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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
Or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 001-40619
BLUE FOUNDRY BANCORP
(Exact name of the registrant as specified in its charter)
Delaware
86-2831373
           (State or Other Jurisdiction of Incorporation or Organization)
                                   (I.R.S. Employer Identification Number)
19 Park Avenue,
Rutherford,New Jersey
07070
(Address of principal executive offices)
(Zip Code)
(201) 939-5000
(Registrant’s telephone number, including area code)

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par valueBLFYThe NASDAQ Stock Market LLC
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days.    ☒  Yes    ☐  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    ☒  Yes    ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act:
 
Large accelerated filer
 ☐ 
Accelerated filer
 
☐
Non-accelerated filer
 ☒
Smaller reporting company
 
☒
Emerging Growth Company
 
☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   ☐  Yes    ☒  No

As of August 6, 2024 there were 28,522,500 shares issued and 23,213,599 shares outstanding of the Registrant’s Common Stock, par value $0.01 per share.



BLUE FOUNDRY BANCORP
FORM 10-Q
Index



PAGE
UNREGISTERED SALES OF EQUITY SECURITIES. USE OF PROCEEDS AND ISSUER PURCHASES OF EQUITY SECURITIES



Part I Financial Information
ITEM 1. FINANCIAL STATEMENTS
BLUE FOUNDRY BANCORP
Consolidated Balance Sheets

June 30, 2024December 31, 2023
(Unaudited)(Audited)
(In thousands)
ASSETS
Cash and cash equivalents
$60,262 $46,025 
Securities available-for-sale, at fair value297,790 283,766 
Securities held-to-maturity, net (fair value of $28,348 at June 30, 2024 and $28,323 at December 31, 2023, and allowance for credit losses of $133 at June 30, 2024 and $158 at December 31, 2023)
33,169 33,254 
FHLB stock and other investments17,942 20,346 
Loans receivable, net of allowance for credit losses of $13,027 at June 30, 2024 and $14,154 at December 31, 2023
1,534,357 1,546,576 
Real estate owned, net— 593 
Interest and dividends receivable7,882 7,595 
Premises and equipment, net30,858 32,475 
Right-of-use assets24,596 25,172 
Bank owned life insurance22,274 22,034 
Other assets16,322 27,127 
Total assets$2,045,452 $2,044,963 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Deposits$1,311,156 $1,244,904 
Advances from the Federal Home Loan Bank342,500 397,500 
Advances by borrowers for taxes and insurance9,875 8,929 
Lease liabilities26,243 26,777 
Other liabilities10,081 11,213 
Total liabilities1,699,855 1,689,323 
Shareholders’ equity
Preferred stock, $0.01 par value, 10,000,000 authorized: none issued
— — 
Common stock $0.01 par value; 70,000,000 shares authorized; 28,522,500 shares issued at June 30, 2024 and December 31, 2023; 23,505,357 and 24,509,950 shares outstanding at June 30, 2024 and December 31, 2023, respectively
285 285 
Additional paid-in capital275,890 273,991 
Retained earnings159,157 164,340 
Treasury stock, at cost: 5,017,143 and 4,012,550 shares at June 30, 2024 and December 31, 2023, respectively
(49,229)(40,016)
Unallocated common shares held by Employee Stock Ownership Plan(19,623)(20,080)
Accumulated other comprehensive loss(20,883)(22,880)
Total shareholders’ equity 345,597 355,640 
Total liabilities and shareholders’ equity$2,045,452 $2,044,963 
See accompanying notes to the consolidated financial statements.
3


BLUE FOUNDRY BANCORP
Consolidated Statements of Operations
(Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(Dollars in thousands)
Interest and dividend income:
Loans$17,570 $16,481 $34,762 $32,050 
Taxable investment income3,686 3,172 7,300 6,324 
Non-taxable investment income36 112 72 223 
Total interest income21,292 19,765 42,134 38,597 
Interest expense:
Deposits9,132 5,173 17,545 9,327 
Borrowed funds2,587 3,686 5,599 6,423 
Total interest expense11,719 8,859 23,144 15,750 
Net interest income9,573 10,906 18,990 22,847 
(Release of) provision for credit losses(762)143 (1,297)120 
Net interest income after (release of) provision for credit losses10,335 10,763 20,287 22,727 
Non-interest income:
Fees and service charges296 280 625 542 
Gain on sale of loans— 24 36 159 
Other income240 76 326 163 
Total non-interest income536 380 987 864 
Non-interest expense:
Compensation and benefits7,635 7,065 15,184 14,912 
Occupancy and equipment2,262 2,124 4,454 4,106 
Data processing1,335 1,535 2,722 3,136 
Advertising52 77 124 149 
Professional services623 764 1,353 1,744 
Federal deposit insurance premiums194 231 393 336 
Other expense1,114 1,172 2,227 2,242 
Total non-interest expenses13,215 12,968 26,457 26,625 
Loss before income tax expense(2,344)(1,825)(5,183)(3,034)
Income tax expense— — — — 
Net loss$(2,344)$(1,825)$(5,183)$(3,034)
Basic loss per share$(0.11)$(0.08)$(0.24)$(0.13)
Diluted loss per share$(0.11)$(0.08)$(0.24)$(0.13)
Weighted average shares outstanding - basic21,735,002 24,249,71421,914,811 24,131,017
Weighted average shares outstanding - diluted (1)
21,735,002 24,249,714 21,914,811 24,131,017
(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.

