QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification Number) | ||||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||||||||||
☒ | Smaller reporting company | |||||||||||||
Emerging Growth Company |
PAGE | ||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME | ||||||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
(Unaudited) | (Audited) | ||||||||||
(In thousands) | |||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Securities available for sale, at fair value | |||||||||||
Securities held to maturity (fair value of $ at September 30, 2022 and $ | |||||||||||
Other investments | |||||||||||
Loans receivable, net of allowance of $ | |||||||||||
Interest and dividends receivable | |||||||||||
Premises and equipment, net | |||||||||||
Right-of-use assets | |||||||||||
Bank owned life insurance | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Liabilities | |||||||||||
Deposits | $ | $ | |||||||||
Advances from the Federal Home Loan Bank | |||||||||||
Advances by borrowers for taxes and insurance | |||||||||||
Lease liabilities | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Shareholders’ equity | |||||||||||
Preferred stock, $ | |||||||||||
Common stock $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Treasury stock, at cost: | ( | ||||||||||
Unallocated common shares held by Employee Stock Ownership Plan | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total shareholders’ equity | |||||||||||
Total liabilities and shareholders’ equity | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Interest and dividend income: | |||||||||||||||||||||||
Loans | $ | $ | $ | $ | |||||||||||||||||||
Taxable investment income | |||||||||||||||||||||||
Non-taxable investment income | |||||||||||||||||||||||
Total interest income | |||||||||||||||||||||||
Interest expense: | |||||||||||||||||||||||
Deposits | |||||||||||||||||||||||
Borrowed funds | |||||||||||||||||||||||
Total interest expense | |||||||||||||||||||||||
Net interest income | |||||||||||||||||||||||
Release of provision for loan losses | ( | ( | ( | ( | |||||||||||||||||||
Net interest income after provision for loan losses | |||||||||||||||||||||||
Non-interest income: | |||||||||||||||||||||||
Fees and service charges | |||||||||||||||||||||||
Gain on securities, net | |||||||||||||||||||||||
Other income | |||||||||||||||||||||||
Total non-interest income | |||||||||||||||||||||||
Non-interest expense: | |||||||||||||||||||||||
Compensation and benefits | |||||||||||||||||||||||
Loss on pension withdrawal | |||||||||||||||||||||||
Occupancy and equipment | |||||||||||||||||||||||
Data processing | |||||||||||||||||||||||
Debt extinguishment costs | |||||||||||||||||||||||
Advertising | |||||||||||||||||||||||
Professional services | |||||||||||||||||||||||
Directors fees | |||||||||||||||||||||||
Provision (release of provision) for commitments and letters of credit | ( | ||||||||||||||||||||||
Federal deposit insurance premiums | |||||||||||||||||||||||
Contribution to Blue Foundry Charitable Foundation | |||||||||||||||||||||||
Other expense | |||||||||||||||||||||||
Total non-interest expenses | |||||||||||||||||||||||
Income (loss) before income tax expense (benefit) | ( | ( | |||||||||||||||||||||
Income tax expense (benefit) | ( | ( | |||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Basic and diluted earnings (loss) per share | $ | $ | ( | $ | n/a | ||||||||||||||||||
Weighted average shares outstanding - basic | n/a | ||||||||||||||||||||||
Weighted average shares outstanding - diluted | n/a |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Other comprehensive (loss) income, net of tax (1): | |||||||||||||||||||||||
Unrealized loss on securities available for sale: | |||||||||||||||||||||||
Unrealized loss arising during the period | ( | ( | ( | ( | |||||||||||||||||||
Reclassification adjustment for gain included in net income | ( | ||||||||||||||||||||||
( | ( | ( | ( | ||||||||||||||||||||
Unrealized gain on cash flow hedge: | |||||||||||||||||||||||
Unrealized gain arising during the period | |||||||||||||||||||||||
Reclassification adjustment for (gain) loss included in net income | ( | ||||||||||||||||||||||
Post-Retirement plans: | |||||||||||||||||||||||
Net benefit arising from plan amendment (2) | |||||||||||||||||||||||
Reclassification adjustment for amortization of: | |||||||||||||||||||||||
Net actuarial loss | |||||||||||||||||||||||
Total other comprehensive (loss) income, net of tax (1): | ( | ( | ( | ||||||||||||||||||||
Comprehensive loss | $ | ( | $ | ( | $ | ( | $ | ( |
Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Unallocated Common Stock Held by ESOP | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||||||
Shares | Par Value | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except share data) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | $ | $ | $ | $ | — | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | $ | — | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | $ | $ | — | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Proceeds of stock offering and issuance of common shares | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Issuance of common shares donated to the Blue Foundry Charitable Foundation | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Purchase of common shares by the ESOP ( | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
ESOP shares committed to be released ( | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | $ | $ | $ | — | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
BLUE FOUNDRY BANCORP | |||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Changes in Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Unallocated Common Stock Held by ESOP | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||||||
Shares | Par Value | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2022 | $ | $ | $ | — | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
ESOP shares committed to be released ( | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | $ | — | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
ESOP shares committed to be released ( | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Purchase of Treasury stock | ( | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Treasury stock allocated to restricted stock plan | — | ( | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||
Compensation cost for stock options and restricted stock | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
ESOP shares committed to be released ( | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
(In thousands) | |||||||||||
Cash flows from operating activities | |||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||
Depreciation and amortization of premises and equipment | |||||||||||
Change in right-of-use asset | |||||||||||
(Accretion) amortization of: Deferred loan fees, costs, and discounts, net | ( | ||||||||||
Premiums and discounts on securities | |||||||||||
Change in deferred taxes | ( | ||||||||||
Release of provision for loan losses | ( | ( | |||||||||
Gain on sales and calls of securities | ( | ||||||||||
Increase in BOLI cash surrender value | ( | ( | |||||||||
Issuance of common shares donated to Blue Foundry Charitable Foundation | |||||||||||
ESOP and stock-based compensation expense | |||||||||||
Expense on withdrawal from pension plan | |||||||||||
(Increase) decrease in interest and dividends receivable | ( | ||||||||||
Increase in other assets | ( | ( | |||||||||
Decrease in other liabilities | |||||||||||
Change in lease liability | ( | ( | |||||||||
Net cash provided by (used in) operating activities | ( | ||||||||||
Cash flows from investing activities | |||||||||||
Net (originations) repayments of loans receivable | ( | ||||||||||
Purchases of residential mortgage loans | ( | ||||||||||
Purchases of securities available for sale | ( | ( | |||||||||
Purchases of securities held to maturity | ( | ( | |||||||||
Proceeds from calls of securities held to maturity | |||||||||||
Proceeds from sales and calls of securities available for sale | |||||||||||
Principal payments and maturities on securities available for sale | |||||||||||
Purchases of other investments | ( | ||||||||||
Purchase of Federal Home Loan Bank stock | ( | ||||||||||
Redemption of Federal Home Loan Bank stock | |||||||||||
Purchases of premises and equipment | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities | |||||||||||
Net change in deposits | ( | ||||||||||
Proceeds from advances from Federal Home Loan Bank | |||||||||||
Repayments of advances from Federal Home Loan Bank | ( | ( | |||||||||
Net increase (decrease) in advances by borrowers for taxes and insurance | ( | ||||||||||
Purchase of treasury stock | ( | ||||||||||
Net proceeds from issuance of common shares | |||||||||||
Net cash provided by financing activities | |||||||||||
Net (decrease) increase in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ |
Supplemental disclosures of cash flow information | |||||||||||
Cash paid during the period for: | |||||||||||
Interest | $ | $ | |||||||||
Income taxes | |||||||||||
Supplemental noncash disclosures | |||||||||||
Transfers of assets to held for sale | $ | $ | |||||||||
Lease liabilities arising from obtaining right-of-use assets | |||||||||||
Common shares purchased by the ESOP | ( |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||
Available for sale | |||||||||||||||||||||||
U.S. Treasury Note | $ | $ | $ | ( | $ | ||||||||||||||||||
Corporate Bonds | ( | ||||||||||||||||||||||
U.S. Government agency obligations | ( | ||||||||||||||||||||||
Obligations issued by U.S. states and their political subdivisions | ( | ||||||||||||||||||||||
Mortgage-backed securities: Residential one-to-four family | ( | ||||||||||||||||||||||
Multifamily | ( | ||||||||||||||||||||||
Asset-backed securities | ( | ||||||||||||||||||||||
Total available-for-sale | $ | $ | $ | ( | $ |
December 31, 2021 | |||||||||||||||||||||||
Available for sale | |||||||||||||||||||||||
U.S. Treasury Note | $ | $ | $ | ( | $ | ||||||||||||||||||
Corporate Bonds | ( | ||||||||||||||||||||||
U.S. Government agency obligations | ( | ||||||||||||||||||||||
Obligations issued by U.S. states and their political subdivisions | |||||||||||||||||||||||
Mortgage-backed securities: Residential one-to-four family | ( | ||||||||||||||||||||||
Multifamily | ( | ||||||||||||||||||||||
Asset-backed securities | ( | ||||||||||||||||||||||
Total available-for-sale | $ | $ | $ | ( | $ |
Amortized Cost | Gross Unrecognized Gains | Gross Unrecognized Losses | Estimated Fair Value | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||
Corporate bonds | $ | $ | $ | ( | $ | ||||||||||||||||||
Asset-backed securities | ( | ||||||||||||||||||||||
Total held-to-maturity | $ | $ | $ | ( | $ | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||
Corporate bonds | $ | $ | $ | ( | $ | ||||||||||||||||||
Asset-backed securities | ( | ||||||||||||||||||||||
Total Held-to-maturity | $ | $ | $ | ( | $ |
September 30, 2022 | |||||||||||
Amortized Cost | Estimated Fair Value | ||||||||||
(In thousands) | |||||||||||
Available-for-sale | |||||||||||
Due in one year or less | $ | $ | |||||||||
Due from one year to five years | |||||||||||
Due from five to ten years | |||||||||||
Due after ten years | |||||||||||
Mortgage-backed and asset-backed securities | |||||||||||
Total | $ | $ | |||||||||
Held-to-maturity | |||||||||||
Due from one year to five years | $ | $ | |||||||||
Due from five to ten years | |||||||||||
Total | $ | $ | |||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||
Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||||||||||||
U.S. Treasury Note | $ | ( | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||
Corporate Bonds | ( | ( | ( | ||||||||||||||||||||||||||||||||
U.S. Government agency obligations | ( | ( | ( | ||||||||||||||||||||||||||||||||
Obligations issued by U.S. states and their political subdivisions | ( | ( | |||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Residential one-to-four family | ( | ( | ( | ||||||||||||||||||||||||||||||||
Multifamily | ( | ( | ( | ||||||||||||||||||||||||||||||||
Asset-backed securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total available-for-sale | $ | ( | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||||||||||||
