Blue Foundry Bancorp (BLFY) 10-K 30 Mar 23 2022 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Mar. 28, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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		27,517,182
Entity Public Float			$ 312.3
Documents Incorporated by Reference	Portions of the definitive Proxy Statement for the Registrant’s 2023 Annual Meeting of Stockholders. (Part III)
Entity Central Index Key	0001846017
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	Short Hills, New Jersey

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 41,182	$ 193,446
Securities available for sale, at fair value	314,248	324,892
Securities held to maturity (fair value of $29,115 at December 31, 2022 and $22,849 at December 31, 2021)	33,705	23,281
Other Investments	16,069	10,182
Loans receivable, net of allowance of $13,400 at December 31, 2022 and $14,425 at December 31, 2021	1,531,727	1,273,184
Interest and dividends receivable	6,893	5,372
Premises and equipment, net	29,825	28,126
Right-of-use assets	25,906	25,457
Bank owned life insurance	21,576	21,662
Other assets	22,207	8,609
Total assets	2,043,338	1,914,211
Liabilities
Deposits	1,288,862	1,247,040
Advances from the Federal Home Loan Bank	310,500	185,500
Advances by borrowers for taxes and insurance	9,302	9,582
Lease liabilities	27,324	26,696
Other liabilities	13,632	15,922
Total liabilities	1,649,620	1,484,740
Shareholders’ equity
Preferred stock, $0.01 par value, 10,000,000 authorized; none issued	0	0
Common stock $0.01 par value; 70,000,000 shares authorized; 28,522,500 shares issued at December 31, 2022 and December 31, 2021; 27,523,219 and 28,522,500 shares outstanding at December 31, 2022 and December 31, 2021, respectively.	285	285
Additional paid-in capital	279,454	282,006
Retained earnings	171,763	169,457
Treasury Stock, at cost: 999,281 shares at December 31, 2022	(12,072)	0
Unallocated common shares held by Employee Stock Ownership Plan	(20,993)	(21,905)
Accumulated other comprehensive loss	(24,719)	(372)
Total shareholders’ equity	393,718	429,471
Total liabilities and shareholders’ equity	$ 2,043,338	$ 1,914,211

Consolidated Statements of Fi_2

Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Fair value of securities held for investment	$ 29,115	$ 22,849
Loans receivable, allowance	$ 13,400	$ 14,425
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Common stock, par value (in dollars 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
Common stock, outstanding (in shares)	27,523,219	28,522,500
Treasury stock (in shares)	999,281

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Interest income:
Loans	$ 52,279	$ 48,719
Taxable investment income	9,678	6,821
Non-taxable investment income	456	513
Total interest income	62,413	56,053
Interest expense:
Deposits	5,738	7,884
Borrowed funds	4,832	5,220
Total interest expense	10,570	13,104
Net interest income	51,843	42,949
Release of provision for loan losses	(1,001)	(2,518)
Net interest income after release of provision for loan losses	52,844	45,467
Non-interest income:
Fees and service charges	2,156	1,975
Gain (loss) on securities, net	14	(1)
Other income	494	505
Total non-interest income	2,664	2,479
Non-interest expense:
Compensation and benefits	29,247	25,755
Loss on pension withdrawal	0	11,206
Occupancy and equipment	7,625	7,929
Data processing	5,754	6,933
Debt extinguishment costs	0	2,155
Advertising	1,061	2,390
Professional services	4,117	4,528
(Release of) provision for commitments and letters of credit	(311)	689
Federal deposit insurance	381	494
Contribution to Blue Foundry Charitable Foundation	0	9,000
Other expense	4,900	3,591
Total non-interest expense	52,774	74,670
Income (loss) before income tax expense	2,734	(26,724)
Income tax expense	338	9,618
Net income (loss)	$ 2,396	$ (36,342)
Basic earnings (loss) per share (in dollars per share)	$ 0.09	$ (2.99)
Diluted earnings (loss) per share (in dollars per share)	$ 0.09	$ (2.99)
Weighted average shares outstanding, basic (in shares)	26,165,841	12,171,050
Weighted average shares outstanding, diluted (in shares)	26,270,864	12,171,050

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)		$ 2,396	$ (36,342)
Unrealized loss on securities available for sale:
Unrealized loss arising during the period	[1]	(37,260)	(3,118)
Reclassification adjustment for (gain) loss included in net income	[1]	(14)	1
Unrealized loss arising during the period	[1]	(37,274)	(3,117)
Unrealized gain on cash flow hedge:
Unrealized gain arising during the period	[1]	11,693	2,733
Reclassification adjustment for (gain) loss included in net income	[1]	(356)	1,007
Unrealized gain on cash flow hedge	[1]	11,337	3,740
Post-Retirement plans:
Net benefit arising from plan amendment	[1],[2]	504	0
Net gain (loss) arising during the period	[1]	858	(115)
Reclassification adjustment for amortization of Net actuarial loss	[1]	228	151
Unrealized gain on post-retirement plans	[1]	1,590	36
Total other comprehensive (loss) income, net of tax	[1]	(24,347)	659
Comprehensive loss		$ (21,951)	$ (35,683)
[1]Includes a deferred tax valuation allowance equal to the net tax benefit.[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	Charitable Foundation	Unallocated Common Stock Held by ESOP	Common Stock	Common Stock Charitable Foundation	Additional Paid-In Capital	Additional Paid-In Capital Charitable Foundation	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period (in shares) at Dec. 31, 2020				100,000
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 income (loss)	(36,342)							(36,342)
Other comprehensive income	659									659
Proceeds of stock offering and issuance of common shares, net of issuance costs, and Issuance of common shares donated to Blue Foundry Charitable Foundation (in shares)				27,672,500	750,000
Proceeds of stock offering and issuance of common shares, net of issuance costs, and Issuance of common shares donated to Blue Foundry Charitable Foundation	273,598	$ 7,500		$ 268	$ 7	273,330	$ 7,493
Purchase of common shares by the ESOP	(22,818)		(22,818)
ESOP shares committed to be released (91,272 shares)	$ 1,274		913			361
Balance at end of period (in shares) at Dec. 31, 2021	28,522,500			28,522,500
Balance at end of period at Dec. 31, 2021	$ 429,471		(21,905)	$ 285		282,006		169,457		(372)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	2,396							2,396
Other comprehensive income	(24,347)									(24,347)
Purchase of common shares by the ESOP	0
Purchase of treasury stock (in shares)				(1,298,762)
Purchase of Treasury stock	(15,618)								$ (15,618)
Treasury stock allocated to restricted stock plan (in shares)				299,481
Treasury stock allocated to restricted stock plan	0					(3,456)		(90)	3,546
Compensation cost for stock options and restricted stock	664					664
ESOP shares committed to be released (91,272 shares)	$ 1,152		912			240
Balance at end of period (in shares) at Dec. 31, 2022	27,523,219			27,523,219
Balance at end of period at Dec. 31, 2022	$ 393,718		$ (20,993)	$ 285		$ 279,454		$ 171,763	$ (12,072)	$ (24,719)

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders’ Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Stock offering costs incurred and deferred		$ 4.8
Unallocated common stock held by ESOP (in shares)	2,281,800	2,281,800
ESOP shares committed to be released (in shares)	91,272	91,272

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net income (loss)	$ 2,396	$ (36,342)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization of premises and equipment	2,662	2,347
Change in right-of-use asset	2,550	2,618
(Accretion) amortization of:
Deferred loan fees, costs, and discounts, net	(655)	1,107
Premiums and discounts on securities, net	1,065	893
Change in deferred taxes, net of valuation allowance	0	8,733
Release of provision for loan losses	(1,001)	(2,518)
(Gain) loss on sales and calls of securities	(14)	1
Increase in BOLI cash surrender value	(490)	(476)
Issuance of common shares donated to Blue Foundry Charitable Foundation	0	7,500
ESOP and stock-based compensation expense	1,816	1,274
(Increase) decrease in interest and dividends receivable	(1,521)	377
Increase in other assets	(2,247)	(1,945)
Decrease in other liabilities	590	4,325
Change in lease liability	(2,372)	(2,036)
Net cash provided by (used in) operating activities	2,779	(14,142)
Cash flows from investing activities
Net (originations) repayments of loans receivable	(152,847)	86,975
Purchases of residential mortgage loans	(104,040)	(91,635)
Proceeds from sale of Real Estate Owned	0	618
Purchases of securities available for sale	(80,039)	(164,958)
Purchases of securities held to maturity	(10,600)	(23,362)
Proceeds from calls of securities held to maturity	0	7,000
Proceeds from sales and calls of securities available for sale	4,659	14,216
Principal payments and maturities on securities available for sale	47,875	65,002
Purchases of other investments	150	0
Purchase of Federal Home Loan Bank stock	(30,863)	0
Redemption of Federal Home Loan Bank stock	25,133	6,678
Proceeds from Assets held for sale	0	6,034
Purchases of premises and equipment	(5,364)	(11,902)
Net cash used in investing activities	(306,236)	(105,334)
Cash flows from financing activities
Net change in deposits	41,822	(109,144)
Proceeds from advances from Federal Home Loan Bank	1,423,000	583,600
Repayments of advances from Federal Home Loan Bank	(1,298,000)	(727,500)
Net increase in advances by borrowers for taxes and insurance	(280)	(1,259)
Purchase of treasury stock	(15,349)	0
Net proceeds from issuance of common shares	0	250,780
Net cash provided by (used in) financing activities	151,193	(3,523)
Net decrease in cash and cash equivalents	(152,264)	(122,999)
Cash and cash equivalents at beginning of period	193,446	316,445
Cash and cash equivalents at end of period	41,182	193,446
Cash paid during the period for:
Interest	10,714	12,836
Income taxes	190	150
Supplemental noncash disclosures
Transfers of assets to held for sale	917	892
Lease liabilities arising from obtaining right-of-use assets	2,999	3,197
Purchase of common shares by the ESOP	$ 0	$ 22,818

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The accompanying consolidated financial statements include the accounts of Blue Foundry Bancorp (the “Company”), and its wholly owned subsidiary, Blue Foundry Bank (the “Bank”), and the Bank’s wholly owned subsidiaries, Blue Foundry Service Corp., Rutherford Center Development Corp., 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. Business The Company provides a wide range of banking services to individual and business customers through branch offices in New Jersey. The Company is subject to competition from other financial institutions and to the regulations of certain federal and state agencies, and undergoes periodic examinations by those regulatory authorities. 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 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. The audited 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 year ended December 31, 2022 are not necessarily indicative of the results of operations that may be expected for subsequent periods. Cash and Cash Equivalents Cash and cash equivalents include cash and deposits with other financial institutions with maturities fewer than 90 days. Securities Debt securities are classified as held to maturity and carried at amortized cost when management has the positive intent and ability to hold them to maturity. Securities to be held for indefinite periods of time and not intended to be held to maturity are classified as available for sale and carried at fair value. Unrealized holding gains and losses on securities available for sale are excluded from earnings with unrealized holding gains and losses reported in other comprehensive income, net of tax adjusted for deferred tax valuation allowances, until realized. Securities available for sale are those which management intends to use as part of its asset/liability management strategy and which may be sold in response to changes in interest rates, resultant prepayment risk and other factors related to interest rate risk. Gains and losses on sales are recognized on a trade-date basis using the specific identification method. Premiums on securities are amortized to income using the level yield method over the remaining period to the earliest call date or contractual maturity, adjusted for anticipated prepayments. Discounts on securities are accreted to income over the remaining period to the contractual maturity, adjusted for anticipated prepayments. Interest income is recognized on an accrual basis. Management evaluates securities for other-than-temporary impairment (“OTTI”) on, at least, a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For debt securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: (1) OTTI related to credit loss, which must be recognized in the income statement and (2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. Derivatives The Company uses derivative financial instruments as components of its market risk management, principally to manage interest rate risk. At the inception of a derivative contract, the Company designates the derivative as one of three types based on the Company’s intentions and belief as to likely effectiveness as a hedge. These three types are (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (“fair value hedge”), (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), or (3) an instrument with no hedging designation (“stand-alone derivative”). For a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item, are recognized in current earnings as fair values change. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. For both types of hedges, changes in the fair value of derivatives that are not highly effective in hedging the changes in fair value or expected cash flows of the hedged item are recognized immediately in current earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings, as non-interest income. As of December 31, 2022, and December 31, 2021 the Company’s derivatives are all cash flow hedges. Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in non-interest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to a specific firm commitments or forecasted transactions. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions will affect earnings. The Company is exposed to losses if a counterparty fails to make its payments under a contract in which the Company is in the net receiving position. The Company anticipates that the counterparties will be able to fully satisfy their obligations under the agreements. All the contracts to which the Company is a party settle monthly or quarterly. In addition, the Company obtains collateral above certain thresholds of the fair value of its hedges for each counterparty based upon their credit standing and the Company has netting agreements with the dealers with which it does business. Fair Value of Financial Instruments GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Other Investments Other investments consists primarily of membership and activity-based shares in the FHLBNY. Members are required to own a certain amount of stock based on the level of borrowings and other factors. FHLBNY stock is carried at cost, which approximates fair value, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. Other investments also consists of, to a much lesser extent, an investment in a financial technology fund carried at net asset value (“NAV”) and shares in a cooperative that provides community banking core technology solutions carried at cost. The fair value of the financial technology fund investment is estimated using the NAV of the Company’s ownership interest in partners’ capital, which approximates fair value. Increases or decreases in NAV are recorded in other income. Loans Receivable Loans receivable are stated at unpaid principal balance, net of deferred fees, costs, and discounts, and the allowance for loan losses. Interest on loans is recognized based upon the principal amount outstanding. Loan fees and certain direct loan origination costs are deferred, and the net fee or cost is recognized in interest income using the level yield method over the contractual life of the individual loans, adjusted for actual prepayments. For all loan classes, the accrual of income on loans, including impaired loans, is generally discontinued when a loan becomes 90 days delinquent or when certain factors indicate reasonable doubt as to the ability of the borrower to meet contractual principal and/or interest obligations. Loans on which the accrual of income has been discontinued are designated as nonaccrual loans. All previously accrued interest is reversed and income is recognized subsequently only in the period received, provided the remaining principal balance is deemed collectible. A nonaccrual loan is not returned to an accrual status until principal and interest payments are brought current and factors indicating doubtful collection no longer exist. Principal and interest payments received on non-accrual loans for which the remaining principal balance is not deemed collectible are applied as a reduction to principal and interest income is not recognized. If the principal balance on the loan is later deemed collectible and the loan is returned to accrual status, any interest payments that were applied to principal while on non-accrual are recorded as an unearned discount on the loan, classified as deferred fees, costs and discounts, and are recognized into interest income using the level-yield method over the remaining contractual life of the individual loan, adjusted for actual prepayments. Allowance for Loan Losses The allowance for loan losses is a valuation allowance for probable and reasonably estimable incurred credit losses in the loan portfolio as of the balance sheet date. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required for all portfolio segments using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. The allowance consists of specific and general components. The specific component of the allowance relates to loans that are individually classified as impaired. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings (“TDR”) and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impaired loans are measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, or, as a practical expedient, at the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance (generally $400,000 or less) homogeneous loans, such as consumer and residential real estate loans, are collectively evaluated for impairment. Impaired loans also include all nonaccrual non-residential, multifamily and construction and land loans, and troubled debt restructurings. Troubled debt restructured loans are those loans whose terms have been modified such that a concession has been granted because of deterioration in the financial condition of the borrower. Modifications could include extension of the terms of the loan, reduced interest rates, and forgiveness of accrued interest and/or principal. Once an obligation has been classified a troubled debt restructuring, it continues to be considered a troubled debt restructuring and is individually evaluated for impairment until paid in full. For a cash flow dependent loan, the Company records an impairment charge equal to the difference between the present value of the estimated future cash flows under the restructured terms discounted at the loans original effective interest rate, and the original loan’s carrying amount. For a collateral dependent loan, the Company records an impairment when the current estimated fair value of the property, net of estimated selling costs, that collateralizes the impaired loan is less than the recorded investment in the loan. The general component of the allowance covers non impaired loans and is based on historical loss experience adjusted for current qualitative factors. The historical loss experience is a quantitative factor determined by portfolio segment and is based on the actual loss history experienced by the Company. The qualitative factors include consideration of the following: • Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses. • Changes in international, national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments. • Changes in the nature and volume of the portfolio and in the terms of loans. • Changes in the experience, ability, and depth of lending management and other relevant staff. • Changes in the volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans. • Changes in the quality of the institution's loan review system. • Changes in the value of underlying collateral for collateral-dependent loans. • The existence and effect of any concentrations of credit, and changes in the level of such concentrations. • The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the institution's existing portfolio. The loan portfolio is categorized according to collateral type, loan purpose, lien position, or borrower type (i.e., commercial, consumer). The categories used include residential one-to-four family, multifamily, non-residential, construction and land, junior liens, commercial and industrial, and consumer and other. Premises and Equipment Premises and equipment, including leasehold improvements, are generally stated at cost less accumulated depreciation, amortization and fair value adjustments. Depreciation and amortization is computed primarily using the straight-line method over the estimated useful lives of the assets or leases. Repair and maintenance items are expensed and major improvements are capitalized. Upon retirement or sale, any gain or loss is credited or charged to operations. Construction in process represents costs incurred to develop properties for future use. Leases and Lease Obligations The Company enters into leases in the normal course of business primarily for financial centers, administrative and office operations locations, and information technology equipment. The Company’s leases have remaining terms ranging from less than one Leases are classified as operating or finance leases at the lease commencement date. Lease expense for operating leases and short-term leases is recognized on a straight-line basis over the lease term. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets (“ROU”) and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The Company uses its incremental borrowing rate at lease commencement to calculate the present value of lease payments when the rate implicit in a lease is not known. The Company’s incremental borrowing rate is based on the FHLB advance rate, adjusted for the lease term and other factors. Bank Owned Life Insurance The Company has purchased life insurance policies on certain key individuals. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Income Taxes Income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company evaluates the realizability of deferred tax assets at least annually in accordance with ASC 740-10-30-5(e), and may determine that it is more-likely-than-not that a portion, or all, of the assets would require a valuation allowance. During the fourth quarter of 2021, the Company recorded a valuation allowance on all outstanding deferred tax assets in the amount of $16.8 million. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The measurement of deferred tax assets is reduced by a valuation allowance for the amount of the deferred tax asset that is more likely than not to be realized. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company recognizes interest and/or penalties related to income tax matters in other operating expenses. Retirement Benefits Effective January 1, 2020 the Defined Benefit Plan adopted by the Company was amended to freeze the plan, eliminating all future benefit accruals. In August, 2021, the Company announced its intent to withdraw from the DB Plan, effective September 30, 2021. The withdrawal was completed on December 1, 2021. The Company recorded a termination expense of $11.2 million. The Company provides certain healthcare benefits, subject to certain limitations, to eligible retirees, based upon years of service and a retirement date prior to January 1, 2019. The Company also provides supplemental retirement benefits to certain directors. The Company measures the cost of these benefits based upon various estimates and assumptions. Costs are recognized as directors render service. Employee Stock Ownership Plan The cost of shares issued to the ESOP, but not yet allocated to participants, is shown as a reduction of shareholders’ equity. Compensation expense is based on the market price of shares as they are committed to be released to participant accounts. Dividends on allocated ESOP shares reduce retained earnings; dividends on unearned ESOP shares reduce the ESOP’s debt and accrued interest. Share Based Compensation The Company maintains an equity incentive plan under which restricted stock and stock options may be granted to employees and directors. The Company recognizes the cost of employee services received in exchange for awards of equity instruments based on the grant-date fair value of those awards in accordance with ASC 718, “Compensation-Stock Compensation”. The Company estimates the per share fair value of option grants on the date of grant using the Black-Scholes option pricing model using assumptions for the expected dividend yield, expected stock price volatility, risk-free interest rate and expected option term. These assumptions are subjective in nature, involve uncertainties and, therefore, cannot be determined with precision. The Black-Scholes option pricing model also contains certain inherent limitations when applied to options that are not traded on public markets. The per share fair value of options is highly sensitive to changes in assumptions. In general, the per share fair value of options will move in the same direction as changes in the expected stock price volatility, risk-free interest rate and expected option term, and in the opposite direction as changes in the expected dividend yield. For example, the per share fair value of options will generally increase as expected stock price volatility increases, risk-free interest rate increases, expected option term increases and expected dividend yield decreases. The use of different assumptions or different option pricing models could result in materially different per share fair values of options. The Company recognizes compensation expense for the fair values of these awards, which have graded vesting, on a straight-line basis over the requisite service period of the awards. The Company’s accounting policy is to recognize forfeitures as they occur. Comprehensive Income (Loss) Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on both securities available for sale and derivatives, net of the related tax effect. Also included are changes in the unfunded status of the Company’s defined benefit plans, net of the related tax effect, which are recognized as separate components of shareholders’ equity. Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are such matters that will have a material effect on the consolidated financial statements. Earnings per share Basic earnings per share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. ESOP shares committed to be released are considered to be outstanding for purposes of the earnings per share computation. ESOP shares that have not been legally released, but that relate to employee services rendered during an accounting period (interim or annual) ending before the related debt service payment is made, are considered committed to be released. Diluted earnings per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options awards and are determined using the treasury stock method. When applying the treasury stock method, we add: (1) the assumed proceeds from option exercises and (2) the average unamortized compensation costs related to unvested shares of restricted stock and stock options. We then divide this sum by our average stock price to calculate shares repurchased. The excess of the number of shares issuable over the number of shares assumed to be repurchased is added to basic weighted average common shares to calculate diluted EPS. Treasury Stock Repurchases of Company common stock are classified as treasury stock shares carried at cost and presented as a reduction of shareholders’ equity. Treasury stock are not considered outstanding for share count purposes and are excluded from average common shares outstanding for basic and diluted earnings per share. Reissued treasury stock at an amount greater (less) than paid to repurchase the shares will result in a gain (loss) on the reissuance of the shares. The gain or loss will be recognized in shareholders’ equity. A gain on the reissuance of treasury shares are credited to additional paid-in capital. A loss on the reissuance of treasury shares are debited to additional paid-in capital to the extent previous net gains from the same class of stock are included in additional paid-in capital. Losses in excess of gains in additional paid-in capital are charged to retained earnings. 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 year ended December 31, 2022. Accounting Standards Not Yet Adopted As an “emerging growth company” as defined in Title 1 of the Jumpstart Our Business Startups (JOBS) Act prior to December 31, 2019, the Company elected to use the extended transition period to delay the adoption of new or reissued accounting pronouncements applicable to public companies until such pronouncements were made applicable to private companies. The FASB issued, but the Company has not yet adopted, ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” to replace the incurred loss model for loans and other financial assets with an expected loss 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 that are not unconditionally cancelable and not accounted for as insurance (undisbursed lines of credit, 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 adopted this standard on 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 change to the Company's accounting for credit losses on financial instruments. To prepare for implementation of the new standard the Company 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 was developed which included assessing the processes, portfolio segmentation, model development and validation, and system requirements and resources needed. The new credit loss 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 and HTM securities portfolios, 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. Our CECL models will include the following major items as of the ASC 326 adoption date: – a historical loss period, which represents a full economic credit cycle utilizing loss experience including peer historical loss data – a reasonable and supportable forecast period of one year, based on management’s current review of macroeconomic factors and the reliability of extended forecasts – a reversion period (after the reasonable and supportable forecast period) of one year using a straight-line method – expected prepayment rates based on our historical experience and benchmark assumptions where internal data is limited; and – incorporation of qualitative factors not captured within the modeled results. The Company adopted ASU 2016-13 on January 1, 2023. The adoption of ASU 2016-13 is not expected to have a significant impact on our financial statements or regulatory capital ratios. 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 modificatio

