Blue Foundry Bancorp (BLFY) 10-Q 14 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 10, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		23,708,983
Entity Central Index Key	0001846017
Amendment Flag	false
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 53,753	$ 46,025
Securities available-for-sale, at fair value	265,191	283,766
Securities held-to-maturity, net (fair value of $28,623 at March 31, 2024 and $28,323 at December 31, 2023, and allowance for credit losses of $140 at March 31, 2024 and $158 at December 31, 2023)	33,217	33,254
FHLB stock and other investments	17,908	20,346
Loans receivable, net of allowance for credit losses of $13,749 at March 31, 2024 and $14,154 at December 31, 2023	1,540,428	1,546,576
Real estate owned, net	593	593
Interest and dividends receivable	8,001	7,595
Premises and equipment, net	31,696	32,475
Right-of-use assets	24,454	25,172
Bank owned life insurance	22,153	22,034
Other assets	30,393	27,127
Total assets	2,027,787	2,044,963
Liabilities
Deposits	1,291,184	1,244,904
Advances from the Federal Home Loan Bank	342,500	397,500
Advances by borrowers for taxes and insurance	9,368	8,929
Lease liabilities	26,081	26,777
Other liabilities	8,498	11,213
Total liabilities	1,677,631	1,689,323
Shareholders’ equity
Preferred stock, $0.01 par value, 10,000,000 authorized: none issued	0	0
Common stock $0.01 par value; 70,000,000 shares authorized; 28,522,500 shares issued at March 31, 2024 and December 31, 2023; 23,958,888 and 24,509,950 shares outstanding at March 31, 2024 and December 31, 2023, respectively	285	285
Additional paid-in capital	274,327	273,991
Retained earnings	161,501	164,340
Treasury stock, at cost: 4,563,612 and 4,012,550 shares at March 31, 2024 and December 31, 2023, respectively	(44,930)	(40,016)
Unallocated common shares held by Employee Stock Ownership Plan	(19,852)	(20,080)
Accumulated other comprehensive loss	(21,175)	(22,880)
Total shareholders’ equity	350,156	355,640
Total liabilities and shareholders’ equity	$ 2,027,787	$ 2,044,963

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Securities, held-to-maturity, fair value	$ 28,623	$ 28,323
Allowance for credit loss	140	158
Loans receivable, allowance	$ 13,749	$ 14,154
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)	23,958,888	24,509,950
Treasury stock (in shares)	4,563,612	4,012,550

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Interest and dividend income:
Loans		$ 17,192	$ 15,569
Taxable investment income		3,614	3,152
Non-taxable investment income		36	111
Total interest income		20,842	18,832
Interest expense:
Deposits		8,413	4,154
Borrowed funds		3,012	2,737
Total interest expense		11,425	6,891
Net interest income		9,417	11,941
Release of provision for credit losses		(535)	(23)
Net interest income after release of credit losses		9,952	11,964
Non-interest income:
Fees and service charges		329	262
Gain on sale of loans		36	135
Other income		86	87
Total non-interest income		451	484
Non-interest expense:
Compensation and benefits		7,549	7,847
Occupancy and equipment		2,192	1,982
Data processing		1,387	1,601
Advertising		72	72
Professional services		730	980
Federal deposit insurance premiums		199	105
Other expense		1,113	1,070
Total non-interest expenses		13,242	13,657
Loss before income tax expense		(2,839)	(1,209)
Income tax expense		0	0
Net loss		$ (2,839)	$ (1,209)
Basic loss per share (in dollars per share)		$ (0.13)	$ (0.05)
Diluted loss per share (in dollars per share)		$ (0.13)	$ (0.05)
Weighted average shares outstanding - basic (in shares)		22,095,260	25,374,095
Weighted average shares outstanding - diluted (in shares)	[1]	22,095,260	25,374,095
[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 2024 and 2023 periods.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss		$ (2,839)	$ (1,209)
Unrealized (loss) gain on securities available-for-sale:
Unrealized (loss) gain arising during the period		(1,109)	4,039
Unrealized (loss) gain on securities available-for-sale:		(1,109)	4,039
Unrealized gain (loss) on cash flow hedge:
Unrealized gain (loss) arising during the period		1,164	(1,440)
Reclassification adjustment for loss (gain) included in net loss		1,649	(1,004)
Unrealized gain (loss) on cash flow hedge:		2,813	(2,444)
Post-Retirement plans:
Reclassification adjustment for amortization of: Net actuarial loss (gain)		1	(2)
Unrealized loss (gain) on post-retirement plans		1	(2)
Total other comprehensive income, net of tax	[1]	1,705	1,593
Comprehensive (loss) income		$ (1,134)	$ 384
[1]Reflects deferred tax valuation allowance.

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders’ Equity - USD ($) $ in Thousands	Total		Cumulative Effect, Period of Adoption, Adjustment	Unallocated Common Stock Held by ESOP	Common Stock	Additional Paid-In Capital	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Treasury Stock	Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period (in shares) at Dec. 31, 2022					27,523,219
Balance at beginning of period at Dec. 31, 2022	$ 393,718			$ (20,993)	$ 285	$ 279,454	$ 171,763		$ (12,072)	$ (24,719)
Balance at beginning of period (Accounting Standards Update 2016-13) at Dec. 31, 2022			$ (18)					$ (18)
Balance at beginning of period (Accounting Standards Update 2022-02) at Dec. 31, 2022			$ (8)					$ (8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(1,209)						(1,209)
Other comprehensive income	1,593	[1]								1,593
Purchase of Treasury stock (in shares)					(870,517)
Purchase of Treasury stock	(9,322)								(9,322)
Treasury stock allocated to restricted stock plan (in shares)					732,780
Treasury stock allocated to restricted stock plan, net of forfeitures	0					(8,657)	0		8,657
Compensation cost for stock options and restricted stock	676					676
ESOP shares committed to be released	263			229		34
Balance at end of period (in shares) at Mar. 31, 2023					27,385,482
Balance at end of period at Mar. 31, 2023	$ 385,693			(20,764)	$ 285	271,507	170,528		(12,737)	(23,126)
Balance at beginning of period (in shares) at Dec. 31, 2023	24,509,950				24,509,950
Balance at beginning of period at Dec. 31, 2023	$ 355,640			(20,080)	$ 285	273,991	164,340		(40,016)	(22,880)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(2,839)						(2,839)
Other comprehensive income	1,705	[1]								1,705
Purchase of Treasury stock (in shares)					(556,353)
Purchase of Treasury stock	(5,332)								(5,332)
Treasury stock allocated to restricted stock plan (in shares)					5,291
Treasury stock allocated to restricted stock plan, net of forfeitures	(13)					(431)			418
Compensation cost for stock options and restricted stock	781					781
ESOP shares committed to be released	$ 214			228		(14)
Balance at end of period (in shares) at Mar. 31, 2024	23,958,888				23,958,888
Balance at end of period at Mar. 31, 2024	$ 350,156			$ (19,852)	$ 285	$ 274,327	$ 161,501		$ (44,930)	$ (21,175)
[1]Reflects deferred tax valuation allowance.

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders’ Equity (Parenthetical) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
ESOP shares committed to be released (in shares)	22,818	22,818

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net loss	$ (2,839)	$ (1,209)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization of premises and equipment	788	663
Amortization (accretion) of:
Right-of-use asset	718	693
Deferred loan fees, costs, and discounts, net	40	(138)
Premiums and discounts on securities	196	245
Release of provision for credit losses	(535)	(23)
Proceeds from sales of loans held for sale	486	2,267
Gains on sale of loans, net	(36)	(135)
Origination of loans held for sale	(450)	(4,684)
Increase in bank owned life insurance cash surrender value	(119)	(112)
ESOP and stock-based compensation expense	995	939
Increase in interest and dividends receivable	(406)	(482)
(Increase) decrease in other assets	(1,731)	1,058
Decrease in other liabilities	(1,266)	(2,872)
Change in lease liability	(696)	(632)
Net cash used in operating activities	(4,855)	(4,422)
Cash flows from investing activities
Net change in loans receivable	6,504	(33,995)
Purchases of residential mortgage loans	0	(6,804)
Principal payments and maturities on securities available-for-sale	17,325	9,005
Purchase of Federal Home Loan Bank stock	(6,818)	(21,870)
Redemption of Federal Home Loan Bank stock	9,293	16,830
Proceeds from bank owned life insurance	0	582
Purchases of premises and equipment	(9)	(1,677)
Net cash provided by (used in) investing activities	26,295	(37,929)
Cash flows from financing activities
Net increase (decrease) in deposits	46,280	(44,281)
Proceeds from advances from Federal Home Loan Bank	354,000	700,000
Repayments of advances from Federal Home Loan Bank	(409,000)	(588,000)
Net increase in advances by borrowers for taxes and insurance	439	393
Purchase of treasury stock	(5,431)	(9,322)
Net cash (used in) provided by financing activities	(13,712)	58,790
Net increase in cash and cash equivalents	7,728	16,439
Cash and cash equivalents at beginning of period	46,025	41,182
Cash and cash equivalents at end of period	53,753	57,621
Supplemental disclosures of cash flow information
Cash paid during the period for interest	11,694	7,196
Cash paid during the period for income taxes	17	13
Supplemental noncash disclosures
Lease liabilities arising from obtaining right-of-use assets	$ 0	$ 1,107

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2024
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, TrackView LLC 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 : 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. The results of operations and other data presented for the three months ended March 31, 2024 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, 2023 filed on March 27, 2024. 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 2023 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, 2023. Accounting Standards Not Yet Adopted : As an “emerging growth company” as defined in Title 1 of the Jumpstart Our Business Startups (“JOBS”) Act, the Company elected to use the extended transition period to delay the adoption of new or reissued accounting pronouncements applicable to public companies until such pronouncements were made applicable to private companies.

