Blue Foundry Bancorp (BLFY) 10-Q 12 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 08, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-40619
Entity Registrant Name	BLUE FOUNDRY BANCORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-2831373
Entity Address, Address Line One	19 Park Avenue,
Entity Address, City or Town	Rutherford,
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07070
City Area Code	201
Local Phone Number	939-5000
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	BLFY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		26,442,211
Entity Central Index Key	0001846017
Amendment Flag	false
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 57,621,000	$ 41,182,000
Securities available-for-sale, at fair value	309,083,000	314,248,000
Total held-to-maturity	33,472,000	33,705,000
Other investments	21,070,000	16,069,000
Loans held for sale	2,552,000	0
Loans receivable, net of allowance for credit losses of $14,153 at March 31, 2023 and $13,400 at December 31, 2022	1,571,907,000	1,531,727,000
Interest and dividends receivable	7,375,000	6,893,000
Premises and equipment, net	30,839,000	29,825,000
Right-of-use assets	26,320,000	25,906,000
Bank owned life insurance	21,688,000	21,576,000
Other assets	19,128,000	22,207,000
Total assets	2,101,055,000	2,043,338,000
Liabilities [Abstract]
Deposits	1,244,581,000	1,288,862,000
Advances from the Federal Home Loan Bank	422,500,000	310,500,000
Advances by borrowers for taxes and insurance	9,695,000	9,302,000
Lease liabilities	27,799,000	27,324,000
Other liabilities	10,787,000	13,632,000
Total liabilities	1,715,362,000	1,649,620,000
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 March 31, 2023 and December 31, 2022; 27,385,482 and 27,523,219 shares outstanding at March 31, 2023 and December 31, 2022, respectively.	285,000	285,000
Additional paid-in capital	271,507,000	279,454,000
Retained earnings	170,528,000	171,763,000
Treasury stock, at cost: 1,137,018 and 999,281 shares at March 31, 2023 and December 31, 2022, respectively.	(12,737,000)	(12,072,000)
Unallocated common shares held by Employee Stock Ownership Plan	(20,764,000)	(20,993,000)
Accumulated other comprehensive loss	(23,126,000)	(24,719,000)
Total shareholders’ equity	385,693,000	393,718,000
Total liabilities and shareholders’ equity	$ 2,101,055,000	$ 2,043,338,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Securities, held to maturity, fair value	$ 29,379	$ 29,115
Securities, held to maturity, allowance for credit losses	187
Loans receivable, allowance	$ 14,153	$ 13,400
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 (USD per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	70,000,000	70,000,000
Common stock, issued (in shares)	28,522,500	28,522,500
Common stock, outstanding (in shares)	27,385,482	27,523,219
Treasury stock (in shares)	1,137,018	999,281

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest and dividend income:
Loans	$ 15,569,000	$ 11,656,000
Taxable investment income	3,152,000	1,817,000
Non-taxable investment income	111,000	121,000
Total interest income	18,832,000	13,594,000
Interest expense:
Deposits	4,154,000	882,000
Borrowed funds	2,737,000	773,000
Total interest expense	6,891,000	1,655,000
Net interest income	11,941,000	11,939,000
Release of provision for credit losses	(23,000)	(952,000)
Net interest income after provision for credit losses	11,964,000	12,891,000
Non-interest income:
Fees and service charges	262,000	800,000
Gain on sale of loans	135,000	0
Other income	87,000	127,000
Total non-interest income	484,000	927,000
Non-interest expense:
Compensation and benefits	7,847,000	7,060,000
Occupancy and equipment	1,982,000	1,881,000
Data processing	1,601,000	1,478,000
Advertising	72,000	519,000
Professional services	980,000	1,291,000
Release of provision for commitments and letters of credit	0	(170,000)
Federal deposit insurance premiums	105,000	78,000
Other expense	1,070,000	1,079,000
Total non-interest expenses	13,657,000	13,216,000
(Loss) income before income tax expense	(1,209,000)	602,000
Income tax expense	0	49,000
Net (loss) income	$ (1,209,000)	$ 553,000
Basic (loss) earnings per share (in dollars per share)	$ (0.05)	$ 0.02
Diluted (loss) earnings per share (in dollars per share)	$ (0.05)	$ 0.02
Weighted average shares outstanding - basic (in shares)	25,374,653	26,343,508
Weighted average shares outstanding - diluted (in shares)	25,374,653	26,343,508

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net (loss) income		$ (1,209)	$ 553
Unrealized gain (loss) on securities available-for-sale:
Unrealized gain (loss) arising during the period		4,039	(15,739)
Unrealized gain (loss) on securities available-for-sale		4,039	(15,739)
Unrealized (loss) gain on cash flow hedge:
Unrealized (loss) gain arising during the period		(1,440)	5,237
Reclassification adjustment for (gain) loss included in net income		(1,004)	322
Unrealized (loss) gain on cash flow hedge		(2,444)	5,559
Post-Retirement plans:
Reclassification adjustment for amortization of net actuarial gain (loss)		(2)	48
Unrealized (gain) loss on post-retirement plans		(2)	48
Total other comprehensive (loss) income, net of tax	[1]	1,593	(10,132)
Comprehensive income (loss)		$ 384	$ (9,579)
[1]Includes deferred tax valuation allowance

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders’ Equity - USD ($) $ in Thousands	Total		Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjusted Balance	Unallocated Common Stock Held by ESOP	Unallocated Common Stock Held by ESOP Cumulative Effect, Period of Adoption, Adjustment	Unallocated Common Stock Held by ESOP Cumulative Effect, Period of Adoption, Adjusted Balance	Common Stock	Common Stock Cumulative Effect, Period of Adoption, Adjustment	Common Stock Cumulative Effect, Period of Adoption, Adjusted Balance	Additional Paid-In Capital	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjusted Balance	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings Cumulative Effect, Period of Adoption, Adjusted Balance	Treasury Stock	Treasury Stock Cumulative Effect, Period of Adoption, Adjustment	Treasury Stock Cumulative Effect, Period of Adoption, Adjusted Balance	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss) Cumulative Effect, Period of Adoption, Adjusted Balance
Balance at beginning of period (in shares) at Dec. 31, 2021								28,522,500
Balance at beginning of period at Dec. 31, 2021	$ 429,471				$ (21,905)			$ 285			$ 282,006			$ 169,457			$ 0			$ (372)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	553													553
Other comprehensive income (loss)	(10,132)	[1]																		(10,132)
ESOP shares committed to be released	322				228						94
Balance at end of period (in shares) at Mar. 31, 2022								28,522,500
Balance at end of period at Mar. 31, 2022	$ 420,214				(21,677)			$ 285			282,100			170,010			0			(10,504)
Balance at beginning of period (in shares) at Dec. 31, 2022	27,523,219							27,523,219		27,523,219
Balance at beginning of period (in shares) (Accounting Standards Update 2016-13) at Dec. 31, 2022									0
Balance at beginning of period (in shares) (Accounting Standards Update 2022-02) at Dec. 31, 2022									0
Balance at beginning of period at Dec. 31, 2022	$ 393,718			$ 393,692	(20,993)		$ (20,993)	$ 285		$ 285	279,454		$ 279,454	171,763		$ 171,737	(12,072)		$ (12,072)	(24,719)		$ (24,719)
Balance at beginning of period (Accounting Standards Update 2016-13) at Dec. 31, 2022			$ (18)			$ 0			$ 0			$ 0			$ (18)			$ 0			$ 0
Balance at beginning of period (Accounting Standards Update 2022-02) at Dec. 31, 2022			$ (8)			$ 0			$ 0			$ 0			$ (8)			$ 0			$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(1,209)													(1,209)
Other comprehensive income (loss)	1,593	[1]																		1,593
Purchase of Treasury stock (in shares)								(870,517)
Purchase of Treasury stock	(9,322)																(9,322)
Treasury stock allocated to restricted stock plan (in shares)								732,780
Treasury stock allocated to restricted stock plan	0										(8,657)						8,657
Compensation cost for stock options and restricted stock	676										676
ESOP shares committed to be released	$ 263				229						34
Balance at end of period (in shares) at Mar. 31, 2023	27,385,482							27,385,482
Balance at end of period at Mar. 31, 2023	$ 385,693				$ (20,764)			$ 285			$ 271,507			$ 170,528			$ (12,737)			$ (23,126)
[1]Includes deferred tax valuation allowance

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders’ Equity (Parenthetical) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
ESOP shares committed to be released (in shares)	22,818	22,818

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net (loss) income	$ (1,209)	$ 553
Adjustments to reconcile net (loss) income to net cash (used in) operating activities:
Depreciation and amortization of premises and equipment	663	633
Change in right-of-use asset	693	646
(Accretion) amortization of:
Deferred loan fees, costs, and discounts, net	(138)	(131)
Premiums and discounts on securities	245	299
Change in deferred taxes	0	49
Release of provision for credit losses	(23)	(952)
Proceeds from sales of loans held for sale	2,267	0
Gains on sale of loans, net	(135)	0
Origination of loans held for sale	(4,684)	0
Increase in bank owned life insurance cash surrender value	(112)	(114)
ESOP and stock-based compensation expense	939	322
Increase in interest and dividends receivable	(482)	(408)
Decrease in other assets	1,058	219
Decrease in other liabilities	(2,872)	(868)
Change in lease liability	(632)	(614)
Net cash used in operating activities	(4,422)	(366)
Cash flows from investing activities
Net originations of loans receivable	(33,995)	(8,716)
Purchases of residential mortgage loans	(6,804)	(45,039)
Purchases of securities available-for-sale	0	(80,039)
Purchases of securities held-to-maturity	0	(6,600)
Principal payments and maturities on securities available-for-sale	9,005	13,272
Purchase of Federal Home Loan Bank stock	(21,870)	0
Redemption of Federal Home Loan Bank stock	16,830	0
Proceeds from bank owned life insurance	582	0
Purchases of premises and equipment	(1,677)	(636)
Net cash used in investing activities	(37,929)	(127,758)
Cash flows from financing activities
Net (decrease) increase in deposits	(44,281)	35,983
Proceeds from advances from Federal Home Loan Bank	700,000	109,000
Repayments of advances from Federal Home Loan Bank	(588,000)	(109,000)
Net increase in advances by borrowers for taxes and insurance	393	257
Purchase of treasury stock	(9,322)	0
Net cash provided by financing activities	58,790	36,240
Net increase (decrease) in cash and cash equivalents	16,439	(91,884)
Cash and cash equivalents at beginning of period	41,182	193,446
Cash and cash equivalents at end of period	57,621	101,562
Cash paid during the period for:
Interest	7,196	1,652
Income taxes	13	0
Supplemental noncash disclosures
Lease liabilities arising from obtaining right-of-use assets	$ 1,107	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation : The accompanying consolidated financial statements include the accounts of Blue Foundry Bancorp (the “Company”), and its wholly owned subsidiary, Blue Foundry Bank (the “Bank”), and the Bank’s wholly owned subsidiaries, Blue Foundry Service Corp., Rutherford Center Development Corp., and Blue Foundry Investment Company (collectively, the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. Blue Foundry Bancorp owns 100% of the common stock of Blue Foundry Bank. On July 15, 2021, the Company became the holding company for the Bank when Blue Foundry, MHC completed its conversion into the stock holding company form of organization. In connection with the conversion, the Company sold 27,772,500 shares of common stock at a price of $10 per share, for gross proceeds of $277.7 million. The Company also contributed 750,000 shares of common stock and $1.5 million in cash to Blue Foundry Charitable Foundation, Inc. and established an Employee Stock Ownership Plan (“ESOP”) acquiring 2,281,800 shares of common stock. Shares of the Company’s common stock began trading on July 16, 2021 on the Nasdaq Global Select Market under the trading symbol “BLFY.” Segment Reporting : The Company operates as a single operating segment for financial reporting purposes. Basis of Financial Statement Presentation : The consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles. Certain information and note disclosures usually included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for the preparation of the Quarterly Reports on Form 10-Q and with Regulation S-X. The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the consolidated balance sheets and the consolidated statements of income 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 consolidated balance sheets and revenues and expenses for the period. Actual results could differ from those estimates. Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or shareholders’ equity. The results of operations and other data presented for the three months ended March 31, 2023 are not necessarily indicative of the results of operations that may be expected for subsequent periods or the full year results. These financial statements should be read in conjunction with the annual financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed on March 30, 2023. The accounting policies of the Company conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1, Summary of Significant Accounting Policies, included in the Company’s 2022 Annual Report on Form 10-K. Except for the below, there have been no changes to the Company’s significant accounting policies since December 31, 2022. Adoption of New Accounting Standards : The Company adopted Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments,” which replaces the incurred loss model for loans and other financial assets with an expected loss model and is referred to as the current expected credit loss (“CECL”) model. The Company adopted ASU 2016-13 using the modified retrospective method for all financial assets measured at amortized cost and off-balance-sheet credit exposures. The adoption of the new standard resulted in the Company recording an increase in the allowances for credit losses of $18 thousand, comprised of an increase of $660 thousand on loans, establishing a $170 thousand reserve on held-to-maturity securities and a reversal in the reserve liability for commitments and letters of credit of $811 thousand. There was no allowance for credit losses required on available-for-sale securities. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loans receivable and held-to maturity debt securities. It also applies to off-balance-sheet credit exposures (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 ASU 2016-13 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. Results for reporting periods beginning after January 1, 2023, are presented under CECL, while prior period amounts continue to be presented under previously-applied U.S. GAAP. Loans Under the CECL model, the allowance for credit losses on financial assets is a valuation allowance estimated at each balance sheet date in accordance with U.S. GAAP, and is deducted from the financial assets’ amortized cost basis to present the net amount expected to be collected on the financial assets. The Company estimates the allowance for credit losses on loans based on the underlying assets’ amortized cost basis, which is the amount at which the financing receivable is originated or acquired, adjusted for applicable accretion or amortization of premium, discount, net deferred fees or costs, collection of cash, and charge-offs. In the event that collection of principal becomes uncertain, the Company has policies in place to write-off accrued interest receivable by reversing interest income in a timely manner. Therefore, the Company has made a policy election to exclude accrued interest from the amortized cost basis and therefore excludes it from the measurement of the allowance for credit loss. Changes in expected credit losses are reflected through a charge to credit loss expense. The Company’s estimate of the allowance for credit loss reflects losses expected over the remaining contractual life of the assets. When the Company deems all or a portion of a financial asset to be uncollectible, the appropriate amount is written off and the allowance for credit losses is reduced by the same amount. The Company applies judgment to determine when a financial asset is deemed uncollectible. When available information confirms that specific loans, securities, other assets, or portions thereof, are uncollectible, these amounts are charged-off against the allowance for credit losses. Subsequent recoveries, if any, are credited to the allowance for credit losses when received. The Company measures expected credit losses of financial assets on a collective portfolio segment basis when the financial assets share similar risk characteristics. The Company measures expected credit losses using discounted cash flows (“DCF”) models at the portfolio segment level, whereby the total shortfall in comparing the portfolio segment DCFs to the amortized cost basis reflects management’s estimate of expected credit losses. Our CECL models for loans includes the following major items: – a historical loss period, which represents a full economic credit cycle utilizing loss experience including peer bank historical loss data, to calculate probabilities of default at the portfolio segment level; – macroeconomic variable forecasts, including the national housing price index, unemployment and gross domestic product, to adjust probabilities of default over a reasonable and supportable forecast period of one year, based on managements current review of the reliability of extended forecasts; – a reversion period of one year to adjust probabilities of default (after the reasonable and supportable forecast period) to historical means using a straight-line approach; – a risk index that measures loss given defaults as a function of probabilities of default at the portfolio segment level; – 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. For collateral dependent financial assets where the Company has determined that foreclosure of the collateral is probable and where the borrower is experiencing financial difficulty, the allowance for credit loss is measured based on the difference between the fair value of the collateral and the amortized cost basis of the asset as of the measurement date. Fair value is calculated based on the value of the underlying collateral less an appraisal discount, and the estimated cost to sell. Off-Balance-Sheet Exposures The Company records changes in the allowance for credit losses on off-balance-sheet credit exposures through a charge to provision for credit losses. The allowance for credit loss on off-balance-sheet credit exposures is estimated by portfolio segment at each balance sheet date under the CECL model using the same methodologies as portfolio loans, taking into consideration management’s assumption of the likelihood that funding will occur, and is included in other liabilities on the Company’s consolidated balance sheets. Securities For securities available-for-sale, ASU 2016-13 eliminates the concept of other-than-temporary impairment and instead requires entities to determine if impairment is related to credit loss or non-credit loss. In making the assessment of whether a loss is from credit or other factors, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows is less than the amortized cost basis, a credit loss exists and an allowance is created, limited by the amount that the fair value is less than the amortized cost basis. The allowance for credit losses on held-to-maturity debt securities is initially recognized upon acquisition of the securities, and subsequently remeasured on a recurring basis. Expected credit losses on held-to-maturity debt securities through the life of the financial instrument are estimated and recognized as an allowance for credit losses on the balance sheet with a corresponding adjustment to current earnings. Subsequent favorable or unfavorable changes in expected cash flow will first decrease or increase the allowance for credit losses. Management measures expected credit losses on held-to-maturity securities on a collective basis by major security type. The held-to-maturity portfolio is classified into the following major security types: corporate bonds and asset-backed securities. At each reporting period, the Company evaluates whether the securities in a segment continue to exhibit similar risk characteristics as the other securities in the segment. If the risk characteristics of a security change, such that they are no longer similar to other securities in the segment, the Company will evaluate the security with a different segment that shares more similar risk characteristics. The Company has a non-accrual policy that results in a timely reversal of interest receivable, therefore the Company made the election to exclude accrued interest receivable on securities from the estimate of credit losses. In addition, the Company adopted ASU No. 2022-02, “Financial Instruments - Credit Losses (“ASU 2022-02”): Troubled Debt Restructurings (“TDR”) and Vintage Disclosures.” The amendments in this ASU were issued to (1) eliminate accounting guidance for TDRs by creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty; (2) require disclosures of current period gross write-offs by year of origination for financing receivables and net investments in leases. The amendments in this ASU were applied on a modified retrospective basis to recognize any change in the allowance for credit losses that had been recognized for receivables previously modified (or reasonably expected to be modified) in a TDR. This election resulted in a cumulative-effect adjustment to retained earnings as of January 1, 2023 of $8 thousand. 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.

