Blue Foundry Bancorp (BLFY) 10-Q 13 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	May 06, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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	2022
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 101,562	$ 193,446
Securities available for sale, at fair value	375,614	324,892
Securities held to maturity (fair value of $27,993 at March 31, 2022 and $22,849 at December 31, 2021)	29,838	23,281
Restricted stock, at cost	10,182	10,182
Loans receivable, net of allowance of $13,465 at March 31, 2022 and $14,425 at December 31, 2021	1,328,021	1,273,184
Interest and dividends receivable	5,780	5,372
Premises and equipment, net	28,130	28,126
Right-of-use assets	24,811	25,457
Bank owned life insurance	21,776	21,662
Other assets	12,441	8,609
Total assets	1,938,155	1,914,211
Liabilities
Deposits	1,283,022	1,247,040
Advances from the Federal Home Loan Bank	185,500	185,500
Advances by borrowers for taxes and insurance	9,840	9,582
Lease liabilities	26,083	26,696
Other liabilities	13,496	15,922
Total liabilities	1,517,941	1,484,740
Shareholders’ equity
Common stock $0.01 par value; 70,000,000 shares authorized; 28,522,500 shares issued and outstanding	285	285
Additional paid-in capital	282,100	282,006
Retained earnings	170,010	169,457
Unallocated common shares held by ESOP	(21,677)	(21,905)
Accumulated other comprehensive loss	(10,504)	(372)
Total shareholders’ equity	420,214	429,471
Total liabilities and shareholders’ equity	$ 1,938,155	$ 1,914,211

Consolidated Statements of Fi_2

Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Fair value of securities held for investment	$ 27,993	$ 22,849
Loans receivable, allowance	$ 13,465	$ 14,425
Common stock par value (USD per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	70,000,000	70,000,000
Common stock, issued (in shares)	28,522,500	28,522,500
Common stock, outstanding (in shares)	28,522,500	28,522,500

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Interest income:
Loans	$ 11,656	$ 12,262
Taxable investment income	1,817	1,545
Non-taxable investment income	121	135
Total interest income	13,594	13,942
Interest expense:
Deposits	882	2,818
Borrowed funds	773	1,525
Total interest expense	1,655	4,343
Net interest income	11,939	9,599
Recovery of provision for loan losses	(952)	(808)
Net interest income after (recovery of) provision for loan losses	12,891	10,407
Non-interest income:
Fees and service charges	800	526
Other	127	140
Total non-interest income	927	666
Non-interest expense:
Compensation and employee benefits	6,924	6,021
Occupancy and equipment	1,881	1,953
Loss on assets held for sale	0	21
Data processing	1,478	1,767
Advertising	519	470
Professional services	1,291	1,397
Directors fees	136	140
Recovery of provision for commitment and letters of credit	(170)	(231)
Federal deposit insurance	78	125
Other	1,079	706
Total non-interest expenses	13,216	12,369
Income (loss) before income tax expense (benefit)	602	(1,296)
Income tax expense (benefit)	49	(551)
Net income (loss)	$ 553	$ (745)
Earnings per common share, basic	$ 0.02
Earnings per common share, diluted	$ 0.02
Weighted average number of shares outstanding, basic	26,343,508
Weighted average number of shares outstanding, diluted	26,343,508

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)		$ 553	$ (745)
Unrealized loss on securities available for sale:
Unrealized loss arising during the period	[1]	(15,739)	(2,754)
Unrealized gain on cash flow hedge:
Reclassification adjustment for losses included in net income	[1]	322	243
Unrealized gain arising during the period	[1]	5,237	3,071
Unrealized gain (loss) on cash flow hedge	[1]	5,559	3,314
Defined benefit plans:
Reclassification adjustment for amortization of:	[1]	48	37
Total other comprehensive (loss) income, net of tax	[1]	(10,132)	597
Comprehensive loss		$ (9,579)	$ (148)
[1]	The 2022 period tax is inclusive of a deferred tax valuation allowance.

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total		Unallocated Common Stock Held by ESOP	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period at Dec. 31, 2020	$ 205,600		$ 0	$ 10	$ 822	$ 205,799	$ (1,031)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(745)					(745)
Other comprehensive income (loss)	597	[1]					597
Balance at end of period at Mar. 31, 2021	205,452		0	10	822	205,054	(434)
Balance at beginning of period at Dec. 31, 2021	429,471		(21,905)	285	282,006	169,457	(372)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	553					553
Other comprehensive income (loss)	(10,132)	[1]					(10,132)
ESOP shares committed to be released	322		228		94
Balance at end of period at Mar. 31, 2022	$ 420,214		$ (21,677)	$ 285	$ 282,100	$ 170,010	$ (10,504)
[1]	The 2022 period tax is inclusive of a deferred tax valuation allowance.

Statement of Shareholders' Equi

Statement of Shareholders' Equity (Parenthetical)	Mar. 31, 2022shares
Statement of Stockholders' Equity [Abstract]
ESOP shares committed to be released (in shares)	22,818

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net income (loss)	$ 553,000	$ (745,000)
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization of premises and equipment	633,000	600,000
Change in right-of-use asset	646,000	799,000
Amortization (accretion) of:
Deferred loan fees, costs, and discounts, net	(131,000)	53,000
Premiums and discounts on securities	299,000	112,000
Deferred income tax benefit	49,000	0
Recovery of provision for loan losses	(952,000)	(808,000)
Loss on assets held for sale	0	21,000
Increase in BOLI cash surrender value	(114,000)	(116,000)
ESOP expense	322,000	0
Increase in interest and dividends receivable	(408,000)	(184,000)
Decrease in other assets	219,000	689,000
(Decrease) increase in other liabilities	(868,000)	1,832,000
Change in lease liability	(614,000)	(483,000)
Net cash (used in) provided by operating activities	(366,000)	1,770,000
Cash flows from investing activities
Net increase in loans	(8,716,000)	(13,690,000)
Purchases of residential mortgage loans	(45,039,000)	0
Purchases of securities available for sale	(80,039,000)	(59,609,000)
Purchases of securities held to maturity	(6,600,000)	0
Proceeds from sales and calls of securities available for sale	0	1,704,000
Principal payments and maturities on securities available for sale	13,272,000	24,279,000
Redemption of Federal Home Loan Bank stock	0	225,000
Purchases of premises and equipment	(636,000)	(3,518,000)
Net cash used in investing activities	(127,758,000)	(50,609,000)
Cash flows from financing activities
Net increase in deposits	35,983,000	29,644,000
Proceeds from advances from Federal Home Loan Bank	109,000,000	182,800,000
Repayments of advances from Federal Home Loan Bank	(109,000,000)	(187,800,000)
Net increase (decrease) in advances by borrowers for taxes and insurance	257,000	(116,000)
Net cash provided by financing activities	36,240,000	24,528,000
Net decrease in cash and cash equivalents	(91,884,000)	(24,311,000)
Cash and cash equivalents at beginning of period	193,446,000	316,445,000
Cash and cash equivalents at end of period	101,562,000	292,134,000
Cash paid during the period for:
Interest	1,652,000	4,335,000
Income taxes	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2022
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”), 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., and Blue Foundry Investment Company (collectively, the “Company”). All 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. and established an Employee Stock Ownership Plan (“ESOP”) acquiring 2,281,800 shares of common stock. 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. Certain information and note disclosures usually included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for the preparation of the Quarterly Reports on Form 10-Q and with Regulation S-X. 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 months ended March 31, 2022 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 Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed on March 14, 2022. 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 of 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 loan balance, or portions thereof, are uncollectible. 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 individually evaluated and collectively evaluated components. The individually evaluated 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 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 the borrower is experiencing financial difficulties. 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 loan’s 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 collectively evaluated 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. The qualitative factors include consideration of the following: • Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses • Changes in international, national, regional, and local economic and business conditions and developments that affect the collectibility of the portfolio, including the condition of various market segments • Changes in the nature and volume of the portfolio and in the terms of loans • Changes in the experience, ability, and depth of lending management and other relevant staff • Changes in the volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans. • Changes in the quality of the institution's loan review system • Changes in the value of underlying collateral for collateral-dependent loans • The existence and effect of any concentrations of credit, and changes in the level of such concentrations • The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the institution's existing portfolio 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, junior liens, commercial and industrial (includes Paycheck Protection Program, or “PPP”, loans), and consumer and other. 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. Comprehensive Income (Loss) : Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on both securities available for sale and derivatives, net of the related tax effect adjusted for deferred tax valuation allowances. Also included are changes in the unfunded status of the Company’s defined benefit plans, net of the related tax effect, which are recognized as separate components of shareholders’ equity. 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 . Segment Reporting : The Company operates as a single operating segment for financial reporting purposes. Adoption of New Accounting Standards : No new accounting standards were adopted during the three months ended March 31, 2022. Accounting Standards Not Yet Adopted : As an “emerging growth company” as defined in Title 1 of the Jumpstart Our Business Startups (JOBS) Act prior to December 31, 2019, the Company elected to use the extended transition period to delay the adoption of new or reissued accounting pronouncements applicable to public companies until such pronouncements were made applicable to private companies. The FASB issued, but the Company has not yet adopted, ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” to replace the incurred loss model for loans and other financial assets with an expected loss models, which is referred to as the current expected credit loss (“CECL”) model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized costs, including loan receivables and held-to maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in certain leases recognized by a lessor. In addition, the amendments in Topic 326 require credit losses on available-for-sale securities to be presented as a valuation allowance rather than a direct write-down on the basis of the securities. The Company is required to adopt this standard by January 1, 2023. The change from an incurred loss model to an expected loss model represents a fundamental shift from existing GAAP and may result in a material increase to the Company's accounting for credit losses on financial instruments. To prepare for implementation of the new standard the Company has established a cross functional steering committee comprised of members from different disciplines including finance, credit, risk management, internal audit, and operations, among others. The Company has also engaged a third-party consultant to assist with model development, data governance and operational controls to support the adoption of this ASU. A detailed implementation plan has been developed which includes assessing the processes, portfolio segmentation, model development and validation, and system requirements and resources needed. The Company has begun to evaluate the effect that this Update will have on its financial statements and related disclosures. The Company expects the new credit models will include additional assumptions used to calculate credit losses over the estimated life of the financial assets and will include the impact of forecasted macroeconomic conditions. The Company has a system provider for modeling. During 2022, the Company will be focused on model validations as well as the development of processes and related controls. The Company expects to begin parallel runs starting in the second quarter of 2022. The Company is unable to reasonably estimate the impact of adopting this ASU at this time as it will be dependent upon our loan and securities portfolio composition and credit quality at the adoption date, as well as economic conditions and forecasts at that time. Upon adoption, any impact to the allowance for credit losses will have an impact on retained earnings. In November 2019, FASB issued ASU 2019-11, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses." ASU 2019-11 was issued to address issues raised by stakeholders during the implementation of ASU 2016-13. ASU 2019-11 provides transition relief when adjusting the effective interest rate for troubled debt restructurings ("TDRs") that exist as of the adoption date, extends the disclosure relief in ASU 2019-04 to disclose accrued interest receivable balances separately from the amortized cost basis to additional disclosures involving amortized cost basis, and provides clarification regarding application of the guidance in paragraph 326-20-35-6 for financial assets secured by collateral maintenance provisions that provides a practical expedient to measure the estimate of expected credit losses by comparing the amortized cost basis of a financial asset and the fair value of collateral securing the financial asset as of the reporting date. The effective date and transition requirements for the amendment are the same as the effective date and transition requirements in ASU 2016-13. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”. The amendments provide expedients and exceptions for applying GAAP to contracts or hedging relationships affected by the discontinuance of LIBOR as a benchmark rate to alleviate the burden and cost of such modifications. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments also provide a one-time election to sell and/or transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform. The update is in effect for a limited time from March 12, 2020 through December 31, 2022. The Company continues to evaluate its financial instruments indexed to USDLIBOR for which Topic 848 provides expedients, exceptions and elections. The Company is monitoring and developing transition plans to address potential revisions to documentation, as well as customer management and communication, internal training, financial, operational and risk management implications, and legal and contract management. The Company continues to assess the expected impact of LIBOR cessation on the Company’s Consolidated Financial Statements. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848): Scope”. The update specifically addresses whether Topic 848 applies to derivative instruments that do not reference a rate that is expected to be discontinued but that instead use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform, commonly referred to as the “discounting transition.” This ASU extends certain optional expedients provided in Topic 848 to contract modifications and derivatives affected by the discounting transition. The amendments in ASU 2021-01 may be applied under a retrospective approach as of any date from the beginning of an interim period that includes or is after March 12, 2020 or