SECURITIES

SECURITIES	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
SECURITIES	SECURITIES The amortized cost of securities available-for-sale and their estimated fair values at March 31, 2024 and December 31, 2023 are as follows: Amortized Gross Unrealized Gains Gross Unrealized Losses Estimated (In thousands) March 31, 2024 U.S. Treasury note $ 26,934 $ — $ (1,765) $ 25,169 Corporate bonds 79,708 145 (5,232) 74,621 U.S. Government agency obligations 11,440 — (271) 11,169 Obligations issued by U.S. states and their political subdivisions 6,406 — (300) 6,106 Mortgage-backed securities: Residential 146,518 — (23,129) 123,389 Multifamily 11,092 — (925) 10,167 Asset-backed securities 14,901 — (331) 14,570 Total $ 296,999 $ 145 $ (31,953) $ 265,191 December 31, 2023 U.S. Treasury note $ 36,935 $ — $ (1,875) $ 35,060 Corporate bonds 82,248 56 (5,681) 76,623 U.S. Government agency obligations 11,519 — (379) 11,140 Obligations issued by U.S. states and their political subdivisions 6,423 — (228) 6,195 Mortgage-backed securities: Residential 149,808 — (21,266) 128,542 Multifamily 12,522 — (999) 11,523 Asset-backed securities 15,010 — (327) 14,683 Total $ 314,465 $ 56 $ (30,755) $ 283,766 The amortized cost of securities held-to-maturity, allowance for credit losses and their estimated fair values at March 31, 2024 and December 31, 2023, are as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated (In thousands) March 31, 2024 Corporate bonds $ 18,600 $ — $ (3,283) $ 15,317 Asset-backed securities 14,757 — (1,451) 13,306 Total $ 33,357 $ — $ (4,734) $ 28,623 Allowance for credit loss (140) $ 33,217 December 31, 2023 Corporate bonds $ 18,600 $ — $ (3,593) $ 15,007 Asset-backed securities 14,812 — (1,496) 13,316 Total $ 33,412 $ — $ (5,089) $ 28,323 Allowance for credit loss (158) $ 33,254 At March 31, 2024 and December 31, 2023, the allowance for credit losses on securities held-to-maturity totaled $140 thousand and $158 thousand respectively , 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. Securities pledged at March 31, 2024 and December 31, 2023 had a carrying amount of $13.2 million and $11.7 million, respectively, 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 March 31, 2024. 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. Amortized Cost (1) Estimated Fair Value (In thousands) Available-for-sale Due in one year or less $ 39,501 $ 38,696 Due from one year to five years 33,945 33,145 Due from five to ten years 44,053 40,068 Due after ten years 6,989 5,156 Mortgage-backed and asset-backed securities 172,511 148,126 Total $ 296,999 $ 265,191 Held-to-maturity Due from one year to five years $ — $ — Due from five to ten years 18,600 15,317 Mortgage-backed and asset-backed securities 14,757 13,306 Total $ 33,357 $ 28,623 (1) Excludes the allowance for credit losses on held-to-maturity securities at March 31, 2024 and December 31, 2023 . Credit Quality Indicators Credit ratings are a key measure for estimating the probability of a bond’s default and for monitoring credit quality on an on-going basis. For bonds other than U.S. Treasuries and bonds issued or guaranteed by U.S. government agencies, credit ratings issued by one or more nationally recognized statistical rating organization are considered in conjunction with an assessment by the Company’s management. Investment grade reflects a credit quality of BBB- or above. None of the Company’s securities are on non-accrual status, nor are any past due. The table below indicates the credit profile of the Company’s debt securities held-to-maturity at amortized cost for the periods shown. March 31, 2024 AAA A1 BBB+ BBB BBB- Total (In thousands) Corporate bonds $ — $ — $ 1,600 $ 11,000 $ 6,000 $ 18,600 Asset-backed securities 8,803 5,954 — — — 14,757 Total held-to-maturity $ 8,803 $ 5,954 $ 1,600 $ 11,000 $ 6,000 $ 33,357 December 31, 2023 AAA A1 BBB+ BBB BBB- Total (In thousands) Corporate bonds $ — $ — $ 1,600 $ 11,000 $ 6,000 $ 18,600 Asset-backed securities 8,844 5,968 — — — 14,812 Total held-to-maturity $ 8,844 $ 5,968 $ 1,600 $ 11,000 $ 6,000 $ 33,412 At March 31, 2024 and December 31, 2023, there was one security with a value of $2.0 million included in the BBB rating that had a split rating. The following tables summarize available-for-sale securities with unrealized losses at March 31, 2024 and December 31, 2023, 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 (Dollars in thousands) March 31, 2024 U.S. Treasury note $ — $ — $ (1,765) $ 25,169 3 $ (1,765) $ 25,169 Corporate bonds — — (5,232) 54,045 25 (5,232) 54,045 U.S. Government agency obligations — — (271) 11,169 3 (271) 11,169 Obligations issued by U.S. states and their political subdivisions — — (300) 6,106 5 (300) 6,106 Mortgage-backed securities: Residential — 2 (23,129) 123,383 47 (23,129) 123,385 Multifamily — — (925) 10,167 5 (925) 10,167 Asset-backed securities (13) 5,000 (318) 4,557 3 (331) 9,557 Total $ (13) $ 5,002 $ (31,940) $ 234,596 91 $ (31,953) $ 239,598 December 31, 2023 U.S. Treasury note $ — $ — $ (1,875) $ 35,060 4 $ (1,875) $ 35,060 Corporate bonds (7) 8,260 (5,674) 61,156 30 (5,681) 69,416 U.S. Government agency obligations — — (380) 11,140 3 (380) 11,140 Obligations issued by U.S. states and their political subdivisions — — (228) 6,195 5 (228) 6,195 Mortgage-backed securities: Residential — 2 (21,266) 128,535 48 (21,266) 128,537 Multifamily — — (999) 11,524 6 (999) 11,524 Asset-backed securities (21) 4,991 (305) 4,680 3 (326) 9,671 Total $ (28) $ 13,253 $ (30,727) $ 258,290 99 $ (30,755) $ 271,543 Of the available-for-sale securities in an unrealized loss position at March 31, 2024, 58 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. Corporate bonds, obligations issued by U.S. states and their political subdivisions 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 March 31, 2024 and December 31, 2023, aggregated by major security type and length of time in a continuous loss position. Less than 12 Months 12 Months or More Total Unrealized Losses Estimated Unrealized Losses Estimated Number of Securities Unrealized Losses Estimated (In thousands) March 31, 2024 Corporate Bonds — — (3,283) 15,317 9 (3,283) 15,317 Asset-backed securities — — (1,451) 13,306 2 (1,451) 13,306 Total $ — $ — $ (4,734) $ 28,623 11 $ (4,734) $ 28,623 Less than 12 Months 12 Months or More Total Unrealized Losses Estimated Unrealized Losses Estimated Number of Securities Unrealized Losses Estimated (In thousands) December 31, 2023 Corporate Bonds — — (3,593) 15,007 9 (3,593) 15,007 Asset-backed securities — — (1,496) 13,316 2 (1,496) 13,316 Total $ — $ — $ (5,089) $ 28,323 11 $ (5,089) $ 28,323 The held-to-maturity securities in an unrealized loss position at March 31, 2024, are corporate bonds and asset-backed securities, 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	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
LOANS RECEIVABLE	LOANS RECEIVABLE A summary of loans receivable, net at March 31, 2024 and December 31, 2023, follows: March 31, 2024 December 31, 2023 (In thousands) Residential $ 540,427 $ 550,929 Multifamily 671,011 682,564 Commercial real estate 244,207 232,505 Construction 63,052 60,414 Junior liens 22,052 22,503 Commercial and industrial 13,372 11,768 Consumer and other 56 47 Total loans 1,554,177 1,560,730 Less: Allowance for credit losses (1) 13,749 14,154 Loans receivable, net $ 1,540,428 $ 1,546,576 (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 $6.2 million and $6.1 million at March 31, 2024 and December 31, 2023, 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 both March 31, 2024 and December 31, 2023, net deferred loan fees totaled $2.0 million. The portfolio classes in the above table have unique risk characteristics with respect to credit quality: • Payment on multifamily and commercial real estate 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, 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 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 as of March 31, 2024: Term Loans by Origination Year 2024 2023 2022 2021 2020 Pre-2020 Revolving Loans Total (in thousands) Residential Pass $ 1,235 $ 13,238 $ 96,819 $ 107,128 $ 14,200 $ 301,423 $ — $ 534,043 Special mention — — — — — 659 — 659 Substandard — — — — — 5,725 — 5,725 Total 1,235 13,238 96,819 107,128 14,200 307,807 — 540,427 Multifamily Pass — 17,092 280,854 152,383 35,190 185,353 — 670,872 Substandard — — — — — 139 — 139 Total — 17,092 280,854 152,383 35,190 185,492 — 671,011 Commercial real estate Pass 13,746 26,617 117,687 14,711 14,970 55,591 — 243,322 Special mention — — — — — 885 — 885 Total 13,746 26,617 117,687 14,711 14,970 56,476 — 244,207 Construction Pass — 20,761 24,941 17,350 — — — 63,052 Total — 20,761 24,941 17,350 — — — 63,052 Junior liens Pass 641 5,439 4,974 1,136 253 9,561 — 22,004 Substandard — — — — — 48 — 48 Total 641 5,439 4,974 1,136 253 9,609 — 22,052 Commercial and industrial Pass 3,608 6,366 102 2,486 31 — — 12,593 Substandard — 756 — 23 — — — 779 Total 3,608 7,122 102 2,509 31 — — 13,372 Consumer and other Pass 29 — — — — — 27 56 Total 29 — — — — — 27 56 Total gross loans $ 19,259 $ 90,269 $ 525,377 $ 295,217 $ 64,644 $ 559,384 $ 27 $ 1,554,177 The following table presents the risk category of loans by class of loan and vintage as of December 31, 2023: Term Loans by Origination Year 2023 2022 2021 2020 2019 Pre-2019 Revolving Loans Total (in thousands) Residential Pass $ 13,338 $ 98,007 $ 109,193 $ 14,315 $ 18,460 $ 291,069 $ — $ 544,382 Special mention — — — — — 663 — 663 Substandard — — — — — 5,884 — 5,884 Total 13,338 98,007 109,193 14,315 18,460 297,616 — 550,929 Multifamily Pass 17,144 281,906 158,705 35,407 56,739 132,517 — 682,418 Substandard — — — — — 146 — 146 Total 17,144 281,906 158,705 35,407 56,739 132,663 — 682,564 Commercial real estate Pass 26,610 118,247 14,785 15,080 5,386 51,493 — 231,601 Special mention — — — — — 904 — 904 Total 26,610 118,247 14,785 15,080 5,386 52,397 — 232,505 Construction Pass 22,798 21,067 16,549 — — — — 60,414 Total 22,798 21,067 16,549 — — — — 60,414 Junior liens Pass 5,359 5,234 1,232 296 1,773 8,560 — 22,454 Substandard — — — — — 49 — 49 Total 5,359 5,234 1,232 296 1,773 8,609 — 22,503 Commercial and industrial Pass 7,055 105 4,492 77 — — — 11,729 Substandard — — 39 — — — — 39 Total 7,055 105 4,531 77 — — — 11,768 Consumer and other Pass 25 — — — — — 22 47 Total 25 — — — — — 22 47 Total gross loans $ 92,329 $ 524,566 $ 304,995 $ 65,175 $ 82,358 $ 491,285 $ 22 $ 1,560,730 Past Due and Non-accrual Loans The following table presents the recorded investment in past due and current loans by loan portfolio class as of March 31, 2024 and December 31, 2023: 30-59 60-89 90 Days Total Current Total (In thousands) March 31, 2024 Residential $ 770 $ 969 $ 3,834 $ 5,573 $ 534,854 $ 540,427 Multifamily — — — — 671,011 671,011 Commercial real estate — — — — 244,207 244,207 Construction — — — — 63,052 63,052 Junior liens — — 48 48 22,004 22,052 Commercial and industrial — — 23 23 13,349 13,372 Consumer and other — — — — 56 56 Total $ 770 $ 969 $ 3,905 $ 5,644 $ 1,548,533 $ 1,554,177 December 31, 2023 Residential $ 887 $ 752 $ 3,926 $ 5,565 $ 545,364 $ 550,929 Multifamily — — — — 682,564 682,564 Commercial real estate — — — — 232,505 232,505 Construction — — — — 60,414 60,414 Junior liens — — 49 49 22,454 22,503 Commercial and industrial — — 39 39 11,729 11,768 Consumer and other — — — — 47 47 Total $ 887 $ 752 $ 4,014 $ 5,653 $ 1,555,077 $ 1,560,730 The following tables presents information on non-accrual loans at March 31, 2024 and December 31, 2023 : March 31, 2024 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 $ 5,725 $ — $ — $ 5,725 Multifamily 139 — — 139 Junior liens 48 — — 48 Commercial and industrial 779 — — 779 Total $ 6,691 $ — $ — $ 6,691 December 31, 2023 Residential $ 5,884 $ — $ — $ 5,884 Multifamily 146 — — 146 Junior liens 49 — — 49 Commercial and industrial 39 — — 39 Total $ 6,118 $ — $ — $ 6,118 The Company had no loans held-for-sale at March 31, 2024 and December 31, 2023. Gains and losses on sales of loans are specifically identified and accounted for in accordance with U.S. GAAP. Modifications made to borrowers experiencing financial difficulty may include principal forgiveness, interest rate reductions, other than insignificant payment delays, terms extensions or a combination thereof intended to minimize economic loss and to avoid foreclosure or repossession of collateral. If the borrower has demonstrated performance under the previous terms and our underwriting process show the borrower has the capacity to continue to perform under the restructured terms, the loan will continue to accrue interest. The following tables presents the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the first quarter of 2024, by type of modification. Three Months Ended March 31, 2024 Payment Delays Term Extensions Total Principal % of Total Class of Loans (Dollars in thousands) Residential $ — $ 116 $ 116 0.02 % Commercial and industrial 737 — 737 5.51 Total $ 737 $ 116 $ 853 0.05 % Types of Modifications Residential Term extensions of 3 to 12 months Commercial and industrial Deferral of three payments There were no modifications during the first quarter of 2023. The following table presents loan modifications made during first quarter of 2024 by payment status as of March 31, 2024: Three Months Ended March 31, 2024 Current 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Non-Accrual Total (In thousands) Residential $ 3 $ — $ — $ — $ 113 $ 116 Commercial and industrial — — — — 737 737 Total $ 3 $ — $ — $ — $ 850 $ 853

ALLOWANCE FOR CREDIT LOSSES

ALLOWANCE FOR CREDIT LOSSES	3 Months Ended
	Mar. 31, 2024
Credit Loss [Abstract]
ALLOWANCE FOR CREDIT LOSSES	ALLOWANCE FOR CREDIT LOSSES Allowance for Credit Losses - Loans The allowance for credit losses on loans is summarized in the following table: For the Three Months Ended March 31, 2024 2023 (In thousands) Balance at beginning of period $ 14,154 $ 13,400 Impact of adopting ASU 2016-13 and ASU 2022-02 — 668 Charge-offs (13) (5) Recoveries 4 1 Net charge-offs (9) (4) (Recovery of) provision for credit loss on loans (396) 89 Balance at end of period $ 13,749 $ 14,153 The following tables present the activity in the Company’s allowance for credit losses by class of loans based on the analysis performed for the three months ended March 31, 2024 and 2023: Balance at December 31, 2023 Charge-offs Recoveries (Recovery of) Provision for Credit Loss - Loans Balance at March 31, 2024 (In thousands) Residential $ 1,968 $ — $ — $ (49) $ 1,919 Multifamily 7,046 — — (43) 7,003 Commercial real estate 3,748 — — (5) 3,743 Construction 1,222 — — (338) 884 Junior liens $ 76 — — 1 77 Commercial and industrial 94 — — 29 123 Consumer and other — (13) 4 9 — Total $ 14,154 $ (13) $ 4 $ (396) $ 13,749 Consumer and other charge-offs relate to overdrafts in the three months ended March 31, 2024, which originated in the fourth quarter of 2023 or the first quarter of 2024, as it is our policy to charge these off within 60 days of occurrence. Balance at December 31, 2022 Impact of adopting ASU 2016-13 Charge-offs Recoveries (Recovery of) Provision for Loan Loss Balance at March 31, 2023 (In thousands) Residential $ 2,264 $ (183) $ — $ — $ (25) $ 2,056 Multifamily 5,491 2,057 — — (357) 7,191 Commercial real estate 3,357 146 — — 67 3,570 Construction 1,697 (832) — — 325 1,190 Junior liens 451 (405) — — — 46 Commercial and industrial 47 (23) — — 76 100 Consumer and other — 1 (5) 1 3 — Unallocated 93 (93) — — — — Total $ 13,400 $ 668 $ (5) $ 1 $ 89 $ 14,153 Consumer and other charge-offs relate to overdrafts in the three months ended March 31, 2023, which originated in the fourth quarter of 2022 or the first quarter of 2023, as it is our policy to charge these off within 60 days of occurrence. The following table represents the allocation of allowance for loan losses and the related recorded investment, including deferred fees and costs, in loans by loan portfolio segment, disaggregated based on the impairment methodology at March 31, 2024 and December 31, 2023 : Loans Allowance for Credit Losses on Loans March 31, 2024 Individually Evaluated Collectively Evaluated Total Individually Evaluated Collectively Evaluated Total (In thousands) Residential $ 5,725 $ 534,702 $ 540,427 $ — $ 1,919 $ 1,919 Multifamily 139 670,872 671,011 — 7,003 7,003 Commercial real estate — 244,207 244,207 — 3,743 3,743 Construction — 63,052 63,052 — 884 884 Junior liens 48 22,004 22,052 — 77 77 Commercial and industrial (1) — 13,372 13,372 — 123 123 Consumer and other — 56 56 — — — Total $ 5,912 $ 1,548,265 $ 1,554,177 $ — $ 13,749 $ 13,749 (1) Includes PPP loans which carry the federal guarantee of the SBA and do not have an allowance for credit losses. Loans Allowance for Credit Losses on Loans December 31, 2023 Individually Evaluated Collectively Evaluated Total Individually Evaluated Collectively Evaluated Total (In thousands) Residential $ 5,721 $ 545,208 $ 550,929 $ — $ 1,968 $ 1,968 Multifamily 146 682,418 682,564 — 7,046 7,046 Commercial real estate — 232,505 232,505 — 3,748 3,748 Construction — 60,414 60,414 — 1,222 1,222 Junior liens 49 22,454 22,503 — 76 76 Commercial and industrial (1) — 11,768 11,768 — 94 94 Consumer and other — 47 47 — — — Unallocated — — — — — — Total $ 5,916 $ 1,554,814 $ 1,560,730 $ — $ 14,154 $ 14,154 (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 At March 31, 2024 and December 31, 2023, the balance of the allowance of credit losses on securities was $140 thousand and $158 thousand, respectively. The Company recorded a decrease in provision for credit losses on held-to-maturity securities of $18 thousand for the three months ended March 31, 2024, and a provision for credit losses on held-to-maturity securities of $17 thousand for the three months ended March 31, 2023. In addition, the Company recorded an allowance of credit losses on securities of $170 thousand upon adoption of ASU 2016-13 on January 1, 2023. Accrued interest receivable on securities is reported as a component of accrued interest receivable on the consolidated balance sheets and totaled $1.8 million and $1.5 million at March 31, 2024 and December 31, 2023, 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.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
LEASES	LEASES The Company leases certain office space, land and equipment under operating leases. These leases have original terms ranging from one year to 40 years. Operating lease liabilities and right-of-use assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term. The Company had the following related to operating leases: March 31, 2024 December 31, 2023 (Dollars in thousands) Right-of-use assets $ 24,454 $ 25,172 Lease liabilities 26,081 26,777 Weighted average remaining lease term for operating leases 10.1 years 10.3 years Weighted average discount rate used in the measurement of lease liabilities 2.41 % 2.40 % The following table is a summary of the Company’s components of net lease cost for the three months ended March 31, 2024 and 2023. The variable lease cost primarily represents variable payments such as common area maintenance and utilities. Three Months Ended March 31, 2024 2023 (In thousands) Operating lease cost $ 874 $ 840 Finance lease cost — 4 Variable lease cost 67 57 Total lease cost included as a component of occupancy and equipment $ 941 $ 901 The following table presents supplemental cash flow information related to operating leases: Three Months Ended March 31, 2024 2023 (In thousands) Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows from operating leases $ 918 $ 819 Operating lease liabilities arising from obtaining right-of-use assets (non-cash): Operating leases $ — $ 1,107 Future undiscounted lease payments for operating leases with initial terms of one year or more as of March 31, 2024 are as follows: Through March 31, (In thousands) 2024 $ 3,317 2025 3,017 2026 2,992 2027 2,888 2028 2,516 Thereafter 14,715 Total undiscounted lease payments 29,445 Less: imputed interest 3,364 Total $ 26,081

