Blue Foundry Bancorp (BLFY) 10-Q 12 Aug 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Aug. 11, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		28,416,741
Entity Central Index Key	0001846017
Amendment Flag	false
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 54,806	$ 193,446
Securities available for sale, at fair value	352,183	324,892
Securities held to maturity (fair value of $26,928 at June 30, 2022 and $22,849 at December 31, 2021)	29,794	23,281
Other investments	11,337	10,182
Loans receivable, net of allowance of $14,050 at June 30, 2022 and $14,425 at December 31, 2021	1,414,223	1,273,184
Interest and dividends receivable	5,945	5,372
Premises and equipment, net	30,684	28,126
Right-of-use assets	24,163	25,457
Bank owned life insurance	21,892	21,662
Other assets	19,023	8,609
Total assets	1,964,050	1,914,211
Liabilities
Deposits	1,296,674	1,247,040
Advances from the Federal Home Loan Bank	205,500	185,500
Advances by borrowers for taxes and insurance	10,126	9,582
Lease liabilities	25,461	26,696
Other liabilities	13,996	15,922
Total liabilities	1,551,757	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	282,154	282,006
Retained earnings	170,050	169,457
Unallocated common shares held by ESOP	(21,449)	(21,905)
Accumulated other comprehensive loss	(18,747)	(372)
Total shareholders’ equity	412,293	429,471
Total liabilities and shareholders’ equity	$ 1,964,050	$ 1,914,211

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Fair value of securities held for investment	$ 26,928	$ 22,849
Loans receivable, allowance	$ 14,050	$ 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 ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Interest income:
Loans	$ 12,444,000	$ 12,056,000	$ 24,100,000	$ 24,318,000
Taxable investment income	2,320,000	1,618,000	4,137,000	3,163,000
Non-taxable investment income	114,000	128,000	235,000	263,000
Total interest income	14,878,000	13,802,000	28,472,000	27,744,000
Interest expense:
Deposits	950,000	2,379,000	1,832,000	5,197,000
Borrowed funds	766,000	1,515,000	1,539,000	3,039,000
Total interest expense	1,716,000	3,894,000	3,371,000	8,236,000
Net interest income	13,162,000	9,908,000	25,101,000	19,508,000
Provision (recovery of provision) for loan losses	594,000	(553,000)	(358,000)	(1,361,000)
Net interest income after provision for loan losses	12,568,000	10,461,000	25,459,000	20,869,000
Non-interest income:
Fees and service charges	365,000	537,000	1,165,000	1,063,000
Gain on sales and calls of securities available for sale	14,000	0	14,000	0
Loss on premises and equipment	0	(86,000)	0	(86,000)
Other	115,000	169,000	242,000	310,000
Total non-interest income	494,000	620,000	1,421,000	1,287,000
Non-interest expense:
Compensation and employee benefits	7,008,000	6,369,000	13,932,000	12,391,000
Occupancy and equipment	1,914,000	2,043,000	3,795,000	3,996,000
Loss on assets held for sale	0	0	0	21,000
Data processing	1,393,000	1,885,000	2,871,000	3,652,000
Advertising	349,000	521,000	868,000	991,000
Professional services	976,000	546,000	2,267,000	1,943,000
Directors fees	126,000	136,000	262,000	277,000
Recovery of provision for commitments and letters of credit	(108,000)	(473,000)	(278,000)	(704,000)
Federal deposit insurance	99,000	129,000	177,000	254,000
Other	1,262,000	645,000	2,341,000	1,351,000
Total non-interest expenses	13,019,000	11,801,000	26,235,000	24,172,000
Income (loss) before income tax expense (benefit)	43,000	(720,000)	645,000	(2,016,000)
Income tax expense (benefit)	3,000	283,000	52,000	(268,000)
Net income (loss)	$ 40,000	$ (1,003,000)	$ 593,000	$ (1,748,000)
Basic earnings per share (in dollars per share)	$ 0		$ 0.02
Diluted earnings per share (in dollars per share)	$ 0		$ 0.02
Weighted average shares outstanding, basic (in shares)	26,366,324		26,354,979
Weighted average shares outstanding, diluted (in shares)	26,366,324		26,354,979

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)		$ 40	$ (1,003)	$ 593	$ (1,748)
Unrealized (loss) gain on securities available for sale:
Unrealized (loss) gain arising during the period	[1]	(10,805)	1,321	(26,544)	(1,433)
Reclassification adjustment for gains included in net income		(14)	0	(14)	0
Unrealized (loss) gain arising during the period		(10,819)	1,321	(26,558)	(1,433)
Unrealized gain (loss) on cash flow hedge:
Unrealized gain (loss) arising during the period	[1]	2,214	(1,149)	7,451	1,922
Reclassification adjustment for losses included in net income	[1]	146	254	468	497
Unrealized gain (loss) on cash flow hedge	[1]	2,360	(895)	7,919	2,419
Post-Retirement plans:
Net benefit arising from plan amendment	[2]	164	0	164	0
Reclassification adjustment for amortization of: Net actuarial loss	[1]	52	37	100	74
Unrealized gain on post-retirement plans	[1]	216	37	264	74
Total other comprehensive (loss) income, net of tax	[1]	(8,243)	463	(18,375)	1,060
Comprehensive loss		$ (8,203)	$ (540)	$ (17,782)	$ (688)
[1]The 2022 period tax is inclusive of a deferred tax valuation allowance.[2]Benefit arising from plan amendment approved in June 2022

Consolidated Statements of Chan

Consolidated Statements of Changes in 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						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, 2020		205,600		0	10	822	205,799	(1,031)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income		(1,748)
Other comprehensive income (loss)	[1]	1,060
Balance at end of period at Jun. 30, 2021		204,912		0	10	822	204,051	29
Balance at beginning of period at Mar. 31, 2021		205,452		0	10	822	205,054	(434)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income		(1,003)					(1,003)
Other comprehensive income (loss)		463	[1]					463
Balance at end of period at Jun. 30, 2021		204,912		0	10	822	204,051	29
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)						(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)
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		593
Other comprehensive income (loss)	[1]	(18,375)
Balance at end of period at Jun. 30, 2022		412,293		(21,449)	285	282,154	170,050	(18,747)
Balance at beginning of period at Mar. 31, 2022		420,214		(21,677)	285	282,100	170,010	(10,504)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income		40					40
Other comprehensive income (loss)		(8,243)	[1]					(8,243)
ESOP shares committed to be released		282		228		54
Balance at end of period at Jun. 30, 2022		$ 412,293		$ (21,449)	$ 285	$ 282,154	$ 170,050	$ (18,747)
[1]The 2022 period tax is inclusive of a deferred tax valuation allowance.

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders’ Equity (Parenthetical) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
ESOP shares committed to be released (in shares)	22,818	22,818	45,636

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net income (loss)	$ 593,000	$ (1,748,000)
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization of premises and equipment	1,280,000	1,028,000
Change in right-of-use asset	1,294,000	1,346,000
Amortization (accretion) of:
Deferred loan fees, costs, and discounts, net	(265,000)	(1,954,000)
Premiums and discounts on securities	566,000	377,000
Deferred income tax benefit	52,000	0
Recovery of provision for loan losses	(358,000)	(1,361,000)
Gain on sales and calls of securities	(14,000)	0
Loss on assets held for sale	0	21,000
Loss on premises and equipment	0	86,000
Increase in BOLI cash surrender value	(230,000)	(237,000)
ESOP expense	604,000	0
(Increase) decrease in interest and dividends receivable	(573,000)	242,000
Increase in other assets	(4,056,000)	(198,000)
Decrease in other liabilities	(102,000)	(227,000)
Change in lease liability	(1,235,000)	(939,000)
Net cash used in operating activities	(2,444,000)	(3,564,000)
Cash flows from investing activities
Net (increase) decrease in loans	(68,711,000)	29,253,000
Purchases of residential mortgage loans	(71,703,000)	0
Purchases of securities available for sale	(80,039,000)	(91,349,000)
Purchases of securities held to maturity	(6,600,000)	0
Proceeds from calls of securities held to maturity	0	4,000,000
Proceeds from sales and calls of securities available for sale	2,408,000	4,000,000
Principal payments and maturities on securities available for sale	23,264,000	35,326,000
Purchases of other investments	(150,000)	0
Purchase of Federal Home Loan Bank stock	(2,130,000)	0
Redemption of Federal Home Loan Bank stock	1,125,000	833,000
Purchases of premises and equipment	(3,838,000)	(7,312,000)
Net cash used in investing activities	(206,374,000)	(25,249,000)
Cash flows from financing activities
Net increase in deposits	49,634,000	651,883,000
Proceeds from advances from Federal Home Loan Bank	268,000,000	319,000,000
Repayments of advances from Federal Home Loan Bank	(248,000,000)	(333,000,000)
Net increase (decrease) in advances by borrowers for taxes and insurance	544,000	(424,000)
Net cash provided by financing activities	70,178,000	637,459,000
Net (decrease) increase in cash and cash equivalents	(138,640,000)	608,646,000
Cash and cash equivalents at beginning of period	193,446,000	316,445,000
Cash and cash equivalents at end of period	54,806,000	925,091,000
Cash paid during the period for:
Interest	3,335,000	8,197,000
Income taxes	120,000	150,000
Supplemental noncash disclosures
Transfers of assets to held for sale	0	892,000
Operating leases	$ 0	$ 2,168,000

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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. The accounting policies of the Company conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1, Summary of Significant Accounting Policies, included in the Company’s 2021 Annual Report on Form 10-K. There have been no changes to the Company’s significant accounting policies since December 31, 2021. 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 and six months ended June 30, 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 model, 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 cost, 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, lending, 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 ASU 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. Upon the Company's adoption of CECL, the change from the incurred loss model to the CECL model will be recognized through an adjustment to retained earnings. The future impact of CECL on the Company’s allowance for credit losses, and provision expense, subsequent to initial adoption, will depend on changes in the loan portfolio, economic conditions, and refinements to key assumptions including forecasting and qualitative factors. Furthermore, the adoption of ASU 2016-13 will necessitate that we establish an allowance for expected credit losses for certain debt securities and other financial assets, however we do not expect these allowances to be significant. 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 prospectively to new modifications made on or after any date within the interim period including January 7, 2021. The update is in effect for a limited time from March 12, 2020 through December 31, 2022. The update is not expected to have a material impact on the Company’s Consolidated Financial Statements. In March 2022, the FASB issued ASU No. 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures”. The amendments in this ASU were issued to (1) eliminate accounting guidance for TDRs by creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty; (2) require disclosures of current period gross write-offs by year of origination for financing receivables and net investments in leases. For entities that have adopted the amendments in ASU 2016-13, Measurement of Credit Losses on Financial Instruments, this update will be effective for financial statements issued for fiscal years and interim periods beginning after December