SECURITIES

SECURITIES	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
SECURITIES	SECURITIES The amortized cost of securities available for sale and their estimated fair values at March 31, 2022 and December 31, 2021 are as follows: Amortized Gross Unrealized Gains Gross Unrealized Losses Estimated (In thousands) March 31, 2022 Available for sale U.S. Treasury Note $ 46,939 $ — $ (1,666) $ 45,273 Corporate Bonds 86,560 415 (1,749) 85,226 U.S. Government agency obligations 22,885 23 (544) 22,364 Obligations issued by U.S. states and their political subdivisions 19,115 293 (210) 19,198 Mortgage-backed securities: Residential one-to-four family 178,941 5 (10,607) 168,339 Multifamily 29,604 36 (427) 29,213 Asset-backed securities 6,269 — (268) 6,001 Total available-for-sale $ 390,313 $ 772 $ (15,471) $ 375,614 December 31, 2021 Available for sale U.S. Treasury Note $ 36,933 $ 4 $ (105) $ 36,832 Corporate Bonds 86,118 1,791 (290) 87,619 U.S. Government agency obligations 23,462 46 (179) 23,329 Obligations issued by U.S. states and their political subdivisions 19,172 1,152 — 20,324 Mortgage-backed securities: Residential one-to-four family 116,166 140 (1,905) 114,401 Multifamily 35,412 598 (94) 35,916 Asset-backed securities 6,538 3 (70) 6,471 Total available-for-sale $ 323,801 $ 3,734 $ (2,643) $ 324,892 The amortized cost of securities held-to-maturity and their estimated fair values at March 31, 2022 and December 31, 2021, are as follows: Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated (In thousands) March 31, 2022 Held-to-maturity Asset-backed securities $ 15,238 $ — $ (1,306) $ 13,932 Corporate bonds 14,600 1 (540) 14,061 Total held-to-maturity $ 29,838 $ 1 $ (1,846) $ 27,993 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated (In thousands) December 31, 2021 Held-to-maturity Corporate bonds $ 8,000 $ — $ (59) $ 7,941 Asset-backed securities 15,281 — (373) 14,908 Total Held-to-maturity $ 23,281 $ — $ (432) $ 22,849 There were no available for sale securities called or sold during the three months ended March 31, 2022. During the three months ended March 31, 2021, proceeds from sales and calls of securities available for sale totaled $1.7 million, resulting in no gain or loss realized. There were no other-than-temporary impairment (“OTTI”) charges for the three months ended March 31, 2022 or March 31, 2021, 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. March 31, 2022 Amortized Cost Estimated Fair Value (In thousands) Available-for-sale Due in one year or less $ 5,420 $ 5,440 Due from one year to five years 97,836 95,474 Due from five to ten years 55,726 54,965 Due after ten years 16,517 16,182 Mortgage-backed and asset-backed securities 214,814 203,553 Total $ 390,313 $ 375,614 Held-to-maturity Due from one year to five years $ 6,058 $ 5,594 Due from five to ten years 21,780 20,410 Due after ten years 2,000 1,989 Total $ 29,838 $ 27,993 The following tables summarize available-for-sale securities with unrealized losses at March 31, 2022 and December 31, 2021, 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 Unrealized Losses Estimated Unrealized Losses Estimated (In thousands) March 31, 2022 Available for sale U.S. Treasury Note $ (1,083) $ 38,949 $ (583) $ 6,324 $ (1,666) $ 45,273 Corporate Bonds (1,381) 45,434 (368) 4,988 (1,749) 50,422 U.S. Government agency obligations (356) 9,643 (188) 7,419 (544) 17,062 Obligations issued by U.S. states and their political subdivisions (210) 2,925 — — (210) 2,925 Mortgage-backed securities: Residential one-to-four family (6,795) 129,328 (3,812) 38,897 (10,607) 168,225 Multifamily (304) 12,654 (124) 784 (427) 13,438 Asset-backed securities (139) 4,601 (128) 1,400 (268) 6,001 Total available-for-sale $ (10,268) $ 243,534 $ (5,203) $ 59,812 $ (15,471) $ 303,346 December 31, 2021 Available for sale U.S. Treasury Note $ (105) $ 16,814 $ — $ — $ (105) $ 16,814 Corporate Bonds (290) 17,183 — — (290) 17,183 U.S. Government agency obligations (49) 9,951 (130) 7,980 (179) 17,931 Mortgage-backed securities: Residential one-to-four family (1,761) 104,805 (144) 3,009 (1,905) 107,814 Multifamily — — (94) 910 (94) 910 Asset-backed securities (70) 4,458 — — (70) 4,458 Total available-for-sale $ (2,275) $ 153,211 $ (368) $ 11,899 $ (2,643) $ 165,110 The number of available for sale securities in an unrealized loss position at March 31, 2022 totaled 84, compared with 44 at December 31, 2021. The increase in the number of securities in an unrealized loss position at March 31, 2022 was due to higher current market interest rates compared to rates at December 31, 2021. Of the 84 available for sale securities in an unrealized loss position at March 31, 2022, 59 are comprised of U.S. Government agency obligations, Treasury notes, and mortgage-backed securities. 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 three municipal bonds, 18 investment grade corporate bonds and four 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). The Company did not have any held to maturity securities in an unrecognized loss position for more than twelve months at March 31, 2022 and December 31, 2021. The number of held to maturity securities in an unrealized loss position at March 31, 2022 totaled eight, compared with four at December 31, 2021. The increase in the number of securities in an unrealized loss position at March 31, 2022, was due to higher current market interest rates compared to rates at December 31, 2021. At March 31, 2022, held to maturity securities in an aggregate unrecognized loss position for less than twelve months included two asset-backed securities with total fair value of $13.9 million in an aggregate unrecognized loss position of $1.3 million and six investment grade corporate bonds with total fair value of $13.1 million in an aggregate unrecognized loss position of $540 thousand. At December 31, 2021, held to maturity securities in an aggregate unrecognized loss position for less than twelve months included two asset-backed securities with total fair value of $14.9 million in an aggregate unrecognized loss position of $373 thousand and two investment grade corporate bonds with total fair value of $6.9 million in an aggregate unrecognized loss position of $59 thousand. Securities pledged at March 31, 2022 and December 31, 2021, had a carrying amount of $4.7 million and $9.1 million, respectively, and were pledged to secure public deposits, Federal Home Loan Bank (“FHLB”) advances, repurchase agreements and derivatives as needed.

LOANS RECEIVABLE, NET

LOANS RECEIVABLE, NET	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
LOANS RECEIVABLE, NET	LOANS RECEIVABLE, NET A summary of loans receivable, net at March 31, 2022 and December 31, 2021, is as follows: March 31, 2022 December 31, 2021 (In thousands) Residential one-to-four family $ 579,083 $ 560,976 Multifamily 517,037 515,240 Non-residential 187,310 141,561 Construction 18,613 23,419 Junior liens 18,071 18,464 Commercial and industrial (including PPP) 16,201 21,563 Consumer and other 37 87 Total gross loans 1,336,352 1,281,310 Deferred fees, costs and premiums and discounts, net 5,134 6,299 Total loans 1,341,486 1,287,609 Allowance for loan losses (13,465) (14,425) Loans receivable, net $ 1,328,021 $ 1,273,184 The commercial and industrial portfolio is comprised of general commercial and industrial loans, including Small Business Administration (“SBA”) and Paycheck Protection Program (“PPP”) loans. At March 31, 2022, PPP loans totaled $8.1 million, net of unearned deferred fees. 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 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 to recover against the collateral in sufficient amount and in a timely manner may be significantly influenced by market, legal and regulatory conditions. The following tables presents the activity in the Company’s allowance for loan losses by class of loans based on the most recent analysis performed for the three months ended March 31, 2022, and 2021: Residential Multifamily Non-Residential Construction Junior Liens Commercial Consumer Unallocated Total (In thousands) Three Months Ended March 31, 2022 Allowance for loan losses Beginning balance $ 2,822 $ 5,263 $ 2,846 $ 2,678 $ 636 $ 51 $ 38 $ 91 $ 14,425 Charge-offs — — — — — — (10) — (10) Recoveries — — — — — — 2 — 2 (Recovery of) provision for loan losses (212) (487) 619 (773) (87) 20 (30) (2) (952) Total ending allowance balance $ 2,610 $ 4,776 $ 3,465 $ 1,905 $ 549 $ 71 $ — $ 89 $ 13,465 Three Months Ended March 31, 2021 Allowance for loan losses Beginning balance $ 3,579 $ 5,460 $ 3,244 $ 3,655 $ 916 $ 2 $ 48 $ 55 $ 16,959 Charge-offs — — — — — — (1) — (1) Recoveries — — — — — — — — — (Recovery of) provision for loan losses (237) 288 (99) (727) (103) 5 (3) 68 (808) Total ending allowance balance $ 3,342 $ 5,748 $ 3,145 $ 2,928 $ 813 $ 7 $ 44 $ 123 $ 16,150 The following table represents the allocation of allowance for loan losses and the related recorded investment (including deferred fees and costs) in loans by loan portfolio segment disaggregated based on the impairment methodology at March 31, 2022 and December 31, 2021 : Residential Multifamily Non-Residential Construction Junior Liens Commercial Consumer Unallocated Total (In thousands) March 31, 2022 Allowance for loan losses: Individually evaluated $ 28 $ — $ — $ — $ — $ — $ — $ — $ 28 Collectively evaluated 2,582 4,776 3,465 1,905 549 71 — 89 13,437 Total $ 2,610 $ 4,776 $ 3,465 $ 1,905 $ 549 $ 71 $ — $ 89 $ 13,465 Loans receivable: Individually evaluated $ 8,768 $ 671 $ 4,510 $ — $ 54 $ — $ — $ — $ 14,003 Collectively evaluated 574,756 517,521 182,659 18,439 18,123 15,948 37 — 1,327,483 Total $ 583,524 $ 518,192 $ 187,169 $ 18,439 $ 18,177 $ 15,948 $ 37 $ — $ 1,341,486 December 31, 2021 Allowance for loan losses: Individually evaluated $ 31 $ — $ — $ — $ — $ — $ 37 $ — $ 68 Collectively evaluated 2,791 5,263 2,846 2,678 636 51 1 91 14,357 Total $ 2,822 $ 5,263 $ 2,846 $ 2,678 $ 636 $ 51 $ 38 $ 91 $ 14,425 Loans receivable: Individually evaluated $ 10,169 $ 684 $ 4,577 $ — $ 55 $ — $ 37 $ — $ 15,522 Collectively evaluated 556,314 515,884 136,957 23,420 18,495 20,966 51 — 1,272,087 Total $ 566,483 $ 516,568 $ 141,534 $ 23,420 $ 18,550 $ 20,966 $ 88 $ — $ 1,287,609 The following table presents information related to impaired loans by class of loans as of March 31, 2022, March 31, 2021 and December 31, 2021: Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Cash Basis Interest Recognized (In thousands) March 31, 2022 With no related allowance Residential one-to-four $ 7,426 $ 7,714 $ — $ 8,769 $ 111 $ 111 Multifamily 672 671 — 678 6 4 Non-residential 4,672 4,510 — 4,548 54 49 Construction — — — — — — Commercial and — — — — — — Junior liens 54 54 — 55 1 1 12,824 12,949 — 14,050 172 165 With an allowance recorded: Residential one-to-four 1,055 1,054 28 1,057 12 8 Multifamily — — — — — — Non-residential — — — — — — Construction — — — — — — Commercial and — — — — — — Consumer and other — — — — — — 1,055 1,054 28 1,057 12 8 Total $ 13,879 $ 14,003 $ 28 $ 15,107 $ 184 $ 173 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Cash Basis Interest Recognized (In thousands) December 31, 2021 With no related allowance Residential one-to-four $ 8,744 $ 9,108 $ — $ 9,534 $ 75 $ 75 Multifamily 684 684 — 1,170 26 24 Non-residential 4,725 4,577 — 4,869 210 196 Construction — — — — — — Commercial and — — — — — — Junior liens 55 55 — 57 3 3 14,208 14,424 — 15,630 314 298 With an allowance recorded: Residential one-to-four 1,062 1,061 31 1,243 50 46 Multifamily — — — — — — Non-residential — — — — — — Construction — — — — — — Commercial and — — — — — — Consumer and other 37 37 37 41 2 2 1,099 1,098 68 1,284 52 48 Total $ 15,307 $ 15,522 $ 68 $ 16,914 $ 366 $ 346 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 $5.3 million and $5.4 million as of March 31, 2022 and December 31, 2021, respectively. The Company has allocated $28 thousand and $68 thousand, respectively, of specific reserves to troubled debt restructured loans as of March 31, 2022 and December 31, 2021. The modification of the terms of troubled debt restructured includes one or a combination of the following: a reduction of the stated interest rate of the loan or an extension of the maturity date. The Company is not committed to lend any additional amounts to customers with outstanding loans that are classified as troubled debt restructurings as of March 31, 2022. 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 March 31, 2022 and March 31, 2021. The Company did not record any troubled debt restructurings during the three months ended March 31, 2022 and 2021. The Company implemented modification programs to provide its borrowers relief from the economic impacts of COVID-19. In accordance with the CARES Act, the Company elected to not apply troubled debt restructuring classification to COVID-19 related loan modifications. Accordingly, these modifications are exempt from troubled debt restructuring classification under U.S. generally accepted accounting principles (“U.S. GAAP”) and were not classified as troubled debt restructurings (“TDRs”). At March 31, 2022 and December 31, 2021, there were no deferrals related to the Cares Act. The following table presents the recorded investment in non-accrual loans and loans past due 90 days or more still on accrual as of March 31, 2022 and December 31, 2021 : Nonaccrual Loans Past Due March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 (In thousands) Residential one-to-four family $ 9,478 $ 10,805 $ — $ — Multifamily 135 139 — — Non-residential 686 857 — — Construction — — — — Commercial and industrial (including PPP) 2 — — 116 Junior liens 181 182 — — Total $ 10,482 $ 11,983 $ — $ 116 The following table presents the recorded investment in past due and current loans by loan portfolio class as of March 31, 2022 and December 31, 2021: 30-59 60-89 90 Days Total Current Total (In thousands) March 31, 2022 Residential $ 2,147 $ 278 $ 7,344 $ 9,769 $ 573,755 $ 583,524 Multifamily — — 217 217 517,975 518,192 Non-residential 222 — — 222 186,947 187,169 Construction — — — — 18,439 18,439 Junior liens 37 — 54 91 18,086 18,177 Commercial and Industrial (including PPP) — — 2 2 15,946 15,948 Consumer and other — — — — 37 37 Total $ 2,406 $ 278 $ 7,617 $ 10,301 $ 1,331,185 $ 1,341,486 December 31, 2021 Residential $ 1,736 $ 457 $ 8,936 $ 11,129 $ 555,354 $ 566,483 Multifamily — — — — 516,568 516,568 Non-residential — — 381 381 141,153 141,534 Construction — — — — 23,420 23,420 Junior liens — 53 182 235 18,315 18,550 Commercial and Industrial (including PPP) 11 57 116 184 20,782 20,966 Consumer and other — — — 88 88 Total $ 1,747 $ 567 $ 9,615 $ 11,929 $ 1,275,680 $ 1,287,609 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 loan classification: Pass – Loans classified as pass are loans performing under the original contractual terms, do not currently pose any identified risk and can range from the highest to pass/watch quality, depending on the degree of potential risk. 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 the asset even though partial recovery may be effected in the future. The following table presents the risk category of loans by class of loans based on the most recent analysis performed as of March 31, 2022 and December 31, 2021: Pass Special Substandard Doubtful / Total (In thousands) March 31, 2022 Residential one-to-four family $ 573,394 $ 274 $ 9,856 $ — $ 583,524 Multifamily 517,521 — 671 — 518,192 Non-residential 186,032 142 995 — 187,169 Construction 18,439 — — — 18,439 Junior liens 17,996 — 181 — 18,177 Commercial and Industrial (including PPP) 15,948 — — 15,948 Consumer and other 37 — — — 37 Total $ 1,329,367 $ 416 $ 11,703 $ — $ 1,341,486 December 31, 2021 Residential one-to-four family $ 555,184 $ — $ 11,299 $ — $ 566,483 Multifamily 510,815 5,069 684 — 516,568 Non-residential 140,377 144 1,013 — 141,534 Construction 23,420 — — — 23,420 Junior liens 18,368 — 182 — 18,550 Commercial and Industrial (including PPP) 20,966 — — — 20,966 Consumer and other 88 — — — 88 Total $ 1,269,218 $ 5,213 $ 13,178 $ — $ 1,287,609