DEPOSITS

DEPOSITS	3 Months Ended
	Mar. 31, 2024
Deposits [Abstract]
DEPOSITS	DEPOSITS Deposits at March 31, 2024 and December 31, 2023 are summarized as follows: March 31, 2024 December 31, 2023 (In thousands) Non-interest bearing deposits $ 25,342 $ 27,739 NOW and demand accounts 373,172 361,139 Savings 250,298 259,402 Time deposits 642,372 596,624 Total $ 1,291,184 $ 1,244,904 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 at March 31, 2024 and December 31, 2023. Time deposits mature as follows for the years ending December 31: (In thousands) Remainder of 2024 $ 608,789 2025 25,577 2026 3,553 2027 2,031 2028 1,988 2029 434 $ 642,372

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024, the principal balance on the ESOP loan was $20.6 million. There were no contributions to the ESOP during the three months ended March 31, 2024, 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 March 31, 2024 and December 31, 2023, there were 2,007,984 unallocated shares and 273,816 shares allocated to participants. The fair value of unallocated shares at March 31, 2024 and December 31, 2023 was $18.8 million and $19.4 million, respectively, computed using the closing trading price of the Company’s common stock on each date. For the three months ended March 31, 2024 and March 31, 2023, ESOP compensation expense for the shares committed to be released from unallocated was $214 thousand and $262 thousand respectively. Shares committed to be released from unallocated total 22,818 for the three months ended March 31, 2024 and March 31, 2023. Equity Incentive Plan At the annual meeting held on August 25, 2022, shareholders 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 48,133 stock options granted during the three months ended March 31, 2024. The fair value of stock options granted during the first quarter of 2024 were estimated utilizing the Black-Scholes option pricing model: an expected life of 6.50 years, risk-free rate of 3.94%, volatility of 32.26% and a dividend yield of 0.84%. There were no stock options granted during the three months ended March 31, 2023. 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 months ended March 31, 2024 and 2023. Three Months Ended March 31, 2024 2023 (In thousands) Stock option expense $ 379 $ 399 Restricted stock expense 402 277 Total share-based compensation expense $ 781 $ 676 The following is a summary of the Company’s stock option activity and related information for the three months ended March 31, 2024: Number of Stock Options Weighted Average Grant Date Fair Value Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Outstanding - December 31, 2023 2,475,363 $ 4.12 $ 11.65 8.8 Granted 48,133 3.67 9.95 6.5 Forfeited (103,713) 4.25 11.69 — Outstanding - March 31, 2024 2,419,783 $ 4.11 $ 11.61 8.5 Exercisable - March 31, 2024 396,419 Expected future expense relating to the non-vested options outstanding as of March 31, 2024 is $7.5 million over a weighted average period of 5.0 years. During the first quarter of 2024, the Company granted to directors and employees, under the 2022 Equity Incentive Plan, 184,625 restricted stock awards with a total grant-date fair value of $1.8 million. Of these grants, 2,900 vest one year from the date of grant, 19,255 and 162,470 vest in equal installments over five During the first quarter of 2024, 347,640 of performance-based restricted stock awards were forfeited when none of the performance target metrics were met. The following is a summary of the status of the Company’s restricted shares as of March 31, 2024 and changes therein during the three months ended: Number of Shares Awarded Weighted Average Grant Date Fair Value Outstanding - December 31, 2023 944,262 $ 11.88 Granted 377,695 9.51 Forfeited (372,404) 11.99 Vested (55,523) 12.00 Outstanding - March 31, 2024 894,030 $ 10.83 Expected future expense relating to the non-vested restricted shares outstanding as of March 31, 2024 is $9.1 million over a weighted average period of 5.2 years.

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITIES	3 Months Ended
	Mar. 31, 2024
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. The Company had interest rate swaps with notional amounts totaling $254.0 million and $259.0 million at March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 and December 31, 2023, they were designated as cash flow hedges of certain Federal Home Loan Bank (“FHLB”) advances and brokered deposits. They were determined to be highly effective during all periods presented. The Company expects the hedges to remain highly effective during the remaining terms of the swaps. Summary information about the interest rate swaps designated as cash flow hedges as of period-end is as follows: March 31, 2024 December 31, 2023 (Dollars in thousands) Notional amounts $ 254,000 $ 259,000 Weighted average pay rates 2.95 % 2.91 % Weighted average receive rates 5.45 % 5.49 % Weighted average maturity 3.0 years 3.2 years Gross unrealized gain included in other assets $ 10,620 $ 9,047 Gross unrealized loss included in other liabilities 224 1,465 Unrealized gains, net $ 10,396 $ 7,582 At March 31, 2024, the Company held $10.8 million as cash collateral pledged from the counterparty for these interest-rate swaps and had no securities pledged to the counterparty. At December 31, 2023, the Company held $8.1 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 or brokered deposits. Interest income during the three months ended March 31, 2024 and 2023 totaled $1.6 million and $1.0 million, respectively. At March 31, 2024, the Company expected $4.5 million of the unrealized gain to be reclassified as a reduction to interest expense during the remainder of 2024. Cash Flow Hedge The effect of cash flow hedge accounting on accumulated other comprehensive income for the three months ended March 31, 2024 and 2023 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 March 31, 2024 Interest rate contracts $ 2,813 Interest Expense $ 1,649 Three months ended March 31, 2023 Interest rate contracts $ (2,444) Interest Expense $ 1,004 (1) Net of tax, adjusted for deferred tax valuation allowance.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME	ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive income represents the net unrealized holding gains on securities available-for-sale, derivatives and the funded status of the Company’s post-retirement plans, as of the balance sheet dates, net of the related tax effect. The following table presents the components of other comprehensive income both gross and net of tax, inclusive of a deferred tax valuation allowance, for the 2024 and 2023 periods: Three Months Ended March 31, 2024 2023 Before Tax Tax After Before Tax Tax After (In thousands) Components of Other Comprehensive Income: Unrealized (loss) gain on securities available-for-sale: Unrealized (loss) gain arising during the period $ (1,109) $ — $ (1,109) $ 4,039 $ — $ 4,039 Unrealized gain (loss) on cash flow hedge: Unrealized gain (loss) arising during the period 1,164 — 1,164 (1,440) — (1,440) Reclassification adjustment for loss (gain) included in net loss 1,649 — 1,649 (1,004) — (1,004) Total gain (loss) 2,813 — 2,813 (2,444) — (2,444) Post-Retirement plans: Reclassification adjustment for amortization of: Net actuarial loss (gain) 1 — 1 (2) — (2) Total other comprehensive income $ 1,705 $ — $ 1,705 $ 1,593 $ — $ 1,593 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 December 31, 2023 $ 7,582 $ (30,699) $ 237 $ (22,880) Other comprehensive income (loss) before reclassification 1,164 (1,109) — 55 Amounts reclassified from accumulated other comprehensive income 1,649 — 1 1,650 Net current period other comprehensive income (loss) 2,813 (1,109) 1 1,705 Balance at March 31, 2024 $ 10,395 $ (31,808) $ 238 $ (21,175) 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 (loss) income before reclassification (1,440) 4,039 — 2,599 Amounts reclassified from accumulated other comprehensive (loss) income (1,004) — (2) (1,006) Net current period other comprehensive (loss) income (2,444) 4,039 (2) 1,593 Balance at March 31, 2023 $ 8,647 $ (32,144) $ 371 $ (23,126) The following table presents information about amounts reclassified from accumulated other comprehensive income (loss) to the consolidated statements of income for the periods indicated: Details about Accumulated Other Comprehensive Income Components Three Months Ended March 31, Affected Line Item in the Statement Where Net Income is Presented 2024 2023 (In thousands) (Gains) losses on cash flow hedges: Interest rate contracts (1,649) 1,004 Interest expense Amortization of post-retirement plan items: Net actuarial (gains) loss (1) 2 Compensation and employee benefits Total tax effect — — Income tax expense Total reclassification for the period, net of tax $ (1,650) $ 1,006

FAIR VALUE OF ASSETS AND LIABIL

FAIR VALUE OF ASSETS AND LIABILITIES	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE OF ASSETS AND LIABILITIES	FAIR VALUE OF ASSETS AND LIABILITIES Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Company used the following methods and significant assumptions to estimate fair value: Securities : For securities available-for-sale and equity securities, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third party data service providers or dealer market participants with which the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input as defined by ASC 820, is a mathematical technique used principally to value certain securities to benchmark or comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. The Company also holds 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. Other real estate owned (OREO) : Property acquired through foreclosure or deed in lieu of foreclosure is carried at fair value less estimated disposal costs of the acquired property. Fair value of OREO is based on the appraised value of the collateral using discount rates similar to those used in impaired loan valuation. The following table summarizes the fair value of assets and liabilities as of March 31, 2024: Fair Value Measurements at March 31, 2024, 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 $ 25,169 $ 25,169 $ — $ — Corporate bonds 74,621 — 74,621 — U.S. Government agency obligations 11,169 11,169 — — Obligations issued by U.S. states and their political subdivisions 6,106 — 6,106 — Mortgage-backed securities: Residential 123,389 — 123,389 — Multifamily 10,167 — 10,167 — Asset-backed securities 14,570 — 14,570 — Total securities available-for-sale 265,191 36,338 228,853 — Derivatives 10,620 — 10,620 — Total financial assets measured on a recurring basis $ 275,811 $ 36,338 $ 239,473 $ — Financial liabilities Derivatives $ 224 $ — $ 224 $ — Measured on a nonrecurring basis: Nonfinancial assets Real estate owned $ 593 $ — $ — $ 593 The following table summarizes the fair value of assets and liabilities as of December 31, 2023: Fair Value Measurements at December 31, 2023, Using Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs Total (Level 1) (Level 2) (Level 3) (In thousands) Measured on a recurring basis: Financial assets Securities available-for-sale: U.S. Treasury note $ 35,060 $ 35,060 $ — $ — Corporate bonds 76,623 — 76,623 — U.S. Government agency obligations 11,140 11,140 — — Obligations issued by U.S. states and their political subdivisions 6,195 — 6,195 — Mortgage-backed securities: Residential 128,542 — 128,542 — Multifamily 11,523 — 11,523 — Asset-backed securities 14,683 — 14,683 — Total securities available-for-sale 283,766 46,200 237,566 — Derivatives 9,047 — 9,047 — Total financial assets measured on a recurring basis $ 292,813 $ 46,200 $ 246,613 $ — Financial liabilities Derivatives $ 1,465 $ — $ 1,465 $ — Measured on a nonrecurring basis: Nonfinancial assets Real estate owned 593 — — 593 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 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 March 31, 2024 and December 31, 2023. 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. The carrying amounts and fair value of financial instruments not carried at fair value, at March 31, 2024 and December 31, 2023, are as follows: Fair Value Measurements at March 31, 2024, 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: Corporate bonds 18,600 — 15,317 — Asset-backed securities 14,757 — 13,306 — Securities held-to-maturity $ 33,357 $ — $ 28,623 $ — Loans, net 1,540,428 — — 1,410,308 Financial liabilities Time deposits 642,372 — 638,932 — FHLB advances 342,500 — 349,484 — Fair Value Measurements at December 31, 2023, 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: Corporate bonds 18,600 — 15,007 — Asset-backed securities 14,812 — 13,316 — Securities held-to-maturity $ 33,412 $ — $ 28,323 $ — Loans, net 1,546,576 — — 1,332,138 Financial liabilities Time deposits 596,624 — 592,676 — FHLB advances 397,500 — 405,015 —

REVENUE FROM CONTRACTS WITH CUS

REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME	REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within non-interest income in the statements of income. The following table presents the Company’s sources of revenue from contracts with customers for the three months ended March 31, 2024 and 2023, respectively: Three Months Ended March 31, 2024 2023 (In thousands) Service charges on deposits $ 202 $ 205 Interchange income 14 12 Total revenue from contracts with customers $ 216 $ 217 Service Charges on Deposit Accounts : The Company earns fees from its deposit customers for transaction-based, account maintenance. 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. Interchange Income : The Company earns interchange fees from debit cardholder transactions conducted through a payment network. Interchange fees from debit cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. In addition, the Company earns interchange fees from credit cardholder transactions through its partnership with a third party.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per share (“EPS”) represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common shares (such as unexercised stock options and unvested restricted stock) were exercised or converted into additional common shares that would then share in the earnings of the entity. Diluted EPS is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period, plus the effect of potential dilutive common share equivalents. Shares held by the Employee Stock Ownership Plan (“ESOP”) that have not been allocated to employees in accordance with the terms of the ESOP, referred to as “unallocated ESOP shares,” are not deemed outstanding for earnings per share calculations. Three Months Ended March 31, 2024 2023 (Income in thousands) Net loss applicable to common shares $ (2,839) $ (1,209) Shares Average number of common shares outstanding 24,091,835 27,461,815 Less: Average unallocated ESOP shares 1,996,575 2,087,720 Average number of common shares outstanding used to calculate basic earnings per common share 22,095,260 25,374,095 Common stock equivalents — — Average number of common shares outstanding used to calculate diluted earnings per common share 22,095,260 25,374,095 Loss per common share Basic $ (0.13) $ (0.05) Diluted $ (0.13) $ (0.05) Excluded from the earnings per share calculation are anti-dilutive equity awards for the three months ended March 31, 2024, totaling 1,417,627. For the three months ended March 31, 2023, anti-dilutive equity awards totaling 909,804 were excluded from the earnings per share calculation. Due to the Company’s net loss for the three months ended March 31, 2024 and 2023, the assumed vesting of outstanding restricted stock units had an antidilutive effect on diluted earnings per share.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS As defined in FASB ASC 855, “Subsequent Events,” subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued or available to be issued. Financial statements are considered issued when they are widely distributed to stockholders and other financial statement users for general use and reliance in a form and format that complies with U.S. GAAP. The Company performed an evaluation and determined that there are no subsequent events to report.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (2,839)	$ (1,209)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2024
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, TrackView LLC 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. The results of operations and other data presented for the three months ended March 31, 2024 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, 2023 filed on March 27, 2024. 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 2023 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, 2023.
Accounting Standards Not Yet Adopted	Accounting Standards Not Yet Adopted : As an “emerging growth company” as defined in Title 1 of the Jumpstart Our Business Startups (“JOBS”) Act, the Company elected to use the extended transition period to delay the adoption of new or reissued accounting pronouncements applicable to public companies until such pronouncements were made applicable to private companies.