U.S. Treasury Note | $ | ( | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Corporate Bonds | ( | ( | |||||||||||||||||||||||||||||||||
U.S. Government agency obligations | ( | ( | ( | ||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Residential one-to-four family | ( | ( | ( | ||||||||||||||||||||||||||||||||
Multifamily | ( | ( | |||||||||||||||||||||||||||||||||
Asset-backed securities | ( | ( | |||||||||||||||||||||||||||||||||
Total available-for-sale | $ | ( | $ | $ | ( | $ | $ | ( | $ |
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||
Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||||||||
Corporate Bonds | ( | ( | |||||||||||||||||||||||||||||||||
Asset-backed securities | ( | ( | |||||||||||||||||||||||||||||||||
Total held-to-maturity | $ | ( | $ | $ | ( | $ | $ | ( | $ |
September 30, 2022 | December 31, 2021 | ||||||||||
(In thousands) | |||||||||||
Residential one-to-four family | $ | $ | |||||||||
Multifamily | |||||||||||
Non-residential | |||||||||||
Construction | |||||||||||
Junior liens | |||||||||||
Commercial and industrial (including PPP) (1) | |||||||||||
Consumer and other | |||||||||||
Total gross loans | |||||||||||
Deferred fees, costs and premiums and discounts, net | |||||||||||
Total loans | |||||||||||
Allowance for loan losses | ( | ( | |||||||||
Loans receivable, net | $ | $ |
Residential One-To-Four Family | Multifamily | Non-Residential | Construction | Junior Liens | Commercial and Industrial (including PPP) | Consumer and Other | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Recovery of) provision for loan losses | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Total ending allowance balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Recovery of) provision for loan losses | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Total ending allowance balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Recovery of) provision for loan losses | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Total ending allowance balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Recovery of) provision for loan losses | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Total ending allowance balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Residential One-To-Four Family | Multifamily | Non-Residential | Construction | Junior Liens | Commercial and Industrial (including PPP) | Consumer and Other | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ |
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ |
September 30, 2022 | Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||
Residential one-to-four family | $ | $ | $ | — | $ | $ | $ | ||||||||||||||||||||||||||||
Multifamily | — | ||||||||||||||||||||||||||||||||||
Non-residential | — | ||||||||||||||||||||||||||||||||||
Construction | — | ||||||||||||||||||||||||||||||||||
Commercial and Industrial (including PPP) | — | ||||||||||||||||||||||||||||||||||
Junior liens | — | ||||||||||||||||||||||||||||||||||
— | |||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||
Residential one-to-four family | |||||||||||||||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||||||||||||||
Non-residential | |||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||
Commercial and Industrial (including PPP) | |||||||||||||||||||||||||||||||||||
Consumer and other | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
September 30, 2021 | Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||
Residential one-to-four family | $ | $ | $ | — | $ | $ | $ | ||||||||||||||||||||||||||||
Multifamily | — | ||||||||||||||||||||||||||||||||||
Non-residential | — | ||||||||||||||||||||||||||||||||||
Construction and land | — | ||||||||||||||||||||||||||||||||||
Commercial and Industrial (including PPP) | — | ||||||||||||||||||||||||||||||||||
Junior liens | — | ||||||||||||||||||||||||||||||||||
— | |||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||
Residential one-to-four family | |||||||||||||||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||||||||||||||
Non-residential | |||||||||||||||||||||||||||||||||||
Construction and land | |||||||||||||||||||||||||||||||||||
Commercial and Industrial (including PPP) | |||||||||||||||||||||||||||||||||||
Consumer and other | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
December 31, 2021 | Twelve Months Ended December 31, 2021 | ||||||||||||||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||
Residential one-to-four family | $ | $ | $ | — | $ | $ | $ | ||||||||||||||||||||||||||||
Multifamily | — | ||||||||||||||||||||||||||||||||||
Non-residential | — | ||||||||||||||||||||||||||||||||||
Construction | — | ||||||||||||||||||||||||||||||||||
Commercial and Industrial (including PPP) | — | ||||||||||||||||||||||||||||||||||
Junior liens | — | ||||||||||||||||||||||||||||||||||
— | |||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||
Residential one-to-four family | |||||||||||||||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||||||||||||||
Non-residential | |||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||
Commercial and Industrial (including PPP) | |||||||||||||||||||||||||||||||||||
Consumer and other | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Nonaccrual | Loans Past Due 90 Days and Still Accruing | ||||||||||||||||||||||
September 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Residential one-to-four family | $ | $ | $ | $ | |||||||||||||||||||
Multifamily | |||||||||||||||||||||||
Non-residential | |||||||||||||||||||||||
Construction | |||||||||||||||||||||||
Commercial and industrial (including PPP) (1) | |||||||||||||||||||||||
Junior liens | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
30-59 Days Past Due | 60-89 Days Past Due | 90 Days and Greater Past Due | Total Past Due | Current | Total Loans Receivable | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||||||||
Residential one-to-four family | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||||||||||||||
Non-residential | |||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||
Junior liens | |||||||||||||||||||||||||||||||||||
Commercial and Industrial (including PPP) | |||||||||||||||||||||||||||||||||||
Consumer and other | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Residential one-to-four family | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||||||||||||||
Non-residential | |||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||
Junior liens | |||||||||||||||||||||||||||||||||||
Commercial and Industrial (including PPP) | |||||||||||||||||||||||||||||||||||
Consumer and other | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful / Loss | Total | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||
Residential one-to-four family | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||||||||
Non-residential | |||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Junior liens | |||||||||||||||||||||||||||||
Commercial and Industrial (including PPP) | |||||||||||||||||||||||||||||
Consumer and other | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
Residential one-to-four family | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||||||||
Non-residential | |||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Junior liens | |||||||||||||||||||||||||||||
Commercial and Industrial (including PPP) | |||||||||||||||||||||||||||||
Consumer and other | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
September 30, 2022 | December 31, 2021 | |||||||||||||
(Dollars in thousands) | ||||||||||||||
Right-of-use assets | $ | $ | ||||||||||||
Lease liabilities | ||||||||||||||
Weighted average remaining lease term for operating leases | ||||||||||||||
Weighted average discount rate used in the measurement of lease liabilities | % | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Operating lease cost | $ | $ | $ | $ | |||||||||||||||||||
Finance lease cost | |||||||||||||||||||||||
Variable lease cost | |||||||||||||||||||||||
Total lease cost included as a component of occupancy and equipment | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Cash paid for amounts included in the measurement of operating lease liabilities: | |||||||||||||||||||||||
Operating cash flows from operating leases | $ | $ | $ | $ | |||||||||||||||||||
Operating lease liabilities arising from obtaining right-of-use assets (non-cash): | |||||||||||||||||||||||
Operating leases | $ | $ | $ | $ |
Through September 30, | (In thousands) | |||||||
2023 | $ | |||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
Thereafter | ||||||||
Total undiscounted lease payments | ||||||||
Less: imputed interest | ( | |||||||
Total | $ |
September 30, 2022 | December 31, 2021 | ||||||||||
(In thousands) | |||||||||||
Non-interest bearing deposits | $ | $ | |||||||||
NOW and demand accounts | |||||||||||
Savings | |||||||||||
Time deposits | |||||||||||
Total | $ | $ |
(In thousands) | |||||
Remainder of 2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
$ |
September 30, 2022 | December 31, 2021 | ||||||||||
(Dollars in thousands) | |||||||||||
Allocated to participants | |||||||||||
Unallocated | |||||||||||
Total ESOP shares | |||||||||||
Fair value of unallocated shares | $ | $ |
Three and Nine Months Ended September 30, 2022 | ||||||||
(In thousands) | ||||||||
Stock option expense | $ | |||||||
Restricted stock expense | ||||||||
Total share-based compensation expense | $ | |||||||
Number of Stock Options | Weighted Average Grant Date Fair Value | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (years) | ||||||||||||||||||||
Outstanding - December 31, 2021 | $ | — | $ | — | — | ||||||||||||||||||
Granted | |||||||||||||||||||||||
Outstanding - September 30, 2022 | $ | $ | |||||||||||||||||||||
Exercisable - September 30, 2022 |
Number of Shares Awarded | Weighted Average Grant Date Fair Value | ||||||||||
Outstanding - December 31, 2021 | $ | ||||||||||
Granted | |||||||||||
Outstanding - September 30, 2022 | $ |
September 30, 2022 | December 31, 2021 | ||||||||||
(Dollars in thousands) | |||||||||||
Notional amounts | $ | $ | |||||||||
Weighted average pay rates | % | % | |||||||||
Weighted average receive rates | % | % | |||||||||
Weighted average maturity | |||||||||||
Gross unrealized gain included in other assets | $ | $ | |||||||||
Gross unrealized loss included in other liabilities | |||||||||||
Unrealized gains (losses), net | $ | $ | ( |
Amount of Gain (Loss) 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 September 30, 2022 | |||||||||||||||||
Interest rate contracts | $ | Interest Expense | $ | ||||||||||||||
Three months ended September 30, 2021 | |||||||||||||||||
Interest rate contracts | $ | Interest Expense | $ | ( | |||||||||||||
Nine Months Ended September 30, 2022 | |||||||||||||||||
Interest rate contracts | $ | Interest Expense | $ | ( | |||||||||||||
Nine months ended September 30, 2021 | |||||||||||||||||
Interest rate contracts | $ | Interest Expense | $ | ( | |||||||||||||
(1) Net of tax, adjusted for deferred tax valuation allowance, at September 30, 2022. There was |
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||
Before Tax | Tax Effect (1) | After Tax | Before Tax | Tax Effect | After Tax | |||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
Components of Other Comprehensive (Loss) Income: | ||||||||||||||||||||||||||||||||||||||
Unrealized loss on securities available for sale: | ||||||||||||||||||||||||||||||||||||||
Unrealized loss arising during the period | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||
Unrealized gain on cash flow hedge: | ||||||||||||||||||||||||||||||||||||||
Unrealized gain arising during the period | ( | |||||||||||||||||||||||||||||||||||||
Reclassification adjustment for (gain) loss included in net income | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Total | ( | |||||||||||||||||||||||||||||||||||||
Post-Retirement plans: | ||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for amortization of: | ||||||||||||||||||||||||||||||||||||||
Net actuarial loss | ( | |||||||||||||||||||||||||||||||||||||
Total other comprehensive (loss) income: | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( |
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||
Before Tax | Tax Effect (1) | After Tax | Before Tax | Tax Effect | After Tax | |||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