SECURITIES

SECURITIES	6 Months Ended
	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
SECURITIES	SECURITIES The amortized cost of securities available for sale and their estimated fair values at June 30, 2022 and December 31, 2021 are as follows: Amortized Gross Unrealized Gains Gross Unrealized Losses Estimated (In thousands) June 30, 2022 Available for sale U.S. Treasury Note $ 46,938 $ — $ (2,304) $ 44,634 Corporate Bonds 85,092 55 (3,852) 81,295 U.S. Government agency obligations 22,036 24 (745) 21,315 Obligations issued by U.S. states and their political subdivisions 17,195 68 (350) 16,913 Mortgage-backed securities: Residential one-to-four family 173,406 3 (17,234) 156,175 Multifamily 27,509 — (832) 26,677 Asset-backed securities 5,527 — (353) 5,174 Total available-for-sale $ 377,703 $ 150 $ (25,670) $ 352,183 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 June 30, 2022 and December 31, 2021, are as follows: Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated (In thousands) June 30, 2022 Held-to-maturity Corporate bonds $ 14,600 $ — $ (1,037) $ 13,563 Asset-backed securities 15,194 — (1,829) 13,365 Total held-to-maturity $ 29,794 $ — $ (2,866) $ 26,928 (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 Proceeds from sales and calls of securities available for sale totaled $2.4 million, resulting in gross realized gains of $14 thousand and no gross losses realized during the three and six months ended June 30, 2022, respectively. During the three and six months ended June 30, 2021, proceeds from sales and calls of securities available for sale totaled $4.0 million, resulting in no gain or loss realized. Securities pledged at June 30, 2022 and December 31, 2021, had a carrying amount of $4.5 million and $9.1 million, respectively, and were pledged to secure borrowings, public deposits and derivatives as needed. 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. June 30, 2022 Amortized Cost Estimated Fair Value (In thousands) Available-for-sale Due in one year or less $ 4,538 $ 4,542 Due from one year to five years 100,219 96,386 Due from five to ten years 50,184 48,033 Due after ten years 16,320 15,196 Mortgage-backed and asset-backed securities 206,442 188,026 Total $ 377,703 $ 352,183 Held-to-maturity Due from one year to five years $ 18,645 $ 17,164 Due from five to ten years 11,149 9,764 Total $ 29,794 $ 26,928 The following tables summarize available-for-sale securities with unrealized losses at June 30, 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) June 30, 2022 Available for sale U.S. Treasury Note $ (1,424) $ 38,604 $ (880) $ 6,030 $ (2,304) $ 44,634 Corporate Bonds (3,379) 67,385 (473) 4,858 (3,852) 72,243 U.S. Government agency obligations (437) 9,562 (308) 6,524 (745) 16,086 Obligations issued by U.S. states and their political subdivisions (350) 6,172 — — (350) 6,172 Mortgage-backed securities: Residential one-to-four family (10,349) 109,118 (6,885) 46,963 (17,234) 156,081 Multifamily (697) 26,121 (135) 556 (832) 26,677 Asset-backed securities (168) 3,832 (185) 1,342 (353) 5,174 Total available-for-sale $ (16,804) $ 260,794 $ (8,866) $ 66,273 $ (25,670) $ 327,067 Less than 12 Months 12 Months or More Total Unrealized Losses Estimated Unrealized Losses Estimated Unrealized Losses Estimated (In thousands) 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 There were no other-than-temporary impairment (“OTTI”) charges for the three and six months ended June 30, 2022 or June 30, 2021, respectively. The number of available for sale securities in an unrealized loss position at June 30, 2022 totaled 96, compared with 44 at December 31, 2021. The increase in the number of securities in an unrealized loss position at June 30, 2022 was due to higher current market interest rates compared to rates at December 31, 2021. Of the 96 available for sale securities in an unrealized loss position at June 30, 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 five municipal bonds, 29 investment grade corporate bonds and three 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 June 30, 2022 and December 31, 2021. The number of held to maturity securities in an unrecognized loss position at June 30, 2022 totaled nine, compared with four at December 31, 2021. The increase in the number of securities in an unrecognized loss position at June 30, 2022, was due to higher current market interest rates compared to rates at December 31, 2021. At June 30, 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 $13.4 million in an aggregate unrecognized loss position of $1.8 million and seven investment grade corporate bonds with total

LOANS RECEIVABLE, NET

LOANS RECEIVABLE, NET	6 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
LOANS RECEIVABLE, NET	LOANS RECEIVABLE, NET A summary of loans receivable, net at June 30, 2022 and December 31, 2021, is as follows: June 30, 2022 December 31, 2021 (In thousands) Residential one-to-four family $ 590,151 $ 560,976 Multifamily 579,183 515,240 Non-residential 211,683 141,561 Construction 21,010 23,419 Junior liens 16,421 18,464 Commercial and industrial (including PPP) 5,957 21,563 Consumer and other 47 87 Total gross loans 1,424,452 1,281,310 Deferred fees, costs and premiums and discounts, net 3,821 6,299 Total loans 1,428,273 1,287,609 Allowance for loan losses (14,050) (14,425) Loans receivable, net $ 1,414,223 $ 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 June 30, 2022, PPP loans totaled $2.0 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 and six months ended June 30, 2022, and 2021: Residential Multifamily Non-Residential Construction Junior Liens Commercial Consumer Unallocated Total (In thousands) Three Months Ended June 30, 2022 Allowance for loan losses Beginning balance $ 2,610 $ 4,776 $ 3,465 $ 1,905 $ 549 $ 71 $ — $ 89 $ 13,465 Charge-offs — — — — — — (9) — (9) Recoveries — — — — — — — — — (Recovery of) provision for loan losses (28) 363 175 189 (81) (29) 9 (4) 594 Total ending allowance balance $ 2,582 $ 5,139 $ 3,640 $ 2,094 $ 468 $ 42 $ — $ 85 $ 14,050 Six Months Ended June 30, 2022 Allowance for loan losses Beginning balance $ 2,822 $ 5,263 $ 2,846 $ 2,678 $ 636 $ 51 $ 38 $ 91 $ 14,425 Charge-offs — — — — — — (19) — (19) Recoveries — — — — — — 2 — 2 (Recovery of) provision for loan losses (240) (124) 794 (584) (168) (9) (21) (6) (358) Total ending allowance balance $ 2,582 $ 5,139 $ 3,640 $ 2,094 $ 468 $ 42 $ — $ 85 $ 14,050 Three Months Ended June 30, 2021 Allowance for loan losses Beginning balance $ 3,342 $ 5,748 $ 3,145 $ 2,928 $ 813 $ 7 $ 44 $ 123 $ 16,150 Charge-offs — — — — — — (4) — (4) Recoveries — — — — — — — — — (Recovery of) provision for loan losses (424) (398) 98 257 (55) (3) 2 (30) (553) Total ending allowance balance $ 2,918 $ 5,350 $ 3,243 $ 3,185 $ 758 $ 4 $ 42 $ 93 $ 15,593 Six Months Ended June 30, 2021 Allowance for loan losses Beginning balance $ 3,579 $ 5,460 $ 3,244 $ 3,655 $ 916 $ 2 $ 48 $ 55 $ 16,959 Charge-offs — — — — — — (5) — (5) Recoveries — — — — — — — — — (Recovery of) provision for loan losses (661) (110) (1) (470) (158) 2 (1) 38 (1,361) Total ending allowance balance $ 2,918 $ 5,350 $ 3,243 $ 3,185 $ 758 $ 4 $ 42 $ 93 $ 15,593 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 June 30, 2022 and December 31, 2021 : Residential Multifamily Non-Residential Construction Junior Liens Commercial Consumer Unallocated Total (In thousands) June 30, 2022 Allowance for loan losses: Individually evaluated $ 30 $ — $ — $ — $ — $ — $ — $ — $ 30 Collectively evaluated 2,552 5,139 3,640 2,094 468 42 — 85 14,020 Total $ 2,582 $ 5,139 $ 3,640 $ 2,094 $ 468 $ 42 $ — $ 85 $ 14,050 Loans receivable: Individually evaluated $ 9,179 $ 659 $ 3,595 $ — $ 54 $ — $ — $ — $ 13,487 Collectively evaluated 584,384 579,401 207,834 20,762 16,483 5,875 47 — 1,414,786 Total $ 593,563 $ 580,060 $ 211,429 $ 20,762 $ 16,537 $ 5,875 $ 47 $ — $ 1,428,273 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 June 30, 2022, June 30, 2021 and December 31, 2021: June 30, 2022 Six Months Ended June 30, 2022 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Cash Basis Interest Recognized (In thousands) With no related allowance Residential one-to-four $ 7,771 $ 8,054 $ — $ 8,088 $ 61 $ 58 Multifamily 659 659 — 671 13 10 Non-residential 3,755 3,595 — 3,645 89 78 Construction — — — — — — Commercial and — — — — — — Junior liens 54 54 — 55 1 1 12,239 12,362 — 12,459 164 147 With an allowance recorded: Residential one-to-four 1,122 1,125 30 743 23 20 Multifamily — — — — — — Non-residential — — — — — — Construction — — — — — — Commercial and — — — — — — Consumer and other — — — — — — 1,122 1,125 30 743 23 20 Total $ 13,361 $ 13,487 $ 30 $ 13,202 $ 187 $ 167 June 30, 2021 Six Months Ended June 30, 2021 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Cash Basis Interest Recognized (In thousands) With no related allowance Residential one-to-four $ 9,362 $ 9,608 $ — $ 11,578 $ 6 $ 5 Multifamily 1,675 1,048 — 1,562 24 21 Non-residential 4,881 4,718 — 5,696 114 101 Construction and land — — — — — — Commercial and — — — — — — Junior liens 57 57 — 67 1 1 15,975 15,431 — 18,903 145 128 With an allowance recorded: Residential one-to-four 1,077 1,077 36 1,626 37 33 Multifamily — — — — — — Non-residential — — — — — — Construction and land — — — — — — Commercial and — — — — — — Consumer and other 41 41 41 50 1 1 1,118 1,118 77 1,676 38 34 Total $ 17,093 $ 16,549 $ 77 $ 20,579 $ 183 $ 162 December 31, 2021 Twelve Months Ended December 31, 2021 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Cash Basis Interest Recognized (In thousands) 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 TDRs was $4.9 million and $5.4 million as of June 30, 2022 and December 31, 2021, respectively. The Company has allocated $30 thousand and $68 thousand, respectively, of specific reserves to TDR loans as of June 30, 2022 and December 31, 2021. The modification of the terms of TDR loans may include one or a combination of the following: a reduction of the stated interest rate of the loan, short-term deferral of payment, 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 TDRs as of June 30, 2022. A TDR loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. There were no TDRs for which there was a payment default within twelve months following the modification during the periods ended June 30, 2022 and June 30, 2021. TDRs during the three and six months ended June 30, 2022 totaled $453 thousand, respectively. There were no TDRs during the three and six months ended June 30, 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 TDR classification to COVID-19 related loan modifications. Accordingly, these modifications are exempt from TDR classification under U.S. generally accepted accounting principles (“U.S. GAAP”) and were not classified as TDRs. At 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 June 30, 2022 and December 31, 2021 : Nonaccrual Loans Past Due June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 (In thousands) Residential one-to-four family $ 9,268 $ 10,805 $ — $ — Multifamily — 139 — — Non-residential 676 857 — — Construction — — — — Commercial and industrial (including PPP) — — — 116 Junior liens 54 182 — — Total $ 9,998 $ 11,983 $ — $ 116 The following table presents the recorded investment in past due and current loans by loan portfolio class as of June 30, 2022 and December 31, 2021: 30-59 60-89 90 Days Total Current Total (In thousands) June 30, 2022 Residential $ 1,012 $ 449 $ 7,797 $ 9,258 $ 584,305 $ 593,563 Multifamily — — — — 580,060 580,060 Non-residential — — 216 216 211,213 211,429 Construction — — — — 20,762 20,762 Junior liens — — 54 54 16,483 16,537 Commercial and Industrial (including PPP) — — — — 5,875 5,875 Consumer and other — — — — 47 47 Total $ 1,012 $ 449 $ 8,067 $ 9,528 $ 1,418,745 $ 1,428,273 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 June 30, 2022 and December 31, 2021: Pass Special Substandard Doubtful / Total (In thousands) June 30, 2022 Residential one-to-four family $ 583,851 $ 266 $ 9,446 $ — $ 593,563 Multifamily 579,534 — 526 — 580,060 Non-residential 209,442 1,011 976 — 211,429 Construction 20,762 — — — 20,762 Junior liens 16,483 — 54 — 16,537 Commercial and Industrial (including PPP) 5,875 — — 5,875 Consumer and other 47 — — — 47 Total $ 1,415,994 $ 1,277 $ 11,002 $ — $ 1,428,273 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	6 Months Ended
	Jun. 30, 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 June 30, 2022, the Company had the following related to operating leases: June 30, 2022 December 31, 2021 (In thousands) Right-of-use assets $ 24,163 $ 25,457 Lease liabilities 25,461 26,696 Weighted average remaining lease term for operating leases 11.9 years 12.2 years Weighted average discount rate used in the measurement of lease liabilities 1.99 % 1.97 % The following table is a summary of the Company’s components of net lease cost for the three and six months ended June 30, 2022 and 2021. The variable lease cost primarily represents variable payments such as common area maintenance and utilities. Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands) Operating lease cost $ 770 $ 765 $ 1,540 $ 1,512 Finance lease cost 6 6 12 12 Variable lease cost 59 67 113 93 Total lease cost included as a component of occupancy and equipment $ 835 $ 838 $ 1,665 $ 1,617 The following table presents supplemental cash flow information related to operating leases: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands) Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows from operating leases $ 768 $ 852 $ 1,525 $ 1,258 Operating lease liabilities arising from obtaining right-of-use assets (non-cash): Operating leases $ — $ 2,168 $ — $ 2,168 Future undiscounted lease payments for operating leases with initial terms of one year or more as of June 30, 2022 are as follows: Through June 30, (In thousands) 2023 $ 2,939 2024 2,710 2025 2,499 2026 2,310 2027 2,227 Thereafter 16,177 Total undiscounted lease payments 28,862 Less: imputed interest (3,401) Total $ 25,461