See accompanying notes to the consolidated financial statements.
4


BLUE FOUNDRY BANCORP
Consolidated Statements of Comprehensive Loss
(Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(In thousands)
Net loss$(2,344)$(1,825)$(5,183)$(3,034)
Other comprehensive income (loss), net of tax (1):
Unrealized gain (loss) on securities available-for-sale:
Unrealized gain (loss) arising during the period361 (3,800)(748)239 
361 (3,800)(748)239 
Unrealized gain (loss) on cash flow hedge:
Unrealized gain arising during the period(1,685)5,149 (521)3,709 
Reclassification adjustment for loss (gain) included in net loss1,613 (1,346)3,262 (2,350)
(72)3,803 2,741 1,359 
Post-retirement plans:
Reclassification adjustment for amortization of:
Net actuarial gain (loss)3 (2)4 (4)
3 (2)4 (4)
Total other comprehensive income, net of tax (1)292 1 1,997 1,594 
Comprehensive loss$(2,052)$(1,824)$(3,186)$(1,440)
(1) Reflects deferred tax valuation allowance.



See accompanying notes to the consolidated financial statements.
5


BLUE FOUNDRY BANCORP
Consolidated Statements of Changes in Shareholders’ Equity
Three Months Ended June 30, 2023 and 2024
(Unaudited)
Common StockAdditional
Paid-In
Capital		Retained
Earnings		Treasury
Stock		Accumulated
Other
Comprehensive
Income (Loss)		Unallocated Common Stock Held by ESOPTotal
Shareholders’
Equity
SharesPar Value
(In thousands, except share data)
Balance at March 31, 202327,385,482$285 $271,507 $170,528 $(12,737)$(23,126)$(20,764)$385,693 
Net income—— — (1,825)— — — (1,825)
Other comprehensive loss—— — — — 1 — 1 
Purchase of Treasury stock(1,892,060)— — — (18,323)— — (18,323)
Compensation cost for stock options and restricted stock—— 768 — — — — 768 
ESOP shares committed to be released (22,818 shares)
—— (8)— — — 228 220 
Balance at June 30, 2023
25,493,422$285 $272,267 $168,703 $(31,060)$(23,125)$(20,536)$366,534 
Balance at March 31, 202423,958,888285 $274,327 $161,501 $(44,930)$(21,175)$(19,852)$350,156 
Net loss—— — (2,344)— — — (2,344)
Other comprehensive loss—— — — — 292 — 292 
Purchase of Treasury stock(386,352)— — — (3,460)— — (3,460)
Treasury stock allocated to restricted stock plan, net of forfeitures(67,179)— 833 — (839)— — (6)
Compensation cost for stock options and restricted stock—— 756 — — — — 756 
ESOP shares committed to be released (22,818 shares)
—— (26)— — — 229 203 
Balance at June 30, 2024
23,505,357$285 $275,890 $159,157 $(49,229)$(20,883)$(19,623)$345,597 