LEASES

LEASES	3 Months Ended
	Mar. 31, 2022
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 one year to 40 years. Operating lease liabilities and right-of-use 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 March 31, 2022, the Company had the following related to operating leases: March 31, 2022 December 31, 2021 (In thousands) Right-of-use assets $ 24,811 $ 25,457 Lease liabilities 26,083 26,696 Weighted average remaining lease term for operating leases 12.0 years 12.2 years Weighted average discount rate used in the measurement of lease liabilities 1.98 % 1.97 % The following table is a summary of the Company’s components of net lease cost for the three months ended March 31, 2022 and 2021. The variable lease cost primarily represents variable payments such as common area maintenance and utilities. Three Months Ended March 31, 2022 March 31, 2021 (In thousands) Operating lease cost 770 747 Finance lease cost 6 6 Variable lease cost 54 26 Total lease cost included as a component of occupancy and equipment $ 830 $ 779 The following table presents supplemental cash flow information related to operating leases: Three Months Ended March 31, 2022 March 31, 2021 (In thousands) Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows from operating leases $ 757 $ 406 Operating lease liabilities arising from obtaining right-of-use assets (non-cash): Operating leases $ — $ — Future undiscounted lease payments for operating leases with initial terms of one year or more as of March 31, 2022 are as follows: Through March 31, (In thousands) 2023 $ 2,983 2024 2,732 2025 2,609 2026 2,299 2027 2,264 Thereafter 16,725 Total undiscounted lease payments 29,612 Less: imputed interest (3,529) Total $ 26,083

DEPOSITS

DEPOSITS	3 Months Ended
	Mar. 31, 2022
Deposits [Abstract]
DEPOSITS	DEPOSITS Deposits at March 31, 2022 and December 31, 2021, are summarized as follows: March 31, 2022 December 31, 2021 (In thousands) Non-interest bearing deposits $ 45,143 $ 44,894 NOW and demand accounts 425,766 363,419 Savings 367,177 364,932 Time deposits 444,936 473,795 Total $ 1,283,022 $ 1,247,040 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 2022 $ 239,160 2023 152,023 2024 37,175 2025 9,848 2026 5,804 2027 926 $ 444,936

EMPLOYEE STOCK OWNERSHIP PLAN

EMPLOYEE STOCK OWNERSHIP PLAN	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
EMPLOYEE STOCK OWNERSHIP PLAN	EMPLOYEE STOCK OWNERSHIP PLAN The Company maintains an ESOP, a tax-qualified plan for the benefit of all Company employees designed to invest primarily in the Company’s common stock. The ESOP provides employees with the opportunity to receive a funded retirement benefit from the Bank, based primarily on the value of the Company’s common stock. The ESOP borrowed funds from the Company to purchase 2,281,800 shares of stock at $10 per share. The loan is secured by the shares purchased, which are held in a suspense account for allocation among participants. Shares are released for allocation to participants as loan payments are made. Loan payments are principally funded by discretionary cash contributions by the Bank, as well as dividends paid to the ESOP on unallocated shares. When loan payments are made, ESOP shares are allocated to participants at the end of the plan year (December 31) based on relative compensation, subject to federal tax law limits. Participants receive the shares at the end of employment. Dividends on allocated shares increase participants accounts. At March 31, 2022, the principal balance on the ESOP loan is $21.8 million. There were no contributions to the ESOP during the three months ended March 31, 2022, as loan payments are made annually during the fourth quarter of each year. ESOP compensation expense during the three months ended March 31, 2022, representing the fair value of 22,818 shares committed to be released from unallocated at the end of the plan year was $322 thousand and is recognized over the service period. There was no ESOP compensation expense for the three months ended March 31, 2021. Shares held by the ESOP were as follows: March 31, 2022 (Dollars in thousands) Allocated to participants 91,272 Unallocated 2,190,528 Total ESOP shares 2,281,800 Fair value of unearned shares at March 31, 2022 $ 29,682

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITIES	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES AND HEDGING ACTIVITIES	DERIVATIVES AND HEDGING ACTIVITIES 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 $109.0 million at March 31, 2022 and December 31, 2021, were designated as cash flow hedges of certain Federal Home Loan Bank advances and were determined to be highly effective during all periods presented. The Company expects the hedges to remain highly effective during the remaining terms of the swaps. Summary information about the interest-rate swaps designated as cash flow hedges as of period-end is as follows: March 31, 2022 December 31, 2021 (Dollars in thousands) Notional amounts $ 109,000 $ 109,000 Weighted average pay rates 1.4577 % 1.4577 % Weighted average receive rates 0.5431 % 0.1742 % Weighted average maturity 5.0 years 5.3 years Gross unrealized gain included in other assets 5,312 1,313 Gross unrealized loss included in other liabilities — 1,559 Unrealized gains (losses), net 5,312 (246) At March 31, 2022, the Company held $5.4 million as cash collateral pledged from the counterparty for these interest-rate swaps. At March 31, 2022, we had no securities pledged to the counterparty. See Footnote 2-Securities for the securities pledged at December 31, 2021. Interest expense recorded on these swap transactions totaled $322 thousand and $338 thousand during the three months ended March 31, 2022 and 2021, respectively, and is reported as a component of interest expense on FHLB advances. At March 31, 2022, the Company expected $113 thousand of the unrealized loss to be reclassified as an increase to interest expense during the remainder of 2022. Cash Flow Hedge The effect of cash flow hedge accounting on accumulated other comprehensive income for the three months ended March 31, 2022 and March 31, 2021 is as follows: Amount of Gain (Loss) Recognized in OCI (Net of Tax) on Derivative (1) 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 March 31, 2022 Interest rate contracts $ 5,559 Interest Expense $ (322) Three months ended March 31, 2021 Interest rate contracts $ 3,314 Interest Expense $ (338) (1) Net of tax, adjusted for deferred tax valuation allowance, at March 31, 2022. There was no deferred tax valuation allowance at March 31, 2021.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	3 Months Ended
	Mar. 31, 2022
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 table presents the components of other comprehensive (loss) income both gross and net of tax, inclusive of a deferred tax valuation allowance, for the periods indicated. Three Months Ended March 31, 2022 2021 Before Tax Tax After Before Tax Tax After (In thousands) Components of Other Comprehensive Loss: Unrealized loss on securities available for sale: Unrealized loss arising during the period $ (15,788) $ 49 $ (15,739) $ (3,641) $ 887 $ (2,754) Unrealized gain on cash flow hedge: Unrealized gain arising during the period 5,237 — 5,237 4,272 (1,201) 3,071 Reclassification adjustment for losses included in net income 322 — 322 338 (95) 243 Total 5,559 — 5,559 4,610 (1,296) 3,314 Defined benefit plans: Reclassification adjustment for amortization of: Net actuarial loss 48 — 48 52 (15) 37 Total other comprehensive loss: $ (10,181) $ 49 $ (10,132) $ 1,021 $ (424) $ 597 The following is a summary of the changes in accumulated other comprehensive income by component, net of tax, inclusive of a deferred tax valuation allowance, for the periods indicated: Unrealized Gains and (Losses) on Cash Flow Unrealized Gains and (Losses) on Available-for-sale Defined Total (In thousands) Balance at December 31, 2021 $ (246) $ 1,091 $ (1,217) $ (372) Other comprehensive income (loss) before reclassification 5,237 (15,739) — (10,502) Amounts reclassified from accumulated other comprehensive income 322 — 48 370 Net current period other comprehensive gain (loss) 5,559 (15,739) 48 (10,132) Balance at March 31, 2022 $ 5,313 $ (14,648) $ (1,169) $ (10,504) 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) 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 March 31, Affected Line Item in the Statement Where Net Income is Presented 2022 2021 (In thousands) Losses on cash flow hedges: Interest rate contracts $ (322) $ (338) Interest (expense) income Amortization of benefit plan items: Net actuarial loss (48) (52) Compensation and employee benefits Total tax effect — 110 Income tax expense Total reclassification for the period, net of tax $ (370) $ (280)

FAIR VALUE OF ASSETS AND LIABIL

FAIR VALUE OF ASSETS AND LIABILITIES	3 Months Ended
	Mar. 31, 2022
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, 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 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. The following table summarizes the fair value of assets and liabilities as of March 31, 2022: Fair Value Measurements at March 31, 2022, 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 $ 45,273 $ 45,273 $ — $ — Domestic Corporate Bonds 85,226 — 85,226 — U.S. Government agency obligations 22,364 17,012 5,352 — Obligations issued by U.S. states and their political subdivisions 19,198 — 19,198 — Mortgage-backed securities: Residential one-to-four family 168,339 — 168,339 — Multifamily 29,213 — 29,213 — Asset-backed securities 6,001 — 6,001 — Total securities available for sale 375,614 62,285 313,329 — Derivatives 5,312 — 5,312 — Total financial assets measured on a recurring basis $ 380,926 $ 62,285 $ 318,641 $ — The following table summarizes the fair value of assets and liabilities as of December 31, 2021: Fair Value Measurements at December 31, 2021, Using Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs Total (Level 1) (Level 2) (Level 3) (In thousands) Measured on a recurring basis: Financial assets Securities available for sale U.S. Treasury Note $ 36,832 $ 36,832 $ — $ — Domestic Corporate Bonds 87,619 — 87,619 — U.S. Government agency obligations 23,329 17,617 5,712 — Obligations issued by U.S. states and their political subdivisions 20,324 — 20,324 — Mortgage-backed securities: Residential one-to-four family 114,401 — 114,401 — Multifamily 35,916 — 35,916 — Asset-backed securities 6,471 — 6,471 — Total securities available for sale $ 324,892 $ 54,449 $ 270,443 $ — Financial Liabilities Derivatives $ 246 $ — $ 246 $ — Other Fair Value Disclosures Fair value estimates, methods and assumptions for the Company’s financial instruments that are not recorded at fair value on a recurring or non-recurring basis are set forth below. Securities held-to-maturity : Our debt securities held-to-maturity portfolio is carried at amortized cost. The fair values of debt securities held-to-maturity are provided by a third-party pricing service. The pricing service may use quoted market prices of comparable instruments or a variety of other forms of analysis, incorporating inputs that are currently observable in the markets for similar securities. Inputs that are often used in the valuation methodologies include, but are not limited to, benchmark yields, credit spreads, default rates, prepayment speeds and non-binding broker quotes. Loans, net : Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as residential mortgage and consumer. Each loan category is further segmented into fixed and adjustable rate interest terms and by performing and non-performing categories. Estimated fair value of loans is determined using a discounted cash flow model that employs an exit discount rate that reflects the current market pricing for loans with similar characteristics and remaining maturity, adjusted for estimated credit losses inherent in the portfolio at the balance sheet date. Time Deposits : The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using rates for currently offered deposits of similar remaining maturities. Federal Home Loan advances : The fair value of borrowings is based on securities dealers’ estimated fair values, when available, or estimated using discounted cash flow analysis. The discount rates used approximate the rates offered for similar borrowings of similar remaining terms. The following tables present the book value, fair value, and placement in the fair value hierarchy of financial instruments not recorded at fair values in their entirety on a recurring basis on the Company’s balance sheet at March 31, 2022 and December 31, 2021. The fair value measurements presented are consistent with Topic 820, Fair Value Measurement, in which fair value represents exit price. These tables exclude financial instruments for which the carrying amount approximates fair value. Financial instruments for which the carrying amount approximates fair value include cash and cash equivalents, restricted stock, non-maturity deposits, overnight borrowings, and accrued interest, which are excluded from the table below. Fair Value Measurements at March 31, 2022, Using Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs Book Value (Level 1) (Level 2) (Level 3) (In thousands) Financial assets Securities held-to-maturity $ 29,838 $ — $ 27,992 $ — Loans, net 1,328,021 — — 1,316,254 Financial liabilities Time Deposits 444,936 — 435,306 — Federal Home Loan advances 185,500 — 176,543 — Fair Value Measurements at December 31, 2021, Using Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs Book Value (Level 1) (Level 2) (Level 3) (In thousands) Financial assets Securities held-to-maturity $ 23,281 $ — $ 22,849 $ — Loans, net 1,273,184 — — 1,266,799 Financial liabilities Time Deposits 473,795 — 470,732 — Federal Home Loan advances 185,500 — 182,795 —