DEPOSITS

DEPOSITS	6 Months Ended
	Jun. 30, 2022
Deposits [Abstract]
DEPOSITS	DEPOSITS Deposits at June 30, 2022 and December 31, 2021, are summarized as follows: June 30, 2022 December 31, 2021 (In thousands) Non-interest bearing deposits $ 52,036 $ 44,894 NOW and demand accounts 455,776 363,419 Savings 358,166 364,932 Time deposits 430,696 473,795 Total $ 1,296,674 $ 1,247,040 Money market accounts are included within the NOW and demand accounts and savings captions. Included in time deposits are brokered deposits totaling $12.0 million at June 30, 2022. There were no brokered deposits at December 31, 2021. Time deposits mature as follows for the years ending December 31: (In thousands) Remainder of 2022 $ 201,843 2023 174,784 2024 36,405 2025 10,607 2026 5,564 2027 1,493 $ 430,696

EMPLOYEE STOCK OWNERSHIP PLAN

EMPLOYEE STOCK OWNERSHIP PLAN	6 Months Ended
	Jun. 30, 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 June 30, 2022, the principal balance on the ESOP loan is $21.8 million. There were no contributions to the ESOP during the three and six months ended June 30, 2022, as loan payments are made annually during the fourth quarter of each year. ESOP shares are committed for release from unallocated and compensation expense are recognized over the service period. For the three months ended June 30, 2022, 22,818 shares were committed to be released from unallocated and ESOP compensation expense totaled $282 thousand. For the six months ended June 30, 2022, 45,636 shares were committed to be released from unallocated and ESOP compensation expense totaled $604 thousand. There was no ESOP compensation expense for the three and six months ended June 30, 2021. Shares held by the ESOP were as follows: June 30, 2022 (Dollars in thousands) Allocated to participants 91,272 Unallocated 2,190,528 Total ESOP shares 2,281,800 Fair value of unallocated shares at June 30, 2022 $ 26,264

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITIES	6 Months Ended
	Jun. 30, 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 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 June 30, 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: June 30, 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 1.5944 % 0.1742 % Weighted average maturity 4.7 years 5.3 years Gross unrealized gain included in other assets $ 7,672 $ 1,313 Gross unrealized loss included in other liabilities — 1,559 Unrealized gains (losses), net $ 7,672 $ (246) At June 30, 2022, the Company held $8.4 million as cash collateral pledged from the counterparty for these interest-rate swaps. At June 30, 2022, the Company had no securities pledged to the counterparty. At December 31, 2021, securities pledged as collateral for these swaps totaled $5.6 million Interest expense recorded on these swap transactions is reported as a component of interest expense on FHLB advances. Interest expense during the three months ended June 30, 2022 and 2021 totaled $146 thousand and $353 thousand, respectively. Interest expense for the six months ended June 30, 2022 and 2021 totaled $468 thousand and $690 thousand, respectively. At June 30, 2022, the Company expected $435 thousand of the unrealized gain to be reclassified as a reduction 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 and six months ended June 30, 2022 and June 30, 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 June 30, 2022 Interest rate contracts $ 2,360 Interest Expense $ (146) Three months ended June 30, 2021 Interest rate contracts $ (895) Interest Expense $ (353) Six Months Ended June 30, 2022 Interest rate contracts $ 7,919 Interest Expense $ (468) Six months ended June 30, 2021 Interest rate contracts $ 2,419 Interest Expense $ (690) (1) Net of tax, adjusted for deferred tax valuation allowance, at June 30, 2022. There was no deferred tax valuation allowance at June 30, 2021.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME	ACCUMULATED OTHER COMPREHENSIVE INCOMEAccumulated other comprehensive income represents the net unrealized holding gains on securities available-for-sale, derivatives and the funded status of the Company’s post-retirement 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 June 30, 2022 2021 Before Tax Tax After Before Tax Tax After (In thousands) Components of Other Comprehensive (Loss) Income: Unrealized (loss) gain on securities available for sale: Unrealized (loss) gain arising during the period $ (10,808) $ 3 $ (10,805) $ 1,888 $ (567) $ 1,321 Reclassification adjustment for gains included in net income (14) — (14) — — — Total (10,822) 3 (10,819) 1,888 (567) 1,321 Unrealized gain (loss) on cash flow hedge: Unrealized gain (loss) arising during the period 2,214 — 2,214 (1,598) 449 (1,149) Reclassification adjustment for losses included in net income 146 — 146 353 (99) 254 Total 2,360 — 2,360 (1,245) 350 (895) Post-Retirement plans: Net benefit arising from plan amendment (1) 164 — 164 — — — Reclassification adjustment for amortization of: Net actuarial loss 52 — 52 52 (15) 37 Total 216 — 216 52 (15) 37 Total other comprehensive (loss) income: $ (8,246) $ 3 $ (8,243) $ 695 $ (232) $ 463 (1) Benefit arising from plan amendment approved in June 2022. Six Months Ended June 30, 2022 2021 Before Tax Tax After Before Tax Tax After (In thousands) Components of Other Comprehensive (Loss) Income: Unrealized loss on securities available for sale: Unrealized loss arising during the period $ (26,596) $ 52 $ (26,544) $ (1,753) $ 320 $ (1,433) Reclassification adjustment for gains included in net income (14) — (14) — — — Total (26,610) 52 (26,558) (1,753) 320 (1,433) Unrealized gain on cash flow hedge: Unrealized gain arising during the period 7,451 — 7,451 2,676 (754) 1,922 Reclassification adjustment for losses included in net income 468 — 468 690 (193) 497 Total 7,919 — 7,919 3,366 (947) 2,419 Post-Retirement plans: Net benefit arising from plan amendment (1) 164 — 164 — — — Reclassification adjustment for amortization of: Net actuarial loss 100 — 100 104 (30) 74 Total 264 — 264 104 (30) 74 Total other comprehensive (loss) income: $ (18,427) $ 52 $ (18,375) $ 1,717 $ (657) $ 1,060 (1) Benefit arising from plan amendment approved in June 2022. . 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 Post-Retirement Total (In thousands) Balance at December 31, 2021 $ (246) $ 1,091 $ (1,217) $ (372) Other comprehensive income (loss) before reclassification 7,451 (26,544) 164 (18,929) Amounts reclassified from accumulated other comprehensive income 468 (14) 100 554 Net current period other comprehensive gain (loss) 7,919 (26,558) 264 (18,375) Balance at June 30, 2022 $ 7,673 $ (25,467) $ (953) $ (18,747) Balance at December 31, 2020 $ (3,986) $ 4,208 $ (1,253) $ (1,031) Other comprehensive income (loss) before reclassification 1,922 (1,433) — 489 Amounts reclassified from accumulated other comprehensive income 497 — 74 571 Net current period other comprehensive gain (loss) 2,419 (1,433) 74 1,060 Balance at June 30, 2021 $ (1,567) $ 2,775 $ (1,179) $ 29 The following table presents information about amounts reclassified from accumulated other comprehensive income (loss) to the consolidated statements of operations for the periods indicated: Details about Accumulated Other Comprehensive Income Components Three Months Ended June 30, Six Months Ended June 30, Affected Line Item in the Statement Where Net Income is Presented 2022 2021 2022 2021 (In thousands) Unrealized gains on securities available for sale: Realized (losses) gains on securities available for sale $ 14 $ — $ 14 $ — (Loss) gain on sales and calls of securities Losses on cash flow hedges: Interest rate contracts (146) (353) (468) (690) Interest (expense) income Amortization of post-retirement plan items: Net actuarial loss (52) (52) (100) (104) Compensation and employee benefits Total tax effect — 114 — 223 Income tax expense Total reclassification for the period, net of tax $ (184) $ (291) $ (554) $ (571)

FAIR VALUE OF ASSETS AND LIABIL

FAIR VALUE OF ASSETS AND LIABILITIES	6 Months Ended
	Jun. 30, 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 June 30, 2022: Fair Value Measurements at June 30, 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 $ 44,634 $ 44,634 $ — $ — Domestic Corporate Bonds 81,295 — 81,295 — U.S. Government agency obligations 21,315 16,417 4,898 — Obligations issued by U.S. states and their political subdivisions 16,913 — 16,913 — Mortgage-backed securities: Residential one-to-four family 156,175 — 156,175 — Multifamily 26,677 — 26,677 — Asset-backed securities 5,174 — 5,174 — Total securities available for sale 352,183 61,051 291,132 — Derivatives 7,672 — 7,672 — Total financial assets measured on a recurring basis $ 359,855 $ 61,051 $ 298,804 $ — 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 : The Company’s 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 June 30, 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, other investments, non-maturity deposits, overnight borrowings, and accrued interest, which are excluded from the table below. Fair Value Measurements at June 30, 2022, Using Quoted Prices in Significant Other Observable Inputs Significant Unobservable Inputs Book Value (Level 1) (Level 2) (Level 3) (In thousands) Financial assets Securities held-to-maturity $ 29,794 $ — $ 26,928 $ — Loans, net 1,414,223 — — 1,330,052 Financial liabilities Time Deposits 430,696 — 420,751 — Federal Home Loan advances 205,500 — 200,675 — Fair Value Measurements at December 31, 2021, Using Quoted Prices in 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2022 and 2021, respectively. Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands) (In thousands) Noninterest income Service charges on deposits $ 267 $ 266 $ 496 $ 459 Interchange income 10 9 19 16 Total Revenue from Contracts with Customers $ 277 $ 275 $ 515 $ 475 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 and six months ended June 30, 2021 as the Company had no shares outstanding. Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 (Income In thousands) Net income applicable to common shares $ 40 $ 593 Average number of common shares outstanding 28,522,500 28,522,500 Less: Average unallocated ESOP shares 2,156,176 2,167,521 Average number of common shares outstanding used to calculate basic earnings per common share 26,366,324 26,354,979 Common stock equivalents — — Earnings per common share basic and diluted $ — $ 0.02