Components of Other Comprehensive (Loss) Income: | ||||||||||||||||||||||||||||||||||||||
Unrealized loss on securities available for sale: | ||||||||||||||||||||||||||||||||||||||
Unrealized loss arising during the period | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||
Reclassification adjustment for gains included in net income | ( | ( | ||||||||||||||||||||||||||||||||||||
Total | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Unrealized gain on cash flow hedge: | ||||||||||||||||||||||||||||||||||||||
Unrealized gain arising during the period | ( | |||||||||||||||||||||||||||||||||||||
Reclassification adjustment for losses included in net income | ( | |||||||||||||||||||||||||||||||||||||
Total | ( | |||||||||||||||||||||||||||||||||||||
Post-Retirement plans: | ||||||||||||||||||||||||||||||||||||||
Net benefit arising from plan amendment (2) | ||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for amortization of: | ||||||||||||||||||||||||||||||||||||||
Net actuarial loss | ( | |||||||||||||||||||||||||||||||||||||
Total | ( | |||||||||||||||||||||||||||||||||||||
Total other comprehensive (loss) income: | $ | ( | $ | $ | ( | $ | $ | ( | $ |
Unrealized Gains and (Losses) on Cash Flow Hedges | Unrealized Gains and (Losses) on Available-for-sale Securities | Post-Retirement Plans | Total | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Balance at December 31, 2021 | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Other comprehensive income (loss) before reclassification | ( | ( | |||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | ( | ||||||||||||||||||||||
Net current period other comprehensive gain (loss) | ( | ( | |||||||||||||||||||||
Balance at September 30, 2022 | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
Balance at December 31, 2020 | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Other comprehensive income (loss) before reclassification | ( | ( | |||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | |||||||||||||||||||||||
Net current period other comprehensive gain (loss) | ( | ||||||||||||||||||||||
Balance at September 30, 2021 | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Three Months Ended September 30, | Nine Months Ended September 30, | Affected Line Item in the Statement Where Net Income is Presented | |||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Unrealized gains on securities available for sale: Realized (losses) gains on securities available for sale | $ | $ | $ | $ | (Loss) gain on sales and calls of securities | |||||||||||||||||||||||||||
Losses on cash flow hedges: | ||||||||||||||||||||||||||||||||
Interest rate contracts | ( | ( | ( | Interest (expense) income | ||||||||||||||||||||||||||||
Amortization of post-retirement plan items: | ||||||||||||||||||||||||||||||||
Net actuarial loss | ( | ( | ( | ( | Compensation and employee benefits | |||||||||||||||||||||||||||
Total tax effect | Income tax expense | |||||||||||||||||||||||||||||||
Total reclassification for the period, net of tax | $ | $ | ( | $ | ( | $ | ( |
Fair Value Measurements at September 30, 2022, Using | |||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | 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 | $ | $ | $ | $ | |||||||||||||||||||
Domestic Corporate Bonds | |||||||||||||||||||||||
U.S. Government agency obligations | |||||||||||||||||||||||
Obligations issued by U.S. states and their political subdivisions | |||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
Residential one-to-four family | |||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||
Total securities available for sale | |||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||
Total financial assets measured on a recurring basis | $ | $ | $ | $ | |||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||
Derivatives | $ | $ | $ | $ | |||||||||||||||||||
Measured on a nonrecurring basis: | |||||||||||||||||||||||
Nonfinancial assets | |||||||||||||||||||||||
Assets held for sale | $ | $ | $ | $ | |||||||||||||||||||
Fair Value Measurements at December 31, 2021, Using | |||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | 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 | $ | $ | $ | $ | |||||||||||||||||||
Domestic Corporate Bonds | |||||||||||||||||||||||
U.S. Government agency obligations | |||||||||||||||||||||||
Obligations issued by U.S. states and their political subdivisions | |||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
Residential one-to-four family | |||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||
Total securities available for sale | $ | $ | $ | $ | |||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||
Derivatives | $ | $ | $ | $ | |||||||||||||||||||
Fair Value Measurements at September 30, 2022, Using | |||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||
Book Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||
Securities held-to-maturity | $ | $ | $ | $ | |||||||||||||||||||
Loans, net | |||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||
Time Deposits | |||||||||||||||||||||||
Federal Home Loan advances | |||||||||||||||||||||||
Fair Value Measurements at December 31, 2021, Using | |||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||
Book Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||
Securities held-to-maturity | $ | $ | $ | $ | |||||||||||||||||||
Loans, net | |||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||
Time Deposits | |||||||||||||||||||||||
Federal Home Loan advances |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||
Noninterest income | |||||||||||||||||||||||
Service charges on deposits | $ | $ | $ | $ | |||||||||||||||||||
Interchange income | |||||||||||||||||||||||
Total Revenue from Contracts with Customers | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, 2022 | |||||||||||||||||||
2022 | 2021 | |||||||||||||||||||
(Income In thousands) | ||||||||||||||||||||
Net income applicable to common shares | $ | $ | ( | $ | ||||||||||||||||
Shares | ||||||||||||||||||||
Average number of common shares outstanding | ||||||||||||||||||||
Less: Average unallocated ESOP shares | ||||||||||||||||||||
Average number of common shares outstanding used to calculate basic earnings per common share | ||||||||||||||||||||
Common stock equivalents | ||||||||||||||||||||
Average number of common shares outstanding used to calculate diluted earnings per common share | ||||||||||||||||||||
Earnings per common share | ||||||||||||||||||||
Basic | $ | $ | ( | $ | ||||||||||||||||
Diluted | $ | $ | ( | $ |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest | Average Yield/Cost | Average Balance | Interest | Average Yield/Cost | ||||||||||||||||||||||||||||||
(Dollar in thousands) | |||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Loans (1) | $ | 1,465,114 | $ | 13,692 | 3.71 | % | $ | 1,251,343 | $ | 12,044 | 3.86 | % | |||||||||||||||||||||||
Mortgage-backed securities | 197,406 | 1,055 | 2.12 | % | 165,170 | 762 | 1.85 | % | |||||||||||||||||||||||||||
Other investment securities | 204,506 | 1,230 | 2.39 | % | 163,393 | 871 | 2.14 | % | |||||||||||||||||||||||||||
FHLB stock | 13,141 | 139 | 4.20 | % | 14,442 | 183 | 5.09 | % | |||||||||||||||||||||||||||
Cash and cash equivalents | 49,163 | 256 | 2.07 | % | 473,797 | 213 | 0.18 | % | |||||||||||||||||||||||||||
Total interest-bearing assets | 1,929,330 | 16,372 | 3.37 | % | 2,068,145 | 14,073 | 2.73 | % | |||||||||||||||||||||||||||
Non-interest earning assets | 61,264 | 97,287 | |||||||||||||||||||||||||||||||||
Total assets | $ | 1,990,594 | $ | 2,165,432 | |||||||||||||||||||||||||||||||
Liabilities and shareholders' equity: | |||||||||||||||||||||||||||||||||||
NOW, savings, and money market deposits | $ | 831,191 | 759 | 0.36 | % | $ | 687,470 | 242 | 0.14 | % | |||||||||||||||||||||||||
Time deposits | 405,823 | 665 | 0.65 | % | 580,499 | 1,409 | 0.97 | % | |||||||||||||||||||||||||||
Interest-bearing deposits | 1,237,014 | 1,424 | 0.46 | % | 1,267,969 | 1,651 | 0.52 | % | |||||||||||||||||||||||||||
FHLB advances | 243,647 | 1,133 | 1.84 | % | 282,153 | 1,318 | 1.87 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 1,480,661 | 2,557 | 0.69 | % | 1,550,122 | 2,969 | 0.77 | % | |||||||||||||||||||||||||||
Non-interest bearing deposits | 49,869 | 176,045 | |||||||||||||||||||||||||||||||||
Non-interest bearing other | 48,103 | 42,907 | |||||||||||||||||||||||||||||||||
Total liabilities | 1,578,633 | 1,769,074 | |||||||||||||||||||||||||||||||||
Total shareholders' equity | 411,961 | 396,358 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 1,990,594 | $ | 2,165,432 | |||||||||||||||||||||||||||||||
Net interest income | $ | 13,815 | $ | 11,104 | |||||||||||||||||||||||||||||||
Net interest rate spread (2) | 2.68 | % | 1.96 | % | |||||||||||||||||||||||||||||||
Net interest margin (3) | 2.84 | % | 2.15 | % |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest | Average Yield/Cost | Average Balance | Interest | Average Yield/Cost | ||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Loans (1) | $ | 1,372,306 | $ | 37,792 | 3.68 | % | $ | 1,274,274 | $ | 36,362 | 3.82 | % | |||||||||||||||||||||||
Mortgage-backed securities | 191,662 | 2,842 | 1.98 | % | 153,031 | 2,201 | 1.92 | % | |||||||||||||||||||||||||||
Other investment securities | 204,009 | 3,395 | 2.22 | % | 139,909 | 2,324 | 2.22 | % | |||||||||||||||||||||||||||
FHLB stock | 11,080 | 371 | 4.48 | % | 15,662 | 585 | 5.00 | % | |||||||||||||||||||||||||||
Cash and cash equivalents | 103,526 | 444 | 0.57 | % | 394,656 | 346 | 0.12 | % | |||||||||||||||||||||||||||
Total interest-bearing assets | 1,882,583 | 44,844 | 3.18 | % | 1,977,532 | 41,818 | 2.83 | % | |||||||||||||||||||||||||||
Non-interest earning assets | 69,008 | 84,360 | |||||||||||||||||||||||||||||||||
Total assets | $ | 1,951,591 | $ | 2,061,892 | |||||||||||||||||||||||||||||||
Liabilities and shareholders' equity: | |||||||||||||||||||||||||||||||||||
NOW, savings, and money market deposits | 799,762 | 1,323 | 0.22 | % | 663,581 | 835 | 0.17 | % | |||||||||||||||||||||||||||
Time deposits | 431,724 | 1,933 | 0.60 | % | 648,672 | 6,013 | 1.24 | % | |||||||||||||||||||||||||||
Interest-bearing deposits | 1,231,486 | 3,256 | 0.35 | % | 1,312,253 | 6,848 | 0.70 | % | |||||||||||||||||||||||||||
FHLB advances | 205,828 | 2,672 | 1.74 | % | 308,614 | 4,357 | 1.89 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 1,437,314 | 5,928 | 0.55 | % | 1,620,867 | 11,205 | 0.92 | % | |||||||||||||||||||||||||||
Non-interest bearing deposits | 45,338 | 126,933 | |||||||||||||||||||||||||||||||||
Non-interest bearing other | 47,691 | 44,684 | |||||||||||||||||||||||||||||||||
Total liabilities | 1,530,343 | 1,792,484 | |||||||||||||||||||||||||||||||||
Total shareholders' equity | 421,248 | 269,408 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 1,951,591 | $ | 2,061,892 | |||||||||||||||||||||||||||||||
Net interest income | $ | 38,916 | $ | 30,613 | |||||||||||||||||||||||||||||||
Net interest rate spread (2) | 2.64 | % | 1.91 | % | |||||||||||||||||||||||||||||||
Net interest margin (3) | 2.76 | % | 2.07 | % |
September 30, 2022 | December 31, 2021 | ||||||||||
(In thousands) | |||||||||||
Residential one-to-four family | $ | 591,728 | $ | 560,976 | |||||||
Multifamily | 679,474 | 515,240 | |||||||||
Non-residential | 185,450 | 141,561 | |||||||||
Construction | 12,981 | 23,419 | |||||||||
Junior liens | 16,653 | 18,464 | |||||||||
Commercial and industrial (including PPP) (1) | 4,738 | 21,563 | |||||||||
Consumer and other | 39 | 87 | |||||||||
Total gross loans | 1,491,063 | 1,281,310 | |||||||||
Deferred fees, costs, premiums and discounts, net | 3,374 | 6,299 | |||||||||
Total loans | 1,494,437 | 1,287,609 | |||||||||
Allowance for loan losses | (13,600) | (14,425) | |||||||||
Loans receivable, net | $ | 1,480,837 | $ | 1,273,184 |
September 30, 2022 | December 31, 2021 | ||||||||||
(In thousands) | |||||||||||
Residential one-to-four family | $ | 7,907 | $ | 10,805 | |||||||
Multifamily | — | 139 | |||||||||
Non-residential | 449 | 857 | |||||||||
Construction | — | — | |||||||||
Commercial and industrial (including PPP) | — | — | |||||||||
Junior liens | 53 | 182 | |||||||||
Total non-performing assets | $ | 8,409 | $ | 11,983 |