REVENUE FROM CONTRACTS WITH CUS

REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME	3 Months Ended
	Mar. 31, 2022
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 non-interest income in the Statement of Operations. The following table presents the Company’s sources of revenue from contracts with customers for the three months ended March 31, 2022 and 2021, respectively. Three Months Ended March 31, 2022 2021 (In thousands) Noninterest income Service charges on deposits $ 229 $ 192 Interchange income 8 7 Total Revenue from Contracts with Customers $ 237 $ 199 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 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	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per share (“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 months ended March 31, 2022, 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 months ended March 31, 2021 as the Company had no shares outstanding. Three Months Ended March 31, 2022 (Income In thousands) Net income applicable to common shares $ 553 Average number of common shares outstanding 28,522,500 Less: Average unallocated ESOP shares 2,178,992 Average number of common shares outstanding used to calculate basic earnings per common share 26,343,508 Common stock equivalents — Earnings per common share basic and diluted $ 0.02

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSAs defined in FASB ASC 855, “Subsequent Events”, subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued or available to be issued. Financial statements are considered issued when they are widely distributed to stockholders and other financial statement users for general use and reliance in a form and format that complies with U.S. GAAP.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation : The accompanying consolidated financial statements include the accounts of Blue Foundry Bancorp (the “Company”), 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., and Blue Foundry Investment Company (collectively, the “Company”). All 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. and established an Employee Stock Ownership Plan (“ESOP”) acquiring 2,281,800 shares of common stock. 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. Certain information and note disclosures usually included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for the preparation of the Quarterly Reports on Form 10-Q and with Regulation S-X. 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 months ended March 31, 2022 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 Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed on March 14, 2022.
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 of 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 loan balance, or portions thereof, are uncollectible. 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 individually evaluated and collectively evaluated components. The individually evaluated 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 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 the borrower is experiencing financial difficulties. 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 loan’s 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 collectively evaluated 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. The qualitative factors include consideration of the following: • Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses • Changes in international, national, regional, and local economic and business conditions and developments that affect the collectibility of the portfolio, including the condition of various market segments • Changes in the nature and volume of the portfolio and in the terms of loans • Changes in the experience, ability, and depth of lending management and other relevant staff • Changes in the volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans. • Changes in the quality of the institution's loan review system • Changes in the value of underlying collateral for collateral-dependent loans • The existence and effect of any concentrations of credit, and changes in the level of such concentrations • The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the institution's existing portfolio 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, junior liens, commercial and industrial (includes Paycheck Protection Program, or “PPP”, loans), and consumer and other.
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.
Comprehensive Income (Loss)	Comprehensive Income (Loss) : Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on both securities available for sale and derivatives, net of the related tax effect adjusted for deferred tax valuation allowances. Also included are changes in the unfunded status of the Company’s defined benefit plans, net of the related tax effect, which are recognized as separate components of shareholders’ equity.
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 .
Segment Reporting	Segment Reporting : The Company operates as a single operating segment for financial reporting purposes.
Adoption of New Accounting Standards and Accounting Standards Not Yet Adopted	Adoption of New Accounting Standards : No new accounting standards were adopted during the three months ended March 31, 2022. Accounting Standards Not Yet Adopted : As an “emerging growth company” as defined in Title 1 of the Jumpstart Our Business Startups (JOBS) Act prior to December 31, 2019, the Company elected to use the extended transition period to delay the adoption of new or reissued accounting pronouncements applicable to public companies until such pronouncements were made applicable to private companies. The FASB issued, but the Company has not yet adopted, ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” to replace the incurred loss model for loans and other financial assets with an expected loss models, which is referred to as the current expected credit loss (“CECL”) model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized costs, including loan receivables and held-to maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in certain leases recognized by a lessor. In addition, the amendments in Topic 326 require credit losses on available-for-sale securities to be presented as a valuation allowance rather than a direct write-down on the basis of the securities. The Company is required to adopt this standard by January 1, 2023. The change from an incurred loss model to an expected loss model represents a fundamental shift from existing GAAP and may result in a material increase to the Company's accounting for credit losses on financial instruments. To prepare for implementation of the new standard the Company has established a cross functional steering committee comprised of members from different disciplines including finance, credit, risk management, internal audit, and operations, among others. The Company has also engaged a third-party consultant to assist with model development, data governance and operational controls to support the adoption of this ASU. A detailed implementation plan has been developed which includes assessing the processes, portfolio segmentation, model development and validation, and system requirements and resources needed. The Company has begun to evaluate the effect that this Update will have on its financial statements and related disclosures. The Company expects the new credit models will include additional assumptions used to calculate credit losses over the estimated life of the financial assets and will include the impact of forecasted macroeconomic conditions. The Company has a system provider for modeling. During 2022, the Company will be focused on model validations as well as the development of processes and related controls. The Company expects to begin parallel runs starting in the second quarter of 2022. The Company is unable to reasonably estimate the impact of adopting this ASU at this time as it will be dependent upon our loan and securities portfolio composition and credit quality at the adoption date, as well as economic conditions and forecasts at that time. Upon adoption, any impact to the allowance for credit losses will have an impact on retained earnings. In November 2019, FASB issued ASU 2019-11, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses." ASU 2019-11 was issued to address issues raised by stakeholders during the implementation of ASU 2016-13. ASU 2019-11 provides transition relief when adjusting the effective interest rate for troubled debt restructurings ("TDRs") that exist as of the adoption date, extends the disclosure relief in ASU 2019-04 to disclose accrued interest receivable balances separately from the amortized cost basis to additional disclosures involving amortized cost basis, and provides clarification regarding application of the guidance in paragraph 326-20-35-6 for financial assets secured by collateral maintenance provisions that provides a practical expedient to measure the estimate of expected credit losses by comparing the amortized cost basis of a financial asset and the fair value of collateral securing the financial asset as of the reporting date. The effective date and transition requirements for the amendment are the same as the effective date and transition requirements in ASU 2016-13. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”. The amendments provide expedients and exceptions for applying GAAP to contracts or hedging relationships affected by the discontinuance of LIBOR as a benchmark rate to alleviate the burden and cost of such modifications. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments also provide a one-time election to sell and/or transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform. The update is in effect for a limited time from March 12, 2020 through December 31, 2022. The Company continues to evaluate its financial instruments indexed to USDLIBOR for which Topic 848 provides expedients, exceptions and elections. The Company is monitoring and developing transition plans to address potential revisions to documentation, as well as customer management and communication, internal training, financial, operational and risk management implications, and legal and contract management. The Company continues to assess the expected impact of LIBOR cessation on the Company’s Consolidated Financial Statements. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848): Scope”. The update specifically addresses whether Topic 848 applies to derivative instruments that do not reference a rate that is expected to be discontinued but that instead use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform, commonly referred to as the “discounting transition.” This ASU extends certain optional expedients provided in Topic 848 to contract modifications and derivatives affected by the discounting transition. The amendments in ASU 2021-01 may be applied under a retrospective approach as of any date from the beginning of an interim period that includes or is after March 12, 2020 or

SECURITIES (Tables)

SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Summary of amortized cost of securities available for sale and their estimated fair value	The amortized cost of securities available for sale and their estimated fair values at March 31, 2022 and December 31, 2021 are as follows: Amortized Gross Unrealized Gains Gross Unrealized Losses Estimated (In thousands) March 31, 2022 Available for sale U.S. Treasury Note $ 46,939 $ — $ (1,666) $ 45,273 Corporate Bonds 86,560 415 (1,749) 85,226 U.S. Government agency obligations 22,885 23 (544) 22,364 Obligations issued by U.S. states and their political subdivisions 19,115 293 (210) 19,198 Mortgage-backed securities: Residential one-to-four family 178,941 5 (10,607) 168,339 Multifamily 29,604 36 (427) 29,213 Asset-backed securities 6,269 — (268) 6,001 Total available-for-sale $ 390,313 $ 772 $ (15,471) $ 375,614 December 31, 2021 Available for sale U.S. Treasury Note $ 36,933 $ 4 $ (105) $ 36,832 Corporate Bonds 86,118 1,791 (290) 87,619 U.S. Government agency obligations 23,462 46 (179) 23,329 Obligations issued by U.S. states and their political subdivisions 19,172 1,152 — 20,324 Mortgage-backed securities: Residential one-to-four family 116,166 140 (1,905) 114,401 Multifamily 35,412 598 (94) 35,916 Asset-backed securities 6,538 3 (70) 6,471 Total available-for-sale $ 323,801 $ 3,734 $ (2,643) $ 324,892
Summary of amortized cost of securities held to maturity and their estimated fair value	The amortized cost of securities held-to-maturity and their estimated fair values at March 31, 2022 and December 31, 2021, are as follows: Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated (In thousands) March 31, 2022 Held-to-maturity Asset-backed securities $ 15,238 $ — $ (1,306) $ 13,932 Corporate bonds 14,600 1 (540) 14,061 Total held-to-maturity $ 29,838 $ 1 $ (1,846) $ 27,993 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated (In thousands) December 31, 2021 Held-to-maturity Corporate bonds $ 8,000 $ — $ (59) $ 7,941 Asset-backed securities 15,281 — (373) 14,908 Total Held-to-maturity $ 23,281 $ — $ (432) $ 22,849
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. March 31, 2022 Amortized Cost Estimated Fair Value (In thousands) Available-for-sale Due in one year or less $ 5,420 $ 5,440 Due from one year to five years 97,836 95,474 Due from five to ten years 55,726 54,965 Due after ten years 16,517 16,182 Mortgage-backed and asset-backed securities 214,814 203,553 Total $ 390,313 $ 375,614 Held-to-maturity Due from one year to five years $ 6,058 $ 5,594 Due from five to ten years 21,780 20,410 Due after ten years 2,000 1,989 Total $ 29,838 $ 27,993
Summary of available-for-sale securities with unrealized losses	The following tables summarize available-for-sale securities with unrealized losses at March 31, 2022 and December 31, 2021, 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 Unrealized Losses Estimated Unrealized Losses Estimated (In thousands) March 31, 2022 Available for sale U.S. Treasury Note $ (1,083) $ 38,949 $ (583) $ 6,324 $ (1,666) $ 45,273 Corporate Bonds (1,381) 45,434 (368) 4,988 (1,749) 50,422 U.S. Government agency obligations (356) 9,643 (188) 7,419 (544) 17,062 Obligations issued by U.S. states and their political subdivisions (210) 2,925 — — (210) 2,925 Mortgage-backed securities: Residential one-to-four family (6,795) 129,328 (3,812) 38,897 (10,607) 168,225 Multifamily (304) 12,654 (124) 784 (427) 13,438 Asset-backed securities (139) 4,601 (128) 1,400 (268) 6,001 Total available-for-sale $ (10,268) $ 243,534 $ (5,203) $ 59,812 $ (15,471) $ 303,346 December 31, 2021 Available for sale U.S. Treasury Note $ (105) $ 16,814 $ — $ — $ (105) $ 16,814 Corporate Bonds (290) 17,183 — — (290) 17,183 U.S. Government agency obligations (49) 9,951 (130) 7,980 (179) 17,931 Mortgage-backed securities: Residential one-to-four family (1,761) 104,805 (144) 3,009 (1,905) 107,814 Multifamily — — (94) 910 (94) 910 Asset-backed securities (70) 4,458 — — (70) 4,458 Total available-for-sale $ (2,275) $ 153,211 $ (368) $ 11,899 $ (2,643) $ 165,110

LOANS RECEIVABLE, NET (Tables)