SECURITIES

SECURITIES	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
SECURITIES	SECURITIES Debt Securities The amortized cost of securities available for sale and their estimated fair values at December 31, 2022 and 2021 are as follows: Amortized Gross Unrealized Gains Gross Unrealized Losses Estimated (In thousands) Available for sale December 31, 2022 U.S. Treasury Notes $ 46,937 $ — $ (3,178) $ 43,759 Corporate Bonds 81,725 4 (5,431) 76,298 U.S. Government agency obligations 16,367 — (944) 15,423 Obligations issued by U.S. states and their political subdivisions 16,559 49 (340) 16,268 Mortgage-backed securities: Residential one-to-four family 164,843 — (24,657) 140,186 Multifamily 19,475 — (1,317) 18,158 Asset-backed securities 4,525 — (369) 4,156 Total available-for-sale $ 350,431 $ 53 $ (36,236) $ 314,248 December 31, 2021 U.S. Treasury Notes $ 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 During the year ended December 31, 2022, proceeds from calls of securities available for sale totaled $4.7 million, resulting in gross realized gains of $14 thousand and no gross realized losses. During the year ended December 31, 2021, proceeds from calls of securities available for sale totaled $14.2 million, resulting in no gross realized gains and gross realized losses of $1 thousand. There were no securities sold during the years ended December 31, 2022 and 2021. The amortized cost of securities held-to-maturity and their estimated fair values at December 31, 2022 and 2021, are as follows: Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated (In thousands) Held-to-maturity December 31, 2022 Asset-backed securities $ 15,105 $ — $ (2,309) $ 12,796 Corporate bonds 18,600 — (2,281) 16,319 Total held-to-maturity $ 33,705 $ — $ (4,590) $ 29,115 December 31, 2021 Asset-backed securities $ 15,281 $ — $ (373) $ 14,908 Corporate bonds 8,000 — (59) 7,941 Total held-to-maturity $ 23,281 $ — $ (432) $ 22,849 At December 31, 2022 and 2021, the held to maturity securities portfolio was comprised of investment grade credit ratings. Securities pledged at December 31, 2022 and December 31, 2021, had a carrying amount of $4.2 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 and asset-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: December 31, 2022 Amortized Cost Estimated Fair Value (In thousands) Available-for-sale Due in one year or less $ 13,089 $ 12,707 Due from one year to five years 90,415 85,755 Due from five to ten years 42,212 38,836 Due after ten years 15,872 14,450 Mortgage-backed and asset-backed securities 188,843 162,500 Total $ 350,431 $ 314,248 Held-to-maturity Due from one year to five years $ — $ — Due from five to ten years 18,600 16,319 Due after ten years — — Mortgage-backed and asset-backed securities 15,105 12,796 Total $ 33,705 $ 29,115 The following tables summarize available-for-sale securities with unrealized losses at December 31, 2022 and 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) December 31, 2022 Available for sale U.S. Treasury Note $ (1,342) $ 28,670 $ (1,836) $ 15,089 $ (3,178) $ 43,759 Corporate Bonds (3,608) 58,509 (1,823) 15,522 (5,431) 74,031 U.S. Government (5) 696 (939) 14,727 (944) 15,423 Obligations issued by (65) 5,641 (275) 1,568 (340) 7,209 Mortgage-backed Residential one-to-four (8,273) 60,986 (16,384) 79,189 (24,657) 140,175 Multifamily (1,166) 17,689 (151) 469 (1,317) 18,158 Asset-backed securities — — (369) 4,156 (369) 4,156 Total available-for-sale $ (14,459) $ 172,191 $ (21,777) $ 130,720 $ (36,236) $ 302,911 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 (49) 9,951 (130) 7,980 (179) 17,931 Obligations issued by — — — — — — Mortgage-backed Residential one-to-four (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 on available for sale securities for the years ended December 31, 2022 or 2021. The number of available for sale securities in an unrealized loss position at December 31, 2022 totaled 105, compared with 44 at December 31, 2021. The increase in the number of securities in an unrealized loss position at December 31, 2022 was due to higher current market interest rates compared to rates at December 31, 2021. Of the 105 available for sale securities in an unrealized loss position at December 31, 2022, 64 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 8 municipal bonds, 31 investment grade corporate bonds and two asset-backed securities in an unrealized loss position. The Company does not consider these securities to be other-than-temporarily impaired due to the decline in fair value being attributable to changes in interest rates and liquidity, not credit quality. The Company also does not intend to sell these securities, nor does it foresee being required to sell them before the anticipated recovery (maturity). The following table summarizes held-to-maturity securities with unrecognzed losses at December 31, 2022, aggregated by major security type and length of time in a continuous loss position. The Company did not have any held- to- maturity securities in an unrecognized loss position for more than twelve months at December 31, 2021. Less than 12 Months 12 Months or More Total Unrecognized Losses Estimated Unrecognized Losses Estimated Unrecognized Losses Estimated (In thousands) December 31, 2022 Held-to-maturity Corporate Bonds $ (1,177) $ 10,423 $ (1,104) $ 5,896 $ (2,281) $ 16,319 Asset-backed securities — — (2,310) 12,796 (2,310) 12,796 Total held-to-maturity $ (1,177) $ 10,423 $ (3,414) $ 18,692 $ (4,591) $ 29,115 There were no other-than-temporary impairment (“OTTI”) charges on held-to-maturity securities for the years ended December 31, 2022 or 2021. The number of held-to-maturity securities in an unrecognized loss position at December 31, 2022 totaled 11, compared with four at December 31, 2021. The increase in the number of securities in an unrecognized loss position at December 31, 2022, was due to higher current market interest rates compared to rates at December 31, 2021. Of the 11 held-to-maturity securities in an unrecognized loss position at December 31, 2022, two are asset-backed securities and nine are investment grade corporate bonds. 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). At December 31, 2021, held to maturity securities in an aggregate unrecognized loss position for less than twelve months included two asset-backed securities with total fair value of $14.9 million in an aggregate unrecognized loss position of $373 thousand and two investment grade corporate bonds with total fair value of $6.9 million in an aggregate unrecognized loss position of $59 thousand. Other Investments At December 31, 2022, other investments primarily consisted of investments in FHLB stock, and to a much lesser extent, investments in a financial technology fund and a community banking core provider cooperative. Other investments carried at fair value totaled $15.9 million and $10.2 million at December 31, 2022 and 2021, respectively. Other investments carried at NAV totaled $157 thousand at December 31, 2022. The Company recorded a net increase in the NAV of $7 thousand for the year ended December 31, 2022 as a component of other income. The Company's unfunded commitments related to the financial technology fund totaled $850 thousand.

LOANS RECEIVABLE, NET

LOANS RECEIVABLE, NET	12 Months Ended
	Dec. 31, 2022
Receivables [Abstract]
LOANS RECEIVABLE, NET	LOANS RECEIVABLE, NET A summary of loans receivable, net is as follows: December 31, 2022 December 31, 2021 (In thousands) Residential one-to-four family $ 594,521 $ 560,976 Multifamily 690,278 515,240 Non-residential 216,394 141,561 Construction and land 17,990 23,419 Junior liens 18,477 18,464 Commercial and industrial (1) 4,682 21,563 Consumer and other 38 87 Total gross loans 1,542,380 1,281,310 Deferred fees, costs and premiums and discounts, net 2,747 6,299 Total loans 1,545,127 1,287,609 Allowance for loan losses (13,400) (14,425) Loans receivable, net $ 1,531,727 $ 1,273,184 (1) At December 31, 2022 and 2021, PPP loans totaled $477 thousand and $16.8 million, respectively, 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 (“C&I”) loans include C&I revolvers, term loans, SBA 7a loans and to a lesser extent, PPP loans. Payment on C&I loans are driven principally by the cash flow of the business and secondarily by the sale or refinance of any collateral securing the loan. Both the cash flow and value of the collateral in liquidation may be affected by adverse general economic conditions. • 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 present the activity in the Company’s allowance for loan losses by class of loans for the years ended December 31, 2022, and 2021: Residential Multifamily Non-Residential Construction Junior Liens Commercial and Industrial Consumer Unallocated Total (In thousands) Year Ended December 31, 2022 Allowance for loan losses Beginning balance $ 2,822 $ 5,263 $ 2,846 $ 2,678 $ 636 $ 51 $ 38 $ 91 $ 14,425 Charge-offs — — — — — — (58) — (58) Recoveries 30 — — — — — 4 — 34 (Release of) provision for loan losses (588) 228 511 (981) (185) (4) 16 2 (1,001) Total ending allowance balance $ 2,264 $ 5,491 $ 3,357 $ 1,697 $ 451 $ 47 $ — $ 93 $ 13,400 Year Ended December 31, 2021 Allowance for loan losses Beginning balance $ 3,579 $ 5,460 $ 3,244 $ 3,655 $ 916 $ 2 $ 48 $ 55 $ 16,959 Charge-offs — — — — — — (16) — (16) Recoveries — — — — — — — — — (Release of) provision for loan losses (757) (197) (398) (977) (280) 49 6 36 (2,518) Total ending allowance balance $ 2,822 $ 5,263 $ 2,846 $ 2,678 $ 636 $ 51 $ 38 $ 91 $ 14,425 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 December 31, 2022 and December 31, 2021 : Residential Multifamily Non-Residential Construction Junior Liens Commercial and Industrial Consumer Unallocated Total (In thousands) December 31, 2022 Allowance for loan losses: Individually evaluated $ 27 $ — $ — $ — $ — $ — $ — $ — $ 27 Collectively evaluated 2,237 5,491 3,357 1,697 451 47 — 93 13,373 Total $ 2,264 $ 5,491 $ 3,357 $ 1,697 $ 451 $ 47 $ — $ 93 $ 13,400 Loans receivable: Individually evaluated $ 8,418 $ 516 $ 2,671 $ — $ 52 $ — $ — $ — $ 11,657 Collectively evaluated 588,836 690,174 213,390 17,799 18,579 4,653 39 — 1,533,470 Total $ 597,254 $ 690,690 $ 216,061 $ 17,799 $ 18,631 $ 4,653 $ 39 $ — $ 1,545,127 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 December 31, 2022 and December 31, 2021. The recorded investment in impaired loans includes deferred fees, costs and discounts. For purposes of this disclosure, the unpaid principal balance of impaired loans is not reduced for partial charge-offs. Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Cash Basis Interest Recognized (In thousands) December 31, 2022 With no related allowance recorded: Residential one-to-four $ 7,368 $ 7,669 $ — $ 7,711 $ 119 $ 116 Multifamily 516 516 — 652 17 15 Non-residential 2,834 2,671 — 3,168 118 108 Construction and land — — — — — — Junior liens 52 52 — 54 3 3 Commercial and — — — — — — 10,770 10,908 — 11,585 257 242 With an allowance recorded: Residential one-to-four 743 749 27 546 29 26 Multifamily — — — — — — Non-residential — — — — — — Construction and land — — — — — — Commercial and — — — — — — Consumer and other — — — — — — 743 749 27 546 29 26 Total $ 11,513 $ 11,657 $ 27 $ 12,131 $ 286 $ 268 December 31, 2021 With no related allowance recorded: 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 and land — — — — — — Junior liens 55 55 — 57 3 3 Commercial and — — — — — — 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 and land — — — — — — 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 total recorded investment of loans whose terms have been modified in TDRs was $4.8 million and $5.4 million as of December 31, 2022 and December 31, 2021, respectively. The Company has allocated $27 thousand and $68 thousand, respectively, of specific reserves to TDR loans as of December 31, 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 December 31, 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 December 31, 2022 and December 31, 2021. New TDRs during the year ended December 31, 2022 totaled $453 thousand. There were no new TDRs during the year ended December 31, 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. The Company had $4.5 million and $790 thousand in consumer mortgage loans secured by residential real estate properties for which foreclosure proceedings are in process at December 31, 2022 and 2021, respectively The following table presents the recorded investment in non-accrual loans and loans past due 90 days or more still on accrual as of December 31, 2022 and December 31, 2021 : Nonaccrual Loans Past Due 12/31/2022 12/31/2021 12/31/2022 12/31/2021 (In thousands) Residential one-to-four family $ 7,498 $ 10,805 $ — $ — Multifamily 182 139 — — Non-residential — 857 — — Construction and land — — — — Junior liens 52 182 — — Commercial and industrial (1) 35 — 61 116 Total $ 7,767 $ 11,983 $ 61 $ 116 (1) PPP loans 90 days past due and accruing totaled $61 thousand and $116 thousand at December 31, 2022 and 2021, respectively. These PPP loans were not reported in non-performing loans as they carry the federal guarantee of the SBA. The following table presents the recorded investment in past due and current loans by loan portfolio class as of December 31, 2022 and December 31, 2021: 30-59 60-89 90 Days Total Current Total (In thousands) December 31, 2022 Residential one-to-four family $ — $ 845 $ 6,738 $ 7,583 $ 589,671 $ 597,254 Multifamily — 182 182 690,508 690,690 Non-residential — — — 216,061 216,061 Construction and land — — — 17,799 17,799 Junior liens — — 52 52 18,579 18,631 Commercial and Industrial — 96 96 4,557 4,653 Consumer and other — — — 39 39 Total $ — $ 845 $ 7,068 $ 7,913 $ 1,537,214 $ 1,545,127 December 31, 2021 Residential one-to-four family $ 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 and land — — — 23,420 23,420 Junior liens 53 182 235 18,315 18,550 Commercial and Industrial 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, defined as $1 million for an individual exposure or $1.5 million for group exposure. The Company used the following definitions for risk ratings for loans rated other than Pass: Special Mention – Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or the Company’s credit position at some future date. Substandard – Loans classified as substandard are inadequately protected by the current sound worth and paying capacity of the obligor, or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the repayment and liquidation of the debt. They are characterized by distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful – Loans classified as doubtful have all the weaknesses inherent in those classified as Substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions, and values, highly questionable and improbable. Loss – Assets classified as loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. The following table presents the risk category of loans by class of loans based on the most recent analysis performed as of December 31, 2022 and December 31, 2021: Pass Special Substandard Doubtful / Total (In thousands) December 31, 2022 Residential one-to-four family $ 589,137 $ 247 $ 7,870 $ — $ 597,254 Multifamily 689,277 897 516 — 690,690 Non-residential 214,981 1,080 — — 216,061 Construction and land 17,799 — — — 17,799 Junior liens 18,579 — 52 — 18,631 Commercial and Industrial 4,653 — — 4,653 Consumer and other 8 — 31 — 39 Total $ 1,534,434 $ 2,224 $ 8,469 $ — $ 1,545,127 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 and land 23,420 — — — 23,420 Junior liens 18,368 — 182 — 18,550 Commercial and Industrial 20,966 — — — 20,966 Consumer and other 88 — — — 88 Total $ 1,269,218 $ 5,213 $ 13,178 $ — $ 1,287,609

PREMISES AND EQUIPMENT

PREMISES AND EQUIPMENT	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
PREMISES AND EQUIPMENT	PREMISES AND EQUIPMENT Premises and equipment, net, at December 31, 2022 and 2021, are summarized as follows: 2022 2021 Land $ 3,058 $ 3,793 Buildings and improvements 18,456 14,583 Leasehold improvements 10,888 10,174 Furnishings and equipment 10,080 9,325 Construction-in-Progress 716 1,618 43,197 39,493 Accumulated depreciation and amortization (13,372) (11,367) $ 29,825 $ 28,126 Construction-in-progress consists of deposits made related to the construction of branch improvements and the purchase of furnishings and equipment.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
LEASES	LEASES The Company leases certain office space, land and equipment under operating leases. These leases have original terms ranging from one year to 40 years. Operating lease liabilities and ROU assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term. The Company had the following related to operating leases: December 31, 2022 2021 (Dollars in thousands) Right-of-use assets $ 25,906 $ 25,457 Lease liabilities 27,324 26,696 Weighted average remaining lease term for operating leases 11.3 years 12.2 years Weighted average discount rate used in the measurement of lease liabilities 2.19 % 1.97 % The following table is a summary of the Company’s components of net lease cost for the year ended December 31, 2022 and 2021. The variable lease cost primarily represents variable payments such as common area maintenance and utilities. Year Ended December 31, 2022 2021 (In thousands) Operating lease cost $ 3,137 $ 3,034 Finance lease cost 23 19 Variable lease cost 228 219 Total lease cost $ 3,388 $ 3,272 The following table presents supplemental cash flow information related to operating leases: Year Ended December 31, 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows from operating leases $ 3,100 $ 2,721 Operating lease liabilities arising from obtaining right-of-use assets (non-cash): Operating leases $ 2,999 $ 3,197 For the year ended December 31, 2022, the Company added two new lease obligations related to the Company’s retail division in Hackensack and Union, New Jersey and one lease modification for an existing retail office. Future undiscounted lease payments for operating leases with initial terms of one year or more as of December 31, 2022 are as follows: (In thousands) 2023 $ 3,057 2024 3,040 2025 2,657 2026 2,657 2027 2,548 Thereafter 17,093 Total undiscounted lease payments 31,052 Less: imputed interest (3,728) Total $ 27,324

DEPOSITS

DEPOSITS	12 Months Ended
	Dec. 31, 2022
Deposits [Abstract]
DEPOSITS	DEPOSITS Deposits at December 31, 2022 and December 31, 2021, are summarized as follows: December 31, 2022 Weighted Average Rate December 31, 2021 Weighted Average Rate (In thousands) (In thousands) Non -interest bearing deposits $ 37,907 — % $ 44,894 — % NOW and demand accounts 410,937 0.92 % 363,419 0.13 % Savings 423,758 0.85 % 364,932 0.16 % Time deposits 416,260 1.79 % 473,795 0.58 % Total $ 1,288,862 1.15 % $ 1,247,040 0.31 % Money market accounts are included within the NOW and demand accounts and savings captions. Included in time deposits are brokered deposits totaling $75.0 million at December 31, 2022. There were zero brokered deposits at December 31, 2021. Time deposits mature as follows for the year ending December 31: (In thousands) 2023 $ 294,912 2024 103,810 2025 10,891 2026 4,352 2027 2,295 $ 416,260 Time deposits that meet or exceed the FDIC insurance limit of $250,000 at December 31, 2022 and 2021, were $43.1 million and $47.3 million, respectively. As of December 31, 2022 and 2021, the Company had $2.2 million and $2.4 million respectively, in related party (principal officers, directors, and their affiliates) deposits. Interest expense on deposits is summarized as follows (in thousands): Year Ended December 31, 2022 2021 (In thousands) NOW and demand accounts $ 1,344 $ 519 Savings 1,615 572 Time deposits 2,779 6,793 Total $ 5,738 $ 7,884

ADVANCES FROM THE FEDERAL HOME

ADVANCES FROM THE FEDERAL HOME LOAN BANK OF NEW YORK (FHLB)	12 Months Ended
	Dec. 31, 2022
Federal Home Loan Banks [Abstract]
ADVANCES FROM THE FEDERAL HOME LOAN BANK OF NEW YORK (FHLB)	ADVANCES FROM THE FEDERAL HOME LOAN BANK OF NEW YORK (“FHLB”) Advances from the FHLB are fixed-rate, term borrowings with remaining maturities ranging from one month to 25 months. FHLB advances totaled $310.5 million and $185.5 million at December 31, 2022 and 2021, respectively. Each advance is payable at its maturity date with a prepayment penalty if repayment is made prior to the maturity date. During the year ended December 31, 2021, the Bank extinguished $111.4 million in FHLB borrowings incurring a prepayment penalty of $2.2 million. There were no extinguishments of debt during the year ended December 31, 2022. Advances are secured by loans pledged at the FHLB totaling $638.6 million and $319.9 million as of December 31, 2022 and 2021, respectively. Advances mature as follows for the year ended December 31, 2022. Maturity Rate Range Weighted Average Rate Amount 2023 0.70% — 4.82% 4.37% $ 252,000 2024 1.60% — 1.94% 1.80% 38,000 2025 1.50% — 1.60% 1.58% 20,500 3.87% $ 310,500 At December 31, 2021, FHLB advances totaled $185.5 million with a weighted average fixed rate of 0.92%. See Note 10 for further disclosure around Derivatives activities related to FHLB advances.

