Blue Foundry Bancorp (BLFY) 10-Q 11 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 07, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		25,367,635
Entity Central Index Key	0001846017
Amendment Flag	false
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 45,759,000	$ 41,182,000
Securities available-for-sale, at fair value	300,923,000	314,248,000
Total held-to-maturity	33,445,000	33,705,000
Other investments	20,420,000	16,069,000
Loans held for sale	2,497,000	0
Loans receivable, net of allowance for credit losses of $14,413 at June 30, 2023 and $13,400 at December 31, 2022	1,567,332,000	1,531,727,000
Interest and dividends receivable	7,285,000	6,893,000
Premises and equipment, net	31,519,000	29,825,000
Right-of-use assets	26,594,000	25,906,000
Bank owned life insurance	21,802,000	21,576,000
Other assets	22,938,000	22,207,000
Total assets	2,080,514,000	2,043,338,000
Liabilities
Deposits	1,267,261,000	1,288,862,000
Advances from the Federal Home Loan Bank	399,500,000	310,500,000
Advances by borrowers for taxes and insurance	9,862,000	9,302,000
Lease liabilities	28,130,000	27,324,000
Other liabilities	9,227,000	13,632,000
Total liabilities	1,713,980,000	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 June 30, 2023 and December 31, 2022; 25,493,422 and 27,523,219 shares outstanding at June 30, 2023 and December 31, 2022, respectively	285,000	285,000
Additional paid-in capital	272,267,000	279,454,000
Retained earnings	168,703,000	171,763,000
Treasury stock, at cost: 3,029,078 and 999,281 shares at June 30, 2023 and December 31, 2022, respectively	(31,060,000)	(12,072,000)
Unallocated common shares held by Employee Stock Ownership Plan	(20,536,000)	(20,993,000)
Accumulated other comprehensive loss	(23,125,000)	(24,719,000)
Total shareholders’ equity	366,534,000	393,718,000
Total liabilities and shareholders’ equity	$ 2,080,514,000	$ 2,043,338,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Securities, held-to-maturity, fair value	$ 27,986	$ 29,115
Securities, held-to-maturity, allowance for credit losses	170
Loans receivable, allowance	$ 14,413	$ 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)	25,493,422	27,523,219
Treasury stock (in shares)	3,029,078	999,281

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Interest and dividend income:
Loans		$ 16,481,000	$ 12,444,000	$ 32,050,000	$ 24,100,000
Taxable investment income		3,172,000	2,320,000	6,324,000	4,137,000
Non-taxable investment income		112,000	114,000	223,000	235,000
Total interest income		19,765,000	14,878,000	38,597,000	28,472,000
Interest expense:
Deposits		5,173,000	950,000	9,327,000	1,832,000
Borrowed funds		3,686,000	766,000	6,423,000	1,539,000
Total interest expense		8,859,000	1,716,000	15,750,000	3,371,000
Net interest income		10,906,000	13,162,000	22,847,000	25,101,000
Provision for (release of) credit losses		143,000	594,000	120,000	(358,000)
Net interest income after provision for (release of) credit losses		10,763,000	12,568,000	22,727,000	25,459,000
Non-interest income:
Fees and service charges		280,000	365,000	542,000	1,165,000
Gain on securities, net		0	14,000	0	14,000
Gain on sale of loans		24,000	0	159,000	0
Other income		76,000	115,000	163,000	242,000
Total non-interest income		380,000	494,000	864,000	1,421,000
Non-interest expense:
Compensation and benefits		7,065,000	7,134,000	14,912,000	14,194,000
Occupancy and equipment		2,124,000	1,914,000	4,106,000	3,795,000
Data processing		1,535,000	1,393,000	3,136,000	2,871,000
Advertising		77,000	349,000	149,000	868,000
Professional services		764,000	976,000	1,744,000	2,267,000
Release of provision for commitments and letters of credit		0	(108,000)	0	(278,000)
Federal deposit insurance premiums		231,000	99,000	336,000	177,000
Other expense		1,172,000	1,262,000	2,242,000	2,341,000
Total non-interest expenses		12,968,000	13,019,000	26,625,000	26,235,000
(Loss) income before income tax expense		(1,825,000)	43,000	(3,034,000)	645,000
Income tax expense		0	3,000	0	52,000
Net (loss) income		$ (1,825,000)	$ 40,000	$ (3,034,000)	$ 593,000
Basic (loss) earnings per share (in dollars per share)		$ (0.08)	$ 0	$ (0.13)	$ 0.02
Diluted (loss) earnings per share (in dollars per share)		$ (0.08)	$ 0	$ (0.13)	$ 0.02
Weighted average shares outstanding - basic (in shares)		24,249,714	26,366,324	24,131,017	26,354,979
Weighted average shares outstanding - diluted (in shares)	[1]	24,249,714	26,366,324	24,131,017	26,354,979
[1]The assumed vesting of outstanding restricted stock units had an antidilutive effect on diluted earnings per share due to the Company’s net loss for the 2023 periods. There were no equity awards to cause dilution in the 2022 periods.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net (loss) income		$ (1,825,000)	$ 40,000	$ (3,034,000)	$ 593,000
Unrealized (loss) gain on securities available-for-sale:
Unrealized (loss) gain arising during the period		(3,800,000)	(10,805,000)	239,000	(26,544,000)
Reclassification adjustment for gain included in net income		0	(14,000)	0	(14,000)
Unrealized (loss) gain on securities available-for-sale:		(3,800,000)	(10,819,000)	239,000	(26,558,000)
Unrealized gain (loss) on cash flow hedge:
Unrealized gain arising during the period		5,149,000	2,214,000	3,709,000	7,451,000
Reclassification adjustment for (gain) loss included in net income		(1,346,000)	146,000	(2,350,000)	468,000
Unrealized (loss) gain on cash flow hedge		3,803,000	2,360,000	1,359,000	7,919,000
Post-Retirement plans:
Net benefit arising from plan amendment	[1]	0	164,000	0	164,000
Net actuarial (gain) loss		(2,000)	52,000	(4,000)	100,000
Unrealized (gain) loss on post-retirement plans		(2,000)	216,000	(4,000)	264,000
Total other comprehensive (loss) income, net of tax	[2]	1,000	(8,243,000)	1,594,000	(18,375,000)
Comprehensive loss		$ (1,824,000)	$ (8,203,000)	$ (1,440,000)	$ (17,782,000)
[1]Benefit arising from plan amendment approved in June 2022.[2]Reflects deferred tax valuation allowance.

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders’ Equity - USD ($)	Total		Cumulative Effect, Period of Adoption, Adjustment	Unallocated Common Stock Held by ESOP	Unallocated Common Stock Held by ESOP Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Common Stock Cumulative Effect, Period of Adoption, Adjustment	Additional Paid-In Capital	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Treasury Stock	Treasury Stock Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Cumulative Effect, Period of Adoption, Adjustment
Balance at beginning of period (in shares) at Dec. 31, 2021						28,522,500
Balance at beginning of period at Dec. 31, 2021	$ 429,471,000			$ (21,905,000)		$ 285,000		$ 282,006,000		$ 169,457,000		$ 0		$ (372,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	593,000									593,000
Other comprehensive income (loss)	(18,375,000)	[1]												(18,375,000)
ESOP shares committed to be released	604,000			456,000				148,000
Balance at end of period (in shares) at Jun. 30, 2022						28,522,500
Balance at end of period at Jun. 30, 2022	412,293,000			(21,449,000)		$ 285,000		282,154,000		170,050,000		0		(18,747,000)
Balance at beginning of period (in shares) at Mar. 31, 2022						28,522,500
Balance at beginning of period at Mar. 31, 2022	420,214,000			(21,677,000)		$ 285,000		282,100,000		170,010,000		0		(10,504,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	40,000									40,000
Other comprehensive income (loss)	(8,243,000)	[1]												(8,243,000)
ESOP shares committed to be released	282,000			228,000				54,000
Balance at end of period (in shares) at Jun. 30, 2022						28,522,500
Balance at end of period at Jun. 30, 2022	$ 412,293,000			(21,449,000)		$ 285,000		282,154,000		170,050,000		0		(18,747,000)
Balance at beginning of period (in shares) at Dec. 31, 2022	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	$ 393,718,000			(20,993,000)		$ 285,000		279,454,000		171,763,000		(12,072,000)		(24,719,000)
Balance at beginning of period (Accounting Standards Update 2016-13) at Dec. 31, 2022			$ (18,000)		$ 0		$ 0		$ 0		$ (18,000)		$ 0		$ 0
Balance at beginning of period (Accounting Standards Update 2022-02) at Dec. 31, 2022			$ (8,000)		$ 0		$ 0		$ 0		$ (8,000)		$ 0		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(3,034,000)									(3,034,000)
Other comprehensive income (loss)	1,594,000	[1]												1,594,000
Purchase of Treasury stock (in shares)						(2,762,577)
Purchase of Treasury stock	(27,645,000)											(27,645,000)
Treasury stock allocated to restricted stock plan (in shares)						732,780
Treasury stock allocated to restricted stock plan	0							(8,657,000)				8,657,000
Compensation cost for stock options and restricted stock	1,444,000							1,444,000
ESOP shares committed to be released	$ 483,000			457,000				26,000
Balance at end of period (in shares) at Jun. 30, 2023	25,493,422					25,493,422
Balance at end of period at Jun. 30, 2023	$ 366,534,000			(20,536,000)		$ 285,000		272,267,000		168,703,000		(31,060,000)		(23,125,000)
Balance at beginning of period (in shares) at Mar. 31, 2023						27,385,482
Balance at beginning of period at Mar. 31, 2023	385,693,000			(20,764,000)		$ 285,000		271,507,000		170,528,000		(12,737,000)		(23,126,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(1,825,000)									(1,825,000)
Other comprehensive income (loss)	1,000	[1]												1,000
Purchase of Treasury stock (in shares)						(1,892,060)
Purchase of Treasury stock	(18,323,000)											(18,323,000)
Compensation cost for stock options and restricted stock	768,000							768,000
ESOP shares committed to be released	$ 220,000			228,000				(8,000)
Balance at end of period (in shares) at Jun. 30, 2023	25,493,422					25,493,422
Balance at end of period at Jun. 30, 2023	$ 366,534,000			$ (20,536,000)		$ 285,000		$ 272,267,000		$ 168,703,000		$ (31,060,000)		$ (23,125,000)
[1]Reflects deferred tax valuation allowance.

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders’ Equity (Parenthetical) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
ESOP shares committed to be released (in shares)	22,818	45,636	22,818

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net (loss) income	$ (3,034,000)	$ 593,000
Adjustments to reconcile net (loss) income to net cash (used in) operating activities:
Depreciation and amortization of premises and equipment	1,354,000	1,280,000
Change in right-of-use asset	1,400,000	1,294,000
(Accretion) amortization of:
Deferred loan fees, costs, and discounts, net	(312,000)	(265,000)
Premiums and discounts on securities	484,000	566,000
Change in deferred taxes	0	52,000
Provision for (release of) credit losses	120,000	(358,000)
Gain on sales and calls of securities	0	(14,000)
Proceeds from sales of loans held for sale	2,346,000	0
Gains on sale of loans, net	(159,000)	0
Origination of loans held for sale	(4,684,000)	0
Loss on disposal of premises and equipment	13,000	0
Increase in bank owned life insurance cash surrender value	(226,000)	(230,000)
ESOP and stock-based compensation expense	1,927,000	604,000
Increase in interest and dividends receivable	(392,000)	(573,000)
Increase (decrease) in other assets	186,000	(4,056,000)
Decrease in other liabilities	(3,430,000)	(102,000)
Change in lease liability	(1,282,000)	(1,235,000)
Net cash used in operating activities	(5,689,000)	(2,444,000)
Cash flows from investing activities
Net originations of loans receivable	(29,519,000)	(68,711,000)
Purchases of residential mortgage loans	(6,804,000)	(71,703,000)
Purchases of securities available-for-sale	0	(80,039,000)
Purchases of securities held-to-maturity	0	(6,600,000)
Proceeds from sales and calls of securities available for sale	0	2,408,000
Principal payments and maturities on securities available-for-sale	13,169,000	23,264,000
Purchases of other investments	0	(150,000)
Purchase of Federal Home Loan Bank stock	(42,035,000)	(2,130,000)
Redemption of Federal Home Loan Bank stock	37,620,000	1,125,000
Proceeds from bank owned life insurance	582,000	0
Proceeds from disposal of fixed assets	16,000	0
Purchases of premises and equipment	(3,077,000)	(3,838,000)
Net cash used in investing activities	(30,048,000)	(206,374,000)
Cash flows from financing activities
Net (decrease) increase in deposits	(21,601,000)	49,634,000
Proceeds from advances from Federal Home Loan Bank	1,497,000,000	268,000,000
Repayments of advances from Federal Home Loan Bank	(1,408,000,000)	(248,000,000)
Net increase in advances by borrowers for taxes and insurance	560,000	544,000
Purchase of treasury stock	(27,645,000)	0
Net cash provided by financing activities	40,314,000	70,178,000
Net increase (decrease) in cash and cash equivalents	4,577,000	(138,640,000)
Cash and cash equivalents at beginning of period	41,182,000	193,446,000
Cash and cash equivalents at end of period	45,759,000	54,806,000
Supplemental disclosures of cash flow information
Cash paid during the period for interest	15,302,000	3,335,000
Cash paid during the period for income taxes	13,000	120,000
Supplemental noncash disclosures
Lease liabilities arising from obtaining right-of-use assets	$ 2,088,000	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 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 may be reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or shareholders’ equity. The results of operations and other data presented for the three and six months ended June 30, 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 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 the provision for credit losses. 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. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (“ASU 2020-04”): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts and hedging relationships, subject to meeting certain criteria, that reference the London Inter-Bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued. It is intended to help stakeholders during the global market-wide reference rate transition period. The guidance was effective for all entities as of March 12, 2020 through December 31, 2022. However, in December 2022, the FASB issued ASU 2022-06, deferring the sunset date to December 31, 2024. The Company has evaluated the regulatory requirements to cease the use of LIBOR and has put in place systems and capabilities for this purpose. The adoption is not expected to have a material impact on the Company’s consolidated financial statements.

