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CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY | 12 Months Ended
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Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract] |
PARENT COMPANY FINANCIAL INFORMATION | CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY 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 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 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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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123454820&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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