BENEFIT PLANS

BENEFIT PLANS	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
BENEFIT PLANS	BENEFIT PLANS Defined Benefit Pension Plan The Company had been a participant in the Pentegra Defined Benefit Plan for Financial Institutions (the “Pentegra DB Plan”), a tax-qualified defined benefit pension plan. Effective January 1, 2020, this plan was frozen to all existing plan participants, eliminating all future benefit accruals. The Company elected to withdraw from the Pentegra DB Plan in August 2021, and recognized an $11.2 million expense associated with the exit from the plan. The withdrawal was completed on December 1, 2021. 401(k) Plan The Company has a savings plan under Section 401(k) of the Internal Revenue Code, which covers substantially all employees upon employment who have attained the age of 18. Under the plan, employee contributions are partially matched by the Company at its sole discretion. Company contributions for the years ended December 31, 2022 and 2021 were $857 thousand and $701 thousand, respectively. SERPs, Directors’ Plan and Other Postretirement Benefits Plan The Company maintains an Executive Supplemental Income Retirement Plan (“SERP”) for certain employees and a Director Retirement Plan (“DRP”). As the SERP and DRP plans are unfunded, there are no plan assets associated with these plans. During 2022, the DRP plan was amended to curtail the plan to the current participants and to establish fixed payments to the participant in the plan. The Company provides certain health insurance benefits for retired employees and directors meeting plan eligibility requirements. Effective January 1, 2019, the employee postretirement health benefit plan was curtailed, leaving only 12 retired participants and beneficiaries remaining in the plan. Active participants who met certain requirements received payments in lieu of future benefits. The plans are unfunded as of December 31, 2022 and 2021, and the obligation is included in other liabilities as an accrued postretirement benefit cost. The following table sets forth the change in benefit obligation, change in plan assets and a reconciliation of the unfunded status and the assumptions used in determining the net periodic cost included in the accompanying consolidated financial statements for the Company’s post retirement plans. The measurement date for the post retirement plans were December 31 for each year presented. SERP and DRP Post Retirement 2022 2021 2022 2021 (In thousands) Change in benefit obligation: Projected benefit obligation at beginning of year $ 3,941 $ 4,102 $ 1,613 $ 1,881 Service cost 98 201 1 1 Interest cost 87 79 39 38 Actuarial (gain) loss (469) (100) (488) (215) Benefits paid (339) (341) (93) (92) Plan amendments (504) — — — Projected benefit obligation at end of year 2,814 3,941 1,072 1,613 Reconciliation of plan assets: Fair value of plan assets at beginning of year — — — — Actual return on plan assets — — — — Employer contributions 339 341 93 92 Benefits and Settlements paid (339) (341) (93) (92) Fair value of plan assets at end of year — — — — Unfunded status $ 2,814 $ 3,941 $ 1,072 $ 1,613 Amounts recognized in accumulated other comprehensive income at December 31, ignoring tax effects, consist of: SERP and DRP Post Retirement 2022 2021 2022 2021 (In thousands) Unrecognized net actuarial loss (gain) $ 279 $ 1,073 $ (671) $ (189) Unrecognized prior service cost 20 333 — — Total accumulated other comprehensive loss (gain) $ 299 $ 1,406 $ (671) $ (189) The weighted average assumptions used in the determination of benefit obligations as of December 31 were as follows: SERP and DRP Post Retirement 2022 2021 (1) 2022 2021 Discount rate 4.81 % 2.31 % 4.91 % 2.53 % Rate of compensation increase* N/A 6.25 % N/A N/A (1) Rate of compensation increase applicable to DRP only. The weighted-average assumptions used in the determination of net periodic benefit cost were as follows: SERP and DRP Post Retirement 2022 2021 (1) 2022 2021 Discount rate 2.31 % 1.82 % 2.59 % 2.18 % Expected rate of return on plan assets N/A N/A N/A N/A Rate of compensation increase* N/A 6.25 % N/A N/A (1) Rate of compensation increase applicable to DRP only. The components of net periodic benefit cost and other amounts recognized in other comprehensive income were as follows for the years ended December 31, 2022 and 2021: SERP and DRP Post Retirement 2022 2021 2022 2021 (In thousands) Service cost $ 98 $ 201 $ 1 $ 1 Interest cost 87 79 39 38 Amortization: Past service liability — — — — Net loss (gain) 134 213 (6) (3) Net periodic benefit cost $ 319 $ 493 $ 34 $ 36 The components of net periodic benefit cost other than the service cost component are included in “other non-interest expense” in the Statement of Operations. The estimated net loss and prior service cost for the post-retirement plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost during 2023 are $(85) thousand and $5 thousand, respectively. The benefits expected to be paid in each of the next five years and the aggregate for the five years thereafter are as follows: SERP and DRP Post- Retirement (In thousands) 2023 $ 272 $ 77 2024 255 79 2025 257 80 2026 241 80 2027 227 81 Years 2028 - 2032 996 399
BENEFIT PLANS	Employee Stock Ownership Plan The Company maintains the Blue Foundry Bank 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 until allocated to 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, if any, 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, if any, increase participants accounts. At December 31, 2022, the principal balance on the ESOP loan is $21.2 million. Contributions to the ESOP during the years ended December 31, 2022 and 2021, totaled $615 thousand and $1.0 million, respectively. ESOP compensation expense is recognized over the service period and represents the fair value of shares allocated during the year. For the years ended December 31, 2022 and 2021, ESOP compensation expense was $1.2 million and $1.3 million respectively. Shares held by the ESOP were as follows: December 31, 2022 December 31, 2021 (Dollars in thousands) Shares allocated to participants 182,544 91,272 Unallocated shares 2,099,256 2,190,528 Total ESOP shares 2,281,800 2,281,800 Fair value of unallocated shares $ 26,975 $ 32,047 The fair value of the unallocated shares was computed using the closing trading price of the Company’s common stock on each date. Equity Incentive Plan At the annual meeting held on August 25,2022, stockholders of the Company approved the Blue Foundry Bancorp 2022 Equity Incentive Plan (“Equity Plan”) which provides for the granting of up to 3,993,150 shares (1,140,900 restricted stock awards and 2,852,250 stock options) of the Company’s common stock. Restricted shares granted under the Equity Plan generally vest in equal installments, over a service period between five Stock options granted under the Equity Plan generally vest in equal installments, over a service period between five The fair value of stock options granted are estimated utilizing the Black-Scholes option pricing model. The weighted average assumptions used for the options granted during the year ended December 31, 2022 are: expected life of 6.9 years years, risk-free rate of 3.94%, volatility of 29.41% and a dividend yield of 0.88%. Due to the limited historical information of the Company’s stock, management considered the weighted historical volatility of the Company and similar entities for an appropriate period in determining the volatility rate used in the estimation of fair value. The expected life of the stock option was estimated using the simplified method. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The Company recognizes compensation expense for the fair values of these awards, which have graded vesting, on a straight-line basis over the requisite service period of the awards. Upon exercise of vested options, management expects to draw on treasury stock as the source for shares. The following table presents the share-based compensation expense for the year ended December 31, 2022. There was no share-based compensation expense for the year ended December 31, 2021. Year ended December 31, 2022 (In thousands) Stock option expense $ 422 Restricted stock expense 242 Total share-based compensation expense $ 664 The following is a summary of the Company’s stock option activity and related information for the year ended December 31, 2022: Number of Stock Options Weighted Average Grant Date Fair Value Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Outstanding - December 31, 2021 — $ — $ — — Granted 2,610,563 4.12 11.65 9.8 Forfeited (19,500) 4.25 11.69 9.8 Outstanding -December 31, 2022 2,591,063 $ 4.12 $ 11.65 9.8 Exercisable - December 31, 2022 — Expected future expense relating to the non-vested options outstanding as of December 31, 2022 is $10.3 million over a weighted average period of 6.3 years. The following is a summary of the Company’s restricted stock shares activity and related information for the year ended December 31, 2022: Number of Shares Awarded Weighted Average Grant Date Fair Value Outstanding - December 31, 2021 — $ — Granted 299,481 11.54 Outstanding - December 31, 2022 299,481 $ 11.54 Expected future expense relating to the non-vested restricted shares outstanding as of December 31, 2022 is $3.2 million over a weighted average period of 4.7 years.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income tax expense for the years ended December 31, 2022 and 2021, consists of the following: Current Deferred Total (In thousands) December 31, 2022 Federal $ 299 $ — $ 299 State 39 — 39 $ 338 $ — $ 338 December 31, 2021 Federal $ 140 $ 5,810 $ 5,950 State — 3,668 3,668 $ 140 $ 9,478 $ 9,618 A reconciliation between the actual income tax expense and the expected federal income tax expense (computed by multiplying income before income tax expense times the applicable statutory federal income tax rate) for the years ended December 31, 2022 and 2021, is as follows: 2022 2021 (In thousands) Income (loss) before income tax expense (benefit) $ 2,734 $ (26,724) Applicable statutory federal income tax rate 21.00 % 21.00 % Computed “expected” federal income tax expense (benefit) $ 574 $ (5,612) Increase (decrease) in federal income tax expense resulting from: State income taxes, net of federal benefit 244 (1,614) Valuation Allowance (414) 16,719 Tax-exempt income (96) (108) Bank owned life insurance (103) (100) Non-deductible compensation 54 — ESOP fair market value adjustment 50 76 Stock compensation 27 — CARES Act – Carryback expense — 247 Other items, net 2 10 Total $ 338 $ 9,618 The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2022 and 2021, are as follows: December 31, 2022 2021 Deferred tax assets: (In Thousands) Allowance for loan losses and REO $ 4,242 $ 4,617 Net unrealized losses on securities available for sale 9,529 — Net unrealized losses on derivatives — 69 Accrued postretirement benefits 1,195 1,217 Accrued interest receivable 187 179 Accrued bonus 730 506 Stock compensation 150 — Premises and equipment 109 — Finance lease liability 7,681 7,504 Charitable contribution carryover 2,729 2,709 Unrealized actuarial loss on post retirement benefits — 342 Federal net operating loss carryforward 5,417 6,648 State net operating loss carryforward 1,879 2,392 Other — 37 Total gross deferred tax assets 33,848 26,220 Valuation allowance (22,570) (16,868) Gross deferred tax assets after valuation allowance 11,278 9,352 Deferred tax liabilities: Net unrealized gains on securities available for sale — 327 Net unrealized gains on derivatives 3,118 — Deferred loan fees, net 772 1,198 Unrealized actuarial gains on post retirement benefits 105 — Premises and equipment — 489 Finance lease ROU asset 7,282 7,156 Other 1 182 Total gross deferred tax liabilities 11,278 9,352 Net deferred tax asset $ — $ — Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred over the three-year period ended December 31, 2022. Such objective evidence limits the ability to consider other subjective evidence, such as our projections for future growth. On the basis of this evaluation, for the year ended December 31, 2022, a valuation allowance of $22.6 million has been maintained. The amount of the deferred tax asset considered realizable could be adjusted if estimates of future taxable income increased or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as our projections for growth. Net deferred tax assets are included in other assets. At December 31, 2022, the Company had federal net operating loss (“NOL”) carryforwards of $25.8 million with no expiration date. Under the provisions of the 2017 Tax Cuts and Jobs Act, use of our federal NOL carryforwards will be limited to 80% of taxable income in future periods. The Company also had New Jersey net operating loss carryforwards of $26.4 million, the majority of which expire in 19 years. We believe it is more likely than not the benefit from both the federal and state NOL carryforwards will not be realized. In recognition of this risk, we have provided a valuation allowance of $7.3 million on the deferred tax assets related to the NOL carryforwards. The Company contributed $9.0 million to the Blue Foundry Charitable Foundation in 2021, and the deferred benefit has a 5 year carryforward limitation. Retained earnings at December 31, 2022 and 2021, includes approximately $14.6 million, for which no provision for income tax has been made. This amount represents an allocation of income to bad debt deductions for tax purposes only. Events that would result in taxation of these reserves include the failure to qualify as a bank for tax purposes, distributions in complete or partial liquidation, stock redemptions and excess distributions to stockholders. The Company and its subsidiary are subject to U.S. federal income tax as well as state income taxes, primarily New Jersey. The Company is no longer subject to examination by Federal taxing authorities for tax years before January 1, 2019, and State taxing authorities for tax years before January 1, 2018. Currently, the Company is not under examination by any taxing authority. The Company's New Jersey state tax returns for the tax years ended December 31, 2015 through 2018 were audited during 2021. The completion of this examination did not have a material impact on the Company's effective tax rates and financials. On August 16, 2022, the Inflation Reduction Act of 2022 was signed into legislation. The Act includes provisions that extend the expanded Affordable Care Act health plan premium assistance program through 2025, impose an excise tax on stock buybacks, increase funding for IRS tax enforcement, expand energy incentives, and impose a corporate minimum tax. The Corporation has evaluated such provisions and determined that the impact of the Inflation Reduction Act of 2022 on the income tax provision and deferred tax assets of 12/31/2022 was not material.

DERIVATIVES

DERIVATIVES	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES The Company utilizes interest rate swap agreements as part of its asset liability management strategy to 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 December 31, 2022 and December 31, 2021, were designated as cash flow hedges of certain FHLB 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: December 31, 2022 December 31, 2021 (Dollars in thousands) Notional amounts $ 109,000 $ 109,000 Weighted average pay rates 1.46 % 1.46 % Weighted average receive rates 4.61 % 0.17 % Weighted average maturity (in years) 4.2 5.3 Gross unrealized gain included in other assets $ 11,091 $ 1,313 Gross unrealized loss included in other liabilities — 1,559 Unrealized gains (losses), net $ 11,091 $ (246) At December 31, 2022, the Company held $11.5 million as cash collateral pledged from the counterparty for these interest-rate swaps. At December 31, 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 income (expense) recorded on these swap transactions is reported as a component of interest expense on FHLB advances. Interest income (expense) for the years ended December 31, 2022 and 2021 totaled $356 thousand and $(1.4) million, respectively. At December 31, 2022, the Company expected $3.8 million of the unrealized gain to be reclassified as a reduction to interest expense during 2023. Cash Flow Hedge The effect of cash flow hedge accounting on accumulated other comprehensive income for the years ended December 31, 2022 and 2021 are as follows: Amount of Gain (Loss) Recognized in OCI 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) Year Ended December 31, 2022 Interest rate contracts $ 11,337 Interest Expense $ 356 Year Ended December 31, 2021 Interest rate contracts $ 3,740 Interest Expense $ (1,427) (1) For the years ended December 31, 2022 and 2021, there is no tax effect due to the deferred taxes valuation allowance. See Note 9 for information related to the deferred taxes valuation allowance.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME	ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive income represents the net unrealized holding gains on securities available-for-sale, derivatives and the funded status of the Company’s benefit plans, as of the consolidated balance sheet dates, net of the related tax effect. The following table presents the components of other comprehensive (loss) income both gross and net of tax, inclusive of a deferred tax valuation allowance, for the periods indicated. Year Ended December 31, 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 $ (37,260) $ — $ (37,260) $ (4,626) $ 1,508 $ (3,118) Reclassification adjustment for (gains) losses included in net income (14) — (14) 1 — 1 Total (37,274) — (37,274) (4,625) 1,508 (3,117) Unrealized gain on cash flow hedge: Unrealized gain arising during the period 11,693 — 11,693 3,871 (1,138) 2,733 Reclassification adjustment for (gains) losses included in net income (356) — (356) 1,427 (420) 1,007 Total 11,337 — 11,337 5,298 (1,558) 3,740 Post-Retirement plans: Net benefit arising from plan amendment (2) 504 — 504 — — — Net gain arising during the period 858 — 858 315 (430) (115) Net actuarial loss 228 — 228 210 (59) 151 Total 1,590 — 1,590 525 (489) 36 Total other comprehensive (loss) income: $ (24,347) $ — $ (24,347) $ 1,198 $ (539) $ 659 (1) The 2022 period includes a deferred tax valuation allowance. (2) 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 Hedges Unrealized Gains and (Losses) on Available-for-sale Securities Post- Retirement Plans Total (In thousands) Balance at December 31, 2021 $ (246) $ 1,091 $ (1,217) $ (372) Other comprehensive income (loss) before reclassification 11,693 (37,260) 1,362 (24,205) Amounts reclassified from accumulated other comprehensive income (356) (14) 228 (142) Net current period other comprehensive gain (loss) 11,337 (37,274) 1,590 (24,347) Balance at December 31, 2022 $ 11,091 $ (36,183) $ 373 $ (24,719) Unrealized Gains and (Losses) on Cash Flow Hedges Unrealized Gains and (Losses) on Available-for-sale Securities Post-Retirement Plans Total (In thousands) Balance at December 31, 2020 $ (3,986) $ 4,208 $ (1,253) $ (1,031) Other comprehensive income (loss) before reclassification 2,733 (3,118) (115) (500) Amounts reclassified from accumulated other comprehensive income 1,007 1 151 1,159 Net current period other comprehensive gain (loss) 3,740 (3,117) 36 659 Balance at December 31, 2021 $ (246) $ 1,091 $ (1,217) $ (372) 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 Year Ended December 31, Affected Line Item in the Statement Where Net Income is Presented 2022 2021 (In thousands) Unrealized gain (loss) on securities available for sale: Realized gains (losses) on securities available for sale $ 14 $ (1) Gain (loss) on sales and calls of securities Gains and (losses) on cash flow hedges: Interest rate contracts 356 (1,427) Interest income (expense) Amortization of benefit plan items: Net actuarial loss (228) (210) Compensation and benefits Total tax effect — 479 Income tax expense Total reclassification for the period, net of tax $ 142 $ (1,159)

FAIR VALUE OF ASSETS AND LIABIL

FAIR VALUE OF ASSETS AND LIABILITIES	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE OF ASSETS AND LIABILITIES	FAIR VALUE OF ASSETS AND LIABILITIES Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Company used the following methods and significant assumptions to estimate fair value: Securities : For securities available-for-sale and equity securities, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third party data service providers or dealer market participants with which the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input as defined by ASC 820, is a mathematical technique used principally to value certain securities to benchmark or comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. The Company also holds equity securities and debt instruments issued by the U.S. government and U.S. government sponsored agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs. Derivatives : The fair values of derivatives are based on valuation models using observable market data as of the measurement date (Level 2). The Company’s derivatives are traded in an over-the-counter market where quoted market prices are not always available. Therefore, the fair values of derivatives are determined using quantitative models that utilize multiple market inputs. The inputs will vary based on the type of derivative, but could include interest rates, prices and indices to generate continuous yield or pricing curves, prepayment rates, and volatility factors to value the position. The majority of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. Impaired Loans : The fair value of impaired loans with specific allocations of the allowance for loan losses is generally based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Assets Held for Sale : Nonrecurring adjustments to certain non-residential properties classified as assets held for sale are measured at fair value, less costs to sell. Fair values are based on contracts / letters of intent. The following table summarizes the fair value of assets and liabilities as of December 31, 2022: Fair Value Measurements at December 31, 2022, Using Quoted Prices Significant Other Significant Total (Level 1) (Level 2) (Level 3) (In thousands) Measured on a recurring basis: Financial assets Securities available for sale: U.S. Treasury Notes $ 43,759 $ 43,759 $ — $ — Domestic Corporate Bonds 76,298 — 76,298 — U.S. Government agency obligations 15,423 11,295 4,128 — Obligations issued by U.S. states and their political subdivisions 16,268 — 16,268 — Mortgage-backed securities: Residential one-to-four family 140,186 — 140,186 — Multifamily 18,158 — 18,158 — Asset-backed securities 4,156 — 4,156 — Total securities available for sale 314,248 55,054 259,194 — Derivatives $ 11,091 — 11,091 — Total financial assets measured on a recurring basis $ 325,339 $ 55,054 $ 270,285 $ — Financial Liabilities Derivatives $ — $ — $ — $ — Measured on a nonrecurring basis: Nonfinancial assets Assets held for sale $ 917 $ — $ 917 $ — In September 2022, a branch office was designated as held for sale, which resulted in a write-down from book value to fair value. The impairment recorded on the premises was $71 thousand which resulted in a remaining book value of $917 thousand that was reclassified from premises to assets held for sale. The $71 thousand impairment is included in other expenses and the asset held for sale is included in other assets. 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 Notes $ 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 — Derivatives 1,313 — 1,313 — Total financial assets measured on a recurring basis $ 326,205 $ 54,449 $ 271,756 $ — Financial Liabilities Derivatives $ 1,559 $ — $ 1,559 $ — There were no assets or liabilities measured at fair value on a non-recurring basis at December 31, 2021. The assets held for sale and REO were sold in December 2021, resulting in a net loss of $104 thousand and $6 thousand for assets held for sale and REO, respectively. 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 December 31, 2022 and 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, and are excluded from the table below. The carrying amounts and fair value of financial instruments not carried at fair value, at December 31, 2022 and December 31, 2021 are as follows: Fair Value Measurements at December 31, 2022, Using Quoted Prices Significant Significant Book Value (Level 1) (Level 2) (Level 3) (In thousands) Financial assets Securities held-to-maturity $ 33,705 $ — $ 29,115 $ — Loans, net 1,531,727 — — 1,332,882 Financial liabilities Time Deposits 416,260 — 408,904 — Federal Home Loan advances 310,500 — 318,688 — Fair Value Measurements at December 31, 2021, Using Quoted Prices Significant Significant 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

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company extends credit to meet the financing needs of its customers through commitments and lines of credit. In addition we routinely enter into other commitments in the normal course of business. The following commitments exist at December 31, 2022 and 2021, which are not reflected in the accompanying consolidated financial statements: As of December 31, 2022 2021 (Dollars in Thousands) Origination of mortgage loans: Fixed rate $ 626 $ 1,847 Variable rate 7,344 14,456 Undisbursed home equity credit lines 34,814 33,265 Undisbursed construction credit lines 43,708 17,700 Undisbursed commercial credit lines 1,476 1,792 Performance standby letters of credit 671 671 Overdraft protection credit lines 20,022 19,038 Commitments to purchase investments 850 1,000 These instruments involve elements of credit and interest rate risk in excess of the amount recognized in the consolidated financial statements. The Company uses the same credit policies and collateral requirements in making commitments and conditional obligations as it does for on-balance-sheet loans. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company has no exposure to credit loss if the customer does not exercise its rights to borrow under the commitment. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the borrower. The Company issues financial standby letters of credit that are within the scope of ASC 460, Guarantees . These are irrevocable undertakings of the Company to guarantee payment of a specified financial obligation. Most of the Company’s standby letters of credit arise in connection with lending relationships and generally have terms of one year or less, or are issued in lieu of security deposits. The maximum potential future payments the Company could be required to make equals the contract amount of the standby letters of credit.

REVENUE FROM CONTRACTS WITH CUS

REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME	REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within non-interest income in the Statement of Operations. The following table presents the Company’s sources of revenue from contracts with customers for the years ended December 31, 2022 and 2021, respectively. Year Ended December 31, 2022 2021 (In thousands) Non-interest income Service charges on deposits $ 992 $ 954 Interchange income 43 33 REO gain — 6 Total Revenue from Contracts with Customers $ 1,035 $ 993 Service Charges on Deposit Accounts : The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction based fees, which include services such as ATM use fees, stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed as that is the point in the time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees were recognized at the point in time the overdraft occurred. Beginning in November 2022, the Company ended its practice of charging overdraft fees to customers. Service charges on deposits are withdrawn from the customer’s account balance. Interchange Income : The Company earns interchange fees from debit/credit cardholder transactions conducted through a payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. Gain/loss on sale of Real Estate Owned (“REO”) : The Company records a gain or loss from the sale of REO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Company finances the sale of REO to the buyer, the Company assesses whether the buyer is committed to perform its obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the REO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Company may adjust the transaction price and related gain (loss) on sale if a significant financing component is present.