LOANS RECEIVABLE, NET (Tables)	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Summary of loans receivable	A summary of loans receivable, net at March 31, 2022 and December 31, 2021, is as follows: March 31, 2022 December 31, 2021 (In thousands) Residential one-to-four family $ 579,083 $ 560,976 Multifamily 517,037 515,240 Non-residential 187,310 141,561 Construction 18,613 23,419 Junior liens 18,071 18,464 Commercial and industrial (including PPP) 16,201 21,563 Consumer and other 37 87 Total gross loans 1,336,352 1,281,310 Deferred fees, costs and premiums and discounts, net 5,134 6,299 Total loans 1,341,486 1,287,609 Allowance for loan losses (13,465) (14,425) Loans receivable, net $ 1,328,021 $ 1,273,184
Summary of changes in allowance for loan losses by class of loans	The following tables presents the activity in the Company’s allowance for loan losses by class of loans based on the most recent analysis performed for the three months ended March 31, 2022, and 2021: Residential Multifamily Non-Residential Construction Junior Liens Commercial Consumer Unallocated Total (In thousands) Three Months Ended March 31, 2022 Allowance for loan losses Beginning balance $ 2,822 $ 5,263 $ 2,846 $ 2,678 $ 636 $ 51 $ 38 $ 91 $ 14,425 Charge-offs — — — — — — (10) — (10) Recoveries — — — — — — 2 — 2 (Recovery of) provision for loan losses (212) (487) 619 (773) (87) 20 (30) (2) (952) Total ending allowance balance $ 2,610 $ 4,776 $ 3,465 $ 1,905 $ 549 $ 71 $ — $ 89 $ 13,465 Three Months Ended March 31, 2021 Allowance for loan losses Beginning balance $ 3,579 $ 5,460 $ 3,244 $ 3,655 $ 916 $ 2 $ 48 $ 55 $ 16,959 Charge-offs — — — — — — (1) — (1) Recoveries — — — — — — — — — (Recovery of) provision for loan losses (237) 288 (99) (727) (103) 5 (3) 68 (808) Total ending allowance balance $ 3,342 $ 5,748 $ 3,145 $ 2,928 $ 813 $ 7 $ 44 $ 123 $ 16,150 The following table represents the allocation of allowance for loan losses and the related recorded investment (including deferred fees and costs) in loans by loan portfolio segment disaggregated based on the impairment methodology at March 31, 2022 and December 31, 2021 : Residential Multifamily Non-Residential Construction Junior Liens Commercial Consumer Unallocated Total (In thousands) March 31, 2022 Allowance for loan losses: Individually evaluated $ 28 $ — $ — $ — $ — $ — $ — $ — $ 28 Collectively evaluated 2,582 4,776 3,465 1,905 549 71 — 89 13,437 Total $ 2,610 $ 4,776 $ 3,465 $ 1,905 $ 549 $ 71 $ — $ 89 $ 13,465 Loans receivable: Individually evaluated $ 8,768 $ 671 $ 4,510 $ — $ 54 $ — $ — $ — $ 14,003 Collectively evaluated 574,756 517,521 182,659 18,439 18,123 15,948 37 — 1,327,483 Total $ 583,524 $ 518,192 $ 187,169 $ 18,439 $ 18,177 $ 15,948 $ 37 $ — $ 1,341,486 December 31, 2021 Allowance for loan losses: Individually evaluated $ 31 $ — $ — $ — $ — $ — $ 37 $ — $ 68 Collectively evaluated 2,791 5,263 2,846 2,678 636 51 1 91 14,357 Total $ 2,822 $ 5,263 $ 2,846 $ 2,678 $ 636 $ 51 $ 38 $ 91 $ 14,425 Loans receivable: Individually evaluated $ 10,169 $ 684 $ 4,577 $ — $ 55 $ — $ 37 $ — $ 15,522 Collectively evaluated 556,314 515,884 136,957 23,420 18,495 20,966 51 — 1,272,087 Total $ 566,483 $ 516,568 $ 141,534 $ 23,420 $ 18,550 $ 20,966 $ 88 $ — $ 1,287,609
Summary of impaired loans by class of loans	The following table presents information related to impaired loans by class of loans as of March 31, 2022, March 31, 2021 and December 31, 2021: Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Cash Basis Interest Recognized (In thousands) March 31, 2022 With no related allowance Residential one-to-four $ 7,426 $ 7,714 $ — $ 8,769 $ 111 $ 111 Multifamily 672 671 — 678 6 4 Non-residential 4,672 4,510 — 4,548 54 49 Construction — — — — — — Commercial and — — — — — — Junior liens 54 54 — 55 1 1 12,824 12,949 — 14,050 172 165 With an allowance recorded: Residential one-to-four 1,055 1,054 28 1,057 12 8 Multifamily — — — — — — Non-residential — — — — — — Construction — — — — — — Commercial and — — — — — — Consumer and other — — — — — — 1,055 1,054 28 1,057 12 8 Total $ 13,879 $ 14,003 $ 28 $ 15,107 $ 184 $ 173 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Cash Basis Interest Recognized (In thousands) December 31, 2021 With no related allowance Residential one-to-four $ 8,744 $ 9,108 $ — $ 9,534 $ 75 $ 75 Multifamily 684 684 — 1,170 26 24 Non-residential 4,725 4,577 — 4,869 210 196 Construction — — — — — — Commercial and — — — — — — Junior liens 55 55 — 57 3 3 14,208 14,424 — 15,630 314 298 With an allowance recorded: Residential one-to-four 1,062 1,061 31 1,243 50 46 Multifamily — — — — — — Non-residential — — — — — — Construction — — — — — — Commercial and — — — — — — Consumer and other 37 37 37 41 2 2 1,099 1,098 68 1,284 52 48 Total $ 15,307 $ 15,522 $ 68 $ 16,914 $ 366 $ 346
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 March 31, 2022 and December 31, 2021 : Nonaccrual Loans Past Due March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 (In thousands) Residential one-to-four family $ 9,478 $ 10,805 $ — $ — Multifamily 135 139 — — Non-residential 686 857 — — Construction — — — — Commercial and industrial (including PPP) 2 — — 116 Junior liens 181 182 — — Total $ 10,482 $ 11,983 $ — $ 116 The following table presents the recorded investment in past due and current loans by loan portfolio class as of March 31, 2022 and December 31, 2021: 30-59 60-89 90 Days Total Current Total (In thousands) March 31, 2022 Residential $ 2,147 $ 278 $ 7,344 $ 9,769 $ 573,755 $ 583,524 Multifamily — — 217 217 517,975 518,192 Non-residential 222 — — 222 186,947 187,169 Construction — — — — 18,439 18,439 Junior liens 37 — 54 91 18,086 18,177 Commercial and Industrial (including PPP) — — 2 2 15,946 15,948 Consumer and other — — — — 37 37 Total $ 2,406 $ 278 $ 7,617 $ 10,301 $ 1,331,185 $ 1,341,486 December 31, 2021 Residential $ 1,736 $ 457 $ 8,936 $ 11,129 $ 555,354 $ 566,483 Multifamily — — — — 516,568 516,568 Non-residential — — 381 381 141,153 141,534 Construction — — — — 23,420 23,420 Junior liens — 53 182 235 18,315 18,550 Commercial and Industrial (including PPP) 11 57 116 184 20,782 20,966 Consumer and other — — — 88 88 Total $ 1,747 $ 567 $ 9,615 $ 11,929 $ 1,275,680 $ 1,287,609
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 March 31, 2022 and December 31, 2021: Pass Special Substandard Doubtful / Total (In thousands) March 31, 2022 Residential one-to-four family $ 573,394 $ 274 $ 9,856 $ — $ 583,524 Multifamily 517,521 — 671 — 518,192 Non-residential 186,032 142 995 — 187,169 Construction 18,439 — — — 18,439 Junior liens 17,996 — 181 — 18,177 Commercial and Industrial (including PPP) 15,948 — — 15,948 Consumer and other 37 — — — 37 Total $ 1,329,367 $ 416 $ 11,703 $ — $ 1,341,486 December 31, 2021 Residential one-to-four family $ 555,184 $ — $ 11,299 $ — $ 566,483 Multifamily 510,815 5,069 684 — 516,568 Non-residential 140,377 144 1,013 — 141,534 Construction 23,420 — — — 23,420 Junior liens 18,368 — 182 — 18,550 Commercial and Industrial (including PPP) 20,966 — — — 20,966 Consumer and other 88 — — — 88 Total $ 1,269,218 $ 5,213 $ 13,178 $ — $ 1,287,609

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Summary of balance sheet information related to operating leases	As of March 31, 2022, the Company had the following related to operating leases: March 31, 2022 December 31, 2021 (In thousands) Right-of-use assets $ 24,811 $ 25,457 Lease liabilities 26,083 26,696 Weighted average remaining lease term for operating leases 12.0 years 12.2 years Weighted average discount rate used in the measurement of lease liabilities 1.98 % 1.97 %
Summary of lease cost	The following table is a summary of the Company’s components of net lease cost for the three months ended March 31, 2022 and 2021. The variable lease cost primarily represents variable payments such as common area maintenance and utilities. Three Months Ended March 31, 2022 March 31, 2021 (In thousands) Operating lease cost 770 747 Finance lease cost 6 6 Variable lease cost 54 26 Total lease cost included as a component of occupancy and equipment $ 830 $ 779 The following table presents supplemental cash flow information related to operating leases: Three Months Ended March 31, 2022 March 31, 2021 (In thousands) Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows from operating leases $ 757 $ 406 Operating lease liabilities arising from obtaining right-of-use assets (non-cash): Operating leases $ — $ —
Summary of future undiscounted operating lease payments	Future undiscounted lease payments for operating leases with initial terms of one year or more as of March 31, 2022 are as follows: Through March 31, (In thousands) 2023 $ 2,983 2024 2,732 2025 2,609 2026 2,299 2027 2,264 Thereafter 16,725 Total undiscounted lease payments 29,612 Less: imputed interest (3,529) Total $ 26,083

DEPOSITS (Tables)

DEPOSITS (Tables)	3 Months Ended
	Mar. 31, 2022
Deposits [Abstract]
Summary of deposits	Deposits at March 31, 2022 and December 31, 2021, are summarized as follows: March 31, 2022 December 31, 2021 (In thousands) Non-interest bearing deposits $ 45,143 $ 44,894 NOW and demand accounts 425,766 363,419 Savings 367,177 364,932 Time deposits 444,936 473,795 Total $ 1,283,022 $ 1,247,040
Schedule of timed deposit maturities	Time deposits mature as follows for the years ending December 31: (In thousands) Remainder of 2022 $ 239,160 2023 152,023 2024 37,175 2025 9,848 2026 5,804 2027 926 $ 444,936

EMPLOYEE STOCK OWNERSHIP PLAN (

EMPLOYEE STOCK OWNERSHIP PLAN (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Shares held by ESOP	Shares held by the ESOP were as follows: March 31, 2022 (Dollars in thousands) Allocated to participants 91,272 Unallocated 2,190,528 Total ESOP shares 2,281,800 Fair value of unearned shares at March 31, 2022 $ 29,682

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2022
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: March 31, 2022 December 31, 2021 (Dollars in thousands) Notional amounts $ 109,000 $ 109,000 Weighted average pay rates 1.4577 % 1.4577 % Weighted average receive rates 0.5431 % 0.1742 % Weighted average maturity 5.0 years 5.3 years Gross unrealized gain included in other assets 5,312 1,313 Gross unrealized loss included in other liabilities — 1,559 Unrealized gains (losses), net 5,312 (246)
Summary of effect of cash flow hedge accounting on AOCI	The effect of cash flow hedge accounting on accumulated other comprehensive income for the three months ended March 31, 2022 and March 31, 2021 is as follows: Amount of Gain (Loss) Recognized in OCI (Net of Tax) on Derivative (1) 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 March 31, 2022 Interest rate contracts $ 5,559 Interest Expense $ (322) Three months ended March 31, 2021 Interest rate contracts $ 3,314 Interest Expense $ (338) (1) Net of tax, adjusted for deferred tax valuation allowance, at March 31, 2022. There was no deferred tax valuation allowance at March 31, 2021.