See accompanying notes to the consolidated financial statements.
6


BLUE FOUNDRY BANCORP
Consolidated Statements of Changes in Shareholders’ Equity
Six Months Ended June 30, 2023 and 2024
(Unaudited)
Common StockAdditional
Paid-In
Capital		Retained
Earnings		Treasury
Stock		Accumulated
Other
Comprehensive
Income (Loss)		Unallocated Common Stock Held by ESOPTotal
Shareholders’
Equity
SharesPar Value
(In thousands, except share data)
Balance at December 31, 2022
27,523,219$285 $279,454 $171,763 $(12,072)$(24,719)$(20,993)$393,718 
Cumulative effect of adopting ASU No. 2016-13—— — (18)— — — (18)
Cumulative effect of adopting ASU No. 2022-02—— — (8)— — — (8)
Net loss—— — (3,034)— — — (3,034)
Other comprehensive income—— — — — 1,594 — 1,594 
Purchase of Treasury stock(2,762,577)— — — (27,645)— — (27,645)
Treasury stock allocated to restricted stock plan732,780— (8,657)— 8,657 — — — 
Compensation cost for stock options and restricted stock—— 1,444 — — — — 1,444 
ESOP shares committed to be released (45,636 shares)
—— 26 — — — 457 483 
Balance at June 30, 2023
25,493,422$285 $272,267 $168,703 $(31,060)$(23,125)$(20,536)$366,534 
Balance at December 31, 202324,509,950$285 $273,991 $164,340 $(40,016)$(22,880)$(20,080)$355,640 
Net loss—— — (5,183)— — — (5,183)
Other comprehensive income—— — — — 1,997 — 1,997 
Purchase of Treasury stock(942,705)— — — (8,792)— — (8,792)
Treasury stock allocated to restricted stock plan, net of forfeitures(61,888)— 402 — (421)— — (19)
Compensation cost for stock options and restricted stock—— 1,537 — — — 1,537 
ESOP shares committed to be released (45,636 shares)
—— (40)— — — 457 417 
Balance at June 30, 2024
23,505,357$285 $275,890 $159,157 $(49,229)$(20,883)$(19,623)$345,597 



See accompanying notes to the consolidated financial statements.
7
BLUE FOUNDRY BANCORP
Consolidated Statements of Cash Flows
(Unaudited)



Six Months Ended June 30,
20242023
(In thousands)
Cash flows from operating activities
Net loss$(5,183)$(3,034)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization of premises and equipment1,570 1,354 
Amortization (accretion) of:
Right-of-use asset1,438 1,400 
Deferred loan fees, costs, and discounts, net(14)(312)
Premiums and discounts on securities326 484 
(Release of) provision for credit losses(1,297)120 
Proceeds from sales of loans held for sale486 2,346 
Gains on sale of loans, net(36)(159)
Origination of loans held for sale(450)(4,684)
Loss on disposal of premises and equipment— 13 
Gain on sale of real estate owned(123)— 
Increase in bank owned life insurance cash surrender value(240)(226)
ESOP and stock-based compensation expense 1,954 1,927 
Increase in interest and dividends receivable(287)(392)
Decrease in other assets12,020 186 
Decrease (increase) in other liabilities502 (3,430)
Change in lease liability(1,396)(1,282)
Net cash provided by (used in) operating activities9,270 (5,689)
Cash flows from investing activities
Net change in loans receivable13,335 (29,519)
Purchases of residential mortgage loans— (6,804)
Proceeds from sale of real estate owned716 — 
Purchases of securities available-for-sale(44,303)— 
Principal payments and maturities on securities available-for-sale29,315 13,169 
Purchase of Federal Home Loan Bank stock(19,805)(42,035)
Redemption of Federal Home Loan Bank stock22,343 37,620 
Proceeds from bank owned life insurance— 582 
Proceeds from disposal of fixed assets— 16 
Purchases of premises and equipment47 (3,077)
Net cash provided by (used in) investing activities1,648 (30,048)
Cash flows from financing activities
Net increase (decrease) in deposits66,252 (21,601)
Proceeds from advances from Federal Home Loan Bank558,000 1,497,000 
Repayments of advances from Federal Home Loan Bank(613,000)(1,408,000)
Net increase in advances by borrowers for taxes and insurance946 560 
Purchase of treasury stock(8,879)(27,645)
Net cash provided by financing activities3,319 40,314 
Net increase in cash and cash equivalents14,237 4,577 
Cash and cash equivalents at beginning of period46,025 41,182 
Cash and cash equivalents at end of period$60,262 $45,759 

See accompanying notes to the consolidated financial statements.
8
BLUE FOUNDRY BANCORP
Consolidated Statements of Cash Flows
(Unaudited)




Six Months Ended June 30,
20242023
(In thousands)
Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest$23,512 $15,302 
Taxes21 13 
Supplemental noncash disclosures
Lease liabilities arising from obtaining right-of-use assets862 2,088 
See accompanying notes to the consolidated financial statements.
9
BLUE FOUNDRY BANCORP
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS




NOTE 1 – 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 and six months ended June 30, 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.