STOCK REPURCHASE PROGRAM

STOCK REPURCHASE PROGRAM	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Stock Repurchase Program	STOCK REPURCHASE PROGRAM On July 20, 2022, the Company's Board of Directors adopted a stock repurchase program of up to 2,852,250 shares, approximately 10%, of its outstanding common stock. Under the stock repurchase program, the Company is authorized to repurchase shares in open market or private transactions, through block trades or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. The timing and amount of any repurchases will depend on a number of factors, including the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, the Company’s liquidity, and the Company’s financial performance. Open market purchases will be made in accordance with Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements. Repurchased shares will be held as treasury stock and will be available for general corporate purposes. The repurchases may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The Company is not obligated to repurchase any particular number of shares or any shares in any specific time period. During the year ended December 31, 2022, the Company repurchased 1,298,762 shares of its common stock outstanding at an average price of $12.03 for a total of $15.6 million pursuant to the stock repurchase program. This program has no expiration date and has 1,553,488 shares yet to be repurchased as of December 31, 2022.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earning 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. Shares held by the ESOP not 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. For the Year ended December 31, 2022 2021 (Income In thousands) Net income (loss) applicable to common shares $ 2,396 $ (36,342) Shares Average number of common shares outstanding (1) 28,310,389 13,206,308 Less: Average unallocated ESOP shares 2,144,548 1,035,258 Average number of common shares outstanding used to calculate basic earnings per common share 26,165,841 12,171,050 Common stock equivalents 105,023 — Average number of common shares outstanding used to calculate diluted earnings per common share 26,270,864 12,171,050 Earnings per common share Basic $ 0.09 $ (2.99) Diluted $ 0.09 $ (2.99) (1) For December 31, 2021, the average number of common shares outstanding was calculated using zero shares outstanding prior to the conversion on July 15, 2021. Excluded from the earnings per share calculation are anti-dilutive equity awards for the year ended December 31, 2022 totaling 159,000. There were no securities or other contracts that had a dilutive effect during the year ended December 31, 2021.

REGULATORY CAPITAL REQUIREMENTS

REGULATORY CAPITAL REQUIREMENTS	12 Months Ended
	Dec. 31, 2022
Regulatory Capital Requirements Administered By Federal Banking Agencies [Abstract]
REGULATORY CAPITAL REQUIREMENTS	REGULATORY CAPITAL REQUIREMENTS Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines, and additionally for the Bank, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off balance sheet items calculated under regulatory accounting practices. Banking regulations require maintaining certain capital levels and may limit the dividends paid by the Bank to the Company. The Bank has not paid dividends to the Company in the past. Capital amounts and classifications are also subject to qualitative judgements by regulators. Failure to meet capital requirements can initiate regulatory action. The net unrealized gain or loss on available for sale securities is not included in computing regulatory capital. As of December 31, 2022, the Bank meets all capital adequacy requirements to which they are subject. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. At year-end 2022 and 2021, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the institution’s category. The following table presents the regulatory capital, assets and risk based capital (common equity Tier 1, Tier 1 and Total capital) ratios for the Bank at December 31, 2022 and 2021 (in thousands, other than ratios): Bank Actual Minimum Capital Adequacy Minimum Capital Adequacy With Capital Buffer For Classification as Well Capitalized Amount Ratio Amount Ratio Amount Ratio Amount Ratio December 31, 2022 Common equity tier 1 $ 298,132 20.85 % $ 64,348 4.50 % $ 100,097 7.00 % $ 92,947 6.50 % Tier 1 capital 298,132 20.85 % 85,797 6.00 % 121,546 8.50 % 114,396 8.00 % Total capital 313,221 21.90 % 114,396 8.00 % 150,145 10.50 % 142,995 10.00 % Tier 1 (leverage) capital 298,132 14.61 % 81,611 4.00 % N/A N/A 102,013 5.00 % December 31, 2021 Common equity tier 1 $ 293,349 25.74 % $ 51,292 4.50 % $ 79,787 7.00 % $ 74,088 6.50 % Tier 1 capital 293,349 25.74 % 68,389 6.00 % 96,885 8.50 % 91,186 8.00 % Total capital 307,624 26.99 % 91,186 8.00 % 119,681 10.50 % 113,982 10.00 % Tier 1 (leverage) capital 293,349 15.00 % 78,201 4.00 % N/A N/A 97,752 5.00 %

CONDENSED FINANCIAL STATEMENTS

CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY	12 Months Ended
	Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]
CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY	CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY The condensed financial statements of Blue Foundry Bancorp (parent company only) are presented below: Condensed Statements of Financial Condition At December 31, 2022 2021 (In thousands) Assets: Cash and cash equivalents $ 98,494 $ 114,331 Investment in banking subsidiary 274,211 293,414 ESOP loan receivable 21,222 21,837 Other investments 157 — Other assets 1,101 245 Total Assets $ 395,185 $ 429,827 Liabilities and Stockholders’ Equity: Total liabilities $ 1,467 $ 356 Total stockholders’ equity 393,718 429,471 Total Liabilities and Stockholders’ Equity $ 395,185 $ 429,827 Condensed Statements of Comprehensive Loss Year Ended December 31, 2022 2021 (In thousands) Income: Interest on ESOP loan receivable $ 710 $ 343 Other income 19 23 Total income 729 366 Expenses: Contribution to Blue Foundry Charitable Foundation — 9,000 Other expenses 2,384 719 Total expenses 2,384 9,719 Loss before income tax benefit (1,655) (9,353) Income tax benefit (41) (59) Loss before undistributed earnings of subsidiary (1,614) (9,294) Equity in undistributed earnings of banking subsidiary 4,010 (27,048) Net income (loss) $ 2,396 $ (36,342) Comprehensive income (loss): Net income (loss) $ 2,396 $ (36,342) Other comprehensive (loss) income (24,347) 659 Comprehensive loss $ (21,951) $ (35,683) Condensed Statements of Cash Flows Twelve Months Ended December 31, 2022 2021 (In thousands) Cash flows from operating activities: Net income (loss) $ 2,396 $ (36,342) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Equity in undistributed earnings of subsidiary (4,010) 27,048 Issuance of common shares donated to Blue Foundry Charitable Foundation — 7,500 ESOP and stock-based compensation expense 682 361 Increase in other assets (863) (82) Increase in other liabilities 842 237 Net cash used by operating activities (953) (1,278) Cash flows from investing activities: Capital contribution to banking subsidiary — (136,481) Purchase of other investments (150) — Loan to ESOP — (22,818) Repayment of ESOP loan 615 981 Net cash provided by (used in) investing activities 465 (158,318) Cash flows from financing activities: Purchase of treasury stock (15,349) — Proceeds from issuance of common shares 273,598 Net cash (used in) provided by financing activities (15,349) 273,598 Net (decrease) increase in cash and cash equivalents (15,837) 114,002 Cash and cash equivalents at beginning of year 114,331 329 Cash and cash equivalents at end of year $ 98,494 $ 114,331

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 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 adopted a program to repurchase up to 2,852,250 shares, or 10%, of its outstanding common stock. As of March 28, 2023, 2,037,579 shares totaling $23.7 million had been acquired under the repurchase plan at an average price per share of $11.61.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
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., 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. Business The Company provides a wide range of banking services to individual and business customers through branch offices in New Jersey. The Company is subject to competition from other financial institutions and to the regulations of certain federal and state agencies, and undergoes periodic examinations by those regulatory authorities.
Basis of Financial Statement Presentation	The consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles. The audited 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.
Use of Estimates	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.
Reclassifications	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.
Cash and Cash Equivalents	Cash and cash equivalents include cash and deposits with other financial institutions with maturities fewer than 90 days.
Securities	Debt securities are classified as held to maturity and carried at amortized cost when management has the positive intent and ability to hold them to maturity. Securities to be held for indefinite periods of time and not intended to be held to maturity are classified as available for sale and carried at fair value. Unrealized holding gains and losses on securities available for sale are excluded from earnings with unrealized holding gains and losses reported in other comprehensive income, net of tax adjusted for deferred tax valuation allowances, until realized. Securities available for sale are those which management intends to use as part of its asset/liability management strategy and which may be sold in response to changes in interest rates, resultant prepayment risk and other factors related to interest rate risk. Gains and losses on sales are recognized on a trade-date basis using the specific identification method. Premiums on securities are amortized to income using the level yield method over the remaining period to the earliest call date or contractual maturity, adjusted for anticipated prepayments. Discounts on securities are accreted to income over the remaining period to the contractual maturity, adjusted for anticipated prepayments. Interest income is recognized on an accrual basis.
Derivatives	The Company uses derivative financial instruments as components of its market risk management, principally to manage interest rate risk. At the inception of a derivative contract, the Company designates the derivative as one of three types based on the Company’s intentions and belief as to likely effectiveness as a hedge. These three types are (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (“fair value hedge”), (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), or (3) an instrument with no hedging designation (“stand-alone derivative”). For a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item, are recognized in current earnings as fair values change. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. For both types of hedges, changes in the fair value of derivatives that are not highly effective in hedging the changes in fair value or expected cash flows of the hedged item are recognized immediately in current earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings, as non-interest income. As of December 31, 2022, and December 31, 2021 the Company’s derivatives are all cash flow hedges. Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in non-interest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to a specific firm commitments or forecasted transactions. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions will affect earnings. The Company is exposed to losses if a counterparty fails to make its payments under a contract in which the Company is in the net receiving position. The Company anticipates that the counterparties will be able to fully satisfy their obligations under the agreements. All the contracts to which the Company is a party settle monthly or quarterly. In addition, the Company obtains collateral above certain thresholds of the fair value of its hedges for each counterparty based upon their credit standing and the Company has netting agreements with the dealers with which it does business.
Fair Value of Financial Instruments	GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.
Other Investments	Other investments consists primarily of membership and activity-based shares in the FHLBNY. Members are required to own a certain amount of stock based on the level of borrowings and other factors. FHLBNY stock is carried at cost, which approximates fair value, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. Other investments also consists of, to a much lesser extent, an investment in a financial technology fund carried at net asset value (“NAV”) and shares in a cooperative that provides community banking core technology solutions carried at cost. The fair value of the financial technology fund investment is estimated using the NAV of the Company’s ownership interest in partners’ capital, which approximates fair value. Increases or decreases in NAV are recorded in other income.
Loans Receivable	Loans receivable are stated at unpaid principal balance, net of deferred fees, costs, and discounts, and the allowance for loan losses. Interest on loans is recognized based upon the principal amount outstanding. Loan fees and certain direct loan origination costs are deferred, and the net fee or cost is recognized in interest income using the level yield method over the contractual life of the individual loans, adjusted for actual prepayments. For all loan classes, the accrual of income on loans, including impaired loans, is generally discontinued when a loan becomes 90 days delinquent or when certain factors indicate reasonable doubt as to the ability of the borrower to meet contractual principal and/or interest obligations. Loans on which the accrual of income has been discontinued are designated as nonaccrual loans. All previously accrued interest is reversed and income is recognized subsequently only in the period received, provided the remaining principal balance is deemed collectible. A nonaccrual loan is not returned to an accrual status until principal and interest payments are brought current and factors indicating doubtful collection no longer exist. Principal and interest payments received on non-accrual loans for which the remaining principal balance is not deemed collectible are applied as a reduction to principal and interest income is not recognized. If the principal balance on the loan is later deemed collectible and the loan is returned to accrual status, any interest payments that were applied to principal while on non-accrual are recorded as an unearned discount on the loan, classified as deferred fees, costs and discounts, and are recognized into interest income using the level-yield method over the remaining contractual life of the individual loan, adjusted for actual prepayments.
Allowance for Loan Losses	The allowance for loan losses is a valuation allowance for probable and reasonably estimable incurred credit losses in the loan portfolio as of the balance sheet date. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required for all portfolio segments using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. The allowance consists of specific and general components. The specific component of the allowance relates to loans that are individually classified as impaired. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings (“TDR”) and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impaired loans are measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, or, as a practical expedient, at the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance (generally $400,000 or less) homogeneous loans, such as consumer and residential real estate loans, are collectively evaluated for impairment. Impaired loans also include all nonaccrual non-residential, multifamily and construction and land loans, and troubled debt restructurings. Troubled debt restructured loans are those loans whose terms have been modified such that a concession has been granted because of deterioration in the financial condition of the borrower. Modifications could include extension of the terms of the loan, reduced interest rates, and forgiveness of accrued interest and/or principal. Once an obligation has been classified a troubled debt restructuring, it continues to be considered a troubled debt restructuring and is individually evaluated for impairment until paid in full. For a cash flow dependent loan, the Company records an impairment charge equal to the difference between the present value of the estimated future cash flows under the restructured terms discounted at the loans original effective interest rate, and the original loan’s carrying amount. For a collateral dependent loan, the Company records an impairment when the current estimated fair value of the property, net of estimated selling costs, that collateralizes the impaired loan is less than the recorded investment in the loan. The general component of the allowance covers non impaired loans and is based on historical loss experience adjusted for current qualitative factors. The historical loss experience is a quantitative factor determined by portfolio segment and is based on the actual loss history experienced by the Company. The qualitative factors include consideration of the following: • Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses. • Changes in international, national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments. • Changes in the nature and volume of the portfolio and in the terms of loans. • Changes in the experience, ability, and depth of lending management and other relevant staff. • Changes in the volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans. • Changes in the quality of the institution's loan review system. • Changes in the value of underlying collateral for collateral-dependent loans. • The existence and effect of any concentrations of credit, and changes in the level of such concentrations. • The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the institution's existing portfolio. The loan portfolio is categorized according to collateral type, loan purpose, lien position, or borrower type (i.e., commercial, consumer). The categories used include residential one-to-four family, multifamily, non-residential, construction and land, junior liens, commercial and industrial, and consumer and other.
Premises and Equipment	Premises and equipment, including leasehold improvements, are generally stated at cost less accumulated depreciation, amortization and fair value adjustments. Depreciation and amortization is computed primarily using the straight-line method over the estimated useful lives of the assets or leases. Repair and maintenance items are expensed and major improvements are capitalized. Upon retirement or sale, any gain or loss is credited or charged to operations. Construction in process represents costs incurred to develop properties for future use.
Leases and Lease Obligations	The Company enters into leases in the normal course of business primarily for financial centers, administrative and office operations locations, and information technology equipment. The Company’s leases have remaining terms ranging from less than one Leases are classified as operating or finance leases at the lease commencement date. Lease expense for operating leases and short-term leases is recognized on a straight-line basis over the lease term. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets (“ROU”) and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The Company uses its incremental borrowing rate at lease commencement to calculate the present value of lease payments when the rate implicit in a lease is not known. The Company’s incremental borrowing rate is based on the FHLB advance rate, adjusted for the lease term and other factors.
Bank Owned Life Insurance	The Company has purchased life insurance policies on certain key individuals. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement.
Income Taxes	Income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company evaluates the realizability of deferred tax assets at least annually in accordance with ASC 740-10-30-5(e), and may determine that it is more-likely-than-not that a portion, or all, of the assets would require a valuation allowance. During the fourth quarter of 2021, the Company recorded a valuation allowance on all outstanding deferred tax assets in the amount of $16.8 million. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The measurement of deferred tax assets is reduced by a valuation allowance for the amount of the deferred tax asset that is more likely than not to be realized. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded.
Retirement Benefits	Effective January 1, 2020 the Defined Benefit Plan adopted by the Company was amended to freeze the plan, eliminating all future benefit accruals. In August, 2021, the Company announced its intent to withdraw from the DB Plan, effective September 30, 2021. The withdrawal was completed on December 1, 2021. The Company recorded a termination expense of $11.2 million.The Company provides certain healthcare benefits, subject to certain limitations, to eligible retirees, based upon years of service and a retirement date prior to January 1, 2019. The Company also provides supplemental retirement benefits to certain directors. The Company measures the cost of these benefits based upon various estimates and assumptions. Costs are recognized as directors render service.
Employee Stock Ownership Plan	The cost of shares issued to the ESOP, but not yet allocated to participants, is shown as a reduction of shareholders’ equity. Compensation expense is based on the market price of shares as they are committed to be released to participant accounts. Dividends on allocated ESOP shares reduce retained earnings; dividends on unearned ESOP shares reduce the ESOP’s debt and accrued interest.
Share Based Compensation	The Company maintains an equity incentive plan under which restricted stock and stock options may be granted to employees and directors. The Company recognizes the cost of employee services received in exchange for awards of equity instruments based on the grant-date fair value of those awards in accordance with ASC 718, “Compensation-Stock Compensation”. The Company estimates the per share fair value of option grants on the date of grant using the Black-Scholes option pricing model using assumptions for the expected dividend yield, expected stock price volatility, risk-free interest rate and expected option term. These assumptions are subjective in nature, involve uncertainties and, therefore, cannot be determined with precision. The Black-Scholes option pricing model also contains certain inherent limitations when applied to options that are not traded on public markets. The per share fair value of options is highly sensitive to changes in assumptions. In general, the per share fair value of options will move in the same direction as changes in the expected stock price volatility, risk-free interest rate and expected option term, and in the opposite direction as changes in the expected dividend yield. For example, the per share fair value of options will generally increase as expected stock price volatility increases, risk-free interest rate increases, expected option term increases and expected dividend yield decreases. The use of different assumptions or different option pricing models could result in materially different per share fair values of options. The Company recognizes compensation expense for the fair values of these awards, which have graded vesting, on a straight-line basis over the requisite service period of the awards. The Company’s accounting policy is to recognize forfeitures as they occur.
Comprehensive Income (Loss)	Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on both securities available for sale and derivatives, net of the related tax effect. Also included are changes in the unfunded status of the Company’s defined benefit plans, net of the related tax effect, which are recognized as separate components of shareholders’ equity.
Loss Contingencies	Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are such matters that will have a material effect on the consolidated financial statements.
Earnings per share	Basic earnings per share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. ESOP shares committed to be released are considered to be outstanding for purposes of the earnings per share computation. ESOP shares that have not been legally released, but that relate to employee services rendered during an accounting period (interim or annual) ending before the related debt service payment is made, are considered committed to be released. Diluted earnings per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options awards and are determined using the treasury stock method. When applying the treasury stock method, we add: (1) the assumed proceeds from option exercises and (2) the average unamortized compensation costs related to unvested shares of restricted stock and stock options. We then divide this sum by our average stock price to calculate shares repurchased. The excess of the number of shares issuable over the number of shares assumed to be repurchased is added to basic weighted average common shares to calculate diluted EPS.
Treasury Stock	Repurchases of Company common stock are classified as treasury stock shares carried at cost and presented as a reduction of shareholders’ equity. Treasury stock are not considered outstanding for share count purposes and are excluded from average common shares outstanding for basic and diluted earnings per share. Reissued treasury stock at an amount greater (less) than paid to repurchase the shares will result in a gain (loss) on the reissuance of the shares. The gain or loss will be recognized in shareholders’ equity. A gain on the reissuance of treasury shares are credited to additional paid-in capital. A loss on the reissuance of treasury shares are debited to additional paid-in capital to the extent previous net gains from the same class of stock are included in additional paid-in capital. Losses in excess of gains in additional paid-in capital are charged to retained earnings.
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	No new accounting standards were adopted during the year ended December 31, 2022. Accounting Standards Not Yet Adopted As an “emerging growth company” as defined in Title 1 of the Jumpstart Our Business Startups (JOBS) Act prior to December 31, 2019, the Company elected to use the extended transition period to delay the adoption of new or reissued accounting pronouncements applicable to public companies until such pronouncements were made applicable to private companies. The FASB issued, but the Company has not yet adopted, ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” to replace the incurred loss model for loans and other financial assets with an expected loss 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 that are not unconditionally cancelable and not accounted for as insurance (undisbursed lines of credit, 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 adopted this standard on 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 change to the Company's accounting for credit losses on financial instruments. To prepare for implementation of the new standard the Company 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 was developed which included assessing the processes, portfolio segmentation, model development and validation, and system requirements and resources needed. The new credit loss 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 and HTM securities portfolios, 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. Our CECL models will include the following major items as of the ASC 326 adoption date: – a historical loss period, which represents a full economic credit cycle utilizing loss experience including peer historical loss data – a reasonable and supportable forecast period of one year, based on management’s current review of macroeconomic factors and the reliability of extended forecasts – a reversion period (after the reasonable and supportable forecast period) of one year using a straight-line method – expected prepayment rates based on our historical experience and benchmark assumptions where internal data is limited; and – incorporation of qualitative factors not captured within the modeled results. The Company adopted ASU 2016-13 on January 1, 2023. The adoption of ASU 2016-13 is not expected to have a significant impact on our financial statements or regulatory capital ratios. 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 assessing if transition plans are necessary and if it is appropriate for the Company to utilize transition relief. 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.