September 30, 2022 | December 31, 2021 | ||||||||||
(In thousands) | |||||||||||
Non-interest bearing deposits | $ | 59,636 | $ | 44,894 | |||||||
NOW and demand accounts (1) | 385,334 | 363,419 | |||||||||
Savings (1) | 455,979 | 364,932 | |||||||||
Core deposits | 900,949 | 773,245 | |||||||||
Time deposits | 365,548 | 473,795 | |||||||||
Total deposits | $ | 1,266,497 | $ | 1,247,040 |
Actual | Minimum Capital Adequacy | For Classification With Capital Buffer | For Classification as Well Capitalized | |||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 | $ | 296,377 | 21.41 | % | $ | 62,284 | 4.50 | % | $ | 96,886 | 7.00 | % | $ | 89,966 | 6.50 | % | ||||||||||||||||||||||||||||||||||
Tier 1 capital | 296,377 | 21.41 | % | 83,045 | 6.00 | % | 117,647 | 8.50 | % | 110,727 | 8.00 | % | ||||||||||||||||||||||||||||||||||||||
Total capital | 311,869 | 22.53 | % | 110,727 | 8.00 | % | 145,329 | 10.50 | % | 138,409 | 10.00 | % | ||||||||||||||||||||||||||||||||||||||
Tier 1 (leverage) capital | 296,377 | 14.75 | % | 80,347 | 4.00 | % | N/A | N/A | 100,434 | 5.00 | % | |||||||||||||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 | $ | 293,349 | 25.74 | % | $ | 51,292 | 4.50 | % | $ | 79,787 | 7.00 | % | $ | 74,088 | 6.50 | % | ||||||||||||||||||||||||||||||||||
Tier 1 capital | 293,349 | 25.74 | % | 68,389 | 6.00 | % | 96,885 | 8.50 | % | 91,186 | 8.00 | % | ||||||||||||||||||||||||||||||||||||||
Total capital | 307,624 | 26.99 | % | 91,186 | 8.00 | % | 119,681 | 10.50 | % | 113,982 | 10.00 | % | ||||||||||||||||||||||||||||||||||||||
Tier 1 (leverage) capital | 293,349 | 15.00 | % | 78,201 | 4.00 | % | N/A | N/A | 97,752 | 5.00 | % |
Net Interest Income | |||||||||||||||||
Change in Interest Rates (basis points) | Amount | Change | Percent | ||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
+200 | $ | 58,832 | $ | (3,765) | (6) | % | |||||||||||
+100 | 60,797 | (1,800) | (3) | ||||||||||||||
0 | 62,597 | — | — | ||||||||||||||
-100 | 62,342 | (255) | — | ||||||||||||||
-200 | 60,581 | (2,016) | (3) |
EVE | |||||||||||||||||||||||||||||
Change in Interest Rates (basis points) | Estimated EVE | Estimated Increase (Decrease) | NPV as a Percent of Portfolio Value of Assets | ||||||||||||||||||||||||||
Amount | Percent | NPV Ratio | Change | ||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
+200 | 92,843 | (87,783) | (49) | 5 | (4) | ||||||||||||||||||||||||
+100 | 136,101 | (44,525) | (25) | 7 | (2) | ||||||||||||||||||||||||
0 | 180,626 | — | — | 9 | — | ||||||||||||||||||||||||
-100 | 220,934 | 40,308 | 22 | 11 | 2 | ||||||||||||||||||||||||
-200 | 257,387 | 76,761 | 42 | 13 | 4 |
Period | Total Number of Shares Purchased (1) | Average Price paid Per Share | As part of Publicly Announced Plans or Programs | Yet to be Purchased Under the Plans or Programs (1) | |||||||||||||||||||
July | — | $0.00 | — | 2,852,250 | |||||||||||||||||||
August | 434,266 | 11.79 | 434,266 | 2,417,984 | |||||||||||||||||||
September | 232,423 | 11.45 | 232,423 | 2,185,561 | |||||||||||||||||||
Total | 666,689 | 11.67 | 666,689 |
Certificate of Incorporation of Blue Foundry Bancorp (Incorporated by reference to the Registrant’s Registration Statement on Form S-1 (File No. 333-254079)) | |||||
Bylaws of Blue Foundry Bancorp (Incorporated by reference to the Registrant’s Registration Statement on Form S-1 (File No. 333-254079)) | |||||
Form of Common Stock Certificate of Blue Foundry Bancorp (Incorporated by reference to the Registrant’s Registration Statement on Form S-1 (File No. 333-254079)) | |||||
Blue Foundry Bancorp 2022 Equity Incentive Plan (Incorporated by reference to Appendix A to the Proxy Statement for the 2022 Annual Meeting of Stockholders (File No. 001-40619)) | |||||
101 | The following materials from the Company’s Form 10-Q for the quarter ended September 30, 2022, formatted in Inline XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Operations, (ii) the Consolidated Statements of Financial Condition; (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Shareholder’s Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to Consolidated Financial Statements. | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Dated: | November 10, 2022 | By: | /s/ James D. Nesci | |||||||||||
James D. Nesci | ||||||||||||||
Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) |
Dated: | November 10, 2022 | By: | /s/ Kelly Pecoraro | |||||||||||
Kelly Pecoraro | ||||||||||||||
Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) |
Dated: | November 10, 2022 | /s/ James D. Nesci | ||||||||||||
James D. Nesci | ||||||||||||||
Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) |
Dated: | November 10, 2022 | /s/ Kelly Pecoraro | ||||||||||||
Kelly Pecoraro | ||||||||||||||
Executive Vice President and Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) |
Dated: | November 10, 2022 | /s/ James D. Nesci | ||||||||||||
James D. Nesci | ||||||||||||||
Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) |
Dated: | November 10, 2022 | /s/ Kelly Pecoraro | ||||||||||||
Kelly Pecoraro | ||||||||||||||
Executive Vice President and Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) |
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Fair value of securities held for investment | $ 26,344 | $ 22,849 |
Loans receivable, allowance | $ 13,600 | $ 14,425 |
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) | 28,155,292 | 28,522,500 |
Treasury stock (in shares) | 367,208 |
Consolidated Statements of Changes in Shareholders’ Equity - USD ($) $ in Thousands |
Total |
Charitable Foundation |
Unallocated Common Stock Held by ESOP |
Common Stock |
Common Stock
Charitable Foundation
|
Additional Paid-In Capital |
Additional Paid-In Capital
Charitable Foundation
|
Retained Earnings |
Treasury Stock |
Accumulated Other Comprehensive Income (Loss) |
|||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance at beginning of period (in shares) at Dec. 31, 2020 | 100,000 | ||||||||||||
Balance at beginning of period at Dec. 31, 2020 | $ 205,600 | $ 0 | $ 10 | $ 822 | $ 205,799 | $ (1,031) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net (loss) income | (745) | (745) | |||||||||||
Other comprehensive income (loss) | $ 597 | 597 | |||||||||||
Balance at end of period (in shares) at Mar. 31, 2021 | 100,000 | ||||||||||||
Balance at end of period at Mar. 31, 2021 | $ 205,452 | 0 | 10 | 822 | 205,054 | (434) | |||||||
Balance at beginning of period (in shares) at Dec. 31, 2020 | 100,000 | ||||||||||||
Balance at beginning of period at Dec. 31, 2020 | $ 205,600 | 0 | 10 | 822 | 205,799 | (1,031) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net (loss) income | (16,718) | ||||||||||||
Other comprehensive income (loss) | [1] | 519 | |||||||||||
Purchase of common shares by the ESOP (2,281,800 shares) | $ 22,818 | ||||||||||||
Balance at end of period (in shares) at Sep. 30, 2021 | 28,522,500 | ||||||||||||
Balance at end of period at Sep. 30, 2021 | $ 448,235 | (22,405) | 285 | 281,786 | 189,081 | (512) | |||||||
Balance at beginning of period (in shares) at Mar. 31, 2021 | 100,000 | ||||||||||||
Balance at beginning of period at Mar. 31, 2021 | $ 205,452 | 0 | 10 | 822 | 205,054 | (434) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net (loss) income | (1,003) | (1,003) | |||||||||||
Other comprehensive income (loss) | $ 463 | 463 | |||||||||||
Balance at end of period (in shares) at Jun. 30, 2021 | 100,000 | ||||||||||||
Balance at end of period at Jun. 30, 2021 | $ 204,912 | 0 | $ 10 | 822 | 204,051 | 29 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net (loss) income | (14,970) | (14,970) | |||||||||||
Other comprehensive income (loss) | (541) | [1] | (541) | ||||||||||
Proceeds of stock offering and issuance of common shares (in shares) | 27,672,500 | 750,000 | |||||||||||
Proceeds of stock offering and issuance of common shares | 273,598 | $ 7,500 | $ 268 | $ 7 | 273,330 | $ 7,493 | |||||||
Purchase of common shares by the ESOP (2,281,800 shares) | (22,818) | (22,818) | |||||||||||
ESOP shares committed to be released | $ 554 | 413 | 141 | ||||||||||
Balance at end of period (in shares) at Sep. 30, 2021 | 28,522,500 | ||||||||||||
Balance at end of period at Sep. 30, 2021 | $ 448,235 | (22,405) | 285 | 281,786 | 189,081 | (512) | |||||||
Balance at beginning of period (in shares) at Dec. 31, 2021 | 28,522,500 | ||||||||||||
Balance at beginning of period at Dec. 31, 2021 | $ 429,471 | (21,905) | 285 | 282,006 | 169,457 | (372) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net (loss) income | 553 | 553 | |||||||||||
Other comprehensive income (loss) | (10,132) | (10,132) | |||||||||||
ESOP shares committed to be released | $ 322 | 228 | 94 | ||||||||||
Balance at end of period (in shares) at Mar. 31, 2022 | 28,522,500 | ||||||||||||
Balance at end of period at Mar. 31, 2022 | $ 420,214 | (21,677) | 285 | 282,100 | 170,010 | (10,504) | |||||||
Balance at beginning of period (in shares) at Dec. 31, 2021 | 28,522,500 | ||||||||||||
Balance at beginning of period at Dec. 31, 2021 | $ 429,471 | (21,905) | 285 | 282,006 | 169,457 | (372) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net (loss) income | 1,834 | ||||||||||||
Other comprehensive income (loss) | [1] | (27,182) | |||||||||||
Purchase of common shares by the ESOP (2,281,800 shares) | $ 0 | ||||||||||||
Balance at end of period (in shares) at Sep. 30, 2022 | 28,155,292 | ||||||||||||
Balance at end of period at Sep. 30, 2022 | $ 397,338 | (21,220) | 285 | 278,861 | 171,201 | $ (4,235) | (27,554) | ||||||
Balance at beginning of period (in shares) at Mar. 31, 2022 | 28,522,500 | ||||||||||||
Balance at beginning of period at Mar. 31, 2022 | $ 420,214 | (21,677) | 285 | 282,100 | 170,010 | (10,504) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net (loss) income | 40 | 40 | |||||||||||
Other comprehensive income (loss) | (8,243) | (8,243) | |||||||||||
ESOP shares committed to be released | $ 282 | 228 | 54 | ||||||||||
Balance at end of period (in shares) at Jun. 30, 2022 | 28,522,500 | ||||||||||||
Balance at end of period at Jun. 30, 2022 | $ 412,293 | (21,449) | 285 | 282,154 | 170,050 | $ 0 | (18,747) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net (loss) income | 1,241 | 1,241 | |||||||||||
Other comprehensive income (loss) | (8,807) | [1] | (8,807) | ||||||||||
Purchase of Treasury stock (in shares) | 666,689 | ||||||||||||
Purchase of Treasury stock | 7,781 | $ 7,781 | |||||||||||
Treasury stock allocated to restricted stock plan (in shares) | 299,481 | ||||||||||||
Treasury stock allocated to restricted stock plan | 0 | (3,456) | (90) | $ 3,546 | |||||||||
Compensation cost for stock options and restricted stock | 125 | 125 | |||||||||||
ESOP shares committed to be released | $ 267 | 229 | 38 | ||||||||||
Balance at end of period (in shares) at Sep. 30, 2022 | 28,155,292 | ||||||||||||
Balance at end of period at Sep. 30, 2022 | $ 397,338 | $ (21,220) | $ 285 | $ 278,861 | $ 171,201 | $ (4,235) | $ (27,554) | ||||||
|
Consolidated Statements of Changes in Shareholders’ Equity (Parenthetical) - shares |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
Jul. 15, 2021 |
|
Statement of Stockholders' Equity [Abstract] | ||||||||
Purchase of common shares by the ESOP (in shares) | 2,281,800 | 2,281,800 | 2,281,800 | 2,281,800 | 2,281,800 | 2,281,800 | ||
ESOP shares committed to be released (in shares) | 22,818 | 22,818 | 22,818 | 41,290 | 68,454 | 41,290 |
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
9 Months Ended | |
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Sep. 30, 2022 |
Sep. 30, 2021 |
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Cash flows from operating activities | ||
Net income (loss) | $ 1,834 | $ (16,718) |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization of premises and equipment | 1,973 | 1,644 |
Change in right-of-use asset | 1,943 | 1,974 |
(Accretion) amortization of: | ||
Deferred loan fees, costs, and discounts, net | (451) | 492 |
Premiums and discounts on securities | 819 | 624 |
Change in deferred taxes | 175 | (7,404) |
Release of provision for loan losses | (777) | (1,699) |
Gain on sales and calls of securities | (14) | 0 |
Increase in BOLI cash surrender value | (350) | (362) |
Issuance of common shares donated to Blue Foundry Charitable Foundation | 0 | 7,500 |