SECURITIES

SECURITIES	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
SECURITIES	SECURITIES The amortized cost of securities available-for-sale and their estimated fair values at June 30, 2023 and December 31, 2022 are as follows: Amortized Gross Unrealized Gains Gross Unrealized Losses Estimated (In thousands) June 30, 2023 U.S. Treasury Note $ 46,936 $ — $ (2,826) $ 44,110 Corporate Bonds 81,609 37 (6,646) 75,000 U.S. Government agency obligations 15,561 — (864) 14,697 Obligations issued by U.S. states and their political subdivisions 16,466 26 (358) 16,134 Mortgage-backed securities: Residential one-to-four family 157,461 — (23,869) 133,592 Multifamily 14,309 — (1,138) 13,171 Asset-backed securities 4,524 — (305) 4,219 Total $ 336,866 $ 63 $ (36,006) $ 300,923 December 31, 2022 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 $ 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 June 30, 2023 and December 31, 2022, are as follows: Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated (In thousands) June 30, 2023 Corporate bonds $ 18,600 $ — $ (3,567) $ 15,033 Asset-backed securities 15,015 — (2,062) 12,953 Total $ 33,615 $ — $ (5,629) $ 27,986 December 31, 2022 Corporate bonds $ 18,600 $ — $ (2,281) $ 16,319 Asset-backed securities 15,105 — (2,309) 12,796 Total $ 33,705 $ — $ (4,590) $ 29,115 At June 30, 2023, the allowance for credit losses on securities held-to-maturity totaled $170 thousand and related to the corporate bonds. The asset-backed securities are 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 and six months ended June 30, 2023. Proceeds from sales and calls of securities available-for-sale totaled $2.4 million, resulting in gross realized gains of $14 thousand and no gross realized losses for the three and six months ended June 30, 2022. Securities pledged at both June 30, 2023 and December 31, 2022, had a carrying amount of $4.2 million and were pledged to secure public deposits and our credit line with the Federal Reserve Bank. The amortized cost and fair value of debt securities are shown below by contractual maturity as of June 30, 2023. Expected maturities on mortgage and asset-backed securities generally exceed 20 years; however, they 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. Amortized Cost (1) Estimated Fair Value (In thousands) Available-for-sale Due in one year or less $ 38,147 $ 37,447 Due from one year to five years 96,863 90,914 Due from five to ten years 21,864 18,102 Due after ten years 3,698 3,478 Mortgage-backed and asset-backed securities 176,294 150,982 Total $ 336,866 $ 300,923 Held-to-maturity Due from one year to five years $ 16,600 $ 13,400 Due from five to ten years 2,000 1,633 Mortgage-backed and asset-backed securities $ 15,015 $ 12,953 Total $ 33,615 $ 27,986 (1) Excludes the allowance for credit losses on held-to-maturity securities at June 30, 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 June 30, 2023. AAA A1 BBB+ BBB BBB- Total (In thousands) Corporate bonds $ — $ — $ 1,600 $ 11,000 $ 6,000 $ 18,600 Asset-backed securities 9,022 5,993 — — — 15,015 Total held-to-maturity $ 9,022 $ 5,993 $ 1,600 $ 11,000 $ 6,000 $ 33,615 At June 30, 2023, there was one security with a value of $2.0 million included in the BBB ratings that had a split rating. The following tables summarize available-for-sale securities with unrealized losses at June 30, 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) June 30, 2023 U.S. Treasury Note $ — $ — $ (2,826) $ 44,110 5 $ (2,826) $ 44,110 Corporate Bonds (844) 7,156 (5,802) 53,144 27 (6,646) 60,300 U.S. Government agency obligations (5) 634 (859) 14,063 4 (864) 14,697 Obligations issued by U.S. states and their political subdivisions (18) 6,074 (340) 6,116 13 (358) 12,190 Mortgage-backed securities: Residential one-to-four family (1) 51 (23,868) 133,535 48 (23,869) 133,586 Multifamily — — (1,138) 13,171 6 (1,138) 13,171 Asset-backed securities — — (305) 4,219 2 (305) 4,219 Total $ (868) $ 13,915 $ (35,138) $ 268,358 105 $ (36,006) $ 282,273 December 31, 2022 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 $ (14,459) $ 172,191 $ (21,777) $ 130,720 105 $ (36,236) $ 302,911 Of the available-for-sale securities in an unrealized loss position at June 30, 2023, 57 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. The municipal bonds, investment-grade corporate bonds and asset-backed securities in an unrealized loss position all 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 June 30, 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) June 30, 2023 Corporate Bonds (500) 3,500 (3,067) 11,533 9 (3,567) 15,033 Asset-backed securities — — (2,062) 12,953 2 (2,062) 12,953 Total $ (500) $ 3,500 $ (5,129) $ 24,486 11 $ (5,629) $ 27,986 December 31, 2022 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 $ (1,177) $ 10,423 $ (3,414) $ 18,692 11 $ (4,591) $ 29,115 The held-to-maturity securities in an unrecognized loss position at June 30, 2023, are asset-backed securities and investment grade corporate bonds, which experienced a decline in fair value 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	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
LOANS RECEIVABLE	LOANS RECEIVABLE The Company adopted ASU 2016-13 on January 1, 2023. All disclosures as of June 30, 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 June 30, 2023 and December 31, 2022, follows: June 30, 2023 (In thousands) Residential one-to-four family $ 580,396 Multifamily 696,956 Non-residential 237,247 Construction 36,032 Junior liens 21,338 Commercial and industrial 9,743 Consumer and other 33 Total loans 1,581,745 Allowance for credit losses on loans (1) (14,413) Loans receivable, net $ 1,567,332 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 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) 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 $5.8 million and $5.3 million at June 30, 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 June 30, 2023, net deferred loan fees are included in loans by respective segment and totaled $2.3 million. The Company had $2.5 million of loans held-for-sale at June 30, 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, Paycheck Protection Program (“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 June 30, 2023: Term Loans by Origination Year 2023 2022 2021 2020 2019 Pre-2019 Revolving Loans Total Residential one-to-four family Pass $ 10,036 $ 100,456 $ 119,000 $ 15,343 $ 19,279 $ 308,798 $ — $ 572,912 Substandard — — — — — 7,484 — 7,484 Total 10,036 100,456 119,000 15,343 19,279 316,282 — 580,396 Multifamily Pass 17,240 282,553 161,025 35,832 59,947 139,869 — 696,466 Special mention — — — — — 330 — 330 Substandard — — — — — 160 — 160 Total 17,240 282,553 161,025 35,832 59,947 140,359 — 696,956 Non-residential Pass 25,820 120,496 14,929 15,310 5,481 54,175 — 236,211 Special mention — — — — — 1,036 — 1,036 Total 25,820 120,496 14,929 15,310 5,481 55,211 — 237,247 Construction Pass 8,291 13,972 13,654 — — 115 — 36,032 Total 8,291 13,972 13,654 — — 115 — 36,032 Junior liens Pass 3,311 5,421 1,525 363 1,871 8,796 — 21,287 Substandard — — — — — 51 — 51 Total 3,311 5,421 1,525 363 1,871 8,847 — 21,338 Commercial and industrial Pass 6,289 110 3,109 170 — — — 9,678 Substandard (1) — — 65 — — — — 65 Total 6,289 110 3,174 170 — — — 9,743 Consumer and other Pass 18 — — — — — 15 33 Total 18 — — — — — 15 33 Total gross loans $ 71,005 $ 523,008 $ 313,307 $ 67,018 $ 86,578 $ 520,814 $ 15 $ 1,581,745 (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 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 June 30, 2023 and December 31, 2022: 30-59 60-89 90 Days Total Current Total (In thousands) June 30, 2023 Residential one-to-four family $ — $ 330 $ 6,318 $ 6,648 $ 573,748 $ 580,396 Multifamily — — — — 696,956 696,956 Non-residential — — — — 237,247 237,247 Construction — — — — 36,032 36,032 Junior liens — — 51 51 21,287 21,338 Commercial and Industrial — — 65 65 9,678 9,743 Consumer and other — — — — 33 33 Total $ — $ 330 $ 6,434 $ 6,764 $ 1,574,981 $ 1,581,745 December 31, 2022 Residential one-to-four family $ — $ 845 $ 6,738 $ 7,583 $ 589,671 $ 597,254 Multifamily — — 182 182 690,508 690,690 Non-residential — — — — 216,061 216,061 Construction — — — — 17,799 17,799 Junior liens — — 52 52 18,579 18,631 Commercial and Industrial — — 96 96 4,557 4,653 Consumer and other — — — — 39 39 Total $ — $ 845 $ 7,068 $ 7,913 $ 1,537,214 $ 1,545,127 The following table presents information on non-accrual loans at June 30, 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 $ 7,460 $ — $ — $ 7,460 Multifamily 160 — — 160 Commercial and industrial 65 — — 65 Junior liens 51 — — 51 Total $ 7,736 $ — $ — $ 7,736 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 — Commercial and industrial (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 at and as of June 30, 2022 and at December 31, 2022: June 30, 2022 Six Months Ended June 30, 2022 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Cash Basis Interest Recognized (In thousands) With no related allowance recorded: Residential one-to-four family $ 7,771 $ 8,054 $ — $ 8,686 $ 61 $ 58 Multifamily 659 659 — 671 13 10 Non-residential 3,755 3,595 — 4,275 105 95 Junior liens 54 54 — 55 1 1 12,239 12,362 — 13,687 180 164 With an allowance recorded: Residential one-to-four family 1,122 1,125 30 743 23 20 1,122 1,125 30 743 23 20 Total $ 13,361 $ 13,487 $ 30 $ 14,430 $ 203 $ 184 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 would not be reduced for partial charge-offs. The Company adopted ASU 2022-02 on January 1, 2023. Loans may be modified for borrowers experiencing financial difficulty and may include a reduction in interest rate, an extension in term, principal forgiveness and/or other than insignificant payment delay. At June 30, 2023, there were two loans that met the definition of a modification to a borrower experiencing financial difficulty in accordance with ASU 2022-02. The residential one-to four family loans total $1.1 million, one granted an interest rate reduction and the second, a term extension. The Company did not reclassify comparative financial periods and has presented those disclosures under previously-applied U.S. GAAP. Prior to the adoption of ASU 2022-02, The Company classified certain loans as troubled debt restructuring (“TDR”) loans when credit terms to a borrower in financial difficulty were modified in accordance with ASC 310-40. The Company has ceased to recognize or measure for new TDRs but those existing at December 31, 2022 remain until settled. 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 June 30, 2022. There were no TDRs during the three and six months ended June 30, 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 June 30, 2023 and December 31, 2022, respectively.

ALLOWANCE FOR CREDIT LOSSES

ALLOWANCE FOR CREDIT LOSSES	6 Months Ended
	Jun. 30, 2023
Credit Loss [Abstract]
ALLOWANCE FOR CREDIT LOSSES	ALLOWANCE FOR CREDIT LOSSES On January 1, 2023, the Company adopted ASU 2016-13, which requires the measurement of expected credit losses for financial assets measured at amortized cost, including loans, held-to-maturity securities 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 on loans is summarized in the following table: For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Balance at beginning of period $ 14,153 $ 13,465 $ 13,400 $ 14,425 Impact of adopting ASU 2016-13 and ASU 2022-02 — — 668 — Charge-offs (13) (9) (18) (19) Recoveries — — 1 2 Net charge-offs (13) (9) (17) (17) Provision for (recovery of) credit loss on loans 273 594 362 (358) Balance at end of period $ 14,413 $ 14,050 $ 14,413 $ 14,050 The following tables presents the activity in the Company’s allowance for credit losses by class of loans based on the analysis performed for the three months ended June 30, 2023 and 2022: Balance at March 31, 2023 Charge-offs (1) Recoveries (Recovery of) Provision for Credit Loss - Loans Balance at June 30, 2023 (In thousands) Residential one-to-four family $ 2,056 $ — $ — $ (62) $ 1,994 Multifamily 7,191 — — (174) 7,017 Non-residential 3,570 — — 243 3,813 Construction 1,190 — — 238 1,428 Commercial and industrial 100 — — 11 111 Junior liens 46 — — 4 50 Consumer and other (1) — (13) — 13 — Total $ 14,153 $ (13) $ — $ 273 $ 14,413 (1) Charge-offs relate to overdrafts, which were originated in 2023 as it is our policy to charge these off within 60 days of occurrence. Balance at March 31, 2022 Charge-offs Recoveries (Recovery of) Provision for Loan Loss Balance at June 30, 2022 (In thousands) Residential one-to-four family $ 2,610 $ — $ — $ (28) $ 2,582 Multifamily 4,776 — — 363 5,139 Non-residential 3,465 — — 175 3,640 Construction 1,905 — — 189 2,094 Commercial and industrial 71 — — (29) 42 Junior liens 549 — — (81) 468 Consumer and other — (9) — 9 — Unallocated 89 — — (4) 85 Total $ 13,465 $ (9) $ — $ 594 $ 14,050 The following tables presents the activity in the Company’s allowance for credit losses by class of loans based on the analysis performed for the six months ended June 30, 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 June 30, 2023 (In thousands) Residential one-to-four family $ 2,264 $ (183) $ — $ — $ (87) $ 1,994 Multifamily 5,491 2,057 — — (531) 7,017 Non-residential 3,357 146 — — 310 3,813 Construction 1,697 (832) — — 563 1,428 Commercial and industrial 47 (23) — — 87 111 Junior liens 451 (405) — — 4 50 Consumer and other (1) — 1 (18) 1 16 — Unallocated 93 (93) — — — — Total $ 13,400 $ 668 $ (18) $ 1 $ 362 $ 14,413 (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 June 30, 2022 (In thousands) Residential one-to-four family $ 2,822 $ — $ — $ (240) $ 2,582 Multifamily 5,263 — — (124) 5,139 Non-residential 2,846 — — 794 3,640 Construction 2,678 — — (584) 2,094 Commercial and industrial 51 — — (9) 42 Junior liens 636 — — (168) 468 Consumer and other 38 (19) 2 (21) — Unallocated 91 — — (6) 85 Total $ 14,425 $ (19) $ 2 $ (358) $ 14,050 The following table represents the allocation of allowance for loan losses and the related recorded investment, including deferred fees and costs, in loans by loan portfolio segment, disaggregated based on the impairment methodology at June 30, 2023 and December 31, 2022 : Loans Allowance for Credit Losses on Loans June 30, 2023 Individually Evaluated Collectively Evaluated Total Individually Evaluated Collectively Evaluated Total (In thousands) Residential one-to-four family $ 7,484 $ 572,912 $ 580,396 $ — $ 1,994 $ 1,994 Multifamily 160 696,796 696,956 — 7,017 7,017 Non-residential — 237,247 237,247 — 3,813 3,813 Construction — 36,032 36,032 — 1,428 1,428 Commercial and industrial (1) — 9,743 9,743 — 111 111 Junior liens 51 21,287 21,338 — 50 50 Consumer and other — 33 33 — — — Total $ 7,695 $ 1,574,050 $ 1,581,745 $ — $ 14,413 $ 14,413 (1) Includes PPP loans, which carry the federal guarantee of the SBA and do not have an allowance for credit losses. 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 (1) — 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 (1) Includes PPP loans which carry the federal guarantee of the SBA and do not have an allowance for credit losses. 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 June 30, 2023, the Company recorded a decrease in provision for credit losses on held-to-maturity securities of $17 thousand and no provision for credit losses for the six months ended June 30, 2023. Accrued interest receivable on securities is reported as a component of accrued interest receivable on the consolidated balance sheets and totaled $1.4 million and $1.0 million at June 30, 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 June 30, 2023 and December 31, 2022, the balance of the allowance for credit losses for off-balance-sheet exposures was $636 thousand and $1.7 million, respectively. The Company recorded a recovery of provision for credit loss on off-balance-sheet exposures of $113 thousand and $242 thousand for the three and six months ended June 30, 2023, respectively. For the three and six months ended June 30, 2022, the Company recorded a recovery of provision on unfunded lending commitments of $108 thousand and $278 thousand, respectively, in other non-interest expense.