SECURITIES (Tables)

SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Summary of amortized cost of securities available-for-sale and their estimated fair value	The amortized cost of securities available-for-sale and their estimated fair values at March 31, 2024 and December 31, 2023 are as follows: Amortized Gross Unrealized Gains Gross Unrealized Losses Estimated (In thousands) March 31, 2024 U.S. Treasury note $ 26,934 $ — $ (1,765) $ 25,169 Corporate bonds 79,708 145 (5,232) 74,621 U.S. Government agency obligations 11,440 — (271) 11,169 Obligations issued by U.S. states and their political subdivisions 6,406 — (300) 6,106 Mortgage-backed securities: Residential 146,518 — (23,129) 123,389 Multifamily 11,092 — (925) 10,167 Asset-backed securities 14,901 — (331) 14,570 Total $ 296,999 $ 145 $ (31,953) $ 265,191 December 31, 2023 U.S. Treasury note $ 36,935 $ — $ (1,875) $ 35,060 Corporate bonds 82,248 56 (5,681) 76,623 U.S. Government agency obligations 11,519 — (379) 11,140 Obligations issued by U.S. states and their political subdivisions 6,423 — (228) 6,195 Mortgage-backed securities: Residential 149,808 — (21,266) 128,542 Multifamily 12,522 — (999) 11,523 Asset-backed securities 15,010 — (327) 14,683 Total $ 314,465 $ 56 $ (30,755) $ 283,766
Summary of amortized cost of securities held-to-maturity and their estimated fair value	The amortized cost of securities held-to-maturity, allowance for credit losses and their estimated fair values at March 31, 2024 and December 31, 2023, are as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated (In thousands) March 31, 2024 Corporate bonds $ 18,600 $ — $ (3,283) $ 15,317 Asset-backed securities 14,757 — (1,451) 13,306 Total $ 33,357 $ — $ (4,734) $ 28,623 Allowance for credit loss (140) $ 33,217 December 31, 2023 Corporate bonds $ 18,600 $ — $ (3,593) $ 15,007 Asset-backed securities 14,812 — (1,496) 13,316 Total $ 33,412 $ — $ (5,089) $ 28,323 Allowance for credit loss (158) $ 33,254
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 March 31, 2024. 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. Amortized Cost (1) Estimated Fair Value (In thousands) Available-for-sale Due in one year or less $ 39,501 $ 38,696 Due from one year to five years 33,945 33,145 Due from five to ten years 44,053 40,068 Due after ten years 6,989 5,156 Mortgage-backed and asset-backed securities 172,511 148,126 Total $ 296,999 $ 265,191 Held-to-maturity Due from one year to five years $ — $ — Due from five to ten years 18,600 15,317 Mortgage-backed and asset-backed securities 14,757 13,306 Total $ 33,357 $ 28,623 (1) Excludes the allowance for credit losses on held-to-maturity securities at March 31, 2024 and December 31, 2023
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 for the periods shown. March 31, 2024 AAA A1 BBB+ BBB BBB- Total (In thousands) Corporate bonds $ — $ — $ 1,600 $ 11,000 $ 6,000 $ 18,600 Asset-backed securities 8,803 5,954 — — — 14,757 Total held-to-maturity $ 8,803 $ 5,954 $ 1,600 $ 11,000 $ 6,000 $ 33,357 December 31, 2023 AAA A1 BBB+ BBB BBB- Total (In thousands) Corporate bonds $ — $ — $ 1,600 $ 11,000 $ 6,000 $ 18,600 Asset-backed securities 8,844 5,968 — — — 14,812 Total held-to-maturity $ 8,844 $ 5,968 $ 1,600 $ 11,000 $ 6,000 $ 33,412
Summary of available-for-sale securities with unrealized losses	The following tables summarize available-for-sale securities with unrealized losses at March 31, 2024 and December 31, 2023, 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 (Dollars in thousands) March 31, 2024 U.S. Treasury note $ — $ — $ (1,765) $ 25,169 3 $ (1,765) $ 25,169 Corporate bonds — — (5,232) 54,045 25 (5,232) 54,045 U.S. Government agency obligations — — (271) 11,169 3 (271) 11,169 Obligations issued by U.S. states and their political subdivisions — — (300) 6,106 5 (300) 6,106 Mortgage-backed securities: Residential — 2 (23,129) 123,383 47 (23,129) 123,385 Multifamily — — (925) 10,167 5 (925) 10,167 Asset-backed securities (13) 5,000 (318) 4,557 3 (331) 9,557 Total $ (13) $ 5,002 $ (31,940) $ 234,596 91 $ (31,953) $ 239,598 December 31, 2023 U.S. Treasury note $ — $ — $ (1,875) $ 35,060 4 $ (1,875) $ 35,060 Corporate bonds (7) 8,260 (5,674) 61,156 30 (5,681) 69,416 U.S. Government agency obligations — — (380) 11,140 3 (380) 11,140 Obligations issued by U.S. states and their political subdivisions — — (228) 6,195 5 (228) 6,195 Mortgage-backed securities: Residential — 2 (21,266) 128,535 48 (21,266) 128,537 Multifamily — — (999) 11,524 6 (999) 11,524 Asset-backed securities (21) 4,991 (305) 4,680 3 (326) 9,671 Total $ (28) $ 13,253 $ (30,727) $ 258,290 99 $ (30,755) $ 271,543
Summary of held-for-maturity with unrealized losses	The following tables summarizes held-to-maturity securities with unrealized losses at March 31, 2024 and December 31, 2023, aggregated by major security type and length of time in a continuous loss position. Less than 12 Months 12 Months or More Total Unrealized Losses Estimated Unrealized Losses Estimated Number of Securities Unrealized Losses Estimated (In thousands) March 31, 2024 Corporate Bonds — — (3,283) 15,317 9 (3,283) 15,317 Asset-backed securities — — (1,451) 13,306 2 (1,451) 13,306 Total $ — $ — $ (4,734) $ 28,623 11 $ (4,734) $ 28,623 Less than 12 Months 12 Months or More Total Unrealized Losses Estimated Unrealized Losses Estimated Number of Securities Unrealized Losses Estimated (In thousands) December 31, 2023 Corporate Bonds — — (3,593) 15,007 9 (3,593) 15,007 Asset-backed securities — — (1,496) 13,316 2 (1,496) 13,316 Total $ — $ — $ (5,089) $ 28,323 11 $ (5,089) $ 28,323

LOANS RECEIVABLE (Tables)

LOANS RECEIVABLE (Tables)	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Summary of loans receivable	A summary of loans receivable, net at March 31, 2024 and December 31, 2023, follows: March 31, 2024 December 31, 2023 (In thousands) Residential $ 540,427 $ 550,929 Multifamily 671,011 682,564 Commercial real estate 244,207 232,505 Construction 63,052 60,414 Junior liens 22,052 22,503 Commercial and industrial 13,372 11,768 Consumer and other 56 47 Total loans 1,554,177 1,560,730 Less: Allowance for credit losses (1) 13,749 14,154 Loans receivable, net $ 1,540,428 $ 1,546,576 (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 as of March 31, 2024: Term Loans by Origination Year 2024 2023 2022 2021 2020 Pre-2020 Revolving Loans Total (in thousands) Residential Pass $ 1,235 $ 13,238 $ 96,819 $ 107,128 $ 14,200 $ 301,423 $ — $ 534,043 Special mention — — — — — 659 — 659 Substandard — — — — — 5,725 — 5,725 Total 1,235 13,238 96,819 107,128 14,200 307,807 — 540,427 Multifamily Pass — 17,092 280,854 152,383 35,190 185,353 — 670,872 Substandard — — — — — 139 — 139 Total — 17,092 280,854 152,383 35,190 185,492 — 671,011 Commercial real estate Pass 13,746 26,617 117,687 14,711 14,970 55,591 — 243,322 Special mention — — — — — 885 — 885 Total 13,746 26,617 117,687 14,711 14,970 56,476 — 244,207 Construction Pass — 20,761 24,941 17,350 — — — 63,052 Total — 20,761 24,941 17,350 — — — 63,052 Junior liens Pass 641 5,439 4,974 1,136 253 9,561 — 22,004 Substandard — — — — — 48 — 48 Total 641 5,439 4,974 1,136 253 9,609 — 22,052 Commercial and industrial Pass 3,608 6,366 102 2,486 31 — — 12,593 Substandard — 756 — 23 — — — 779 Total 3,608 7,122 102 2,509 31 — — 13,372 Consumer and other Pass 29 — — — — — 27 56 Total 29 — — — — — 27 56 Total gross loans $ 19,259 $ 90,269 $ 525,377 $ 295,217 $ 64,644 $ 559,384 $ 27 $ 1,554,177 The following table presents the risk category of loans by class of loan and vintage as of December 31, 2023: Term Loans by Origination Year 2023 2022 2021 2020 2019 Pre-2019 Revolving Loans Total (in thousands) Residential Pass $ 13,338 $ 98,007 $ 109,193 $ 14,315 $ 18,460 $ 291,069 $ — $ 544,382 Special mention — — — — — 663 — 663 Substandard — — — — — 5,884 — 5,884 Total 13,338 98,007 109,193 14,315 18,460 297,616 — 550,929 Multifamily Pass 17,144 281,906 158,705 35,407 56,739 132,517 — 682,418 Substandard — — — — — 146 — 146 Total 17,144 281,906 158,705 35,407 56,739 132,663 — 682,564 Commercial real estate Pass 26,610 118,247 14,785 15,080 5,386 51,493 — 231,601 Special mention — — — — — 904 — 904 Total 26,610 118,247 14,785 15,080 5,386 52,397 — 232,505 Construction Pass 22,798 21,067 16,549 — — — — 60,414 Total 22,798 21,067 16,549 — — — — 60,414 Junior liens Pass 5,359 5,234 1,232 296 1,773 8,560 — 22,454 Substandard — — — — — 49 — 49 Total 5,359 5,234 1,232 296 1,773 8,609 — 22,503 Commercial and industrial Pass 7,055 105 4,492 77 — — — 11,729 Substandard — — 39 — — — — 39 Total 7,055 105 4,531 77 — — — 11,768 Consumer and other Pass 25 — — — — — 22 47 Total 25 — — — — — 22 47 Total gross loans $ 92,329 $ 524,566 $ 304,995 $ 65,175 $ 82,358 $ 491,285 $ 22 $ 1,560,730
Summary of past due and current loans	The following table presents the recorded investment in past due and current loans by loan portfolio class as of March 31, 2024 and December 31, 2023: 30-59 60-89 90 Days Total Current Total (In thousands) March 31, 2024 Residential $ 770 $ 969 $ 3,834 $ 5,573 $ 534,854 $ 540,427 Multifamily — — — — 671,011 671,011 Commercial real estate — — — — 244,207 244,207 Construction — — — — 63,052 63,052 Junior liens — — 48 48 22,004 22,052 Commercial and industrial — — 23 23 13,349 13,372 Consumer and other — — — — 56 56 Total $ 770 $ 969 $ 3,905 $ 5,644 $ 1,548,533 $ 1,554,177 December 31, 2023 Residential $ 887 $ 752 $ 3,926 $ 5,565 $ 545,364 $ 550,929 Multifamily — — — — 682,564 682,564 Commercial real estate — — — — 232,505 232,505 Construction — — — — 60,414 60,414 Junior liens — — 49 49 22,454 22,503 Commercial and industrial — — 39 39 11,729 11,768 Consumer and other — — — — 47 47 Total $ 887 $ 752 $ 4,014 $ 5,653 $ 1,555,077 $ 1,560,730
Summary of non-accrual loans and loans past due 90 days or more and still on accrual	The following tables presents information on non-accrual loans at March 31, 2024 and December 31, 2023 : March 31, 2024 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 $ 5,725 $ — $ — $ 5,725 Multifamily 139 — — 139 Junior liens 48 — — 48 Commercial and industrial 779 — — 779 Total $ 6,691 $ — $ — $ 6,691 December 31, 2023 Residential $ 5,884 $ — $ — $ 5,884 Multifamily 146 — — 146 Junior liens 49 — — 49 Commercial and industrial 39 — — 39 Total $ 6,118 $ — $ — $ 6,118
Schedule of loan modifications	The following tables presents the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the first quarter of 2024, by type of modification. Three Months Ended March 31, 2024 Payment Delays Term Extensions Total Principal % of Total Class of Loans (Dollars in thousands) Residential $ — $ 116 $ 116 0.02 % Commercial and industrial 737 — 737 5.51 Total $ 737 $ 116 $ 853 0.05 % Types of Modifications Residential Term extensions of 3 to 12 months Commercial and industrial Deferral of three payments
Schedule of loan modifications by payment status	The following table presents loan modifications made during first quarter of 2024 by payment status as of March 31, 2024: Three Months Ended March 31, 2024 Current 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Non-Accrual Total (In thousands) Residential $ 3 $ — $ — $ — $ 113 $ 116 Commercial and industrial — — — — 737 737 Total $ 3 $ — $ — $ — $ 850 $ 853