SECURITIES

SECURITIES	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
SECURITIES	SECURITIES The amortized cost of securities available-for-sale and their estimated fair values at March 31, 2023 and December 31, 2022 are as follows: Amortized Gross Unrealized Gains Gross Unrealized Losses Estimated (In thousands) March 31, 2023 Available-for-sale U.S. Treasury Note $ 46,936 $ — $ (2,641) $ 44,295 Corporate Bonds 81,667 2 (5,147) 76,522 U.S. Government agency obligations 15,792 — (881) 14,911 Obligations issued by U.S. states and their political subdivisions 16,512 114 (247) 16,379 Mortgage-backed securities: Residential one-to-four family 161,428 — (22,110) 139,318 Multifamily 14,368 — (906) 13,462 Asset-backed securities 4,524 — (328) 4,196 Total available-for-sale $ 341,227 $ 116 $ (32,260) $ 309,083 December 31, 2022 Available-for-sale U.S. Treasury Note $ 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 The amortized cost of securities held-to-maturity, allowance for credit losses and their estimated fair values at March 31, 2023 and December 31, 2022, are as follows: Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated (In thousands) March 31, 2023 Held-to-maturity Corporate bonds $ 18,600 $ — $ (2,365) $ 16,235 Asset-backed securities 15,059 — (1,915) 13,144 Total held-to-maturity $ 33,659 $ — $ (4,280) $ 29,379 December 31, 2022 Held-to-maturity Corporate bonds $ 18,600 $ — $ (2,281) $ 16,319 Asset-backed securities 15,105 — (2,309) 12,796 Total Held-to-maturity $ 33,705 $ — $ (4,590) $ 29,115 At March 31, 2023, the allowance for credit losses on securities held-to-maturity totaled $187 thousand and related to the corporate bonds. The asset-backed securities are both in a AAA tranche determined by a third party. No loss is expected on these securities. There were no sales or calls of available-for-sale securities for the three months ended March 31, 2023 and 2022. Securities pledged at both March 31, 2023 and December 31, 2022, had a carrying amount of $4.2 million and were pledged to secure public deposits 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. March 31, 2023 Amortized Cost (1) Estimated Fair Value (In thousands) Available-for-sale Due in one year or less $ 35,150 $ 34,433 Due from one year to five years 99,964 95,028 Due from five to ten years 21,989 19,079 Due after ten years 3,804 3,567 Mortgage-backed and asset-backed securities 180,320 156,976 Total $ 341,227 $ 309,083 Held-to-maturity Due from one year to five years $ 6,007 $ 5,420 Due from five to ten years 27,652 23,959 Total $ 33,659 $ 29,379 (1) Excludes the allowance for credit losses on held-to-maturity securities at March 31, 2023. Credit Quality Indicators Credit ratings are a key measure for estimating the probability of a bond’s default and for monitoring credit quality on an on-going basis. For bonds other than U.S. Treasuries and bonds issued or guaranteed by U.S. government agencies, credit ratings issued by one or more nationally recognized statistical rating organization are considered in conjunction with an assessment by the Company’s management. Investment grade reflects a credit quality of BBB- or above. None of the Company’s securities are on non-accrual status, nor are any past due. The table below indicates the credit profile of the Company’s debt securities held-to-maturity at amortized cost at March 31, 2023. AAA A1 BBB+ BBB BBB- Total (In thousands) Corporate bonds $ — $ — $ 1,600 $ 11,000 $ 6,000 $ 18,600 Asset-backed securities 9,053 6,006 — — — 15,059 Total held-to-maturity $ 9,053 $ 6,006 $ 1,600 $ 11,000 $ 6,000 $ 33,659 At March 31, 2023, there was one security with a value of $2.0 million with a BBB rating that had a split rating. The following tables summarize available-for-sale securities with unrealized losses at March 31, 2023 and December 31, 2022, 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 Number of Securities Unrealized Losses Estimated (In thousands) March 31, 2023 Available-for-sale U.S. Treasury Note $ — $ — $ (2,641) $ 44,295 5 $ (2,641) $ 44,295 Corporate Bonds (977) 28,718 (4,170) 43,808 31 (5,147) 72,526 U.S. Government agency obligations (5) 656 (876) 14,255 4 (881) 14,911 Obligations issued by U.S. states and their political subdivisions (20) 4,406 (227) 2,878 8 (247) 7,284 Mortgage-backed securities: — — Residential one-to-four family (1) 54 (22,109) 139,255 48 (22,110) 139,309 Multifamily (15) 2,298 (891) 11,164 5 (906) 13,462 Asset-backed securities — — (328) 4,197 2 (328) 4,197 Total available-for-sale $ (1,018) $ 36,132 $ (31,242) $ 259,852 103 $ (32,260) $ 295,984 December 31, 2022 Available-for-sale U.S. Treasury Note $ (1,342) $ 28,670 $ (1,836) $ 15,089 5 $ (3,178) $ 43,759 Corporate Bonds (3,608) 58,509 (1,823) 15,522 31 (5,431) 74,031 U.S. Government agency obligations (5) 696 (939) 14,727 5 (944) 15,423 Obligations issued by U.S. states and their political subdivisions (65) 5,641 (275) 1,568 8 (340) 7,209 Mortgage-backed securities: Residential one-to-four family (8,273) 60,986 (16,384) 79,189 49 (24,657) 140,175 Multifamily (1,166) 17,689 (151) 469 5 (1,317) 18,158 Asset-backed securities — — (369) 4,156 2 (369) 4,156 Total available-for-sale $ (14,459) $ 172,191 $ (21,777) $ 130,720 105 $ (36,236) $ 302,911 The number of available-for-sale securities in an unrealized loss position at March 31, 2023 totaled 103 compared with 105 at December 31, 2022. Of the available-for-sale securities in an unrealized loss position at March 31, 2023, 62 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 eight municipal bonds, 31 investment grade corporate bonds and two asset-backed securities in an unrealized loss position. The securities experienced a decline in fair value, which is 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 or maturity. The following tables summarizes held-to-maturity securities with unrealized losses at March 31, 2023 and December 31, 2022, aggregated by major security type and length of time in a continuous loss position. Less than 12 Months 12 Months or More Total Unrecognized Losses Estimated Unrecognized Losses Estimated Number of Securities Unrecognized Losses Estimated (In thousands) March 31, 2023 Held-to-maturity Corporate Bonds (341) 4,658 (2,024) 11,576 9 (2,365) 16,234 Asset-backed securities — — (1,916) 13,145 2 (1,916) 13,145 Total held-to-maturity $ (341) $ 4,658 $ (3,940) $ 24,721 11 $ (4,281) $ 29,379 December 31, 2022 Held-to-maturity Corporate Bonds (1,177) 10,423 (1,104) 5,896 9 (2,281) 16,319 Asset-backed securities — — (2,310) 12,796 2 (2,310) 12,796 Total held-to-maturity $ (1,177) $ 10,423 $ (3,414) $ 18,692 11 $ (4,591) $ 29,115 The number of held-to-maturity securities in an unrecognized loss position at March 31, 2023 and December 31, 2022 totaled 11. Of the held-to-maturity securities in an unrecognized loss position at March 31, 2023, two are asset-backed securities and nine are investment grade corporate bonds. These securities experienced a decline in fair value, which is 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 or maturity.

LOANS RECEIVABLE

LOANS RECEIVABLE	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
LOANS RECEIVABLE	LOANS RECEIVABLE The Company adopted ASU 2016-13 on January 1, 2023. All disclosures as of March 31, 2023 are presented in accordance with ASU 2016-13. The Company did not reclassify comparative financial periods and has presented those disclosures under previously-applied U.S. GAAP. A summary of loans receivable, net at March 31, 2023 and December 31, 2022, is as follows: March 31, 2023 (In thousands) Residential one-to-four family $ 592,809 Multifamily 695,207 Non-residential 239,844 Construction 28,141 Junior liens 19,644 Commercial and industrial (including PPP) (1) 10,357 Consumer and other 58 Total loans 1,586,060 Allowance for credit losses on loans (2) (14,153) Loans receivable, net $ 1,571,907 December 31, 2022 (In thousands) Residential one-to-four family $ 594,521 Multifamily 690,278 Non-residential 216,394 Construction 17,990 Junior liens 18,477 Commercial and industrial (including PPP) (1) 4,682 Consumer and other 38 Total gross loans 1,542,380 Deferred fees, costs and premiums and discounts, net 2,747 Total loans 1,545,127 Allowance for loan losses (13,400) Loans receivable, net $ 1,531,727 (1) At March 31, 2023, and December 31, 2022, Paycheck Protection Program (“PPP”) loans totaled $395 thousand and $477 thousand, respectively, net of unearned deferred fees. (2) For more information, see Footnote 4 - Allowance for Credit Losses Loans are recorded at amortized cost, which includes principal balance, net deferred fees or costs, premiums and discounts. The Company elected to exclude accrued interest receivable from amortized cost. Accrued interest receivable is reported separately in the consolidated balance sheets and totaled $5.6 million and $5.3 million at March 31, 2023 and December 31, 2022, respectively. Loan origination fees and certain direct loan origination costs are deferred and the net fee or cost is recognized in interest income as an adjustment of yield. At March 31, 2023, net deferred loan fees are included in loans by respective segment and totaled $2.6 million. The Company had $2.6 million of loans held-for-sale at March 31, 2023 and no loans held-for-sale at December 31, 2022. Loans held-for-sale are carried at the lower of aggregate cost or estimated fair value. Gains and losses on sales of loans are specifically identified and accounted for in accordance with U.S. GAAP. 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 the 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 the 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 revolving lines of credit, term loans, SBA 7a loans and to a lesser extent, PPP loans. Payments on C&I loans are driven principally by the cash flows of the businesses and secondarily by the sale or refinance of any collateral securing the loans. 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. Credit Quality Indicators 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 by credit risk. This analysis is performed whenever a credit is extended, renewed, or modified, or when an observable event occurs indicating a potential decline in credit quality, and no less than annually for large balance loans. The Company used the following definitions for risk ratings for loan classification: Pass – Loans classified as pass are loans performing under the original contractual terms, do not currently pose any identified risk and can range from the highest to pass/watch quality, depending on the degree of potential risk. Special Mention – Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or the Company’s credit position at some future date. Substandard – Loans classified as substandard are inadequately protected by the current sound worth and paying capacity of the obligor, or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the repayment and liquidation of the debt. They are characterized by a distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful – Loans classified as doubtful have all the weaknesses inherent in those classified as Substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions, and values, highly questionable and improbable. Loss – Assets classified as loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off the asset even though partial recovery may be effected in the future. The following table presents the risk category of loans by class of loan and vintage based on the analysis performed as of March 31, 2023: Term Loans by Origination Year 2023 2022 2021 2020 2019 Pre-2019 Revolving Loans Total Residential one-to-four family Pass $ 6,646 $ 101,708 $ 121,744 $ 16,046 $ 19,409 $ 319,827 $ — $ 585,380 Substandard — — — — — 7,429 — 7,429 Total 6,646 101,708 121,744 16,046 19,409 327,256 — 592,809 Multifamily Pass 10,279 283,488 161,788 36,050 60,244 142,859 — 694,708 Substandard — — — — — 499 — 499 Total 10,279 283,488 161,788 36,050 60,244 143,358 — 695,207 Non-residential Pass 25,819 121,004 14,953 15,426 5,531 56,053 — 238,786 Special mention — — — — — 1,058 — 1,058 Total 25,819 121,004 14,953 15,426 5,531 57,111 — 239,844 Construction Pass 4,937 11,279 11,809 — — 116 — 28,141 Total 4,937 11,279 11,809 — — 116 — 28,141 Junior liens Pass 1,403 5,199 1,387 396 2,163 9,044 — 19,592 Substandard — — — — — 52 — 52 Total 1,403 5,199 1,387 396 2,163 9,096 — 19,644 Commercial and industrial (including PPP) Pass 6,557 112 3,407 216 — — — 10,292 Substandard (1) — — 65 — — — — 65 Total 6,557 112 3,472 216 — — — 10,357 Consumer and other Pass 41 — — — — — 17 58 Total 41 — — — — — 17 58 Total gross loans $ 55,682 $ 522,790 $ 315,153 $ 68,134 $ 87,347 $ 536,937 $ 17 $ 1,586,060 (1) Balance represents PPP loans which carry the federal guarantee of the SBA . The following table presents the risk category of loans by class of loans based on the analysis performed as of December 31, 2022: Pass Special Substandard Doubtful / Total (In thousands) 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 17,799 — — — 17,799 Junior liens 18,579 — 52 — 18,631 Commercial and Industrial (including PPP) 4,653 — — — 4,653 Consumer and other 8 — 31 — 39 Total $ 1,534,434 $ 2,224 $ 8,469 $ — $ 1,545,127 Past Due and Non-accrual Loans The following table presents the recorded investment in past due and current loans by loan portfolio class as of March 31, 2023 and December 31, 2022: 30-59 60-89 90 Days Total Current Total (In thousands) March 31, 2023 Residential $ 1,718 $ 65 $ 6,309 $ 8,092 $ 584,717 $ 592,809 Multifamily — — — — 695,207 695,207 Non-residential 159 — — 159 239,685 239,844 Construction — — — — 28,141 28,141 Junior liens — — 52 52 19,592 19,644 Commercial and Industrial (including PPP) — — 65 65 10,292 10,357 Consumer and other — — — — 58 58 Total $ 1,877 $ 65 $ 6,426 $ 8,368 $ 1,577,692 $ 1,586,060 December 31, 2022 Residential $ — $ 845 $ 6,738 $ 7,583 $ 589,671 $ 597,254 Multifamily — — 182 182 690,508 690,690 Non-residential — — — — 216,061 216,061 Construction — — — — 17,799 17,799 Junior liens — — 52 52 18,579 18,631 Commercial and Industrial (including PPP) — — 96 96 4,557 4,653 Consumer and other — — — — 39 39 Total $ — $ 845 $ 7,068 $ 7,913 $ 1,537,214 $ 1,545,127 The following table presents information on non-accrual loans at March 31, 2023 : Non-accrual Interest Income Recognized on Non-accrual Loans Amortized Cost Basis of Loans >= 90 Day Past Due and Still Accruing Amortized Cost Basis of Non-accrual Loans Without Related Allowance (In thousands) Residential one-to-four family $ 7,572 $ — $ — $ 7,572 Multifamily 168 — — 168 Non-residential — — — — Construction — — — — Commercial and industrial (including PPP) 65 — — 65 Junior liens 52 — — 52 Total $ 7,857 $ — $ — $ 7,857 The following table presents the recorded investment in non-accrual loans at December 31, 2022: Non-accrual Loans Past Due (In thousands) Residential one-to-four family $ 7,498 $ — Multifamily 182 — Non-residential — — Construction — — Commercial and industrial (including PPP) (1) 35 61 Junior liens 52 — Total $ 7,767 $ 61 (1) Loans 90 days past due and accruing were comprised of PPP loans which carry the federal guarantee of the SBA. Impaired Loans The following table presents, under previously applicable U.S. GAAP, information related to impaired loans by class of loans as of March 31, 2022 and December 31, 2022: March 31, 2022 Three Months Ended March 31, 2022 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Cash Basis Interest Recognized (In thousands) With no related allowance recorded: Residential one-to-four family $ 7,426 $ 7,714 $ — $ 8,769 $ 111 $ 111 Multifamily 672 671 — 678 6 4 Non-residential 4,672 4,510 — 4,548 54 49 Junior liens 54 54 — 55 1 1 12,824 12,949 — 14,050 172 165 With an allowance recorded: Residential one-to-four family 1,055 1,054 28 1,057 12 8 1,055 1,054 28 1,057 12 8 Total $ 13,879 $ 14,003 $ 28 $ 15,107 $ 184 $ 173 December 31, 2022 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated (In thousands) With no related allowance recorded: Residential one-to-four family $ 7,368 $ 7,669 $ — Multifamily 516 516 — Non-residential 2,834 2,671 — Junior liens 52 52 — 10,770 10,908 — With an allowance recorded: Residential one-to-four family 743 749 27 743 749 27 Total $ 11,513 $ 11,657 $ 27 The recorded investment in loans includes deferred fees, costs and discounts. For purposes of this disclosure, the unpaid principal balance is not reduced for partial charge-offs. The Company adopted ASU 2022-02 on January 1, 2023. During the three months ended March 31, 2023, there were no loan modifications that met the definition of a modification to a borrower experiencing financial difficulty in accordance with ASU 2022-02. The Company did not reclassify comparative financial periods and has presented those disclosures under previously-applied U.S. GAAP. The total recorded investment of loans whose terms were modified in TDRs was $5.4 million as of December 31, 2022. The Company allocated $68 thousand of specific reserves to TDR loans as of December 31, 2022. The modification of the terms of TDR loans may have included 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. A TDR loan was 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 period ended March 31, 2022. There were no TDRs during the three months ended March 31, 2022. 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. GAAP and were not classified as TDRs. At December 31, 2022, there were no deferrals related to the CARES Act. The Company had $4.3 million and $4.5 million in consumer mortgage loans secured by residential real estate properties for which foreclosure proceedings are in process at March 31, 2023 and December 31, 2022, respectively.