ESOP and stock-based compensation expense | 996 | 554 |
Expense on withdrawal from pension plan | 0 | (9,232) |
(Increase) decrease in interest and dividends receivable | (1,059) | 43 |
Increase in other assets | (2,261) | (1,223) |
Decrease in other liabilities | 483 | 3,111 |
Change in lease liability | (1,844) | (1,439) |
Net cash provided by (used in) operating activities | 1,467 | (3,671) |
Cash flows from investing activities | ||
Net (originations) repayments of loans receivable | (120,056) | 29,347 |
Purchases of residential mortgage loans | (86,369) | 0 |
Purchases of securities available for sale | (80,039) | (134,927) |
Purchases of securities held to maturity | (7,600) | (20,362) |
Proceeds from calls of securities held to maturity | 0 | 4,000 |
Proceeds from sales and calls of securities available for sale | 2,408 | 14,000 |
Principal payments and maturities on securities available for sale | 40,828 | 47,533 |
Purchases of other investments | (150) | 0 |
Purchase of Federal Home Loan Bank stock | (12,548) | 0 |
Redemption of Federal Home Loan Bank stock | 7,493 | 3,884 |
Purchases of premises and equipment | (4,841) | (9,695) |
Net cash used in investing activities | (260,874) | (66,220) |
Cash flows from financing activities | ||
Net change in deposits | 19,457 | (90,567) |
Proceeds from advances from Federal Home Loan Bank | 646,000 | 474,600 |
Repayments of advances from Federal Home Loan Bank | (536,000) | (556,400) |
Net increase (decrease) in advances by borrowers for taxes and insurance | 1,344 | (676) |
Purchase of treasury stock | (7,516) | 0 |
Net proceeds from issuance of common shares | 0 | 250,780 |
Net cash provided by financing activities | 123,285 | 77,737 |
Net (decrease) increase in cash and cash equivalents | (136,122) | 7,846 |
Cash and cash equivalents at beginning of period | 193,446 | 316,445 |
Cash and cash equivalents at end of period | 57,324 | 324,291 |
Cash paid during the period for: | ||
Interest | 5,974 | 11,032 |
Income taxes | 190 | 150 |
Supplemental noncash disclosures | ||
Transfers of assets to held for sale | 917 | 892 |
Operating leases | 2,023 | 3,197 |
Common shares purchased by the ESOP | $ 0 | $ (22,818) |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
9 Months Ended |
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Sep. 30, 2022 | |
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, Blue Foundry Service Corp., Rutherford Center Development Corp., 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. On July 15, 2021, the Company became the holding company for the Bank when Blue Foundry, MHC completed its conversion into the stock holding company form of organization. In connection with the conversion, the Company sold 27,772,500 shares of common stock at a price of $10 per share, for gross proceeds of $277.7 million. The Company also contributed 750,000 shares of common stock and $1.5 million in cash to Blue Foundry Charitable Foundation, Inc. and established an Employee Stock Ownership Plan (“ESOP”) acquiring 2,281,800 shares of common stock. Shares of the Company’s common stock began trading on July 16, 2021 on the Nasdaq Global Select Market under the trading symbol “BLFY.” 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 financial condition and results of operations 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 statement of financial condition and revenues and expenses for the period. Actual results could differ from those estimates. Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or shareholders’ equity. The results of operations and other data presented for the three and nine months ended September 30, 2022 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 Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed on March 14, 2022. 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 2021 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, 2021. Share Based Compensation: The Company maintains an equity incentive plan under which restricted stock and stock options may be granted to employees and directors. The Company recognizes the cost of employee services received in exchange for awards of equity instruments based on the grant-date fair value of those awards in accordance with ASC 718, “Compensation-Stock Compensation”. The Company estimates the per share fair value of option grants on the date of grant using the Black-Scholes option pricing model using assumptions for the expected dividend yield, expected stock price volatility, risk-free interest rate and expected option term. These assumptions are subjective in nature, involve uncertainties and, therefore, cannot be determined with precision. The Black-Scholes option pricing model also contains certain inherent limitations when applied to options that are not traded on public markets. The per share fair value of options is highly sensitive to changes in assumptions. In general, the per share fair value of options will move in the same direction as changes in the expected stock price volatility, risk-free interest rate and expected option term, and in the opposite direction as changes in the expected dividend yield. For example, the per share fair value of options will generally increase as expected stock price volatility increases, risk-free interest rate increases, expected option term increases and expected dividend yield decreases. The use of different assumptions or different option pricing models could result in materially different per share fair values of options. Segment Reporting: The Company operates as a single operating segment for financial reporting purposes. Adoption of New Accounting Standards: No new accounting standards were adopted during the three and nine months ended September 30, 2022. Accounting Standards Not Yet Adopted: As an “emerging growth company” as defined in Title 1 of the Jumpstart Our Business Startups (JOBS) Act prior to December 31, 2019, 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. The FASB issued, but the Company has not yet adopted, ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” to replace the incurred loss model for loans and other financial assets with an expected loss model, which is referred to as the current expected credit loss (“CECL”) model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loan receivables and held-to maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in certain leases recognized by a lessor. In addition, the amendments in Topic 326 require credit losses on available-for-sale securities to be presented as a valuation allowance rather than a direct write-down on the basis of the securities. The Company is required to adopt this standard by January 1, 2023. The change from an incurred loss model to an expected loss model represents a fundamental shift from existing GAAP and may result in a material change to the Company's accounting for credit losses on financial instruments. To prepare for implementation of the new standard the Company has established a cross functional steering committee comprised of members from different disciplines including finance, credit, risk management, internal audit, lending, and operations, among others. The Company has also engaged a third-party consultant to assist with model development, data governance and operational controls to support the adoption of this ASU. A detailed implementation plan has been developed which includes assessing the processes, portfolio segmentation, model development and validation, and system requirements and resources needed. The Company has begun to evaluate the effect that this ASU will have on its financial statements and related disclosures. The Company expects the new credit models will include additional assumptions used to calculate credit losses over the estimated life of the financial assets and will include the impact of forecasted macroeconomic conditions. The Company has a system provider for modeling. Upon the Company's adoption of CECL, the change from the incurred loss model to the CECL model will be recognized through an adjustment to retained earnings. The future impact of CECL on the Company’s allowance for credit losses, and provision expense, subsequent to initial adoption, will depend on changes in the loan and HTM securities portfolios, economic conditions, and refinements to key assumptions including forecasting and qualitative factors. Furthermore, the adoption of ASU 2016-13 will necessitate that we establish an allowance for expected credit losses for certain debt securities and other financial assets, however we do not expect these allowances to be significant. Our CECL models will include the following major items: –a historical loss period, which represents a full economic credit cycle utilizing loss experience including peer historical loss data –a reasonable and supportable forecast period of one year, based on managements current review of macroeconomic factors and the reliability of extended forecasts –a reversion period (after the reasonable and supportable forecast period) using a straight-line approach –expected prepayment rates based on our historical experience and benchmark assumptions where internal data is limited; and –incorporation of qualitative factors not captured within the modeled results. The Company expects to adopt ASU 2016-13 with an effective date at or before the required implementation date. The adoption of ASU 2016-13 is not expected to have a significant impact on our regulatory capital ratios. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”. The amendments provide expedients and exceptions for applying GAAP to contracts or hedging relationships affected by the discontinuance of LIBOR as a benchmark rate to alleviate the burden and cost of such modifications. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments also provide a one-time election to sell and/or transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform. The update is in effect for a limited time from March 12, 2020 through December 31, 2022. The Company continues to evaluate its financial instruments indexed to USDLIBOR for which Topic 848 provides expedients, exceptions and elections. The Company is monitoring and assessing if transition plans are necessary and if it is appropriate for the Company to utilize transition relief. The Company continues to assess the expected impact of LIBOR cessation on the Company’s Consolidated Financial Statements. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848): Scope”. The update specifically addresses whether Topic 848 applies to derivative instruments that do not reference a rate that is expected to be discontinued but that instead use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform, commonly referred to as the “discounting transition.” This ASU extends certain optional expedients provided in Topic 848 to contract modifications and derivatives affected by the discounting transition. The amendments in ASU 2021-01 may be applied under a retrospective approach as of any date from the beginning of an interim period that includes or is after March 12, 2020 or prospectively to new modifications made on or after any date within the interim period including January 7, 2021. The update is in effect for a limited time from March 12, 2020 through December 31, 2022. The update is not expected to have a material impact on the Company’s Consolidated Financial Statements. In March 2022, the FASB issued ASU No. 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures”. The amendments in this ASU were issued to (1) eliminate accounting guidance for TDRs by creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty; (2) require disclosures of current period gross write-offs by year of origination for financing receivables and net investments in leases. For entities that have adopted the amendments in ASU 2016-13, Measurement of Credit Losses on Financial Instruments, this update will be effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2022. Early adoption is permitted. The amendments in this ASU should be applied prospectively, except for the transition method related to the recognition and measurement of TDRs, where there is an option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. The Company is currently evaluating the impact of this standard to the Consolidated Financial Statements.