ALLOWANCE FOR CREDIT LOSSES (Ta

ALLOWANCE FOR CREDIT LOSSES (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 2023 (In thousands) Balance at beginning of period $ 14,154 $ 13,400 Impact of adopting ASU 2016-13 and ASU 2022-02 — 668 Charge-offs (13) (5) Recoveries 4 1 Net charge-offs (9) (4) (Recovery of) provision for credit loss on loans (396) 89 Balance at end of period $ 13,749 $ 14,153 The following tables present the activity in the Company’s allowance for credit losses by class of loans based on the analysis performed for the three months ended March 31, 2024 and 2023: Balance at December 31, 2023 Charge-offs Recoveries (Recovery of) Provision for Credit Loss - Loans Balance at March 31, 2024 (In thousands) Residential $ 1,968 $ — $ — $ (49) $ 1,919 Multifamily 7,046 — — (43) 7,003 Commercial real estate 3,748 — — (5) 3,743 Construction 1,222 — — (338) 884 Junior liens $ 76 — — 1 77 Commercial and industrial 94 — — 29 123 Consumer and other — (13) 4 9 — Total $ 14,154 $ (13) $ 4 $ (396) $ 13,749 Consumer and other charge-offs relate to overdrafts in the three months ended March 31, 2024, which originated in the fourth quarter of 2023 or the first quarter of 2024, as it is our policy to charge these off within 60 days of occurrence. Balance at December 31, 2022 Impact of adopting ASU 2016-13 Charge-offs Recoveries (Recovery of) Provision for Loan Loss Balance at March 31, 2023 (In thousands) Residential $ 2,264 $ (183) $ — $ — $ (25) $ 2,056 Multifamily 5,491 2,057 — — (357) 7,191 Commercial real estate 3,357 146 — — 67 3,570 Construction 1,697 (832) — — 325 1,190 Junior liens 451 (405) — — — 46 Commercial and industrial 47 (23) — — 76 100 Consumer and other — 1 (5) 1 3 — Unallocated 93 (93) — — — — Total $ 13,400 $ 668 $ (5) $ 1 $ 89 $ 14,153 The following table represents the allocation of allowance for loan losses and the related recorded investment, including deferred fees and costs, in loans by loan portfolio segment, disaggregated based on the impairment methodology at March 31, 2024 and December 31, 2023 : Loans Allowance for Credit Losses on Loans March 31, 2024 Individually Evaluated Collectively Evaluated Total Individually Evaluated Collectively Evaluated Total (In thousands) Residential $ 5,725 $ 534,702 $ 540,427 $ — $ 1,919 $ 1,919 Multifamily 139 670,872 671,011 — 7,003 7,003 Commercial real estate — 244,207 244,207 — 3,743 3,743 Construction — 63,052 63,052 — 884 884 Junior liens 48 22,004 22,052 — 77 77 Commercial and industrial (1) — 13,372 13,372 — 123 123 Consumer and other — 56 56 — — — Total $ 5,912 $ 1,548,265 $ 1,554,177 $ — $ 13,749 $ 13,749 (1) Includes PPP loans which carry the federal guarantee of the SBA and do not have an allowance for credit losses. Loans Allowance for Credit Losses on Loans December 31, 2023 Individually Evaluated Collectively Evaluated Total Individually Evaluated Collectively Evaluated Total (In thousands) Residential $ 5,721 $ 545,208 $ 550,929 $ — $ 1,968 $ 1,968 Multifamily 146 682,418 682,564 — 7,046 7,046 Commercial real estate — 232,505 232,505 — 3,748 3,748 Construction — 60,414 60,414 — 1,222 1,222 Junior liens 49 22,454 22,503 — 76 76 Commercial and industrial (1) — 11,768 11,768 — 94 94 Consumer and other — 47 47 — — — Unallocated — — — — — — Total $ 5,916 $ 1,554,814 $ 1,560,730 $ — $ 14,154 $ 14,154 (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)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Summary of balance sheet information related to operating leases	The Company had the following related to operating leases: March 31, 2024 December 31, 2023 (Dollars in thousands) Right-of-use assets $ 24,454 $ 25,172 Lease liabilities 26,081 26,777 Weighted average remaining lease term for operating leases 10.1 years 10.3 years Weighted average discount rate used in the measurement of lease liabilities 2.41 % 2.40 %
Summary of lease cost	The following table is a summary of the Company’s components of net lease cost for the three months ended March 31, 2024 and 2023. The variable lease cost primarily represents variable payments such as common area maintenance and utilities. Three Months Ended March 31, 2024 2023 (In thousands) Operating lease cost $ 874 $ 840 Finance lease cost — 4 Variable lease cost 67 57 Total lease cost included as a component of occupancy and equipment $ 941 $ 901 The following table presents supplemental cash flow information related to operating leases: Three Months Ended March 31, 2024 2023 (In thousands) Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows from operating leases $ 918 $ 819 Operating lease liabilities arising from obtaining right-of-use assets (non-cash): Operating leases $ — $ 1,107
Summary of future undiscounted operating lease payments	Future undiscounted lease payments for operating leases with initial terms of one year or more as of March 31, 2024 are as follows: Through March 31, (In thousands) 2024 $ 3,317 2025 3,017 2026 2,992 2027 2,888 2028 2,516 Thereafter 14,715 Total undiscounted lease payments 29,445 Less: imputed interest 3,364 Total $ 26,081

DEPOSITS (Tables)

DEPOSITS (Tables)	3 Months Ended
	Mar. 31, 2024
Deposits [Abstract]
Summary of deposits	Deposits at March 31, 2024 and December 31, 2023 are summarized as follows: March 31, 2024 December 31, 2023 (In thousands) Non-interest bearing deposits $ 25,342 $ 27,739 NOW and demand accounts 373,172 361,139 Savings 250,298 259,402 Time deposits 642,372 596,624 Total $ 1,291,184 $ 1,244,904
Schedule of timed deposit maturities	Time deposits mature as follows for the years ending December 31: (In thousands) Remainder of 2024 $ 608,789 2025 25,577 2026 3,553 2027 2,031 2028 1,988 2029 434 $ 642,372

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of share-based compensation expense	The following table presents the share-based compensation expense for the three months ended March 31, 2024 and 2023. Three Months Ended March 31, 2024 2023 (In thousands) Stock option expense $ 379 $ 399 Restricted stock expense 402 277 Total share-based compensation expense $ 781 $ 676
Schedule of stock option activity	The following is a summary of the Company’s stock option activity and related information for the three months ended March 31, 2024: Number of Stock Options Weighted Average Grant Date Fair Value Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Outstanding - December 31, 2023 2,475,363 $ 4.12 $ 11.65 8.8 Granted 48,133 3.67 9.95 6.5 Forfeited (103,713) 4.25 11.69 — Outstanding - March 31, 2024 2,419,783 $ 4.11 $ 11.61 8.5 Exercisable - March 31, 2024 396,419
Schedule of restricted shares activity	The following is a summary of the status of the Company’s restricted shares as of March 31, 2024 and changes therein during the three months ended: Number of Shares Awarded Weighted Average Grant Date Fair Value Outstanding - December 31, 2023 944,262 $ 11.88 Granted 377,695 9.51 Forfeited (372,404) 11.99 Vested (55,523) 12.00 Outstanding - March 31, 2024 894,030 $ 10.83

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of interest-rate swaps designated as cash flow hedges	Summary information about the interest rate swaps designated as cash flow hedges as of period-end is as follows: March 31, 2024 December 31, 2023 (Dollars in thousands) Notional amounts $ 254,000 $ 259,000 Weighted average pay rates 2.95 % 2.91 % Weighted average receive rates 5.45 % 5.49 % Weighted average maturity 3.0 years 3.2 years Gross unrealized gain included in other assets $ 10,620 $ 9,047 Gross unrealized loss included in other liabilities 224 1,465 Unrealized gains, net $ 10,396 $ 7,582
Summary of effect of cash flow hedge accounting on AOCI	The effect of cash flow hedge accounting on accumulated other comprehensive income for the three months ended March 31, 2024 and 2023 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 March 31, 2024 Interest rate contracts $ 2,813 Interest Expense $ 1,649 Three months ended March 31, 2023 Interest rate contracts $ (2,444) Interest Expense $ 1,004 (1) Net of tax, adjusted for deferred tax valuation allowance.

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of components of comprehensive (loss) income gross and net of tax	The following table presents the components of other comprehensive income both gross and net of tax, inclusive of a deferred tax valuation allowance, for the 2024 and 2023 periods: Three Months Ended March 31, 2024 2023 Before Tax Tax After Before Tax Tax After (In thousands) Components of Other Comprehensive Income: Unrealized (loss) gain on securities available-for-sale: Unrealized (loss) gain arising during the period $ (1,109) $ — $ (1,109) $ 4,039 $ — $ 4,039 Unrealized gain (loss) on cash flow hedge: Unrealized gain (loss) arising during the period 1,164 — 1,164 (1,440) — (1,440) Reclassification adjustment for loss (gain) included in net loss 1,649 — 1,649 (1,004) — (1,004) Total gain (loss) 2,813 — 2,813 (2,444) — (2,444) Post-Retirement plans: Reclassification adjustment for amortization of: Net actuarial loss (gain) 1 — 1 (2) — (2) Total other comprehensive income $ 1,705 $ — $ 1,705 $ 1,593 $ — $ 1,593
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 December 31, 2023 $ 7,582 $ (30,699) $ 237 $ (22,880) Other comprehensive income (loss) before reclassification 1,164 (1,109) — 55 Amounts reclassified from accumulated other comprehensive income 1,649 — 1 1,650 Net current period other comprehensive income (loss) 2,813 (1,109) 1 1,705 Balance at March 31, 2024 $ 10,395 $ (31,808) $ 238 $ (21,175) 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 (loss) income before reclassification (1,440) 4,039 — 2,599 Amounts reclassified from accumulated other comprehensive (loss) income (1,004) — (2) (1,006) Net current period other comprehensive (loss) income (2,444) 4,039 (2) 1,593 Balance at March 31, 2023 $ 8,647 $ (32,144) $ 371 $ (23,126)
Summary of reclassification out of each component of accumulated other comprehensive income (loss)	The following table presents information about amounts reclassified from accumulated other comprehensive income (loss) to the consolidated statements of income for the periods indicated: Details about Accumulated Other Comprehensive Income Components Three Months Ended March 31, Affected Line Item in the Statement Where Net Income is Presented 2024 2023 (In thousands) (Gains) losses on cash flow hedges: Interest rate contracts (1,649) 1,004 Interest expense Amortization of post-retirement plan items: Net actuarial (gains) loss (1) 2 Compensation and employee benefits Total tax effect — — Income tax expense Total reclassification for the period, net of tax $ (1,650) $ 1,006

FAIR VALUE OF ASSETS AND LIAB_2

FAIR VALUE OF ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Summary of fair value of assets and liabilities	The following table summarizes the fair value of assets and liabilities as of March 31, 2024: Fair Value Measurements at March 31, 2024, 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 $ 25,169 $ 25,169 $ — $ — Corporate bonds 74,621 — 74,621 — U.S. Government agency obligations 11,169 11,169 — — Obligations issued by U.S. states and their political subdivisions 6,106 — 6,106 — Mortgage-backed securities: Residential 123,389 — 123,389 — Multifamily 10,167 — 10,167 — Asset-backed securities 14,570 — 14,570 — Total securities available-for-sale 265,191 36,338 228,853 — Derivatives 10,620 — 10,620 — Total financial assets measured on a recurring basis $ 275,811 $ 36,338 $ 239,473 $ — Financial liabilities Derivatives $ 224 $ — $ 224 $ — Measured on a nonrecurring basis: Nonfinancial assets Real estate owned $ 593 $ — $ — $ 593 The following table summarizes the fair value of assets and liabilities as of December 31, 2023: Fair Value Measurements at December 31, 2023, Using Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs Total (Level 1) (Level 2) (Level 3) (In thousands) Measured on a recurring basis: Financial assets Securities available-for-sale: U.S. Treasury note $ 35,060 $ 35,060 $ — $ — Corporate bonds 76,623 — 76,623 — U.S. Government agency obligations 11,140 11,140 — — Obligations issued by U.S. states and their political subdivisions 6,195 — 6,195 — Mortgage-backed securities: Residential 128,542 — 128,542 — Multifamily 11,523 — 11,523 — Asset-backed securities 14,683 — 14,683 — Total securities available-for-sale 283,766 46,200 237,566 — Derivatives 9,047 — 9,047 — Total financial assets measured on a recurring basis $ 292,813 $ 46,200 $ 246,613 $ — Financial liabilities Derivatives $ 1,465 $ — $ 1,465 $ — Measured on a nonrecurring basis: Nonfinancial assets Real estate owned 593 — — 593
Summary of carrying amounts and fair value of financial instruments not carried at fair value	The following tables present the book value, fair value, and placement in the fair value hierarchy of financial instruments not recorded at fair values in their entirety on a recurring basis on the Company’s consolidated balance sheets at March 31, 2024 and December 31, 2023. 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. The carrying amounts and fair value of financial instruments not carried at fair value, at March 31, 2024 and December 31, 2023, are as follows: Fair Value Measurements at March 31, 2024, 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: Corporate bonds 18,600 — 15,317 — Asset-backed securities 14,757 — 13,306 — Securities held-to-maturity $ 33,357 $ — $ 28,623 $ — Loans, net 1,540,428 — — 1,410,308 Financial liabilities Time deposits 642,372 — 638,932 — FHLB advances 342,500 — 349,484 — Fair Value Measurements at December 31, 2023, 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: Corporate bonds 18,600 — 15,007 — Asset-backed securities 14,812 — 13,316 — Securities held-to-maturity $ 33,412 $ — $ 28,323 $ — Loans, net 1,546,576 — — 1,332,138 Financial liabilities Time deposits 596,624 — 592,676 — FHLB advances 397,500 — 405,015 —

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Summary of sources of revenue from contracts with customers	The following table presents the Company’s sources of revenue from contracts with customers for the three months ended March 31, 2024 and 2023, respectively: Three Months Ended March 31, 2024 2023 (In thousands) Service charges on deposits $ 202 $ 205 Interchange income 14 12 Total revenue from contracts with customers $ 216 $ 217

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of earnings per share	Three Months Ended March 31, 2024 2023 (Income in thousands) Net loss applicable to common shares $ (2,839) $ (1,209) Shares Average number of common shares outstanding 24,091,835 27,461,815 Less: Average unallocated ESOP shares 1,996,575 2,087,720 Average number of common shares outstanding used to calculate basic earnings per common share 22,095,260 25,374,095 Common stock equivalents — — Average number of common shares outstanding used to calculate diluted earnings per common share 22,095,260 25,374,095 Loss per common share Basic $ (0.13) $ (0.05) Diluted $ (0.13) $ (0.05)

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	3 Months Ended
	Mar. 31, 2024 segment
Lessee, Lease, Description [Line Items]
Number of operating segments	1
Blue Foundry Bancorp - NJ
Lessee, Lease, Description [Line Items]
Ownership interest percentage	100%

SECURITIES - Summary of amortiz

SECURITIES - Summary of amortized cost of securities available-for-sale and their estimated fair value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 296,999	$ 314,465
Gross Unrealized Gains	145	56
Gross Unrealized Losses	(31,953)	(30,755)
Estimated Fair Value	265,191	283,766
U.S. Treasury note
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	26,934	36,935
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1,765)	(1,875)
Estimated Fair Value	25,169	35,060
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	79,708	82,248
Gross Unrealized Gains	145	56
Gross Unrealized Losses	(5,232)	(5,681)
Estimated Fair Value	74,621	76,623
U.S. Government agency obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	11,440	11,519
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(271)	(379)
Estimated Fair Value	11,169	11,140
Obligations issued by U.S. states and their political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,406	6,423
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(300)	(228)
Estimated Fair Value	6,106	6,195
Residential
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	146,518	149,808
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(23,129)	(21,266)
Estimated Fair Value	123,389	128,542
Multifamily
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	11,092	12,522
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(925)	(999)
Estimated Fair Value	10,167	11,523
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	14,901	15,010
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(331)	(327)
Estimated Fair Value	$ 14,570	$ 14,683

SECURITIES - Summary of amort_2

SECURITIES - Summary of amortized cost of securities held-to-maturity and their estimated fair value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 33,357	$ 33,412
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(4,734)	(5,089)
Estimated Fair Value	28,623	28,323
Allowance for credit loss	(140)	(158)
Securities held-to-maturity	33,217	33,254
Corporate bonds
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	18,600	18,600
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(3,283)	(3,593)
Estimated Fair Value	15,317	15,007
Asset-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	14,757	14,812
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1,451)	(1,496)
Estimated Fair Value	$ 13,306	$ 13,316