LEASES

LEASES	6 Months Ended
	Jun. 30, 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: June 30, 2023 December 31, 2022 (Dollars in thousands) Right-of-use assets $ 26,594 $ 25,906 Lease liabilities 28,130 27,324 Weighted average remaining lease term for operating leases 10.7 years 11.3 years Weighted average discount rate used in the measurement of lease liabilities 2.39 % 2.19 % The following table is a summary of the Company’s components of net lease cost for the three and six months ended June 30, 2023 and 2022. The variable lease cost primarily represents variable payments such as common area maintenance and utilities. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Operating lease cost $ 875 $ 770 $ 1,715 $ 1,540 Finance lease cost — 6 4 12 Variable lease cost 70 59 127 113 Total lease cost included as a component of occupancy and equipment $ 945 $ 835 $ 1,846 $ 1,665 The following table presents supplemental cash flow information related to operating leases: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows from operating leases $ 813 $ 768 $ 1,702 $ 1,525 Operating lease liabilities arising from obtaining right-of-use assets (non-cash): Operating leases $ 982 $ — $ 2,088 $ — Future undiscounted lease payments for operating leases with initial terms of one year or more as of June 30, 2023 are as follows: Through June 30, (In thousands) 2024 $ 3,391 2025 3,208 2026 3,031 2027 2,957 2028 2,804 Thereafter 16,585 Total undiscounted lease payments 31,976 Less: imputed interest (3,846) Total $ 28,130

DEPOSITS

DEPOSITS	6 Months Ended
	Jun. 30, 2023
Deposits [Abstract]
DEPOSITS	DEPOSITS Deposits at June 30, 2023 and December 31, 2022 are summarized as follows: June 30, 2023 December 31, 2022 (In thousands) Non-interest bearing deposits $ 26,067 $ 37,907 NOW and demand accounts 404,407 410,937 Savings 315,713 423,758 Time deposits 521,074 416,260 Total $ 1,267,261 $ 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 $125.0 million and $75.0 million at June 30, 2023 and December 31, 2022, respectively. Time deposits mature as follows for the years ending December 31: (In thousands) Remainder of 2023 $ 263,634 2024 236,062 2025 13,399 2026 4,098 2027 2,262 2028 1,619 $ 521,074

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 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 allocated vested shares at the end of employment. Dividends on allocated shares, if any, increase participants accounts. At June 30, 2023, the principal balance on the ESOP loan was $21.2 million. There were no contributions to the ESOP during the three and six months ended June 30, 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 is recognized over the service period. At June 30, 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 June 30, 2023 and December 31, 2022 was $21.2 million and $27.0 million, respectively, computed using the closing trading price of the Company’s common stock on each date. For the three and six months ended June 30, 2023, ESOP compensation expense for the shares committed to be released from unallocated was $220 thousand and $483 thousand respectively. Shares committed to be released from unallocated total 22,818 and 45,636 for the three and six months ended June 30, 2023, respectively. During the three and six months ended June 30, 2022, the Company recorded $282 thousand and $604 thousand, respectively, of ESOP compensation expense. 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 six months ended June 30, 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 straight-line 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 and six months ended June 30, 2023. There was no share-based compensation expense for the three and six months ended June 30, 2022. Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 (In thousands) Stock option expense $ 397 $ 796 Restricted stock expense 371 648 Total share-based compensation expense $ 768 $ 1,444 The following is a summary of the Company’s stock option activity and related information for the six months ended June 30, 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 Forfeited (91,200) 4.25 11.69 9.3 Outstanding - June 30, 2023 2,499,863 $ 4.12 $ 11.65 9.3 Exercisable - June 30, 2023 — Expected future expense relating to the non-vested options outstanding as of June 30, 2023 is $9.1 million over a weighted average period of 5.8 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 June 30, 2023 and changes therein during the six 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 Forfeited (10,500) 12.00 Outstanding - June 30, 2023 1,021,761 $ 11.87 Expected future expense relating to the non-vested restricted shares outstanding as of June 30, 2023 is $8.3 million over a weighted average period of 6.0 years.

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITIES	6 Months Ended
	Jun. 30, 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 June 30, 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: June 30, 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 5.25 % 4.61 % Weighted average maturity (in years) 3.8 4.2 Gross unrealized gain included in other assets $ 12,527 $ 11,091 Gross unrealized loss included in other liabilities 77 — Unrealized gains, net $ 12,450 $ 11,091 At June 30, 2023, the Company held $11.9 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 June 30, 2023 totaled $1.3 million and interest expense for the three months ended June 30, 2022 totaled $146 thousand. Interest income during the six months ended June 30, 2023 totaled $2.4 million and interest expense for the six months ended June 30, 2022 totaled $468 thousand. At June 30, 2023, the Company expected $3.8 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 and six months ended June 30, 2023, and June 30, 2022, is as follows: Amount of Gain Recognized in OCI (Net of Tax) on Derivative (1) Location of Gain (Loss) Reclassified from OCI into Income/(Expense) Amount of Gain (Loss) Reclassified from OCI to Income/(Expense) (In thousands) Three months ended June 30, 2023 Interest rate contracts $ 3,803 Interest Expense $ 1,346 Three months ended June 30, 2022 Interest rate contracts $ 2,360 Interest Expense $ (146) Six months ended June 30, 2023 Interest rate contracts $ 1,359 Interest Expense $ 2,350 Six months ended June 30, 2022 Interest rate contracts $ 7,919 Interest Expense $ (468) (1) Net of tax, adjusted for deferred tax valuation allowance.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	6 Months Ended
	Jun. 30, 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 tax effect in accumulated other comprehensive income is adjusted to reflect the Company’s valuation allowance on deferred tax assets. 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 periods indicated: Three Months Ended June 30, 2023 2022 Before Tax Tax After Before Tax Tax After (In thousands) Unrealized loss on securities available-for-sale: Unrealized loss arising during the period $ (3,800) $ — $ (3,800) $ (10,808) $ 3 $ (10,805) Reclassification adjustment for gain included in net income — — — (14) — (14) Total (3,800) — (3,800) (10,822) 3 (10,819) Unrealized gain on cash flow hedge: Unrealized gain arising during the period 5,149 — 5,149 2,214 — 2,214 Reclassification adjustment for (gain) loss included in net (loss) income (1,346) — (1,346) 146 — 146 Total gain 3,803 — 3,803 2,360 — 2,360 Post-Retirement plans: Net benefit arising from plan amendment (1) — — — 164 — 164 Reclassification adjustment for amortization of: Net actuarial (gain) loss (2) — (2) 52 — 52 Total (2) — (2) 216 — 216 Total other comprehensive income (loss) $ 1 $ — $ 1 $ (8,246) $ 3 $ (8,243) (1) Benefit arising from plan amendment approved in June 2022. Six Months Ended June 30, 2023 2022 Before Tax Tax After Before Tax Tax After (In thousands) Unrealized gain (loss) on securities available-for-sale: Unrealized gain (loss) arising during the period $ 239 $ — $ 239 $ (26,596) $ 52 $ (26,544) Reclassification adjustment for gain included in net income — — — (14) — (14) Total 239 — 239 (26,610) 52 (26,558) Unrealized gain on cash flow hedge: Unrealized gain arising during the period 3,709 — 3,709 7,451 — 7,451 Reclassification adjustment for (gain) loss included in net (loss) income (2,350) — (2,350) 468 — 468 Total gain 1,359 — 1,359 7,919 — 7,919 Post-Retirement plans: Net benefit arising from plan amendment (1) — — — 164 — 164 Reclassification adjustment for amortization of: Net actuarial (gain) loss (4) — (4) 100 — 100 Total (4) — (4) 264 — 264 Total other comprehensive income (loss) $ 1,594 $ — $ 1,594 $ (18,427) $ 52 $ (18,375) (1) Benefit arising from plan amendment approved in June 2022. The following is a summary of the changes in accumulated other comprehensive income by component, net of tax, inclusive of a deferred tax valuation allowance, for the periods indicated: Unrealized Gains on Cash Flow Unrealized Losses on Available-for-Sale Post-Retirement Total (In thousands) Balance at March 31, 2023 $ 8,647 $ (32,144) $ 371 $ (23,126) Other comprehensive income (loss) before reclassification 5,149 (3,800) — 1,349 Amounts reclassified from accumulated other comprehensive income (1,346) — (2) (1,348) Net current period other comprehensive gain (loss) 3,803 (3,800) (2) 1 Balance at June 30, 2023 $ 12,450 $ (35,944) $ 369 $ (23,125) Unrealized Gains on Cash Flow Unrealized Losses on Available-for-Sale Post-Retirement Total (In thousands) Balance at March 31, 2022 $ 5,313 $ (14,648) $ (1,169) $ (10,504) Other comprehensive income (loss) before reclassification 2,214 (10,805) 164 (8,427) Amounts reclassified from accumulated other comprehensive income 146 (14) 52 184 Net current period other comprehensive gain (loss) 2,360 (10,819) 216 (8,243) Balance at June 30, 2022 $ 7,673 $ (25,467) $ (953) $ (18,747) 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 3,709 239 — 3,948 Amounts reclassified from accumulated other comprehensive income (2,350) — (4) (2,354) Net current period other comprehensive gain (loss) 1,359 239 (4) 1,594 Balance at June 30, 2023 $ 12,450 $ (35,944) $ 369 $ (23,125) Unrealized Gains and (Losses) on Cash Flow Unrealized Gains and (Losses) on Available-for-Sale Post-Retirement Total (In thousands) Balance at December 31, 2021 $ (246) $ 1,091 $ (1,217) $ (372) Other comprehensive income (loss) before reclassification 7,451 (26,544) 164 (18,929) Amounts reclassified from accumulated other comprehensive income 468 (14) 100 554 Net current period other comprehensive gain (loss) 7,919 (26,558) 264 (18,375) Balance at June 30, 2022 $ 7,673 $ (25,467) $ (953) $ (18,747) 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 June 30, Six Months Ended June 30, Affected Line Item in the Statement Where Net Income is Presented 2023 2022 2023 2022 (In thousands) Unrealized gains on securities available for sale: Realized gains on securities available for sale $ — $ 14 $ — $ 14 Gain on securities, net Losses on cash flow hedges: Interest rate contracts 1,346 (146) 2,350 (468) Interest expense Amortization of post-retirement plan items: Net actuarial loss 2 (52) 4 (100) Compensation and employee benefits Total tax effect (1) — — — — Income tax expense Total reclassification for the period, net of tax $ 1,348 $ (184) $ 2,354 $ (554)

FAIR VALUE OF ASSETS AND LIABIL

FAIR VALUE OF ASSETS AND LIABILITIES	6 Months Ended
	Jun. 30, 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 June 30, 2023: Fair Value Measurements at June 30, 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 $ 44,110 $ 44,110 $ — $ — Corporate bonds 75,000 — 75,000 — U.S. Government agency obligations 14,697 11,220 3,477 — Obligations issued by U.S. states and their political subdivisions 16,134 — 16,134 — Mortgage-backed securities: Residential one-to-four family 133,592 — 133,592 — Multifamily 13,171 — 13,171 — Asset-backed securities 4,219 — 4,219 — Total securities available-for-sale 300,923 55,330 245,593 — Derivatives 12,527 — 12,527 — Total financial assets measured on a recurring basis $ 313,450 $ 55,330 $ 258,120 $ — Financial Liabilities Derivatives $ 77 $ — $ 77 $ — 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: U.S. Treasury note $ 43,759 $ 43,759 $ — $ — Corporate bonds 76,298 — 76,298 — U.S. Government agency obligations 15,423 11,295 4,128 — Obligations issued by U.S. states and their political subdivisions 16,268 — 16,268 — Mortgage-backed securities: Residential one-to-four family 140,186 — 140,186 — Multifamily 18,158 — 18,158 — Asset-backed securities 4,156 — 4,156 — Total securities available-for-sale 314,248 55,054 259,194 — Derivatives 11,091 — 11,091 — Total financial assets measured on a recurring basis $ 325,339 $ 55,054 $ 270,285 $ — Financial Liabilities Derivatives $ — $ — $ — $ — Measured on a nonrecurring basis: Nonfinancial assets Assets held for sale $ 917 $ — $ 917 $ — 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 less allowance for credit losses. 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 June 30, 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 June 30, 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 $ 33,615 $ — $ 27,986 $ — Loans, net 1,567,332 — — 1,349,811 Financial liabilities Time deposits 521,074 — 513,745 — FHLB advances 399,500 — 403,841 — 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 — 318,688 —

REVENUE FROM CONTRACTS WITH CUS

REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2023 and 2022, respectively. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Service charges on deposits $ 225 $ 267 $ 431 $ 496 Interchange income 13 10 24 19 Total revenue from contracts with customers $ 238 $ 277 $ 455 $ 515 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 wire transfer 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	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (Income In thousands) Net (loss) income applicable to common shares $ (1,825) $ 40 $ (3,034) $ 593 Shares Average number of common shares outstanding 26,314,743 28,522,500 26,184,419 28,522,500 Less: Average unallocated ESOP shares 2,065,029 2,156,176 2,053,402 2,167,521 Average number of common shares outstanding used to calculate basic earnings per common share 24,249,714 26,366,324 24,131,017 26,354,979 Common stock equivalents — — — — Average number of common shares outstanding used to calculate diluted earnings per common share 24,249,714 26,366,324 24,131,017 26,354,979 Earnings per common share Basic $ (0.08) $ — $ (0.13) $ 0.02 Diluted $ (0.08) $ — $ (0.13) $ 0.02 Excluded from the earnings per share calculation are anti-dilutive equity awards for the three and six months ended June 30, 2023, totaling 1,490,010 and 1,177,136, respectively. There were no securities or other contracts that had a dilutive effect for the three and six months ended June 30, 2022. Due to the Company’s net loss three and six months ended June 30, 2023, the assumed vesting of outstanding restricted stock units had an antidilutive effect on diluted earnings per share.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSAs defined in FASB ASC 855, “Subsequent Events,” subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued or available to be issued. Financial statements are considered issued when they are widely distributed to stockholders and other financial statement users for general use and reliance in a form and format that complies with U.S. GAAP. The Company performed an evaluation and determined that there are no subsequent events to report.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 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 may be reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or shareholders’ equity. The results of operations and other data presented for the three and six months ended June 30, 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 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 the provision for credit losses. 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. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (“ASU 2020-04”): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts and hedging relationships, subject to meeting certain criteria, that reference the London Inter-Bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued. It is intended to help stakeholders during the global market-wide reference rate transition period. The guidance was effective for all entities as of March 12, 2020 through December 31, 2022. However, in December 2022, the FASB issued ASU 2022-06, deferring the sunset date to December 31, 2024. The Company has evaluated the regulatory requirements to cease the use of LIBOR and has put in place systems and capabilities for this purpose. The adoption is not expected to have a material impact on the Company’s consolidated financial statements.