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SECURITIES | SECURITIES The amortized cost of securities available for sale and their estimated fair values at September 30, 2022 and December 31, 2021 are as follows:
The amortized cost of securities held-to-maturity and their estimated fair values at September 30, 2022 and December 31, 2021, are as follows:
There were no proceeds from sales and calls of securities available for sale for the three months ended September 30, 2022. Proceeds from sales and calls of securities available for sale totaled $2.4 million, resulting in gross realized gains of $14 thousand and no gross losses realized during the nine months ended September 30, 2022. During the three and nine months ended September 30, 2021, proceeds from sales and calls of securities available for sale totaled $10.0 million and $14.0 million, respectively, resulting in no gain or loss realized for both 2021 periods. Securities pledged at September 30, 2022 and December 31, 2021, had a carrying amount of $4.6 million and $9.1 million, respectively, and were pledged to secure borrowings, public deposits and derivatives as needed. The amortized cost and fair value of debt securities are shown below by contractual maturity. Expected maturities on mortgage-backed securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. Securities not due at a single maturity are shown separately.
The following tables summarize available-for-sale securities with unrealized losses at September 30, 2022 and December 31, 2021, aggregated by major security type and length of time in a continuous loss position.
There were no other-than-temporary impairment (“OTTI”) charges for the three and nine months ended September 30, 2022 or September 30, 2021, respectively. The number of available for sale securities in an unrealized loss position at September 30, 2022 totaled 112, compared with 44 at December 31, 2021. The increase in the number of securities in an unrealized loss position at September 30, 2022 was due to higher current market interest rates compared to rates at December 31, 2021. Of the 112 available for sale securities in an unrealized loss position at September 30, 2022, 61 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. There were also 15 municipal bonds, 33 investment grade corporate bonds and three asset-backed securities in an unrealized loss position. The Company does not consider these securities to be other-than-temporarily impaired due to the decline in fair value being 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 (maturity). The following table summarizes held-to-maturity securities with unrealized losses at September 30, 2022, aggregated by major security type and length of time in a continuous loss position. The Company did not have any held- to- maturity securities in an unrecognized loss position for more than twelve months at December 31, 2021.
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOANS RECEIVABLE, NET | LOANS RECEIVABLE, NET A summary of loans receivable, net at September 30, 2022 and December 31, 2021, is as follows:
(1) - At September 30, 2022, and December 31, 2021, PPP loans totaled $557 thousand, and $16.8 million, respectively, net of unearned deferred fees. The portfolio classes in the above table have unique risk characteristics with respect to credit quality: •Payment on multifamily and non-residential 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 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 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 revolvers, term loans, SBA 7a loans and to a lesser extent, PPP loans. Payment on C&I loans are driven principally by the cash flow of the business and secondarily by the sale or refinance of any collateral securing the loan. 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 one-to-four family, 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. The following tables presents the activity in the Company’s allowance for loan losses by class of loans based on the most recent analysis performed for the three and nine months ended September 30, 2022, and 2021:
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 September 30, 2022 and December 31, 2021:
The following table presents information related to impaired loans by class of loans as of September 30, 2022, September 30, 2021 and December 31, 2021:
The recorded investment in loans includes deferred fees, costs and discounts. For purposes of this disclosure, the unpaid principal balance is not reduced for partial charge-offs. The total recorded investment of loans whose terms have been modified in TDRs was $4.9 million and $5.4 million as of September 30, 2022 and December 31, 2021, respectively. The Company has allocated $33 thousand and $68 thousand, respectively, of specific reserves to TDR loans as of September 30, 2022 and December 31, 2021. The modification of the terms of TDR loans may include one or a combination of the following: a reduction of the stated interest rate of the loan, short-term deferral of payment, or an extension of the maturity date. The Company is not committed to lend any additional amounts to customers with outstanding loans that are classified as TDRs as of September 30, 2022. A TDR loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. There were no TDRs for which there was a payment default within twelve months following the modification during the periods ended September 30, 2022 and September 30, 2021. There were no TDRs during the three months ended September 30, 2022. TDRs during the nine months ended September 30, 2022 totaled $453 thousand. There were no TDRs during the three and nine months ended September 30, 2021. The Company implemented modification programs to provide its borrowers relief from the economic impacts of COVID-19. In accordance with the CARES Act, the Company elected to not apply TDR classification to COVID-19 related loan modifications. Accordingly, these modifications are exempt from TDR classification under U.S. generally accepted accounting principles (“U.S. GAAP”) and were not classified as TDRs. At December 31, 2021, there were no deferrals related to the Cares Act. The Company had $4.5 million and $792 thousand in consumer mortgage loans secured by residential real estate properties for which foreclosure proceedings are in process at September 30, 2022 and December 31, 2021, respectively. The following table presents the recorded investment in non-accrual loans and loans past due 90 days or more still on accrual as of September 30, 2022 and December 31, 2021:
(1) Loans 90 days past due and accruing are comprised of PPP loans which carry the federal guarantee of the SBA. The following table presents the recorded investment in past due and current loans by loan portfolio class as of September 30, 2022 and December 31, 2021:
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 as to credit risk. This analysis is performed whenever a 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 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 loans based on the most recent analysis performed as of September 30, 2022 and December 31, 2021:
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LEASES |
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LEASES | LEASES Leases and Lease Obligations: 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:
The following table is a summary of the Company’s components of net lease cost for the three and nine months ended September 30, 2022 and 2021. The variable lease cost primarily represents variable payments such as common area maintenance and utilities.
The following table presents supplemental cash flow information related to operating leases:
Future undiscounted lease payments for operating leases with initial terms of one year or more as of September 30, 2022 are as follows:
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DEPOSITS | DEPOSITS Deposits at September 30, 2022 and December 31, 2021, are summarized as follows:
Money market accounts are included within the NOW and demand accounts and savings captions. Included in time deposits are brokered deposits totaling $5.7 million at September 30, 2022. There were no brokered deposits at December 31, 2021. Time deposits mature as follows for the years ending December 31:
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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 shares at the end of employment. Dividends on allocated shares, if any, increase participants accounts. At September 30, 2022, the principal balance on the ESOP loan is $21.8 million. There were no contributions to the ESOP during the three and nine months ended September 30, 2022, 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 are recognized over the service period. For the three months ended September 30, 2022, 22,818 shares were committed to be released from unallocated and ESOP compensation expense totaled $266 thousand. For the nine months ended September 30, 2022, 68,454 shares were committed to be released from unallocated and ESOP compensation expense totaled $870 thousand. Shares committed to be released from unallocated and ESOP compensation expense totaled 41,290 shares and $554 thousand, respectively, for both the three and nine months ended September 30, 2021. Shares held by the ESOP were as follows:
The fair value of the unallocated shares was computed using the closing trading price of the Company’s common stock on each date. Equity Incentive Plan At the annual meeting held on August 25,2022, stockholders 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 and seven years beginning one year from the date of grant. Additionally, certain restricted shares awarded can be performance vesting awards, which may or may not vest depending upon the attainment of certain corporate financial targets. The vesting of the awards accelerate upon death, disability or an involuntary termination at or following a change in control. The product of the number of shares granted and the grant date closing market price of the Company’s common stock determine the fair value of restricted shares under the Equity Plan. Management recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite service period. For the nine months ended September 30, 2022, the Company granted 299,481 shares of restricted stock awards under the Equity Plan. Stock options granted under the Equity Plan generally vest in equal installments, over a service period between and seven years beginning one year from the date of grant. The vesting of the options accelerate upon death, disability or an involuntary termination at or following a change in control. Stock options were granted at an exercise price equal to the fair value of the Company’s common stock on the grant date based on the closing market price and have an expiration period of 10 years. For the nine months ended September 30, 2022, the Company granted 748,713 stock options under the Equity Plan. The fair value of stock options granted are estimated utilizing the Black-Scholes option pricing model using the following assumptions: an expected life of 6.5 years, risk-free rate of 3.15%, volatility of 29.74% and a dividend yield of 0.88%. 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 graded 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 and nine months ended September 30, 2022. There was no share-based compensation expense for the three and nine months ended September 30, 2021.
