,235,172	1,290,740
Financial 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						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 204,912	$ 205,452	$ 205,600	$ 207,432	$ 223,356	$ 237,621	$ 205,600	$ 237,621
Other comprehensive income (loss) before reclassification	(844)	172	317	61	958	(2,961)
Amounts reclassified from accumulated other comprehensive income	303	291	280	263	(138)	30
Total other comprehensive (loss) income	(541)	463	597	324	820	(2,931)	519	(1,787)
Balance at end of period	448,235	204,912	205,452	206,091	207,432	223,356	448,235	206,091
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	29	(434)	(1,031)	(2,628)	(3,448)	(517)	(1,031)	(517)
Total other comprehensive (loss) income	(541)	463	597		820	(2,931)
Balance at end of period	(512)	29	(434)	(2,304)	(2,628)	(3,448)	(512)	(2,304)
Gains and Losses on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(1,567)	(672)	(3,986)	(5,066)	(4,392)	(360)	(3,986)	(360)
Other comprehensive income (loss) before reclassification	209	(1,149)	3,071	68	(743)	(4,031)
Amounts reclassified from accumulated other comprehensive income	265	254	243	228	69	(1)
Total other comprehensive (loss) income	474	(895)	3,314	296	(674)	(4,032)
Balance at end of period	(1,093)	(1,567)	(672)	(4,770)	(5,066)	(4,392)	(1,093)	(4,770)
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	2,775	1,454	4,208	3,687	1,986	916	4,208	916
Other comprehensive income (loss) before reclassification	(1,053)	1,321	(2,754)	(7)	1,701	1,070
Amounts reclassified from accumulated other comprehensive income	0	0	0	0	0	0
Total other comprehensive (loss) income	(1,053)	1,321	(2,754)	(7)	1,701	1,070
Balance at end of period	1,722	2,775	1,454	3,680	3,687	1,986	1,722	3,680
Defined Benefit Pension Items
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(1,179)	(1,216)	(1,253)	(1,249)	(1,042)	(1,073)	(1,253)	(1,073)
Other comprehensive income (loss) before reclassification	0	0	0	0	0	0
Amounts reclassified from accumulated other comprehensive income	38	37	37	35	(207)	31
Total other comprehensive (loss) income	38	37	37	35	(207)	31
Balance at end of period	$ (1,141)	$ (1,179)	$ (1,216)	$ (1,214)	$ (1,249)	$ (1,042)	$ (1,141)	$ (1,214)

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						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest (expense) income	$ 11,104			$ 9,629			$ 30,613	$ 29,748
Compensation and employee benefits	5,931			6,125			18,321	17,694
Income tax expense	6,217			1,098			6,485	6,489
Total reclassification for the period, net of tax	14,970	$ 1,003	$ 745	1,665	$ 16,744	$ 11,334	16,718	29,744
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense	118			103			341	61
Total reclassification for the period, net of tax	302			263			873	157
Interest rate contracts | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest (expense) income	(368)			(317)			(1,059)	(413)
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)			$ (49)			$ (155)	$ 195

REVENUE FROM CONTRACTS WITH C_3

REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME (Details) - Other Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	$ 255	$ 193	$ 731	$ 543
Service charges on deposits
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	246	188	706	527
Interchange income
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	$ 9	$ 5	$ 25	$ 16

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net income applicable to common shares	$ (14,970)	$ (1,003)	$ (745)	$ (1,665)	$ (16,744)	$ (11,334)	$ (16,718)	$ (29,744)
Earnings Per Share, Basic and Diluted [Abstract]
Average number of common shares outstanding	23,872,092
Less: Average unallocated ESOP shares	1,892,231
Average number of common shares outstanding used to calculate basic	21,979,861
Average number of common shares outstanding used to calculate basic earnings per common share, diluted	21,979,861
Common stock equivalents	0
Earnings per common share, basic	$ (0.68)
Earnings per common share, diluted	$ (0.68)

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 21, 2021	Jul. 15, 2021	Sep. 30, 2021
Subsequent Event [Line Items]
Stock price per share		$ 10
Gross offering proceeds		$ 277,700
Stock offering costs incurred and deferred			$ 4,800
Subsequent Event | Federal Home Loan Bank Advances
Subsequent Event [Line Items]
Extinguishment of Debt, Amount	$ 62,100
Debt, Weighted Average Interest Rate	1.90%
Gain (Loss) on Extinguishment of Debt	$ 755
Extinguishment Of Debt, Weighted Average Remaining Life	10 months 9 days
Public stock offering
Subsequent Event [Line Items]
Shares of common stock sold		27,772,500
Donation of shares to Blue Foundry Charitable Foundation
Subsequent Event [Line Items]
Shares of common stock sold		750,000

ESOP - Narrative (Details)

ESOP - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Shares in ESOP	2,281,800
Price per share, ESOP (in usd per share)	$ 10
Purchase of common shares by the ESOP	$ 0
ESOP expense	$ 554,000	$ 0

ESOP - Shares held by ESOP (Det

ESOP - Shares held by ESOP (Details) $ in Thousands	Sep. 30, 2021USD ($)shares
Share-based Payment Arrangement [Abstract]
Allocated to participants	41,290
Unallocated	2,240,510
Total ESOP shares	2,281,800
Fair value of unearned shares at September 30, 2021 | $	$ 30,897