SECURITIES (Tables)

SECURITIES (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2023 and December 31, 2022 are as follows: Amortized Gross Unrealized Gains Gross Unrealized Losses Estimated (In thousands) June 30, 2023 U.S. Treasury Note $ 46,936 $ — $ (2,826) $ 44,110 Corporate Bonds 81,609 37 (6,646) 75,000 U.S. Government agency obligations 15,561 — (864) 14,697 Obligations issued by U.S. states and their political subdivisions 16,466 26 (358) 16,134 Mortgage-backed securities: Residential one-to-four family 157,461 — (23,869) 133,592 Multifamily 14,309 — (1,138) 13,171 Asset-backed securities 4,524 — (305) 4,219 Total $ 336,866 $ 63 $ (36,006) $ 300,923 December 31, 2022 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 $ 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 June 30, 2023 and December 31, 2022, are as follows: Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated (In thousands) June 30, 2023 Corporate bonds $ 18,600 $ — $ (3,567) $ 15,033 Asset-backed securities 15,015 — (2,062) 12,953 Total $ 33,615 $ — $ (5,629) $ 27,986 December 31, 2022 Corporate bonds $ 18,600 $ — $ (2,281) $ 16,319 Asset-backed securities 15,105 — (2,309) 12,796 Total $ 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 as of June 30, 2023. Expected maturities on mortgage and asset-backed securities generally exceed 20 years; however, they 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. Amortized Cost (1) Estimated Fair Value (In thousands) Available-for-sale Due in one year or less $ 38,147 $ 37,447 Due from one year to five years 96,863 90,914 Due from five to ten years 21,864 18,102 Due after ten years 3,698 3,478 Mortgage-backed and asset-backed securities 176,294 150,982 Total $ 336,866 $ 300,923 Held-to-maturity Due from one year to five years $ 16,600 $ 13,400 Due from five to ten years 2,000 1,633 Mortgage-backed and asset-backed securities $ 15,015 $ 12,953 Total $ 33,615 $ 27,986
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 June 30, 2023. AAA A1 BBB+ BBB BBB- Total (In thousands) Corporate bonds $ — $ — $ 1,600 $ 11,000 $ 6,000 $ 18,600 Asset-backed securities 9,022 5,993 — — — 15,015 Total held-to-maturity $ 9,022 $ 5,993 $ 1,600 $ 11,000 $ 6,000 $ 33,615
Summary of available-for-sale securities with unrealized losses	The following tables summarize available-for-sale securities with unrealized losses at June 30, 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) June 30, 2023 U.S. Treasury Note $ — $ — $ (2,826) $ 44,110 5 $ (2,826) $ 44,110 Corporate Bonds (844) 7,156 (5,802) 53,144 27 (6,646) 60,300 U.S. Government agency obligations (5) 634 (859) 14,063 4 (864) 14,697 Obligations issued by U.S. states and their political subdivisions (18) 6,074 (340) 6,116 13 (358) 12,190 Mortgage-backed securities: Residential one-to-four family (1) 51 (23,868) 133,535 48 (23,869) 133,586 Multifamily — — (1,138) 13,171 6 (1,138) 13,171 Asset-backed securities — — (305) 4,219 2 (305) 4,219 Total $ (868) $ 13,915 $ (35,138) $ 268,358 105 $ (36,006) $ 282,273 December 31, 2022 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 $ (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 June 30, 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) June 30, 2023 Corporate Bonds (500) 3,500 (3,067) 11,533 9 (3,567) 15,033 Asset-backed securities — — (2,062) 12,953 2 (2,062) 12,953 Total $ (500) $ 3,500 $ (5,129) $ 24,486 11 $ (5,629) $ 27,986 December 31, 2022 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 $ (1,177) $ 10,423 $ (3,414) $ 18,692 11 $ (4,591) $ 29,115

LOANS RECEIVABLE (Tables)

LOANS RECEIVABLE (Tables)	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Summary of loans receivable	A summary of loans receivable, net at June 30, 2023 and December 31, 2022, follows: June 30, 2023 (In thousands) Residential one-to-four family $ 580,396 Multifamily 696,956 Non-residential 237,247 Construction 36,032 Junior liens 21,338 Commercial and industrial 9,743 Consumer and other 33 Total loans 1,581,745 Allowance for credit losses on loans (1) (14,413) Loans receivable, net $ 1,567,332 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 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) 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 June 30, 2023: Term Loans by Origination Year 2023 2022 2021 2020 2019 Pre-2019 Revolving Loans Total Residential one-to-four family Pass $ 10,036 $ 100,456 $ 119,000 $ 15,343 $ 19,279 $ 308,798 $ — $ 572,912 Substandard — — — — — 7,484 — 7,484 Total 10,036 100,456 119,000 15,343 19,279 316,282 — 580,396 Multifamily Pass 17,240 282,553 161,025 35,832 59,947 139,869 — 696,466 Special mention — — — — — 330 — 330 Substandard — — — — — 160 — 160 Total 17,240 282,553 161,025 35,832 59,947 140,359 — 696,956 Non-residential Pass 25,820 120,496 14,929 15,310 5,481 54,175 — 236,211 Special mention — — — — — 1,036 — 1,036 Total 25,820 120,496 14,929 15,310 5,481 55,211 — 237,247 Construction Pass 8,291 13,972 13,654 — — 115 — 36,032 Total 8,291 13,972 13,654 — — 115 — 36,032 Junior liens Pass 3,311 5,421 1,525 363 1,871 8,796 — 21,287 Substandard — — — — — 51 — 51 Total 3,311 5,421 1,525 363 1,871 8,847 — 21,338 Commercial and industrial Pass 6,289 110 3,109 170 — — — 9,678 Substandard (1) — — 65 — — — — 65 Total 6,289 110 3,174 170 — — — 9,743 Consumer and other Pass 18 — — — — — 15 33 Total 18 — — — — — 15 33 Total gross loans $ 71,005 $ 523,008 $ 313,307 $ 67,018 $ 86,578 $ 520,814 $ 15 $ 1,581,745 (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 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 June 30, 2023 and December 31, 2022: 30-59 60-89 90 Days Total Current Total (In thousands) June 30, 2023 Residential one-to-four family $ — $ 330 $ 6,318 $ 6,648 $ 573,748 $ 580,396 Multifamily — — — — 696,956 696,956 Non-residential — — — — 237,247 237,247 Construction — — — — 36,032 36,032 Junior liens — — 51 51 21,287 21,338 Commercial and Industrial — — 65 65 9,678 9,743 Consumer and other — — — — 33 33 Total $ — $ 330 $ 6,434 $ 6,764 $ 1,574,981 $ 1,581,745 December 31, 2022 Residential one-to-four family $ — $ 845 $ 6,738 $ 7,583 $ 589,671 $ 597,254 Multifamily — — 182 182 690,508 690,690 Non-residential — — — — 216,061 216,061 Construction — — — — 17,799 17,799 Junior liens — — 52 52 18,579 18,631 Commercial and Industrial — — 96 96 4,557 4,653 Consumer and other — — — — 39 39 Total $ — $ 845 $ 7,068 $ 7,913 $ 1,537,214 $ 1,545,127
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 June 30, 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 $ 7,460 $ — $ — $ 7,460 Multifamily 160 — — 160 Commercial and industrial 65 — — 65 Junior liens 51 — — 51 Total $ 7,736 $ — $ — $ 7,736 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 — Commercial and industrial (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 at and as of June 30, 2022 and at December 31, 2022: June 30, 2022 Six Months Ended June 30, 2022 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Cash Basis Interest Recognized (In thousands) With no related allowance recorded: Residential one-to-four family $ 7,771 $ 8,054 $ — $ 8,686 $ 61 $ 58 Multifamily 659 659 — 671 13 10 Non-residential 3,755 3,595 — 4,275 105 95 Junior liens 54 54 — 55 1 1 12,239 12,362 — 13,687 180 164 With an allowance recorded: Residential one-to-four family 1,122 1,125 30 743 23 20 1,122 1,125 30 743 23 20 Total $ 13,361 $ 13,487 $ 30 $ 14,430 $ 203 $ 184 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)	6 Months Ended
	Jun. 30, 2023
Credit Loss [Abstract]
Summary of changes in allowance for loan losses by class of loans	The allowance for credit losses on loans is summarized in the following table: For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Balance at beginning of period $ 14,153 $ 13,465 $ 13,400 $ 14,425 Impact of adopting ASU 2016-13 and ASU 2022-02 — — 668 — Charge-offs (13) (9) (18) (19) Recoveries — — 1 2 Net charge-offs (13) (9) (17) (17) Provision for (recovery of) credit loss on loans 273 594 362 (358) Balance at end of period $ 14,413 $ 14,050 $ 14,413 $ 14,050 The following tables presents the activity in the Company’s allowance for credit losses by class of loans based on the analysis performed for the three months ended June 30, 2023 and 2022: Balance at March 31, 2023 Charge-offs (1) Recoveries (Recovery of) Provision for Credit Loss - Loans Balance at June 30, 2023 (In thousands) Residential one-to-four family $ 2,056 $ — $ — $ (62) $ 1,994 Multifamily 7,191 — — (174) 7,017 Non-residential 3,570 — — 243 3,813 Construction 1,190 — — 238 1,428 Commercial and industrial 100 — — 11 111 Junior liens 46 — — 4 50 Consumer and other (1) — (13) — 13 — Total $ 14,153 $ (13) $ — $ 273 $ 14,413 (1) Charge-offs relate to overdrafts, which were originated in 2023 as it is our policy to charge these off within 60 days of occurrence. Balance at March 31, 2022 Charge-offs Recoveries (Recovery of) Provision for Loan Loss Balance at June 30, 2022 (In thousands) Residential one-to-four family $ 2,610 $ — $ — $ (28) $ 2,582 Multifamily 4,776 — — 363 5,139 Non-residential 3,465 — — 175 3,640 Construction 1,905 — — 189 2,094 Commercial and industrial 71 — — (29) 42 Junior liens 549 — — (81) 468 Consumer and other — (9) — 9 — Unallocated 89 — — (4) 85 Total $ 13,465 $ (9) $ — $ 594 $ 14,050 The following tables presents the activity in the Company’s allowance for credit losses by class of loans based on the analysis performed for the six months ended June 30, 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 June 30, 2023 (In thousands) Residential one-to-four family $ 2,264 $ (183) $ — $ — $ (87) $ 1,994 Multifamily 5,491 2,057 — — (531) 7,017 Non-residential 3,357 146 — — 310 3,813 Construction 1,697 (832) — — 563 1,428 Commercial and industrial 47 (23) — — 87 111 Junior liens 451 (405) — — 4 50 Consumer and other (1) — 1 (18) 1 16 — Unallocated 93 (93) — — — — Total $ 13,400 $ 668 $ (18) $ 1 $ 362 $ 14,413 (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 June 30, 2022 (In thousands) Residential one-to-four family $ 2,822 $ — $ — $ (240) $ 2,582 Multifamily 5,263 — — (124) 5,139 Non-residential 2,846 — — 794 3,640 Construction 2,678 — — (584) 2,094 Commercial and industrial 51 — — (9) 42 Junior liens 636 — — (168) 468 Consumer and other 38 (19) 2 (21) — Unallocated 91 — — (6) 85 Total $ 14,425 $ (19) $ 2 $ (358) $ 14,050 The following table represents the allocation of allowance for loan losses and the related recorded investment, including deferred fees and costs, in loans by loan portfolio segment, disaggregated based on the impairment methodology at June 30, 2023 and December 31, 2022 : Loans Allowance for Credit Losses on Loans June 30, 2023 Individually Evaluated Collectively Evaluated Total Individually Evaluated Collectively Evaluated Total (In thousands) Residential one-to-four family $ 7,484 $ 572,912 $ 580,396 $ — $ 1,994 $ 1,994 Multifamily 160 696,796 696,956 — 7,017 7,017 Non-residential — 237,247 237,247 — 3,813 3,813 Construction — 36,032 36,032 — 1,428 1,428 Commercial and industrial (1) — 9,743 9,743 — 111 111 Junior liens 51 21,287 21,338 — 50 50 Consumer and other — 33 33 — — — Total $ 7,695 $ 1,574,050 $ 1,581,745 $ — $ 14,413 $ 14,413 (1) Includes PPP loans, which carry the federal guarantee of the SBA and do not have an allowance for credit losses. 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 (1) — 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 (1) Includes PPP loans which carry the federal guarantee of the SBA and do not have an allowance for credit losses.

