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CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY (Tables) | 12 Months Ended
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Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract] |
Condensed Statements of Financial Condition | The condensed financial statements of Blue Foundry Bancorp (parent company only) are presented below:
Condensed Statements of Financial Condition |  |  |  |  |  |  |  |
| At December 31,
| 2021 |  | 2020 |  |
| (In thousands)
Assets: |  |  |  |  |  |
Cash and cash equivalents | $ | 114,331 |  |  | $ | 329 |  |  |  |
Investment in banking subsidiary |  | 293,414 |  |  |  | 205,227 |  |  |  |
ESOP loan receivable |  | 21,837 |  |  |  | — |  |  |  |
Other assets |  | 245 |  |  |  | 164 |  |  |  |
Total Assets | $ | 429,827 |  |  | $ | 205,720 |  |  |  |
Liabilities and Stockholders’ Equity: |  |  |  |  |  |  |  |
Total liabilities | $ | 356 |  |  | $ | 120 |  |  |  |
Total stockholders’ equity |  | 429,471 |  |  |  | 205,600 |  |  |  |
Total Liabilities and Stockholders’ Equity | $ | 429,827 |  |  | $ | 205,720 |  |  |  |
Condensed Statement of Operations |
Condensed Statements of Operations |  |  |  |  |  |  |
| Year Ended December 31,
| 2021 |  | 2020 |  |
| (In thousands)
Income: |  |  |  |  |  |  |  |
Interest on ESOP loan receivable | $ | 343 |  |  | $ | — |  |  |  |
Other income |  | 23 |  |  |  | 16 |  |  |  |
Total income |  | 366 |  |  |  | 16 |  |  |  |
Expenses: |  |  |  |  |  |  |  |
Contribution to Blue Foundry Charitable Foundation |  | 9,000 |  |  |  | — |  |  |  |
Goodwill Impairment |  | — |  |  |  | 13,100 |  |  |  |
Other expenses |  | 719 |  |  |  | 66 |  |  |  |
Total expenses |  | 9,719 |  |  |  | 13,166 |  |  |  |
Loss before income tax (benefit) expense |  | (9,353) |  |  |  | (13,150) |  |  |  |
Income tax (benefit) expense |  | (59) |  |  |  | 98 |  |  |  |
Loss before undistributed earnings of subsidiary |  | (9,294) |  |  |  | (13,248) |  |  |  |
Equity in undistributed earnings of banking subsidiary |  | (27,048) |  |  |  | (18,258) |  |  |  |
Net loss | $ | (36,342) |  |  | $ | (31,506) |  |  |  |
Condensed Statement of Cash Flows |
Condensed Statements of Cash Flows |  |  |  |  |  |  |
| Twelve Months Ended December 31,
| 2021 |  | 2020 |  |
| (In thousands)
Cash flows from operating activities: |  |  |  |  |  |  |
Net loss | $ | (36,342) |  |  | $ | (31,506) |  |  |
Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |  |  |  |  |
Equity in undistributed earnings of subsidiary |  | 27,048 |  |  |  | 18,258 |  |  |
Issuance of common shares donated to Blue Foundry Charitable Foundation |  | 7,500 |  |  |  | — |  |  |  |
Goodwill impairment |  | — |  |  |  | 13,100 |  |  |  |
ESOP expense |  | 361 |  |  |  | — |  |  |  |
Increase in other assets |  | (82) |  |  |  | (5) |  |  |
Increase in other liabilities |  | 237 |  |  |  | 55 |  |  |
Net cash used by operating activities |  | (1,278) |  |  |  | (98) |  |  |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital contribution to banking subsidiary |  | (136,481) |  |  |  | — |  |  |
Loan to ESOP |  | (22,818) |  |  |  | — |  |  |  |
Repayment of ESOP loan |  | 981 |  |  |  | — |  |  |
Net cash used in investing activities |  | (158,318) |  |  |  | — |  |  |
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from issuance of common shares |  | 273,598 |  |  |  | — |  |  |
Net cash provided by financing activities |  | 273,598 |  |  |  | — |  |  |
Net increase (decrease) in cash and cash equivalents |  | 114,002 |  |  |  | (98) |  |  |
Cash and cash equivalents at beginning of year |  | 329 |  |  |  | 427 |  |  |
Cash and cash equivalents at end of year | $ | 114,331 |  |  | $ | 329 |  |  |

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