ALLOWANCE FOR CREDIT LOSSES

ALLOWANCE FOR CREDIT LOSSES	3 Months Ended
	Mar. 31, 2023
Credit Loss [Abstract]
ALLOWANCE FOR CREDIT LOSSES	ALLOWANCE FOR CREDIT LOSSES The Company adopted ASU 2016-13, which requires the measurement of expected credit losses for financial assets measured at amortized cost, including loans and certain off-balance-sheet credit exposures and ASU 2022-02, which eliminates the recognition and measurement guidance of TDRs, so that creditors will apply the same guidance to all modifications when determining whether a modification results in a new receivable or continuation of an existing receivable.. See Note 1 - Summary of Significant Accounting Policies for a description of the adoption of ASU 2016-13 and the Company’s allowance methodology. Under ASU 2016-13, the Company’s methodology for determining the allowance for credit losses on loans is based upon key assumptions, including the lookback period, historical loss experience, economic forecasts over a reasonable and supportable forecast period, reversion period, prepayments and qualitative adjustments. The allowance is measured on a pool basis when similar risk characteristics exist. Loans that do not share common risk characteristics are evaluated on an individual basis and are excluded from the collective evaluation. Allowance for Credit Losses - Loans The allowance for credit losses is summarized in the following table: For the Three Months Ended March 31, 2023 March 31, 2022 (In thousands) Balance at beginning of period $ 13,400 $ 14,425 Impact of adopting ASU 2016-13 and ASU 2022-02 668 — Charge-offs (5) (10) Recoveries 1 2 Net charge-offs (4) (8) Provision for (recovery of) credit loss on loans 89 (952) Balance at end of period $ 14,153 $ 13,465 The following tables presents the activity in the Company’s allowance for credit losses by class of loans based on the most recent analysis performed for the three months ended March 31, 2023, and 2022: Balance at December 31, 2022 Impact of adopting ASU 2016-13 and ASU 2022-02 Charge-offs (1) Recoveries (Recovery of) Provision for Credit Loss - Loans Balance at March 31, 2023 (In thousands) Residential one-to-four family $ 2,264 $ (183) $ — $ — $ (25) $ 2,056 Multifamily 5,491 2,057 — — (357) 7,191 Non-residential 3,357 146 — — 67 3,570 Construction 1,697 (832) — — 325 1,190 Commercial and industrial (including PPP) 47 (23) — — 76 100 Junior liens 451 (405) — — — 46 Consumer and other — 1 (5) 1 3 — Unallocated 93 (93) — — — — Total $ 13,400 $ 668 $ (5) $ 1 $ 89 $ 14,153 (1) Charge-offs relate to overdrafts, which were originated in 2022 or 2023 as it is our policy to charge these off within 60 days of occurrence. Balance at December 31, 2021 Charge-offs Recoveries (Recovery of) Provision for Loan Loss Balance at March 31, 2022 (In thousands) Residential one-to-four family $ 2,822 $ — $ — $ (212) $ 2,610 Multifamily 5,263 — — (487) 4,776 Non-residential 2,846 — — 619 3,465 Construction 2,678 — — (773) 1,905 Commercial and industrial (including PPP) 51 — — 20 71 Junior liens 636 — — (87) 549 Consumer and other 38 (10) 2 (30) — Unallocated 91 — — (2) 89 Total $ 14,425 $ (10) $ 2 $ (952) $ 13,465 The following table represents the allocation of allowance for loan losses and the related recorded investment, including deferred fees and costs, in loans by loan portfolio segment, disaggregated based on the impairment methodology at March 31, 2023 and December 31, 2022 : Loans Allowance for Credit Losses on Loans March 31, 2023 Individually Evaluated Collectively Evaluated Total Individually Evaluated Collectively Evaluated Total (In thousands) Residential one-to-four family $ 6,672 $ 586,137 $ 592,809 $ — $ 2,275 $ 2,275 Multifamily 168 695,039 695,207 — 6,146 6,146 Non-residential — 239,844 239,844 — 4,565 4,565 Construction — 28,141 28,141 — 1,048 1,048 Commercial and industrial (including PPP) — 10,357 10,357 — 32 32 Junior liens — 19,644 19,644 — 87 87 Consumer and other — 58 58 — — — Unallocated — — — — — — Total $ 6,840 $ 1,579,220 $ 1,586,060 $ — $ 14,153 $ 14,153 Loans Allowance for Loan Losses December 31, 2022 Individually Evaluated Collectively Evaluated Total Individually Evaluated Collectively Evaluated Total (In thousands) Residential one-to-four family $ 8,418 $ 588,836 $ 597,254 $ 27 $ 2,237 $ 2,264 Multifamily 516 690,174 690,690 — 5,491 5,491 Non-residential 2,671 213,390 216,061 — 3,357 3,357 Construction — 17,799 17,799 — 1,697 1,697 Commercial and industrial (including PPP) — 4,653 4,653 — 47 47 Junior liens 52 18,579 18,631 — 451 451 Consumer and other — 39 39 — — — Unallocated — — — — 93 93 Total $ 11,657 $ 1,533,470 $ 1,545,127 $ 27 $ 13,373 $ 13,400 Allowance for Credit Losses - Securities The Company recorded an allowance of credit losses on securities of $170 thousand upon adoption of ASU 2016-13 on January 1, 2023. Prior year disclosures have not been restated. For the three months ended March 31, 2023, the Company recorded provision for credit losses on held-to-maturity securities of $17 thousand. Accrued interest receivable on securities is reported as a component of accrued interest receivable on the consolidated balance sheets and totaled $1.2 million and $1.0 million at March 31, 2023 and December 31, 2022, respectively. The Company made the election to exclude accrued interest receivable from the estimate of credit losses on securities. Allowance for Credit Losses - Off-Balance-Sheet Exposures The allowance for credit losses on off-balance-sheet exposures is reported in other liabilities in the consolidated balance sheets. The liability represents an estimate of expected credit losses arising from off-balance-sheet exposures such as letters of credit, guarantees and unfunded loan commitments. The process for measuring lifetime expected credit losses on these exposures is consistent with that for loans as discussed above, but is subject to an additional estimate reflecting the likelihood that funding will occur. No liability is recognized for off-balance-sheet credit exposures that are unconditionally cancellable by the Company. Adjustments to the liability are reported as a component of provision for credit losses. The Company recorded a decrease in the allowance for credit losses for off-balance-sheet exposures of $811 thousand upon adoption on January 1, 2023. Prior year disclosures have not been restated. At March 31, 2023 and December 31, 2022, the balance of the allowance for credit losses for off-balance-sheet exposures was $748 thousand and $1.7 million, respectively. The Company recorded a recovery of provision for credit loss on off-balance-sheet exposures of $130 thousand for the three months ended March 31, 2023. In the three months ended March 31, 2022, the Company recorded a recovery of provision on unfunded lending commitments of $170 thousand in other non-interest expense.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2023
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 right-of-use assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term. The Company had the following related to operating leases: March 31, 2023 December 31, 2022 (Dollars in thousands) Right-of-use assets $ 26,320 $ 25,906 Lease liabilities 27,799 27,324 Weighted average remaining lease term for operating leases 10.9 years 11.3 years Weighted average discount rate used in the measurement of lease liabilities 2.27 % 2.19 % The following table is a summary of the Company’s components of net lease cost for the three months ended March 31, 2023 and 2022. The variable lease cost primarily represents variable payments such as common area maintenance and utilities. Three Months Ended March 31, 2023 2022 (In thousands) Operating lease cost $ 840 $ 770 Finance lease cost 4 6 Variable lease cost 57 54 Total lease cost included as a component of occupancy and equipment $ 901 $ 830 The following table presents supplemental cash flow information related to operating leases: Three Months Ended March 31, 2023 2022 (In thousands) Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows from operating leases $ 819 $ 757 Operating lease liabilities arising from obtaining right-of-use assets (non-cash): Operating leases $ 1,107 $ — Future undiscounted lease payments for operating leases with initial terms of one year or more as of March 31, 2023 are as follows: Through March 31, (In thousands) 2024 $ 3,280 2025 3,197 2026 2,896 2027 2,868 2028 2,762 Thereafter 16,496 Total undiscounted lease payments 31,499 Less: imputed interest (3,700) Total $ 27,799

DEPOSITS

DEPOSITS	3 Months Ended
	Mar. 31, 2023
Deposits [Abstract]
DEPOSITS	DEPOSITS Deposits at March 31, 2023 and December 31, 2022, are summarized as follows: March 31, 2023 December 31, 2022 (In thousands) Non-interest bearing deposits $ 32,518 $ 37,907 NOW and demand accounts 427,281 410,937 Savings 361,871 423,758 Time deposits 422,911 416,260 Total $ 1,244,581 $ 1,288,862 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 March 31, 2023 and December 31, 2022. Time deposits mature as follows for the years ending December 31: (In thousands) Remainder of 2023 $ 255,965 2024 148,627 2025 10,931 2026 4,348 2027 2,206 2028 834 $ 422,911

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION Employee Stock Ownership Plan The Company maintains an ESOP, a tax-qualified plan 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 March 31, 2023, the principal balance on the ESOP loan is $21.2 million. There were no contributions to the ESOP during the three months ended March 31, 2023, as loan payments are made annually during the fourth quarter of each year. ESOP shares are committed to be released from unallocated and compensation expense and are recognized over the service period. At March 31, 2023 and December 31, 2022, there were 2,099,256 unallocated shares and 182,544 shares allocated to participants. The fair value of unallocated shares at March 31, 2023 and December 31, 2022 was $20.0 million and $27.0 million, respectively, computed using the closing trading price of the Company’s common stock on each date. The following table presents ESOP compensation expense for the shares committed to be released from unallocated for the three months ended March 31, 2023 and March 31, 2022. Three months ended March 31, 2023 2022 (Dollars in thousands) ESOP compensation expense $ 262 $ 322 Shares committed to be released from unallocated 22,818 22,818 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 There were no stock options granted during the three months ended March 31, 2023. The fair value of stock options granted during 2022 were estimated utilizing the Black-Scholes option pricing model using the following assumptions: an expected life of 6.9 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 three months ended March 31, 2023. There was no share-based compensation expense for the three months ended March 31, 2022. Three Months Ended March 31, 2023 (In thousands) Stock option expense $ 399 Restricted stock expense 269 Total share-based compensation expense $ 668 The following is a summary of the Company’s stock option activity and related information for the three months ended March 31, 2023: Number of Stock Options Weighted Average Grant Date Fair Value Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Outstanding - December 31, 2022 2,591,063 $ 4.12 $ 11.65 9.8 Granted — — — 0 Forfeited (61,000) 4.25 11.69 9.5 Outstanding - March 31, 2023 2,530,063 $ 4.12 $ 11.65 9.8 Exercisable - March 31, 2023 — Expected future expense relating to the non-vested options outstanding as of March 31, 2023 is $9.6 million over a weighted average period of 6.0 years. On March 6, 2023, the Company granted to employees, under the 2022 Equity Incentive Plan, 372,540 restricted stock awards with a total grant-date fair value of $4.5 million. Of these grants, 12,300 vest one year from the date of grant and 360,240 vest in equal installments over a seven-year period beginning one year from the date of grant. The Company also issued 360,240 performance-based restricted stock awards to its officers with a total grant date fair value of $4.3 million. Vesting of the performance-based restricted stock units will be based on achievement of certain levels of loan growth, deposit growth and net interest margin and will convert to seven-year time vest after the one-year measurement period ending December 31, 2023. At the end of the performance period, the number of actual shares to be awarded may vary between 0% and 100% of target amounts. The following is a summary of the status of the Company’s restricted shares as of March 31, 2023 and changes therein during the three months ended: Number of Shares Awarded Weighted Average Grant Date Fair Value Outstanding - December 31, 2022 299,481 $ 11.54 Granted 732,780 12.00 Outstanding - March 31, 2023 1,032,261 $ 11.87 Expected future expense relating to the non-vested restricted shares outstanding as of March 31, 2023 is $11.7 million over a weighted average period of 6.2 years.

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITIES	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES AND HEDGING ACTIVITIES	DERIVATIVES AND HEDGING ACTIVITIES The Company utilizes interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position. The notional amount of the interest rate swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate swap agreements. Interest rate swaps with notional amounts totaling $209.0 million and $109.0 million at March 31, 2023, and December 31, 2022, respectively, were designated as cash flow hedges of certain Federal Home Loan Bank (“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: March 31, 2023 December 31, 2022 (Dollars in thousands) Notional amounts $ 209,000 $ 109,000 Weighted average pay rates 2.53 % 1.46 % Weighted average receive rates 4.81 % 4.61 % Weighted average maturity (in years) 4.0 4.2 Gross unrealized gain included in other assets $ 9,612 $ 11,091 Gross unrealized loss included in other liabilities 965 — Unrealized gains (losses), net $ 8,647 $ 11,091 At March 31, 2023, the Company held $9.5 million as cash collateral pledged from the counterparty for these interest-rate swaps and had no securities pledged to the counterparty. At December 31, 2022, the Company held $11.5 million as cash collateral pledged from the counterparty and had no securities pledged to the counterparty. Interest income or expense recorded on these swap transactions is reported as a component of interest expense on FHLB advances. Interest income during the three months ended March 31, 2023 totaled $1.0 million and interest expense for the three months ended March 31, 2022 totaled $322 thousand. At March 31, 2023, the Company expected $5.4 million of the unrealized gain to be reclassified as a reduction to interest expense during the remainder of 2023. Cash Flow Hedge The effect of cash flow hedge accounting on accumulated other comprehensive income for the three months ended March 31, 2023, and March 31, 2022, is as follows: Amount of Gain (Loss) Recognized in OCI (Net of Tax) on Derivative (1) Location of Gain (Loss) Reclassified from OCI into Income/(Expense) Amount of Gain (Loss) Reclassified from OCI to Income/(Expense) (In thousands) Three months ended March 31, 2023 Interest rate contracts $ (2,444) Interest Expense $ 1,004 Three months ended March 31, 2022 Interest rate contracts $ 5,559 Interest Expense $ (322) (1) Net of tax, adjusted for deferred tax valuation allowance at March 31, 2023 and March 31, 2022.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	3 Months Ended
	Mar. 31, 2023
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 post-retirement plans, as of the balance sheet dates, net of the related tax effect. The following table presents the components of other comprehensive income (loss) both gross and net of tax, inclusive of a deferred tax valuation allowance, for the 2023 and 2022 periods. Three Months Ended March 31, 2023 2022 Before Tax Tax After Before Tax Tax After (In thousands) Components of Other Comprehensive Income (Loss): Unrealized gain (loss) on securities available-for-sale: Unrealized gain (loss) arising during the period $ 4,039 $ — $ 4,039 $ (15,788) $ 49 $ (15,739) Unrealized (loss) gain on cash flow hedge: Unrealized (loss) gain arising during the period (1,440) — (1,440) 5,237 — 5,237 Reclassification adjustment for (gain) loss included in net (loss) income (1,004) — (1,004) 322 — 322 Total (loss) gain (2,444) — (2,444) 5,559 — 5,559 Post-Retirement plans: Reclassification adjustment for amortization of: Net actuarial (gain) loss (2) — (2) 48 — 48 48 Total other comprehensive income (loss): $ 1,593 $ — $ 1,593 $ (10,181) $ 49 $ (10,132) The following is a summary of the changes in accumulated other comprehensive income by component, net of tax, inclusive of a deferred tax valuation allowance, for the periods indicated: Unrealized Gains and (Losses) on Cash Flow Unrealized Gains and (Losses) on Available-for-Sale Post-Retirement Total (In thousands) Balance at December 31, 2022 $ 11,091 $ (36,183) $ 373 $ (24,719) Other comprehensive income (loss) before reclassification (1,440) 4,039 — 2,599 Amounts reclassified from accumulated other comprehensive income (1,004) — (2) (1,006) Net current period other comprehensive gain (loss) (2,444) 4,039 (2) 1,593 Balance at March 31, 2023 $ 8,647 $ (32,144) $ 371 $ (23,126) Unrealized Gains and Losses on Cash Flow Unrealized Gains and Losses on Available-for-Sale Defined Total (In thousands) Balance at December 31, 2021 $ (246) $ 1,091 $ (1,217) $ (372) Other comprehensive income (loss) before reclassification 5,237 (15,739) — (10,502) Amounts reclassified from accumulated other comprehensive income 322 — 48 370 Net current period other comprehensive gain (loss) 5,559 (15,739) 48 (10,132) Balance at March 31, 2022 $ 5,313 $ (14,648) $ (1,169) $ (10,504) The following table presents information about amounts reclassified from accumulated other comprehensive income (loss) to the consolidated statements of income for the periods indicated: Details about Accumulated Other Comprehensive Income Components Three Months Ended March 31, Affected Line Item in the Statement Where Net Income is Presented 2023 2022 (In thousands) Losses on cash flow hedges: Interest rate contracts 1,004 (322) Interest (expense) income Amortization of post-retirement plan items: Net actuarial loss 2 (48) Compensation and employee benefits Total tax effect — — Income tax expense Total reclassification for the period, net of tax $ 1,006 $ (370)

FAIR VALUE OF ASSETS AND LIABIL

FAIR VALUE OF ASSETS AND LIABILITIES	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE OF ASSETS AND LIABILITIES	FAIR VALUE OF ASSETS AND LIABILITIES Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Company used the following methods and significant assumptions to estimate fair value: Securities : For securities available-for-sale, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third party data service providers or dealer market participants with which the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input as defined by ASC 820, is a mathematical technique used principally to value certain securities to benchmark or comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. The Company also holds debt instruments issued by the U.S. government and U.S. government sponsored agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs. Derivatives : The fair values of derivatives are based on valuation models using observable market data as of the measurement date (Level 2). The Company’s derivatives are traded in an over-the-counter market where quoted market prices are not always available. Therefore, the fair values of derivatives are determined using quantitative models that utilize multiple market inputs. The inputs will vary based on the type of derivative, but could include interest rates, prices and indices to generate continuous yield or pricing curves, prepayment rates, and volatility factors to value the position. The majority of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. Impaired Loans : The fair value of impaired loans with specific allocations of the allowance for loan losses is generally based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. 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 March 31, 2023: Fair Value Measurements at March 31, 2023, Using Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs Total (Level 1) (Level 2) (Level 3) (In thousands) Measured on a recurring basis: Financial assets Securities available-for-sale: U.S. Treasury note $ 44,295 $ 44,295 $ — $ — Corporate bonds 76,522 — 76,522 — U.S. Government agency obligations 14,911 10,227 4,684 — Obligations issued by U.S. states and their political subdivisions 16,379 — 16,379 — Mortgage-backed securities: Residential one-to-four family 139,318 — 139,318 — Multifamily 13,462 — 13,462 — Asset-backed securities 4,196 — 4,196 — Total securities available-for-sale 309,083 54,522 254,561 — Derivatives 9,612 — 9,612 — Total financial assets measured on a recurring basis $ 318,695 $ 54,522 $ 264,173 $ — Financial Liabilities Derivatives $ 965 $ — $ 965 $ — 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 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: Corporate bonds $ 43,759 $ 43,759 $ — $ — U.S. Government agency obligations 76,298 — 76,298 — Obligations issued by U.S. states and their political subdivisions 15,423 11,295 4,128 — Mortgage-backed securities: 16,268 — 16,268 — Residential one-to-four family Multifamily 140,186 — 140,186 — Asset-backed securities 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 $ — 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 Bank 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 consolidated balance sheets at March 31, 2023 and December 31, 2022. The fair value measurements presented are consistent with Topic 820, Fair Value Measurement, in which fair value represents exit price. These tables exclude financial instruments for which the carrying amount approximates fair value. Financial instruments for which the carrying amount approximates fair value include cash and cash equivalents, other investments, non-maturity deposits, overnight borrowings, and accrued interest, which are excluded from the table below. Fair Value Measurements at March 31, 2023, Using Quoted Prices in Significant Other Observable Inputs Significant Unobservable Inputs Book Value (Level 1) (Level 2) (Level 3) (In thousands) Financial assets Securities held-to-maturity $ 33,659 $ — $ 29,379 $ — Loans, net 1,571,907 — — 1,361,949 Financial liabilities Time Deposits 422,911 — 415,944 — FHLB advances 422,500 — 426,374 — Fair Value Measurements at December 31, 2022, Using Quoted Prices in Significant Other Observable Inputs Significant Unobservable Inputs Book Value (Level 1) (Level 2) (Level 3) (In thousands) Measured on a recurring basis: 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 — FHLB advances 310,500 — 3,186,988 —