SECURITIES (Tables)

SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Summary of amortized cost of securities available for sale and their estimated fair value	The amortized cost of securities available for sale and their estimated fair values at December 31, 2022 and 2021 are as follows: Amortized Gross Unrealized Gains Gross Unrealized Losses Estimated (In thousands) Available for sale December 31, 2022 U.S. Treasury Notes $ 46,937 $ — $ (3,178) $ 43,759 Corporate Bonds 81,725 4 (5,431) 76,298 U.S. Government agency obligations 16,367 — (944) 15,423 Obligations issued by U.S. states and their political subdivisions 16,559 49 (340) 16,268 Mortgage-backed securities: Residential one-to-four family 164,843 — (24,657) 140,186 Multifamily 19,475 — (1,317) 18,158 Asset-backed securities 4,525 — (369) 4,156 Total available-for-sale $ 350,431 $ 53 $ (36,236) $ 314,248 December 31, 2021 U.S. Treasury Notes $ 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 December 31, 2022 and 2021, are as follows: Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated (In thousands) Held-to-maturity December 31, 2022 Asset-backed securities $ 15,105 $ — $ (2,309) $ 12,796 Corporate bonds 18,600 — (2,281) 16,319 Total held-to-maturity $ 33,705 $ — $ (4,590) $ 29,115 December 31, 2021 Asset-backed securities $ 15,281 $ — $ (373) $ 14,908 Corporate bonds 8,000 — (59) 7,941 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 and asset-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: December 31, 2022 Amortized Cost Estimated Fair Value (In thousands) Available-for-sale Due in one year or less $ 13,089 $ 12,707 Due from one year to five years 90,415 85,755 Due from five to ten years 42,212 38,836 Due after ten years 15,872 14,450 Mortgage-backed and asset-backed securities 188,843 162,500 Total $ 350,431 $ 314,248 Held-to-maturity Due from one year to five years $ — $ — Due from five to ten years 18,600 16,319 Due after ten years — — Mortgage-backed and asset-backed securities 15,105 12,796 Total $ 33,705 $ 29,115
Summary of available-for-sale securities with unrealized losses	The following tables summarize available-for-sale securities with unrealized losses at December 31, 2022 and 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) December 31, 2022 Available for sale U.S. Treasury Note $ (1,342) $ 28,670 $ (1,836) $ 15,089 $ (3,178) $ 43,759 Corporate Bonds (3,608) 58,509 (1,823) 15,522 (5,431) 74,031 U.S. Government (5) 696 (939) 14,727 (944) 15,423 Obligations issued by (65) 5,641 (275) 1,568 (340) 7,209 Mortgage-backed Residential one-to-four (8,273) 60,986 (16,384) 79,189 (24,657) 140,175 Multifamily (1,166) 17,689 (151) 469 (1,317) 18,158 Asset-backed securities — — (369) 4,156 (369) 4,156 Total available-for-sale $ (14,459) $ 172,191 $ (21,777) $ 130,720 $ (36,236) $ 302,911 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 (49) 9,951 (130) 7,980 (179) 17,931 Obligations issued by — — — — — — Mortgage-backed Residential one-to-four (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
Summary of held-to-maturity debt securities with unrealized losses	The following table summarizes held-to-maturity securities with unrecognzed losses at December 31, 2022, aggregated by major security type and length of time in a continuous loss position. The Company did not have any held- to- maturity securities in an unrecognized loss position for more than twelve months at December 31, 2021. Less than 12 Months 12 Months or More Total Unrecognized Losses Estimated Unrecognized Losses Estimated Unrecognized Losses Estimated (In thousands) December 31, 2022 Held-to-maturity Corporate Bonds $ (1,177) $ 10,423 $ (1,104) $ 5,896 $ (2,281) $ 16,319 Asset-backed securities — — (2,310) 12,796 (2,310) 12,796 Total held-to-maturity $ (1,177) $ 10,423 $ (3,414) $ 18,692 $ (4,591) $ 29,115

LOANS RECEIVABLE, NET (Tables)

LOANS RECEIVABLE, NET (Tables)	12 Months Ended
	Dec. 31, 2022
Receivables [Abstract]
Summary of loans receivable	A summary of loans receivable, net is as follows: December 31, 2022 December 31, 2021 (In thousands) Residential one-to-four family $ 594,521 $ 560,976 Multifamily 690,278 515,240 Non-residential 216,394 141,561 Construction and land 17,990 23,419 Junior liens 18,477 18,464 Commercial and industrial (1) 4,682 21,563 Consumer and other 38 87 Total gross loans 1,542,380 1,281,310 Deferred fees, costs and premiums and discounts, net 2,747 6,299 Total loans 1,545,127 1,287,609 Allowance for loan losses (13,400) (14,425) Loans receivable, net $ 1,531,727 $ 1,273,184
Summary of changes in allowance for loan losses by class of loans	The following tables present the activity in the Company’s allowance for loan losses by class of loans for the years ended December 31, 2022, and 2021: Residential Multifamily Non-Residential Construction Junior Liens Commercial and Industrial Consumer Unallocated Total (In thousands) Year Ended December 31, 2022 Allowance for loan losses Beginning balance $ 2,822 $ 5,263 $ 2,846 $ 2,678 $ 636 $ 51 $ 38 $ 91 $ 14,425 Charge-offs — — — — — — (58) — (58) Recoveries 30 — — — — — 4 — 34 (Release of) provision for loan losses (588) 228 511 (981) (185) (4) 16 2 (1,001) Total ending allowance balance $ 2,264 $ 5,491 $ 3,357 $ 1,697 $ 451 $ 47 $ — $ 93 $ 13,400 Year Ended December 31, 2021 Allowance for loan losses Beginning balance $ 3,579 $ 5,460 $ 3,244 $ 3,655 $ 916 $ 2 $ 48 $ 55 $ 16,959 Charge-offs — — — — — — (16) — (16) Recoveries — — — — — — — — — (Release of) provision for loan losses (757) (197) (398) (977) (280) 49 6 36 (2,518) Total ending allowance balance $ 2,822 $ 5,263 $ 2,846 $ 2,678 $ 636 $ 51 $ 38 $ 91 $ 14,425 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 December 31, 2022 and December 31, 2021 : Residential Multifamily Non-Residential Construction Junior Liens Commercial and Industrial Consumer Unallocated Total (In thousands) December 31, 2022 Allowance for loan losses: Individually evaluated $ 27 $ — $ — $ — $ — $ — $ — $ — $ 27 Collectively evaluated 2,237 5,491 3,357 1,697 451 47 — 93 13,373 Total $ 2,264 $ 5,491 $ 3,357 $ 1,697 $ 451 $ 47 $ — $ 93 $ 13,400 Loans receivable: Individually evaluated $ 8,418 $ 516 $ 2,671 $ — $ 52 $ — $ — $ — $ 11,657 Collectively evaluated 588,836 690,174 213,390 17,799 18,579 4,653 39 — 1,533,470 Total $ 597,254 $ 690,690 $ 216,061 $ 17,799 $ 18,631 $ 4,653 $ 39 $ — $ 1,545,127 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 December 31, 2022 and December 31, 2021. The recorded investment in impaired loans includes deferred fees, costs and discounts. For purposes of this disclosure, the unpaid principal balance of impaired loans is not reduced for partial charge-offs. Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Cash Basis Interest Recognized (In thousands) December 31, 2022 With no related allowance recorded: Residential one-to-four $ 7,368 $ 7,669 $ — $ 7,711 $ 119 $ 116 Multifamily 516 516 — 652 17 15 Non-residential 2,834 2,671 — 3,168 118 108 Construction and land — — — — — — Junior liens 52 52 — 54 3 3 Commercial and — — — — — — 10,770 10,908 — 11,585 257 242 With an allowance recorded: Residential one-to-four 743 749 27 546 29 26 Multifamily — — — — — — Non-residential — — — — — — Construction and land — — — — — — Commercial and — — — — — — Consumer and other — — — — — — 743 749 27 546 29 26 Total $ 11,513 $ 11,657 $ 27 $ 12,131 $ 286 $ 268 December 31, 2021 With no related allowance recorded: 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 and land — — — — — — Junior liens 55 55 — 57 3 3 Commercial and — — — — — — 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 and land — — — — — — 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 December 31, 2022 and December 31, 2021 : Nonaccrual Loans Past Due 12/31/2022 12/31/2021 12/31/2022 12/31/2021 (In thousands) Residential one-to-four family $ 7,498 $ 10,805 $ — $ — Multifamily 182 139 — — Non-residential — 857 — — Construction and land — — — — Junior liens 52 182 — — Commercial and industrial (1) 35 — 61 116 Total $ 7,767 $ 11,983 $ 61 $ 116 (1) PPP loans 90 days past due and accruing totaled $61 thousand and $116 thousand at December 31, 2022 and 2021, respectively. These PPP loans were not reported in non-performing loans as they carry the federal guarantee of the SBA. The following table presents the recorded investment in past due and current loans by loan portfolio class as of December 31, 2022 and December 31, 2021: 30-59 60-89 90 Days Total Current Total (In thousands) December 31, 2022 Residential one-to-four family $ — $ 845 $ 6,738 $ 7,583 $ 589,671 $ 597,254 Multifamily — 182 182 690,508 690,690 Non-residential — — — 216,061 216,061 Construction and land — — — 17,799 17,799 Junior liens — — 52 52 18,579 18,631 Commercial and Industrial — 96 96 4,557 4,653 Consumer and other — — — 39 39 Total $ — $ 845 $ 7,068 $ 7,913 $ 1,537,214 $ 1,545,127 December 31, 2021 Residential one-to-four family $ 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 and land — — — 23,420 23,420 Junior liens 53 182 235 18,315 18,550 Commercial and Industrial 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 December 31, 2022 and December 31, 2021: Pass Special Substandard Doubtful / Total (In thousands) December 31, 2022 Residential one-to-four family $ 589,137 $ 247 $ 7,870 $ — $ 597,254 Multifamily 689,277 897 516 — 690,690 Non-residential 214,981 1,080 — — 216,061 Construction and land 17,799 — — — 17,799 Junior liens 18,579 — 52 — 18,631 Commercial and Industrial 4,653 — — 4,653 Consumer and other 8 — 31 — 39 Total $ 1,534,434 $ 2,224 $ 8,469 $ — $ 1,545,127 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 and land 23,420 — — — 23,420 Junior liens 18,368 — 182 — 18,550 Commercial and Industrial 20,966 — — — 20,966 Consumer and other 88 — — — 88 Total $ 1,269,218 $ 5,213 $ 13,178 $ — $ 1,287,609

PREMISES AND EQUIPMENT (Tables)

PREMISES AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of premises and equipment, net	Premises and equipment, net, at December 31, 2022 and 2021, are summarized as follows: 2022 2021 Land $ 3,058 $ 3,793 Buildings and improvements 18,456 14,583 Leasehold improvements 10,888 10,174 Furnishings and equipment 10,080 9,325 Construction-in-Progress 716 1,618 43,197 39,493 Accumulated depreciation and amortization (13,372) (11,367) $ 29,825 $ 28,126

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Summary of balance sheet information related to operating leases	The Company had the following related to operating leases: December 31, 2022 2021 (Dollars in thousands) Right-of-use assets $ 25,906 $ 25,457 Lease liabilities 27,324 26,696 Weighted average remaining lease term for operating leases 11.3 years 12.2 years Weighted average discount rate used in the measurement of lease liabilities 2.19 % 1.97 %
Summary of lease cost	The following table is a summary of the Company’s components of net lease cost for the year ended December 31, 2022 and 2021. The variable lease cost primarily represents variable payments such as common area maintenance and utilities. Year Ended December 31, 2022 2021 (In thousands) Operating lease cost $ 3,137 $ 3,034 Finance lease cost 23 19 Variable lease cost 228 219 Total lease cost $ 3,388 $ 3,272 The following table presents supplemental cash flow information related to operating leases: Year Ended December 31, 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows from operating leases $ 3,100 $ 2,721 Operating lease liabilities arising from obtaining right-of-use assets (non-cash): Operating leases $ 2,999 $ 3,197
Summary of future undiscounted operating lease payments	Future undiscounted lease payments for operating leases with initial terms of one year or more as of December 31, 2022 are as follows: (In thousands) 2023 $ 3,057 2024 3,040 2025 2,657 2026 2,657 2027 2,548 Thereafter 17,093 Total undiscounted lease payments 31,052 Less: imputed interest (3,728) Total $ 27,324

DEPOSITS (Tables)

DEPOSITS (Tables)	12 Months Ended
	Dec. 31, 2022
Deposits [Abstract]
Summary of deposits	Deposits at December 31, 2022 and December 31, 2021, are summarized as follows: December 31, 2022 Weighted Average Rate December 31, 2021 Weighted Average Rate (In thousands) (In thousands) Non -interest bearing deposits $ 37,907 — % $ 44,894 — % NOW and demand accounts 410,937 0.92 % 363,419 0.13 % Savings 423,758 0.85 % 364,932 0.16 % Time deposits 416,260 1.79 % 473,795 0.58 % Total $ 1,288,862 1.15 % $ 1,247,040 0.31 %
Schedule of timed deposit maturities	Time deposits mature as follows for the year ending December 31: (In thousands) 2023 $ 294,912 2024 103,810 2025 10,891 2026 4,352 2027 2,295 $ 416,260
Schedule of interest expense on deposits	Interest expense on deposits is summarized as follows (in thousands): Year Ended December 31, 2022 2021 (In thousands) NOW and demand accounts $ 1,344 $ 519 Savings 1,615 572 Time deposits 2,779 6,793 Total $ 5,738 $ 7,884

ADVANCES FROM THE FEDERAL HOM_2

ADVANCES FROM THE FEDERAL HOME LOAN BANK OF NEW YORK (FHLB) (Tables)	12 Months Ended
	Dec. 31, 2022
Federal Home Loan Banks [Abstract]
Schedule of FHLB advances	Advances mature as follows for the year ended December 31, 2022. Maturity Rate Range Weighted Average Rate Amount 2023 0.70% — 4.82% 4.37% $ 252,000 2024 1.60% — 1.94% 1.80% 38,000 2025 1.50% — 1.60% 1.58% 20,500 3.87% $ 310,500

BENEFIT PLANS (Tables)

BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
Schedule of changes in projected benefit obligations, fair value of plan assets and funded status	The following table sets forth the change in benefit obligation, change in plan assets and a reconciliation of the unfunded status and the assumptions used in determining the net periodic cost included in the accompanying consolidated financial statements for the Company’s post retirement plans. The measurement date for the post retirement plans were December 31 for each year presented. SERP and DRP Post Retirement 2022 2021 2022 2021 (In thousands) Change in benefit obligation: Projected benefit obligation at beginning of year $ 3,941 $ 4,102 $ 1,613 $ 1,881 Service cost 98 201 1 1 Interest cost 87 79 39 38 Actuarial (gain) loss (469) (100) (488) (215) Benefits paid (339) (341) (93) (92) Plan amendments (504) — — — Projected benefit obligation at end of year 2,814 3,941 1,072 1,613 Reconciliation of plan assets: Fair value of plan assets at beginning of year — — — — Actual return on plan assets — — — — Employer contributions 339 341 93 92 Benefits and Settlements paid (339) (341) (93) (92) Fair value of plan assets at end of year — — — — Unfunded status $ 2,814 $ 3,941 $ 1,072 $ 1,613
Schedule of amount recognized in accumulated other comprehensive income	Amounts recognized in accumulated other comprehensive income at December 31, ignoring tax effects, consist of: SERP and DRP Post Retirement 2022 2021 2022 2021 (In thousands) Unrecognized net actuarial loss (gain) $ 279 $ 1,073 $ (671) $ (189) Unrecognized prior service cost 20 333 — — Total accumulated other comprehensive loss (gain) $ 299 $ 1,406 $ (671) $ (189)
Schedule of plan assumptions	The weighted average assumptions used in the determination of benefit obligations as of December 31 were as follows: SERP and DRP Post Retirement 2022 2021 (1) 2022 2021 Discount rate 4.81 % 2.31 % 4.91 % 2.53 % Rate of compensation increase* N/A 6.25 % N/A N/A (1) Rate of compensation increase applicable to DRP only. The weighted-average assumptions used in the determination of net periodic benefit cost were as follows: SERP and DRP Post Retirement 2022 2021 (1) 2022 2021 Discount rate 2.31 % 1.82 % 2.59 % 2.18 % Expected rate of return on plan assets N/A N/A N/A N/A Rate of compensation increase* N/A 6.25 % N/A N/A (1) Rate of compensation increase applicable to DRP only.
Schedule of net periodic benefit cost and other amounts recognized in OCI	The components of net periodic benefit cost and other amounts recognized in other comprehensive income were as follows for the years ended December 31, 2022 and 2021: SERP and DRP Post Retirement 2022 2021 2022 2021 (In thousands) Service cost $ 98 $ 201 $ 1 $ 1 Interest cost 87 79 39 38 Amortization: Past service liability — — — — Net loss (gain) 134 213 (6) (3) Net periodic benefit cost $ 319 $ 493 $ 34 $ 36
Schedule of expected benefit payments	The benefits expected to be paid in each of the next five years and the aggregate for the five years thereafter are as follows: SERP and DRP Post- Retirement (In thousands) 2023 $ 272 $ 77 2024 255 79 2025 257 80 2026 241 80 2027 227 81 Years 2028 - 2032 996 399
Schedule of shares held by ESOP	Shares held by the ESOP were as follows: December 31, 2022 December 31, 2021 (Dollars in thousands) Shares allocated to participants 182,544 91,272 Unallocated shares 2,099,256 2,190,528 Total ESOP shares 2,281,800 2,281,800 Fair value of unallocated shares $ 26,975 $ 32,047
Schedule of share-based compensation expense	The following table presents the share-based compensation expense for the year ended December 31, 2022. There was no share-based compensation expense for the year ended December 31, 2021. Year ended December 31, 2022 (In thousands) Stock option expense $ 422 Restricted stock expense 242 Total share-based compensation expense $ 664
Schedule of stock option activity	The following is a summary of the Company’s stock option activity and related information for the year ended December 31, 2022: Number of Stock Options Weighted Average Grant Date Fair Value Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Outstanding - December 31, 2021 — $ — $ — — Granted 2,610,563 4.12 11.65 9.8 Forfeited (19,500) 4.25 11.69 9.8 Outstanding -December 31, 2022 2,591,063 $ 4.12 $ 11.65 9.8 Exercisable - December 31, 2022 —
Schedule of restricted shares activity	The following is a summary of the Company’s restricted stock shares activity and related information for the year ended December 31, 2022: Number of Shares Awarded Weighted Average Grant Date Fair Value Outstanding - December 31, 2021 — $ — Granted 299,481 11.54 Outstanding - December 31, 2022 299,481 $ 11.54

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of income tax expense (benefit)	Income tax expense for the years ended December 31, 2022 and 2021, consists of the following: Current Deferred Total (In thousands) December 31, 2022 Federal $ 299 $ — $ 299 State 39 — 39 $ 338 $ — $ 338 December 31, 2021 Federal $ 140 $ 5,810 $ 5,950 State — 3,668 3,668 $ 140 $ 9,478 $ 9,618
Schedule of effective income tax rate reconciliation	A reconciliation between the actual income tax expense and the expected federal income tax expense (computed by multiplying income before income tax expense times the applicable statutory federal income tax rate) for the years ended December 31, 2022 and 2021, is as follows: 2022 2021 (In thousands) Income (loss) before income tax expense (benefit) $ 2,734 $ (26,724) Applicable statutory federal income tax rate 21.00 % 21.00 % Computed “expected” federal income tax expense (benefit) $ 574 $ (5,612) Increase (decrease) in federal income tax expense resulting from: State income taxes, net of federal benefit 244 (1,614) Valuation Allowance (414) 16,719 Tax-exempt income (96) (108) Bank owned life insurance (103) (100) Non-deductible compensation 54 — ESOP fair market value adjustment 50 76 Stock compensation 27 — CARES Act – Carryback expense — 247 Other items, net 2 10 Total $ 338 $ 9,618
Schedule of deferred tax assets and liabilities	The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2022 and 2021, are as follows: December 31, 2022 2021 Deferred tax assets: (In Thousands) Allowance for loan losses and REO $ 4,242 $ 4,617 Net unrealized losses on securities available for sale 9,529 — Net unrealized losses on derivatives — 69 Accrued postretirement benefits 1,195 1,217 Accrued interest receivable 187 179 Accrued bonus 730 506 Stock compensation 150 — Premises and equipment 109 — Finance lease liability 7,681 7,504 Charitable contribution carryover 2,729 2,709 Unrealized actuarial loss on post retirement benefits — 342 Federal net operating loss carryforward 5,417 6,648 State net operating loss carryforward 1,879 2,392 Other — 37 Total gross deferred tax assets 33,848 26,220 Valuation allowance (22,570) (16,868) Gross deferred tax assets after valuation allowance 11,278 9,352 Deferred tax liabilities: Net unrealized gains on securities available for sale — 327 Net unrealized gains on derivatives 3,118 — Deferred loan fees, net 772 1,198 Unrealized actuarial gains on post retirement benefits 105 — Premises and equipment — 489 Finance lease ROU asset 7,282 7,156 Other 1 182 Total gross deferred tax liabilities 11,278 9,352 Net deferred tax asset $ — $ —

DERIVATIVES (Tables)

DERIVATIVES (Tables)	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of interest-rate swaps designated as cash flow hedges	Summary information about the interest-rate swaps designated as cash flow hedges as of period-end is as follows: December 31, 2022 December 31, 2021 (Dollars in thousands) Notional amounts $ 109,000 $ 109,000 Weighted average pay rates 1.46 % 1.46 % Weighted average receive rates 4.61 % 0.17 % Weighted average maturity (in years) 4.2 5.3 Gross unrealized gain included in other assets $ 11,091 $ 1,313 Gross unrealized loss included in other liabilities — 1,559 Unrealized gains (losses), net $ 11,091 $ (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 years ended December 31, 2022 and 2021 are as follows: Amount of Gain (Loss) Recognized in OCI 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) Year Ended December 31, 2022 Interest rate contracts $ 11,337 Interest Expense $ 356 Year Ended December 31, 2021 Interest rate contracts $ 3,740 Interest Expense $ (1,427) (1) For the years ended December 31, 2022 and 2021, there is no tax effect due to the deferred taxes valuation allowance. See Note 9 for information related to the deferred taxes valuation allowance.