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of components of comprehensive (loss) income gross and net of tax	The following table presents the components of other comprehensive (loss) income both gross and net of tax, inclusive of a deferred tax valuation allowance, for the periods indicated. Three Months Ended March 31, 2022 2021 Before Tax Tax After Before Tax Tax After (In thousands) Components of Other Comprehensive Loss: Unrealized loss on securities available for sale: Unrealized loss arising during the period $ (15,788) $ 49 $ (15,739) $ (3,641) $ 887 $ (2,754) Unrealized gain on cash flow hedge: Unrealized gain arising during the period 5,237 — 5,237 4,272 (1,201) 3,071 Reclassification adjustment for losses included in net income 322 — 322 338 (95) 243 Total 5,559 — 5,559 4,610 (1,296) 3,314 Defined benefit plans: Reclassification adjustment for amortization of: Net actuarial loss 48 — 48 52 (15) 37 Total other comprehensive loss: $ (10,181) $ 49 $ (10,132) $ 1,021 $ (424) $ 597
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, inclusive of a deferred tax valuation allowance, for the periods indicated: Unrealized Gains and (Losses) on Cash Flow Unrealized Gains and (Losses) on Available-for-sale Defined Total (In thousands) Balance at December 31, 2021 $ (246) $ 1,091 $ (1,217) $ (372) Other comprehensive income (loss) before reclassification 5,237 (15,739) — (10,502) Amounts reclassified from accumulated other comprehensive income 322 — 48 370 Net current period other comprehensive gain (loss) 5,559 (15,739) 48 (10,132) Balance at March 31, 2022 $ 5,313 $ (14,648) $ (1,169) $ (10,504) 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)
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 March 31, Affected Line Item in the Statement Where Net Income is Presented 2022 2021 (In thousands) Losses on cash flow hedges: Interest rate contracts $ (322) $ (338) Interest (expense) income Amortization of benefit plan items: Net actuarial loss (48) (52) Compensation and employee benefits Total tax effect — 110 Income tax expense Total reclassification for the period, net of tax $ (370) $ (280)

FAIR VALUE OF ASSETS AND LIAB_2

FAIR VALUE OF ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Summary of fair value of assets and liabilities	The following table summarizes the fair value of assets and liabilities as of March 31, 2022: Fair Value Measurements at March 31, 2022, 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 $ 45,273 $ 45,273 $ — $ — Domestic Corporate Bonds 85,226 — 85,226 — U.S. Government agency obligations 22,364 17,012 5,352 — Obligations issued by U.S. states and their political subdivisions 19,198 — 19,198 — Mortgage-backed securities: Residential one-to-four family 168,339 — 168,339 — Multifamily 29,213 — 29,213 — Asset-backed securities 6,001 — 6,001 — Total securities available for sale 375,614 62,285 313,329 — Derivatives 5,312 — 5,312 — Total financial assets measured on a recurring basis $ 380,926 $ 62,285 $ 318,641 $ — The following table summarizes the fair value of assets and liabilities as of December 31, 2021: Fair Value Measurements at December 31, 2021, Using Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs Total (Level 1) (Level 2) (Level 3) (In thousands) Measured on a recurring basis: Financial assets Securities available for sale U.S. Treasury Note $ 36,832 $ 36,832 $ — $ — Domestic Corporate Bonds 87,619 — 87,619 — U.S. Government agency obligations 23,329 17,617 5,712 — Obligations issued by U.S. states and their political subdivisions 20,324 — 20,324 — Mortgage-backed securities: Residential one-to-four family 114,401 — 114,401 — Multifamily 35,916 — 35,916 — Asset-backed securities 6,471 — 6,471 — Total securities available for sale $ 324,892 $ 54,449 $ 270,443 $ — Financial Liabilities Derivatives $ 246 $ — $ 246 $ —
Summary of carrying amounts and fair value of financial instruments not carried at fair value	The following tables present the book value, fair value, and placement in the fair value hierarchy of financial instruments not recorded at fair values in their entirety on a recurring basis on the Company’s balance sheet at March 31, 2022 and December 31, 2021. The fair value measurements presented are consistent with Topic 820, Fair Value Measurement, in which fair value represents exit price. These tables exclude financial instruments for which the carrying amount approximates fair value. Financial instruments for which the carrying amount approximates fair value include cash and cash equivalents, restricted stock, non-maturity deposits, overnight borrowings, and accrued interest, which are excluded from the table below. Fair Value Measurements at March 31, 2022, Using Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs Book Value (Level 1) (Level 2) (Level 3) (In thousands) Financial assets Securities held-to-maturity $ 29,838 $ — $ 27,992 $ — Loans, net 1,328,021 — — 1,316,254 Financial liabilities Time Deposits 444,936 — 435,306 — Federal Home Loan advances 185,500 — 176,543 — Fair Value Measurements at December 31, 2021, Using Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs Book Value (Level 1) (Level 2) (Level 3) (In thousands) Financial assets Securities held-to-maturity $ 23,281 $ — $ 22,849 $ — Loans, net 1,273,184 — — 1,266,799 Financial liabilities Time Deposits 473,795 — 470,732 — Federal Home Loan advances 185,500 — 182,795 —

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Summary of sources of revenue from contracts with customers	The following table presents the Company’s sources of revenue from contracts with customers for the three months ended March 31, 2022 and 2021, respectively. Three Months Ended March 31, 2022 2021 (In thousands) Noninterest income Service charges on deposits $ 229 $ 192 Interchange income 8 7 Total Revenue from Contracts with Customers $ 237 $ 199

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of earnings per share	Three Months Ended March 31, 2022 (Income In thousands) Net income applicable to common shares $ 553 Average number of common shares outstanding 28,522,500 Less: Average unallocated ESOP shares 2,178,992 Average number of common shares outstanding used to calculate basic earnings per common share 26,343,508 Common stock equivalents — Earnings per common share basic and diluted $ 0.02

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ / shares in Units, $ in Millions	Jul. 15, 2021USD ($)$ / sharesshares	Mar. 31, 2022segmentshares
Lessee, Lease, Description [Line Items]
Stock price per share | $ / shares	$ 10
Gross offering proceeds | $	$ 277.7
Charitable contribution in cash | $	$ 1.5
Shares in ESOP	2,281,800	2,281,800
Number of operating segments | segment		1
Public stock offering
Lessee, Lease, Description [Line Items]
Shares of common stock sold	27,772,500
Donation of shares to Blue Foundry Charitable Foundation
Lessee, Lease, Description [Line Items]
Shares of common stock sold	750,000
Blue Foundry Bancorp - NJ
Lessee, Lease, Description [Line Items]
Ownership interest percentage		100.00%

SECURITIES - Summary of amortiz

SECURITIES - Summary of amortized cost of securities available for sale and their estimated fair value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 390,313	$ 323,801
Gross Unrealized Gains	772	3,734
Gross Unrealized Losses	(15,471)	(2,643)
Estimated Fair Value	375,614	324,892
U.S. Treasury Note
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	46,939	36,933
Gross Unrealized Gains	0	4
Gross Unrealized Losses	(1,666)	(105)
Estimated Fair Value	45,273	36,832
Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	86,560	86,118
Gross Unrealized Gains	415	1,791
Gross Unrealized Losses	(1,749)	(290)
Estimated Fair Value	85,226	87,619
U.S. Government agency obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	22,885	23,462
Gross Unrealized Gains	23	46
Gross Unrealized Losses	(544)	(179)
Estimated Fair Value	22,364	23,329
Obligations issued by U.S. states and their political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	19,115	19,172
Gross Unrealized Gains	293	1,152
Gross Unrealized Losses	(210)	0
Estimated Fair Value	19,198	20,324
Residential one-to-four family
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	178,941	116,166
Gross Unrealized Gains	5	140
Gross Unrealized Losses	(10,607)	(1,905)
Estimated Fair Value	168,339	114,401
Multifamily
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	29,604	35,412
Gross Unrealized Gains	36	598
Gross Unrealized Losses	(427)	(94)
Estimated Fair Value	29,213	35,916
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,269	6,538
Gross Unrealized Gains	0	3
Gross Unrealized Losses	(268)	(70)
Estimated Fair Value	$ 6,001	$ 6,471

SECURITIES - Summary of amort_2

SECURITIES - Summary of amortized cost of securities held to maturity and their estimated fair value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 29,838	$ 23,281
Gross Unrecognized Gains	1	0
Gross Unrecognized Losses	(1,846)	(432)
Estimated Fair Value	27,993	22,849
Asset-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	15,238	15,281
Gross Unrecognized Gains	0	0
Gross Unrecognized Losses	(1,306)	(373)
Estimated Fair Value	13,932	14,908
Corporate Bonds
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	14,600	8,000
Gross Unrecognized Gains	1	0
Gross Unrecognized Losses	(540)	(59)
Estimated Fair Value	$ 14,061	$ 7,941

SECURITIES - Narrative (Details

SECURITIES - Narrative (Details)	3 Months Ended
	Mar. 31, 2022USD ($)security	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)security
Schedule of Held-to-maturity Securities [Line Items]
Proceeds from sales and calls of available-for-sale securities | $	$ 0	$ 1,700,000
Realized gain (loss) on securities | $		0
Other than temporary impairment on available for sale securities. | $	$ 0	$ 0
Number of available for sale securities in an unrealized loss position | security	84		44
Number of held-to-maturity securities in unrealized loss positions for more than twelve months. | security	8		4
Number of held to maturity securities in an unrecognized loss position | security	6		2
Securities pledged as collateral | $	$ 4,700,000		$ 9,100,000
U.S. Government agency obligations
Schedule of Held-to-maturity Securities [Line Items]
Number of available for sale securities in an unrealized loss position | security	59
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 | security	3
Corporate Bonds
Schedule of Held-to-maturity Securities [Line Items]
Number of available for sale securities in an unrealized loss position | security	18
Fair value of securities held to maturity | $	$ 13,100,000		6,900,000
Unrecognized loss position of securities held to maturity | $	$ 540,000		$ 59,000
Asset-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Number of available for sale securities in an unrealized loss position | security	4
Number of held to maturity securities in an unrecognized loss position | security	2		2
Fair value of securities held to maturity | $	$ 13,900,000		$ 14,900,000
Unrecognized loss position of securities held to maturity | $	$ 1,300,000		$ 373,000

SECURITIES - Summary of amort_3

SECURITIES - Summary of amortized cost and fair value of debt securities shown by contractual maturity (Details) $ in Thousands	Mar. 31, 2022USD ($)
Amortized Cost
Due in one year or less	$ 5,420
Due from one year to five years	97,836
Due from five to ten years	55,726
Due after ten years	16,517
Mortgage-backed and asset-backed securities	214,814
Total	390,313
Estimated Fair Value
Due in one year or less	5,440
Due from one year to five years	95,474
Due from five to ten years	54,965
Due after ten years	16,182
Mortgage-backed and asset-backed securities	203,553
Total	375,614
Amortized Cost
Due from one year to five years	6,058
Due from five to ten years	21,780
Due after ten years	2,000
Total	29,838
Estimated Fair Value
Due after ten years	5,594
Due from five to ten years	20,410
Due after ten years	1,989
Total	$ 27,993

SECURITIES - Summary of availab

SECURITIES - Summary of available for sale securities with unrealized losses (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	$ (10,268)	$ (2,275)
Estimated Fair Value	243,534	153,211
Unrealized Losses	(5,203)	(368)
Estimated Fair Value	59,812	11,899
Unrealized Losses	(15,471)	(2,643)
Estimated Fair Value	303,346	165,110
U.S. Treasury Note
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(1,083)	(105)
Estimated Fair Value	38,949	16,814
Unrealized Losses	(583)	0
Estimated Fair Value	6,324	0
Unrealized Losses	(1,666)	(105)
Estimated Fair Value	45,273	16,814
Corporate Bonds
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(1,381)	(290)
Estimated Fair Value	45,434	17,183
Unrealized Losses	(368)	0
Estimated Fair Value	4,988	0
Unrealized Losses	(1,749)	(290)
Estimated Fair Value	50,422	17,183
U.S. Government agency obligations
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(356)	(49)
Estimated Fair Value	9,643	9,951
Unrealized Losses	(188)	(130)
Estimated Fair Value	7,419	7,980
Unrealized Losses	(544)	(179)
Estimated Fair Value	17,062	17,931
Obligations issued by U.S. states and their political subdivisions
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(210)
Estimated Fair Value	2,925
Unrealized Losses	0
Estimated Fair Value	0
Unrealized Losses	(210)
Estimated Fair Value	2,925
Residential one-to-four family
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(6,795)	(1,761)
Estimated Fair Value	129,328	104,805
Unrealized Losses	(3,812)	(144)
Estimated Fair Value	38,897	3,009
Unrealized Losses	(10,607)	(1,905)
Estimated Fair Value	168,225	107,814
Multifamily
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(304)	0
Estimated Fair Value	12,654	0
Unrealized Losses	(124)	(94)
Estimated Fair Value	784	910
Unrealized Losses	(427)	(94)
Estimated Fair Value	13,438	910
Asset-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(139)	(70)
Estimated Fair Value	4,601	4,458
Unrealized Losses	(128)	0
Estimated Fair Value	1,400	0
Unrealized Losses	(268)	(70)
Estimated Fair Value	$ 6,001	$ 4,458

LOANS RECEIVABLE, NET - Summary

LOANS RECEIVABLE, NET - Summary of loans receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans	$ 1,336,352	$ 1,281,310
Deferred fees, costs and premiums and discounts, net	5,134	6,299
Total loans	1,341,486	1,287,609
Allowance for loan losses	(13,465)	(14,425)	$ (16,150)	$ (16,959)
Loans receivable, net	1,328,021	1,273,184
Residential Portfolio Segment | Residential one-to-four family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans	579,083	560,976
Allowance for loan losses	(2,610)	(2,822)	(3,342)	(3,579)
Residential Portfolio Segment | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans	517,037	515,240
Allowance for loan losses	(4,776)	(5,263)	(5,748)	(5,460)
Nonresidential Portfolio Segment | Non-residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans	187,310	141,561
Allowance for loan losses	(3,465)	(2,846)	(3,145)	(3,244)
Construction and Land Portfolio Segment | Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans	18,613	23,419
Allowance for loan losses	(1,905)	(2,678)	(2,928)	(3,655)
Junior Lien Portfolio Segment | Junior liens
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans	18,071	18,464
Allowance for loan losses	(549)	(636)	(813)	(916)
Commercial Portfolio Segment | Commercial and industrial (including PPP)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans	16,201	21,563
Allowance for loan losses	(71)	(51)	(7)	(2)
Commercial Portfolio Segment | PPP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans	8,100
Consumer and Other Portfolio Segment | Consumer and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans	37	87
Allowance for loan losses	$ 0	$ (38)	$ (44)	$ (48)