The following is a summary of the Company’s stock option activity and related information for the nine months ended September 30, 2022:
Expected future expense relating to the non-vested options outstanding as of September 30, 2022 is $2.8 million over a weighted average period of 4.8 years. The following is a summary of the status of the Company’s restricted shares as of September 30, 2022 and changes therein during the nine months ended:
Expected future expense relating to the non-vested restricted shares outstanding as of September 30, 2022 is $3.4 million over a weighted average period of 4.8 years.
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DERIVATIVES AND HEDGING ACTIVITIES |
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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. Interest rate swaps with notional amounts totaling $109.0 million at September 30, 2022 and December 31, 2021, were designated as cash flow hedges of certain Federal Home Loan Bank advances and 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:
At September 30, 2022, the Company held $11.5 million as cash collateral pledged from the counterparty for these interest-rate swaps. At September 30, 2022, the Company had no securities pledged to the counterparty. At December 31, 2021, securities pledged as collateral for these swaps totaled $5.6 million. Interest income (expense) recorded on these swap transactions is reported as a component of interest expense on FHLB advances. Interest income (expense) during the three months ended September 30, 2022 and 2021 totaled $198 thousand and $(368) thousand, respectively. Interest income (expense) for the nine months ended September 30, 2022 and 2021 totaled $(270) thousand and $(1.1) million, respectively. At September 30, 2022, the Company expected $498 thousand of the unrealized gain to be reclassified as a reduction to interest expense during the remainder of 2022. Cash Flow Hedge The effect of cash flow hedge accounting on accumulated other comprehensive income for the three and nine months ended September 30, 2022 and September 30, 2021 is as follows:
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ACCUMULATED OTHER COMPREHENSIVE INCOME |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | ACCUMULATED OTHER COMPREHENSIVE INCOMEAccumulated 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 consolidated balance sheet dates, net of the related tax effect. The following table presents the components of other comprehensive (loss) income both gross and net of tax, inclusive of a deferred tax valuation allowance, for the periods indicated.
(1) The 2022 period includes a deferred tax valuation allowance.
(1) The 2022 period includes a deferred tax valuation allowance. (2) Benefit arising from plan amendment approved in June 2022. . 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:
The following table presents information about amounts reclassified from accumulated other comprehensive income (loss) to the consolidated statements of operations for the periods indicated:
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FAIR VALUE OF ASSETS AND LIABILITIES |
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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, 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. Assets Held for Sale: Nonrecurring adjustments to certain non-residential properties classified as assets held for sale are measured at fair value, less costs to sell. Fair values are based on contracts / letters of intent. The following table summarizes the fair value of assets and liabilities as of September 30, 2022:
The following table summarizes the fair value of assets and liabilities as of December 31, 2021:
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 debt securities held-to-maturity portfolio is carried at amortized cost. 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 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 balance sheet at September 30, 2022 and December 31, 2021. 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.
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REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME |
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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 Statement of Operations. The following table presents the Company’s sources of revenue from contracts with customers for the three and nine months ended September 30, 2022 and 2021, respectively.
Service Charges on Deposit Accounts: The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction based fees, which include services such as ATM use fees, stop payment charges, statement rendering, and ACH 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. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance. Interchange Income: The Company earns interchange fees from debit/credit cardholder transactions conducted through a payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder.
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EARNINGS PER SHARE |
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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. The Company did not present earnings per share for the nine months ended September 30, 2021 as the year-to-date weighted average computation presented a figure that would not aid investors in understanding the Company’s financial results for the period.
Excluded from the earnings per share calculation are anti-dilutive equity awards for the three and nine months ended September 30, 2022, totaling 98,000 and 33,000, respectively.
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SUBSEQUENT EVENTS |
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Sep. 30, 2022 | |
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. Stock Repurchase Program On July 20, 2022, the Company adopted a program to repurchase up to 2,852,250 shares, or 10%, of its outstanding common stock. As of November 7, 2022, 940,059 shares totaling $11.0 million had been acquired under the repurchase plan at an average price per share of $11.74 .
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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Sep. 30, 2022 | |
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, Blue Foundry Service Corp., Rutherford Center Development Corp., 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. |
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 financial condition and results of operations 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 statement of financial condition and revenues and expenses for the period. Actual results could differ from those estimates. Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or shareholders’ equity. The results of operations and other data presented for the three and nine months ended September 30, 2022 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 Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed on March 14, 2022. 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 2021 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, 2021.
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Segment Reporting | Segment Reporting: The Company operates as a single operating segment for financial reporting purposes. |
Adoption of New Accounting Standards and Accounting Standards Not Yet Adopted | Adoption of New Accounting Standards: No new accounting standards were adopted during the three and nine months ended September 30, 2022. Accounting Standards Not Yet Adopted: As an “emerging growth company” as defined in Title 1 of the Jumpstart Our Business Startups (JOBS) Act prior to December 31, 2019, 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. The FASB issued, but the Company has not yet adopted, ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” to replace the incurred loss model for loans and other financial assets with an expected loss model, which is referred to as the current expected credit loss (“CECL”) model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loan receivables and held-to maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in certain leases recognized by a lessor. In addition, the amendments in Topic 326 require credit losses on available-for-sale securities to be presented as a valuation allowance rather than a direct write-down on the basis of the securities. The Company is required to adopt this standard by January 1, 2023. The change from an incurred loss model to an expected loss model represents a fundamental shift from existing GAAP and may result in a material change to the Company's accounting for credit losses on financial instruments. To prepare for implementation of the new standard the Company has established a cross functional steering committee comprised of members from different disciplines including finance, credit, risk management, internal audit, lending, and operations, among others. The Company has also engaged a third-party consultant to assist with model development, data governance and operational controls to support the adoption of this ASU. A detailed implementation plan has been developed which includes assessing the processes, portfolio segmentation, model development and validation, and system requirements and resources needed. The Company has begun to evaluate the effect that this ASU will have on its financial statements and related disclosures. The Company expects the new credit models will include additional assumptions used to calculate credit losses over the estimated life of the financial assets and will include the impact of forecasted macroeconomic conditions. The Company has a system provider for modeling. Upon the Company's adoption of CECL, the change from the incurred loss model to the CECL model will be recognized through an adjustment to retained earnings. The future impact of CECL on the Company’s allowance for credit losses, and provision expense, subsequent to initial adoption, will depend on changes in the loan and HTM securities portfolios, economic conditions, and refinements to key assumptions including forecasting and qualitative factors. Furthermore, the adoption of ASU 2016-13 will necessitate that we establish an allowance for expected credit losses for certain debt securities and other financial assets, however we do not expect these allowances to be significant. Our CECL models will include the following major items: –a historical loss period, which represents a full economic credit cycle utilizing loss experience including peer historical loss data –a reasonable and supportable forecast period of one year, based on managements current review of macroeconomic factors and the reliability of extended forecasts –a reversion period (after the reasonable and supportable forecast period) using a straight-line approach –expected prepayment rates based on our historical experience and benchmark assumptions where internal data is limited; and –incorporation of qualitative factors not captured within the modeled results. The Company expects to adopt ASU 2016-13 with an effective date at or before the required implementation date. The adoption of ASU 2016-13 is not expected to have a significant impact on our regulatory capital ratios. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”. The amendments provide expedients and exceptions for applying GAAP to contracts or hedging relationships affected by the discontinuance of LIBOR as a benchmark rate to alleviate the burden and cost of such modifications. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments also provide a one-time election to sell and/or transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform. The update is in effect for a limited time from March 12, 2020 through December 31, 2022. The Company continues to evaluate its financial instruments indexed to USDLIBOR for which Topic 848 provides expedients, exceptions and elections. The Company is monitoring and assessing if transition plans are necessary and if it is appropriate for the Company to utilize transition relief. The Company continues to assess the expected impact of LIBOR cessation on the Company’s Consolidated Financial Statements. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848): Scope”. The update specifically addresses whether Topic 848 applies to derivative instruments that do not reference a rate that is expected to be discontinued but that instead use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform, commonly referred to as the “discounting transition.” This ASU extends certain optional expedients provided in Topic 848 to contract modifications and derivatives affected by the discounting transition. The amendments in ASU 2021-01 may be applied under a retrospective approach as of any date from the beginning of an interim period that includes or is after March 12, 2020 or prospectively to new modifications made on or after any date within the interim period including January 7, 2021. The update is in effect for a limited time from March 12, 2020 through December 31, 2022. The update is not expected to have a material impact on the Company’s Consolidated Financial Statements. In March 2022, the FASB issued ASU No. 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures”. The amendments in this ASU were issued to (1) eliminate accounting guidance for TDRs by creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty; (2) require disclosures of current period gross write-offs by year of origination for financing receivables and net investments in leases. For entities that have adopted the amendments in ASU 2016-13, Measurement of Credit Losses on Financial Instruments, this update will be effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2022. Early adoption is permitted. The amendments in this ASU should be applied prospectively, except for the transition method related to the recognition and measurement of TDRs, where there is an option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. The Company is currently evaluating the impact of this standard to the Consolidated Financial Statements.
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SECURITIES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 September 30, 2022 and December 31, 2021 are as follows:
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Summary of amortized cost of securities held to maturity and their estimated fair value | The amortized cost of securities held-to-maturity and their estimated fair values at September 30, 2022 and December 31, 2021, are as follows:
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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. Expected maturities on mortgage-backed securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. Securities not due at a single maturity are shown separately.
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Summary of available-for-sale securities with unrealized losses | The following tables summarize available-for-sale securities with unrealized losses at September 30, 2022 and December 31, 2021, aggregated by major security type and length of time in a continuous loss position.
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Summary of held-for-maturity with unrealized losses | The following table summarizes held-to-maturity securities with unrealized losses at September 30, 2022, aggregated by major security type and length of time in a continuous loss position. The Company did not have any held- to- maturity securities in an unrecognized loss position for more than twelve months at December 31, 2021.
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LOANS RECEIVABLE, NET (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of loans receivable | A summary of loans receivable, net at September 30, 2022 and December 31, 2021, is as follows:
(1) - At September 30, 2022, and December 31, 2021, PPP loans totaled $557 thousand, and $16.8 million, respectively, net of unearned deferred fees.