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS As defined in FASB ASC 855, “Subsequent Events”, subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued or available to be issued. Financial statements are considered issued when they are widely distributed to stockholders and other financial statement users for general use and reliance in a form and format that complies with U.S. GAAP. Stock Repurchase Program On July 20, 2022, the Company announced it had adopted a program to repurchase up to 2,852,250 shares, or 10%, of its outstanding common stock. As of August 11, 2022, 105,759 shares totaling $1.2 million had been acquired under the repurchase plan at an average price per share of $11.69.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 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.
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 and six months ended June 30, 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. The accounting policies of the Company conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1, Summary of Significant Accounting Policies, included in the Company’s 2021 Annual Report on Form 10-K. There have been no changes to the Company’s significant accounting policies since December 31, 2021.
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 and six months ended June 30, 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 model, 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 cost, 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, lending, 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 ASU 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. Upon the Company's adoption of CECL, the change from the incurred loss model to the CECL model will be recognized through an adjustment to retained earnings. The future impact of CECL on the Company’s allowance for credit losses, and provision expense, subsequent to initial adoption, will depend on changes in the loan portfolio, economic conditions, and refinements to key assumptions including forecasting and qualitative factors. Furthermore, the adoption of ASU 2016-13 will necessitate that we establish an allowance for expected credit losses for certain debt securities and other financial assets, however we do not expect these allowances to be significant. 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 prospectively to new modifications made on or after any date within the interim period including January 7, 2021. The update is in effect for a limited time from March 12, 2020 through December 31, 2022. The update is not expected to have a material impact on the Company’s Consolidated Financial Statements. In March 2022, the FASB issued ASU No. 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures”. The amendments in this ASU were issued to (1) eliminate accounting guidance for TDRs by creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty; (2) require disclosures of current period gross write-offs by year of origination for financing receivables and net investments in leases. For entities that have adopted the amendments in ASU 2016-13, Measurement of Credit Losses on Financial Instruments, this update will be effective for financial statements issued for fiscal years and interim periods beginning after December

SECURITIES (Tables)

SECURITIES (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2022 and December 31, 2021 are as follows: Amortized Gross Unrealized Gains Gross Unrealized Losses Estimated (In thousands) June 30, 2022 Available for sale U.S. Treasury Note $ 46,938 $ — $ (2,304) $ 44,634 Corporate Bonds 85,092 55 (3,852) 81,295 U.S. Government agency obligations 22,036 24 (745) 21,315 Obligations issued by U.S. states and their political subdivisions 17,195 68 (350) 16,913 Mortgage-backed securities: Residential one-to-four family 173,406 3 (17,234) 156,175 Multifamily 27,509 — (832) 26,677 Asset-backed securities 5,527 — (353) 5,174 Total available-for-sale $ 377,703 $ 150 $ (25,670) $ 352,183 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 June 30, 2022 and December 31, 2021, are as follows: Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated (In thousands) June 30, 2022 Held-to-maturity Corporate bonds $ 14,600 $ — $ (1,037) $ 13,563 Asset-backed securities 15,194 — (1,829) 13,365 Total held-to-maturity $ 29,794 $ — $ (2,866) $ 26,928 (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. June 30, 2022 Amortized Cost Estimated Fair Value (In thousands) Available-for-sale Due in one year or less $ 4,538 $ 4,542 Due from one year to five years 100,219 96,386 Due from five to ten years 50,184 48,033 Due after ten years 16,320 15,196 Mortgage-backed and asset-backed securities 206,442 188,026 Total $ 377,703 $ 352,183 Held-to-maturity Due from one year to five years $ 18,645 $ 17,164 Due from five to ten years 11,149 9,764 Total $ 29,794 $ 26,928
Summary of available-for-sale securities with unrealized losses	The following tables summarize available-for-sale securities with unrealized losses at June 30, 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) June 30, 2022 Available for sale U.S. Treasury Note $ (1,424) $ 38,604 $ (880) $ 6,030 $ (2,304) $ 44,634 Corporate Bonds (3,379) 67,385 (473) 4,858 (3,852) 72,243 U.S. Government agency obligations (437) 9,562 (308) 6,524 (745) 16,086 Obligations issued by U.S. states and their political subdivisions (350) 6,172 — — (350) 6,172 Mortgage-backed securities: Residential one-to-four family (10,349) 109,118 (6,885) 46,963 (17,234) 156,081 Multifamily (697) 26,121 (135) 556 (832) 26,677 Asset-backed securities (168) 3,832 (185) 1,342 (353) 5,174 Total available-for-sale $ (16,804) $ 260,794 $ (8,866) $ 66,273 $ (25,670) $ 327,067 Less than 12 Months 12 Months or More Total Unrealized Losses Estimated Unrealized Losses Estimated Unrealized Losses Estimated (In thousands) 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)	6 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
Summary of loans receivable	A summary of loans receivable, net at June 30, 2022 and December 31, 2021, is as follows: June 30, 2022 December 31, 2021 (In thousands) Residential one-to-four family $ 590,151 $ 560,976 Multifamily 579,183 515,240 Non-residential 211,683 141,561 Construction 21,010 23,419 Junior liens 16,421 18,464 Commercial and industrial (including PPP) 5,957 21,563 Consumer and other 47 87 Total gross loans 1,424,452 1,281,310 Deferred fees, costs and premiums and discounts, net 3,821 6,299 Total loans 1,428,273 1,287,609 Allowance for loan losses (14,050) (14,425) Loans receivable, net $ 1,414,223 $ 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 and six months ended June 30, 2022, and 2021: Residential Multifamily Non-Residential Construction Junior Liens Commercial Consumer Unallocated Total (In thousands) Three Months Ended June 30, 2022 Allowance for loan losses Beginning balance $ 2,610 $ 4,776 $ 3,465 $ 1,905 $ 549 $ 71 $ — $ 89 $ 13,465 Charge-offs — — — — — — (9) — (9) Recoveries — — — — — — — — — (Recovery of) provision for loan losses (28) 363 175 189 (81) (29) 9 (4) 594 Total ending allowance balance $ 2,582 $ 5,139 $ 3,640 $ 2,094 $ 468 $ 42 $ — $ 85 $ 14,050 Six Months Ended June 30, 2022 Allowance for loan losses Beginning balance $ 2,822 $ 5,263 $ 2,846 $ 2,678 $ 636 $ 51 $ 38 $ 91 $ 14,425 Charge-offs — — — — — — (19) — (19) Recoveries — — — — — — 2 — 2 (Recovery of) provision for loan losses (240) (124) 794 (584) (168) (9) (21) (6) (358) Total ending allowance balance $ 2,582 $ 5,139 $ 3,640 $ 2,094 $ 468 $ 42 $ — $ 85 $ 14,050 Three Months Ended June 30, 2021 Allowance for loan losses Beginning balance $ 3,342 $ 5,748 $ 3,145 $ 2,928 $ 813 $ 7 $ 44 $ 123 $ 16,150 Charge-offs — — — — — — (4) — (4) Recoveries — — — — — — — — — (Recovery of) provision for loan losses (424) (398) 98 257 (55) (3) 2 (30) (553) Total ending allowance balance $ 2,918 $ 5,350 $ 3,243 $ 3,185 $ 758 $ 4 $ 42 $ 93 $ 15,593 Six Months Ended June 30, 2021 Allowance for loan losses Beginning balance $ 3,579 $ 5,460 $ 3,244 $ 3,655 $ 916 $ 2 $ 48 $ 55 $ 16,959 Charge-offs — — — — — — (5) — (5) Recoveries — — — — — — — — — (Recovery of) provision for loan losses (661) (110) (1) (470) (158) 2 (1) 38 (1,361) Total ending allowance balance $ 2,918 $ 5,350 $ 3,243 $ 3,185 $ 758 $ 4 $ 42 $ 93 $ 15,593 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 June 30, 2022 and December 31, 2021 : Residential Multifamily Non-Residential Construction Junior Liens Commercial Consumer Unallocated Total (In thousands) June 30, 2022 Allowance for loan losses: Individually evaluated $ 30 $ — $ — $ — $ — $ — $ — $ — $ 30 Collectively evaluated 2,552 5,139 3,640 2,094 468 42 — 85 14,020 Total $ 2,582 $ 5,139 $ 3,640 $ 2,094 $ 468 $ 42 $ — $ 85 $ 14,050 Loans receivable: Individually evaluated $ 9,179 $ 659 $ 3,595 $ — $ 54 $ — $ — $ — $ 13,487 Collectively evaluated 584,384 579,401 207,834 20,762 16,483 5,875 47 — 1,414,786 Total $ 593,563 $ 580,060 $ 211,429 $ 20,762 $ 16,537 $ 5,875 $ 47 $ — $ 1,428,273 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 June 30, 2022, June 30, 2021 and December 31, 2021: June 30, 2022 Six Months Ended June 30, 2022 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Cash Basis Interest Recognized (In thousands) With no related allowance Residential one-to-four $ 7,771 $ 8,054 $ — $ 8,088 $ 61 $ 58 Multifamily 659 659 — 671 13 10 Non-residential 3,755 3,595 — 3,645 89 78 Construction — — — — — — Commercial and — — — — — — Junior liens 54 54 — 55 1 1 12,239 12,362 — 12,459 164 147 With an allowance recorded: Residential one-to-four 1,122 1,125 30 743 23 20 Multifamily — — — — — — Non-residential — — — — — — Construction — — — — — — Commercial and — — — — — — Consumer and other — — — — — — 1,122 1,125 30 743 23 20 Total $ 13,361 $ 13,487 $ 30 $ 13,202 $ 187 $ 167 June 30, 2021 Six Months Ended June 30, 2021 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Cash Basis Interest Recognized (In thousands) With no related allowance Residential one-to-four $ 9,362 $ 9,608 $ — $ 11,578 $ 6 $ 5 Multifamily 1,675 1,048 — 1,562 24 21 Non-residential 4,881 4,718 — 5,696 114 101 Construction and land — — — — — — Commercial and — — — — — — Junior liens 57 57 — 67 1 1 15,975 15,431 — 18,903 145 128 With an allowance recorded: Residential one-to-four 1,077 1,077 36 1,626 37 33 Multifamily — — — — — — Non-residential — — — — — — Construction and land — — — — — — Commercial and — — — — — — Consumer and other 41 41 41 50 1 1 1,118 1,118 77 1,676 38 34 Total $ 17,093 $ 16,549 $ 77 $ 20,579 $ 183 $ 162 December 31, 2021 Twelve Months Ended December 31, 2021 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Cash Basis Interest Recognized (In thousands) 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 June 30, 2022 and December 31, 2021 : Nonaccrual Loans Past Due June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 (In thousands) Residential one-to-four family $ 9,268 $ 10,805 $ — $ — Multifamily — 139 — — Non-residential 676 857 — — Construction — — — — Commercial and industrial (including PPP) — — — 116 Junior liens 54 182 — — Total $ 9,998 $ 11,983 $ — $ 116 The following table presents the recorded investment in past due and current loans by loan portfolio class as of June 30, 2022 and December 31, 2021: 30-59 60-89 90 Days Total Current Total (In thousands) June 30, 2022 Residential $ 1,012 $ 449 $ 7,797 $ 9,258 $ 584,305 $ 593,563 Multifamily — — — — 580,060 580,060 Non-residential — — 216 216 211,213 211,429 Construction — — — — 20,762 20,762 Junior liens — — 54 54 16,483 16,537 Commercial and Industrial (including PPP) — — — — 5,875 5,875 Consumer and other — — — — 47 47 Total $ 1,012 $ 449 $ 8,067 $ 9,528 $ 1,418,745 $ 1,428,273 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 June 30, 2022 and December 31, 2021: Pass Special Substandard Doubtful / Total (In thousands) June 30, 2022 Residential one-to-four family $ 583,851 $ 266 $ 9,446 $ — $ 593,563 Multifamily 579,534 — 526 — 580,060 Non-residential 209,442 1,011 976 — 211,429 Construction 20,762 — — — 20,762 Junior liens 16,483 — 54 — 16,537 Commercial and Industrial (including PPP) 5,875 — — 5,875 Consumer and other 47 — — — 47 Total $ 1,415,994 $ 1,277 $ 11,002 $ — $ 1,428,273 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)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Summary of balance sheet information related to operating leases	As of June 30, 2022, the Company had the following related to operating leases: June 30, 2022 December 31, 2021 (In thousands) Right-of-use assets $ 24,163 $ 25,457 Lease liabilities 25,461 26,696 Weighted average remaining lease term for operating leases 11.9 years 12.2 years Weighted average discount rate used in the measurement of lease liabilities 1.99 % 1.97 %
Summary of lease cost	The following table is a summary of the Company’s components of net lease cost for the three and six months ended June 30, 2022 and 2021. The variable lease cost primarily represents variable payments such as common area maintenance and utilities. Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands) Operating lease cost $ 770 $ 765 $ 1,540 $ 1,512 Finance lease cost 6 6 12 12 Variable lease cost 59 67 113 93 Total lease cost included as a component of occupancy and equipment $ 835 $ 838 $ 1,665 $ 1,617 The following table presents supplemental cash flow information related to operating leases: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands) Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows from operating leases $ 768 $ 852 $ 1,525 $ 1,258 Operating lease liabilities arising from obtaining right-of-use assets (non-cash): Operating leases $ — $ 2,168 $ — $ 2,168
Summary of future undiscounted operating lease payments	Future undiscounted lease payments for operating leases with initial terms of one year or more as of June 30, 2022 are as follows: Through June 30, (In thousands) 2023 $ 2,939 2024 2,710 2025 2,499 2026 2,310 2027 2,227 Thereafter 16,177 Total undiscounted lease payments 28,862 Less: imputed interest (3,401) Total $ 25,461