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Summary of balance sheet information related to operating leases	The Company had the following related to operating leases: June 30, 2023 December 31, 2022 (Dollars in thousands) Right-of-use assets $ 26,594 $ 25,906 Lease liabilities 28,130 27,324 Weighted average remaining lease term for operating leases 10.7 years 11.3 years Weighted average discount rate used in the measurement of lease liabilities 2.39 % 2.19 %
Summary of lease cost	The following table is a summary of the Company’s components of net lease cost for the three and six months ended June 30, 2023 and 2022. The variable lease cost primarily represents variable payments such as common area maintenance and utilities. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Operating lease cost $ 875 $ 770 $ 1,715 $ 1,540 Finance lease cost — 6 4 12 Variable lease cost 70 59 127 113 Total lease cost included as a component of occupancy and equipment $ 945 $ 835 $ 1,846 $ 1,665 The following table presents supplemental cash flow information related to operating leases: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows from operating leases $ 813 $ 768 $ 1,702 $ 1,525 Operating lease liabilities arising from obtaining right-of-use assets (non-cash): Operating leases $ 982 $ — $ 2,088 $ —
Summary of future undiscounted operating lease payments	Future undiscounted lease payments for operating leases with initial terms of one year or more as of June 30, 2023 are as follows: Through June 30, (In thousands) 2024 $ 3,391 2025 3,208 2026 3,031 2027 2,957 2028 2,804 Thereafter 16,585 Total undiscounted lease payments 31,976 Less: imputed interest (3,846) Total $ 28,130

DEPOSITS (Tables)

DEPOSITS (Tables)	6 Months Ended
	Jun. 30, 2023
Deposits [Abstract]
Summary of deposits	Deposits at June 30, 2023 and December 31, 2022 are summarized as follows: June 30, 2023 December 31, 2022 (In thousands) Non-interest bearing deposits $ 26,067 $ 37,907 NOW and demand accounts 404,407 410,937 Savings 315,713 423,758 Time deposits 521,074 416,260 Total $ 1,267,261 $ 1,288,862
Schedule of timed deposit maturities	Time deposits mature as follows for the years ending December 31: (In thousands) Remainder of 2023 $ 263,634 2024 236,062 2025 13,399 2026 4,098 2027 2,262 2028 1,619 $ 521,074

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of share-based compensation expense	The following table presents the share-based compensation expense for the three and six months ended June 30, 2023. There was no share-based compensation expense for the three and six months ended June 30, 2022. Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 (In thousands) Stock option expense $ 397 $ 796 Restricted stock expense 371 648 Total share-based compensation expense $ 768 $ 1,444
Schedule of stock option activity	The following is a summary of the Company’s stock option activity and related information for the six months ended June 30, 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 Forfeited (91,200) 4.25 11.69 9.3 Outstanding - June 30, 2023 2,499,863 $ 4.12 $ 11.65 9.3 Exercisable - June 30, 2023 —
Schedule of restricted shares activity	The following is a summary of the status of the Company’s restricted shares as of June 30, 2023 and changes therein during the six 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 Forfeited (10,500) 12.00 Outstanding - June 30, 2023 1,021,761 $ 11.87

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 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: June 30, 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 5.25 % 4.61 % Weighted average maturity (in years) 3.8 4.2 Gross unrealized gain included in other assets $ 12,527 $ 11,091 Gross unrealized loss included in other liabilities 77 — Unrealized gains, net $ 12,450 $ 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 and six months ended June 30, 2023, and June 30, 2022, is as follows: Amount of Gain Recognized in OCI (Net of Tax) on Derivative (1) Location of Gain (Loss) Reclassified from OCI into Income/(Expense) Amount of Gain (Loss) Reclassified from OCI to Income/(Expense) (In thousands) Three months ended June 30, 2023 Interest rate contracts $ 3,803 Interest Expense $ 1,346 Three months ended June 30, 2022 Interest rate contracts $ 2,360 Interest Expense $ (146) Six months ended June 30, 2023 Interest rate contracts $ 1,359 Interest Expense $ 2,350 Six months ended June 30, 2022 Interest rate contracts $ 7,919 Interest Expense $ (468) (1) Net of tax, adjusted for deferred tax valuation allowance.

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	6 Months Ended
	Jun. 30, 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 periods indicated: Three Months Ended June 30, 2023 2022 Before Tax Tax After Before Tax Tax After (In thousands) Unrealized loss on securities available-for-sale: Unrealized loss arising during the period $ (3,800) $ — $ (3,800) $ (10,808) $ 3 $ (10,805) Reclassification adjustment for gain included in net income — — — (14) — (14) Total (3,800) — (3,800) (10,822) 3 (10,819) Unrealized gain on cash flow hedge: Unrealized gain arising during the period 5,149 — 5,149 2,214 — 2,214 Reclassification adjustment for (gain) loss included in net (loss) income (1,346) — (1,346) 146 — 146 Total gain 3,803 — 3,803 2,360 — 2,360 Post-Retirement plans: Net benefit arising from plan amendment (1) — — — 164 — 164 Reclassification adjustment for amortization of: Net actuarial (gain) loss (2) — (2) 52 — 52 Total (2) — (2) 216 — 216 Total other comprehensive income (loss) $ 1 $ — $ 1 $ (8,246) $ 3 $ (8,243) (1) Benefit arising from plan amendment approved in June 2022. Six Months Ended June 30, 2023 2022 Before Tax Tax After Before Tax Tax After (In thousands) Unrealized gain (loss) on securities available-for-sale: Unrealized gain (loss) arising during the period $ 239 $ — $ 239 $ (26,596) $ 52 $ (26,544) Reclassification adjustment for gain included in net income — — — (14) — (14) Total 239 — 239 (26,610) 52 (26,558) Unrealized gain on cash flow hedge: Unrealized gain arising during the period 3,709 — 3,709 7,451 — 7,451 Reclassification adjustment for (gain) loss included in net (loss) income (2,350) — (2,350) 468 — 468 Total gain 1,359 — 1,359 7,919 — 7,919 Post-Retirement plans: Net benefit arising from plan amendment (1) — — — 164 — 164 Reclassification adjustment for amortization of: Net actuarial (gain) loss (4) — (4) 100 — 100 Total (4) — (4) 264 — 264 Total other comprehensive income (loss) $ 1,594 $ — $ 1,594 $ (18,427) $ 52 $ (18,375) (1) Benefit arising from plan amendment approved in June 2022.
Schedule of changes in accumulated other comprehensive income by component, net of tax	The following is a summary of the changes in accumulated other comprehensive income by component, net of tax, inclusive of a deferred tax valuation allowance, for the periods indicated: Unrealized Gains on Cash Flow Unrealized Losses on Available-for-Sale Post-Retirement Total (In thousands) Balance at March 31, 2023 $ 8,647 $ (32,144) $ 371 $ (23,126) Other comprehensive income (loss) before reclassification 5,149 (3,800) — 1,349 Amounts reclassified from accumulated other comprehensive income (1,346) — (2) (1,348) Net current period other comprehensive gain (loss) 3,803 (3,800) (2) 1 Balance at June 30, 2023 $ 12,450 $ (35,944) $ 369 $ (23,125) Unrealized Gains on Cash Flow Unrealized Losses on Available-for-Sale Post-Retirement Total (In thousands) Balance at March 31, 2022 $ 5,313 $ (14,648) $ (1,169) $ (10,504) Other comprehensive income (loss) before reclassification 2,214 (10,805) 164 (8,427) Amounts reclassified from accumulated other comprehensive income 146 (14) 52 184 Net current period other comprehensive gain (loss) 2,360 (10,819) 216 (8,243) Balance at June 30, 2022 $ 7,673 $ (25,467) $ (953) $ (18,747) 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 3,709 239 — 3,948 Amounts reclassified from accumulated other comprehensive income (2,350) — (4) (2,354) Net current period other comprehensive gain (loss) 1,359 239 (4) 1,594 Balance at June 30, 2023 $ 12,450 $ (35,944) $ 369 $ (23,125) Unrealized Gains and (Losses) on Cash Flow Unrealized Gains and (Losses) on Available-for-Sale Post-Retirement Total (In thousands) Balance at December 31, 2021 $ (246) $ 1,091 $ (1,217) $ (372) Other comprehensive income (loss) before reclassification 7,451 (26,544) 164 (18,929) Amounts reclassified from accumulated other comprehensive income 468 (14) 100 554 Net current period other comprehensive gain (loss) 7,919 (26,558) 264 (18,375) Balance at June 30, 2022 $ 7,673 $ (25,467) $ (953) $ (18,747)
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 June 30, Six Months Ended June 30, Affected Line Item in the Statement Where Net Income is Presented 2023 2022 2023 2022 (In thousands) Unrealized gains on securities available for sale: Realized gains on securities available for sale $ — $ 14 $ — $ 14 Gain on securities, net Losses on cash flow hedges: Interest rate contracts 1,346 (146) 2,350 (468) Interest expense Amortization of post-retirement plan items: Net actuarial loss 2 (52) 4 (100) Compensation and employee benefits Total tax effect (1) — — — — Income tax expense Total reclassification for the period, net of tax $ 1,348 $ (184) $ 2,354 $ (554)

FAIR VALUE OF ASSETS AND LIAB_2

FAIR VALUE OF ASSETS AND LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2023: Fair Value Measurements at June 30, 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 $ 44,110 $ 44,110 $ — $ — Corporate bonds 75,000 — 75,000 — U.S. Government agency obligations 14,697 11,220 3,477 — Obligations issued by U.S. states and their political subdivisions 16,134 — 16,134 — Mortgage-backed securities: Residential one-to-four family 133,592 — 133,592 — Multifamily 13,171 — 13,171 — Asset-backed securities 4,219 — 4,219 — Total securities available-for-sale 300,923 55,330 245,593 — Derivatives 12,527 — 12,527 — Total financial assets measured on a recurring basis $ 313,450 $ 55,330 $ 258,120 $ — Financial Liabilities Derivatives $ 77 $ — $ 77 $ — 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: U.S. Treasury note $ 43,759 $ 43,759 $ — $ — Corporate bonds 76,298 — 76,298 — U.S. Government agency obligations 15,423 11,295 4,128 — Obligations issued by U.S. states and their political subdivisions 16,268 — 16,268 — Mortgage-backed securities: Residential one-to-four family 140,186 — 140,186 — Multifamily 18,158 — 18,158 — Asset-backed securities 4,156 — 4,156 — Total securities available-for-sale 314,248 55,054 259,194 — Derivatives 11,091 — 11,091 — Total financial assets measured on a recurring basis $ 325,339 $ 55,054 $ 270,285 $ — Financial Liabilities Derivatives $ — $ — $ — $ — Measured on a nonrecurring basis: Nonfinancial assets Assets held for sale $ 917 $ — $ 917 $ —
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 June 30, 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 June 30, 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 $ 33,615 $ — $ 27,986 $ — Loans, net 1,567,332 — — 1,349,811 Financial liabilities Time deposits 521,074 — 513,745 — FHLB advances 399,500 — 403,841 — 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 — 318,688 —

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2023 and 2022, respectively. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Service charges on deposits $ 225 $ 267 $ 431 $ 496 Interchange income 13 10 24 19 Total revenue from contracts with customers $ 238 $ 277 $ 455 $ 515

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of earnings per share	Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (Income In thousands) Net (loss) income applicable to common shares $ (1,825) $ 40 $ (3,034) $ 593 Shares Average number of common shares outstanding 26,314,743 28,522,500 26,184,419 28,522,500 Less: Average unallocated ESOP shares 2,065,029 2,156,176 2,053,402 2,167,521 Average number of common shares outstanding used to calculate basic earnings per common share 24,249,714 26,366,324 24,131,017 26,354,979 Common stock equivalents — — — — Average number of common shares outstanding used to calculate diluted earnings per common share 24,249,714 26,366,324 24,131,017 26,354,979 Earnings per common share Basic $ (0.08) $ — $ (0.13) $ 0.02 Diluted $ (0.08) $ — $ (0.13) $ 0.02

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ / shares in Units, $ in Thousands		3 Months Ended	6 Months Ended
	Jul. 15, 2021 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2023 USD ($) segment shares	Jun. 30, 2022 USD ($) shares	Mar. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Mar. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares
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	2,281,800
Loans receivable, allowance		$ 14,413	$ 14,413	$ 14,050	$ 14,153	$ 13,400	$ 13,465	$ 14,425
Reversal in reserve for commitments and letters of credit		636	$ 636			1,700
Number of operating segments | segment			1
Shareholders' equity		$ (366,534)	$ (366,534)	$ (412,293)	(385,693)	$ (393,718)	(420,214)	(429,471)
ESOP shares committed to be released (in shares) | shares		22,818	45,636	22,818
Common stock, outstanding (in shares) | shares		25,493,422	25,493,422			27,523,219
Unallocated Common Stock Held by ESOP
Lessee, Lease, Description [Line Items]
Shareholders' equity		$ 20,536	$ 20,536	$ 21,449	20,764	$ 20,993	21,677	21,905
Retained Earnings
Lessee, Lease, Description [Line Items]
Shareholders' equity		(168,703)	(168,703)	(170,050)	(170,528)	(171,763)	(170,010)	(169,457)
Common Stock
Lessee, Lease, Description [Line Items]
Shareholders' equity		$ (285)	$ (285)	$ (285)	$ (285)	$ (285)	$ (285)	$ (285)
Common stock, outstanding (in shares) | shares		25,493,422	25,493,422	28,522,500	27,385,482	27,523,219	28,522,500	28,522,500
Additional Paid-In Capital
Lessee, Lease, Description [Line Items]
Shareholders' equity		$ (272,267)	$ (272,267)	$ (282,154)	$ (271,507)	$ (279,454)	$ (282,100)	$ (282,006)
Treasury Stock
Lessee, Lease, Description [Line Items]
Shareholders' equity		31,060	31,060	0	12,737	12,072	0	0
Accumulated Other Comprehensive Income (Loss)
Lessee, Lease, Description [Line Items]
Shareholders' equity		$ 23,125	$ 23,125	$ 18,747	23,126	24,719	10,504	372
Cumulative Effect, Period of Adoption, Adjustment
Lessee, Lease, Description [Line Items]
Allowance for credit losses						18
Loans receivable, allowance					$ 0	668	$ 0	$ 0
Held-to-maturities securities allowance						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 | Accounting Standards Update 2022-02 | Unallocated Common Stock Held by ESOP
Lessee, Lease, Description [Line Items]
Shareholders' equity						0
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13
Lessee, Lease, Description [Line Items]
Loans receivable, allowance						660
Shareholders' equity						18
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | Unallocated Common Stock Held by ESOP
Lessee, Lease, Description [Line Items]
Shareholders' equity						0
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | Accounting Standards Update 2022-02
Lessee, Lease, Description [Line Items]
Shareholders' equity						8
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | Accounting Standards Update 2016-13
Lessee, Lease, Description [Line Items]
Shareholders' equity						18
Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Accounting Standards Update 2022-02
Lessee, Lease, Description [Line Items]
Shareholders' equity						$ 0
Common stock, outstanding (in shares) | shares						0
Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Accounting Standards Update 2016-13
Lessee, Lease, Description [Line Items]
Shareholders' equity						$ 0
Common stock, outstanding (in shares) | shares						0
Cumulative Effect, Period of Adoption, Adjustment | Additional Paid-In Capital | Accounting Standards Update 2022-02
Lessee, Lease, Description [Line Items]
Shareholders' equity						$ 0
Cumulative Effect, Period of Adoption, Adjustment | Additional Paid-In Capital | Accounting Standards Update 2016-13
Lessee, Lease, Description [Line Items]
Shareholders' equity						0
Cumulative Effect, Period of Adoption, Adjustment | Treasury Stock | Accounting Standards Update 2022-02
Lessee, Lease, Description [Line Items]
Shareholders' equity						0
Cumulative Effect, Period of Adoption, Adjustment | Treasury Stock | Accounting Standards Update 2016-13
Lessee, Lease, Description [Line Items]
Shareholders' equity						0
Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) | Accounting Standards Update 2022-02
Lessee, Lease, Description [Line Items]
Shareholders' equity						0
Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) | Accounting Standards Update 2016-13
Lessee, Lease, Description [Line Items]
Shareholders' equity						$ 0
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%	100%