SECURITIES - Narrative (Details

SECURITIES - Narrative (Details) $ in Thousands	Mar. 31, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Schedule of Held-to-maturity Securities [Line Items]
Allowance for credit loss	$ 140	$ 158
Value of securities with BBB Split rating	$ 33,357	$ 33,412
Number of available-for-sale securities in unrealized loss positions | security	91	99
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	$ 2,000
Debt Securities | Asset Pledged as Collateral
Schedule of Held-to-maturity Securities [Line Items]
Carrying amount of securities pledged	$ 13,200	$ 11,700
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	58

SECURITIES - Summary of amort_3

SECURITIES - Summary of amortized cost and fair value of debt securities shown by contractual maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
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	$ 39,501
Due from one year to five years	33,945
Due from five to ten years	44,053
Due after ten years	6,989
Mortgage-backed and asset-backed securities	172,511
Amortized Cost	296,999	$ 314,465
Estimated Fair Value
Due in one year or less	38,696
Due from one year to five years	33,145
Due from five to ten years	40,068
Due after ten years	5,156
Mortgage-backed and asset-backed securities	148,126
Total	265,191	283,766
Amortized Cost
Due from one year to five years	0
Due from five to ten years	18,600
Mortgage-backed and asset-backed securities	14,757
Amortized Cost	33,357	33,412
Estimated Fair Value
Due from one year to five years	0
Due from five to ten years	15,317
Mortgage-backed and asset-backed securities	13,306
Estimated Fair Value	$ 28,623	$ 28,323

SECURITIES - Summary of credit

SECURITIES - Summary of credit profile of debt securities held-to-maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	$ 33,357	$ 33,412
AAA
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	8,803	8,844
A1
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	5,954	5,968
BBB+
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	1,600	1,600
BBB
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	11,000	11,000
BBB-
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	6,000	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	0
Corporate Bonds | A1
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	0	0
Corporate Bonds | BBB+
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	1,600	1,600
Corporate Bonds | BBB
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	11,000	11,000
Corporate Bonds | BBB-
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	6,000	6,000
Asset-backed securities
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	14,757	14,812
Asset-backed securities | AAA
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	8,803	8,844
Asset-backed securities | A1
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	5,954	5,968
Asset-backed securities | BBB+
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	0	0
Asset-backed securities | BBB
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	0	0
Asset-backed securities | BBB-
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]
Total held-to-maturity	$ 0	$ 0

SECURITIES - Summary of availab

SECURITIES - Summary of available-for-sale securities with unrealized losses (Details) $ in Thousands	Mar. 31, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	$ (13)	$ (28)
Estimated Fair Value	5,002	13,253
Unrealized Losses	(31,940)	(30,727)
Estimated Fair Value	$ 234,596	$ 258,290
Number of Securities | security	91	99
Unrealized Losses	$ (31,953)	$ (30,755)
Estimated Fair Value	239,598	271,543
U.S. Treasury note
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	0	0
Estimated Fair Value	0	0
Unrealized Losses	(1,765)	(1,875)
Estimated Fair Value	$ 25,169	$ 35,060
Number of Securities | security	3	4
Unrealized Losses	$ (1,765)	$ (1,875)
Estimated Fair Value	25,169	35,060
Corporate bonds
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	0	(7)
Estimated Fair Value	0	8,260
Unrealized Losses	(5,232)	(5,674)
Estimated Fair Value	$ 54,045	$ 61,156
Number of Securities | security	25	30
Unrealized Losses	$ (5,232)	$ (5,681)
Estimated Fair Value	54,045	69,416
U.S. Government agency obligations
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	0	0
Estimated Fair Value	0	0
Unrealized Losses	(271)	(380)
Estimated Fair Value	$ 11,169	$ 11,140
Number of Securities | security	3	3
Unrealized Losses	$ (271)	$ (380)
Estimated Fair Value	11,169	11,140
Obligations issued by U.S. states and their political subdivisions
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	0	0
Estimated Fair Value	0	0
Unrealized Losses	(300)	(228)
Estimated Fair Value	$ 6,106	$ 6,195
Number of Securities | security	5	5
Unrealized Losses	$ (300)	$ (228)
Estimated Fair Value	6,106	6,195
Residential
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	0	0
Estimated Fair Value	2	2
Unrealized Losses	(23,129)	(21,266)
Estimated Fair Value	$ 123,383	$ 128,535
Number of Securities | security	47	48
Unrealized Losses	$ (23,129)	$ (21,266)
Estimated Fair Value	123,385	128,537
Multifamily
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	0	0
Estimated Fair Value	0	0
Unrealized Losses	(925)	(999)
Estimated Fair Value	$ 10,167	$ 11,524
Number of Securities | security	5	6
Unrealized Losses	$ (925)	$ (999)
Estimated Fair Value	10,167	11,524
Asset-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses	(13)	(21)
Estimated Fair Value	5,000	4,991
Unrealized Losses	(318)	(305)
Estimated Fair Value	$ 4,557	$ 4,680
Number of Securities | security	3	3
Unrealized Losses	$ (331)	$ (326)
Estimated Fair Value	$ 9,557	$ 9,671

SECURITIES - Summary of held-fo

SECURITIES - Summary of held-for-maturity securities with unrealized losses (Details) $ in Thousands	Mar. 31, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Schedule of Held-to-maturity Securities [Line Items]
Unrealized Losses	$ 0	$ 0
Estimated Fair Value	0	0
Unrealized Losses	(4,734)	(5,089)
Estimated Fair Value	$ 28,623	$ 28,323
Number of Securities | security	11	11
Unrealized Losses	$ (4,734)	$ (5,089)
Estimated Fair Value	28,623	28,323
Corporate bonds
Schedule of Held-to-maturity Securities [Line Items]
Unrealized Losses	0	0
Estimated Fair Value	0	0
Unrealized Losses	(3,283)	(3,593)
Estimated Fair Value	$ 15,317	$ 15,007
Number of Securities | security	9	9
Unrealized Losses	$ (3,283)	$ (3,593)
Estimated Fair Value	15,317	15,007
Asset-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Unrealized Losses	0	0
Estimated Fair Value	0	0
Unrealized Losses	(1,451)	(1,496)
Estimated Fair Value	$ 13,306	$ 13,316
Number of Securities | security	2	2
Unrealized Losses	$ (1,451)	$ (1,496)
Estimated Fair Value	$ 13,306	$ 13,316

LOANS RECEIVABLE - Summary of l

LOANS RECEIVABLE - Summary of loans receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 1,554,177	$ 1,560,730
Less: Allowance for credit losses	13,749	14,154	$ 14,153	$ 13,400
Loans receivable, net	1,540,428	1,546,576
Residential Portfolio Segment | Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	540,427	550,929
Less: Allowance for credit losses	1,919	1,968	2,056	2,264
Residential Portfolio Segment | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	671,011	682,564
Less: Allowance for credit losses	7,003	7,046	7,191	5,491
Commercial Real Estate Portfolio Segment | Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total		232,505
Commercial Real Estate Portfolio Segment | Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	244,207	232,505
Less: Allowance for credit losses	3,743	3,748	3,570	3,357
Construction and Land Portfolio Segment | Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	63,052	60,414
Less: Allowance for credit losses	884	1,222	1,190	1,697
Junior Lien Portfolio Segment | Junior liens
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	22,052	22,503
Less: Allowance for credit losses	77	76	46	451
Commercial Portfolio Segment | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	13,372	11,768
Less: Allowance for credit losses	123	94	100	47
Consumer and Other Portfolio Segment | Consumer and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	56	47
Less: Allowance for credit losses	$ 0	$ 0	$ 0	$ 0

LOANS RECEIVABLE - Narrative (D

LOANS RECEIVABLE - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) loan	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) loan
Receivables [Abstract]
Accrued interest receivable	$ 6,200		$ 6,100
Net deferred loan fees	2,000		2,000
Amount of loans modified	853	$ 0
Mortgage loans in process of foreclosure	$ 4,000		$ 4,000
Number of loans in real estate owned | loan	1		1
Real estate owned, net	$ 593		$ 593

LOANS RECEIVABLE - Credit quali

LOANS RECEIVABLE - Credit quality indicators (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Loan origination, year one	$ 19,259	$ 92,329
Loan origination, year two	90,269	524,566
Loan origination, year three	525,377	304,995
Loan origination, year four	295,217	65,175
Loan origination, year five	64,644	82,358
Loan origination, more than five years	559,384	491,285
Revolving Loans	27	22
Total	1,554,177	1,560,730
Residential Portfolio Segment | Residential
Financing Receivable, Credit Quality Indicator [Line Items]
Loan origination, year one	1,235	13,338
Loan origination, year two	13,238	98,007
Loan origination, year three	96,819	109,193
Loan origination, year four	107,128	14,315
Loan origination, year five	14,200	18,460
Loan origination, more than five years	307,807	297,616
Revolving Loans	0	0
Total	540,427	550,929
Residential Portfolio Segment | Residential | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loan origination, year one	1,235	13,338
Loan origination, year two	13,238	98,007
Loan origination, year three	96,819	109,193
Loan origination, year four	107,128	14,315
Loan origination, year five	14,200	18,460
Loan origination, more than five years	301,423	291,069
Revolving Loans	0	0
Total	534,043	544,382
Residential Portfolio Segment | Residential | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Loan origination, year one	0	0
Loan origination, year two	0	0
Loan origination, year three	0	0
Loan origination, year four	0	0
Loan origination, year five	0	0
Loan origination, more than five years	659	663
Revolving Loans	0	0
Total	659	663
Residential Portfolio Segment | Residential | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Loan origination, year one	0	0
Loan origination, year two	0	0
Loan origination, year three	0	0
Loan origination, year four	0	0
Loan origination, year five	0	0
Loan origination, more than five years	5,725	5,884
Revolving Loans	0	0
Total	5,725	5,884
Residential Portfolio Segment | Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Loan origination, year one	0	17,144
Loan origination, year two	17,092	281,906
Loan origination, year three	280,854	158,705
Loan origination, year four	152,383	35,407
Loan origination, year five	35,190	56,739
Loan origination, more than five years	185,492	132,663
Revolving Loans	0	0
Total	671,011	682,564
Residential Portfolio Segment | Multifamily | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loan origination, year one	0	17,144
Loan origination, year two	17,092	281,906
Loan origination, year three	280,854	158,705
Loan origination, year four	152,383	35,407
Loan origination, year five	35,190	56,739
Loan origination, more than five years	185,353	132,517
Revolving Loans	0	0
Total	670,872	682,418
Residential Portfolio Segment | Multifamily | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Loan origination, year one	0	0
Loan origination, year two	0	0
Loan origination, year three	0	0
Loan origination, year four	0	0
Loan origination, year five	0	0
Loan origination, more than five years	139	146
Revolving Loans	0	0
Total	139	146
Commercial Real Estate Portfolio Segment | Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Loan origination, year one	13,746	26,610
Loan origination, year two	26,617	118,247
Loan origination, year three	117,687	14,785
Loan origination, year four	14,711	15,080
Loan origination, year five	14,970	5,386
Loan origination, more than five years	56,476	52,397
Revolving Loans	0	0
Total	244,207	232,505
Commercial Real Estate Portfolio Segment | Commercial real estate | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loan origination, year one	13,746	26,610
Loan origination, year two	26,617	118,247
Loan origination, year three	117,687	14,785
Loan origination, year four	14,711	15,080
Loan origination, year five	14,970	5,386
Loan origination, more than five years	55,591	51,493
Revolving Loans	0	0
Total	243,322	231,601
Commercial Real Estate Portfolio Segment | Commercial real estate | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Loan origination, year one	0	0
Loan origination, year two	0	0
Loan origination, year three	0	0
Loan origination, year four	0	0
Loan origination, year five	0	0
Loan origination, more than five years	885	904
Revolving Loans	0	0
Total	885	904
Construction and Land Portfolio Segment | Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Loan origination, year one	0	22,798
Loan origination, year two	20,761	21,067
Loan origination, year three	24,941	16,549
Loan origination, year four	17,350	0
Loan origination, year five	0	0
Loan origination, more than five years	0	0
Revolving Loans	0	0
Total	63,052	60,414
Construction and Land Portfolio Segment | Construction | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loan origination, year one	0	22,798
Loan origination, year two	20,761	21,067
Loan origination, year three	24,941	16,549
Loan origination, year four	17,350	0
Loan origination, year five	0	0
Loan origination, more than five years	0	0
Revolving Loans	0	0
Total	63,052	60,414
Junior Lien Portfolio Segment | Junior liens
Financing Receivable, Credit Quality Indicator [Line Items]
Loan origination, year one	641	5,359
Loan origination, year two	5,439	5,234
Loan origination, year three	4,974	1,232
Loan origination, year four	1,136	296
Loan origination, year five	253	1,773
Loan origination, more than five years	9,609	8,609
Revolving Loans	0	0
Total	22,052	22,503
Junior Lien Portfolio Segment | Junior liens | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loan origination, year one	641	5,359
Loan origination, year two	5,439	5,234
Loan origination, year three	4,974	1,232
Loan origination, year four	1,136	296
Loan origination, year five	253	1,773
Loan origination, more than five years	9,561	8,560
Revolving Loans	0	0
Total	22,004	22,454
Junior Lien Portfolio Segment | Junior liens | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Loan origination, year one	0	0
Loan origination, year two	0	0
Loan origination, year three	0	0
Loan origination, year four	0	0
Loan origination, year five	0	0
Loan origination, more than five years	48	49
Revolving Loans	0	0
Total	48	49
Commercial Portfolio Segment | Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Loan origination, year one	3,608	7,055
Loan origination, year two	7,122	105
Loan origination, year three	102	4,531
Loan origination, year four	2,509	77
Loan origination, year five	31	0
Loan origination, more than five years	0	0
Revolving Loans	0	0
Total	13,372	11,768
Commercial Portfolio Segment | Commercial and industrial | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loan origination, year one	3,608	7,055
Loan origination, year two	6,366	105
Loan origination, year three	102	4,492
Loan origination, year four	2,486	77
Loan origination, year five	31	0
Loan origination, more than five years	0	0
Revolving Loans	0	0
Total	12,593	11,729
Commercial Portfolio Segment | Commercial and industrial | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Loan origination, year one	0	0
Loan origination, year two	756	0
Loan origination, year three	0	39
Loan origination, year four	23	0
Loan origination, year five	0	0
Loan origination, more than five years	0	0
Revolving Loans	0	0
Total	779	39
Consumer and Other Portfolio Segment | Consumer and other
Financing Receivable, Credit Quality Indicator [Line Items]
Loan origination, year one	29	25
Loan origination, year two	0	0
Loan origination, year three	0	0
Loan origination, year four	0	0
Loan origination, year five	0	0
Loan origination, more than five years	0	0
Revolving Loans	27	22
Total	56	47
Consumer and Other Portfolio Segment | Consumer and other | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loan origination, year one	29	25
Loan origination, year two	0	0
Loan origination, year three	0	0
Loan origination, year four	0	0
Loan origination, year five	0	0
Loan origination, more than five years	0	0
Revolving Loans	27	22
Total	$ 56	$ 47