DEPOSITS (Tables)

DEPOSITS (Tables)	6 Months Ended
	Jun. 30, 2022
Deposits [Abstract]
Summary of deposits	Deposits at June 30, 2022 and December 31, 2021, are summarized as follows: June 30, 2022 December 31, 2021 (In thousands) Non-interest bearing deposits $ 52,036 $ 44,894 NOW and demand accounts 455,776 363,419 Savings 358,166 364,932 Time deposits 430,696 473,795 Total $ 1,296,674 $ 1,247,040
Schedule of timed deposit maturities	Time deposits mature as follows for the years ending December 31: (In thousands) Remainder of 2022 $ 201,843 2023 174,784 2024 36,405 2025 10,607 2026 5,564 2027 1,493 $ 430,696

EMPLOYEE STOCK OWNERSHIP PLAN (

EMPLOYEE STOCK OWNERSHIP PLAN (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Shares held by ESOP	Shares held by the ESOP were as follows: June 30, 2022 (Dollars in thousands) Allocated to participants 91,272 Unallocated 2,190,528 Total ESOP shares 2,281,800 Fair value of unallocated shares at June 30, 2022 $ 26,264

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 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: June 30, 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 1.5944 % 0.1742 % Weighted average maturity 4.7 years 5.3 years Gross unrealized gain included in other assets $ 7,672 $ 1,313 Gross unrealized loss included in other liabilities — 1,559 Unrealized gains (losses), net $ 7,672 $ (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 and six months ended June 30, 2022 and June 30, 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 June 30, 2022 Interest rate contracts $ 2,360 Interest Expense $ (146) Three months ended June 30, 2021 Interest rate contracts $ (895) Interest Expense $ (353) Six Months Ended June 30, 2022 Interest rate contracts $ 7,919 Interest Expense $ (468) Six months ended June 30, 2021 Interest rate contracts $ 2,419 Interest Expense $ (690) (1) Net of tax, adjusted for deferred tax valuation allowance, at June 30, 2022. There was no deferred tax valuation allowance at June 30, 2021.

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2022 2021 Before Tax Tax After Before Tax Tax After (In thousands) Components of Other Comprehensive (Loss) Income: Unrealized (loss) gain on securities available for sale: Unrealized (loss) gain arising during the period $ (10,808) $ 3 $ (10,805) $ 1,888 $ (567) $ 1,321 Reclassification adjustment for gains included in net income (14) — (14) — — — Total (10,822) 3 (10,819) 1,888 (567) 1,321 Unrealized gain (loss) on cash flow hedge: Unrealized gain (loss) arising during the period 2,214 — 2,214 (1,598) 449 (1,149) Reclassification adjustment for losses included in net income 146 — 146 353 (99) 254 Total 2,360 — 2,360 (1,245) 350 (895) Post-Retirement plans: Net benefit arising from plan amendment (1) 164 — 164 — — — Reclassification adjustment for amortization of: Net actuarial loss 52 — 52 52 (15) 37 Total 216 — 216 52 (15) 37 Total other comprehensive (loss) income: $ (8,246) $ 3 $ (8,243) $ 695 $ (232) $ 463 (1) Benefit arising from plan amendment approved in June 2022. Six Months Ended June 30, 2022 2021 Before Tax Tax After Before Tax Tax After (In thousands) Components of Other Comprehensive (Loss) Income: Unrealized loss on securities available for sale: Unrealized loss arising during the period $ (26,596) $ 52 $ (26,544) $ (1,753) $ 320 $ (1,433) Reclassification adjustment for gains included in net income (14) — (14) — — — Total (26,610) 52 (26,558) (1,753) 320 (1,433) Unrealized gain on cash flow hedge: Unrealized gain arising during the period 7,451 — 7,451 2,676 (754) 1,922 Reclassification adjustment for losses included in net income 468 — 468 690 (193) 497 Total 7,919 — 7,919 3,366 (947) 2,419 Post-Retirement plans: Net benefit arising from plan amendment (1) 164 — 164 — — — Reclassification adjustment for amortization of: Net actuarial loss 100 — 100 104 (30) 74 Total 264 — 264 104 (30) 74 Total other comprehensive (loss) income: $ (18,427) $ 52 $ (18,375) $ 1,717 $ (657) $ 1,060 (1) Benefit arising from plan amendment approved in June 2022. .
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 Post-Retirement Total (In thousands) Balance at December 31, 2021 $ (246) $ 1,091 $ (1,217) $ (372) Other comprehensive income (loss) before reclassification 7,451 (26,544) 164 (18,929) Amounts reclassified from accumulated other comprehensive income 468 (14) 100 554 Net current period other comprehensive gain (loss) 7,919 (26,558) 264 (18,375) Balance at June 30, 2022 $ 7,673 $ (25,467) $ (953) $ (18,747) Balance at December 31, 2020 $ (3,986) $ 4,208 $ (1,253) $ (1,031) Other comprehensive income (loss) before reclassification 1,922 (1,433) — 489 Amounts reclassified from accumulated other comprehensive income 497 — 74 571 Net current period other comprehensive gain (loss) 2,419 (1,433) 74 1,060 Balance at June 30, 2021 $ (1,567) $ 2,775 $ (1,179) $ 29
Summary of reclassification out of each component of accumulated other comprehensive income (loss)	The following table presents information about amounts reclassified from accumulated other comprehensive income (loss) to the consolidated statements of operations for the periods indicated: Details about Accumulated Other Comprehensive Income Components Three Months Ended June 30, Six Months Ended June 30, Affected Line Item in the Statement Where Net Income is Presented 2022 2021 2022 2021 (In thousands) Unrealized gains on securities available for sale: Realized (losses) gains on securities available for sale $ 14 $ — $ 14 $ — (Loss) gain on sales and calls of securities Losses on cash flow hedges: Interest rate contracts (146) (353) (468) (690) Interest (expense) income Amortization of post-retirement plan items: Net actuarial loss (52) (52) (100) (104) Compensation and employee benefits Total tax effect — 114 — 223 Income tax expense Total reclassification for the period, net of tax $ (184) $ (291) $ (554) $ (571)

FAIR VALUE OF ASSETS AND LIAB_2

FAIR VALUE OF ASSETS AND LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2022: Fair Value Measurements at June 30, 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 $ 44,634 $ 44,634 $ — $ — Domestic Corporate Bonds 81,295 — 81,295 — U.S. Government agency obligations 21,315 16,417 4,898 — Obligations issued by U.S. states and their political subdivisions 16,913 — 16,913 — Mortgage-backed securities: Residential one-to-four family 156,175 — 156,175 — Multifamily 26,677 — 26,677 — Asset-backed securities 5,174 — 5,174 — Total securities available for sale 352,183 61,051 291,132 — Derivatives 7,672 — 7,672 — Total financial assets measured on a recurring basis $ 359,855 $ 61,051 $ 298,804 $ — 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 June 30, 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, other investments, non-maturity deposits, overnight borrowings, and accrued interest, which are excluded from the table below. Fair Value Measurements at June 30, 2022, Using Quoted Prices in Significant Other Observable Inputs Significant Unobservable Inputs Book Value (Level 1) (Level 2) (Level 3) (In thousands) Financial assets Securities held-to-maturity $ 29,794 $ — $ 26,928 $ — Loans, net 1,414,223 — — 1,330,052 Financial liabilities Time Deposits 430,696 — 420,751 — Federal Home Loan advances 205,500 — 200,675 — Fair Value Measurements at December 31, 2021, Using Quoted Prices in 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)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2022 and 2021, respectively. Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands) (In thousands) Noninterest income Service charges on deposits $ 267 $ 266 $ 496 $ 459 Interchange income 10 9 19 16 Total Revenue from Contracts with Customers $ 277 $ 275 $ 515 $ 475

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of earnings per share	Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 (Income In thousands) Net income applicable to common shares $ 40 $ 593 Average number of common shares outstanding 28,522,500 28,522,500 Less: Average unallocated ESOP shares 2,156,176 2,167,521 Average number of common shares outstanding used to calculate basic earnings per common share 26,366,324 26,354,979 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		6 Months Ended
	Jul. 15, 2021 USD ($) $ / shares shares	Jun. 30, 2022 segment shares
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 (in shares)	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%