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Schedule of the amounts recognized in other comprehensive income	Accumulated other comprehensive income represents the net unrealized holding gains on securities available-for-sale, derivatives and the funded status of the Company’s benefit plans, as of the consolidated balance sheet dates, net of the related tax effect. The following table presents the components of other comprehensive (loss) income both gross and net of tax, inclusive of a deferred tax valuation allowance, for the periods indicated. Year Ended December 31, 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 $ (37,260) $ — $ (37,260) $ (4,626) $ 1,508 $ (3,118) Reclassification adjustment for (gains) losses included in net income (14) — (14) 1 — 1 Total (37,274) — (37,274) (4,625) 1,508 (3,117) Unrealized gain on cash flow hedge: Unrealized gain arising during the period 11,693 — 11,693 3,871 (1,138) 2,733 Reclassification adjustment for (gains) losses included in net income (356) — (356) 1,427 (420) 1,007 Total 11,337 — 11,337 5,298 (1,558) 3,740 Post-Retirement plans: Net benefit arising from plan amendment (2) 504 — 504 — — — Net gain arising during the period 858 — 858 315 (430) (115) Net actuarial loss 228 — 228 210 (59) 151 Total 1,590 — 1,590 525 (489) 36 Total other comprehensive (loss) income: $ (24,347) $ — $ (24,347) $ 1,198 $ (539) $ 659 (1) The 2022 period includes a deferred tax valuation allowance. (2) 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 Hedges Unrealized Gains and (Losses) on Available-for-sale Securities Post- Retirement Plans Total (In thousands) Balance at December 31, 2021 $ (246) $ 1,091 $ (1,217) $ (372) Other comprehensive income (loss) before reclassification 11,693 (37,260) 1,362 (24,205) Amounts reclassified from accumulated other comprehensive income (356) (14) 228 (142) Net current period other comprehensive gain (loss) 11,337 (37,274) 1,590 (24,347) Balance at December 31, 2022 $ 11,091 $ (36,183) $ 373 $ (24,719) Unrealized Gains and (Losses) on Cash Flow Hedges Unrealized Gains and (Losses) on Available-for-sale Securities Post-Retirement Plans Total (In thousands) Balance at December 31, 2020 $ (3,986) $ 4,208 $ (1,253) $ (1,031) Other comprehensive income (loss) before reclassification 2,733 (3,118) (115) (500) Amounts reclassified from accumulated other comprehensive income 1,007 1 151 1,159 Net current period other comprehensive gain (loss) 3,740 (3,117) 36 659 Balance at December 31, 2021 $ (246) $ 1,091 $ (1,217) $ (372)
Summary of reclassification out of each component of accumulated other comprehensive income (loss)	Details about Accumulated Other Comprehensive Income Components Year Ended December 31, Affected Line Item in the Statement Where Net Income is Presented 2022 2021 (In thousands) Unrealized gain (loss) on securities available for sale: Realized gains (losses) on securities available for sale $ 14 $ (1) Gain (loss) on sales and calls of securities Gains and (losses) on cash flow hedges: Interest rate contracts 356 (1,427) Interest income (expense) Amortization of benefit plan items: Net actuarial loss (228) (210) Compensation and benefits Total tax effect — 479 Income tax expense Total reclassification for the period, net of tax $ 142 $ (1,159)

FAIR VALUE OF ASSETS AND LIAB_2

FAIR VALUE OF ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Summary of fair value of assets and liabilities	The following table summarizes the fair value of assets and liabilities as of December 31, 2022: Fair Value Measurements at December 31, 2022, Using Quoted Prices Significant Other Significant Total (Level 1) (Level 2) (Level 3) (In thousands) Measured on a recurring basis: Financial assets Securities available for sale: U.S. Treasury Notes $ 43,759 $ 43,759 $ — $ — Domestic Corporate Bonds 76,298 — 76,298 — U.S. Government agency obligations 15,423 11,295 4,128 — Obligations issued by U.S. states and their political subdivisions 16,268 — 16,268 — Mortgage-backed securities: Residential one-to-four family 140,186 — 140,186 — Multifamily 18,158 — 18,158 — Asset-backed securities 4,156 — 4,156 — Total securities available for sale 314,248 55,054 259,194 — Derivatives $ 11,091 — 11,091 — Total financial assets measured on a recurring basis $ 325,339 $ 55,054 $ 270,285 $ — Financial Liabilities Derivatives $ — $ — $ — $ — Measured on a nonrecurring basis: Nonfinancial assets Assets held for sale $ 917 $ — $ 917 $ — 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 Notes $ 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 — Derivatives 1,313 — 1,313 — Total financial assets measured on a recurring basis $ 326,205 $ 54,449 $ 271,756 $ — Financial Liabilities Derivatives $ 1,559 $ — $ 1,559 $ —
Summary of carrying amounts and fair value of financial instruments not carried at fair value	The carrying amounts and fair value of financial instruments not carried at fair value, at December 31, 2022 and December 31, 2021 are as follows: Fair Value Measurements at December 31, 2022, Using Quoted Prices Significant Significant Book Value (Level 1) (Level 2) (Level 3) (In thousands) Financial assets Securities held-to-maturity $ 33,705 $ — $ 29,115 $ — Loans, net 1,531,727 — — 1,332,882 Financial liabilities Time Deposits 416,260 — 408,904 — Federal Home Loan advances 310,500 — 318,688 — Fair Value Measurements at December 31, 2021, Using Quoted Prices Significant Significant 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

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of loan commitments not reflected in financial statements	The following commitments exist at December 31, 2022 and 2021, which are not reflected in the accompanying consolidated financial statements: As of December 31, 2022 2021 (Dollars in Thousands) Origination of mortgage loans: Fixed rate $ 626 $ 1,847 Variable rate 7,344 14,456 Undisbursed home equity credit lines 34,814 33,265 Undisbursed construction credit lines 43,708 17,700 Undisbursed commercial credit lines 1,476 1,792 Performance standby letters of credit 671 671 Overdraft protection credit lines 20,022 19,038 Commitments to purchase investments 850 1,000

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME (Tables)	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Summary of sources of revenue from contracts with customers	The following table presents the Company’s sources of revenue from contracts with customers for the years ended December 31, 2022 and 2021, respectively. Year Ended December 31, 2022 2021 (In thousands) Non-interest income Service charges on deposits $ 992 $ 954 Interchange income 43 33 REO gain — 6 Total Revenue from Contracts with Customers $ 1,035 $ 993

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of earnings per share	For the Year ended December 31, 2022 2021 (Income In thousands) Net income (loss) applicable to common shares $ 2,396 $ (36,342) Shares Average number of common shares outstanding (1) 28,310,389 13,206,308 Less: Average unallocated ESOP shares 2,144,548 1,035,258 Average number of common shares outstanding used to calculate basic earnings per common share 26,165,841 12,171,050 Common stock equivalents 105,023 — Average number of common shares outstanding used to calculate diluted earnings per common share 26,270,864 12,171,050 Earnings per common share Basic $ 0.09 $ (2.99) Diluted $ 0.09 $ (2.99)

REGULATORY CAPITAL REQUIREMEN_2

REGULATORY CAPITAL REQUIREMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
Regulatory Capital Requirements Administered By Federal Banking Agencies [Abstract]
Schedule of compliance with regulatory capital requirements	The following table presents the regulatory capital, assets and risk based capital (common equity Tier 1, Tier 1 and Total capital) ratios for the Bank at December 31, 2022 and 2021 (in thousands, other than ratios): Bank Actual Minimum Capital Adequacy Minimum Capital Adequacy With Capital Buffer For Classification as Well Capitalized Amount Ratio Amount Ratio Amount Ratio Amount Ratio December 31, 2022 Common equity tier 1 $ 298,132 20.85 % $ 64,348 4.50 % $ 100,097 7.00 % $ 92,947 6.50 % Tier 1 capital 298,132 20.85 % 85,797 6.00 % 121,546 8.50 % 114,396 8.00 % Total capital 313,221 21.90 % 114,396 8.00 % 150,145 10.50 % 142,995 10.00 % Tier 1 (leverage) capital 298,132 14.61 % 81,611 4.00 % N/A N/A 102,013 5.00 % December 31, 2021 Common equity tier 1 $ 293,349 25.74 % $ 51,292 4.50 % $ 79,787 7.00 % $ 74,088 6.50 % Tier 1 capital 293,349 25.74 % 68,389 6.00 % 96,885 8.50 % 91,186 8.00 % Total capital 307,624 26.99 % 91,186 8.00 % 119,681 10.50 % 113,982 10.00 % Tier 1 (leverage) capital 293,349 15.00 % 78,201 4.00 % N/A N/A 97,752 5.00 %

CONDENSED FINANCIAL STATEMENT_2

CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY (Tables)	12 Months Ended
	Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]
Condensed Statements of Financial Condition	The condensed financial statements of Blue Foundry Bancorp (parent company only) are presented below: Condensed Statements of Financial Condition At December 31, 2022 2021 (In thousands) Assets: Cash and cash equivalents $ 98,494 $ 114,331 Investment in banking subsidiary 274,211 293,414 ESOP loan receivable 21,222 21,837 Other investments 157 — Other assets 1,101 245 Total Assets $ 395,185 $ 429,827 Liabilities and Stockholders’ Equity: Total liabilities $ 1,467 $ 356 Total stockholders’ equity 393,718 429,471 Total Liabilities and Stockholders’ Equity $ 395,185 $ 429,827
Condensed Statements of Comprehensive Loss	Condensed Statements of Comprehensive Loss Year Ended December 31, 2022 2021 (In thousands) Income: Interest on ESOP loan receivable $ 710 $ 343 Other income 19 23 Total income 729 366 Expenses: Contribution to Blue Foundry Charitable Foundation — 9,000 Other expenses 2,384 719 Total expenses 2,384 9,719 Loss before income tax benefit (1,655) (9,353) Income tax benefit (41) (59) Loss before undistributed earnings of subsidiary (1,614) (9,294) Equity in undistributed earnings of banking subsidiary 4,010 (27,048) Net income (loss) $ 2,396 $ (36,342) Comprehensive income (loss): Net income (loss) $ 2,396 $ (36,342) Other comprehensive (loss) income (24,347) 659 Comprehensive loss $ (21,951) $ (35,683)
Condensed Statements of Cash Flows	Condensed Statements of Cash Flows Twelve Months Ended December 31, 2022 2021 (In thousands) Cash flows from operating activities: Net income (loss) $ 2,396 $ (36,342) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Equity in undistributed earnings of subsidiary (4,010) 27,048 Issuance of common shares donated to Blue Foundry Charitable Foundation — 7,500 ESOP and stock-based compensation expense 682 361 Increase in other assets (863) (82) Increase in other liabilities 842 237 Net cash used by operating activities (953) (1,278) Cash flows from investing activities: Capital contribution to banking subsidiary — (136,481) Purchase of other investments (150) — Loan to ESOP — (22,818) Repayment of ESOP loan 615 981 Net cash provided by (used in) investing activities 465 (158,318) Cash flows from financing activities: Purchase of treasury stock (15,349) — Proceeds from issuance of common shares 273,598 Net cash (used in) provided by financing activities (15,349) 273,598 Net (decrease) increase in cash and cash equivalents (15,837) 114,002 Cash and cash equivalents at beginning of year 114,331 329 Cash and cash equivalents at end of year $ 98,494 $ 114,331

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Dec. 01, 2021	Jul. 15, 2021	Dec. 31, 2021	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Stock price per share		$ 10
Gross offering proceeds		$ 277.7
Charitable contribution in cash		$ 1.5
Common shares purchased for ESOP		2,281,800
Renewal or option to extend term (up to)				10 years
Increase in deferred tax allowance			$ 16.8
Termination expense on multiemployer plan withdrawal	$ 11.2
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
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms				1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms				15 years
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	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 350,431	$ 323,801
Gross Unrealized Gains	53	3,734
Gross Unrealized Losses	(36,236)	(2,643)
Estimated Fair Value	314,248	324,892
U.S. Treasury Notes
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	46,937	36,933
Gross Unrealized Gains	0	4
Gross Unrealized Losses	(3,178)	(105)
Estimated Fair Value	43,759	36,832
Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	81,725	86,118
Gross Unrealized Gains	4	1,791
Gross Unrealized Losses	(5,431)	(290)
Estimated Fair Value	76,298	87,619
U.S. Government agency obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	16,367	23,462
Gross Unrealized Gains	0	46
Gross Unrealized Losses	(944)	(179)
Estimated Fair Value	15,423	23,329
Obligations issued by U.S. states and their political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	16,559	19,172
Gross Unrealized Gains	49	1,152
Gross Unrealized Losses	(340)	0
Estimated Fair Value	16,268	20,324
Residential one-to-four family
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	164,843	116,166
Gross Unrealized Gains	0	140
Gross Unrealized Losses	(24,657)	(1,905)
Estimated Fair Value	140,186	114,401
Multifamily
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	19,475	35,412
Gross Unrealized Gains	0	598
Gross Unrealized Losses	(1,317)	(94)
Estimated Fair Value	18,158	35,916
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,525	6,538
Gross Unrealized Gains	0	3
Gross Unrealized Losses	(369)	(70)
Estimated Fair Value	$ 4,156	$ 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	Dec. 31, 2022	Dec. 31, 2021
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 33,705	$ 23,281
Gross Unrecognized Gains	0	0
Gross Unrecognized Losses	(4,590)	(432)
Estimated Fair Value	29,115	22,849
Asset-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	15,105	15,281
Gross Unrecognized Gains	0	0
Gross Unrecognized Losses	(2,309)	(373)
Estimated Fair Value	12,796	14,908
Corporate Bonds
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	18,600	8,000
Gross Unrecognized Gains	0	0
Gross Unrecognized Losses	(2,281)	(59)
Estimated Fair Value	$ 16,319	$ 7,941

SECURITIES - Narrative (Details

SECURITIES - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) security	Dec. 31, 2021 USD ($) security
Schedule of Held-to-maturity Securities [Line Items]
Proceeds from sales and calls of available-for-sale securities	$ 4,700,000	$ 14,200,000
Gross realized gains	14,000	0
Gross realized losses	0	(1,000)
Other-than-temporary impairment on available for sale securities	$ 0	$ 0
Number of available for sale securities in an unrealized loss position | security	105	44
Other-than-temporary impairment loss on held-to-maturity securities	$ 0	$ 0
Number of held to maturity securities in an unrecognized loss position | security	11	4
Unrecognized loss position of securities held to maturity	$ 4,591,000
Other investments, carried at fair value	15,900,000	$ 10,200,000
Fair Value Measured at Net Asset Value Per Share
Schedule of Held-to-maturity Securities [Line Items]
Alternative investment	157,000
Increase in net asset value	7,000
Commitments to purchase investments
Schedule of Held-to-maturity Securities [Line Items]
Undispersed loan commitments	$ 850,000	1,000,000
Corporate Bonds
Schedule of Held-to-maturity Securities [Line Items]
Number of available for sale securities in an unrealized loss position | security	31
Number of held to maturity securities in an unrecognized loss position | security	9
Unrecognized loss position of securities held to maturity	$ 2,281,000	$ 59,000
Number of held-to-maturity positions in unrealized loss position | security		2
Asset-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Number of available for sale securities in an unrealized loss position | security	2
Number of held to maturity securities in an unrecognized loss position | security	2
Unrecognized loss position of securities held to maturity	$ 2,310,000	$ 373,000
Number of held-to-maturity positions in unrealized loss position | security		2
Debt securities | Asset Pledged as Collateral | Public Deposits, FHLB Advances and Derivatives
Schedule of Held-to-maturity Securities [Line Items]
Securities pledged as collateral	$ 4,200,000	$ 9,100,000
Municipal bonds
Schedule of Held-to-maturity Securities [Line Items]
Number of available for sale securities in an unrealized loss position | security	8
US Government agencies, Treasury notes and mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Number of available for sale securities in an unrealized loss position | security	64

SECURITIES - Summary of amort_3

SECURITIES - Summary of amortized cost and fair value of debt securities shown by contractual maturity (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Amortized Cost
Due in one year or less	$ 13,089
Due from one year to five years	90,415
Due from five to ten years	42,212
Due after ten years	15,872
Mortgage-backed and asset-backed securities	188,843
Total	350,431
Estimated Fair Value
Due in one year or less	12,707
Due from one year to five years	85,755
Due from five to ten years	38,836
Due after ten years	14,450
Mortgage-backed and asset-backed securities	162,500
Total	314,248
Amortized Cost
Due from one year to five years	0
Due from five to ten years	18,600
Due after ten years	0
Mortgage-backed and asset-backed securities	15,105
Total	33,705
Estimated Fair Value
Due from one year to five years	0
Due from five to ten years	16,319
Due after ten years	0
Mortgage-backed and asset-backed securities	12,796
Total	$ 29,115

SECURITIES - Summary of availab

SECURITIES - Summary of available for sale securities with unrealized losses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Unrealized Losses
Less than 12 Months	$ (14,459)	$ (2,275)
12 Months or More	(21,777)	(368)
Total	(36,236)	(2,643)
Estimated Fair Value
Less than 12 Months	172,191	153,211
12 Months or More	130,720	11,899
Total	302,911	165,110
U.S. Treasury Note
Unrealized Losses
Less than 12 Months	(1,342)	(105)
12 Months or More	(1,836)	0
Total	(3,178)	(105)
Estimated Fair Value
Less than 12 Months	28,670	16,814
12 Months or More	15,089	0
Total	43,759	16,814
Corporate Bonds
Unrealized Losses
Less than 12 Months	(3,608)	(290)
12 Months or More	(1,823)	0
Total	(5,431)	(290)
Estimated Fair Value
Less than 12 Months	58,509	17,183
12 Months or More	15,522	0
Total	74,031	17,183
U.S. Government agency obligations
Unrealized Losses
Less than 12 Months	(5)	(49)
12 Months or More	(939)	(130)
Total	(944)	(179)
Estimated Fair Value
Less than 12 Months	696	9,951
12 Months or More	14,727	7,980
Total	15,423	17,931
Obligations issued by U.S. states and their political subdivisions
Unrealized Losses
Less than 12 Months	(65)	0
12 Months or More	(275)	0
Total	(340)	0
Estimated Fair Value
Less than 12 Months	5,641	0
12 Months or More	1,568	0
Total	7,209	0
Residential one-to-four family
Unrealized Losses
Less than 12 Months	(8,273)	(1,761)
12 Months or More	(16,384)	(144)
Total	(24,657)	(1,905)
Estimated Fair Value
Less than 12 Months	60,986	104,805
12 Months or More	79,189	3,009
Total	140,175	107,814
Multifamily
Unrealized Losses
Less than 12 Months	(1,166)	0
12 Months or More	(151)	(94)
Total	(1,317)	(94)
Estimated Fair Value
Less than 12 Months	17,689	0
12 Months or More	469	910
Total	18,158	910
Asset-backed securities
Unrealized Losses
Less than 12 Months	0	(70)
12 Months or More	(369)	0
Total	(369)	(70)
Estimated Fair Value
Less than 12 Months	0	4,458
12 Months or More	4,156	0
Total	$ 4,156	$ 4,458

SECURITIES - Summary of held-to

SECURITIES - Summary of held-to-maturity securities with unrealized losses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Unrecognized Losses
Less than 12 Months	$ (1,177)
12 Months or More	(3,414)
Total	(4,591)
Estimated Fair Value
Less than 12 Months	10,423
12 Months or More	18,692
Total	29,115
Corporate Bonds
Unrecognized Losses
Less than 12 Months	(1,177)	$ (6,900)
12 Months or More	(1,104)
Total	(2,281)	(59)
Estimated Fair Value
Less than 12 Months	10,423
12 Months or More	5,896
Total	16,319
Asset-backed securities
Unrecognized Losses
Less than 12 Months	0
12 Months or More	(2,310)
Total	(2,310)	(373)
Estimated Fair Value
Less than 12 Months	0	$ 14,900
12 Months or More	12,796
Total	$ 12,796

LOANS RECEIVABLE, NET - Summary

LOANS RECEIVABLE, NET - Summary of loans receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	$ 1,542,380	$ 1,281,310
Deferred fees, costs and premiums and discounts, net	2,747	6,299
Total loans	1,545,127	1,287,609
Allowance for loan losses	(13,400)	(14,425)	$ (16,959)
Loans receivable, net	1,531,727	1,273,184
Residential Portfolio Segment | Residential one-to-four family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	594,521	560,976
Allowance for loan losses	(2,264)	(2,822)	(3,579)
Residential Portfolio Segment | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	690,278	515,240
Allowance for loan losses	(5,491)	(5,263)	(5,460)
Non-residential | Non-residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	216,394	141,561
Allowance for loan losses	(3,357)	(2,846)	(3,244)
Construction and land | Construction and land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	17,990	23,419
Allowance for loan losses	(1,697)	(2,678)	(3,655)
Junior liens | Junior liens
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	18,477	18,464
Allowance for loan losses	(451)	(636)	(916)
Commercial and Industrial (including PPP) | Commercial and Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	4,682	21,563
Allowance for loan losses	(47)	(51)	(2)
Commercial and Industrial (including PPP) | PPP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	477	16,800
Consumer and other | Consumer and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	38	87
Allowance for loan losses	$ 0	$ (38)	$ (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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Allowance for loan losses
Beginning balance	$ 13,400	$ 14,425	$ 16,959
Charge-offs	(58)	(16)
Recoveries	34	0
(Release of) provision for loan losses	(1,001)	(2,518)
Total ending allowance balance	13,400	14,425
Residential Portfolio Segment | Residential one-to-four family
Allowance for loan losses
Beginning balance	2,264	2,822	3,579
Charge-offs	0	0
Recoveries	30	0
(Release of) provision for loan losses	(588)	(757)
Total ending allowance balance	2,264	2,822
Residential Portfolio Segment | Multifamily
Allowance for loan losses
Beginning balance	5,491	5,263	5,460
Charge-offs	0	0
Recoveries	0	0
(Release of) provision for loan losses	228	(197)
Total ending allowance balance	5,491	5,263
Non-residential | Non-residential
Allowance for loan losses
Beginning balance	3,357	2,846	3,244
Charge-offs	0	0
Recoveries	0	0
(Release of) provision for loan losses	511	(398)
Total ending allowance balance	3,357	2,846
Construction and land | Construction and land
Allowance for loan losses
Beginning balance	1,697	2,678	3,655
Charge-offs	0	0
Recoveries	0	0
(Release of) provision for loan losses	(981)	(977)
Total ending allowance balance	1,697	2,678
Junior liens | Junior liens
Allowance for loan losses
Beginning balance	451	636	916
Charge-offs	0	0
Recoveries	0	0
(Release of) provision for loan losses	(185)	(280)
Total ending allowance balance	451	636
Commercial and Industrial (including PPP) | Commercial and Industrial
Allowance for loan losses
Beginning balance	47	51	2
Charge-offs	0	0
Recoveries	0	0
(Release of) provision for loan losses	(4)	49
Total ending allowance balance	47	51
Consumer and other | Consumer and other
Allowance for loan losses
Beginning balance	0	38	48
Charge-offs	(58)	(16)
Recoveries	4	0
(Release of) provision for loan losses	16	6
Total ending allowance balance	0	38
Unallocated
Allowance for loan losses
Beginning balance	93	91	$ 55
Charge-offs	0	0
Recoveries	0	0
(Release of) provision for loan losses	2	36
Total ending allowance balance	$ 93	$ 91