SECURITIES - Summary of amortiz

SECURITIES - Summary of amortized cost of securities available-for-sale and their estimated fair value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 336,866	$ 350,431
Gross Unrealized Gains	63	53
Gross Unrealized Losses	(36,006)	(36,236)
Estimated Fair Value	300,923	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	(2,826)	(3,178)
Estimated Fair Value	44,110	43,759
Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	81,609	81,725
Gross Unrealized Gains	37	4
Gross Unrealized Losses	(6,646)	(5,431)
Estimated Fair Value	75,000	76,298
U.S. Government agency obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	15,561	16,367
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(864)	(944)
Estimated Fair Value	14,697	15,423
Obligations issued by U.S. states and their political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	16,466	16,559
Gross Unrealized Gains	26	49
Gross Unrealized Losses	(358)	(340)
Estimated Fair Value	16,134	16,268
Residential one-to-four family
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	157,461	164,843
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(23,869)	(24,657)
Estimated Fair Value	133,592	140,186
Multifamily
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	14,309	19,475
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1,138)	(1,317)
Estimated Fair Value	13,171	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	(305)	(369)
Estimated Fair Value	$ 4,219	$ 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	Jun. 30, 2023	Dec. 31, 2022
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 33,615	$ 33,705
Gross Unrecognized Gains	0	0
Gross Unrecognized Losses	(5,629)	(4,590)
Estimated Fair Value	27,986	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	(3,567)	(2,281)
Estimated Fair Value	15,033	16,319
Asset-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	15,015	15,105
Gross Unrecognized Gains	0	0
Gross Unrecognized Losses	(2,062)	(2,309)
Estimated Fair Value	$ 12,953	$ 12,796

SECURITIES - Narrative (Details

SECURITIES - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) security	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) security	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) security
Schedule of Held-to-maturity Securities [Line Items]
Securities, held-to-maturity, allowance for credit losses	$ (170,000)	$ 0	$ (170,000)	$ 0
Proceeds from sales and calls of available-for-sale securities	0	2,400,000	0	2,400,000
Gross realized gains (losses) from available for sale securities		$ 14,000		$ 0
Value of securities with BBB Split rating	$ 33,615,000		$ 33,615,000		$ 33,705,000
Number of available-for-sale securities in unrealized loss positions | security	105		105		105
BBB Split Rating
Schedule of Held-to-maturity Securities [Line Items]
Number of securities with a BBB split rating | security	1		1
Value of securities with BBB Split rating	$ 2,000,000		$ 2,000,000
Debt Securities | Asset Pledged as Collateral
Schedule of Held-to-maturity Securities [Line Items]
Carrying amount of securities pledged	$ 4,200,000		$ 4,200,000		$ 4,200,000
U.S. Government agency obligations
Schedule of Held-to-maturity Securities [Line Items]
Number of available-for-sale securities in unrealized loss positions | security	4		4		5
Obligations issued by U.S. states and their political subdivisions
Schedule of Held-to-maturity Securities [Line Items]
Number of available-for-sale securities in unrealized loss positions | security	13		13		8
Corporate Bonds
Schedule of Held-to-maturity Securities [Line Items]
Value of securities with BBB Split rating	$ 18,600,000		$ 18,600,000		$ 18,600,000
Number of available-for-sale securities in unrealized loss positions | security	27		27		31
Asset-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Value of securities with BBB Split rating	$ 15,015,000		$ 15,015,000		$ 15,105,000
Number of available-for-sale securities in unrealized loss positions | security	2		2		2
US Government agency obligations, Treasury notes and mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Number of available-for-sale securities in unrealized loss positions | security	57		57

SECURITIES - Summary of amort_3

SECURITIES - Summary of amortized cost and fair value of debt securities shown by contractual maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Term of mortgage and asset backed securities, maturity (exceeds)	20 years
Amortized Cost
Due in one year or less	$ 38,147
Due from one year to five years	96,863
Due from five to ten years	21,864
Due after ten years	3,698
Mortgage-backed and asset-backed securities	176,294
Amortized Cost	336,866	$ 350,431
Estimated Fair Value
Due in one year or less	37,447
Due from one year to five years	90,914
Due from five to ten years	18,102
Due after ten years	3,478
Mortgage-backed and asset-backed securities	150,982
Total	300,923	314,248
Amortized Cost
Due from one year to five years	16,600
Due from five to ten years	2,000
Mortgage-backed and asset-backed securities	15,015
Amortized Cost	33,615	33,705
Estimated Fair Value
Due from one year to five years	13,400
Due from five to ten years	1,633
Mortgage-backed and asset-backed securities	12,953
Estimated Fair Value	$ 27,986	$ 29,115

SECURITIES - Summary of credit

SECURITIES - Summary of credit profile of debt securities held-to-maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	$ 33,615	$ 33,705
AAA
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	9,022
A1
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	5,993
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	15,015	$ 15,105
Asset-backed securities | AAA
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	9,022
Asset-backed securities | A1
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	5,993
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	Jun. 30, 2023 USD ($) security	Dec. 31, 2022 USD ($) security
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	$ (868)	$ (14,459)
Estimated Fair Value	13,915	172,191
Unrealized Losses	(35,138)	(21,777)
Estimated Fair Value	$ 268,358	$ 130,720
Number of Securities | security	105	105
Unrealized Losses	$ (36,006)	$ (36,236)
Estimated Fair Value	282,273	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	(2,826)	(1,836)
Estimated Fair Value	$ 44,110	$ 15,089
Number of Securities | security	5	5
Unrealized Losses	$ (2,826)	$ (3,178)
Estimated Fair Value	44,110	43,759
Corporate Bonds
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(844)	(3,608)
Estimated Fair Value	7,156	58,509
Unrealized Losses	(5,802)	(1,823)
Estimated Fair Value	$ 53,144	$ 15,522
Number of Securities | security	27	31
Unrealized Losses	$ (6,646)	$ (5,431)
Estimated Fair Value	60,300	74,031
U.S. Government agency obligations
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(5)	(5)
Estimated Fair Value	634	696
Unrealized Losses	(859)	(939)
Estimated Fair Value	$ 14,063	$ 14,727
Number of Securities | security	4	5
Unrealized Losses	$ (864)	$ (944)
Estimated Fair Value	14,697	15,423
Obligations issued by U.S. states and their political subdivisions
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(18)	(65)
Estimated Fair Value	6,074	5,641
Unrealized Losses	(340)	(275)
Estimated Fair Value	$ 6,116	$ 1,568
Number of Securities | security	13	8
Unrealized Losses	$ (358)	$ (340)
Estimated Fair Value	12,190	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	51	60,986
Unrealized Losses	(23,868)	(16,384)
Estimated Fair Value	$ 133,535	$ 79,189
Number of Securities | security	48	49
Unrealized Losses	$ (23,869)	$ (24,657)
Estimated Fair Value	133,586	140,175
Multifamily
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	0	(1,166)
Estimated Fair Value	0	17,689
Unrealized Losses	(1,138)	(151)
Estimated Fair Value	$ 13,171	$ 469
Number of Securities | security	6	5
Unrealized Losses	$ (1,138)	$ (1,317)
Estimated Fair Value	13,171	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	(305)	(369)
Estimated Fair Value	$ 4,219	$ 4,156
Number of Securities | security	2	2
Unrealized Losses	$ (305)	$ (369)
Estimated Fair Value	$ 4,219	$ 4,156

SECURITIES - Summary of held-fo

SECURITIES - Summary of held-for-maturity securities with unrealized losses (Details) $ in Thousands	Jun. 30, 2023 USD ($) security	Dec. 31, 2022 USD ($) security
Schedule of Held-to-maturity Securities [Line Items]
Unrealized Losses	$ (500)	$ (1,177)
Estimated Fair Value	3,500	10,423
Unrecognized Losses	(5,129)	(3,414)
Estimated Fair Value	$ 24,486	$ 18,692
Number of Securities | security	11	11
Unrecognized Losses	$ (5,629)	$ (4,591)
Estimated Fair Value	27,986	29,115
Corporate Bonds
Schedule of Held-to-maturity Securities [Line Items]
Unrealized Losses	(500)	(1,177)
Estimated Fair Value	3,500	10,423
Unrecognized Losses	(3,067)	(1,104)
Estimated Fair Value	$ 11,533	$ 5,896
Number of Securities | security	9	9
Unrecognized Losses	$ (3,567)	$ (2,281)
Estimated Fair Value	15,033	16,319
Asset-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Unrealized Losses	0	0
Estimated Fair Value	0	0
Unrecognized Losses	(2,062)	(2,310)
Estimated Fair Value	$ 12,953	$ 12,796
Number of Securities | security	2	2
Unrecognized Losses	$ (2,062)	$ (2,310)
Estimated Fair Value	$ 12,953	$ 12,796

LOANS RECEIVABLE - Summary of l

LOANS RECEIVABLE - Summary of loans receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 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	$ 1,581,745		1,545,127
Allowance for credit losses on loans	(14,413)	$ (14,153)	(13,400)	$ (14,050)	$ (13,465)	$ (14,425)
Loans receivable, net	1,567,332		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
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	580,396		597,254
Allowance for credit losses on loans	(1,994)	(2,056)	(2,264)	(2,582)	(2,610)	(2,822)
Residential Portfolio Segment | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans			690,278
Total loans	696,956		690,690
Allowance for credit losses on loans	(7,017)	(7,191)	(5,491)	(5,139)	(4,776)	(5,263)
Nonresidential Portfolio Segment | Non-residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans			216,394
Total loans	237,247		216,061
Allowance for credit losses on loans	(3,813)	(3,570)	(3,357)	(3,640)	(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	36,032		17,799
Junior Lien Portfolio Segment | Junior liens
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans			18,477
Total loans	21,338		18,631
Allowance for credit losses on loans	(50)	(46)	(451)	(468)	(549)	(636)
Commercial Portfolio Segment | Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses on loans	(1,428)	$ (1,190)	(1,697)	$ (2,094)	$ (1,905)	$ (2,678)
Commercial Portfolio Segment | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans			4,682
Total loans	9,743		4,653
Consumer and Other Portfolio Segment | Consumer and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans			38
Total loans	$ 33		$ 39

LOANS RECEIVABLE - Narrative (D

LOANS RECEIVABLE - Narrative (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) modified_loan	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Financing Receivable, Past Due [Line Items]
Accrued interest receivable		$ 5,800,000		$ 5,300,000
Net deferred loan fees		2,300,000
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		$ 2,497,000		$ 0
Residential Portfolio Segment | Residential one-to-four family | Contractual Interest Rate Reduction
Financing Receivable, Past Due [Line Items]
Number of loans meeting criteria for modification | modified_loan		2
Amount of loans modified		$ 1,100,000