SECURITIES - Summary of amortiz

SECURITIES - Summary of amortized cost of securities available for sale and their estimated fair value (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 377,703	$ 323,801
Gross Unrealized Gains	150	3,734
Gross Unrealized Losses	(25,670)	(2,643)
Estimated Fair Value	352,183	324,892
U.S. Treasury Note
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	46,938	36,933
Gross Unrealized Gains	0	4
Gross Unrealized Losses	(2,304)	(105)
Estimated Fair Value	44,634	36,832
Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	85,092	86,118
Gross Unrealized Gains	55	1,791
Gross Unrealized Losses	(3,852)	(290)
Estimated Fair Value	81,295	87,619
U.S. Government agency obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	22,036	23,462
Gross Unrealized Gains	24	46
Gross Unrealized Losses	(745)	(179)
Estimated Fair Value	21,315	23,329
Obligations issued by U.S. states and their political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	17,195	19,172
Gross Unrealized Gains	68	1,152
Gross Unrealized Losses	(350)	0
Estimated Fair Value	16,913	20,324
Residential one-to-four family
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	173,406	116,166
Gross Unrealized Gains	3	140
Gross Unrealized Losses	(17,234)	(1,905)
Estimated Fair Value	156,175	114,401
Multifamily
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	27,509	35,412
Gross Unrealized Gains	0	598
Gross Unrealized Losses	(832)	(94)
Estimated Fair Value	26,677	35,916
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,527	6,538
Gross Unrealized Gains	0	3
Gross Unrealized Losses	(353)	(70)
Estimated Fair Value	$ 5,174	$ 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	Jun. 30, 2022	Dec. 31, 2021
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 29,794	$ 23,281
Gross Unrecognized Gains	0	0
Gross Unrecognized Losses	(2,866)	(432)
Estimated Fair Value	26,928	22,849
Corporate Bonds
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	14,600	8,000
Gross Unrecognized Gains	0	0
Gross Unrecognized Losses	(1,037)	(59)
Estimated Fair Value	13,563	7,941
Asset-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	15,194	15,281
Gross Unrecognized Gains	0	0
Gross Unrecognized Losses	(1,829)	(373)
Estimated Fair Value	$ 13,365	$ 14,908

SECURITIES - Narrative (Details

SECURITIES - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) security	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) security	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) security
Schedule of Held-to-maturity Securities [Line Items]
Proceeds from sales and calls of available-for-sale securities | $	$ 2,400,000	$ 4,000,000	$ 2,400,000	$ 4,000,000
Realized gain (loss) on securities | $				0
Other than temporary impairment on available for sale securities. | $	$ 0	$ 0	$ 0	$ 0
Number of available for sale securities in an unrealized loss position | security	96		96		44
Number of held-to-maturity securities in unrealized loss positions for more than twelve months. | security	9		9		4
Number of held to maturity securities in an unrecognized loss position | security	7		7		2
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		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	5		5
Corporate Bonds
Schedule of Held-to-maturity Securities [Line Items]
Number of available for sale securities in an unrealized loss position | security	29		29
Fair value of securities held to maturity | $	$ 13,600,000		$ 13,600,000		$ 6,900,000
Unrecognized loss position of securities held to maturity | $	$ (1,000,000)		$ (1,000,000)		$ (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	3		3
Number of held to maturity securities in an unrecognized loss position | security	2		2		2
Fair value of securities held to maturity | $	$ 13,400,000		$ 13,400,000		$ 14,900,000
Unrecognized loss position of securities held to maturity | $	(1,800,000)		(1,800,000)		(373,000)
Debt Securities | Asset Pledged as Collateral
Schedule of Held-to-maturity Securities [Line Items]
Carrying amount of securities pledged | $	$ 4,500,000		$ 4,500,000		$ 9,100,000

SECURITIES - Summary of amort_3

SECURITIES - Summary of amortized cost and fair value of debt securities shown by contractual maturity (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Amortized Cost
Due in one year or less	$ 4,538
Due from one year to five years	100,219
Due from five to ten years	50,184
Due after ten years	16,320
Mortgage-backed and asset-backed securities	206,442
Total	377,703
Estimated Fair Value
Due in one year or less	4,542
Due from one year to five years	96,386
Due from five to ten years	48,033
Due after ten years	15,196
Mortgage-backed and asset-backed securities	188,026
Total	352,183
Amortized Cost
Due from one year to five years	18,645
Due from five to ten years	11,149
Total	29,794
Estimated Fair Value
Due from one year to five years	17,164
Due from five to ten years	9,764
Total	$ 26,928

SECURITIES - Summary of availab

SECURITIES - Summary of available for sale securities with unrealized losses (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	$ (16,804)	$ (2,275)
Estimated Fair Value	260,794	153,211
Unrealized Losses	(8,866)	(368)
Estimated Fair Value	66,273	11,899
Unrealized Losses	(25,670)	(2,643)
Estimated Fair Value	327,067	165,110
U.S. Treasury Note
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(1,424)	(105)
Estimated Fair Value	38,604	16,814
Unrealized Losses	(880)	0
Estimated Fair Value	6,030	0
Unrealized Losses	(2,304)	(105)
Estimated Fair Value	44,634	16,814
Corporate Bonds
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(3,379)	(290)
Estimated Fair Value	67,385	17,183
Unrealized Losses	(473)	0
Estimated Fair Value	4,858	0
Unrealized Losses	(3,852)	(290)
Estimated Fair Value	72,243	17,183
U.S. Government agency obligations
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(437)	(49)
Estimated Fair Value	9,562	9,951
Unrealized Losses	(308)	(130)
Estimated Fair Value	6,524	7,980
Unrealized Losses	(745)	(179)
Estimated Fair Value	16,086	17,931
Obligations issued by U.S. states and their political subdivisions
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(350)
Estimated Fair Value	6,172
Unrealized Losses	0
Estimated Fair Value	0
Unrealized Losses	(350)
Estimated Fair Value	6,172
Residential one-to-four family
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(10,349)	(1,761)
Estimated Fair Value	109,118	104,805
Unrealized Losses	(6,885)	(144)
Estimated Fair Value	46,963	3,009
Unrealized Losses	(17,234)	(1,905)
Estimated Fair Value	156,081	107,814
Multifamily
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(697)	0
Estimated Fair Value	26,121	0
Unrealized Losses	(135)	(94)
Estimated Fair Value	556	910
Unrealized Losses	(832)	(94)
Estimated Fair Value	26,677	910
Asset-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(168)	(70)
Estimated Fair Value	3,832	4,458
Unrealized Losses	(185)	0
Estimated Fair Value	1,342	0
Unrealized Losses	(353)	(70)
Estimated Fair Value	$ 5,174	$ 4,458

LOANS RECEIVABLE, NET - Summary

LOANS RECEIVABLE, NET - Summary of loans receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans	$ 1,424,452		$ 1,281,310
Deferred fees, costs and premiums and discounts, net	3,821		6,299
Total loans	1,428,273		1,287,609
Allowance for loan losses	(14,050)	$ (13,465)	(14,425)	$ (15,593)	$ (16,150)	$ (16,959)
Loans receivable, net	1,414,223		1,273,184
Residential Portfolio Segment | Residential one-to-four family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans	590,151		560,976
Allowance for loan losses	(2,582)	(2,610)	(2,822)	(2,918)	(3,342)	(3,579)
Residential Portfolio Segment | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans	579,183		515,240
Allowance for loan losses	(5,139)	(4,776)	(5,263)	(5,350)	(5,748)	(5,460)
Nonresidential Portfolio Segment | Non-residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans	211,683		141,561
Allowance for loan losses	(3,640)	(3,465)	(2,846)	(3,243)	(3,145)	(3,244)
Construction and Land Portfolio Segment | Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans	21,010		23,419
Allowance for loan losses	(2,094)	(1,905)	(2,678)	(3,185)	(2,928)	(3,655)
Junior Lien Portfolio Segment | Junior liens
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans	16,421		18,464
Allowance for loan losses	(468)	(549)	(636)	(758)	(813)	(916)
Commercial Portfolio Segment | Commercial and industrial (including PPP)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans	5,957		21,563
Allowance for loan losses	(42)	(71)	(51)	(4)	(7)	(2)
Commercial Portfolio Segment | PPP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans	2,000
Consumer and Other Portfolio Segment | Consumer and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans	47		87
Allowance for loan losses	$ 0	$ 0	$ (38)	$ (42)	$ (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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Allowance for loan losses
Beginning balance	$ 14,050	$ 15,593	$ 14,050	$ 15,593	$ 13,465	$ 14,425	$ 16,150	$ 16,959
Charge-offs	(9)	(4)	(19)	(5)
Recoveries	0	0	2	0
(Recovery of) provision for loan losses	594	(553)	(358)	(1,361)
Total ending allowance balance	14,050	15,593	14,050	15,593
Residential Portfolio Segment | Residential one-to-four family
Allowance for loan losses
Beginning balance	2,582	2,918	2,582	2,918	2,610	2,822	3,342	3,579
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
(Recovery of) provision for loan losses	(28)	(424)	(240)	(661)
Total ending allowance balance	2,582	2,918	2,582	2,918
Residential Portfolio Segment | Multifamily
Allowance for loan losses
Beginning balance	5,139	5,350	5,139	5,350	4,776	5,263	5,748	5,460
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
(Recovery of) provision for loan losses	363	(398)	(124)	(110)
Total ending allowance balance	5,139	5,350	5,139	5,350
Nonresidential Portfolio Segment | Non-residential
Allowance for loan losses
Beginning balance	3,640	3,243	3,640	3,243	3,465	2,846	3,145	3,244
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
(Recovery of) provision for loan losses	175	98	794	(1)
Total ending allowance balance	3,640	3,243	3,640	3,243
Construction and Land Portfolio Segment | Construction
Allowance for loan losses
Beginning balance	2,094	3,185	2,094	3,185	1,905	2,678	2,928	3,655
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
(Recovery of) provision for loan losses	189	257	(584)	(470)
Total ending allowance balance	2,094	3,185	2,094	3,185
Junior Lien Portfolio Segment | Junior liens
Allowance for loan losses
Beginning balance	468	758	468	758	549	636	813	916
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
(Recovery of) provision for loan losses	(81)	(55)	(168)	(158)
Total ending allowance balance	468	758	468	758
Commercial Portfolio Segment | Commercial and industrial (including PPP)
Allowance for loan losses
Beginning balance	42	4	42	4	71	51	7	2
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
(Recovery of) provision for loan losses	(29)	(3)	(9)	2
Total ending allowance balance	42	4	42	4
Consumer and Other Portfolio Segment | Consumer and other
Allowance for loan losses
Beginning balance	0	42	0	42	0	38	44	48
Charge-offs	(9)	(4)	(19)	(5)
Recoveries	0	0	2	0
(Recovery of) provision for loan losses	9	2	(21)	(1)
Total ending allowance balance	0	42	0	42
Unallocated Financing Receivables
Allowance for loan losses
Beginning balance	85	93	85	93	$ 89	$ 91	$ 123	$ 55
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
(Recovery of) provision for loan losses	(4)	(30)	(6)	38
Total ending allowance balance	$ 85	$ 93	$ 85	$ 93