LOANS RECEIVABLE, NET - Summa_3

LOANS RECEIVABLE, NET - Summary of allowance and loans receivable evaluated for impairment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Allowance for loan losses:
Individually evaluated for impairment	$ 27	$ 68
Collectively evaluated for impairment	13,373	14,357
Total	13,400	14,425	$ 16,959
Loans receivable:
Individually evaluated for impairment	11,657	15,522
Collectively evaluated for impairment	1,533,470	1,272,087
Total Loans Receivable	1,545,127	1,287,609
Residential Portfolio Segment | Residential one-to-four family
Allowance for loan losses:
Individually evaluated for impairment	27	31
Collectively evaluated for impairment	2,237	2,791
Total	2,264	2,822	3,579
Loans receivable:
Individually evaluated for impairment	8,418	10,169
Collectively evaluated for impairment	588,836	556,314
Total Loans Receivable	597,254	566,483
Residential Portfolio Segment | Multifamily
Allowance for loan losses:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	5,491	5,263
Total	5,491	5,263	5,460
Loans receivable:
Individually evaluated for impairment	516	684
Collectively evaluated for impairment	690,174	515,884
Total Loans Receivable	690,690	516,568
Non-residential | Non-residential
Allowance for loan losses:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	3,357	2,846
Total	3,357	2,846	3,244
Loans receivable:
Individually evaluated for impairment	2,671	4,577
Collectively evaluated for impairment	213,390	136,957
Total Loans Receivable	216,061	141,534
Construction and land | Construction and land
Allowance for loan losses:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	1,697	2,678
Total	1,697	2,678	3,655
Loans receivable:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	17,799	23,420
Total Loans Receivable	17,799	23,420
Junior liens | Junior liens
Allowance for loan losses:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	451	636
Total	451	636	916
Loans receivable:
Individually evaluated for impairment	52	55
Collectively evaluated for impairment	18,579	18,495
Total Loans Receivable	18,631	18,550
Commercial and Industrial (including PPP) | Commercial and Industrial
Allowance for loan losses:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	47	51
Total	47	51	2
Loans receivable:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	4,653	20,966
Total Loans Receivable	4,653	20,966
Consumer and other | Consumer and other
Allowance for loan losses:
Individually evaluated for impairment	0	37
Collectively evaluated for impairment	0	1
Total	0	38	48
Loans receivable:
Individually evaluated for impairment	0	37
Collectively evaluated for impairment	39	51
Total Loans Receivable	39	88
Unallocated
Allowance for loan losses:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	93	91
Total	93	91	$ 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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
With no related allowance recorded:
Unpaid Principal Balance	$ 10,770	$ 14,208
Recorded Investment	10,908	14,424
Average Recorded Investment	11,585	15,630
Interest Income Recognized	257	314
Cash Basis Interest Recognized	242	298
With an allowance recorded:
Unpaid Principal Balance	743	1,099
Recorded Investment	749	1,098
Allowance for Loan Losses Allocated	27	68
Average Recorded Investment	546	1,284
Interest Income Recognized	29	52
Cash Basis Interest Recognized	26	48
Total
Unpaid Principal Balance	11,513	15,307
Recorded Investment	11,657	15,522
Allowance for Loan Losses Allocated	27	68
Average Recorded Investment	12,131	16,914
Interest Income Recognized	286	366
Cash Basis Interest Recognized	268	346
Residential Portfolio Segment | Residential one-to-four family
With no related allowance recorded:
Unpaid Principal Balance	7,368	8,744
Recorded Investment	7,669	9,108
Average Recorded Investment	7,711	9,534
Interest Income Recognized	119	75
Cash Basis Interest Recognized	116	75
With an allowance recorded:
Unpaid Principal Balance	743	1,062
Recorded Investment	749	1,061
Allowance for Loan Losses Allocated	27	31
Average Recorded Investment	546	1,243
Interest Income Recognized	29	50
Cash Basis Interest Recognized	26	46
Total
Allowance for Loan Losses Allocated	27	31
Residential Portfolio Segment | Multifamily
With no related allowance recorded:
Unpaid Principal Balance	516	684
Recorded Investment	516	684
Average Recorded Investment	652	1,170
Interest Income Recognized	17	26
Cash Basis Interest Recognized	15	24
With an allowance recorded:
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Allowance for Loan Losses Allocated	0	0
Average Recorded Investment	0	0
Interest Income Recognized	0	0
Cash Basis Interest Recognized	0	0
Total
Allowance for Loan Losses Allocated	0	0
Non-residential | Non-residential
With no related allowance recorded:
Unpaid Principal Balance	2,834	4,725
Recorded Investment	2,671	4,577
Average Recorded Investment	3,168	4,869
Interest Income Recognized	118	210
Cash Basis Interest Recognized	108	196
With an allowance recorded:
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Allowance for Loan Losses Allocated	0	0
Average Recorded Investment	0	0
Interest Income Recognized	0	0
Cash Basis Interest Recognized	0	0
Total
Allowance for Loan Losses Allocated	0	0
Construction and land | Construction and land
With no related allowance recorded:
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Average Recorded Investment	0	0
Interest Income Recognized	0	0
Cash Basis Interest Recognized	0	0
With an allowance recorded:
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Allowance for Loan Losses Allocated	0	0
Average Recorded Investment	0	0
Interest Income Recognized	0	0
Cash Basis Interest Recognized	0	0
Total
Allowance for Loan Losses Allocated	0	0
Junior liens | Junior liens
With no related allowance recorded:
Unpaid Principal Balance	52	55
Recorded Investment	52	55
Average Recorded Investment	54	57
Interest Income Recognized	3	3
Cash Basis Interest Recognized	3	3
Commercial and Industrial (including PPP) | Commercial and Industrial
With no related allowance recorded:
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Average Recorded Investment	0	0
Interest Income Recognized	0	0
Cash Basis Interest Recognized	0	0
With an allowance recorded:
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Allowance for Loan Losses Allocated	0	0
Average Recorded Investment	0	0
Interest Income Recognized	0	0
Cash Basis Interest Recognized	0	0
Total
Allowance for Loan Losses Allocated	0	0
Consumer and other | Consumer and other
With an allowance recorded:
Unpaid Principal Balance	0	37
Recorded Investment	0	37
Allowance for Loan Losses Allocated	0	37
Average Recorded Investment	0	41
Interest Income Recognized	0	2
Cash Basis Interest Recognized	0	2
Total
Allowance for Loan Losses Allocated	$ 0	$ 37

LOANS RECEIVABLE, NET - Narrati

LOANS RECEIVABLE, NET - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Loans with terms modified in troubled debt restructurings	$ 4,800,000	$ 5,400,000
Reserves specific to troubled debt restructuring	27,000	68,000
Number of loans restructurings with subsequent default in the next twelve months	0	0
Troubled debt restructurings during the period	453,000	0
Mortgage loans in process of foreclosure	$ 4,500,000	$ 790,000

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	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Nonaccrual	$ 7,767	$ 11,983
Loans Past Due 90 Days and Still Accruing	61	116
Residential Portfolio Segment | Residential one-to-four family
Financing Receivable, Past Due [Line Items]
Nonaccrual	7,498	10,805
Loans Past Due 90 Days and Still Accruing	0	0
Residential Portfolio Segment | Multifamily
Financing Receivable, Past Due [Line Items]
Nonaccrual	182	139
Loans Past Due 90 Days and Still Accruing	0	0
Non-residential | Non-residential
Financing Receivable, Past Due [Line Items]
Nonaccrual	0	857
Loans Past Due 90 Days and Still Accruing	0	0
Construction and land | Construction and land
Financing Receivable, Past Due [Line Items]
Nonaccrual	0	0
Loans Past Due 90 Days and Still Accruing	0	0
Commercial and Industrial (including PPP) | Commercial and Industrial
Financing Receivable, Past Due [Line Items]
Nonaccrual	35	0
Loans Past Due 90 Days and Still Accruing	61	116
Commercial and Industrial (including PPP) | PPP Loans
Financing Receivable, Past Due [Line Items]
Loans Past Due 90 Days and Still Accruing	61	116
Junior liens | Junior liens
Financing Receivable, Past Due [Line Items]
Nonaccrual	52	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	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	$ 1,545,127	$ 1,287,609
30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	1,747
60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	845	567
90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	7,068	9,615
Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	7,913	11,929
Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,537,214	1,275,680
Residential Portfolio Segment | Residential one-to-four family
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	597,254	566,483
Residential Portfolio Segment | Residential one-to-four family | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	1,736
Residential Portfolio Segment | Residential one-to-four family | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	845	457
Residential Portfolio Segment | Residential one-to-four family | 90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	6,738	8,936
Residential Portfolio Segment | Residential one-to-four family | Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	7,583	11,129
Residential Portfolio Segment | Residential one-to-four family | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	589,671	555,354
Residential Portfolio Segment | Multifamily
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	690,690	516,568
Residential Portfolio Segment | Multifamily | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable
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	182	0
Residential Portfolio Segment | Multifamily | Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	182	0
Residential Portfolio Segment | Multifamily | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	690,508	516,568
Non-residential | Non-residential
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	216,061	141,534
Non-residential | Non-residential | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable
Non-residential | Non-residential | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Non-residential | Non-residential | 90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	381
Non-residential | Non-residential | Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	381
Non-residential | Non-residential | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	216,061	141,153
Construction and land | Construction and land
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	17,799	23,420
Construction and land | Construction and land | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable
Construction and land | Construction and land | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Construction and land | Construction and land | 90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Construction and land | Construction and land | Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Construction and land | Construction and land | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	17,799	23,420
Junior liens | Junior liens
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	18,631	18,550
Junior liens | Junior liens | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0
Junior liens | Junior liens | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	53
Junior liens | Junior liens | 90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	52	182
Junior liens | Junior liens | Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	52	235
Junior liens | Junior liens | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	18,579	18,315
Commercial and Industrial (including PPP) | Commercial and Industrial
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	4,653	20,966
Commercial and Industrial (including PPP) | Commercial and Industrial | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable		11
Commercial and Industrial (including PPP) | Commercial and Industrial | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	57
Commercial and Industrial (including PPP) | Commercial and Industrial | 90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	96	116
Commercial and Industrial (including PPP) | Commercial and Industrial | Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	96	184
Commercial and Industrial (including PPP) | Commercial and Industrial | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	4,557	20,782
Consumer and other | Consumer and other
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	39	88
Consumer and other | Consumer and other | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable
Consumer and other | Consumer and other | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Consumer and other | Consumer and other | 90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Consumer and other | Consumer and other | Total Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Consumer and other | Consumer and other | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	$ 39	$ 88

LOANS RECEIVABLE, NET - Credit

LOANS RECEIVABLE, NET - Credit quality indicators (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	$ 1,545,127	$ 1,287,609
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	1,534,434	1,269,218
Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	2,224	5,213
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	8,469	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	597,254	566,483
Residential Portfolio Segment | Residential one-to-four family | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	589,137	555,184
Residential Portfolio Segment | Residential one-to-four family | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	247	0
Residential Portfolio Segment | Residential one-to-four family | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	7,870	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	690,690	516,568
Residential Portfolio Segment | Multifamily | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	689,277	510,815
Residential Portfolio Segment | Multifamily | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	897	5,069
Residential Portfolio Segment | Multifamily | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	516	684
Residential Portfolio Segment | Multifamily | Doubtful/Loss
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	0	0
Non-residential | Non-residential
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	216,061	141,534
Non-residential | Non-residential | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	214,981	140,377
Non-residential | Non-residential | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	1,080	144
Non-residential | Non-residential | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	0	1,013
Non-residential | Non-residential | Doubtful/Loss
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	0	0
Construction and land | Construction and land
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	17,799	23,420
Construction and land | Construction and land | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	17,799	23,420
Construction and land | Construction and land | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	0	0
Construction and land | Construction and land | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	0	0
Construction and land | Construction and land | Doubtful/Loss
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	0	0
Junior liens | Junior liens
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	18,631	18,550
Junior liens | Junior liens | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	18,579	18,368
Junior liens | Junior liens | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	0	0
Junior liens | Junior liens | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	52	182
Junior liens | Junior liens | Doubtful/Loss
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	0	0
Commercial and Industrial (including PPP) | Commercial and industrial (1)
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	4,653	20,966
Commercial and Industrial (including PPP) | Commercial and industrial (1) | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	4,653	20,966
Commercial and Industrial (including PPP) | Commercial and industrial (1) | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	0	0
Commercial and Industrial (including PPP) | Commercial and industrial (1) | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	0	0
Commercial and Industrial (including PPP) | Commercial and industrial (1) | Doubtful/Loss
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable		0
Consumer and other | Consumer and other
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	39	88
Consumer and other | Consumer and other | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	8	88
Consumer and other | Consumer and other | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	0	0
Consumer and other | Consumer and other | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	31	0
Consumer and other | Consumer and other | Doubtful/Loss
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans Receivable	$ 0	$ 0

PREMISES AND EQUIPMENT (Details

PREMISES AND EQUIPMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 43,197	$ 39,493
Accumulated depreciation and amortization	(13,372)	(11,367)
Premises and equipment, net	29,825	28,126
Depreciation and amortization	2,700	2,300
Land
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	3,058	3,793
Buildings and improvements
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	18,456	14,583
Leasehold improvements
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	10,888	10,174
Furnishings and equipment
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	10,080	9,325
Construction-in-Progress
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 716	$ 1,618

LEASES (Details)

LEASES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) modification obligation	Dec. 31, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Weighted average remaining lease terms on operating leases (in years)	11 years 3 months 18 days	12 years 2 months 12 days
Weighted average discount rate on operating leases	2.19%	1.97%
Operating lease cash payments for lease liabilities	$ 3,100	$ 2,721
Recognition of operating lease liabilities	$ 27,324	$ 26,696
Number of new lease obligations | obligation	2
Number of lease modification | modification	1
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	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Right-of-use assets	$ 25,906	$ 25,457
Lease liabilities	$ 27,324	$ 26,696
Weighted average remaining lease terms on operating leases (in years)	11 years 3 months 18 days	12 years 2 months 12 days
Weighted average discount rate on operating leases	2.19%	1.97%

LEASES - Summary of components

LEASES - Summary of components of net lease cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 3,137	$ 3,034
Finance lease cost	23	19
Variable lease cost	228	219
Total lease cost	$ 3,388	$ 3,272

LEASES - Schedule of supplement

LEASES - Schedule of supplemental cash flow information on leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cash payments for lease liabilities	$ 3,100	$ 2,721
Lease liabilities arising from obtaining right-of-use assets	$ 2,999	$ 3,197

LEASES - Schedule of future und

LEASES - Schedule of future undiscounted lease payments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2023	$ 3,057
2024	3,040
2025	2,657
2026	2,657
2027	2,548
Thereafter	17,093
Total undiscounted lease payments	31,052
Less: imputed interest	(3,728)
Total	$ 27,324	$ 26,696

DEPOSITS - Summary of deposits

DEPOSITS - Summary of deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deposits [Abstract]
Non -interest bearing deposits	$ 37,907	$ 44,894
Interest-Bearing Deposit Liabilities [Abstract]
NOW and demand accounts	410,937	363,419
Savings	423,758	364,932
Time deposits	416,260	473,795
Deposits	$ 1,288,862	$ 1,247,040
Weighted Average Rate
NOW and demand accounts	0.92%	0.13%
Savings	0.85%	0.16%
Time deposits	1.79%	0.58%
Total	1.15%	0.31%

DEPOSITS - Narrative (Details)

DEPOSITS - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deposits [Abstract]
Brokered deposits	$ 75,000	$ 0
Time deposits that meet or exceed the FDIC insurance limit	43,100	47,300
Related party deposits	$ 2,200	$ 2,400

DEPOSITS - Schedule of timed de

DEPOSITS - Schedule of timed deposit maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deposits [Abstract]
2023	$ 294,912
2024	103,810
2025	10,891
2026	4,352
2027	2,295
Time deposits	$ 416,260	$ 473,795

DEPOSITS - Schedule of interest

DEPOSITS - Schedule of interest expense on deposits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Deposits [Abstract]
NOW and demand accounts	$ 1,344	$ 519
Savings	1,615	572
Time deposits	2,779	6,793
Total	$ 5,738	$ 7,884

ADVANCES FROM THE FEDERAL HOM_3

ADVANCES FROM THE FEDERAL HOME LOAN BANK OF NEW YORK (FHLB) - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Federal Home Loan Bank, Advances [Line Items]
Fixed rate, term borrowings from FHLB	$ 310,500	$ 185,500
Extinguishment of FHLB borrowings	0	111,400
FHLB prepayment penalty		2,200
Investment securities and loans pledged to secure advances	$ 638,600	$ 319,900
Weighted average fixed rate	3.87%	0.92%
Minimum
Federal Home Loan Bank, Advances [Line Items]
Federal Home Loan Bank, Advances, Remaining Term	1 month
Maximum
Federal Home Loan Bank, Advances [Line Items]
Federal Home Loan Bank, Advances, Remaining Term	25 months

ADVANCES FROM THE FEDERAL HOM_4

ADVANCES FROM THE FEDERAL HOME LOAN BANK OF NEW YORK (FHLB) - Maturity schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Weighted Average Rate
2023	4.37%
2024	1.80%
2025	1.58%
Weighted Average Rate	3.87%	0.92%
Amount
2023	$ 252,000
2024	38,000
2025	20,500
Federal Home Loan Bank advances	$ 310,500	$ 185,500
Minimum
Rate Range
2023	0.70%
2024	1.60%
2025	1.50%
Maximum
Rate Range
2023	4.82%
2024	1.94%
2025	1.60%

BENEFIT PLANS - Narrative (Deta

BENEFIT PLANS - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Aug. 31, 2021 USD ($)	Jan. 01, 2019 participant
Retirement Benefits [Abstract]
Loss on pension withdrawal			$ 11,200
Contributions to 401k plan	$ 857	$ 701
Number of remaining retired participants in health plan | participant				12
Estimated net loss for post-retirement plans	(85)
Estimated prior service cost for post-retirement plans	$ 5

BENEFIT PLANS - Schedule of cha

BENEFIT PLANS - Schedule of change in benefit obligation and fair value of plan assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
SERP and DRP
Change in benefit obligation:
Projected benefit obligation at beginning of year	$ 3,941	$ 4,102
Service cost	98	201
Interest cost	87	79
Actuarial (gain) loss	(469)	(100)
Benefits paid	(339)	(341)
Plan amendments	(504)	0
Projected benefit obligation at end of year	2,814	3,941
Reconciliation of plan assets:
Fair value of plan assets at beginning of year	0	0
Actual return on plan assets	0	0
Employer contributions	339	341
Benefits and Settlements paid	(339)	(341)
Fair value of plan assets at end of year	0	0
Unfunded status	2,814	3,941
Post Retirement
Change in benefit obligation:
Projected benefit obligation at beginning of year	1,613	1,881
Service cost	1	1
Interest cost	39	38
Actuarial (gain) loss	(488)	(215)
Benefits paid	(93)	(92)
Plan amendments	0	0
Projected benefit obligation at end of year	1,072	1,613
Reconciliation of plan assets:
Fair value of plan assets at beginning of year	0	0
Actual return on plan assets	0	0
Employer contributions	93	92
Benefits and Settlements paid	(93)	(92)
Fair value of plan assets at end of year	0	0
Unfunded status	$ 1,072	$ 1,613

BENEFIT PLANS - Amounts include

BENEFIT PLANS - Amounts included in accumulated other comprehensive income (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
SERP and DRP
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial loss (gain)	$ 279	$ 1,073
Unrecognized prior service cost	20	333
Total accumulated other comprehensive loss (gain)	299	1,406
Post Retirement
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial loss (gain)	(671)	(189)
Unrecognized prior service cost	0	0
Total accumulated other comprehensive loss (gain)	$ (671)	$ (189)

BENEFIT PLANS - Assumptions use

BENEFIT PLANS - Assumptions used in calculating net period benefit cost (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
SERP and DRP
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	4.81%	2.31%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	2.31%	1.82%
Post Retirement
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	4.91%	2.53%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	2.59%	2.18%
DRP
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Rate of compensation increase*		6.25%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Rate of compensation increase*		6.25%

BENEFIT PLANS - Amounts inclu_2

BENEFIT PLANS - Amounts included in other comprehensive income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
SERP and DRP
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 98	$ 201
Interest cost	87	79
Amortization:
Past service liability	0	0
Net loss (gain)	134	213
Net periodic benefit cost	319	493
Post Retirement
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	1
Interest cost	39	38
Amortization:
Past service liability	0	0
Net loss (gain)	(6)	(3)
Net periodic benefit cost	$ 34	$ 36

BENEFIT PLANS - Expected future

BENEFIT PLANS - Expected future benefit payments (Details) $ in Thousands	Dec. 31, 2022 USD ($)
SERP and DRP
Defined Benefit Plan Disclosure [Line Items]
2023	$ 272
2024	255
2025	257
2026	241
2027	227
Years 2028 - 2032	996
Post Retirement
Defined Benefit Plan Disclosure [Line Items]
2023	77
2024	79
2025	80
2026	80
2027	81
Years 2028 - 2032	$ 399

BENEFIT PLANS - Share based com

BENEFIT PLANS - Share based compensation narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Aug. 25, 2022	Dec. 31, 2022	Dec. 31, 2021
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Unallocated common stock held by ESOP (in shares)		2,281,800	2,281,800
Price per share, ESOP (in usd per share)		$ 10
Remaining principal on ESOP loan		$ 21,200
Purchase of common shares by the ESOP		615	$ 1,000
ESOP and stock-based compensation expense		1,200	$ 1,300
Expected future expense of non-vested options		$ 10,300
Restricted Stock
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Expected period of recognition (in years)		4 years 8 months 12 days
Expected future expense of non-vested RSUs		$ 3,200
Stock option
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Expected period of recognition (in years)		6 years 3 months 18 days
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan)
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Number of shares authorized for grant (in shares)	3,993,150
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Restricted Stock
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Number of shares authorized for grant (in shares)	1,140,900
Initial period before vesting begins (in years)	1 year
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Restricted Stock | Minimum
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Vesting service period (in years)	5 years
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Restricted Stock | Maximum
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Vesting service period (in years)	7 years
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Stock option
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Number of shares authorized for grant (in shares)	2,852,250
Initial period before vesting begins (in years)	1 year
Expiration period of options(in years)	10 years
Expected life of stock options (in years)		6 years 10 months 24 days
Risk free interest rate		3.94%
Expected volatility rate		29.41%
Expected dividend yield		0.88%
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Stock option | Minimum
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Vesting service period (in years)	5 years
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Stock option | Maximum
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Vesting service period (in years)	7 years

BENEFIT PLANS - Schedule of sha

BENEFIT PLANS - Schedule of shares held by ESOP (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
ESOP shares committed to be released (in shares)	182,544	91,272
Unallocated shares	2,099,256	2,190,528
Total ESOP shares	2,281,800	2,281,800
Fair value of unallocated shares	$ 26,975	$ 32,047

BENEFIT PLANS - Schedule of s_2

BENEFIT PLANS - Schedule of share based compensation expense (Details) - Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 664
Stock option expense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	422
Restricted stock expense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 242