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
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Allowance for loan losses
Beginning balance	$ 13,465	$ 16,150	$ 14,425	$ 16,959
Charge-offs	(10)	(1)
Recoveries	2	0
(Recovery of) provision for loan losses	(952)	(808)
Total ending allowance balance	13,465	16,150
Residential Portfolio Segment | Residential one-to-four family
Allowance for loan losses
Beginning balance	2,610	3,342	2,822	3,579
Charge-offs	0	0
Recoveries	0	0
(Recovery of) provision for loan losses	(212)	(237)
Total ending allowance balance	2,610	3,342
Residential Portfolio Segment | Multifamily
Allowance for loan losses
Beginning balance	4,776	5,748	5,263	5,460
Charge-offs	0	0
Recoveries	0	0
(Recovery of) provision for loan losses	(487)	288
Total ending allowance balance	4,776	5,748
Nonresidential Portfolio Segment | Non-residential
Allowance for loan losses
Beginning balance	3,465	3,145	2,846	3,244
Charge-offs	0	0
Recoveries	0	0
(Recovery of) provision for loan losses	619	(99)
Total ending allowance balance	3,465	3,145
Construction and Land Portfolio Segment | Construction
Allowance for loan losses
Beginning balance	1,905	2,928	2,678	3,655
Charge-offs	0	0
Recoveries	0	0
(Recovery of) provision for loan losses	(773)	(727)
Total ending allowance balance	1,905	2,928
Junior Lien Portfolio Segment | Junior liens
Allowance for loan losses
Beginning balance	549	813	636	916
Charge-offs	0	0
Recoveries	0	0
(Recovery of) provision for loan losses	(87)	(103)
Total ending allowance balance	549	813
Commercial Portfolio Segment | Commercial and industrial (including PPP)
Allowance for loan losses
Beginning balance	71	7	51	2
Charge-offs	0	0
Recoveries	0	0
(Recovery of) provision for loan losses	20	5
Total ending allowance balance	71	7
Consumer and Other Portfolio Segment | Consumer and other
Allowance for loan losses
Beginning balance	0	44	38	48
Charge-offs	(10)	(1)
Recoveries	2	0
(Recovery of) provision for loan losses	(30)	(3)
Total ending allowance balance	0	44
Unallocated Financing Receivables
Allowance for loan losses
Beginning balance	89	123	$ 91	$ 55
Charge-offs	0	0
Recoveries	0	0
(Recovery of) provision for loan losses	(2)	68
Total ending allowance balance	$ 89	$ 123

LOANS RECEIVABLE, NET - Summa_3

LOANS RECEIVABLE, NET - Summary of allowance and loans receivable evaluated for impairment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Allowance for loan losses:
Individually evaluated for impairment	$ 28	$ 68
Collectively evaluated for impairment	13,437	14,357
Total	13,465	14,425	$ 16,150	$ 16,959
Loans receivable:
Individually evaluated for impairment	14,003	15,522
Collectively evaluated for impairment	1,327,483	1,272,087
Total Loans Receivable	1,341,486	1,287,609
Residential Portfolio Segment | Residential one-to-four family
Allowance for loan losses:
Individually evaluated for impairment	28	31
Collectively evaluated for impairment	2,582	2,791
Total	2,610	2,822	3,342	3,579
Loans receivable:
Individually evaluated for impairment	8,768	10,169
Collectively evaluated for impairment	574,756	556,314
Total Loans Receivable	583,524	566,483
Residential Portfolio Segment | Multifamily
Allowance for loan losses:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	4,776	5,263
Total	4,776	5,263	5,748	5,460
Loans receivable:
Individually evaluated for impairment	671	684
Collectively evaluated for impairment	517,521	515,884
Total Loans Receivable	518,192	516,568
Nonresidential Portfolio Segment | Non-residential
Allowance for loan losses:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	3,465	2,846
Total	3,465	2,846	3,145	3,244
Loans receivable:
Individually evaluated for impairment	4,510	4,577
Collectively evaluated for impairment	182,659	136,957
Total Loans Receivable	187,169	141,534
Construction and Land Portfolio Segment | Construction
Allowance for loan losses:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	1,905	2,678
Total	1,905	2,678	2,928	3,655
Loans receivable:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	18,439	23,420
Total Loans Receivable	18,439	23,420
Junior Lien Portfolio Segment | Junior liens
Allowance for loan losses:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	549	636
Total	549	636	813	916
Loans receivable:
Individually evaluated for impairment	54	55
Collectively evaluated for impairment	18,123	18,495
Total Loans Receivable	18,177	18,550
Commercial Portfolio Segment | Commercial and industrial (including PPP)
Allowance for loan losses:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	71	51
Total	71	51	7	2
Loans receivable:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	15,948	20,966
Total Loans Receivable	15,948	20,966
Consumer and Other Portfolio Segment | Consumer and other
Allowance for loan losses:
Individually evaluated for impairment	0	37
Collectively evaluated for impairment	0	1
Total	0	38	44	48
Loans receivable:
Individually evaluated for impairment	0	37
Collectively evaluated for impairment	37	51
Total Loans Receivable	37	88
Unallocated Financing Receivables
Allowance for loan losses:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	89	91
Total	89	91	$ 123	$ 55
Loans receivable:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	0	0
Total Loans Receivable	$ 0	$ 0

LOANS RECEIVABLE, NET - Summa_4

LOANS RECEIVABLE, NET - Summary of impaired loans by class of loan (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
With no related allowance recorded:
Unpaid Principal Balance	$ 12,824	$ 14,208
Recorded Investment	12,949	14,424
Average Recorded Investment	14,050	15,630
Interest Income Recognized	172	314
Cash Basis Interest Recognized	165	298
With an allowance recorded:
Unpaid Principal Balance	1,055	1,099
Recorded Investment	1,054	1,098
Allowance for Loan Losses Allocated	28	68
Average Recorded Investment	1,057	1,284
Interest Income Recognized	12	52
Cash Basis Interest Recognized	8	48
Total
Unpaid Principal Balance	13,879	15,307
Recorded Investment	14,003	15,522
Allowance for Loan Losses Allocated	28	68
Average Recorded Investment	15,107	16,914
Interest Income Recognized	184	366
Cash Basis Interest Recognized	173	346
Residential Portfolio Segment | Residential one-to-four family
With no related allowance recorded:
Unpaid Principal Balance	7,426	8,744
Recorded Investment	7,714	9,108
Average Recorded Investment	8,769	9,534
Interest Income Recognized	111	75
Cash Basis Interest Recognized	111	75
With an allowance recorded:
Unpaid Principal Balance	1,055	1,062
Recorded Investment	1,054	1,061
Allowance for Loan Losses Allocated	28	31
Average Recorded Investment	1,057	1,243
Interest Income Recognized	12	50
Cash Basis Interest Recognized	8	46
Total
Allowance for Loan Losses Allocated	28	31
Residential Portfolio Segment | Multifamily
With no related allowance recorded:
Unpaid Principal Balance	672	684
Recorded Investment	671	684
Average Recorded Investment	678	1,170
Interest Income Recognized	6	26
Cash Basis Interest Recognized	4	24
With an allowance recorded:
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Allowance for Loan Losses Allocated	0	0
Average Recorded Investment	0	0
Interest Income Recognized	0	0
Cash Basis Interest Recognized	0	0
Total
Allowance for Loan Losses Allocated	0	0
Nonresidential Portfolio Segment | Non-residential
With no related allowance recorded:
Unpaid Principal Balance	4,672	4,725
Recorded Investment	4,510	4,577
Average Recorded Investment	4,548	4,869
Interest Income Recognized	54	210
Cash Basis Interest Recognized	49	196
With an allowance recorded:
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Allowance for Loan Losses Allocated	0	0
Average Recorded Investment	0	0
Interest Income Recognized	0	0
Cash Basis Interest Recognized	0	0
Total
Allowance for Loan Losses Allocated	0	0
Construction and Land Portfolio Segment | Construction
With no related allowance recorded:
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Average Recorded Investment	0	0
Interest Income Recognized	0	0
Cash Basis Interest Recognized	0	0
With an allowance recorded:
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Allowance for Loan Losses Allocated	0	0
Average Recorded Investment	0	0
Interest Income Recognized	0	0
Cash Basis Interest Recognized	0	0
Total
Allowance for Loan Losses Allocated	0	0
Commercial Portfolio Segment | Commercial and industrial (including PPP)
With no related allowance recorded:
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Average Recorded Investment	0	0
Interest Income Recognized	0	0
Cash Basis Interest Recognized	0	0
With an allowance recorded:
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Allowance for Loan Losses Allocated	0	0
Average Recorded Investment	0	0
Interest Income Recognized	0	0
Cash Basis Interest Recognized	0	0
Total
Allowance for Loan Losses Allocated	0	0
Junior Lien Portfolio Segment | Junior liens
With no related allowance recorded:
Unpaid Principal Balance	54	55
Recorded Investment	54	55
Average Recorded Investment	55	57
Interest Income Recognized	1	3
Cash Basis Interest Recognized	1	3
Consumer and Other Portfolio Segment | Consumer and other
With an allowance recorded:
Unpaid Principal Balance	0	37
Recorded Investment	0	37
Allowance for Loan Losses Allocated	0	37
Average Recorded Investment	0	41
Interest Income Recognized	0	2
Cash Basis Interest Recognized	0	2
Total
Allowance for Loan Losses Allocated	$ 0	$ 37

LOANS RECEIVABLE, NET - Narrati

LOANS RECEIVABLE, NET - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Receivables [Abstract]
Loans with terms modified in troubled debt restructurings	$ 5,300,000		$ 5,400,000
Reserves specific to troubled debt restructuring	28,000		$ 68,000
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	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Nonaccrual	$ 10,482	$ 11,983
Loans Past Due 90 Days and Still Accruing	0	116
Residential Portfolio Segment | Residential one-to-four family
Financing Receivable, Past Due [Line Items]
Nonaccrual	9,478	10,805
Loans Past Due 90 Days and Still Accruing	0	0
Residential Portfolio Segment | Multifamily
Financing Receivable, Past Due [Line Items]
Nonaccrual	135	139
Loans Past Due 90 Days and Still Accruing	0	0
Nonresidential Portfolio Segment | Non-residential
Financing Receivable, Past Due [Line Items]
Nonaccrual	686	857
Loans Past Due 90 Days and Still Accruing	0	0
Construction and Land Portfolio Segment | Construction
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	2	0
Loans Past Due 90 Days and Still Accruing	0	116
Junior Lien Portfolio Segment | Junior liens
Financing Receivable, Past Due [Line Items]
Nonaccrual	181	182
Loans Past Due 90 Days and Still Accruing	$ 0	$ 0

LOANS RECEIVABLE, NET - Aging a

LOANS RECEIVABLE, NET - Aging analysis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	$ 1,341,486	$ 1,287,609
30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	2,406	1,747
60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	278	567
90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	7,617	9,615
Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	10,301	11,929
Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,331,185	1,275,680
Residential Portfolio Segment | Residential one-to-four family
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	583,524	566,483
Residential Portfolio Segment | Residential one-to-four family | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	2,147	1,736
Residential Portfolio Segment | Residential one-to-four family | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	278	457
Residential Portfolio Segment | Residential one-to-four family | 90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	7,344	8,936
Residential Portfolio Segment | Residential one-to-four family | Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	9,769	11,129
Residential Portfolio Segment | Residential one-to-four family | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	573,755	555,354
Residential Portfolio Segment | Multifamily
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	518,192	516,568
Residential Portfolio Segment | Multifamily | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
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	217	0
Residential Portfolio Segment | Multifamily | Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	217	0
Residential Portfolio Segment | Multifamily | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	517,975	516,568
Nonresidential Portfolio Segment | Non-residential
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	187,169	141,534
Nonresidential Portfolio Segment | Non-residential | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	222	0
Nonresidential Portfolio Segment | Non-residential | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Nonresidential Portfolio Segment | Non-residential | 90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	381
Nonresidential Portfolio Segment | Non-residential | Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	222	381
Nonresidential Portfolio Segment | Non-residential | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	186,947	141,153
Construction and Land Portfolio Segment | Construction
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	18,439	23,420
Construction and Land Portfolio Segment | Construction | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Construction and Land Portfolio Segment | Construction | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Construction and Land Portfolio Segment | Construction | 90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Construction and Land Portfolio Segment | Construction | Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Construction and Land Portfolio Segment | Construction | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	18,439	23,420
Junior Lien Portfolio Segment | Junior liens
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	18,177	18,550
Junior Lien Portfolio Segment | Junior liens | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	37	0
Junior Lien Portfolio Segment | Junior liens | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	53
Junior Lien Portfolio Segment | Junior liens | 90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	54	182
Junior Lien Portfolio Segment | Junior liens | Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	91	235
Junior Lien Portfolio Segment | Junior liens | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	18,086	18,315
Commercial Portfolio Segment | Commercial and industrial (including PPP)
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	15,948	20,966
Commercial Portfolio Segment | Commercial and industrial (including PPP) | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	11
Commercial Portfolio Segment | Commercial and industrial (including PPP) | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	57
Commercial Portfolio Segment | Commercial and industrial (including PPP) | 90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	2	116
Commercial Portfolio Segment | Commercial and industrial (including PPP) | Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	2	184
Commercial Portfolio Segment | Commercial and industrial (including PPP) | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	15,946	20,782
Consumer and Other Portfolio Segment | Consumer and other
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	37	88
Consumer and Other Portfolio Segment | Consumer and other | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0
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	$ 37	$ 88