REVENUE FROM CONTRACTS WITH CUS

REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME	3 Months Ended
	Mar. 31, 2023
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 statements of income. The following table presents the Company’s sources of revenue from contracts with customers for the three months ended March 31, 2023 and 2022, respectively. Three Months Ended March 31, 2023 2022 (In thousands) Noninterest income Service charges on deposits $ 205 $ 229 Interchange income 12 8 Total revenue from contracts with customers $ 217 $ 237 Service Charges on Deposit Accounts : The Company earns fees from its deposit customers for transaction-based, account maintenance and, prior to November 1, 2022, overdraft services. Transaction based fees, which include services such as ATM use fees, stop payment charges, statement rendering and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees were recognized at the point in time the overdraft occurred. Service charges on deposits are withdrawn from the customer’s account balance. Interchange Income : The Company earns interchange fees from debit and 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.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per share (“EPS”) represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common shares (such as unexercised stock options and unvested restricted stock) 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 Employee Stock Ownership Plan (“ESOP”) that have not been allocated to employees in accordance with the terms of the ESOP, referred to as “unallocated ESOP shares,” are not deemed outstanding for earnings per share calculations. Three months ended March 31, 2023 2022 (Income In thousands) Net (loss) income applicable to common shares $ (1,209) $ 553 Shares Average number of common shares outstanding 27,462,373 28,522,500 Less: Average unallocated ESOP shares 2,087,720 2,178,992 Average number of common shares outstanding used to calculate basic earnings per common share 25,374,653 26,343,508 Common stock equivalents — — Average number of common shares outstanding used to calculate diluted earnings per common share 25,374,653 26,343,508 Earnings per common share Basic $ (0.05) $ 0.02 Diluted $ (0.05) $ 0.02

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2023
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 April 19, 2023, the Company adopted a program to repurchase up to 1,335,126 shares, or 5%, of its outstanding common stock commencing upon the completion of the Company’s existing stock repurchase program. As of May 8, 2023, the Company completed the initial stock repurchase plan and has repurchased 260,050 shares under the new repurchase plan.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation : The accompanying consolidated financial statements include the accounts of Blue Foundry Bancorp (the “Company”), and its wholly owned subsidiary, Blue Foundry Bank (the “Bank”), and the Bank’s wholly owned subsidiaries, Blue Foundry Service Corp., Rutherford Center Development Corp., and Blue Foundry Investment Company (collectively, the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. Blue Foundry Bancorp owns 100% of the common stock of Blue Foundry Bank.
Segment Reporting	Segment Reporting : The Company operates as a single operating segment for financial reporting purposes.
Basis of Financial Statement Presentation	Basis of Financial Statement Presentation : The consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles. Certain information and note disclosures usually included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for the preparation of the Quarterly Reports on Form 10-Q and with Regulation S-X. The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the consolidated balance sheets and the consolidated statements of income 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 consolidated balance sheets and revenues and expenses for the period. Actual results could differ from those estimates. Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or shareholders’ equity. The results of operations and other data presented for the three months ended March 31, 2023 are not necessarily indicative of the results of operations that may be expected for subsequent periods or the full year results. These financial statements should be read in conjunction with the annual financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed on March 30, 2023. The accounting policies of the Company conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1, Summary of Significant Accounting Policies, included in the Company’s 2022 Annual Report on Form 10-K. Except for the below, there have been no changes to the Company’s significant accounting policies since December 31, 2022.
Adoption of New Accounting Standards and Accounting Standards Not Yet Adopted	Adoption of New Accounting Standards : The Company adopted Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments,” which replaces the incurred loss model for loans and other financial assets with an expected loss model and is referred to as the current expected credit loss (“CECL”) model. The Company adopted ASU 2016-13 using the modified retrospective method for all financial assets measured at amortized cost and off-balance-sheet credit exposures. The adoption of the new standard resulted in the Company recording an increase in the allowances for credit losses of $18 thousand, comprised of an increase of $660 thousand on loans, establishing a $170 thousand reserve on held-to-maturity securities and a reversal in the reserve liability for commitments and letters of credit of $811 thousand. There was no allowance for credit losses required on available-for-sale securities. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loans receivable and held-to maturity debt securities. It also applies to off-balance-sheet credit exposures (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 ASU 2016-13 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. Results for reporting periods beginning after January 1, 2023, are presented under CECL, while prior period amounts continue to be presented under previously-applied U.S. GAAP. Loans Under the CECL model, the allowance for credit losses on financial assets is a valuation allowance estimated at each balance sheet date in accordance with U.S. GAAP, and is deducted from the financial assets’ amortized cost basis to present the net amount expected to be collected on the financial assets. The Company estimates the allowance for credit losses on loans based on the underlying assets’ amortized cost basis, which is the amount at which the financing receivable is originated or acquired, adjusted for applicable accretion or amortization of premium, discount, net deferred fees or costs, collection of cash, and charge-offs. In the event that collection of principal becomes uncertain, the Company has policies in place to write-off accrued interest receivable by reversing interest income in a timely manner. Therefore, the Company has made a policy election to exclude accrued interest from the amortized cost basis and therefore excludes it from the measurement of the allowance for credit loss. Changes in expected credit losses are reflected through a charge to credit loss expense. The Company’s estimate of the allowance for credit loss reflects losses expected over the remaining contractual life of the assets. When the Company deems all or a portion of a financial asset to be uncollectible, the appropriate amount is written off and the allowance for credit losses is reduced by the same amount. The Company applies judgment to determine when a financial asset is deemed uncollectible. When available information confirms that specific loans, securities, other assets, or portions thereof, are uncollectible, these amounts are charged-off against the allowance for credit losses. Subsequent recoveries, if any, are credited to the allowance for credit losses when received. The Company measures expected credit losses of financial assets on a collective portfolio segment basis when the financial assets share similar risk characteristics. The Company measures expected credit losses using discounted cash flows (“DCF”) models at the portfolio segment level, whereby the total shortfall in comparing the portfolio segment DCFs to the amortized cost basis reflects management’s estimate of expected credit losses. Our CECL models for loans includes the following major items: – a historical loss period, which represents a full economic credit cycle utilizing loss experience including peer bank historical loss data, to calculate probabilities of default at the portfolio segment level; – macroeconomic variable forecasts, including the national housing price index, unemployment and gross domestic product, to adjust probabilities of default over a reasonable and supportable forecast period of one year, based on managements current review of the reliability of extended forecasts; – a reversion period of one year to adjust probabilities of default (after the reasonable and supportable forecast period) to historical means using a straight-line approach; – a risk index that measures loss given defaults as a function of probabilities of default at the portfolio segment level; – 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. For collateral dependent financial assets where the Company has determined that foreclosure of the collateral is probable and where the borrower is experiencing financial difficulty, the allowance for credit loss is measured based on the difference between the fair value of the collateral and the amortized cost basis of the asset as of the measurement date. Fair value is calculated based on the value of the underlying collateral less an appraisal discount, and the estimated cost to sell. Off-Balance-Sheet Exposures The Company records changes in the allowance for credit losses on off-balance-sheet credit exposures through a charge to provision for credit losses. The allowance for credit loss on off-balance-sheet credit exposures is estimated by portfolio segment at each balance sheet date under the CECL model using the same methodologies as portfolio loans, taking into consideration management’s assumption of the likelihood that funding will occur, and is included in other liabilities on the Company’s consolidated balance sheets. Securities For securities available-for-sale, ASU 2016-13 eliminates the concept of other-than-temporary impairment and instead requires entities to determine if impairment is related to credit loss or non-credit loss. In making the assessment of whether a loss is from credit or other factors, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows is less than the amortized cost basis, a credit loss exists and an allowance is created, limited by the amount that the fair value is less than the amortized cost basis. The allowance for credit losses on held-to-maturity debt securities is initially recognized upon acquisition of the securities, and subsequently remeasured on a recurring basis. Expected credit losses on held-to-maturity debt securities through the life of the financial instrument are estimated and recognized as an allowance for credit losses on the balance sheet with a corresponding adjustment to current earnings. Subsequent favorable or unfavorable changes in expected cash flow will first decrease or increase the allowance for credit losses. Management measures expected credit losses on held-to-maturity securities on a collective basis by major security type. The held-to-maturity portfolio is classified into the following major security types: corporate bonds and asset-backed securities. At each reporting period, the Company evaluates whether the securities in a segment continue to exhibit similar risk characteristics as the other securities in the segment. If the risk characteristics of a security change, such that they are no longer similar to other securities in the segment, the Company will evaluate the security with a different segment that shares more similar risk characteristics. The Company has a non-accrual policy that results in a timely reversal of interest receivable, therefore the Company made the election to exclude accrued interest receivable on securities from the estimate of credit losses. In addition, the Company adopted ASU No. 2022-02, “Financial Instruments - Credit Losses (“ASU 2022-02”): Troubled Debt Restructurings (“TDR”) and Vintage Disclosures.” The amendments in this ASU were issued to (1) eliminate accounting guidance for TDRs by creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty; (2) require disclosures of current period gross write-offs by year of origination for financing receivables and net investments in leases. The amendments in this ASU were applied on a modified retrospective basis to recognize any change in the allowance for credit losses that had been recognized for receivables previously modified (or reasonably expected to be modified) in a TDR. This election resulted in a cumulative-effect adjustment to retained earnings as of January 1, 2023 of $8 thousand. 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.

SECURITIES (Tables)

SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Summary of amortized cost of securities available for sale and their estimated fair value	The amortized cost of securities available-for-sale and their estimated fair values at March 31, 2023 and December 31, 2022 are as follows: Amortized Gross Unrealized Gains Gross Unrealized Losses Estimated (In thousands) March 31, 2023 Available-for-sale U.S. Treasury Note $ 46,936 $ — $ (2,641) $ 44,295 Corporate Bonds 81,667 2 (5,147) 76,522 U.S. Government agency obligations 15,792 — (881) 14,911 Obligations issued by U.S. states and their political subdivisions 16,512 114 (247) 16,379 Mortgage-backed securities: Residential one-to-four family 161,428 — (22,110) 139,318 Multifamily 14,368 — (906) 13,462 Asset-backed securities 4,524 — (328) 4,196 Total available-for-sale $ 341,227 $ 116 $ (32,260) $ 309,083 December 31, 2022 Available-for-sale U.S. Treasury Note $ 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
Summary of amortized cost of securities held to maturity and their estimated fair value	The amortized cost of securities held-to-maturity, allowance for credit losses and their estimated fair values at March 31, 2023 and December 31, 2022, are as follows: Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated (In thousands) March 31, 2023 Held-to-maturity Corporate bonds $ 18,600 $ — $ (2,365) $ 16,235 Asset-backed securities 15,059 — (1,915) 13,144 Total held-to-maturity $ 33,659 $ — $ (4,280) $ 29,379 December 31, 2022 Held-to-maturity Corporate bonds $ 18,600 $ — $ (2,281) $ 16,319 Asset-backed securities 15,105 — (2,309) 12,796 Total Held-to-maturity $ 33,705 $ — $ (4,590) $ 29,115
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. March 31, 2023 Amortized Cost (1) Estimated Fair Value (In thousands) Available-for-sale Due in one year or less $ 35,150 $ 34,433 Due from one year to five years 99,964 95,028 Due from five to ten years 21,989 19,079 Due after ten years 3,804 3,567 Mortgage-backed and asset-backed securities 180,320 156,976 Total $ 341,227 $ 309,083 Held-to-maturity Due from one year to five years $ 6,007 $ 5,420 Due from five to ten years 27,652 23,959 Total $ 33,659 $ 29,379
Summary of credit profile of debt securities held to maturity	The table below indicates the credit profile of the Company’s debt securities held-to-maturity at amortized cost at March 31, 2023. AAA A1 BBB+ BBB BBB- Total (In thousands) Corporate bonds $ — $ — $ 1,600 $ 11,000 $ 6,000 $ 18,600 Asset-backed securities 9,053 6,006 — — — 15,059 Total held-to-maturity $ 9,053 $ 6,006 $ 1,600 $ 11,000 $ 6,000 $ 33,659
Summary of available-for-sale securities with unrealized losses	The following tables summarize available-for-sale securities with unrealized losses at March 31, 2023 and December 31, 2022, 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 Number of Securities Unrealized Losses Estimated (In thousands) March 31, 2023 Available-for-sale U.S. Treasury Note $ — $ — $ (2,641) $ 44,295 5 $ (2,641) $ 44,295 Corporate Bonds (977) 28,718 (4,170) 43,808 31 (5,147) 72,526 U.S. Government agency obligations (5) 656 (876) 14,255 4 (881) 14,911 Obligations issued by U.S. states and their political subdivisions (20) 4,406 (227) 2,878 8 (247) 7,284 Mortgage-backed securities: — — Residential one-to-four family (1) 54 (22,109) 139,255 48 (22,110) 139,309 Multifamily (15) 2,298 (891) 11,164 5 (906) 13,462 Asset-backed securities — — (328) 4,197 2 (328) 4,197 Total available-for-sale $ (1,018) $ 36,132 $ (31,242) $ 259,852 103 $ (32,260) $ 295,984 December 31, 2022 Available-for-sale U.S. Treasury Note $ (1,342) $ 28,670 $ (1,836) $ 15,089 5 $ (3,178) $ 43,759 Corporate Bonds (3,608) 58,509 (1,823) 15,522 31 (5,431) 74,031 U.S. Government agency obligations (5) 696 (939) 14,727 5 (944) 15,423 Obligations issued by U.S. states and their political subdivisions (65) 5,641 (275) 1,568 8 (340) 7,209 Mortgage-backed securities: Residential one-to-four family (8,273) 60,986 (16,384) 79,189 49 (24,657) 140,175 Multifamily (1,166) 17,689 (151) 469 5 (1,317) 18,158 Asset-backed securities — — (369) 4,156 2 (369) 4,156 Total available-for-sale $ (14,459) $ 172,191 $ (21,777) $ 130,720 105 $ (36,236) $ 302,911
Summary of held-for-maturity with unrealized losses	The following tables summarizes held-to-maturity securities with unrealized losses at March 31, 2023 and December 31, 2022, aggregated by major security type and length of time in a continuous loss position. Less than 12 Months 12 Months or More Total Unrecognized Losses Estimated Unrecognized Losses Estimated Number of Securities Unrecognized Losses Estimated (In thousands) March 31, 2023 Held-to-maturity Corporate Bonds (341) 4,658 (2,024) 11,576 9 (2,365) 16,234 Asset-backed securities — — (1,916) 13,145 2 (1,916) 13,145 Total held-to-maturity $ (341) $ 4,658 $ (3,940) $ 24,721 11 $ (4,281) $ 29,379 December 31, 2022 Held-to-maturity Corporate Bonds (1,177) 10,423 (1,104) 5,896 9 (2,281) 16,319 Asset-backed securities — — (2,310) 12,796 2 (2,310) 12,796 Total held-to-maturity $ (1,177) $ 10,423 $ (3,414) $ 18,692 11 $ (4,591) $ 29,115

LOANS RECEIVABLE (Tables)