LOANS RECEIVABLE, NET - Summa_3

LOANS RECEIVABLE, NET - Summary of allowance and loans receivable evaluated for impairment (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Allowance for loan losses:
Individually evaluated for impairment	$ 30		$ 68
Collectively evaluated for impairment	14,020		14,357
Total	14,050	$ 13,465	14,425	$ 15,593	$ 16,150	$ 16,959
Loans receivable:
Individually evaluated for impairment	13,487		15,522
Collectively evaluated for impairment	1,414,786		1,272,087
Total Loans Receivable	1,428,273		1,287,609
Residential Portfolio Segment | Residential one-to-four family
Allowance for loan losses:
Individually evaluated for impairment	30		31
Collectively evaluated for impairment	2,552		2,791
Total	2,582	2,610	2,822	2,918	3,342	3,579
Loans receivable:
Individually evaluated for impairment	9,179		10,169
Collectively evaluated for impairment	584,384		556,314
Total Loans Receivable	593,563		566,483
Residential Portfolio Segment | Multifamily
Allowance for loan losses:
Individually evaluated for impairment	0		0
Collectively evaluated for impairment	5,139		5,263
Total	5,139	4,776	5,263	5,350	5,748	5,460
Loans receivable:
Individually evaluated for impairment	659		684
Collectively evaluated for impairment	579,401		515,884
Total Loans Receivable	580,060		516,568
Nonresidential Portfolio Segment | Non-residential
Allowance for loan losses:
Individually evaluated for impairment	0		0
Collectively evaluated for impairment	3,640		2,846
Total	3,640	3,465	2,846	3,243	3,145	3,244
Loans receivable:
Individually evaluated for impairment	3,595		4,577
Collectively evaluated for impairment	207,834		136,957
Total Loans Receivable	211,429		141,534
Construction and Land Portfolio Segment | Construction
Allowance for loan losses:
Individually evaluated for impairment	0		0
Collectively evaluated for impairment	2,094		2,678
Total	2,094	1,905	2,678	3,185	2,928	3,655
Loans receivable:
Individually evaluated for impairment	0		0
Collectively evaluated for impairment	20,762		23,420
Total Loans Receivable	20,762		23,420
Junior Lien Portfolio Segment | Junior liens
Allowance for loan losses:
Individually evaluated for impairment	0		0
Collectively evaluated for impairment	468		636
Total	468	549	636	758	813	916
Loans receivable:
Individually evaluated for impairment	54		55
Collectively evaluated for impairment	16,483		18,495
Total Loans Receivable	16,537		18,550
Commercial Portfolio Segment | Commercial and industrial (including PPP)
Allowance for loan losses:
Individually evaluated for impairment	0		0
Collectively evaluated for impairment	42		51
Total	42	71	51	4	7	2
Loans receivable:
Individually evaluated for impairment	0		0
Collectively evaluated for impairment	5,875		20,966
Total Loans Receivable	5,875		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	0	38	42	44	48
Loans receivable:
Individually evaluated for impairment	0		37
Collectively evaluated for impairment	47		51
Total Loans Receivable	47		88
Unallocated Financing Receivables
Allowance for loan losses:
Individually evaluated for impairment	0		0
Collectively evaluated for impairment	85		91
Total	85	$ 89	91	$ 93	$ 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	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
With no related allowance recorded:
Unpaid Principal Balance	$ 12,239	$ 15,975	$ 14,208
Recorded Investment	12,362	15,431	14,424
Average Recorded Investment	12,459	18,903	15,630
Interest Income Recognized	164	145	314
Cash Basis Interest Recognized	147	128	298
With an allowance recorded:
Unpaid Principal Balance	1,122	1,118	1,099
Recorded Investment	1,125	1,118	1,098
Allowance for Loan Losses Allocated	30	77	68
Average Recorded Investment	743	1,676	1,284
Interest Income Recognized	23	38	52
Cash Basis Interest Recognized	20	34	48
Total
Unpaid Principal Balance	13,361	17,093	15,307
Recorded Investment	13,487	16,549	15,522
Allowance for Loan Losses Allocated	30	77	68
Average Recorded Investment	13,202	20,579	16,914
Interest Income Recognized	187	183	366
Cash Basis Interest Recognized	167	162	346
Residential Portfolio Segment | Residential one-to-four family
With no related allowance recorded:
Unpaid Principal Balance	7,771	9,362	8,744
Recorded Investment	8,054	9,608	9,108
Average Recorded Investment	8,088	11,578	9,534
Interest Income Recognized	61	6	75
Cash Basis Interest Recognized	58	5	75
With an allowance recorded:
Unpaid Principal Balance	1,122	1,077	1,062
Recorded Investment	1,125	1,077	1,061
Allowance for Loan Losses Allocated	30	36	31
Average Recorded Investment	743	1,626	1,243
Interest Income Recognized	23	37	50
Cash Basis Interest Recognized	20	33	46
Total
Allowance for Loan Losses Allocated	30	36	31
Residential Portfolio Segment | Multifamily
With no related allowance recorded:
Unpaid Principal Balance	659	1,675	684
Recorded Investment	659	1,048	684
Average Recorded Investment	671	1,562	1,170
Interest Income Recognized	13	24	26
Cash Basis Interest Recognized	10	21	24
With an allowance recorded:
Unpaid Principal Balance	0	0	0
Recorded Investment	0	0	0
Allowance for Loan Losses Allocated	0	0	0
Average Recorded Investment	0	0	0
Interest Income Recognized	0	0	0
Cash Basis Interest Recognized	0	0	0
Total
Allowance for Loan Losses Allocated	0	0	0
Nonresidential Portfolio Segment | Non-residential
With no related allowance recorded:
Unpaid Principal Balance	3,755	4,881	4,725
Recorded Investment	3,595	4,718	4,577
Average Recorded Investment	3,645	5,696	4,869
Interest Income Recognized	89	114	210
Cash Basis Interest Recognized	78	101	196
With an allowance recorded:
Unpaid Principal Balance	0	0	0
Recorded Investment	0	0	0
Allowance for Loan Losses Allocated	0	0	0
Average Recorded Investment	0	0	0
Interest Income Recognized	0	0	0
Cash Basis Interest Recognized	0	0	0
Total
Allowance for Loan Losses Allocated	0	0	0
Construction and Land Portfolio Segment | Construction
With no related allowance recorded:
Unpaid Principal Balance	0	0	0
Recorded Investment	0	0	0
Average Recorded Investment	0	0	0
Interest Income Recognized	0	0	0
Cash Basis Interest Recognized	0	0	0
With an allowance recorded:
Unpaid Principal Balance	0	0	0
Recorded Investment	0	0	0
Allowance for Loan Losses Allocated	0	0	0
Average Recorded Investment	0	0	0
Interest Income Recognized	0	0	0
Cash Basis Interest Recognized	0	0	0
Total
Allowance for Loan Losses Allocated	0	0	0
Commercial Portfolio Segment | Commercial and industrial (including PPP)
With no related allowance recorded:
Unpaid Principal Balance	0	0	0
Recorded Investment	0	0	0
Average Recorded Investment	0	0	0
Interest Income Recognized	0	0	0
Cash Basis Interest Recognized	0	0	0
With an allowance recorded:
Unpaid Principal Balance	0	0	0
Recorded Investment	0	0	0
Allowance for Loan Losses Allocated	0	0	0
Average Recorded Investment	0	0	0
Interest Income Recognized	0	0	0
Cash Basis Interest Recognized	0	0	0
Total
Allowance for Loan Losses Allocated	0	0	0
Junior Lien Portfolio Segment | Junior liens
With no related allowance recorded:
Unpaid Principal Balance	54	57	55
Recorded Investment	54	57	55
Average Recorded Investment	55	67	57
Interest Income Recognized	1	1	3
Cash Basis Interest Recognized	1	1	3
Consumer and Other Portfolio Segment | Consumer and other
With an allowance recorded:
Unpaid Principal Balance	0	41	37
Recorded Investment	0	41	37
Allowance for Loan Losses Allocated	0	41	37
Average Recorded Investment	0	50	41
Interest Income Recognized	0	1	2
Cash Basis Interest Recognized	0	1	2
Total
Allowance for Loan Losses Allocated	$ 0	$ 41	$ 37

LOANS RECEIVABLE, NET - Narrati

LOANS RECEIVABLE, NET - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Receivables [Abstract]
Loans with terms modified in troubled debt restructurings	$ 4,900,000		$ 4,900,000		$ 5,400,000
Reserves specific to troubled debt restructuring	30,000		30,000		$ 68,000
Number of loans restructurings with subsequent default in the next twelve months			0	$ 0
Troubled debt restructuring during the period	$ 453,000	$ 0	$ 453,000	$ 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	Jun. 30, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Nonaccrual	$ 9,998	$ 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	9,268	10,805
Loans Past Due 90 Days and Still Accruing	0	0
Residential Portfolio Segment | Multifamily
Financing Receivable, Past Due [Line Items]
Nonaccrual	0	139
Loans Past Due 90 Days and Still Accruing	0	0
Nonresidential Portfolio Segment | Non-residential
Financing Receivable, Past Due [Line Items]
Nonaccrual	676	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	0	0
Loans Past Due 90 Days and Still Accruing	0	116
Junior Lien Portfolio Segment | Junior liens
Financing Receivable, Past Due [Line Items]
Nonaccrual	54	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	Jun. 30, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	$ 1,428,273	$ 1,287,609
30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,012	1,747
60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	449	567
90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	8,067	9,615
Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	9,528	11,929
Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,418,745	1,275,680
Residential Portfolio Segment | Residential one-to-four family
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	593,563	566,483
Residential Portfolio Segment | Residential one-to-four family | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,012	1,736
Residential Portfolio Segment | Residential one-to-four family | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	449	457
Residential Portfolio Segment | Residential one-to-four family | 90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	7,797	8,936
Residential Portfolio Segment | Residential one-to-four family | Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	9,258	11,129
Residential Portfolio Segment | Residential one-to-four family | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	584,305	555,354
Residential Portfolio Segment | Multifamily
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	580,060	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	0	0
Residential Portfolio Segment | Multifamily | Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Residential Portfolio Segment | Multifamily | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	580,060	516,568
Nonresidential Portfolio Segment | Non-residential
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	211,429	141,534
Nonresidential Portfolio Segment | Non-residential | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	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	216	381
Nonresidential Portfolio Segment | Non-residential | Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	216	381
Nonresidential Portfolio Segment | Non-residential | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	211,213	141,153
Construction and Land Portfolio Segment | Construction
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	20,762	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	20,762	23,420
Junior Lien Portfolio Segment | Junior liens
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	16,537	18,550
Junior Lien Portfolio Segment | Junior liens | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	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	54	235
Junior Lien Portfolio Segment | Junior liens | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	16,483	18,315
Commercial Portfolio Segment | Commercial and industrial (including PPP)
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	5,875	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	0	116
Commercial Portfolio Segment | Commercial and industrial (including PPP) | Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	184
Commercial Portfolio Segment | Commercial and industrial (including PPP) | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	5,875	20,782
Consumer and Other Portfolio Segment | Consumer and other
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	47	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	$ 47	$ 88

LOANS RECEIVABLE, NET - Credit

LOANS RECEIVABLE, NET - Credit quality indicators (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	$ 1,428,273	$ 1,287,609
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	1,415,994	1,269,218
Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	1,277	5,213
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	11,002	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	593,563	566,483
Residential Portfolio Segment | Residential one-to-four family | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	583,851	555,184
Residential Portfolio Segment | Residential one-to-four family | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	266	0
Residential Portfolio Segment | Residential one-to-four family | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	9,446	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	580,060	516,568
Residential Portfolio Segment | Multifamily | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	579,534	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	526	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	211,429	141,534
Nonresidential Portfolio Segment | Non-residential | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	209,442	140,377
Nonresidential Portfolio Segment | Non-residential | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	1,011	144
Nonresidential Portfolio Segment | Non-residential | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	976	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	20,762	23,420
Construction and Land Portfolio Segment | Construction | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	20,762	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	16,537	18,550
Junior Lien Portfolio Segment | Junior liens | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	16,483	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	54	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	5,875	20,966
Commercial Portfolio Segment | Commercial and industrial (including PPP) | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	5,875	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	47	88
Consumer and Other Portfolio Segment | Consumer and other | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	47	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)	Jun. 30, 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	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Leases [Abstract]
Right-of-use assets	$ 24,163	$ 25,457	$ 25,457
Lease liabilities	$ 25,461	$ 26,696	$ 26,696
Weighted average remaining lease terms on operating leases (in years)	11 years 10 months 24 days		12 years 2 months 12 days
Weighted average discount rate on operating leases	1.99%		1.97%