LOANS RECEIVABLE, NET - Credit

LOANS RECEIVABLE, NET - Credit quality indicators (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	$ 1,341,486	$ 1,287,609
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	1,329,367	1,269,218
Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	416	5,213
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	11,703	13,178
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	583,524	566,483
Residential Portfolio Segment | Residential one-to-four family | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	573,394	555,184
Residential Portfolio Segment | Residential one-to-four family | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	274	0
Residential Portfolio Segment | Residential one-to-four family | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	9,856	11,299
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	518,192	516,568
Residential Portfolio Segment | Multifamily | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	517,521	510,815
Residential Portfolio Segment | Multifamily | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	0	5,069
Residential Portfolio Segment | Multifamily | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	671	684
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	187,169	141,534
Nonresidential Portfolio Segment | Non-residential | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	186,032	140,377
Nonresidential Portfolio Segment | Non-residential | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	142	144
Nonresidential Portfolio Segment | Non-residential | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	995	1,013
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
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	18,439	23,420
Construction and Land Portfolio Segment | Construction | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	18,439	23,420
Construction and Land Portfolio Segment | Construction | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	0	0
Construction and Land Portfolio Segment | Construction | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	0	0
Construction and Land Portfolio Segment | Construction | 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	18,177	18,550
Junior Lien Portfolio Segment | Junior liens | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	17,996	18,368
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	181	182
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	15,948	20,966
Commercial Portfolio Segment | Commercial and industrial (including PPP) | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	15,948	20,966
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	37	88
Consumer and Other Portfolio Segment | Consumer and other | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	37	88
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 - Narrative (Details)

LEASES - Narrative (Details)	Mar. 31, 2022
Minimum
Lessee, Lease, Description [Line Items]
Operating lease original lease terms (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease original lease terms (in years)	40 years

LEASES - Lease liabilities and

LEASES - Lease liabilities and ROU assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Leases [Abstract]
Right-of-use assets	$ 24,811	$ 25,457	$ 25,457
Lease liabilities	$ 26,083	$ 26,696	$ 26,696
Weighted average remaining lease terms on operating leases (in years)	12 years		12 years 2 months 12 days
Weighted average discount rate on operating leases	1.98%		1.97%

LEASES - Summary of components

LEASES - Summary of components of net lease cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating lease cost	$ 770	$ 747
Finance lease cost	6	6
Variable lease cost	54	26
Total lease cost included as a component of occupancy and equipment	$ 830	$ 779

LEASES - Schedule of future und

LEASES - Schedule of future undiscounted lease payments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Leases [Abstract]
2023	$ 2,983
2024	2,732
2025	2,609
2026	2,299
2027	2,264
Thereafter	16,725
Total undiscounted lease payments	29,612
Less: imputed interest	(3,529)
Total	$ 26,083	$ 26,696	$ 26,696

LEASES - Supplemental cash flow

LEASES - Supplemental cash flow information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating cash flows from operating leases	$ 757	$ 406
Operating leases	$ 0	$ 0

DEPOSITS - Summary of deposits

DEPOSITS - Summary of deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Deposits [Abstract]
Non-interest bearing deposits	$ 45,143	$ 44,894
NOW and demand accounts	425,766	363,419
Savings	367,177	364,932
Time deposits	444,936	473,795
Deposits	$ 1,283,022	$ 1,247,040

DEPOSITS - Schedule of timed de

DEPOSITS - Schedule of timed deposit maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Deposits [Abstract]
Remainder of 2022	$ 239,160
2023	152,023
2024	37,175
2025	9,848
2026	5,804
2027	926
Time deposits	$ 444,936	$ 473,795

EMPLOYEE STOCK OWNERSHIP PLAN -

EMPLOYEE STOCK OWNERSHIP PLAN - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Jul. 15, 2021
Share-based Payment Arrangement [Abstract]
Shares in ESOP	2,281,800		2,281,800
Price per share, ESOP (in usd per share)	$ 10
ESOP loan balance	$ 21,800,000
Contributions to ESOP	$ 0
ESOP shares committed to be released (in shares)	22,818
ESOP expense	$ 322,000	$ 0

EMPLOYEE STOCK OWNERSHIP PLAN_2

EMPLOYEE STOCK OWNERSHIP PLAN - Shares held by ESOP (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jul. 15, 2021
Share-based Payment Arrangement [Abstract]
Allocated to participants	91,272
Unallocated	2,190,528
Total ESOP shares	2,281,800	2,281,800
Fair value of unearned shares at March 31, 2022	$ 29,682

DERIVATIVES AND HEDGING ACTIV_3

DERIVATIVES AND HEDGING ACTIVITIES - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest expense	$ 322,000	$ 338,000
Cash pledged as collateral	(5,400,000)
Securities pledged as collateral	0
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate swaps, notional amount	109,000,000
Unrealized losses expected to be reclassified	(113,000)
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

DERIVATIVES AND HEDGING ACTIV_4

DERIVATIVES AND HEDGING ACTIVITIES - Summary of interest-rate swaps designated as cash flow hedges (Details) - Interest Rate Swap - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
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	0.5431%	0.1742%
Weighted average maturity	5 years	5 years 3 months 18 days
Unrealized gains (losses), net	$ 5,312,000	$ (246,000)
Cash Flow Hedging | Designated as Hedging Instrument | Other Assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gains (losses), net	5,312,000	1,313,000
Cash Flow Hedging | Designated as Hedging Instrument | Other Liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gains (losses), net	$ 0	$ 1,559,000

DERIVATIVES AND HEDGING ACTIV_5

DERIVATIVES AND HEDGING ACTIVITIES - Summary of effect of cash flow hedge accounting on AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI (Net of Tax) on Derivative	$ 5,559	$ 3,314
Amount of Gain (Loss) Reclassified from OCI to Income/(Expense)	$ (322)	$ (338)

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Unrealized (loss) gain arising during the period, After Tax		$ (10,502)	$ 317
Reclassification adjustment for losses included in net income, After Tax		370	280
Total other comprehensive lose, Before Tax		(10,181)	1,021
Total other comprehensive lose, Tax Effect		49	(424)
Total other comprehensive (loss) income, net of tax	[1]	(10,132)	597
Unrealized gains on securities available for sale: Realized (losses) gains on securities available for sale
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Unrealized (loss) gain arising during the period, Before Tax		(15,788)	(3,641)
Unrealized (loss) gain arising during the period, Tax Effect		49	887
Unrealized (loss) gain arising during the period, After Tax		(15,739)	(2,754)
Reclassification adjustment for losses included in net income, After Tax		0	0
Total other comprehensive (loss) income, net of tax		(15,739)	(2,754)
Unrealized Gains and (Losses) on Cash Flow Hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Unrealized (loss) gain arising during the period, Before Tax		5,237	4,272
Unrealized (loss) gain arising during the period, Tax Effect		0	(1,201)
Unrealized (loss) gain arising during the period, After Tax		5,237	3,071
Reclassification adjustment for losses included in net income, Before Tax		322	338
Reclassification adjustment for losses included in net income, Tax		0	(95)
Reclassification adjustment for losses included in net income, After Tax		322	243
Total other comprehensive lose, Before Tax		5,559	4,610
Total other comprehensive lose, Tax Effect		0	(1,296)
Total other comprehensive (loss) income, net of tax		5,559	3,314
Defined Benefit Pension Items
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Unrealized (loss) gain arising during the period, After Tax		0	0
Reclassification adjustment for losses included in net income, Before Tax		48	52
Reclassification adjustment for losses included in net income, Tax		0	(15)
Reclassification adjustment for losses included in net income, After Tax		48	37
Total other comprehensive (loss) income, net of tax		$ 48	$ 37
[1]	The 2022 period tax is inclusive of a deferred tax valuation allowance.

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME - Changes in accumulated other comprehensive income by component, net of tax (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period		$ 429,471	$ 205,600
Other comprehensive income (loss) before reclassification		(10,502)	317
Amounts reclassified from accumulated other comprehensive income		370	280
Total other comprehensive (loss) income, net of tax	[1]	(10,132)	597
Balance at end of period		420,214	205,452
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period		(372)	(1,031)
Total other comprehensive (loss) income, net of tax		(10,132)	597
Balance at end of period		(10,504)	(434)
Unrealized Gains and (Losses) on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period		(246)	(3,986)
Other comprehensive income (loss) before reclassification		5,237	3,071
Amounts reclassified from accumulated other comprehensive income		322	243
Total other comprehensive (loss) income, net of tax		5,559	3,314
Balance at end of period		5,313	(672)
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		1,091	4,208
Other comprehensive income (loss) before reclassification		(15,739)	(2,754)
Amounts reclassified from accumulated other comprehensive income		0	0
Total other comprehensive (loss) income, net of tax		(15,739)	(2,754)
Balance at end of period		(14,648)	1,454
Defined Benefit Pension Items
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period		(1,217)	(1,253)
Other comprehensive income (loss) before reclassification		0	0
Amounts reclassified from accumulated other comprehensive income		48	37
Total other comprehensive (loss) income, net of tax		48	37
Balance at end of period		$ (1,169)	$ (1,216)
[1]	The 2022 period tax is inclusive of a deferred tax valuation allowance.

ACCUMULATED OTHER COMPREHENSI_5

ACCUMULATED OTHER COMPREHENSIVE INCOME- Summary of reclassification out of each component of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest (expense) income	$ 11,939	$ 9,599
Compensation and employee benefits	6,924	6,021
Income tax expense	(49)	551
Total reclassification for the period, net of tax	(553)	745
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense	0	110
Total reclassification for the period, net of tax	(370)	(280)
Interest rate contracts | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest (expense) income	(322)	(338)
Net actuarial loss | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Compensation and employee benefits	$ (48)	$ (52)

FAIR VALUE OF ASSETS AND LIAB_3

FAIR VALUE OF ASSETS AND LIABILITIES - Summary of assets and liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	$ 375,614	$ 324,892
U.S. Treasury Note
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	45,273	36,832
Domestic Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	85,226	87,619
U.S. Government agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	22,364	23,329
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:	19,198	20,324
Residential one-to-four family
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	168,339	114,401
Multifamily
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	29,213	35,916
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	6,001	6,471
Measured on a recurring basis:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	375,614	324,892
Derivatives	5,312
Financial assets	380,926
Derivatives		246
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:	45,273	36,832
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:	85,226	87,619
Measured on a recurring basis: | U.S. Government agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	22,364	23,329
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:	19,198	20,324
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:	168,339	114,401
Measured on a recurring basis: | Multifamily
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	29,213	35,916
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:	6,001	6,471
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]
Securities available for sale:	62,285	54,449
Derivatives	0
Financial assets	62,285
Derivatives		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:	45,273	36,832
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:	17,012	17,617
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	0
Measured on a recurring basis: | Significant Other Observable Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	313,329	270,443
Derivatives	5,312
Financial assets	318,641
Derivatives		246
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:	85,226	87,619
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:	5,352	5,712
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:	19,198	20,324
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:	168,339	114,401
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:	29,213	35,916
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:	6,001	6,471
Measured on a recurring basis: | Significant Unobservable Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	0	0
Derivatives	0
Financial assets	0
Derivatives		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	$ 0

FAIR VALUE OF ASSETS AND LIAB_4

FAIR VALUE OF ASSETS AND LIABILITIES - Summary of fair value of assets and liabilities not carried at fair value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financial assets
Securities held-to-maturity	$ 29,838	$ 23,281
Loans, net	1,328,021	1,273,184
Financial liabilities
Time deposits	444,936	473,795
Federal Home Loan advances	185,500	185,500
Quoted Prices in Active Markets for Identical Assets
Financial assets
Securities held-to-maturity	0	0
Loans, net	0	0
Financial liabilities
Time deposits	0	0
Federal Home Loan advances	0	0
Significant Other Observable Inputs
Financial assets
Securities held-to-maturity	27,992	22,849
Loans, net	0	0
Financial liabilities
Time deposits	435,306	470,732
Federal Home Loan advances	176,543	182,795
Significant Unobservable Inputs
Financial assets
Securities held-to-maturity	0	0
Loans, net	1,316,254	1,266,799
Financial liabilities
Time deposits	0	0
Federal Home Loan advances	$ 0	$ 0

REVENUE FROM CONTRACTS WITH C_3

REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME (Details) - Other Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	$ 237	$ 199
Service charges on deposits
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	229	192
Interchange income
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	$ 8	$ 7

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net income applicable to common shares	$ 553	$ (745)
Earnings Per Share, Basic and Diluted [Abstract]
Average number of common shares outstanding	28,522,500
Less: Average unallocated ESOP shares	2,178,992
Average number of common shares outstanding used to calculate basic earnings per common share	26,343,508
Average number of common shares outstanding used to calculate diluted earnings per common share	26,343,508
Common stock equivalents	0
Earnings per common share, basic	$ 0.02
Earnings per common share, diluted	$ 0.02