LOANS RECEIVABLE (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Summary of loans receivable	A summary of loans receivable, net at March 31, 2023 and December 31, 2022, is as follows: March 31, 2023 (In thousands) Residential one-to-four family $ 592,809 Multifamily 695,207 Non-residential 239,844 Construction 28,141 Junior liens 19,644 Commercial and industrial (including PPP) (1) 10,357 Consumer and other 58 Total loans 1,586,060 Allowance for credit losses on loans (2) (14,153) Loans receivable, net $ 1,571,907 December 31, 2022 (In thousands) Residential one-to-four family $ 594,521 Multifamily 690,278 Non-residential 216,394 Construction 17,990 Junior liens 18,477 Commercial and industrial (including PPP) (1) 4,682 Consumer and other 38 Total gross loans 1,542,380 Deferred fees, costs and premiums and discounts, net 2,747 Total loans 1,545,127 Allowance for loan losses (13,400) Loans receivable, net $ 1,531,727 (1) At March 31, 2023, and December 31, 2022, Paycheck Protection Program (“PPP”) loans totaled $395 thousand and $477 thousand, respectively, net of unearned deferred fees. (2) For more information, see Footnote 4 - Allowance for Credit Losses
Schedule of credit quality indicators	The following table presents the risk category of loans by class of loan and vintage based on the analysis performed as of March 31, 2023: Term Loans by Origination Year 2023 2022 2021 2020 2019 Pre-2019 Revolving Loans Total Residential one-to-four family Pass $ 6,646 $ 101,708 $ 121,744 $ 16,046 $ 19,409 $ 319,827 $ — $ 585,380 Substandard — — — — — 7,429 — 7,429 Total 6,646 101,708 121,744 16,046 19,409 327,256 — 592,809 Multifamily Pass 10,279 283,488 161,788 36,050 60,244 142,859 — 694,708 Substandard — — — — — 499 — 499 Total 10,279 283,488 161,788 36,050 60,244 143,358 — 695,207 Non-residential Pass 25,819 121,004 14,953 15,426 5,531 56,053 — 238,786 Special mention — — — — — 1,058 — 1,058 Total 25,819 121,004 14,953 15,426 5,531 57,111 — 239,844 Construction Pass 4,937 11,279 11,809 — — 116 — 28,141 Total 4,937 11,279 11,809 — — 116 — 28,141 Junior liens Pass 1,403 5,199 1,387 396 2,163 9,044 — 19,592 Substandard — — — — — 52 — 52 Total 1,403 5,199 1,387 396 2,163 9,096 — 19,644 Commercial and industrial (including PPP) Pass 6,557 112 3,407 216 — — — 10,292 Substandard (1) — — 65 — — — — 65 Total 6,557 112 3,472 216 — — — 10,357 Consumer and other Pass 41 — — — — — 17 58 Total 41 — — — — — 17 58 Total gross loans $ 55,682 $ 522,790 $ 315,153 $ 68,134 $ 87,347 $ 536,937 $ 17 $ 1,586,060 (1) Balance represents PPP loans which carry the federal guarantee of the SBA . The following table presents the risk category of loans by class of loans based on the analysis performed as of December 31, 2022: Pass Special Substandard Doubtful / Total (In thousands) 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 17,799 — — — 17,799 Junior liens 18,579 — 52 — 18,631 Commercial and Industrial (including PPP) 4,653 — — — 4,653 Consumer and other 8 — 31 — 39 Total $ 1,534,434 $ 2,224 $ 8,469 $ — $ 1,545,127
Summary of past due and current loans	The following table presents the recorded investment in past due and current loans by loan portfolio class as of March 31, 2023 and December 31, 2022: 30-59 60-89 90 Days Total Current Total (In thousands) March 31, 2023 Residential $ 1,718 $ 65 $ 6,309 $ 8,092 $ 584,717 $ 592,809 Multifamily — — — — 695,207 695,207 Non-residential 159 — — 159 239,685 239,844 Construction — — — — 28,141 28,141 Junior liens — — 52 52 19,592 19,644 Commercial and Industrial (including PPP) — — 65 65 10,292 10,357 Consumer and other — — — — 58 58 Total $ 1,877 $ 65 $ 6,426 $ 8,368 $ 1,577,692 $ 1,586,060 December 31, 2022 Residential $ — $ 845 $ 6,738 $ 7,583 $ 589,671 $ 597,254 Multifamily — — 182 182 690,508 690,690 Non-residential — — — — 216,061 216,061 Construction — — — — 17,799 17,799 Junior liens — — 52 52 18,579 18,631 Commercial and Industrial (including PPP) — — 96 96 4,557 4,653 Consumer and other — — — — 39 39 Total $ — $ 845 $ 7,068 $ 7,913 $ 1,537,214 $ 1,545,127
Summary of non-accrual loans and loans past due 90 days or more and still on accrual	The following table presents information on non-accrual loans at March 31, 2023 : Non-accrual Interest Income Recognized on Non-accrual Loans Amortized Cost Basis of Loans >= 90 Day Past Due and Still Accruing Amortized Cost Basis of Non-accrual Loans Without Related Allowance (In thousands) Residential one-to-four family $ 7,572 $ — $ — $ 7,572 Multifamily 168 — — 168 Non-residential — — — — Construction — — — — Commercial and industrial (including PPP) 65 — — 65 Junior liens 52 — — 52 Total $ 7,857 $ — $ — $ 7,857 The following table presents the recorded investment in non-accrual loans at December 31, 2022: Non-accrual Loans Past Due (In thousands) Residential one-to-four family $ 7,498 $ — Multifamily 182 — Non-residential — — Construction — — Commercial and industrial (including PPP) (1) 35 61 Junior liens 52 — Total $ 7,767 $ 61 (1) Loans 90 days past due and accruing were comprised of PPP loans which carry the federal guarantee of the SBA.
Summary of impaired loans by class of loans	The following table presents, under previously applicable U.S. GAAP, information related to impaired loans by class of loans as of March 31, 2022 and December 31, 2022: March 31, 2022 Three Months Ended March 31, 2022 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Cash Basis Interest Recognized (In thousands) With no related allowance recorded: Residential one-to-four family $ 7,426 $ 7,714 $ — $ 8,769 $ 111 $ 111 Multifamily 672 671 — 678 6 4 Non-residential 4,672 4,510 — 4,548 54 49 Junior liens 54 54 — 55 1 1 12,824 12,949 — 14,050 172 165 With an allowance recorded: Residential one-to-four family 1,055 1,054 28 1,057 12 8 1,055 1,054 28 1,057 12 8 Total $ 13,879 $ 14,003 $ 28 $ 15,107 $ 184 $ 173 December 31, 2022 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated (In thousands) With no related allowance recorded: Residential one-to-four family $ 7,368 $ 7,669 $ — Multifamily 516 516 — Non-residential 2,834 2,671 — Junior liens 52 52 — 10,770 10,908 — With an allowance recorded: Residential one-to-four family 743 749 27 743 749 27 Total $ 11,513 $ 11,657 $ 27

ALLOWANCE FOR CREDIT LOSSES (Ta

ALLOWANCE FOR CREDIT LOSSES (Tables)	3 Months Ended
	Mar. 31, 2023
Credit Loss [Abstract]
Summary of changes in allowance for loan losses by class of loans	The allowance for credit losses is summarized in the following table: For the Three Months Ended March 31, 2023 March 31, 2022 (In thousands) Balance at beginning of period $ 13,400 $ 14,425 Impact of adopting ASU 2016-13 and ASU 2022-02 668 — Charge-offs (5) (10) Recoveries 1 2 Net charge-offs (4) (8) Provision for (recovery of) credit loss on loans 89 (952) Balance at end of period $ 14,153 $ 13,465 The following tables presents the activity in the Company’s allowance for credit losses by class of loans based on the most recent analysis performed for the three months ended March 31, 2023, and 2022: Balance at December 31, 2022 Impact of adopting ASU 2016-13 and ASU 2022-02 Charge-offs (1) Recoveries (Recovery of) Provision for Credit Loss - Loans Balance at March 31, 2023 (In thousands) Residential one-to-four family $ 2,264 $ (183) $ — $ — $ (25) $ 2,056 Multifamily 5,491 2,057 — — (357) 7,191 Non-residential 3,357 146 — — 67 3,570 Construction 1,697 (832) — — 325 1,190 Commercial and industrial (including PPP) 47 (23) — — 76 100 Junior liens 451 (405) — — — 46 Consumer and other — 1 (5) 1 3 — Unallocated 93 (93) — — — — Total $ 13,400 $ 668 $ (5) $ 1 $ 89 $ 14,153 (1) Charge-offs relate to overdrafts, which were originated in 2022 or 2023 as it is our policy to charge these off within 60 days of occurrence. Balance at December 31, 2021 Charge-offs Recoveries (Recovery of) Provision for Loan Loss Balance at March 31, 2022 (In thousands) Residential one-to-four family $ 2,822 $ — $ — $ (212) $ 2,610 Multifamily 5,263 — — (487) 4,776 Non-residential 2,846 — — 619 3,465 Construction 2,678 — — (773) 1,905 Commercial and industrial (including PPP) 51 — — 20 71 Junior liens 636 — — (87) 549 Consumer and other 38 (10) 2 (30) — Unallocated 91 — — (2) 89 Total $ 14,425 $ (10) $ 2 $ (952) $ 13,465 The following table represents the allocation of allowance for loan losses and the related recorded investment, including deferred fees and costs, in loans by loan portfolio segment, disaggregated based on the impairment methodology at March 31, 2023 and December 31, 2022 : Loans Allowance for Credit Losses on Loans March 31, 2023 Individually Evaluated Collectively Evaluated Total Individually Evaluated Collectively Evaluated Total (In thousands) Residential one-to-four family $ 6,672 $ 586,137 $ 592,809 $ — $ 2,275 $ 2,275 Multifamily 168 695,039 695,207 — 6,146 6,146 Non-residential — 239,844 239,844 — 4,565 4,565 Construction — 28,141 28,141 — 1,048 1,048 Commercial and industrial (including PPP) — 10,357 10,357 — 32 32 Junior liens — 19,644 19,644 — 87 87 Consumer and other — 58 58 — — — Unallocated — — — — — — Total $ 6,840 $ 1,579,220 $ 1,586,060 $ — $ 14,153 $ 14,153 Loans Allowance for Loan Losses December 31, 2022 Individually Evaluated Collectively Evaluated Total Individually Evaluated Collectively Evaluated Total (In thousands) Residential one-to-four family $ 8,418 $ 588,836 $ 597,254 $ 27 $ 2,237 $ 2,264 Multifamily 516 690,174 690,690 — 5,491 5,491 Non-residential 2,671 213,390 216,061 — 3,357 3,357 Construction — 17,799 17,799 — 1,697 1,697 Commercial and industrial (including PPP) — 4,653 4,653 — 47 47 Junior liens 52 18,579 18,631 — 451 451 Consumer and other — 39 39 — — — Unallocated — — — — 93 93 Total $ 11,657 $ 1,533,470 $ 1,545,127 $ 27 $ 13,373 $ 13,400

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Summary of balance sheet information related to operating leases	The Company had the following related to operating leases: March 31, 2023 December 31, 2022 (Dollars in thousands) Right-of-use assets $ 26,320 $ 25,906 Lease liabilities 27,799 27,324 Weighted average remaining lease term for operating leases 10.9 years 11.3 years Weighted average discount rate used in the measurement of lease liabilities 2.27 % 2.19 %
Summary of lease cost	The following table is a summary of the Company’s components of net lease cost for the three months ended March 31, 2023 and 2022. The variable lease cost primarily represents variable payments such as common area maintenance and utilities. Three Months Ended March 31, 2023 2022 (In thousands) Operating lease cost $ 840 $ 770 Finance lease cost 4 6 Variable lease cost 57 54 Total lease cost included as a component of occupancy and equipment $ 901 $ 830 The following table presents supplemental cash flow information related to operating leases: Three Months Ended March 31, 2023 2022 (In thousands) Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows from operating leases $ 819 $ 757 Operating lease liabilities arising from obtaining right-of-use assets (non-cash): Operating leases $ 1,107 $ —
Summary of future undiscounted operating lease payments	Future undiscounted lease payments for operating leases with initial terms of one year or more as of March 31, 2023 are as follows: Through March 31, (In thousands) 2024 $ 3,280 2025 3,197 2026 2,896 2027 2,868 2028 2,762 Thereafter 16,496 Total undiscounted lease payments 31,499 Less: imputed interest (3,700) Total $ 27,799

DEPOSITS (Tables)

DEPOSITS (Tables)	3 Months Ended
	Mar. 31, 2023
Deposits [Abstract]
Summary of deposits	Deposits at March 31, 2023 and December 31, 2022, are summarized as follows: March 31, 2023 December 31, 2022 (In thousands) Non-interest bearing deposits $ 32,518 $ 37,907 NOW and demand accounts 427,281 410,937 Savings 361,871 423,758 Time deposits 422,911 416,260 Total $ 1,244,581 $ 1,288,862
Schedule of timed deposit maturities	Time deposits mature as follows for the years ending December 31: (In thousands) Remainder of 2023 $ 255,965 2024 148,627 2025 10,931 2026 4,348 2027 2,206 2028 834 $ 422,911

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
ESOP compensation expense	The following table presents ESOP compensation expense for the shares committed to be released from unallocated for the three months ended March 31, 2023 and March 31, 2022. Three months ended March 31, 2023 2022 (Dollars in thousands) ESOP compensation expense $ 262 $ 322 Shares committed to be released from unallocated 22,818 22,818
Schedule of share-based compensation expense	The following table presents the share-based compensation expense for the three months ended March 31, 2023. There was no share-based compensation expense for the three months ended March 31, 2022. Three Months Ended March 31, 2023 (In thousands) Stock option expense $ 399 Restricted stock expense 269 Total share-based compensation expense $ 668
Schedule of stock option activity	The following is a summary of the Company’s stock option activity and related information for the three months ended March 31, 2023: Number of Stock Options Weighted Average Grant Date Fair Value Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Outstanding - December 31, 2022 2,591,063 $ 4.12 $ 11.65 9.8 Granted — — — 0 Forfeited (61,000) 4.25 11.69 9.5 Outstanding - March 31, 2023 2,530,063 $ 4.12 $ 11.65 9.8 Exercisable - March 31, 2023 —
Schedule of restricted shares activity	The following is a summary of the status of the Company’s restricted shares as of March 31, 2023 and changes therein during the three months ended: Number of Shares Awarded Weighted Average Grant Date Fair Value Outstanding - December 31, 2022 299,481 $ 11.54 Granted 732,780 12.00 Outstanding - March 31, 2023 1,032,261 $ 11.87

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of interest-rate swaps designated as cash flow hedges	Summary information about the interest-rate swaps designated as cash flow hedges as of period-end is as follows: March 31, 2023 December 31, 2022 (Dollars in thousands) Notional amounts $ 209,000 $ 109,000 Weighted average pay rates 2.53 % 1.46 % Weighted average receive rates 4.81 % 4.61 % Weighted average maturity (in years) 4.0 4.2 Gross unrealized gain included in other assets $ 9,612 $ 11,091 Gross unrealized loss included in other liabilities 965 — Unrealized gains (losses), net $ 8,647 $ 11,091
Summary of effect of cash flow hedge accounting on AOCI	The effect of cash flow hedge accounting on accumulated other comprehensive income for the three months ended March 31, 2023, and March 31, 2022, is as follows: Amount of Gain (Loss) Recognized in OCI (Net of Tax) on Derivative (1) Location of Gain (Loss) Reclassified from OCI into Income/(Expense) Amount of Gain (Loss) Reclassified from OCI to Income/(Expense) (In thousands) Three months ended March 31, 2023 Interest rate contracts $ (2,444) Interest Expense $ 1,004 Three months ended March 31, 2022 Interest rate contracts $ 5,559 Interest Expense $ (322) (1) Net of tax, adjusted for deferred tax valuation allowance at March 31, 2023 and March 31, 2022.

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of components of comprehensive (loss) income gross and net of tax	The following table presents the components of other comprehensive income (loss) both gross and net of tax, inclusive of a deferred tax valuation allowance, for the 2023 and 2022 periods. Three Months Ended March 31, 2023 2022 Before Tax Tax After Before Tax Tax After (In thousands) Components of Other Comprehensive Income (Loss): Unrealized gain (loss) on securities available-for-sale: Unrealized gain (loss) arising during the period $ 4,039 $ — $ 4,039 $ (15,788) $ 49 $ (15,739) Unrealized (loss) gain on cash flow hedge: Unrealized (loss) gain arising during the period (1,440) — (1,440) 5,237 — 5,237 Reclassification adjustment for (gain) loss included in net (loss) income (1,004) — (1,004) 322 — 322 Total (loss) gain (2,444) — (2,444) 5,559 — 5,559 Post-Retirement plans: Reclassification adjustment for amortization of: Net actuarial (gain) loss (2) — (2) 48 — 48 48 Total other comprehensive income (loss): $ 1,593 $ — $ 1,593 $ (10,181) $ 49 $ (10,132)
Schedule of changes in accumulated other comprehensive income by component, net of tax	The following is a summary of the changes in accumulated other comprehensive income by component, net of tax, inclusive of a deferred tax valuation allowance, for the periods indicated: Unrealized Gains and (Losses) on Cash Flow Unrealized Gains and (Losses) on Available-for-Sale Post-Retirement Total (In thousands) Balance at December 31, 2022 $ 11,091 $ (36,183) $ 373 $ (24,719) Other comprehensive income (loss) before reclassification (1,440) 4,039 — 2,599 Amounts reclassified from accumulated other comprehensive income (1,004) — (2) (1,006) Net current period other comprehensive gain (loss) (2,444) 4,039 (2) 1,593 Balance at March 31, 2023 $ 8,647 $ (32,144) $ 371 $ (23,126) Unrealized Gains and Losses on Cash Flow Unrealized Gains and Losses on Available-for-Sale Defined Total (In thousands) Balance at December 31, 2021 $ (246) $ 1,091 $ (1,217) $ (372) Other comprehensive income (loss) before reclassification 5,237 (15,739) — (10,502) Amounts reclassified from accumulated other comprehensive income 322 — 48 370 Net current period other comprehensive gain (loss) 5,559 (15,739) 48 (10,132) Balance at March 31, 2022 $ 5,313 $ (14,648) $ (1,169) $ (10,504)
Summary of reclassification out of each component of accumulated other comprehensive income (loss)	The following table presents information about amounts reclassified from accumulated other comprehensive income (loss) to the consolidated statements of income for the periods indicated: Details about Accumulated Other Comprehensive Income Components Three Months Ended March 31, Affected Line Item in the Statement Where Net Income is Presented 2023 2022 (In thousands) Losses on cash flow hedges: Interest rate contracts 1,004 (322) Interest (expense) income Amortization of post-retirement plan items: Net actuarial loss 2 (48) Compensation and employee benefits Total tax effect — — Income tax expense Total reclassification for the period, net of tax $ 1,006 $ (370)

FAIR VALUE OF ASSETS AND LIAB_2

FAIR VALUE OF ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Summary of fair value of assets and liabilities	The following table summarizes the fair value of assets and liabilities as of March 31, 2023: Fair Value Measurements at March 31, 2023, Using Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs Total (Level 1) (Level 2) (Level 3) (In thousands) Measured on a recurring basis: Financial assets Securities available-for-sale: U.S. Treasury note $ 44,295 $ 44,295 $ — $ — Corporate bonds 76,522 — 76,522 — U.S. Government agency obligations 14,911 10,227 4,684 — Obligations issued by U.S. states and their political subdivisions 16,379 — 16,379 — Mortgage-backed securities: Residential one-to-four family 139,318 — 139,318 — Multifamily 13,462 — 13,462 — Asset-backed securities 4,196 — 4,196 — Total securities available-for-sale 309,083 54,522 254,561 — Derivatives 9,612 — 9,612 — Total financial assets measured on a recurring basis $ 318,695 $ 54,522 $ 264,173 $ — Financial Liabilities Derivatives $ 965 $ — $ 965 $ — 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 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: Corporate bonds $ 43,759 $ 43,759 $ — $ — U.S. Government agency obligations 76,298 — 76,298 — Obligations issued by U.S. states and their political subdivisions 15,423 11,295 4,128 — Mortgage-backed securities: 16,268 — 16,268 — Residential one-to-four family Multifamily 140,186 — 140,186 — Asset-backed securities 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 $ —
Summary of carrying amounts and fair value of financial instruments not carried at fair value	The following tables present the book value, fair value, and placement in the fair value hierarchy of financial instruments not recorded at fair values in their entirety on a recurring basis on the Company’s consolidated balance sheets at March 31, 2023 and December 31, 2022. The fair value measurements presented are consistent with Topic 820, Fair Value Measurement, in which fair value represents exit price. These tables exclude financial instruments for which the carrying amount approximates fair value. Financial instruments for which the carrying amount approximates fair value include cash and cash equivalents, other investments, non-maturity deposits, overnight borrowings, and accrued interest, which are excluded from the table below. Fair Value Measurements at March 31, 2023, Using Quoted Prices in Significant Other Observable Inputs Significant Unobservable Inputs Book Value (Level 1) (Level 2) (Level 3) (In thousands) Financial assets Securities held-to-maturity $ 33,659 $ — $ 29,379 $ — Loans, net 1,571,907 — — 1,361,949 Financial liabilities Time Deposits 422,911 — 415,944 — FHLB advances 422,500 — 426,374 — Fair Value Measurements at December 31, 2022, Using Quoted Prices in Significant Other Observable Inputs Significant Unobservable Inputs Book Value (Level 1) (Level 2) (Level 3) (In thousands) Measured on a recurring basis: 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 — FHLB advances 310,500 — 3,186,988 —

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Summary of sources of revenue from contracts with customers	The following table presents the Company’s sources of revenue from contracts with customers for the three months ended March 31, 2023 and 2022, respectively. Three Months Ended March 31, 2023 2022 (In thousands) Noninterest income Service charges on deposits $ 205 $ 229 Interchange income 12 8 Total revenue from contracts with customers $ 217 $ 237