LOANS RECEIVABLE - Aging analys

LOANS RECEIVABLE - Aging analysis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Total	$ 1,554,177	$ 1,560,730
Total Past Due
Financing Receivable, Past Due [Line Items]
Total	5,644	5,653
30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	770	887
60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	969	752
90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total	3,905	4,014
Current
Financing Receivable, Past Due [Line Items]
Total	1,548,533	1,555,077
Residential Portfolio Segment | Residential
Financing Receivable, Past Due [Line Items]
Total	540,427	550,929
Residential Portfolio Segment | Residential | Total Past Due
Financing Receivable, Past Due [Line Items]
Total	5,573	5,565
Residential Portfolio Segment | Residential | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	770	887
Residential Portfolio Segment | Residential | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	969	752
Residential Portfolio Segment | Residential | 90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total	3,834	3,926
Residential Portfolio Segment | Residential | Current
Financing Receivable, Past Due [Line Items]
Total	534,854	545,364
Residential Portfolio Segment | Multifamily
Financing Receivable, Past Due [Line Items]
Total	671,011	682,564
Residential Portfolio Segment | Multifamily | Total Past Due
Financing Receivable, Past Due [Line Items]
Total	0	0
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	0
Residential Portfolio Segment | Multifamily | Current
Financing Receivable, Past Due [Line Items]
Total	671,011	682,564
Commercial Real Estate Portfolio Segment | Commercial real estate
Financing Receivable, Past Due [Line Items]
Total	244,207	232,505
Commercial Real Estate Portfolio Segment | Commercial real estate | Total Past Due
Financing Receivable, Past Due [Line Items]
Total	0	0
Commercial Real Estate Portfolio Segment | Commercial real estate | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	0	0
Commercial Real Estate Portfolio Segment | Commercial real estate | 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	0	0
Commercial Real Estate Portfolio Segment | Commercial real estate | 90 Days and Greater Past Due
Financing Receivable, Past Due [Line Items]
Total	0	0
Commercial Real Estate Portfolio Segment | Commercial real estate | Current
Financing Receivable, Past Due [Line Items]
Total	244,207	232,505
Construction and Land Portfolio Segment | Construction
Financing Receivable, Past Due [Line Items]
Total	63,052	60,414
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	63,052	60,414
Junior Lien Portfolio Segment | Junior liens
Financing Receivable, Past Due [Line Items]
Total	22,052	22,503
Junior Lien Portfolio Segment | Junior liens | Total Past Due
Financing Receivable, Past Due [Line Items]
Total	48	49
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	48	49
Junior Lien Portfolio Segment | Junior liens | Current
Financing Receivable, Past Due [Line Items]
Total	22,004	22,454
Commercial Portfolio Segment | Commercial and industrial
Financing Receivable, Past Due [Line Items]
Total	13,372	11,768
Commercial Portfolio Segment | Commercial and industrial | Total Past Due
Financing Receivable, Past Due [Line Items]
Total	23	39
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	23	39
Commercial Portfolio Segment | Commercial and industrial | Current
Financing Receivable, Past Due [Line Items]
Total	13,349	11,729
Consumer and Other Portfolio Segment | Consumer and other
Financing Receivable, Past Due [Line Items]
Total	56	47
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	$ 56	$ 47

LOANS RECEIVABLE - Summary of p

LOANS RECEIVABLE - Summary of past due loans in non-accrual and past 90 days still on accrual (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Non-accrual	$ 6,691	$ 6,118
Interest Income Recognized on Non-accrual Loans	0	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	6,691	6,118
Residential Portfolio Segment | Residential
Financing Receivable, Past Due [Line Items]
Non-accrual	5,725	5,884
Interest Income Recognized on Non-accrual Loans	0	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	5,725	5,884
Residential Portfolio Segment | Multifamily
Financing Receivable, Past Due [Line Items]
Non-accrual	139	146
Interest Income Recognized on Non-accrual Loans	0	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	139	146
Junior Lien Portfolio Segment | Junior liens
Financing Receivable, Past Due [Line Items]
Non-accrual	48	49
Interest Income Recognized on Non-accrual Loans	0	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	48	49
Commercial Portfolio Segment | Commercial and industrial
Financing Receivable, Past Due [Line Items]
Non-accrual	779	39
Interest Income Recognized on Non-accrual Loans	0	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	$ 779	$ 39

LOANS RECEIVABLE - Loan modific

LOANS RECEIVABLE - Loan modifications (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of loans modified	$ 853	$ 0
% of Total Class of Loans	0.05%
Payment Delays
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of loans modified	$ 737
Term Extensions
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of loans modified	116
Residential Portfolio Segment | Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of loans modified	$ 116
% of Total Class of Loans	0.02%
Residential Portfolio Segment | Residential | Payment Delays
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of loans modified	$ 0
Residential Portfolio Segment | Residential | Term Extensions
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of loans modified	116
Commercial Portfolio Segment | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of loans modified	$ 737
% of Total Class of Loans	5.51%
Commercial Portfolio Segment | Commercial and industrial | Payment Delays
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of loans modified	$ 737
Commercial Portfolio Segment | Commercial and industrial | Term Extensions
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of loans modified	$ 0

LOANS RECEIVABLE - Types of mod

LOANS RECEIVABLE - Types of modifications by loan type (Details)	3 Months Ended
	Mar. 31, 2024 payment
Residential Portfolio Segment | Residential | Minimum
Financing Receivable, Modified [Line Items]
Types of modifications, term extension (in months)	3 months
Residential Portfolio Segment | Residential | Maximum
Financing Receivable, Modified [Line Items]
Types of modifications, term extension (in months)	12 months
Commercial Portfolio Segment | Commercial and industrial
Financing Receivable, Modified [Line Items]
Types of modifications, number of payments deferred	3

LOANS RECEIVABLE - Loan modif_2

LOANS RECEIVABLE - Loan modifications made by payment status (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of loans modified	$ 853	$ 0
Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of loans modified	3
30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of loans modified	0
60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of loans modified	0
90 Days and Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of loans modified	0
Non-Accrual
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of loans modified	850
Residential Portfolio Segment | Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of loans modified	116
Residential Portfolio Segment | Residential | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of loans modified	3
Residential Portfolio Segment | Residential | 30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of loans modified	0
Residential Portfolio Segment | Residential | 60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of loans modified	0
Residential Portfolio Segment | Residential | 90 Days and Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of loans modified	0
Residential Portfolio Segment | Residential | Non-Accrual
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of loans modified	113
Commercial Portfolio Segment | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of loans modified	737
Commercial Portfolio Segment | Commercial and industrial | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of loans modified	0
Commercial Portfolio Segment | Commercial and industrial | 30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of loans modified	0
Commercial Portfolio Segment | Commercial and industrial | 60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of loans modified	0
Commercial Portfolio Segment | Commercial and industrial | 90 Days and Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of loans modified	0
Commercial Portfolio Segment | Commercial and industrial | Non-Accrual
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of loans modified	$ 737

ALLOWANCE FOR CREDIT LOSSES - A

ALLOWANCE FOR CREDIT LOSSES - Allowance for credit losses rollforward (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 14,154	$ 13,400
Charge-offs	(13)	(5)
Recoveries	4	1
Net charge-offs	(9)	(4)
(Recovery of) provision for credit loss on loans	(396)	89
Balance at end of period	13,749	14,153
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 0	$ 668

ALLOWANCE FOR CREDIT LOSSES - S

ALLOWANCE FOR CREDIT LOSSES - Summary of allowance for credit lost by portfolio segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 14,154	$ 13,400
Charge-offs	(13)	(5)
Recoveries	4	1
(Recovery of) provision for credit loss on loans	(396)	89
Balance at end of period	13,749	14,153
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	0	668
Residential Portfolio Segment | Residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	1,968	2,264
Charge-offs	0	0
Recoveries	0	0
(Recovery of) provision for credit loss on loans	(49)	(25)
Balance at end of period	1,919	2,056
Residential Portfolio Segment | Residential | 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	7,046	5,491
Charge-offs	0	0
Recoveries	0	0
(Recovery of) provision for credit loss on loans	(43)	(357)
Balance at end of period	7,003	7,191
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
Commercial Real Estate Portfolio Segment | Commercial real estate
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	3,748	3,357
Charge-offs	0	0
Recoveries	0	0
(Recovery of) provision for credit loss on loans	(5)	67
Balance at end of period	3,743	3,570
Commercial Real Estate Portfolio Segment | Commercial real estate | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period		146
Construction and Land Portfolio Segment | Construction
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	1,222	1,697
Charge-offs	0	0
Recoveries	0	0
(Recovery of) provision for credit loss on loans	(338)	325
Balance at end of period	884	1,190
Construction and Land Portfolio Segment | Construction | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period		(832)
Junior Lien Portfolio Segment | Junior liens
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	76	451
Charge-offs	0	0
Recoveries	0	0
(Recovery of) provision for credit loss on loans	1	0
Balance at end of period	77	46
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)
Commercial Portfolio Segment | Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	94	47
Charge-offs	0	0
Recoveries	0	0
(Recovery of) provision for credit loss on loans	29	76
Balance at end of period	123	100
Commercial Portfolio Segment | Commercial and industrial | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period		(23)
Consumer and Other Portfolio Segment | Consumer and other
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	0	0
Charge-offs	(13)	(5)
Recoveries	4	1
(Recovery of) provision for credit loss on loans	9	3
Balance at end of period	$ 0	0
Consumer and Other Portfolio Segment | Consumer and other | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period		1
Unallocated Financing Receivables
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period		93
Charge-offs		0
Recoveries		0
(Recovery of) provision for credit loss on loans		0
Balance at end of period		0
Unallocated Financing Receivables | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period		$ (93)

ALLOWANCE FOR CREDIT LOSSES -_2

ALLOWANCE FOR CREDIT LOSSES - Summary of loans by portfolio segment evaluated for impairment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Loans
Individually Evaluated	$ 5,912	$ 5,916
Collectively Evaluated	1,548,265	1,554,814
Total	1,554,177	1,560,730
Allowance for Credit Losses on Loans
Individually Evaluated	0	0
Collectively Evaluated	13,749	14,154
Total	13,749	14,154
Residential Portfolio Segment | Residential
Loans
Individually Evaluated	5,725	5,721
Collectively Evaluated	534,702	545,208
Total	540,427	550,929
Allowance for Credit Losses on Loans
Individually Evaluated	0	0
Collectively Evaluated	1,919	1,968
Total	1,919	1,968
Residential Portfolio Segment | Multifamily
Loans
Individually Evaluated	139	146
Collectively Evaluated	670,872	682,418
Total	671,011	682,564
Allowance for Credit Losses on Loans
Individually Evaluated	0	0
Collectively Evaluated	7,003	7,046
Total	7,003	7,046
Commercial Portfolio Segment | Commercial and industrial
Loans
Individually Evaluated	0	0
Collectively Evaluated	13,372	11,768
Total	13,372	11,768
Allowance for Credit Losses on Loans
Individually Evaluated	0	0
Collectively Evaluated	123	94
Total	123	94
Junior Lien Portfolio Segment | Junior liens
Loans
Individually Evaluated	48	49
Collectively Evaluated	22,004	22,454
Total	22,052	22,503
Allowance for Credit Losses on Loans
Individually Evaluated	0	0
Collectively Evaluated	77	76
Total	77	76
Consumer Portfolio Segment [Member] | Consumer and other
Loans
Individually Evaluated	0	0
Collectively Evaluated	56	47
Total	56	47
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		0
Total		0
Construction and Land Portfolio Segment | Construction
Loans
Individually Evaluated	0	0
Collectively Evaluated	63,052	60,414
Total	63,052	60,414
Allowance for Credit Losses on Loans
Individually Evaluated	0	0
Collectively Evaluated	884	1,222
Total	884	1,222
Commercial real estate | Commercial real estate
Loans
Individually Evaluated		0
Collectively Evaluated		232,505
Total		232,505
Allowance for Credit Losses on Loans
Individually Evaluated		0
Collectively Evaluated		3,748
Total		$ 3,748
Commercial Real Estate Portfolio Segment | Commercial real estate
Loans
Individually Evaluated	0
Collectively Evaluated	244,207
Total	244,207
Allowance for Credit Losses on Loans
Individually Evaluated	0
Collectively Evaluated	3,743
Total	$ 3,743

ALLOWANCE FOR CREDIT LOSSES - N

ALLOWANCE FOR CREDIT LOSSES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Allowance for credit loss	$ 140		$ 158
Provision for credit losses on held-to-maturity securities	(18)	$ 17
Accrued interest receivable	1,800		1,500
Allowance for off-balance sheet exposures	182		$ 303
Recovery of provision of credit loss on off-balance sheet exposures	$ 121	$ 130
Cumulative Effect, Period of Adoption, Adjustment
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Allowance for credit loss				$ 170
Allowance for off-balance sheet exposures				$ (811)

LEASES - Narrative (Details)

LEASES - Narrative (Details)	Mar. 31, 2024
Minimum
Lessee, Lease, Description [Line Items]
Operating lease original lease terms (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease original lease terms (in years)	40 years

LEASES - Lease liabilities and

LEASES - Lease liabilities and ROU assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Right-of-use assets	$ 24,454	$ 25,172
Lease liabilities	$ 26,081	$ 26,777
Weighted average remaining lease terms for operating leases (in years)	10 years 1 month 6 days	10 years 3 months 18 days
Weighted average discount rate used in the measurement of lease liabilities	2.41%	2.40%

LEASES - Summary of components

LEASES - Summary of components of net lease cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease cost	$ 874	$ 840
Finance lease cost	0	4
Variable lease cost	67	57
Total lease cost included as a component of occupancy and equipment	$ 941	$ 901

LEASES - Supplemental cash flow

LEASES - Supplemental cash flow information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating cash flows from operating leases	$ 918	$ 819
Operating leases	$ 0	$ 1,107

LEASES - Schedule of future und

LEASES - Schedule of future undiscounted lease payments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2024	$ 3,317
2025	3,017
2026	2,992
2027	2,888
2028	2,516
Thereafter	14,715
Total undiscounted lease payments	29,445
Less: imputed interest	3,364
Total	$ 26,081	$ 26,777

DEPOSITS - Summary of deposits

DEPOSITS - Summary of deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Deposits [Abstract]
Non-interest bearing deposits	$ 25,342	$ 27,739
NOW and demand accounts	373,172	361,139
Savings	250,298	259,402
Time deposits	642,372	596,624
Total	1,291,184	1,244,904
Brokers deposits included in time deposits	$ 125,000	$ 125,000

DEPOSITS - Schedule of timed de

DEPOSITS - Schedule of timed deposit maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Deposits [Abstract]
Remainder of 2024	$ 608,789
2025	25,577
2026	3,553
2027	2,031
2028	1,988
2029	434
Time deposits	$ 642,372	$ 596,624