10
BLUE FOUNDRY BANCORP
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS



NOTE 2 – SECURITIES
The amortized cost of securities available-for-sale and their estimated fair values at June 30, 2024 and December 31, 2023 are as follows:
Amortized
Cost		Gross Unrealized GainsGross Unrealized LossesEstimated
Fair
Value
(In thousands)
June 30, 2024
U.S. Treasury notes$36,499 $3 $(1,588)$34,914 
Corporate bonds77,181 134 (4,867)72,448 
U.S. Government agency obligations11,291 — (154)11,137 
Obligations issued by U.S. states and their political subdivisions
6,390 — (402)5,988 
Mortgage-backed securities:
Residential
172,130 10 (23,432)148,708 
Multifamily
11,004 — (888)10,116 
Asset-backed securities14,742 — (263)14,479 
Total$329,237 $147 $(31,594)$297,790 
December 31, 2023
U.S. Treasury notes$36,935 $— $(1,875)$35,060 
Corporate bonds82,248 56 (5,681)76,623 
U.S. Government agency obligations11,519 — (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 
Multifamily12,522 — (999)11,523 
Asset-backed securities15,010 — (327)14,683 
Total$314,465 $56 $(30,755)$283,766 



11
BLUE FOUNDRY BANCORP
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS



The amortized cost of securities held-to-maturity, allowance for credit losses and their estimated fair values at June 30, 2024 and December 31, 2023, are as follows:
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated
Fair
Value
(In thousands)
June 30, 2024
Corporate bonds$18,600 $— $(3,568)$15,032 
Asset-backed securities14,702 — (1,386)13,316 
Total$33,302 $— $(4,954)$28,348 
Allowance for credit loss(133)
$33,169 
December 31, 2023
Corporate bonds$18,600 $— $(3,593)$15,007 
Asset-backed securities14,812 — (1,496)13,316 
Total$33,412 $— $(5,089)$28,323 
Allowance for credit loss(158)
$33,254 
At June 30, 2024 and December 31, 2023, the allowance for credit losses on securities held-to-maturity totaled $133 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 June 30, 2024 and December 31, 2023 had a carrying amount of $12.8 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 June 30, 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$44,618 $44,045 
Due from one year to five years31,648 30,953 
Due from five to ten years48,106 44,390 
Due after ten years6,989 5,099 
Mortgage-backed and asset-backed securities197,876 173,303 
Total$329,237 $297,790 
Held-to-maturity
Due from five to ten years 18,600 15,032 
Mortgage-backed and asset-backed securities14,702 13,316 
Total$33,302 $28,348 
(1) Excludes the allowance for credit losses on held-to-maturity securities at June 30, 2024.



12
BLUE FOUNDRY BANCORP
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS



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.
June 30, 2024AAAA1BBB+BBBBBB-Total
(In thousands)
Corporate bonds$— $— $1,600 $16,000 $1,000 $18,600 
Asset-backed securities8,761 5,941 — — — 14,702 
Total held-to-maturity$8,761 $5,941 $1,600 $16,000 $1,000 $33,302 
December 31, 2023AAAA1BBB+BBBBBB-Total
(In thousands)
Corporate bonds$— $— $1,600 $11,000 $6,000 $18,600 
Asset-backed securities8,844 5,968 — — — 14,812 
Total held-to-maturity$8,844 $5,968 $1,600 $11,000 $6,000 $33,412 
At June 30, 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.




13
BLUE FOUNDRY BANCORP
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS



The following tables summarize available-for-sale securities with unrealized losses at June 30, 2024 and December 31, 2023, aggregated by major security type and length of time in a continuous loss position.
Less than 12 Months12 Months or MoreTotal
Unrealized LossesEstimated
Fair Value		Unrealized LossesEstimated
Fair Value		Number of SecuritiesUnrealized LossesEstimated
Fair Value
(Dollars in thousands)
June 30, 2024
U.S. Treasury notes$— $— $(1,588)$25,346 3$(1,588)$25,346 
Corporate bonds(72)9,660 (4,795)46,939 24(4,867)56,599 
U.S. Government agency obligations— — (154)11,137 3(154)11,137 
Obligations issued by U.S. states and their political subdivisions— — (402)5,988 5(402)5,988 
Mortgage-backed securities:
Residential(24)19,593 (23,408)119,359 48(23,432)138,952 
Multifamily— — (888)10,115 5(888)10,115 
Asset-backed securities(11)5,002 (252)4,465 3(263)9,467 
Total$(107)$34,255 $(31,487)$223,349 91$(31,594)$257,604 
December 31, 2023
U.S. Treasury notes$— $— $(1,875)$35,060 4$(1,875)$35,060 
Corporate bonds(7)8,260 (5,674)61,156 30(5,681)