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of earnings per share	Three months ended March 31, 2023 2022 (Income In thousands) Net (loss) income applicable to common shares $ (1,209) $ 553 Shares Average number of common shares outstanding 27,462,373 28,522,500 Less: Average unallocated ESOP shares 2,087,720 2,178,992 Average number of common shares outstanding used to calculate basic earnings per common share 25,374,653 26,343,508 Common stock equivalents — — Average number of common shares outstanding used to calculate diluted earnings per common share 25,374,653 26,343,508 Earnings per common share Basic $ (0.05) $ 0.02 Diluted $ (0.05) $ 0.02

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Jul. 15, 2021 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) segment shares	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Stock price per share (in usd per share) | $ / shares	$ 10
Gross offering proceeds	$ 277,700
Charitable contribution in cash	$ 1,500
Shares in ESOP (in shares) | shares	2,281,800	2,281,800
Loans receivable, allowance		$ 14,153	$ 13,400	$ 13,465	$ 14,425
Reversal in reserve for commitments and letters of credit		$ 748	1,700
Number of operating segments | segment		1
Shareholders' equity		$ (385,693)	(393,718)	(420,214)	(429,471)
Retained Earnings
Lessee, Lease, Description [Line Items]
Shareholders' equity		(170,528)	(171,763)	$ (170,010)	(169,457)
Cumulative Effect, Period of Adoption, Adjustment
Lessee, Lease, Description [Line Items]
Allowance for credit losses			18
Loans receivable, allowance		$ 660	668		$ 0
Held-to-maturities securities			170
Reversal in reserve for commitments and letters of credit			(811)
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2022-02
Lessee, Lease, Description [Line Items]
Shareholders' equity			8
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | Accounting Standards Update 2022-02
Lessee, Lease, Description [Line Items]
Shareholders' equity			$ 8
Public stock offering
Lessee, Lease, Description [Line Items]
Shares of common stock sold (in shares) | shares	27,772,500
Donation of shares to Blue Foundry Charitable Foundation
Lessee, Lease, Description [Line Items]
Shares of common stock sold (in shares) | shares	750,000
Blue Foundry Bancorp - NJ
Lessee, Lease, Description [Line Items]
Ownership interest percentage		100%

SECURITIES - Summary of amortiz

SECURITIES - Summary of amortized cost of securities available for sale and their estimated fair value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 341,227	$ 350,431
Gross Unrealized Gains	116	53
Gross Unrealized Losses	(32,260)	(36,236)
Estimated Fair Value	309,083	314,248
U.S. Treasury Note
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	46,936	46,937
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(2,641)	(3,178)
Estimated Fair Value	44,295	43,759
Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	81,667	81,725
Gross Unrealized Gains	2	4
Gross Unrealized Losses	(5,147)	(5,431)
Estimated Fair Value	76,522	76,298
U.S. Government agency obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	15,792	16,367
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(881)	(944)
Estimated Fair Value	14,911	15,423
Obligations issued by U.S. states and their political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	16,512	16,559
Gross Unrealized Gains	114	49
Gross Unrealized Losses	(247)	(340)
Estimated Fair Value	16,379	16,268
Residential one-to-four family
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	161,428	164,843
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(22,110)	(24,657)
Estimated Fair Value	139,318	140,186
Multifamily
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	14,368	19,475
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(906)	(1,317)
Estimated Fair Value	13,462	18,158
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,524	4,525
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(328)	(369)
Estimated Fair Value	$ 4,196	$ 4,156

SECURITIES - Summary of amort_2

SECURITIES - Summary of amortized cost of securities held to maturity and their estimated fair value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 33,659	$ 33,705
Gross Unrecognized Gains	0	0
Gross Unrecognized Losses	(4,280)	(4,590)
Estimated Fair Value	29,379	29,115
Corporate Bonds
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	18,600	18,600
Gross Unrecognized Gains	0	0
Gross Unrecognized Losses	(2,365)	(2,281)
Estimated Fair Value	16,235	16,319
Asset-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	15,059	15,105
Gross Unrecognized Gains	0	0
Gross Unrecognized Losses	(1,915)	(2,309)
Estimated Fair Value	$ 13,144	$ 12,796

SECURITIES - Narrative (Details

SECURITIES - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($) security	Mar. 31, 2022 USD ($) security
Schedule of Held-to-maturity Securities [Line Items]
Securities, held to maturity, allowance for credit losses | $	$ 187		$ 0
Proceeds from sales and calls of available-for-sale securities | $	$ 0
Number of Securities	103	105
Number of held-to-maturity securities in unrealized loss positions for more than twelve months.	11
Number of held to maturity securities in an unrecognized loss position	11		11
Value of securities with BBB Split rating | $	$ 33,659	$ 33,705
BBB Split Rating
Schedule of Held-to-maturity Securities [Line Items]
Number of securities	1
Value of securities with BBB Split rating | $	$ 2,000
Debt Securities | Asset Pledged as Collateral
Schedule of Held-to-maturity Securities [Line Items]
Carrying amount of securities pledged | $	$ 4,200	$ 4,200
U.S. Government agency obligations
Schedule of Held-to-maturity Securities [Line Items]
Number of Securities	4	5
Obligations issued by U.S. states and their political subdivisions
Schedule of Held-to-maturity Securities [Line Items]
Number of Securities	8	8
Corporate Bonds
Schedule of Held-to-maturity Securities [Line Items]
Number of Securities	31	31
Number of held to maturity securities in an unrecognized loss position	9	9
Value of securities with BBB Split rating | $	$ 18,600	$ 18,600
Asset-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Number of Securities	2	2
Number of held to maturity securities in an unrecognized loss position	2	2
Value of securities with BBB Split rating | $	$ 15,059	$ 15,105
US Government agency obligations, Treasury notes and mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Number of Securities	62

SECURITIES - Summary of amort_3

SECURITIES - Summary of amortized cost and fair value of debt securities shown by contractual maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Amortized Cost
Due in one year or less	$ 35,150
Due from one year to five years	99,964
Due from five to ten years	21,989
Due after ten years	3,804
Mortgage-backed and asset-backed securities	180,320
Amortized Cost	341,227	$ 350,431
Estimated Fair Value
Due in one year or less	34,433
Due from one year to five years	95,028
Due from five to ten years	19,079
Due after ten years	3,567
Mortgage-backed and asset-backed securities	156,976
Total	309,083	314,248
Amortized Cost
Due from one year to five years	6,007
Due from five to ten years	27,652
Amortized Cost	33,659	33,705
Estimated Fair Value
Due from one year to five years	5,420
Due from five to ten years	23,959
Total	$ 29,379	$ 29,115

SECURITIES - Summary of credit

SECURITIES - Summary of credit profile of debt securities held to maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	$ 33,659	$ 33,705
AAA
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	9,053
A1
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	6,006
BBB+
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	1,600
BBB
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	11,000
BBB-
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	6,000
Corporate Bonds
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	18,600	18,600
Corporate Bonds | AAA
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	0
Corporate Bonds | A1
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	0
Corporate Bonds | BBB+
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	1,600
Corporate Bonds | BBB
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	11,000
Corporate Bonds | BBB-
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	6,000
Asset-backed securities
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	15,059	$ 15,105
Asset-backed securities | AAA
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	9,053
Asset-backed securities | A1
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	6,006
Asset-backed securities | BBB+
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	0
Asset-backed securities | BBB
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	0
Asset-backed securities | BBB-
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	$ 0

SECURITIES - Summary of availab

SECURITIES - Summary of available for sale securities with unrealized losses (Details) $ in Thousands	Mar. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($) security
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	$ (1,018)	$ (14,459)
Estimated Fair Value	36,132	172,191
Unrealized Losses	(31,242)	(21,777)
Estimated Fair Value	$ 259,852	$ 130,720
Number of Securities | security	103	105
Unrealized Losses	$ (32,260)	$ (36,236)
Estimated Fair Value	295,984	302,911
U.S. Treasury Note
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	0	(1,342)
Estimated Fair Value	0	28,670
Unrealized Losses	(2,641)	(1,836)
Estimated Fair Value	$ 44,295	$ 15,089
Number of Securities | security	5	5
Unrealized Losses	$ (2,641)	$ (3,178)
Estimated Fair Value	44,295	43,759
Corporate Bonds
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(977)	(3,608)
Estimated Fair Value	28,718	58,509
Unrealized Losses	(4,170)	(1,823)
Estimated Fair Value	$ 43,808	$ 15,522
Number of Securities | security	31	31
Unrealized Losses	$ (5,147)	$ (5,431)
Estimated Fair Value	72,526	74,031
U.S. Government agency obligations
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(5)	(5)
Estimated Fair Value	656	696
Unrealized Losses	(876)	(939)
Estimated Fair Value	$ 14,255	$ 14,727
Number of Securities | security	4	5
Unrealized Losses	$ (881)	$ (944)
Estimated Fair Value	14,911	15,423
Obligations issued by U.S. states and their political subdivisions
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(20)	(65)
Estimated Fair Value	4,406	5,641
Unrealized Losses	(227)	(275)
Estimated Fair Value	$ 2,878	$ 1,568
Number of Securities | security	8	8
Unrealized Losses	$ (247)	$ (340)
Estimated Fair Value	7,284	7,209
Residential one-to-four family
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(1)	(8,273)
Estimated Fair Value	54	60,986
Unrealized Losses	(22,109)	(16,384)
Estimated Fair Value	$ 139,255	$ 79,189
Number of Securities | security	48	49
Unrealized Losses	$ (22,110)	$ (24,657)
Estimated Fair Value	139,309	140,175
Multifamily
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(15)	(1,166)
Estimated Fair Value	2,298	17,689
Unrealized Losses	(891)	(151)
Estimated Fair Value	$ 11,164	$ 469
Number of Securities | security	5	5
Unrealized Losses	$ (906)	$ (1,317)
Estimated Fair Value	13,462	18,158
Asset-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	0	0
Estimated Fair Value	0	0
Unrealized Losses	(328)	(369)
Estimated Fair Value	$ 4,197	$ 4,156
Number of Securities | security	2	2
Unrealized Losses	$ (328)	$ (369)
Estimated Fair Value	$ 4,197	$ 4,156

SECURITIES - Summary of held-fo

SECURITIES - Summary of held-for-maturity securities with unrealized losses (Details) $ in Thousands	Mar. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($) security	Mar. 31, 2022 security
Schedule of Held-to-maturity Securities [Line Items]
Unrealized Losses	$ (341)	$ (1,177)
Estimated Fair Value	4,658	10,423
Unrecognized Losses	(3,940)	(3,414)
Estimated Fair Value	24,721	18,692
Unrecognized Losses	(4,281)	(4,591)
Estimated Fair Value	$ 29,379	29,115
Number of held to maturity securities in an unrecognized loss position | security	11		11
Corporate Bonds
Schedule of Held-to-maturity Securities [Line Items]
Unrealized Losses	$ (341)	(1,177)
Estimated Fair Value	4,658	10,423
Unrecognized Losses	(2,024)	(1,104)
Estimated Fair Value	11,576	5,896
Unrecognized Losses	(2,365)	(2,281)
Estimated Fair Value	$ 16,234	$ 16,319
Number of held to maturity securities in an unrecognized loss position | security	9	9
Asset-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Unrealized Losses	$ 0	$ 0
Estimated Fair Value	0	0
Unrecognized Losses	(1,916)	(2,310)
Estimated Fair Value	13,145	12,796
Unrecognized Losses	(1,916)	(2,310)
Estimated Fair Value	$ 13,145	$ 12,796
Number of held to maturity securities in an unrecognized loss position | security	2	2

LOANS RECEIVABLE - Summary of l

LOANS RECEIVABLE - Summary of loans receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans		$ 1,542,380
Deferred fees, costs and premiums and discounts, net		2,747
Total loans	$ 1,586,060	1,545,127
Allowance for loan losses	(14,153)	(13,400)	$ (13,465)	$ (14,425)
Loans receivable, net	1,571,907	1,531,727
Residential one-to-four family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans		597,254
Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans		690,690
Non-residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans		216,061
Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans		17,799
Junior liens
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans		18,631
Commercial and industrial (including PPP)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans		4,653
Consumer and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans		39
Residential Portfolio Segment | Residential one-to-four family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans		594,521
Total loans	592,809	597,254
Allowance for loan losses	(2,056)	(2,264)	(2,610)	(2,822)
Residential Portfolio Segment | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans		690,278
Total loans	695,207	690,690
Allowance for loan losses	(7,191)	(5,491)	(4,776)	(5,263)
Nonresidential Portfolio Segment | Non-residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans		216,394
Total loans	239,844	216,061
Allowance for loan losses	(3,570)	(3,357)	(3,465)	(2,846)
Construction and Land Portfolio Segment | Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans		17,990
Total loans	28,141	17,799
Junior Lien Portfolio Segment | Junior liens
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans		18,477
Total loans	19,644	18,631
Allowance for loan losses	(46)	(451)	(549)	(636)
Commercial Portfolio Segment | Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	(1,190)	(1,697)	$ (1,905)	$ (2,678)
Commercial Portfolio Segment | Commercial and industrial (including PPP)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans		4,682
Total loans	10,357	4,653
Commercial Portfolio Segment | PPP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans		477
Total loans	395
Consumer and Other Portfolio Segment | Consumer and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans		38
Total loans	$ 58	$ 39

LOANS RECEIVABLE - Narrative (D

LOANS RECEIVABLE - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Receivables [Abstract]
Accrued interest receivable	$ 5,600,000		$ 5,300,000
Net deferred loan fees	2,600,000
Loans with terms modified in troubled debt restructurings			5,400,000
Reserves specific to troubled debt restructuring			68,000
Number of loans restructurings with subsequent default in the next twelve months	0	$ 0
Troubled debt restructuring during the period		$ 0
Mortgage loans in process of foreclosure	4,300,000		4,500,000
Loans held for sale	$ 2,552,000		$ 0

LOANS RECEIVABLE - Credit quali

LOANS RECEIVABLE - Credit quality indicators (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
2023	$ 55,682
2022	522,790
2021	315,153
2020	68,134
2019	87,347
Pre-2019	536,937
Revolving Loans	17
Total	1,586,060	$ 1,545,127
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total		1,534,434
Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total		2,224
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total		8,469
Doubtful / Loss
Financing Receivable, Credit Quality Indicator [Line Items]
Total		0
Residential one-to-four family
Financing Receivable, Credit Quality Indicator [Line Items]
Total		597,254
Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Total		690,690
Non-residential
Financing Receivable, Credit Quality Indicator [Line Items]
Total		216,061
Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Total		17,799
Junior liens
Financing Receivable, Credit Quality Indicator [Line Items]
Total		18,631
Commercial and industrial (including PPP)
Financing Receivable, Credit Quality Indicator [Line Items]
Total		4,653
Consumer and other
Financing Receivable, Credit Quality Indicator [Line Items]
Total		39
Residential Portfolio Segment | Residential one-to-four family
Financing Receivable, Credit Quality Indicator [Line Items]
2023	6,646
2022	101,708
2021	121,744
2020	16,046
2019	19,409
Pre-2019	327,256
Revolving Loans	0
Total	592,809	597,254
Residential Portfolio Segment | Residential one-to-four family | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2023	6,646
2022	101,708
2021	121,744
2020	16,046
2019	19,409
Pre-2019	319,827
Revolving Loans	0
Total	585,380	589,137
Residential Portfolio Segment | Residential one-to-four family | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total		247
Residential Portfolio Segment | Residential one-to-four family | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Pre-2019	7,429
Revolving Loans	0
Total	7,429	7,870
Residential Portfolio Segment | Residential one-to-four family | Doubtful / Loss
Financing Receivable, Credit Quality Indicator [Line Items]
Total		0
Residential Portfolio Segment | Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
2023	10,279
2022	283,488
2021	161,788
2020	36,050
2019	60,244
Pre-2019	143,358
Revolving Loans	0
Total	695,207	690,690
Residential Portfolio Segment | Multifamily | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2023	10,279
2022	283,488
2021	161,788
2020	36,050
2019	60,244
Pre-2019	142,859
Revolving Loans	0
Total	694,708	689,277
Residential Portfolio Segment | Multifamily | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total		897
Residential Portfolio Segment | Multifamily | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Pre-2019	499
Revolving Loans	0
Total	499	516
Residential Portfolio Segment | Multifamily | Doubtful / Loss
Financing Receivable, Credit Quality Indicator [Line Items]
Total		0
Nonresidential Portfolio Segment | Non-residential
Financing Receivable, Credit Quality Indicator [Line Items]
2023	25,819
2022	121,004
2021	14,953
2020	15,426
2019	5,531
Pre-2019	57,111
Revolving Loans	0
Total	239,844	216,061
Nonresidential Portfolio Segment | Non-residential | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2023	25,819
2022	121,004
2021	14,953
2020	15,426
2019	5,531
Pre-2019	56,053
Revolving Loans	0
Total	238,786	214,981
Nonresidential Portfolio Segment | Non-residential | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Pre-2019	1,058
Revolving Loans	0
Total	1,058	1,080
Nonresidential Portfolio Segment | Non-residential | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total		0
Nonresidential Portfolio Segment | Non-residential | Doubtful / Loss
Financing Receivable, Credit Quality Indicator [Line Items]
Total		0
Construction and Land Portfolio Segment | Construction
Financing Receivable, Credit Quality Indicator [Line Items]
2023	4,937
2022	11,279
2021	11,809
2020	0
2019	0
Pre-2019	116
Revolving Loans	0
Total	28,141	17,799
Construction and Land Portfolio Segment | Construction | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2023	4,937
2022	11,279
2021	11,809
2020	0
2019	0
Pre-2019	116
Revolving Loans	0
Total	28,141	17,799
Construction and Land Portfolio Segment | Construction | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total		0
Construction and Land Portfolio Segment | Construction | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total		0
Construction and Land Portfolio Segment | Construction | Doubtful / Loss
Financing Receivable, Credit Quality Indicator [Line Items]
Total		0
Junior Lien Portfolio Segment | Junior liens
Financing Receivable, Credit Quality Indicator [Line Items]
2023	1,403
2022	5,199
2021	1,387
2020	396
2019	2,163
Pre-2019	9,096
Revolving Loans	0
Total	19,644	18,631
Junior Lien Portfolio Segment | Junior liens | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2023	1,403
2022	5,199
2021	1,387
2020	396
2019	2,163
Pre-2019	9,044
Revolving Loans	0
Total	19,592	18,579
Junior Lien Portfolio Segment | Junior liens | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total		0
Junior Lien Portfolio Segment | Junior liens | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Pre-2019	52
Revolving Loans	0
Total	52	52
Junior Lien Portfolio Segment | Junior liens | Doubtful / Loss
Financing Receivable, Credit Quality Indicator [Line Items]
Total		0
Commercial Portfolio Segment | Commercial and industrial (including PPP)
Financing Receivable, Credit Quality Indicator [Line Items]
2023	6,557
2022	112
2021	3,472
2020	216
2019	0
Pre-2019	0
Revolving Loans	0
Total	10,357	4,653
Commercial Portfolio Segment | Commercial and industrial (including PPP) | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2023	6,557
2022	112
2021	3,407
2020	216
2019	0
Pre-2019	0
Revolving Loans	0
Total	10,292	4,653
Commercial Portfolio Segment | Commercial and industrial (including PPP) | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total		0
Commercial Portfolio Segment | Commercial and industrial (including PPP) | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	65
2020	0
2019	0
Pre-2019	0
Revolving Loans	0
Total	65	0
Commercial Portfolio Segment | Commercial and industrial (including PPP) | Doubtful / Loss
Financing Receivable, Credit Quality Indicator [Line Items]
Total		0
Consumer and Other Portfolio Segment | Consumer and other
Financing Receivable, Credit Quality Indicator [Line Items]
2023	41
2022	0
2021	0
2020	0
2019	0
Pre-2019	0
Revolving Loans	17
Total	58	39
Consumer and Other Portfolio Segment | Consumer and other | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2023	41
2022	0
2021	0
2020	0
2019	0
Pre-2019	0
Revolving Loans	17
Total	$ 58	8
Consumer and Other Portfolio Segment | Consumer and other | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total		0
Consumer and Other Portfolio Segment | Consumer and other | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total		31
Consumer and Other Portfolio Segment | Consumer and other | Doubtful / Loss
Financing Receivable, Credit Quality Indicator [Line Items]
Total		$ 0