LEASES - Summary of components

LEASES - Summary of components of net lease cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating lease cost	$ 770	$ 765	$ 1,540	$ 1,512
Finance lease cost	6	6	12	12
Variable lease cost	59	67	113	93
Total lease cost included as a component of occupancy and equipment	$ 835	$ 838	$ 1,665	$ 1,617

LEASES - Schedule of future und

LEASES - Schedule of future undiscounted lease payments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Leases [Abstract]
2023	$ 2,939
2024	2,710
2025	2,499
2026	2,310
2027	2,227
Thereafter	16,177
Total undiscounted lease payments	28,862
Less: imputed interest	(3,401)
Total	$ 25,461	$ 26,696	$ 26,696

LEASES - Supplemental cash flow

LEASES - Supplemental cash flow information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating cash flows from operating leases	$ 768	$ 852	$ 1,525	$ 1,258
Operating leases	$ 0	$ 2,168	$ 0	$ 2,168

DEPOSITS - Summary of deposits

DEPOSITS - Summary of deposits (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Deposits [Abstract]
Non-interest bearing deposits	$ 52,036	$ 44,894
NOW and demand accounts	455,776	363,419
Savings	358,166	364,932
Time deposits	430,696	473,795
Deposits	$ 1,296,674	$ 1,247,040

DEPOSITS - Schedule of timed de

DEPOSITS - Schedule of timed deposit maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Deposits [Abstract]
Remainder of 2022	$ 201,843
2023	174,784
2024	36,405
2025	10,607
2026	5,564
2027	1,493
Time deposits	$ 430,696	$ 473,795

EMPLOYEE STOCK OWNERSHIP PLAN -

EMPLOYEE STOCK OWNERSHIP PLAN - Narrative (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jul. 15, 2021
Share-Based Payment Arrangement [Abstract]
Shares in ESOP (in shares)	2,281,800			2,281,800		2,281,800
Price per share, ESOP (in usd per share)				$ 10
ESOP loan balance	$ 21,800,000			$ 21,800,000
Contributions to ESOP	$ 0
ESOP shares committed to be released (in shares)	22,818	22,818		45,636
ESOP expense	$ 282,000		$ 0	$ 604,000	$ 0

EMPLOYEE STOCK OWNERSHIP PLAN_2

EMPLOYEE STOCK OWNERSHIP PLAN - Shares held by ESOP (Details) - USD ($) $ in Thousands	Jun. 30, 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 unallocated shares at June 30, 2022	$ 26,264

DERIVATIVES AND HEDGING ACTIV_3

DERIVATIVES AND HEDGING ACTIVITIES - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Securities available for sale:	$ 352,183,000		$ 324,892,000
Cash pledged as collateral	(8,400,000)
Interest expense	(468,000)	$ (690,000)
Asset Pledged as Collateral with Right
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Securities available for sale:	0		5,600,000
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	435,000
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 ($)	6 Months Ended	12 Months Ended
	Jun. 30, 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	1.5944%	0.1742%
Weighted average maturity	4 years 8 months 12 days	5 years 3 months 18 days
Unrealized gains (losses), net	$ 7,672,000	$ (246,000)
Cash Flow Hedging | Designated as Hedging Instrument | Other Assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gains (losses), net	7,672,000	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		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI (Net of Tax) on Derivative	[1]	$ 2,360	$ (895)	$ 7,919	$ 2,419
Amount of Gain (Loss) Reclassified from OCI to Income/(Expense)				$ (468)	$ (690)
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI (Net of Tax) on Derivative		2,360	(895)
Interest Rate Swap | Other Nonoperating Income (Expense)
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from OCI to Income/(Expense)		$ (146)	$ (353)
[1]The 2022 period tax is inclusive of a deferred tax valuation allowance.

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME - Schedule of components of other comprehensive loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Unrealized (loss) gain arising during the period, After Tax			$ (18,929)	$ 489
Reclassification adjustment for losses included in net income, After Tax			554	571
Total other comprehensive lose, Before Tax	$ (8,246)	$ 695	(18,427)	1,717
Total other comprehensive lose, Tax Effect	3	(232)	52	(657)
Other comprehensive income (loss)	(8,243)	463	(18,375)	1,060
Unrealized Gains and (Losses) on Available-for-sale Securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Unrealized (loss) gain arising during the period, Before Tax	(10,808)	1,888	(26,596)	(1,753)
Unrealized (loss) gain arising during the period, Tax Effect	3	(567)	52	320
Unrealized (loss) gain arising during the period, After Tax	(10,805)	1,321	(26,544)	(1,433)
Reclassification adjustment for losses included in net income, Before Tax	(14)	0	(14)	0
Reclassification adjustment for losses included in net income, Tax Effect	0	0	0	0
Reclassification adjustment for losses included in net income, After Tax	(14)	0	(14)	0
Total other comprehensive lose, Before Tax	(10,822)	1,888	(26,610)	(1,753)
Total other comprehensive lose, Tax Effect	3	(567)	52	320
Other comprehensive income (loss)	(10,819)	1,321	(26,558)	(1,433)
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	2,214	(1,598)	7,451	2,676
Unrealized (loss) gain arising during the period, Tax Effect	0	449	0	(754)
Unrealized (loss) gain arising during the period, After Tax	2,214	(1,149)	7,451	1,922
Reclassification adjustment for losses included in net income, Before Tax	146	353	468	690
Reclassification adjustment for losses included in net income, Tax Effect	0	(99)	0	(193)
Reclassification adjustment for losses included in net income, After Tax	146	254	468	497
Total other comprehensive lose, Before Tax	2,360	(1,245)	7,919	3,366
Total other comprehensive lose, Tax Effect	0	350	0	(947)
Other comprehensive income (loss)	2,360	(895)	7,919	2,419
Post-Retirement Plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Unrealized (loss) gain arising during the period, Before Tax	164	0	164	0
Unrealized (loss) gain arising during the period, Tax Effect	0	0	0	0
Unrealized (loss) gain arising during the period, After Tax	164	0	164	0
Reclassification adjustment for losses included in net income, Before Tax	52	52	100	104
Reclassification adjustment for losses included in net income, Tax Effect	0	(15)	0	(30)
Reclassification adjustment for losses included in net income, After Tax	52	37	100	74
Total other comprehensive lose, Before Tax	216	52	264	104
Total other comprehensive lose, Tax Effect	0	(15)	0	(30)
Other comprehensive income (loss)	$ 216	$ 37	$ 264	$ 74

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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 420,214	$ 205,452	$ 429,471	$ 205,600
Other comprehensive income (loss) before reclassification			(18,929)	489
Amounts reclassified from accumulated other comprehensive income			554	571
Other comprehensive income (loss)	(8,243)	463	(18,375)	1,060
Balance at end of period	412,293	204,912	412,293	204,912
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(10,504)	(434)	(372)	(1,031)
Balance at end of period	(18,747)	29	(18,747)	29
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	2,214	(1,149)	7,451	1,922
Amounts reclassified from accumulated other comprehensive income	146	254	468	497
Other comprehensive income (loss)	2,360	(895)	7,919	2,419
Balance at end of period	7,673	(1,567)	7,673	(1,567)
Unrealized Gains and (Losses) on Available-for-sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period			1,091	4,208
Other comprehensive income (loss) before reclassification	(10,805)	1,321	(26,544)	(1,433)
Amounts reclassified from accumulated other comprehensive income	(14)	0	(14)	0
Other comprehensive income (loss)	(10,819)	1,321	(26,558)	(1,433)
Balance at end of period	(25,467)	2,775	(25,467)	2,775
Post-Retirement Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period			(1,217)	(1,253)
Other comprehensive income (loss) before reclassification			164	0
Amounts reclassified from accumulated other comprehensive income			100	74
Other comprehensive income (loss)			264	74
Balance at end of period	$ (953)	$ (1,179)	$ (953)	$ (1,179)

ACCUMULATED OTHER COMPREHENSI_5

ACCUMULATED OTHER COMPREHENSIVE INCOME - Summary of reclassification out of each component of accumulated other comprehensive income (loss) (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Gain on sales and calls of securities available for sale	$ 14,000		$ 0		$ 14,000	$ 0
Interest (expense) income	13,162,000		9,908,000		25,101,000	19,508,000
Compensation and employee benefits	7,008,000		6,369,000		13,932,000	12,391,000
Income tax expense	(3,000)		(283,000)		(52,000)	268,000
Total reclassification for the period, net of tax	(40,000)	$ (553,000)	1,003,000	$ 745,000	(593,000)	1,748,000
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense	0		114,000		0	223,000
Total reclassification for the period, net of tax	184,000		291,000		(554,000)	(571,000)
Unrealized Gains and (Losses) on Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest (expense) income	(146,000)		(353,000)		(468,000)	(690,000)
Unrealized Gains and (Losses) on Available-for-sale Securities | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Gain on sales and calls of securities available for sale	14,000		0		14,000	0
Post-Retirement Plans | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Compensation and employee benefits	$ (52,000)		$ (52,000)		$ (100,000)	$ (104,000)

FAIR VALUE OF ASSETS AND LIAB_3

FAIR VALUE OF ASSETS AND LIABILITIES - Summary of assets and liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	$ 352,183	$ 324,892
U.S. Treasury Note
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	44,634	36,832
Domestic Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	81,295	87,619
U.S. Government agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	21,315	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:	16,913	20,324
Residential one-to-four family
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	156,175	114,401
Multifamily
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	26,677	35,916
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	5,174	6,471
Measured on a recurring basis:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	352,183	324,892
Derivatives	7,672
Financial assets	359,855
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:	44,634	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:	81,295	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:	21,315	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:	16,913	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:	156,175	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:	26,677	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:	5,174	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:	61,051	54,449
Derivatives	0
Financial assets	61,051
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:	44,634	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:	16,417	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:	291,132	270,443
Derivatives	7,672
Financial assets	298,804
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:	81,295	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:	4,898	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:	16,913	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:	156,175	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:	26,677	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:	5,174	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	Jun. 30, 2022	Dec. 31, 2021
Financial assets
Securities held-to-maturity	$ 29,794	$ 23,281
Loans, net	1,414,223	1,273,184
Financial liabilities
Time deposits	430,696	473,795
Federal Home Loan advances	205,500	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	26,928	22,849
Loans, net	0	0
Financial liabilities
Time deposits	420,751	470,732
Federal Home Loan advances	200,675	182,795
Significant Unobservable Inputs
Financial assets
Securities held-to-maturity	0	0
Loans, net	1,330,052	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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	$ 277	$ 275	$ 515	$ 475
Service charges on deposits
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	267	266	496	459
Interchange income
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	$ 10	$ 9	$ 19	$ 16

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net income applicable to common shares	$ 40	$ 553	$ (1,003)	$ (745)	$ 593	$ (1,748)
Earnings Per Share, Basic and Diluted [Abstract]
Average number of common shares outstanding	28,522,500				28,522,500
Less: Average unallocated ESOP shares	2,156,176				2,167,521
Average number of common shares outstanding used to calculate basic earnings per common share	26,366,324				26,354,979
Average number of common shares outstanding used to calculate diluted earnings per common share	26,366,324				26,354,979
Common stock equivalents	0				0
Basic earnings per share (in dollars per share)	$ 0				$ 0.02
Diluted earnings per share (in dollars per share)	$ 0				$ 0.02

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event - The 2022 Stock Repurchase Program - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended
	Aug. 12, 2022	Jul. 20, 2022
Subsequent Event [Line Items]
Number of shares authorized for repurchase		2,852,250
Percent of outstanding shares authorized for repurchase		10%
Shares repurchased	105,759
Value of shares required	$ 1,200
Average cost per share of shares repurchased	$ 11.69