LOANS RECEIVABLE - Credit quali

LOANS RECEIVABLE - Credit quality indicators (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
2023	$ 71,005
2022	523,008
2021	313,307
2020	67,018
2019	86,578
Pre-2019	520,814
Revolving Loans	15
Total	1,581,745	$ 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
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	10,036
2022	100,456
2021	119,000
2020	15,343
2019	19,279
Pre-2019	316,282
Revolving Loans	0
Total	580,396	597,254
Residential Portfolio Segment | Residential one-to-four family | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2023	10,036
2022	100,456
2021	119,000
2020	15,343
2019	19,279
Pre-2019	308,798
Revolving Loans	0
Total	572,912	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	7,484
Revolving Loans	0
Total	7,484	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	17,240
2022	282,553
2021	161,025
2020	35,832
2019	59,947
Pre-2019	140,359
Revolving Loans	0
Total	696,956	690,690
Residential Portfolio Segment | Multifamily | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2023	17,240
2022	282,553
2021	161,025
2020	35,832
2019	59,947
Pre-2019	139,869
Revolving Loans	0
Total	696,466	689,277
Residential Portfolio Segment | Multifamily | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Pre-2019	330
Revolving Loans	0
Total	330	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	160
Revolving Loans	0
Total	160	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	25,820
2022	120,496
2021	14,929
2020	15,310
2019	5,481
Pre-2019	55,211
Revolving Loans	0
Total	237,247	216,061
Nonresidential Portfolio Segment | Non-residential | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2023	25,820
2022	120,496
2021	14,929
2020	15,310
2019	5,481
Pre-2019	54,175
Revolving Loans	0
Total	236,211	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	1,036
Revolving Loans	0
Total	1,036	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	8,291
2022	13,972
2021	13,654
2020	0
2019	0
Pre-2019	115
Revolving Loans	0
Total	36,032	17,799
Construction and Land Portfolio Segment | Construction | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2023	8,291
2022	13,972
2021	13,654
2020	0
2019	0
Pre-2019	115
Revolving Loans	0
Total	36,032	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	3,311
2022	5,421
2021	1,525
2020	363
2019	1,871
Pre-2019	8,847
Revolving Loans	0
Total	21,338	18,631
Junior Lien Portfolio Segment | Junior liens | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2023	3,311
2022	5,421
2021	1,525
2020	363
2019	1,871
Pre-2019	8,796
Revolving Loans	0
Total	21,287	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	51
Revolving Loans	0
Total	51	52
Junior Lien Portfolio Segment | Junior liens | Doubtful / Loss
Financing Receivable, Credit Quality Indicator [Line Items]
Total		0
Commercial Portfolio Segment | Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
2023	6,289
2022	110
2021	3,174
2020	170
2019	0
Pre-2019	0
Revolving Loans	0
Total	9,743	4,653
Commercial Portfolio Segment | Commercial and industrial | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2023	6,289
2022	110
2021	3,109
2020	170
2019	0
Pre-2019	0
Revolving Loans	0
Total	9,678	4,653
Commercial Portfolio Segment | Commercial and industrial | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total		0
Commercial Portfolio Segment | Commercial and industrial | 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 | 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	18
2022	0
2021	0
2020	0
2019	0
Pre-2019	0
Revolving Loans	15
Total	33	39
Consumer and Other Portfolio Segment | Consumer and other | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2023	18
2022	0
2021	0
2020	0
2019	0
Pre-2019	0
Revolving Loans	15
Total	$ 33	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	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Total	$ 1,581,745	$ 1,545,127
Total Past Due
Financing Receivable, Past Due [Line Items]
Total	6,764	7,913
30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	0	0
60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	330	845
90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total	6,434	7,068
Current
Financing Receivable, Past Due [Line Items]
Total	1,574,981	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
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	580,396	597,254
Residential Portfolio Segment | Residential one-to-four family | Total Past Due
Financing Receivable, Past Due [Line Items]
Total	6,648	7,583
Residential Portfolio Segment | Residential one-to-four family | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	0	0
Residential Portfolio Segment | Residential one-to-four family | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	330	845
Residential Portfolio Segment | Residential one-to-four family | 90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total	6,318	6,738
Residential Portfolio Segment | Residential one-to-four family | Current
Financing Receivable, Past Due [Line Items]
Total	573,748	589,671
Residential Portfolio Segment | Multifamily
Financing Receivable, Past Due [Line Items]
Total	696,956	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	696,956	690,508
Nonresidential Portfolio Segment | Non-residential
Financing Receivable, Past Due [Line Items]
Total	237,247	216,061
Nonresidential Portfolio Segment | Non-residential | Total Past Due
Financing Receivable, Past Due [Line Items]
Total	0	0
Nonresidential Portfolio Segment | Non-residential | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	0	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	237,247	216,061
Construction and Land Portfolio Segment | Construction
Financing Receivable, Past Due [Line Items]
Total	36,032	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	36,032	17,799
Junior Lien Portfolio Segment | Junior liens
Financing Receivable, Past Due [Line Items]
Total	21,338	18,631
Junior Lien Portfolio Segment | Junior liens | Total Past Due
Financing Receivable, Past Due [Line Items]
Total	51	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	51	52
Junior Lien Portfolio Segment | Junior liens | Current
Financing Receivable, Past Due [Line Items]
Total	21,287	18,579
Commercial Portfolio Segment | Commercial and industrial
Financing Receivable, Past Due [Line Items]
Total	9,743	4,653
Commercial Portfolio Segment | Commercial and industrial | Total Past Due
Financing Receivable, Past Due [Line Items]
Total	65	96
Commercial Portfolio Segment | Commercial and industrial | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	0	0
Commercial Portfolio Segment | Commercial and industrial | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	0	0
Commercial Portfolio Segment | Commercial and industrial | 90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total	65	96
Commercial Portfolio Segment | Commercial and industrial | Current
Financing Receivable, Past Due [Line Items]
Total	9,678	4,557
Consumer and Other Portfolio Segment | Consumer and other
Financing Receivable, Past Due [Line Items]
Total	33	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	$ 33	$ 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	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Non-accrual	$ 7,736	$ 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	7,736
Residential Portfolio Segment | Residential one-to-four family
Financing Receivable, Past Due [Line Items]
Non-accrual	7,460	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	7,460
Residential Portfolio Segment | Multifamily
Financing Receivable, Past Due [Line Items]
Non-accrual	160	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	160
Commercial Portfolio Segment | Commercial and industrial
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
Junior Lien Portfolio Segment | Junior liens
Financing Receivable, Past Due [Line Items]
Non-accrual	51	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	$ 51

LOANS RECEIVABLE - Summary of i

LOANS RECEIVABLE - Summary of impaired loans by class of loan (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2022
With no related allowance recorded:
Unpaid Principal Balance	$ 12,239	$ 10,770
Recorded Investment	12,362	10,908
Average Recorded Investment	13,687
Interest Income Recognized	180
Cash Basis Interest Recognized	164
With an allowance recorded:
Unpaid Principal Balance	1,122	743
Recorded Investment	1,125	749
Allowance for Loan Losses Allocated	30	27
Average Recorded Investment	743
Interest Income Recognized	23
Cash Basis Interest Recognized	20
Total
Unpaid Principal Balance	13,361	11,513
Recorded Investment	13,487	11,657
Allowance for Loan Losses Allocated	30	27
Average Recorded Investment	14,430
Interest Income Recognized	203
Cash Basis Interest Recognized	184
Residential Portfolio Segment | Residential one-to-four family
With no related allowance recorded:
Unpaid Principal Balance	7,771	7,368
Recorded Investment	8,054	7,669
Average Recorded Investment	8,686
Interest Income Recognized	61
Cash Basis Interest Recognized	58
With an allowance recorded:
Unpaid Principal Balance	1,122	743
Recorded Investment	1,125	749
Allowance for Loan Losses Allocated	30	27
Average Recorded Investment	743
Interest Income Recognized	23
Cash Basis Interest Recognized	20
Total
Allowance for Loan Losses Allocated	30	27
Residential Portfolio Segment | Multifamily
With no related allowance recorded:
Unpaid Principal Balance	659	516
Recorded Investment	659	516
Average Recorded Investment	671
Interest Income Recognized	13
Cash Basis Interest Recognized	10
Nonresidential Portfolio Segment | Non-residential
With no related allowance recorded:
Unpaid Principal Balance	3,755	2,834
Recorded Investment	3,595	2,671
Average Recorded Investment	4,275
Interest Income Recognized	105
Cash Basis Interest Recognized	95
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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 14,153	$ 13,465	$ 13,400	$ 14,425
Charge-offs	(13)	(9)	(18)	(19)
Recoveries	0	0	1	2
Net charge-offs	(13)	(9)	(17)	(17)
Provision for (recovery of) credit loss on loans	273	594	362	(358)
Balance at end of period	14,413	14,050	14,413	14,050
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 0	$ 0	$ 668	$ 0

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 14,153	$ 13,465	$ 13,400	$ 14,425
Charge-offs	(13)	(9)	(18)	(19)
Recoveries	0	0	1	2
Provision for (recovery of) credit loss on loans	273	594	362	(358)
Balance at end of period	14,413	14,050	14,413	14,050
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	0	0	668	0
Residential Portfolio Segment | Residential one-to-four family
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	2,056	2,610	2,264	2,822
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Provision for (recovery of) credit loss on loans	(62)	(28)	(87)	(240)
Balance at end of period	1,994	2,582	1,994	2,582
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)
Residential Portfolio Segment | Multifamily
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	7,191	4,776	5,491	5,263
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Provision for (recovery of) credit loss on loans	(174)	363	(531)	(124)
Balance at end of period	7,017	5,139	7,017	5,139
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
Nonresidential Portfolio Segment | Non-residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	3,570	3,465	3,357	2,846
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Provision for (recovery of) credit loss on loans	243	175	310	794
Balance at end of period	3,813	3,640	3,813	3,640
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	1,190	1,905	1,697	2,678
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Provision for (recovery of) credit loss on loans	238	189	563	(584)
Balance at end of period	1,428	2,094	1,428	2,094
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 | Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	100	71	47	51
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Provision for (recovery of) credit loss on loans	11	(29)	87	(9)
Balance at end of period	111	42	111	42
Commercial and industrial | Commercial and industrial | 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	46	549	451	636
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Provision for (recovery of) credit loss on loans	4	(81)	4	(168)
Balance at end of period	50	468	50	468
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	0	0	38
Charge-offs	(13)	(9)	(18)	(19)
Recoveries	0	0	1	2
Provision for (recovery of) credit loss on loans	13	9	16	(21)
Balance at end of period	0	0	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		89	93	91
Charge-offs		0	0	0
Recoveries		0	0	0
Provision for (recovery of) credit loss on loans		(4)	0	(6)
Balance at end of period	$ 0	$ 85	0	$ 85
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	Jun. 30, 2023	Dec. 31, 2022
Loans
Individually Evaluated	$ 7,695	$ 11,657
Collectively Evaluated	1,574,050	1,533,470
Total	1,581,745	1,545,127
Allowance for Credit Losses on Loans
Individually Evaluated	0	27
Collectively Evaluated	14,413	13,373
Total	14,413	13,400
Residential Portfolio Segment | Residential one-to-four family
Loans
Individually Evaluated	7,484	8,418
Collectively Evaluated	572,912	588,836
Total	580,396	597,254
Allowance for Credit Losses on Loans
Individually Evaluated	0	27
Collectively Evaluated	1,994	2,237
Total	1,994	2,264
Residential Portfolio Segment | Multifamily
Loans
Individually Evaluated	160	516
Collectively Evaluated	696,796	690,174
Total	696,956	690,690
Allowance for Credit Losses on Loans
Individually Evaluated	0	0
Collectively Evaluated	7,017	5,491
Total	7,017	5,491
Nonresidential Portfolio Segment | Non-residential
Loans
Individually Evaluated	0	2,671
Collectively Evaluated	237,247	213,390
Total	237,247	216,061
Allowance for Credit Losses on Loans
Individually Evaluated	0	0
Collectively Evaluated	3,813	3,357
Total	3,813	3,357
Commercial Portfolio Segment | Construction
Loans
Individually Evaluated	0	0
Collectively Evaluated	36,032	17,799
Total	36,032	17,799
Allowance for Credit Losses on Loans
Individually Evaluated	0	0
Collectively Evaluated	1,428	1,697
Total	1,428	1,697
Commercial and industrial | Commercial and industrial
Loans
Individually Evaluated	0	0
Collectively Evaluated	9,743	4,653
Total	9,743	4,653
Allowance for Credit Losses on Loans
Individually Evaluated	0	0
Collectively Evaluated	111	47
Total	111	47
Junior Lien Portfolio Segment | Junior liens
Loans
Individually Evaluated	51	52
Collectively Evaluated	21,287	18,579
Total	21,338	18,631
Allowance for Credit Losses on Loans
Individually Evaluated	0	0
Collectively Evaluated	50	451
Total	50	451
Consumer Portfolio Segment | Consumer and other
Loans
Individually Evaluated	0	0
Collectively Evaluated	33	39
Total	33	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
Collectively Evaluated		0
Total		0
Allowance for Credit Losses on Loans
Individually Evaluated		0
Collectively Evaluated		93
Total		$ 93

ALLOWANCE FOR CREDIT LOSSES - N

ALLOWANCE FOR CREDIT LOSSES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Provision for credit losses on held-to-maturity securities			$ (17)
Reversal in reserve for commitments and letters of credit	$ 636		636		$ 1,700
Recovery of provision of credit loss on off-balance sheet exposures	(113)	$ (108)	(242)	$ (278)
Held-to-maturity Securities
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Interest receivable	$ 1,400		$ 1,400		1,000
Cumulative Effect, Period of Adoption, Adjustment
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Held-to-maturities securities allowance					170
Reversal in reserve for commitments and letters of credit					$ (811)

LEASES - Narrative (Details)

LEASES - Narrative (Details)	Jun. 30, 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	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Right-of-use assets	$ 26,594	$ 25,906
Lease liabilities	$ 28,130	$ 27,324
Weighted average remaining lease terms for operating leases (in years)	10 years 8 months 12 days	11 years 3 months 18 days
Weighted average discount rate used in the measurement of lease liabilities	2.39%	2.19%

LEASES - Summary of components

LEASES - Summary of components of net lease cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease cost	$ 875	$ 770	$ 1,715	$ 1,540
Finance lease cost	0	6	4	12
Variable lease cost	70	59	127	113
Total lease cost included as a component of occupancy and equipment	$ 945	$ 835	$ 1,846	$ 1,665

LEASES - Supplemental cash flow

LEASES - Supplemental cash flow information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating cash flows from operating leases	$ 813	$ 768	$ 1,702	$ 1,525
Operating leases	$ 982	$ 0	$ 2,088	$ 0

LEASES - Schedule of future und

LEASES - Schedule of future undiscounted lease payments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 3,391
2025	3,208
2026	3,031
2027	2,957
2028	2,804
Thereafter	16,585
Total undiscounted lease payments	31,976
Less: imputed interest	(3,846)
Total	$ 28,130	$ 27,324

DEPOSITS - Summary of deposits

DEPOSITS - Summary of deposits (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Deposits [Abstract]
Non-interest bearing deposits	$ 26,067	$ 37,907
NOW and demand accounts	404,407	410,937
Savings	315,713	423,758
Time deposits	521,074	416,260
Total	1,267,261	1,288,862
Brokers deposits included in time deposits	$ 125,000	$ 75,000

DEPOSITS - Schedule of timed de

DEPOSITS - Schedule of timed deposit maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Deposits [Abstract]
Remainder of 2023	$ 263,634
2024	236,062
2025	13,399
2026	4,098
2027	2,262
2028	1,619
Time deposits	$ 521,074	$ 416,260

STOCK-BASED COMPENSATION - Empl

STOCK-BASED COMPENSATION - Employee stock ownership plan (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Jul. 15, 2021
Share-Based Payment Arrangement [Abstract]
Shares in ESOP (in shares)	2,281,800	2,281,800		2,281,800
Price per share, ESOP (in usd per share)		$ 10
ESOP loan balance	$ 21,200,000	$ 21,200,000
Contributions to ESOP	$ 0	$ 0
Unallocated ESOP shares (in shares)	2,099,256	2,099,256	2,099,256
Allocated ESOP shares (in shares)	182,544	182,544	182,544
Fair value of unallocated ESOP shares	$ 21,200,000	$ 21,200,000	$ 27,000,000