LOANS RECEIVABLE - Aging analys

LOANS RECEIVABLE - Aging analysis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Total	$ 1,586,060	$ 1,545,127
Total Past Due
Financing Receivable, Past Due [Line Items]
Total	8,368	7,913
30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	1,877	0
60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	65	845
90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total	6,426	7,068
Current
Financing Receivable, Past Due [Line Items]
Total	1,577,692	1,537,214
Residential one-to-four family
Financing Receivable, Past Due [Line Items]
Total		597,254
Multifamily
Financing Receivable, Past Due [Line Items]
Total		690,690
Non-residential
Financing Receivable, Past Due [Line Items]
Total		216,061
Construction
Financing Receivable, Past Due [Line Items]
Total		17,799
Junior liens
Financing Receivable, Past Due [Line Items]
Total		18,631
Commercial and industrial (including PPP)
Financing Receivable, Past Due [Line Items]
Total		4,653
Consumer and other
Financing Receivable, Past Due [Line Items]
Total		39
Residential Portfolio Segment | Residential one-to-four family
Financing Receivable, Past Due [Line Items]
Total	592,809	597,254
Residential Portfolio Segment | Residential one-to-four family | Total Past Due
Financing Receivable, Past Due [Line Items]
Total	8,092	7,583
Residential Portfolio Segment | Residential one-to-four family | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	1,718	0
Residential Portfolio Segment | Residential one-to-four family | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	65	845
Residential Portfolio Segment | Residential one-to-four family | 90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total	6,309	6,738
Residential Portfolio Segment | Residential one-to-four family | Current
Financing Receivable, Past Due [Line Items]
Total	584,717	589,671
Residential Portfolio Segment | Multifamily
Financing Receivable, Past Due [Line Items]
Total	695,207	690,690
Residential Portfolio Segment | Multifamily | Total Past Due
Financing Receivable, Past Due [Line Items]
Total	0	182
Residential Portfolio Segment | Multifamily | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	0	0
Residential Portfolio Segment | Multifamily | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	0	0
Residential Portfolio Segment | Multifamily | 90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total	0	182
Residential Portfolio Segment | Multifamily | Current
Financing Receivable, Past Due [Line Items]
Total	695,207	690,508
Nonresidential Portfolio Segment | Non-residential
Financing Receivable, Past Due [Line Items]
Total	239,844	216,061
Nonresidential Portfolio Segment | Non-residential | Total Past Due
Financing Receivable, Past Due [Line Items]
Total	159	0
Nonresidential Portfolio Segment | Non-residential | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	159	0
Nonresidential Portfolio Segment | Non-residential | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	0	0
Nonresidential Portfolio Segment | Non-residential | 90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total	0	0
Nonresidential Portfolio Segment | Non-residential | Current
Financing Receivable, Past Due [Line Items]
Total	239,685	216,061
Construction and Land Portfolio Segment | Construction
Financing Receivable, Past Due [Line Items]
Total	28,141	17,799
Construction and Land Portfolio Segment | Construction | Total Past Due
Financing Receivable, Past Due [Line Items]
Total	0	0
Construction and Land Portfolio Segment | Construction | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	0	0
Construction and Land Portfolio Segment | Construction | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	0	0
Construction and Land Portfolio Segment | Construction | 90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total	0	0
Construction and Land Portfolio Segment | Construction | Current
Financing Receivable, Past Due [Line Items]
Total	28,141	17,799
Junior Lien Portfolio Segment | Junior liens
Financing Receivable, Past Due [Line Items]
Total	19,644	18,631
Junior Lien Portfolio Segment | Junior liens | Total Past Due
Financing Receivable, Past Due [Line Items]
Total	52	52
Junior Lien Portfolio Segment | Junior liens | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	0	0
Junior Lien Portfolio Segment | Junior liens | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	0	0
Junior Lien Portfolio Segment | Junior liens | 90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total	52	52
Junior Lien Portfolio Segment | Junior liens | Current
Financing Receivable, Past Due [Line Items]
Total	19,592	18,579
Commercial Portfolio Segment | Commercial and industrial (including PPP)
Financing Receivable, Past Due [Line Items]
Total	10,357	4,653
Commercial Portfolio Segment | Commercial and industrial (including PPP) | Total Past Due
Financing Receivable, Past Due [Line Items]
Total	65	96
Commercial Portfolio Segment | Commercial and industrial (including PPP) | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	0	0
Commercial Portfolio Segment | Commercial and industrial (including PPP) | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	0	0
Commercial Portfolio Segment | Commercial and industrial (including PPP) | 90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total	65	96
Commercial Portfolio Segment | Commercial and industrial (including PPP) | Current
Financing Receivable, Past Due [Line Items]
Total	10,292	4,557
Consumer and Other Portfolio Segment | Consumer and other
Financing Receivable, Past Due [Line Items]
Total	58	39
Consumer and Other Portfolio Segment | Consumer and other | Total Past Due
Financing Receivable, Past Due [Line Items]
Total	0	0
Consumer and Other Portfolio Segment | Consumer and other | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	0	0
Consumer and Other Portfolio Segment | Consumer and other | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	0	0
Consumer and Other Portfolio Segment | Consumer and other | 90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total	0	0
Consumer and Other Portfolio Segment | Consumer and other | Current
Financing Receivable, Past Due [Line Items]
Total	$ 58	$ 39

LOANS RECEIVABLE - Summary of p

LOANS RECEIVABLE - Summary of past due loans in non-accrual and past 90 days still on accrual (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Non-accrual	$ 7,857	$ 7,767
Interest Income Recognized on Non-accrual Loans	0
Amortized Cost Basis of Loans >= 90 Day Past Due and Still Accruing	0	61
Amortized Cost Basis of Non-accrual Loans Without Related Allowance	7,857
Residential Portfolio Segment | Residential one-to-four family
Financing Receivable, Past Due [Line Items]
Non-accrual	7,572	7,498
Interest Income Recognized on Non-accrual Loans	0
Amortized Cost Basis of Loans >= 90 Day Past Due and Still Accruing	0	0
Amortized Cost Basis of Non-accrual Loans Without Related Allowance	7,572
Residential Portfolio Segment | Multifamily
Financing Receivable, Past Due [Line Items]
Non-accrual	168	182
Interest Income Recognized on Non-accrual Loans	0
Amortized Cost Basis of Loans >= 90 Day Past Due and Still Accruing	0	0
Amortized Cost Basis of Non-accrual Loans Without Related Allowance	168
Nonresidential Portfolio Segment | Non-residential
Financing Receivable, Past Due [Line Items]
Non-accrual	0	0
Interest Income Recognized on Non-accrual Loans	0
Amortized Cost Basis of Loans >= 90 Day Past Due and Still Accruing	0	0
Amortized Cost Basis of Non-accrual Loans Without Related Allowance	0
Construction and Land Portfolio Segment | Construction
Financing Receivable, Past Due [Line Items]
Non-accrual	0	0
Interest Income Recognized on Non-accrual Loans	0
Amortized Cost Basis of Loans >= 90 Day Past Due and Still Accruing	0	0
Amortized Cost Basis of Non-accrual Loans Without Related Allowance	0
Junior Lien Portfolio Segment | Junior liens
Financing Receivable, Past Due [Line Items]
Non-accrual	52	52
Interest Income Recognized on Non-accrual Loans	0
Amortized Cost Basis of Loans >= 90 Day Past Due and Still Accruing	0	0
Amortized Cost Basis of Non-accrual Loans Without Related Allowance	52
Commercial Portfolio Segment | Commercial and industrial (including PPP)
Financing Receivable, Past Due [Line Items]
Non-accrual	65	35
Interest Income Recognized on Non-accrual Loans	0
Amortized Cost Basis of Loans >= 90 Day Past Due and Still Accruing	0	$ 61
Amortized Cost Basis of Non-accrual Loans Without Related Allowance	$ 65

LOANS RECEIVABLE - Summary of i

LOANS RECEIVABLE - Summary of impaired loans by class of loan (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2022
With no related allowance recorded:
Unpaid Principal Balance	$ 12,824	$ 10,770
Recorded Investment	12,949	10,908
Average Recorded Investment	14,050
Interest Income Recognized	172
Cash Basis Interest Recognized	165
With an allowance recorded:
Unpaid Principal Balance	1,055	743
Recorded Investment	1,054	749
Allowance for Loan Losses Allocated	28	27
Average Recorded Investment	1,057
Interest Income Recognized	12
Cash Basis Interest Recognized	8
Total
Unpaid Principal Balance	13,879	11,513
Recorded Investment	14,003	11,657
Allowance for Loan Losses Allocated	28	27
Average Recorded Investment	15,107
Interest Income Recognized	184
Cash Basis Interest Recognized	173
Residential Portfolio Segment | Residential one-to-four family
With no related allowance recorded:
Unpaid Principal Balance	7,426	7,368
Recorded Investment	7,714	7,669
Average Recorded Investment	8,769
Interest Income Recognized	111
Cash Basis Interest Recognized	111
With an allowance recorded:
Unpaid Principal Balance	1,055	743
Recorded Investment	1,054	749
Allowance for Loan Losses Allocated	28	27
Average Recorded Investment	1,057
Interest Income Recognized	12
Cash Basis Interest Recognized	8
Total
Allowance for Loan Losses Allocated	28	27
Residential Portfolio Segment | Multifamily
With no related allowance recorded:
Unpaid Principal Balance	672	516
Recorded Investment	671	516
Average Recorded Investment	678
Interest Income Recognized	6
Cash Basis Interest Recognized	4
Nonresidential Portfolio Segment | Non-residential
With no related allowance recorded:
Unpaid Principal Balance	4,672	2,834
Recorded Investment	4,510	2,671
Average Recorded Investment	4,548
Interest Income Recognized	54
Cash Basis Interest Recognized	49
Junior Lien Portfolio Segment | Junior liens
With no related allowance recorded:
Unpaid Principal Balance	54	52
Recorded Investment	54	$ 52
Average Recorded Investment	55
Interest Income Recognized	1
Cash Basis Interest Recognized	$ 1

ALLOWANCE FOR CREDIT LOSSES - A

ALLOWANCE FOR CREDIT LOSSES - Allowance for credit losses rollforward (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 13,400	$ 14,425
Charge-offs	(5)	(10)
Recoveries	1	2
Net charge-offs	(4)	(8)
Provision for (recovery of) credit loss on loans	89	(952)
Balance at end of period	14,153	13,465
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	668	$ 0
Balance at end of period	$ 660

ALLOWANCE FOR CREDIT LOSSES - S

ALLOWANCE FOR CREDIT LOSSES - Summary of allowance for credit lost by portfolio segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 13,400	$ 14,425
Charge-offs	(5)	(10)
Recoveries	1	2
Provision for (recovery of) credit loss on loans	89	(952)
Balance at end of period	14,153	13,465
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	668	0
Balance at end of period	660
Residential Portfolio Segment | Multifamily
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	5,491	5,263
Charge-offs	0	0
Recoveries	0	0
Provision for (recovery of) credit loss on loans	(357)	(487)
Balance at end of period	7,191	4,776
Residential Portfolio Segment | Multifamily | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	2,057
Residential Portfolio Segment | Residential one-to-four family
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	2,264	2,822
Charge-offs	0	0
Recoveries	0	0
Provision for (recovery of) credit loss on loans	(25)	(212)
Balance at end of period	2,056	2,610
Residential Portfolio Segment | Residential one-to-four family | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	(183)
Nonresidential Portfolio Segment | Non-residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	3,357	2,846
Charge-offs	0	0
Recoveries	0	0
Provision for (recovery of) credit loss on loans	67	619
Balance at end of period	3,570	3,465
Nonresidential Portfolio Segment | Non-residential | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	146
Commercial Portfolio Segment | Construction
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	1,697	2,678
Charge-offs	0	0
Recoveries	0	0
Provision for (recovery of) credit loss on loans	325	(773)
Balance at end of period	1,190	1,905
Commercial Portfolio Segment | Construction | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	(832)
Commercial and industrial (including PPP) | Commercial and industrial (including PPP)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	47	51
Charge-offs	0	0
Recoveries	0	0
Provision for (recovery of) credit loss on loans	76	20
Balance at end of period	100	71
Commercial and industrial (including PPP) | Commercial and industrial (including PPP) | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	(23)
Junior Lien Portfolio Segment | Junior liens
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	451	636
Charge-offs	0	0
Recoveries	0	0
Provision for (recovery of) credit loss on loans	0	(87)
Balance at end of period	46	549
Junior Lien Portfolio Segment | Junior liens | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	(405)
Consumer Portfolio Segment | Consumer and other
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	0	38
Charge-offs	(5)	(10)
Recoveries	1	2
Provision for (recovery of) credit loss on loans	3	(30)
Balance at end of period	0	0
Consumer Portfolio Segment | Consumer and other | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	1
Unallocated Financing Receivables
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	93	91
Charge-offs	0	0
Recoveries	0	0
Provision for (recovery of) credit loss on loans	0	(2)
Balance at end of period	0	$ 89
Unallocated Financing Receivables | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ (93)

ALLOWANCE FOR CREDIT LOSSES -_2

ALLOWANCE FOR CREDIT LOSSES - Summary of loans by portfolio segment evaluated for impairment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Loans
Individually Evaluated	$ 6,840	$ 11,657
Collectively Evaluated	1,579,220	1,533,470
Total	1,586,060	1,545,127
Allowance for Credit Losses on Loans
Individually Evaluated	0	27
Collectively Evaluated	14,153	13,373
Total	14,153	13,400
Residential Portfolio Segment | Residential one-to-four family
Loans
Individually Evaluated	6,672	8,418
Collectively Evaluated	586,137	588,836
Total	592,809	597,254
Allowance for Credit Losses on Loans
Individually Evaluated	0	27
Collectively Evaluated	2,275	2,237
Total	2,275	2,264
Residential Portfolio Segment | Multifamily
Loans
Individually Evaluated	168	516
Collectively Evaluated	695,039	690,174
Total	695,207	690,690
Allowance for Credit Losses on Loans
Individually Evaluated	0	0
Collectively Evaluated	6,146	5,491
Total	6,146	5,491
Nonresidential Portfolio Segment | Non-residential
Loans
Individually Evaluated	0	2,671
Collectively Evaluated	239,844	213,390
Total	239,844	216,061
Allowance for Credit Losses on Loans
Individually Evaluated	0	0
Collectively Evaluated	4,565	3,357
Total	4,565	3,357
Commercial Portfolio Segment | Construction
Loans
Individually Evaluated	0	0
Collectively Evaluated	28,141	17,799
Total	28,141	17,799
Allowance for Credit Losses on Loans
Individually Evaluated	0	0
Collectively Evaluated	1,048	1,697
Total	1,048	1,697
Commercial and industrial (including PPP) | Commercial and industrial (including PPP)
Loans
Individually Evaluated	0	0
Collectively Evaluated	10,357	4,653
Total	10,357	4,653
Allowance for Credit Losses on Loans
Individually Evaluated	0	0
Collectively Evaluated	32	47
Total	32	47
Junior Lien Portfolio Segment | Junior liens
Loans
Individually Evaluated	0	52
Collectively Evaluated	19,644	18,579
Total	19,644	18,631
Allowance for Credit Losses on Loans
Individually Evaluated	0	0
Collectively Evaluated	87	451
Total	87	451
Consumer Portfolio Segment | Consumer and other
Loans
Individually Evaluated	0	0
Collectively Evaluated	58	39
Total	58	39
Allowance for Credit Losses on Loans
Individually Evaluated	0	0
Collectively Evaluated	0	0
Total	0	0
Unallocated Financing Receivables
Loans
Individually Evaluated	0	0
Collectively Evaluated	0	0
Total	0	0
Allowance for Credit Losses on Loans
Individually Evaluated	0	0
Collectively Evaluated	0	93
Total	$ 0	$ 93

ALLOWANCE FOR CREDIT LOSSES - N

ALLOWANCE FOR CREDIT LOSSES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Reversal in reserve for commitments and letters of credit	$ 748		$ 1,700
Off-Balance-Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal)	(130)	$ (170)
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, Credit Loss Expense (Reversal)	17
Held-to-maturity Securities
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Interest receivable	$ 1,200		1,000
Cumulative Effect, Period of Adoption, Adjustment
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Held-to-maturities securities			170
Reversal in reserve for commitments and letters of credit			$ (811)

LEASES - Narrative (Details)

LEASES - Narrative (Details)	Mar. 31, 2023
Minimum
Lessee, Lease, Description [Line Items]
Operating lease original lease terms (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease original lease terms (in years)	40 years