BENEFIT PLANS - Summary of opti

BENEFIT PLANS - Summary of option activity (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Number of Stock Options
Outstanding, beginning balance (in shares) | shares	0
Granted (in shares) | shares	2,610,563
Forfeited (in shares) | shares	(19,500)
Outstanding, ending balance (in shares) | shares	2,591,063
Exercisable, end of period (in shares) | shares	0
Weighted Average Grant Date Fair Value
Granted (in dollars per share)	$ 4.12
Forfeited (in dollars per share)	4.25
Outstanding balance (in dollars per share)	4.12
Weighted Average Exercise Price
Granted (in dollars per share)	11.65
Forfeited (in dollars per share)	11.69
Outstanding balance (in dollars per share)	$ 11.65
Weighted Average Remaining Contractual Life (years)
Granted (in years)	9 years 9 months 18 days
Forfeited (in years)	9 years 9 months 18 days
Outstanding (in years)	9 years 9 months 18 days

BENEFIT PLANS - Summary of RSU

BENEFIT PLANS - Summary of RSU activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Number of Shares Awarded
Outstanding, beginning balance (in shares)	299,481	0
Granted (in shares)	299,481
Outstanding, ending balance (in shares)	299,481
Weighted Average Grant Date Fair Value
Outstanding, beginning balance (in dollars per share)	$ 0
Granted (in dollars per share)	11.54
Outstanding, ending balance (in dollars per share)	$ 11.54

INCOME TAXES - Schedule of inco

INCOME TAXES - Schedule of income tax expense (benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Current
Federal	$ 299	$ 140
State	39	0
Current federal, state and local, tax expense (benefit)	338	140
Deferred
Federal	0	5,810
State	0	3,668
Deferred federal, state and local, tax expense (benefit)	0	9,478
Total
Federal	299	5,950
State	39	3,668
Income tax (benefit) expense	$ 338	$ 9,618

INCOME TAXES - Schedule of effe

INCOME TAXES - Schedule of effective income tax rate reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income (loss) before income tax expense (benefit)	$ 2,734	$ (26,724)
Applicable statutory federal income tax rate	21%	21%
Computed “expected” federal income tax expense (benefit)	$ 574	$ (5,612)
Increase (decrease) in federal income tax expense resulting from:
State income taxes, net of federal benefit	244	(1,614)
Valuation Allowance	(414)	16,719
Tax-exempt income	(96)	(108)
Bank owned life insurance	(103)	(100)
Non-deductible compensation	54	0
ESOP fair market value adjustment	50	76
Stock compensation	27	0
CARES Act – Carryback expense	0	247
Other items, net	2	10
Income tax (benefit) expense	$ 338	$ 9,618

INCOME TAXES - Schedule of defe

INCOME TAXES - Schedule of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Allowance for loan losses and REO	$ 4,242	$ 4,617
Net unrealized losses on securities available for sale	9,529	0
Net unrealized losses on derivatives	0	69
Accrued postretirement benefits	1,195	1,217
Accrued interest receivable	187	179
Accrued bonus	730	506
Stock compensation	150	0
Premises and equipment	109	0
Finance lease liability	7,681	7,504
Charitable contribution carryover	2,729	2,709
Unrealized actuarial loss on post retirement benefits	0	342
Federal net operating loss carryforward	5,417	6,648
State net operating loss carryforward	1,879	2,392
Other	0	37
Total gross deferred tax assets	33,848	26,220
Valuation allowance	(22,570)	(16,868)
Gross deferred tax assets after valuation allowance	11,278	9,352
Deferred tax liabilities:
Net unrealized gains on securities available for sale	0	327
Net unrealized gains on derivatives	3,118	0
Deferred loan fees, net	772	1,198
Unrealized actuarial gains on post retirement benefits	105	0
Premises and equipment	0	489
Finance lease ROU asset	7,282	7,156
Other	1	182
Total gross deferred tax liabilities	11,278	9,352
Net deferred tax asset	$ 0	$ 0

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ (22,570)	$ (16,868)
Valuation allowance related to NOL carryforwards	7,300
Contribution to Blue Foundry Charitable Foundation	0	9,000
Approximate amount of retained earnings for which no provision for income tax has been made	14,600	$ 14,600
Charitable Contribution
Operating Loss Carryforwards [Line Items]
Charitable contribution tax credit carryforward, term		5 years
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	25,800
State and Local Jurisdiction | New Jersey Division of Taxation
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 26,400
Expiration term on state operating loss carryforwards	19 years

DERIVATIVES - Narrative (Detail

DERIVATIVES - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash collateral pledged against securities	$ 11,500,000
Securities available for sale, at fair value	314,248,000	$ 324,892,000
Interest expense	356,000	(1,400,000)
Asset Pledged as Collateral with Right
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Securities available for sale, at fair value	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	3,800,000
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 - Summary of intere

DERIVATIVES - Summary of interest-rate swaps designated as cash flow hedges (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax, Parent	$ 0	$ 0
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts	109,000,000
Interest Rate Swap | Other Assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gains (losses), net	11,091,000	1,313,000
Interest Rate Swap | Other Liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gains (losses), net	0	1,559,000
Interest Rate Swap | 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	1.46%	1.46%
Weighted average receive rates	4.61%	0.17%
Weighted average maturity (in years)	4 years 2 months 12 days	5 years 3 months 18 days
Unrealized gains (losses), net	$ 11,091,000	$ (246,000)

DERIVATIVES - Summary of effect

DERIVATIVES - Summary of effect of cash flow hedge accounting on AOCI (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative	[1]	$ 11,337	$ 3,740
Deferred tax assets, valuation allowance		22,570	16,868
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative		11,337	3,740
Interest Rate Swap | Interest Expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Reclassified from OCI to Income/(Expense)		$ 356	$ (1,427)
[1]Includes a deferred tax valuation allowance equal to the net tax benefit.

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME - Components of Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized loss arising during the period, after tax	$ (24,205)	$ (500)
Total other comprehensive (loss) income, before tax	(24,347)	1,198
Total other comprehensive (loss) income, tax effect	0	(539)
Other Comprehensive Income (Loss), Net of Tax, Total	(24,347)	659
Unrealized loss on securities available for sale:
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized loss arising during the period, before tax	(37,260)	(4,626)
Unrealized loss arising during the period, tax effect	0	1,508
Unrealized loss arising during the period, after tax	(37,260)	(3,118)
Reclassification adjustment for (gains) losses included in net income, before tax	(14)	1
Reclassification adjustment for (gains) losses included in net income, tax effect	0	0
Reclassification adjustment for (gains) losses included in net income, after tax	(14)	1
Total other comprehensive (loss) income, before tax	(37,274)	(4,625)
Total other comprehensive (loss) income, tax effect	0	1,508
Other Comprehensive Income (Loss), Net of Tax, Total	(37,274)	(3,117)
Unrealized gain on cash flow hedge:
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized loss arising during the period, before tax	11,693	3,871
Unrealized loss arising during the period, tax effect	0	(1,138)
Unrealized loss arising during the period, after tax	11,693	2,733
Reclassification adjustment for (gains) losses included in net income, before tax	(356)	1,427
Reclassification adjustment for (gains) losses included in net income, tax effect	0	(420)
Reclassification adjustment for (gains) losses included in net income, after tax	(356)	1,007
Total other comprehensive (loss) income, before tax	11,337	5,298
Total other comprehensive (loss) income, tax effect	0	(1,558)
Other Comprehensive Income (Loss), Net of Tax, Total	11,337	3,740
Net benefit arising from plan amendment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized loss arising during the period, before tax	504	0
Unrealized loss arising during the period, tax effect	0	0
Unrealized loss arising during the period, after tax	504	0
Post-Retirement plans:
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized loss arising during the period, before tax	858	315
Unrealized loss arising during the period, tax effect	0	(430)
Unrealized loss arising during the period, after tax	858	(115)
Reclassification adjustment for (gains) losses included in net income, before tax	228	210
Reclassification adjustment for (gains) losses included in net income, tax effect	0	(59)
Reclassification adjustment for (gains) losses included in net income, after tax	228	151
Total other comprehensive (loss) income, before tax	1,590	525
Total other comprehensive (loss) income, tax effect	0	(489)
Other Comprehensive Income (Loss), Net of Tax, Total	$ 1,590	$ 36

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME - Changes in accumulated other comprehensive income by component, net of tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 429,471	$ 205,600
Other comprehensive income (loss) before reclassification	(24,205)	(500)
Amounts reclassified from accumulated other comprehensive income	(142)	1,159
Other Comprehensive Income (Loss), Net of Tax, Total	(24,347)	659
Balance at end of period	393,718	429,471
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(372)	(1,031)
Other Comprehensive Income (Loss), Net of Tax, Total	(24,347)	659
Balance at end of period	(24,719)	(372)
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	11,693	2,733
Amounts reclassified from accumulated other comprehensive income	(356)	1,007
Other Comprehensive Income (Loss), Net of Tax, Total	11,337	3,740
Balance at end of period	11,091	(246)
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	(37,260)	(3,118)
Amounts reclassified from accumulated other comprehensive income	(14)	1
Other Comprehensive Income (Loss), Net of Tax, Total	(37,274)	(3,117)
Balance at end of period	(36,183)	1,091
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	1,362	(115)
Amounts reclassified from accumulated other comprehensive income	228	151
Other Comprehensive Income (Loss), Net of Tax, Total	1,590	36
Balance at end of period	$ 373	$ (1,217)

ACCUMULATED OTHER COMPREHENSI_5

ACCUMULATED OTHER COMPREHENSIVE INCOME- Summary of reclassification out of each component of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Gain (loss) on sales and calls of securities	$ 14	$ (1)
Interest income (expense)	51,843	42,949
Compensation and benefits	(29,247)	(25,755)
Income tax expense	(338)	(9,618)
Total reclassification for the period, net of tax	2,396	(36,342)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense	0	479
Total reclassification for the period, net of tax	142	(1,159)
Realized gains (losses) on securities available for sale | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Gain (loss) on sales and calls of securities	14	(1)
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 income (expense)	356	(1,427)
Post- Retirement Plans | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Compensation and benefits	$ (228)	$ (210)

FAIR VALUE OF ASSETS AND LIAB_3

FAIR VALUE OF ASSETS AND LIABILITIES - Summary of assets and liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	$ 314,248	$ 324,892
Derivative Asset, Statement Of Financial Position, Extensible Enumeration, Not Disclosed Flag	Derivatives
Derivative Liability, Statement Of Financial Position, Extensible Enumeration, Not Disclosed Flag	Derivatives
U.S. Treasury Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	$ 43,759	36,832
Domestic Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	76,298	87,619
U.S. Government agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	15,423	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:	16,268	20,324
Residential one-to-four family
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	140,186	114,401
Multifamily
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	18,158	35,916
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	4,156	6,471
Measured on a recurring basis:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	314,248	324,892
Financial assets	325,339	326,205
Financial Liabilities	0	1,559
Nonfinancial assets	11,091	1,313
Measured on a recurring basis: | U.S. Treasury Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	43,759	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:	76,298	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:	15,423	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:	16,268	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:	140,186	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:	18,158	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:	4,156	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:	55,054	54,449
Financial assets	55,054	54,449
Financial Liabilities	0	0
Nonfinancial assets	0	0
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | U.S. Treasury Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	43,759	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:	11,295	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:	259,194	270,443
Financial assets	270,285	271,756
Financial Liabilities	0	1,559
Nonfinancial assets	11,091	1,313
Measured on a recurring basis: | Significant Other Observable Inputs | U.S. Treasury Notes
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:	76,298	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:	4,128	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:	16,268	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:	140,186	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:	18,158	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:	4,156	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
Financial assets	0	0
Financial Liabilities	0	0
Nonfinancial assets	0	0
Measured on a recurring basis: | Significant Unobservable Inputs | U.S. Treasury Notes
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
Measured on a nonrecurring basis: | Assets held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonfinancial assets	917
Measured on a nonrecurring basis: | Quoted Prices in Active Markets for Identical Assets | Assets held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonfinancial assets	0
Measured on a nonrecurring basis: | Significant Other Observable Inputs | Assets held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonfinancial assets	917
Measured on a nonrecurring basis: | Significant Unobservable Inputs | Assets held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonfinancial assets	$ 0

FAIR VALUE OF ASSETS AND LIAB_4

FAIR VALUE OF ASSETS AND LIABILITIES - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2022
Assets held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset impairment charges	$ 71
Real estate held for sale			$ 917
Loss on assets held for sale		$ 104
Real estate owned
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net loss on real estate owned		$ 6

FAIR VALUE OF ASSETS AND LIAB_5

FAIR VALUE OF ASSETS AND LIABILITIES - Summary of fair value of assets and liabilities not carried at fair value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financial assets
Securities held-to-maturity	$ 33,705	$ 23,281
Loans, net	1,531,727	1,273,184
Financial liabilities
Time deposits	416,260	473,795
Federal Home Loan advances	310,500	185,500
Quoted Prices in Active Markets for Identical Assets
Financial assets
Securities held-to-maturity	0	0
Loans, net	0
Financial liabilities
Time deposits	0	0
Federal Home Loan advances	0	0
Significant Other Observable Inputs
Financial assets
Securities held-to-maturity	29,115	22,849
Loans, net	0
Financial liabilities
Time deposits	408,904	470,732
Federal Home Loan advances	318,688	182,795
Significant Unobservable Inputs
Financial assets
Securities held-to-maturity	0	0
Loans, net	1,332,882	1,266,799
Financial liabilities
Time deposits	0	0
Federal Home Loan advances	$ 0

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fixed rate
Other Commitments [Line Items]
Undispersed loan commitments	$ 626	$ 1,847
Variable rate
Other Commitments [Line Items]
Undispersed loan commitments	7,344	14,456
Undisbursed home equity credit lines
Other Commitments [Line Items]
Undispersed loan commitments	34,814	33,265
Undisbursed construction credit lines
Other Commitments [Line Items]
Undispersed loan commitments	43,708	17,700
Undisbursed commercial credit lines
Other Commitments [Line Items]
Undispersed loan commitments	1,476	1,792
Performance standby letters of credit
Other Commitments [Line Items]
Undispersed loan commitments	671	671
Overdraft protection credit lines
Other Commitments [Line Items]
Undispersed loan commitments	20,022	19,038
Commitments to purchase investments
Other Commitments [Line Items]
Undispersed loan commitments	$ 850	$ 1,000

REVENUE FROM CONTRACTS WITH C_3

REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME (Details) - Other Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	$ 1,035	$ 993
Service charges on deposits
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	992	954
Interchange income
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	43	33
REO gain
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	$ 0	$ 6

STOCK REPURCHASE PROGRAM (Detai

STOCK REPURCHASE PROGRAM (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Jul. 20, 2022	Jun. 20, 2022
Equity, Class of Treasury Stock [Line Items]
Purchase of treasury stock	$ 15,618
The 2022 Stock Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Number of shares authorized for repurchase (in shares)		2,852,250	2,852,250
Percent of outstanding shares authorized for repurchase		10%	10%
Purchase of treasury stock (in shares)	1,298,762
Average cost per share of shares repurchased (in dollars per share)	$ 12.03
Purchase of treasury stock	$ 15,600
Remaining shares authorized for repurchase (in shares)	1,553,488

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Jul. 14, 2021
Earnings Per Share [Abstract]
Net income (loss) applicable to common shares	$ 2,396	$ (36,342)
Earnings Per Share Reconciliation [Abstract]
Average number of common shares outstanding (in shares)	28,310,389	13,206,308
Less: Average unallocated ESOP shares (in shares)	2,144,548	1,035,258
Average number of common shares outstanding used to calculate basic earnings per common share	26,165,841	12,171,050
Common stock equivalents	105,023	0
Average number of common shares outstanding used to calculate diluted earnings per common share	26,270,864	12,171,050
Earnings per common share, basic (in dollars per share)	$ 0.09	$ (2.99)
Earnings per common share, diluted (in dollars per share)	$ 0.09	$ (2.99)
Anti-dilutive equity awards excluded from the calculation of earnings per share	159,000	0
Common stock, outstanding (in shares)	27,523,219	28,522,500	0

REGULATORY CAPITAL REQUIREMEN_3

REGULATORY CAPITAL REQUIREMENTS (Details) $ in Thousands	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Amount
Common equity tier 1	$ 298,132	$ 293,349
Tier 1 capital	298,132	293,349
Total capital	313,221	307,624
Tier 1 (leverage) capital	$ 298,132	$ 293,349
Ratio
Common equity tier 1	0.2085	0.2574
Tier 1 capital	0.2085	0.2574
Total capital	0.2190	0.2699
Tier 1 (leverage) capital	0.1461	0.1500
Amount
Common equity tier 1	$ 64,348	$ 51,292
Tier 1 capital	85,797	68,389
Total capital	114,396	91,186
Tier 1 (leverage) capital	$ 81,611	$ 78,201
Ratio
Common equity tier 1	0.0450	0.0450
Tier 1 capital	0.0600	0.0600
Total capital	0.0800	0.0800
Tier 1 (leverage) capital	0.0400	0.0400
Amount
Common equity tier 1	$ 100,097	$ 79,787
Tier 1 capital	121,546	96,885
Total capital	$ 150,145	$ 119,681
Ratio
Common equity tier 1	0.0700	0.0700
Tier 1 capital	0.0850	0.0850
Total capital	0.1050	0.1050
Amount
Common equity tier 1	$ 92,947	$ 74,088
Tier 1 capital	114,396	91,186
Total capital	142,995	113,982
Tier 1 (leverage) capital	$ 102,013	$ 97,752
Ratio
Common equity tier 1	0.0650	0.0650
Tier 1 capital	0.0800	0.0800
Total capital	0.1000	0.1000
Tier 1 (leverage) capital	0.0500	0.0500

CONDENSED FINANCIAL STATEMENT_3

CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY - Condensed Statements of Financial Condition (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 41,182	$ 193,446
Other investments	16,069	10,182
Other assets	22,207	8,609
Total assets	2,043,338	1,914,211
LIABILITIES AND SHAREHOLDERS’ EQUITY
Total liabilities	1,649,620	1,484,740
Total stockholders’ equity	393,718	429,471	$ 205,600
Total liabilities and shareholders’ equity	2,043,338	1,914,211
Parent Company
ASSETS
Cash and cash equivalents	98,494	114,331
Investment in banking subsidiary	274,211	293,414
ESOP loan receivable	21,222	21,837
Other investments	157	0
Other assets	1,101	245
Total assets	395,185	429,827
LIABILITIES AND SHAREHOLDERS’ EQUITY
Total liabilities	1,467	356
Total stockholders’ equity	393,718	429,471
Total liabilities and shareholders’ equity	$ 395,185	$ 429,827

CONDENSED FINANCIAL STATEMENT_4

CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY - Condensed Statements of Comprehensive Loss (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Expenses:
Contribution to Blue Foundry Charitable Foundation		$ 0	$ 9,000
Income tax benefit		338	9,618
Net income (loss)		2,396	(36,342)
Comprehensive income (loss):
Net income (loss)		(24,347)	659
Other comprehensive (loss) income	[1]	(24,347)	659
Comprehensive loss		(21,951)	(35,683)
Parent Company
Income:
Interest on ESOP loan receivable		710	343
Other income		19	23
Total income		729	366
Expenses:
Contribution to Blue Foundry Charitable Foundation		0	9,000
Other expenses		2,384	719
Total expenses		2,384	9,719
Loss before income tax benefit		(1,655)	(9,353)
Income tax benefit		(41)	(59)
Loss before undistributed earnings of subsidiary		(1,614)	(9,294)
Equity in undistributed earnings of banking subsidiary		4,010	(27,048)
Net income (loss)		2,396	(36,342)
Comprehensive income (loss):
Net income (loss)		2,396	(36,342)
Other comprehensive (loss) income		(24,347)	659
Comprehensive loss		$ (21,951)	$ (35,683)
[1]Includes a deferred tax valuation allowance equal to the net tax benefit.

CONDENSED FINANCIAL STATEMENT_5

CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Condensed Cash Flow Statements, Captions [Line Items]
Net income (loss)	$ 2,396	$ (36,342)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Issuance of common shares donated to Blue Foundry Charitable Foundation	0	7,500
ESOP and stock-based compensation expense	1,200	1,300
Increase in other assets	(2,247)	(1,945)
Decrease in other liabilities	590	4,325
Net cash provided by (used in) operating activities	2,779	(14,142)
Cash flows from investing activities
Purchases of other investments	(150)	0
Net cash used in investing activities	(306,236)	(105,334)
Cash flows from financing activities
Purchase of treasury stock	(15,349)	0
Proceeds from issuance of common shares	0	250,780
Net cash provided by (used in) financing activities	151,193	(3,523)
Net (decrease) increase in cash and cash equivalents	(152,264)	(122,999)
Cash and cash equivalents at beginning of period	193,446	316,445
Cash and cash equivalents at end of period	41,182	193,446
Parent Company
Condensed Cash Flow Statements, Captions [Line Items]
Net income (loss)	2,396	(36,342)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in undistributed earnings of subsidiary	(4,010)	27,048
Issuance of common shares donated to Blue Foundry Charitable Foundation	0	7,500
ESOP and stock-based compensation expense	682	361
Increase in other assets	(863)	(82)
Decrease in other liabilities	842	237
Net cash provided by (used in) operating activities	(953)	(1,278)
Cash flows from investing activities
Capital contribution to banking subsidiary	0	(136,481)
Purchases of other investments	(150)	0
Loan to ESOP	0	(22,818)
Repayment of ESOP loan	615	981
Net cash used in investing activities	465	(158,318)
Cash flows from financing activities
Purchase of treasury stock	(15,349)	0
Proceeds from issuance of common shares		273,598
Net cash provided by (used in) financing activities	(15,349)	273,598
Net (decrease) increase in cash and cash equivalents	(15,837)	114,002
Cash and cash equivalents at beginning of period	114,331	329
Cash and cash equivalents at end of period	$ 98,494	$ 114,331

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands	8 Months Ended	12 Months Ended
	Mar. 28, 2023	Dec. 31, 2022	Jul. 20, 2022	Jun. 20, 2022
Subsequent Event [Line Items]
Purchase of treasury stock		$ 15,618
The 2022 Stock Repurchase Program
Subsequent Event [Line Items]
Number of shares authorized for repurchase (in shares)			2,852,250	2,852,250
Percent of outstanding shares authorized for repurchase			10%	10%
Purchase of treasury stock (in shares)		(1,298,762)
Purchase of treasury stock		$ 15,600
Average cost per share of shares repurchased (in dollars per share)		$ 12.03
The 2022 Stock Repurchase Program | Subsequent Event
Subsequent Event [Line Items]
Purchase of treasury stock (in shares)	(2,037,579)
Purchase of treasury stock	$ 23,700
Average cost per share of shares repurchased (in dollars per share)	$ 11.61