SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2021

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.

Plan of conversion

Pursuant to the Plan of Conversion (the “Plan”), Blue Foundry Bancorp-NJ with ultimate parent Blue Foundry MHC, the predecessor of the Company, reorganized from a mutual holding company form of organization to the fully stock form of organization on July 15th, 2021.

In connection with the reorganization, Blue Foundry MHC merged into Blue Foundry Bancorp-NJ, and Blue Foundry-NJ merged into the Company. Pursuant to the Plan, the Company sold 27,772,500 shares of common stock in a public offering at $10.00 per share, including 2,281,800 shares of common stock purchased by the Bank’s employee stock ownership plan (the “ESOP”), for gross offering proceeds of approximately $277.7 million. The purchase of common stock by the ESOP was financed by a loan from the Company.

Also pursuant to the Plan, the Company donated 750,000 shares of common stock to the newly formed Blue Foundry Charitable Foundation (the “Foundation”), effective July 15th, 2021.

As of June 30, 2021 and July 15, 2021, approximately $1.5 million and $4.6 million, respectively, of stock offering costs had been incurred and deferred. These stock offering costs were deducted from the proceeds of the shares sold in the offering.