LEASES - Lease liabilities and

LEASES - Lease liabilities and ROU assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Leases [Abstract]
Right-of-use assets	$ 26,320	$ 25,906	$ 25,906
Lease liabilities	$ 27,799	$ 27,324	$ 27,324
Weighted average remaining lease terms on operating leases (in years)	10 years 10 months 24 days		11 years 3 months 18 days
Weighted average discount rate used in the measurement of lease liabilities	2.27%		2.19%

LEASES - Summary of components

LEASES - Summary of components of net lease cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease cost	$ 840	$ 770
Finance lease cost	4	6
Variable lease cost	57	54
Total lease cost included as a component of occupancy and equipment	$ 901	$ 830

LEASES - Supplemental cash flow

LEASES - Supplemental cash flow information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating cash flows from operating leases	$ 819	$ 757
Operating leases	$ 1,107	$ 0

LEASES - Schedule of future und

LEASES - Schedule of future undiscounted lease payments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Leases [Abstract]
2024	$ 3,280
2025	3,197
2026	2,896
2027	2,868
2028	2,762
Thereafter	16,496
Total undiscounted lease payments	31,499
Less: imputed interest	(3,700)
Total	$ 27,799	$ 27,324	$ 27,324

DEPOSITS - Summary of deposits

DEPOSITS - Summary of deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Deposits [Abstract]
Non-interest bearing deposits	$ 32,518	$ 37,907
NOW and demand accounts	427,281	410,937
Savings	361,871	423,758
Time deposits	422,911	416,260
Total	1,244,581	1,288,862
Brokers deposits included in time deposits	$ 75,000	$ 75,000

DEPOSITS - Schedule of timed de

DEPOSITS - Schedule of timed deposit maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Deposits [Abstract]
Remainder of 2023	$ 255,965
2024	148,627
2025	10,931
2026	4,348
2027	2,206
2028	834
Time deposits	$ 422,911	$ 416,260

STOCK-BASED COMPENSATION - Empl

STOCK-BASED COMPENSATION - Employee stock ownership plan (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Jul. 15, 2021
Share-Based Payment Arrangement [Abstract]
Shares in ESOP (in shares)	2,281,800		2,281,800
Price per share, ESOP (in usd per share)	$ 10
ESOP loan balance	$ 21,200,000
Contributions to ESOP	$ 0
Unallocated ESOP shares (in shares)	2,099,256
Allocated ESOP shares (in shares)	182,544
Fair value of unallocated ESOP shares	$ 20,000,000	$ 27,000,000

STOCK-BASED COMPENSATION - ESOP

STOCK-BASED COMPENSATION - ESOP compensation expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
ESOP and stock-based compensation expense	$ 262,000	$ 322,000
ESOP shares committed to be released (in shares)	22,818	22,818

STOCK-BASED COMPENSATION - Equi

STOCK-BASED COMPENSATION - Equity incentive plan (Details) - USD ($) $ in Thousands			3 Months Ended
	Mar. 06, 2023	Aug. 25, 2022	Mar. 31, 2023	Mar. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected future expense of non-vested options			$ 9,600
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected period of recognition (in years)			6 years 2 months 12 days
Expected future expense of non-vested RSUs			$ 11,700
Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected period of recognition (in years)			6 years
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized for grant (in shares)		3,993,150
Expected life of stock options (in years)				6 years 10 months 24 days
Risk free interest rate				3.94%
Volatility rate				29.41%
Expected dividend yield				0.88%
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized for grant (in shares)		1,140,900
Initial period before vesting begins (in years)		1 year
Shares granted (in shares)	372,540
Aggregate grant date fair value	$ 4,500
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Restricted Stock | Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting service period (in years)	1 year
Shares granted (in shares)	12,300
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Restricted Stock | Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting service period (in years)	7 years
Shares granted (in shares)	360,240
Term after grant date vesting starts	1 year
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Restricted Stock | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting service period (in years)		5 years
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Restricted Stock | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting service period (in years)		7 years
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Option
Share-Based Compensation Arrangement by Share-Based Payment Award [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
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Option | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting service period (in years)		5 years
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Option | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting service period (in years)		7 years
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting service period (in years)	7 years
Shares granted (in shares)	360,240
Aggregate grant date fair value	$ 4,300
Term of measurement period for PSUs	1 year
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Performance Shares | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of target awarded	0%
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Performance Shares | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of target awarded	100%

STOCK-BASED COMPENSATION - Shar

STOCK-BASED COMPENSATION - Share-based compensation expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense		$ 0
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 668,000
Stock option expense | Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	399,000
Restricted stock expense | Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 269,000

STOCK-BASED COMPENSATION - Summ

STOCK-BASED COMPENSATION - Summary of option activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Number of Stock Options
Outstanding (in shares)	2,591,063
Granted (in shares)	0
Forfeited (in shares)	(61,000)
Outstanding (in shares)	2,530,063	2,591,063
Exercisable, end of period (in shares)	0
Weighted Average Grant Date Fair Value
Outstanding (in dollars per share)	$ 4.12
Granted (in dollars per share)	0
Forfeited (in dollars per share)	4.25
Outstanding (in dollars per share)	4.12	$ 4.12
Weighted Average Exercise Price
Outstanding (in dollars per share)	11.65
Granted (in dollars per share)	0
Forfeited (in dollars per share)	11.69
Outstanding (in dollars per share)	$ 11.65	$ 11.65
Weighted Average Remaining Contractual Life (years)
Outstanding (in years)	9 years 9 months 18 days	9 years 9 months 18 days
Forfeited (in years)	9 years 6 months

STOCK-BASED COMPENSATION - Su_2

STOCK-BASED COMPENSATION - Summary of RSU activity (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Number of Shares Awarded
Outstanding, beginning balance (in shares)	1,032,261	299,481
Granted (in shares)	732,780
Outstanding, ending balance (in shares)	1,032,261
Weighted Average Grant Date Fair Value
Outstanding, beginning balance (in dollars per share)	$ 11.54
Granted (in dollars per share)	12
Outstanding, ending balance (in dollars per share)	$ 11.87

DERIVATIVES AND HEDGING ACTIV_3

DERIVATIVES AND HEDGING ACTIVITIES - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash pledged as collateral	$ (9,500,000)
Interest expense	1,000,000	$ (322,000)
Asset Pledged as Collateral with Right
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Securities available-for-sale:	0		$ 11,500,000
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized losses expected to be reclassified	5,400,000
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate swaps, notional amount	$ 209,000,000		$ 109,000,000

DERIVATIVES AND HEDGING ACTIV_4

DERIVATIVES AND HEDGING ACTIVITIES - Summary of interest-rate swaps designated as cash flow hedges (Details) - Interest Rate Swap - Cash Flow Hedging - Designated as Hedging Instrument - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts	$ 209,000,000	$ 109,000,000
Weighted average pay rates	2.53%	1.46%
Weighted average receive rates	4.81%	4.61%
Weighted average maturity (in years)	4 years	4 years 2 months 12 days
Unrealized gains (losses), net	$ 8,647,000	$ 11,091,000
Other Assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gains (losses), net	9,612,000	11,091,000
Other Liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gains (losses), net	$ 965,000	$ 0

DERIVATIVES AND HEDGING ACTIV_5

DERIVATIVES AND HEDGING ACTIVITIES - Summary of effect of cash flow hedge accounting on AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI (Net of Tax) on Derivative	$ (2,444)	$ 5,559
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI (Net of Tax) on Derivative	(2,444)	5,559
Interest Rate Swap | Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from OCI to Income/(Expense)	$ 1,004	$ (322)

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME - Schedule of components of other comprehensive loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Unrealized gain (loss) on securities available-for-sale:
Unrealized (loss) gain arising during the period, Before Tax	$ 4,039	$ (15,788)
Unrealized (loss) gain arising during the period, Tax Effect	0	49
Unrealized gain (loss) arising during the period	4,039	(15,739)
Unrealized (loss) gain on cash flow hedge:
Unrealized (loss) gain during the period, Before Tax	(1,440)	5,237
Unrealized (loss) gain during the period, Tax Effect	0	0
Unrealized (loss) gain during the period, After Tax	(1,440)	5,237
Reclassification adjustment for (gain) loss included in net (loss) income, Before Tax	(1,004)	322
Reclassification adjustment for (gain) loss included in net (loss) income, Tax Effect	0	0
Reclassification adjustment for (gain) loss included in net (loss) income, After Tax	(1,004)	322
Total (loss) gain, Before Tax	(2,444)	5,559
Total (loss) gain, Tax Effect	0	0
Total (loss) gain, After Tax	(2,444)	5,559
Post-Retirement plans:
Reclassification adjustment for amortization of net actuarial (gain) loss, Before Tax	(2)	48
Reclassification adjustment for amortization of: Net actuarial (gain) loss, Tax Effect	0	0
Reclassification adjustment for amortization of: Net actuarial (gain) loss, After Tax	(2)	48
Total other comprehensive lose, Before Tax	1,593	(10,181)
Total other comprehensive lose, Tax Effect	0	49
Total other comprehensive income (loss)	$ 1,593	$ (10,132)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME - Changes in accumulated other comprehensive income by component, net of tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 393,718	$ 429,471
Other comprehensive income (loss) before reclassification	2,599	(10,502)
Amounts reclassified from accumulated other comprehensive income	(1,006)	370
Total other comprehensive income (loss)	1,593	(10,132)
Balance at end of period	385,693	420,214
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(24,719)	(372)
Balance at end of period	(23,126)	(10,504)
Unrealized Gains and (Losses) on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	11,091	(246)
Other comprehensive income (loss) before reclassification	(1,440)	5,237
Amounts reclassified from accumulated other comprehensive income	(1,004)	322
Total other comprehensive income (loss)	(2,444)	5,559
Balance at end of period	8,647	5,313
Unrealized Gains and (Losses) on Available-for-Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(36,183)	1,091
Other comprehensive income (loss) before reclassification	4,039	(15,739)
Amounts reclassified from accumulated other comprehensive income	0	0
Total other comprehensive income (loss)	4,039	(15,739)
Balance at end of period	(32,144)	(14,648)
Post-Retirement Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	373	(1,217)
Other comprehensive income (loss) before reclassification	0	0
Amounts reclassified from accumulated other comprehensive income	(2)	48
Total other comprehensive income (loss)	(2)	48
Balance at end of period	$ 371	$ (1,169)

ACCUMULATED OTHER COMPREHENSI_5

ACCUMULATED OTHER COMPREHENSIVE INCOME - Summary of reclassification out of each component of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest (expense) income	$ 11,941	$ 11,939
Compensation and benefits	7,847	7,060
Income tax expense	0	(49)
Total reclassification for the period, net of tax	1,209	(553)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense	0	0
Total reclassification for the period, net of tax	1,006	(370)
Unrealized Gains and (Losses) on Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest (expense) income	1,004	(322)
Post-Retirement Plans | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Compensation and benefits	$ 2	$ (48)

FAIR VALUE OF ASSETS AND LIAB_3

FAIR VALUE OF ASSETS AND LIABILITIES - Summary of assets and liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financial assets
Securities available-for-sale:	$ 309,083	$ 314,248
U.S. Treasury Note
Financial assets
Securities available-for-sale:	44,295	43,759
Corporate bonds
Financial assets
Securities available-for-sale:	76,522	76,298
U.S. Government agency obligations
Financial assets
Securities available-for-sale:	14,911	15,423
Obligations issued by U.S. states and their political subdivisions
Financial assets
Securities available-for-sale:	16,379	16,268
Residential one-to-four family
Financial assets
Securities available-for-sale:	139,318	140,186
Multifamily
Financial assets
Securities available-for-sale:	13,462	18,158
Asset-backed securities
Financial assets
Securities available-for-sale:	4,196	4,156
Measured on a recurring basis:
Financial assets
Securities available-for-sale:	309,083	314,248
Derivatives	9,612	11,091
Financial assets	318,695	325,339
Financial Liabilities
Derivatives	965	0
Measured on a recurring basis: | U.S. Treasury Note
Financial assets
Securities available-for-sale:	44,295	43,759
Measured on a recurring basis: | Corporate bonds
Financial assets
Securities available-for-sale:	76,522	76,298
Measured on a recurring basis: | U.S. Government agency obligations
Financial assets
Securities available-for-sale:	14,911	15,423
Measured on a recurring basis: | Obligations issued by U.S. states and their political subdivisions
Financial assets
Securities available-for-sale:	16,379	16,268
Measured on a recurring basis: | Residential one-to-four family
Financial assets
Securities available-for-sale:	139,318	140,186
Measured on a recurring basis: | Multifamily
Financial assets
Securities available-for-sale:	13,462	18,158
Measured on a recurring basis: | Asset-backed securities
Financial assets
Securities available-for-sale:	4,196	4,156
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets
Financial assets
Securities available-for-sale:	54,522	55,054
Derivatives	0	0
Financial assets	54,522	55,054
Financial Liabilities
Derivatives	0	0
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | U.S. Treasury Note
Financial assets
Securities available-for-sale:	44,295	43,759
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | Corporate bonds
Financial assets
Securities available-for-sale:	0	0
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | U.S. Government agency obligations
Financial assets
Securities available-for-sale:	10,227	11,295
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | Obligations issued by U.S. states and their political subdivisions
Financial assets
Securities available-for-sale:	0	0
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | Residential one-to-four family
Financial assets
Securities available-for-sale:	0	0
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | Multifamily
Financial assets
Securities available-for-sale:	0	0
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | Asset-backed securities
Financial assets
Securities available-for-sale:	0	0
Measured on a recurring basis: | Significant Other Observable Inputs
Financial assets
Securities available-for-sale:	254,561	259,194
Derivatives	9,612	11,091
Financial assets	264,173	270,285
Financial Liabilities
Derivatives	965	0
Measured on a recurring basis: | Significant Other Observable Inputs | U.S. Treasury Note
Financial assets
Securities available-for-sale:	0	0
Measured on a recurring basis: | Significant Other Observable Inputs | Corporate bonds
Financial assets
Securities available-for-sale:	76,522	76,298
Measured on a recurring basis: | Significant Other Observable Inputs | U.S. Government agency obligations
Financial assets
Securities available-for-sale:	4,684	4,128
Measured on a recurring basis: | Significant Other Observable Inputs | Obligations issued by U.S. states and their political subdivisions
Financial assets
Securities available-for-sale:	16,379	16,268
Measured on a recurring basis: | Significant Other Observable Inputs | Residential one-to-four family
Financial assets
Securities available-for-sale:	139,318	140,186
Measured on a recurring basis: | Significant Other Observable Inputs | Multifamily
Financial assets
Securities available-for-sale:	13,462	18,158
Measured on a recurring basis: | Significant Other Observable Inputs | Asset-backed securities
Financial assets
Securities available-for-sale:	4,196	4,156
Measured on a recurring basis: | Significant Unobservable Inputs
Financial assets
Securities available-for-sale:	0	0
Derivatives	0	0
Financial assets	0	0
Financial Liabilities
Derivatives	0	0
Measured on a recurring basis: | Significant Unobservable Inputs | U.S. Treasury Note
Financial assets
Securities available-for-sale:	0	0
Measured on a recurring basis: | Significant Unobservable Inputs | Corporate bonds
Financial assets
Securities available-for-sale:	0	0
Measured on a recurring basis: | Significant Unobservable Inputs | U.S. Government agency obligations
Financial assets
Securities available-for-sale:	0	0
Measured on a recurring basis: | Significant Unobservable Inputs | Obligations issued by U.S. states and their political subdivisions
Financial assets
Securities available-for-sale:	0	0
Measured on a recurring basis: | Significant Unobservable Inputs | Residential one-to-four family
Financial assets
Securities available-for-sale:	0	0
Measured on a recurring basis: | Significant Unobservable Inputs | Multifamily
Financial assets
Securities available-for-sale:	0	0
Measured on a recurring basis: | Significant Unobservable Inputs | Asset-backed securities
Financial assets
Securities available-for-sale:	$ 0	0
Measured on a nonrecurring basis: | Assets held for sale
Financial assets
Derivatives		917
Measured on a nonrecurring basis: | Quoted Prices in Active Markets for Identical Assets | Assets held for sale
Financial assets
Derivatives		0
Measured on a nonrecurring basis: | Significant Other Observable Inputs | Assets held for sale
Financial assets
Derivatives		917
Measured on a nonrecurring basis: | Significant Unobservable Inputs | Assets held for sale
Financial assets
Derivatives		$ 0

FAIR VALUE OF ASSETS AND LIAB_4

FAIR VALUE OF ASSETS AND LIABILITIES - Summary of fair value hierarchy (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financial assets
Securities held-to-maturity	$ 33,659	$ 33,705
Loans, net	1,571,907	1,531,727
Financial Liabilities
Time deposits	422,911	416,260
FHLB advances	422,500	310,500
Quoted Prices in Active Markets for Identical Assets
Financial assets
Securities held-to-maturity	0	0
Loans, net	0	0
Financial Liabilities
Time deposits	0	0
FHLB advances	0	0
Significant Other Observable Inputs
Financial assets
Securities held-to-maturity	29,379	29,115
Loans, net	0	0
Financial Liabilities
Time deposits	415,944	408,904
FHLB advances	426,374	3,186,988
Significant Unobservable Inputs
Financial assets
Securities held-to-maturity	0	0
Loans, net	1,361,949	1,332,882
Financial Liabilities
Time deposits	0	0
FHLB advances	$ 0	$ 0

REVENUE FROM CONTRACTS WITH C_3

REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME (Details) - Other Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 217	$ 237
Service charges on deposits
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	205	229
Interchange income
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 12	$ 8

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net (loss) income applicable to common shares	$ (1,209)	$ 553
Earnings Per Share, Basic and Diluted [Abstract]
Average number of common shares outstanding (in shares)	27,462,373	28,522,500
Less: Average unallocated ESOP shares (in shares)	2,087,720	2,178,992
Average number of common shares outstanding used to calculate basic earnings per common share (in shares)	25,374,653	26,343,508
Common stock equivalents (in shares)	0	0
Average number of common shares outstanding used to calculate basic earnings per common share, diluted (in shares)	25,374,653	26,343,508
Basic (loss) earnings per share (in dollars per share)	$ (0.05)	$ 0.02
Diluted (loss) earnings per share (in dollars per share)	$ (0.05)	$ 0.02
Anti-dilutive stock options excluded from earnings per share calculation (in shares)	909,804	0

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event - The 2023 Stock Repurchase Plan - shares	1 Months Ended
	May 08, 2023	Apr. 19, 2023
Subsequent Event [Line Items]
Number of shares authorized for repurchase (in shares)		1,335,126
Percent of outstanding shares authorized for repurchase		5%
Purchase of Treasury stock (in shares)	(260,050)