STOCK-BASED COMPENSATION - ESOP

STOCK-BASED COMPENSATION - ESOP compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
ESOP and stock-based compensation expense	$ 220	$ 282	$ 483	$ 604
ESOP shares committed to be released (in shares)	22,818		45,636	22,818

STOCK-BASED COMPENSATION - Equi

STOCK-BASED COMPENSATION - Equity incentive plan (Details) - USD ($) $ in Thousands			3 Months Ended	6 Months Ended
	Mar. 06, 2023	Aug. 25, 2022	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)			0	0
Expected future expense of non-vested options			$ 9,100	$ 9,100
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected period of recognition (in years)				6 years
Expected future expense of non-vested RSUs			$ 8,300	$ 8,300
Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected period of recognition (in years)				5 years 9 months 18 days
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 (in years)	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 (in years)	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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense		$ 0		$ 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	$ 768,000		$ 1,444,000
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	397,000		796,000
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	$ 371,000		$ 648,000

STOCK-BASED COMPENSATION - Summ

STOCK-BASED COMPENSATION - Summary of option activity (Details) - $ / shares	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Number of Stock Options
Outstanding (in shares)		2,591,063
Granted (in shares)	0	0
Forfeited (in shares)		(91,200)
Outstanding (in shares)	2,499,863	2,499,863	2,591,063
Exercisable, end of period (in shares)	0	0
Weighted Average Grant Date Fair Value
Outstanding (in dollars per share)		$ 4.12
Forfeited (in dollars per share)		4.25
Outstanding (in dollars per share)	$ 4.12	4.12	$ 4.12
Weighted Average Exercise Price
Outstanding (in dollars per share)		11.65
Forfeited (in dollars per share)		11.69
Outstanding (in dollars per share)	$ 11.65	$ 11.65	$ 11.65
Weighted Average Remaining Contractual Life (years)
Outstanding (in years)		9 years 3 months 18 days	9 years 9 months 18 days
Forfeited (in years)		9 years 3 months 18 days

STOCK-BASED COMPENSATION - Su_2

STOCK-BASED COMPENSATION - Summary of RSU activity (Details) - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Number of Shares Awarded
Outstanding, beginning balance (in shares)	1,021,761		299,481
Granted (in shares)	732,780
Forfeited (in shares)		$ 12
Outstanding, ending balance (in shares)	1,021,761
Weighted Average Grant Date Fair Value
Outstanding, beginning balance (in dollars per share)	$ 11.54
Granted (in dollars per share)	$ 12
Forfeited (in dollars per share)	(10,500)
Outstanding, ending balance (in dollars per share)	$ 11.87

DERIVATIVES AND HEDGING ACTIV_3

DERIVATIVES AND HEDGING ACTIVITIES - Narrative (Details) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash pledged as collateral	$ 11,900,000		$ 11,500,000
Interest expense	1,300,000	$ (146,000)
Asset Pledged as Collateral with Right
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Securities available-for-sale:	0		0
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized losses expected to be reclassified	3,800,000
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate swaps, notional amount	$ 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 ($)	6 Months Ended	12 Months Ended
	Jun. 30, 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	5.25%	4.61%
Weighted average maturity (in years)	3 years 9 months 18 days	4 years 2 months 12 days
Unrealized gains, net	$ 12,450,000	$ 11,091,000
Other Assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gains, net	12,527,000	11,091,000
Other Liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gains, net	$ 77,000	$ 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI (Net of Tax) on Derivative	$ 3,803	$ 2,360	$ 1,359	$ 7,919
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI (Net of Tax) on Derivative	3,803	2,360	1,359	7,919
Interest Rate Swap | Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from OCI to Income/(Expense)	$ 1,346	$ (146)	$ 2,350	$ (468)

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME - Schedule of components of other comprehensive loss (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized loss arising during the period, before tax				$ 1,594	$ (18,427)
Unrealized loss arising during the period, tax effect				0	52
Unrealized loss arising during the period, after tax		$ 1,349	$ (8,427)	3,948	(18,929)
Total other comprehensive income (loss), before tax		1	(8,246)
Total other comprehensive income (loss), tax effect		0	3
Total other comprehensive income (loss), after tax		1	(8,243)	1,594	(18,375)
Unrealized loss on securities available-for-sale:
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized loss arising during the period, before tax		(3,800)	(10,808)	239	(26,596)
Unrealized loss arising during the period, tax effect		0	3	0	52
Unrealized loss arising during the period, after tax		(3,800)	(10,805)	239	(26,544)
Reclassification adjustment for (gains) losses included in net income, before tax		0	(14)	0	(14)
Reclassification adjustment for (gains) losses included in net income, tax effect		0	0	0	0
Reclassification adjustment for (gains) losses included in net income, after tax		0	(14)	0	(14)
Total other comprehensive income (loss), before tax		(3,800)	(10,822)	239	(26,610)
Total other comprehensive income (loss), tax effect		0	3	0	52
Total other comprehensive income (loss), after tax		(3,800)	(10,819)	239	(26,558)
Unrealized gain on cash flow hedge:
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized loss arising during the period, before tax		5,149	2,214	3,709	7,451
Unrealized loss arising during the period, tax effect		0	0	0	0
Unrealized loss arising during the period, after tax		5,149	2,214	3,709	7,451
Reclassification adjustment for (gains) losses included in net income, before tax		(1,346)	146	(2,350)	468
Reclassification adjustment for (gains) losses included in net income, tax effect		0	0	0	0
Reclassification adjustment for (gains) losses included in net income, after tax		(1,346)	146	(2,350)	468
Total other comprehensive income (loss), before tax		3,803	2,360	1,359	7,919
Total other comprehensive income (loss), tax effect		0	0	0	0
Total other comprehensive income (loss), after tax		3,803	2,360	1,359	7,919
Post-Retirement Plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized loss arising during the period, before tax		0	164	0	164
Unrealized loss arising during the period, tax effect		0	0	0	0
Unrealized loss arising during the period, after tax	[1]	0	164	0	164
Reclassification adjustment for (gains) losses included in net income, before tax		(2)	52	(4)	100
Reclassification adjustment for (gains) losses included in net income, tax effect		0	0	0	0
Reclassification adjustment for (gains) losses included in net income, after tax		(2)	52	(4)	100
Total other comprehensive income (loss), before tax		(2)	216	(4)	264
Total other comprehensive income (loss), tax effect		0	0	0	0
Total other comprehensive income (loss), after tax		$ (2)	$ 216	$ (4)	$ 264
[1]Benefit arising from plan amendment approved in June 2022.

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME - Changes in accumulated other comprehensive income by component, net of tax (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period		$ 385,693	$ 420,214	$ 393,718	$ 429,471
Other comprehensive income (loss) before reclassification		1,349	(8,427)	3,948	(18,929)
Amounts reclassified from accumulated other comprehensive income		(1,348)	184	(2,354)	554
Total other comprehensive income (loss), after tax		1	(8,243)	1,594	(18,375)
Balance at end of period		366,534	412,293	366,534	412,293
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period		(23,126)	(10,504)	(24,719)	(372)
Balance at end of period		(23,125)	(18,747)	(23,125)	(18,747)
Unrealized gain on cash flow hedge:
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period		8,647	5,313	11,091	(246)
Other comprehensive income (loss) before reclassification		5,149	2,214	3,709	7,451
Amounts reclassified from accumulated other comprehensive income		(1,346)	146	(2,350)	468
Total other comprehensive income (loss), after tax		3,803	2,360	1,359	7,919
Balance at end of period		12,450	7,673	12,450	7,673
Unrealized Gains and (Losses) on Available-for-Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period		(32,144)	(14,648)	(36,183)	1,091
Other comprehensive income (loss) before reclassification		(3,800)	(10,805)	239	(26,544)
Amounts reclassified from accumulated other comprehensive income		0	(14)	0	(14)
Total other comprehensive income (loss), after tax		(3,800)	(10,819)	239	(26,558)
Balance at end of period		(35,944)	(25,467)	(35,944)	(25,467)
Post-Retirement Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period		371	(1,169)	373	(1,217)
Other comprehensive income (loss) before reclassification	[1]	0	164	0	164
Amounts reclassified from accumulated other comprehensive income		(2)	52	(4)	100
Total other comprehensive income (loss), after tax		(2)	216	(4)	264
Balance at end of period		$ 369	$ (953)	$ 369	$ (953)
[1]Benefit arising from plan amendment approved in June 2022.

ACCUMULATED OTHER COMPREHENSI_5

ACCUMULATED OTHER COMPREHENSIVE INCOME - Summary of reclassification out of each component of accumulated other comprehensive income (loss) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Gain on securities, net	$ 0	$ 14,000	$ 0	$ 14,000
Interest (expense) income	10,906,000	13,162,000	22,847,000	25,101,000
Compensation and employee benefits	(7,065,000)	(7,134,000)	(14,912,000)	(14,194,000)
Income tax expense	0	(3,000)	0	(52,000)
Total reclassification for the period, net of tax	1,825,000	(40,000)	3,034,000	(593,000)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense	0	0	0	0
Total reclassification for the period, net of tax	(1,348,000)	184,000	(2,354,000)	554,000
Unrealized Gains and (Losses) on Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest (expense) income	1,346,000	(146,000)	2,350,000	(468,000)
Post-Retirement Plans | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Compensation and employee benefits	2,000	(52,000)	4,000	(100,000)
Unrealized loss on securities available-for-sale: | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Gain on securities, net	$ 0	$ 14,000	$ 0	$ 14,000

FAIR VALUE OF ASSETS AND LIAB_3

FAIR VALUE OF ASSETS AND LIABILITIES - Summary of assets and liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Financial assets
Securities available-for-sale:	$ 300,923	$ 314,248
U.S. Treasury Note
Financial assets
Securities available-for-sale:	44,110	43,759
Corporate bonds
Financial assets
Securities available-for-sale:	75,000	76,298
U.S. Government agency obligations
Financial assets
Securities available-for-sale:	14,697	15,423
Obligations issued by U.S. states and their political subdivisions
Financial assets
Securities available-for-sale:	16,134	16,268
Residential one-to-four family
Financial assets
Securities available-for-sale:	133,592	140,186
Multifamily
Financial assets
Securities available-for-sale:	13,171	18,158
Asset-backed securities
Financial assets
Securities available-for-sale:	4,219	4,156
Measured on a recurring basis:
Financial assets
Securities available-for-sale:	300,923	314,248
Derivatives	12,527	11,091
Financial assets	313,450	325,339
Financial Liabilities
Derivatives	77	0
Measured on a recurring basis: | U.S. Treasury Note
Financial assets
Securities available-for-sale:	44,110	43,759
Measured on a recurring basis: | Corporate bonds
Financial assets
Securities available-for-sale:	75,000	76,298
Measured on a recurring basis: | U.S. Government agency obligations
Financial assets
Securities available-for-sale:	14,697	15,423
Measured on a recurring basis: | Obligations issued by U.S. states and their political subdivisions
Financial assets
Securities available-for-sale:	16,134	16,268
Measured on a recurring basis: | Residential one-to-four family
Financial assets
Securities available-for-sale:	133,592	140,186
Measured on a recurring basis: | Multifamily
Financial assets
Securities available-for-sale:	13,171	18,158
Measured on a recurring basis: | Asset-backed securities
Financial assets
Securities available-for-sale:	4,219	4,156
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets
Financial assets
Securities available-for-sale:	55,330	55,054
Derivatives	0	0
Financial assets	55,330	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:	44,110	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:	11,220	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:	245,593	259,194
Derivatives	12,527	11,091
Financial assets	258,120	270,285
Financial Liabilities
Derivatives	77	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:	75,000	76,298
Measured on a recurring basis: | Significant Other Observable Inputs | U.S. Government agency obligations
Financial assets
Securities available-for-sale:	3,477	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:	16,134	16,268
Measured on a recurring basis: | Significant Other Observable Inputs | Residential one-to-four family
Financial assets
Securities available-for-sale:	133,592	140,186
Measured on a recurring basis: | Significant Other Observable Inputs | Multifamily
Financial assets
Securities available-for-sale:	13,171	18,158
Measured on a recurring basis: | Significant Other Observable Inputs | Asset-backed securities
Financial assets
Securities available-for-sale:	4,219	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	Jun. 30, 2023	Dec. 31, 2022
Financial assets
Securities held-to-maturity	$ 33,615	$ 33,705
Loans, net	1,567,332	1,531,727
Financial Liabilities
Time deposits	521,074	416,260
FHLB advances	399,500	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	27,986	29,115
Loans, net	0	0
Financial Liabilities
Time deposits	513,745	408,904
FHLB advances	403,841	318,688
Significant Unobservable Inputs
Financial assets
Securities held-to-maturity	0	0
Loans, net	1,349,811	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) - Noninterest income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 238	$ 277	$ 455	$ 515
Service charges on deposits
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	225	267	431	496
Interchange income
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 13	$ 10	$ 24	$ 19

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net (loss) income applicable to common shares		$ (1,825,000)	$ 40,000	$ (3,034,000)	$ 593,000
Earnings Per Share, Basic and Diluted [Abstract]
Average number of common shares outstanding (in shares)		26,314,743	28,522,500	26,184,419	28,522,500
Less: Average unallocated ESOP shares (in shares)		2,065,029	2,156,176	2,053,402	2,167,521
Average number of common shares outstanding used to calculate basic earnings per common share (in shares)		24,249,714	26,366,324	24,131,017	26,354,979
Common stock equivalents (in shares)		0	0	0	0
Average number of common shares outstanding used to calculate basic earnings per common share, diluted (in shares)	[1]	24,249,714	26,366,324	24,131,017	26,354,979
Basic (loss) earnings per share (in dollars per share)		$ (0.08)	$ 0	$ (0.13)	$ 0.02
Diluted (loss) earnings per share (in dollars per share)		$ (0.08)	$ 0	$ (0.13)	$ 0.02
Anti-dilutive stock options excluded from earnings per share calculation (in shares)		1,490,010	0	1,177,136	0
[1]The assumed vesting of outstanding restricted stock units had an antidilutive effect on diluted earnings per share due to the Company’s net loss for the 2023 periods. There were no equity awards to cause dilution in the 2022 periods.