STOCK-BASED COMPENSATION - Empl

STOCK-BASED COMPENSATION - Employee stock ownership plan (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Shares in ESOP (in shares)	2,281,800
Price per share, ESOP (in usd per share)	$ 10
ESOP loan balance	$ 20,600,000
Contributions to ESOP	$ 0
Unallocated ESOP shares (in shares)	2,007,984	2,007,984
Allocated ESOP shares (in shares)	273,816	273,816
Fair value of unallocated ESOP shares	$ 18,800,000	$ 19,400,000

STOCK-BASED COMPENSATION - ESOP

STOCK-BASED COMPENSATION - ESOP compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
ESOP and stock-based compensation expense	$ 214	$ 262
ESOP shares committed to be released (in shares)	22,818	22,818

STOCK-BASED COMPENSATION - Equi

STOCK-BASED COMPENSATION - Equity incentive plan (Details) - USD ($) $ in Millions		3 Months Ended
	Aug. 25, 2022	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)		48,133	0
Expected future expense of non-vested options		$ 7.5
Shares granted (in shares)		377,695
Performance based shares, forfeited		372,404
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected period of recognition (in years)		5 years 2 months 12 days
Expected future expense of non-vested RSUs		$ 9.1
Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected period of recognition (in years)		5 years
Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Performance based shares, forfeited		347,640
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 6 months
Risk free interest rate		3.94%
Volatility rate		32.26%
Expected dividend yield		0.84%
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)		184,625
Aggregate grant date fair value		$ 1.8
Term after grant date vesting starts (in years)		1 year
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)		2,900
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)		5 years
Shares granted (in shares)		19,255
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Restricted Stock | Share-Based Payment Arrangement, Tranche Three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting service period (in years)		6 years
Shares granted (in shares)		162,470
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)		4 years
Shares granted (in shares)		193,070
Aggregate grant date fair value		$ 1.8
Term of measurement period for PSUs (in years)		3 years
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) - Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 781	$ 676
Stock option expense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	379	399
Restricted stock expense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 402	$ 277

STOCK-BASED COMPENSATION - Summ

STOCK-BASED COMPENSATION - Summary of option activity (Details) - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Number of Stock Options
Outstanding (in shares)	2,475,363
Granted (in shares)	48,133	0
Forfeited (in shares)	(103,713)
Outstanding (in shares)	2,419,783		2,475,363
Exercisable, end of period (in shares)	396,419
Weighted Average Grant Date Fair Value
Outstanding (in dollars per share)	$ 4.12
Granted (in dollars per share)	3.67
Forfeited (in dollars per share)	4.25
Outstanding (in dollars per share)	4.11		$ 4.12
Weighted Average Exercise Price
Outstanding (in dollars per share)	11.65
Granted (in dollars per share)	9.95
Forfeited (in dollars per share)	11.69
Outstanding (in dollars per share)	$ 11.61		$ 11.65
Weighted Average Remaining Contractual Life (years)
Outstanding (in years)	8 years 6 months		8 years 9 months 18 days
Granted (in years)	6 years 6 months

STOCK-BASED COMPENSATION - Su_2

STOCK-BASED COMPENSATION - Summary of RSU activity (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Number of Shares Awarded
Outstanding, beginning balance (in shares)	894,030	944,262
Granted (in shares)	377,695
Forfeited (in shares)	(372,404)
Vested (in shares)	(55,523)
Outstanding, ending balance (in shares)	894,030
Weighted Average Grant Date Fair Value
Outstanding, beginning balance (in dollars per share)	$ 11.88
Granted (in dollars per share)	9.51
Forfeited (in dollars per share)	11.99
Vested (in dollars per share)	12
Outstanding, ending balance (in dollars per share)	$ 10.83

DERIVATIVES AND HEDGING ACTIV_3

DERIVATIVES AND HEDGING ACTIVITIES - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash pledged as collateral	$ 10,800,000		$ 8,100,000
Interest income	1,600,000	$ 1,000,000
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 gains (losses) expected to be reclassified	4,500,000
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate swaps, notional amount	$ 254,000,000		$ 259,000,000

DERIVATIVES AND HEDGING ACTIV_4

DERIVATIVES AND HEDGING ACTIVITIES - Summary of interest-rate swaps designated as cash flow hedges (Details) - Interest Rate Swap - Cash Flow Hedging - Designated as Hedging Instrument - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts	$ 254,000,000	$ 259,000,000
Weighted average pay rates	2.95%	2.91%
Weighted average receive rates	5.45%	5.49%
Weighted average maturity (in years)	3 years	3 years 2 months 12 days
Unrealized gains, net	$ 10,396,000	$ 7,582,000
Other Assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gains, net	10,620,000	9,047,000
Other Liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gains, net	$ 224,000	$ 1,465,000

DERIVATIVES AND HEDGING ACTIV_5

DERIVATIVES AND HEDGING ACTIVITIES - Summary of effect of cash flow hedge accounting on AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain Recognized in OCI (Net of Tax) on Derivative	$ 2,813	$ (2,444)
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain Recognized in OCI (Net of Tax) on Derivative	2,813	(2,444)
Interest Rate Swap | Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from OCI to Income/(Expense)	$ 1,649	$ 1,004

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME - Schedule of components of other comprehensive loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized (loss) gain arising during the period, after tax	$ 55	$ 2,599
Total other comprehensive income, before tax	1,705	1,593
Total other comprehensive income, tax effect	0	0
Total other comprehensive income, after tax	1,705	1,593
Unrealized (loss) gain arising during the period
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized (loss) gain arising during the period, before tax	(1,109)	4,039
Unrealized (loss) gain arising during the period, tax effect	0	0
Unrealized (loss) gain arising during the period, after tax	(1,109)	4,039
Total other comprehensive income, after tax	(1,109)	4,039
Unrealized gain on cash flow hedge:
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized (loss) gain arising during the period, before tax	1,164	(1,440)
Unrealized (loss) gain arising during the period, tax effect	0	0
Unrealized (loss) gain arising during the period, after tax	1,164	(1,440)
Reclassification adjustment for loss (gain) included in net loss, before tax	1,649	(1,004)
Reclassification adjustment for (loss) gain included in net loss, tax effect	0	0
Reclassification adjustment for loss (gain) included in net loss, after tax	1,649	(1,004)
Total other comprehensive income, before tax	2,813	(2,444)
Total other comprehensive income, tax effect	0	0
Total other comprehensive income, after tax	2,813	(2,444)
Post-Retirement Plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized (loss) gain arising during the period, after tax	0	0
Reclassification adjustment for loss (gain) included in net loss, before tax	1	(2)
Reclassification adjustment for (loss) gain included in net loss, tax effect	0	0
Reclassification adjustment for loss (gain) included in net loss, after tax	1	(2)
Total other comprehensive income, after tax	$ 1	$ (2)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME - Changes in accumulated other comprehensive income by component, net of tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 355,640	$ 393,718
Other comprehensive income (loss) before reclassification	55	2,599
Amounts reclassified from accumulated other comprehensive income	1,650	(1,006)
Total other comprehensive income, after tax	1,705	1,593
Balance at end of period	350,156	385,693
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(22,880)	(24,719)
Balance at end of period	(21,175)	(23,126)
Unrealized gain on cash flow hedge:
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	7,582	11,091
Other comprehensive income (loss) before reclassification	1,164	(1,440)
Amounts reclassified from accumulated other comprehensive income	1,649	(1,004)
Total other comprehensive income, after tax	2,813	(2,444)
Balance at end of period	10,395	8,647
Unrealized Losses on Available-for-Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(30,699)	(36,183)
Other comprehensive income (loss) before reclassification	(1,109)	4,039
Amounts reclassified from accumulated other comprehensive income	0	0
Total other comprehensive income, after tax	(1,109)	4,039
Balance at end of period	(31,808)	(32,144)
Post-Retirement Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	237	373
Other comprehensive income (loss) before reclassification	0	0
Amounts reclassified from accumulated other comprehensive income	1	(2)
Total other comprehensive income, after tax	1	(2)
Balance at end of period	$ 238	$ 371

ACCUMULATED OTHER COMPREHENSI_5

ACCUMULATED OTHER COMPREHENSIVE INCOME - Summary of reclassification out of each component of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ 9,417	$ 11,941
Compensation and employee benefits	(7,549)	(7,847)
Income tax expense	0	0
Total reclassification for the period, net of tax	2,839	1,209
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense	0	0
Total reclassification for the period, net of tax	(1,650)	1,006
(Gains) losses on cash flow hedges: | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	(1,649)	1,004
Amortization of post-retirement plan items: | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Compensation and employee benefits	$ (1)	$ 2

FAIR VALUE OF ASSETS AND LIAB_3

FAIR VALUE OF ASSETS AND LIABILITIES - Summary of assets and liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financial assets
Securities available-for-sale:	$ 265,191	$ 283,766
U.S. Treasury note
Financial assets
Securities available-for-sale:	25,169	35,060
Corporate bonds
Financial assets
Securities available-for-sale:	74,621	76,623
U.S. Government agency obligations
Financial assets
Securities available-for-sale:	11,169	11,140
Obligations issued by U.S. states and their political subdivisions
Financial assets
Securities available-for-sale:	6,106	6,195
Residential
Financial assets
Securities available-for-sale:	123,389	128,542
Multifamily
Financial assets
Securities available-for-sale:	10,167	11,523
Asset-backed securities
Financial assets
Securities available-for-sale:	14,570	14,683
Measured on a recurring basis:
Financial assets
Securities available-for-sale:	265,191	283,766
Derivatives	10,620	9,047
Financial assets	275,811	292,813
Financial liabilities
Derivatives	224	1,465
Measured on a nonrecurring basis:
Derivatives	10,620	9,047
Measured on a recurring basis: | U.S. Treasury note
Financial assets
Securities available-for-sale:	25,169	35,060
Measured on a recurring basis: | Corporate bonds
Financial assets
Securities available-for-sale:	74,621	76,623
Measured on a recurring basis: | U.S. Government agency obligations
Financial assets
Securities available-for-sale:	11,169	11,140
Measured on a recurring basis: | Obligations issued by U.S. states and their political subdivisions
Financial assets
Securities available-for-sale:	6,106	6,195
Measured on a recurring basis: | Residential
Financial assets
Securities available-for-sale:	123,389	128,542
Measured on a recurring basis: | Multifamily
Financial assets
Securities available-for-sale:	10,167	11,523
Measured on a recurring basis: | Asset-backed securities
Financial assets
Securities available-for-sale:	14,570	14,683
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets
Financial assets
Securities available-for-sale:	36,338	46,200
Derivatives	0	0
Financial assets	36,338	46,200
Financial liabilities
Derivatives	0	0
Measured on a nonrecurring basis:
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:	25,169	35,060
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:	11,169	11,140
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
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:	228,853	237,566
Derivatives	10,620	9,047
Financial assets	239,473	246,613
Financial liabilities
Derivatives	224	1,465
Measured on a nonrecurring basis:
Derivatives	10,620	9,047
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:	74,621	76,623
Measured on a recurring basis: | Significant Other Observable Inputs | U.S. Government agency obligations
Financial assets
Securities available-for-sale:	0	0
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:	6,106	6,195
Measured on a recurring basis: | Significant Other Observable Inputs | Residential
Financial assets
Securities available-for-sale:	123,389	128,542
Measured on a recurring basis: | Significant Other Observable Inputs | Multifamily
Financial assets
Securities available-for-sale:	10,167	11,523
Measured on a recurring basis: | Significant Other Observable Inputs | Asset-backed securities
Financial assets
Securities available-for-sale:	14,570	14,683
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 nonrecurring basis:
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
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: | Real estate owned
Financial assets
Derivatives	593	593
Measured on a nonrecurring basis:
Derivatives	593	593
Measured on a nonrecurring basis: | Quoted Prices in Active Markets for Identical Assets | Real estate owned
Financial assets
Derivatives	0	0
Measured on a nonrecurring basis:
Derivatives	0	0
Measured on a nonrecurring basis: | Significant Other Observable Inputs | Real estate owned
Financial assets
Derivatives	0	0
Measured on a nonrecurring basis:
Derivatives	0	0
Measured on a nonrecurring basis: | Significant Unobservable Inputs | Real estate owned
Financial assets
Derivatives	593	593
Measured on a nonrecurring basis:
Derivatives	$ 593	$ 593

FAIR VALUE OF ASSETS AND LIAB_4

FAIR VALUE OF ASSETS AND LIABILITIES - Summary of fair value hierarchy (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financial assets
Securities held-to-maturity	$ 33,357	$ 33,412
Loans, net	1,540,428	1,546,576
Financial liabilities
Time deposits	642,372	596,624
FHLB advances	342,500	397,500
Corporate bonds
Financial assets
Securities held-to-maturity	18,600	18,600
Asset-backed securities
Financial assets
Securities held-to-maturity	14,757	14,812
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
Quoted Prices in Active Markets for Identical Assets | Corporate bonds
Financial assets
Securities held-to-maturity	0	0
Quoted Prices in Active Markets for Identical Assets | Asset-backed securities
Financial assets
Securities held-to-maturity	0	0
Significant Other Observable Inputs
Financial assets
Securities held-to-maturity	28,623	28,323
Loans, net	0	0
Financial liabilities
Time deposits	638,932	592,676
FHLB advances	349,484	405,015
Significant Other Observable Inputs | Corporate bonds
Financial assets
Securities held-to-maturity	15,317	15,007
Significant Other Observable Inputs | Asset-backed securities
Financial assets
Securities held-to-maturity	13,306	13,316
Significant Unobservable Inputs
Financial assets
Securities held-to-maturity	0	0
Loans, net	1,410,308	1,332,138
Financial liabilities
Time deposits	0	0
FHLB advances	0	0
Significant Unobservable Inputs | Corporate bonds
Financial assets
Securities held-to-maturity	0	0
Significant Unobservable Inputs | Asset-backed securities
Financial assets
Securities held-to-maturity	$ 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
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 216	$ 217
Service charges on deposits
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	202	205
Interchange income
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 14	$ 12

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net loss applicable to common shares		$ (2,839)	$ (1,209)
Shares
Average number of common shares outstanding (in shares)		24,091,835	27,461,815
Less: Average unallocated ESOP shares (in shares)		1,996,575	2,087,720
Average number of common shares outstanding used to calculate basic earnings per common share (in shares)		22,095,260	25,374,095
Common stock equivalents (in shares)		0	0
Average number of common shares outstanding used to calculate diluted earnings per common share (in shares)	[1]	22,095,260	25,374,095
Basic loss per share (in dollars per share)		$ (0.13)	$ (0.05)
Diluted loss per share (in dollars per share)		$ (0.13)	$ (0.05)
Anti-dilutive stock options excluded from earnings per share calculation (in shares)		1,417,627	909,804
[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 2024 and 2023 periods.