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Summary of changes in allowance for loan losses by class of loans | The following tables presents the activity in the Company’s allowance for loan losses by class of loans based on the most recent analysis performed for the three and nine months ended September 30, 2022, and 2021:
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 September 30, 2022 and December 31, 2021:
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Summary of impaired loans by class of loans | The following table presents information related to impaired loans by class of loans as of September 30, 2022, September 30, 2021 and December 31, 2021:
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Summary of past due loans in non-accrual and past 90 days still on accrual | The following table presents the recorded investment in non-accrual loans and loans past due 90 days or more still on accrual as of September 30, 2022 and December 31, 2021:
(1) Loans 90 days past due and accruing are comprised of PPP loans which carry the federal guarantee of the SBA. The following table presents the recorded investment in past due and current loans by loan portfolio class as of September 30, 2022 and December 31, 2021:
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Schedule of credit quality indicators | The following table presents the risk category of loans by class of loans based on the most recent analysis performed as of September 30, 2022 and December 31, 2021:
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LEASES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of balance sheet information related to operating leases | The Company had the following related to operating leases:
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Summary of lease cost | The following table is a summary of the Company’s components of net lease cost for the three and nine months ended September 30, 2022 and 2021. The variable lease cost primarily represents variable payments such as common area maintenance and utilities.
The following table presents supplemental cash flow information related to operating leases:
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Summary of future undiscounted operating lease payments | Future undiscounted lease payments for operating leases with initial terms of one year or more as of September 30, 2022 are as follows:
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DEPOSITS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of deposits | Deposits at September 30, 2022 and December 31, 2021, are summarized as follows:
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Schedule of timed deposit maturities | Time deposits mature as follows for the years ending December 31:
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STOCK-BASED COMPENSATION (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of shares held by ESOP | Shares held by the ESOP were as follows:
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Schedule of share-based compensation expense | The following table presents the share-based compensation expense for the three and nine months ended September 30, 2022. There was no share-based compensation expense for the three and nine months ended September 30, 2021.
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Schedule of stock option activity | The following is a summary of the Company’s stock option activity and related information for the nine months ended September 30, 2022:
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Schedule of restricted shares activity | The following is a summary of the status of the Company’s restricted shares as of September 30, 2022 and changes therein during the nine months ended:
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DERIVATIVES AND HEDGING ACTIVITIES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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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 and nine months ended September 30, 2022 and September 30, 2021 is as follows:
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ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of comprehensive (loss) income gross and net of tax | The following table presents the components of other comprehensive (loss) income both gross and net of tax, inclusive of a deferred tax valuation allowance, for the periods indicated.
(1) The 2022 period includes a deferred tax valuation allowance.
(1) The 2022 period includes a deferred tax valuation allowance. (2) Benefit arising from plan amendment approved in June 2022. .
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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:
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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 operations for the periods indicated:
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FAIR VALUE OF ASSETS AND LIABILITIES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 September 30, 2022:
The following table summarizes the fair value of assets and liabilities as of December 31, 2021:
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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 balance sheet at September 30, 2022 and December 31, 2021. 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.
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REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME (Tables) |
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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 and nine months ended September 30, 2022 and 2021, respectively.
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EARNINGS PER SHARE (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of earnings per share |
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ / shares in Units, $ in Millions |
9 Months Ended | |||
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Jul. 15, 2021
USD ($)
$ / shares
shares
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Sep. 30, 2022
segment
shares
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Dec. 31, 2021
shares
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Sep. 30, 2021
shares
|
|
Lessee, Lease, Description [Line Items] | ||||
Stock price per share (in usd per share) | $ / shares | $ 10 | |||
Gross offering proceeds | $ | $ 277.7 | |||
Charitable contribution in cash | $ | $ 1.5 | |||
Shares in ESOP (in shares) | 2,281,800 | 2,281,800 | 2,281,800 | 2,281,800 |
Number of operating segments | segment | 1 | |||
Public stock offering | ||||
Lessee, Lease, Description [Line Items] | ||||
Shares of common stock sold (in shares) | 27,772,500 | |||
Donation of shares to Blue Foundry Charitable Foundation | ||||
Lessee, Lease, Description [Line Items] | ||||
Shares of common stock sold (in shares) | 750,000 | |||
Blue Foundry Bancorp - NJ | ||||
Lessee, Lease, Description [Line Items] | ||||
Ownership interest percentage | 100.00% |
SECURITIES - Summary of amortized cost of securities available for sale and their estimated fair value (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 359,931 | $ 323,801 |
Gross Unrealized Gains | 1 | 3,734 |
Gross Unrealized Losses | (38,612) | (2,643) |
Estimated Fair Value | 321,320 | 324,892 |
U.S. Treasury Note | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 46,938 | 36,933 |
Gross Unrealized Gains | 0 | 4 |
Gross Unrealized Losses | (3,366) | (105) |
Estimated Fair Value | 43,572 | 36,832 |
Corporate Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 84,033 | 86,118 |
Gross Unrealized Gains | 0 | 1,791 |
Gross Unrealized Losses | (5,587) | (290) |
Estimated Fair Value | 78,446 | 87,619 |
U.S. Government agency obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 18,380 | 23,462 |
Gross Unrealized Gains | 0 | 46 |
Gross Unrealized Losses | (907) | (179) |
Estimated Fair Value | 17,473 | 23,329 |
Obligations issued by U.S. states and their political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 16,716 | 19,172 |
Gross Unrealized Gains | 1 | 1,152 |
Gross Unrealized Losses | (762) | 0 |
Estimated Fair Value | 15,955 | 20,324 |
Residential one-to-four family | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 168,656 | 116,166 |
Gross Unrealized Gains | 0 | 140 |
Gross Unrealized Losses | (26,250) | (1,905) |
Estimated Fair Value | 142,406 | 114,401 |
Multifamily | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 19,974 | 35,412 |
Gross Unrealized Gains | 0 | 598 |
Gross Unrealized Losses | (1,330) | (94) |
Estimated Fair Value | 18,644 | 35,916 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 5,234 | 6,538 |
Gross Unrealized Gains | 0 | 3 |
Gross Unrealized Losses | (410) | (70) |
Estimated Fair Value | $ 4,824 | $ 6,471 |
SECURITIES - Summary of amortized cost of securities held to maturity and their estimated fair value (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 30,749 | $ 23,281 |
Gross Unrecognized Gains | 0 | 0 |
Gross Unrecognized Losses | (4,405) | (432) |
Estimated Fair Value | 26,344 | 22,849 |
Corporate Bonds | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 15,600 | 8,000 |
Gross Unrecognized Gains | 0 | 0 |
Gross Unrecognized Losses | (1,998) | (59) |
Estimated Fair Value | 13,602 | 7,941 |
Asset-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 15,149 | 15,281 |
Gross Unrecognized Gains | 0 | 0 |
Gross Unrecognized Losses | (2,407) | (373) |
Estimated Fair Value | $ 12,742 | $ 14,908 |
SECURITIES - Narrative (Details) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2022
USD ($)
security
|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2022
USD ($)
security
|
Sep. 30, 2021
USD ($)
|
Dec. 31, 2021
USD ($)
security
|
|
Schedule of Held-to-maturity Securities [Line Items] | |||||
Proceeds from sales and calls of available-for-sale securities | $ 0 | $ 10,000,000 | $ 2,400,000 | $ 14,000,000 | |
Realized gain (loss) on securities | 0 | $ 14,000 | 0 | ||
Number of available for sale securities in an unrealized loss position | security | 112 | 112 | 44 | ||
Other than temporary impairment on available for sale securities. | $ 0 | 0 | $ 0 | 0 | |
Other than temporary impairment loss on held-to-maturity securities | $ 0 | $ 0 | $ 0 | $ 0 | |
Number of held-to-maturity securities in unrealized loss positions for more than twelve months. | security | 10 | 10 | 4 | ||
Number of held to maturity securities in an unrecognized loss position | security | 8 | 8 | 2 | ||
Estimated fair value | $ 26,344,000 | $ 26,344,000 | $ 0 | ||
Unrecognized loss position of securities held to maturity | $ (4,405,000) | (4,405,000) | 0 | ||
Debt Securities, Realized Gain (Loss) | $ 0 | ||||
U.S. Government agency obligations | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Number of available for sale securities in an unrealized loss position | security | 61 | 61 | |||
Obligations issued by U.S. states and their political subdivisions | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Number of available for sale securities in an unrealized loss position | security | 15 | 15 | |||
Corporate Bonds | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Number of available for sale securities in an unrealized loss position | security | 33 | 33 | |||
Estimated fair value | $ 13,602,000 | $ 13,602,000 | 6,900,000 | ||
Unrecognized loss position of securities held to maturity | $ (1,998,000) | $ (1,998,000) | $ (59,000) | ||
Asset-backed securities | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Number of available for sale securities in an unrealized loss position | security | 3 | 3 | |||
Number of held to maturity securities in an unrecognized loss position | security | 2 | 2 | 2 | ||
Estimated fair value | $ 12,742,000 | $ 12,742,000 | $ 14,900,000 | ||
Unrecognized loss position of securities held to maturity | (2,407,000) | (2,407,000) | (373,000) | ||
Debt Securities | Asset Pledged as Collateral | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Carrying amount of securities pledged | $ 4,600,000 | $ 4,600,000 | $ 9,100,000 |
SECURITIES - Summary of amortized cost and fair value of debt securities shown by contractual maturity (Details) $ in Thousands |
Sep. 30, 2022
USD ($)
|
---|---|
Amortized Cost | |
Due in one year or less | $ 935 |
Due from one year to five years | 104,905 |
Due from five to ten years | 44,093 |
Due after ten years | 16,134 |
Mortgage-backed and asset-backed securities | 193,864 |
Total | 359,931 |
Estimated Fair Value | |
Due in one year or less | 936 |
Due from one year to five years | 99,383 |
Due from five to ten years | 40,630 |
Due after ten years | 14,497 |
Mortgage-backed and asset-backed securities | 165,874 |
Total | 321,320 |
Amortized Cost | |
Due from one year to five years | 6,032 |
Due from five to ten years | 24,717 |
Total | 30,749 |
Estimated Fair Value | |
Due from one year to five years | 5,282 |
Due from five to ten years | 21,062 |
Total | $ 26,344 |
SECURITIES - Summary of available for sale securities with unrealized losses (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | $ (18,354) | $ (2,275) |
Estimated Fair Value | 218,071 | 153,211 |
Unrealized Losses | (20,258) | (368) |
Estimated Fair Value | 101,789 | 11,899 |
Unrealized Losses | (38,612) | (2,643) |
Estimated Fair Value | 319,860 | 165,110 |
U.S. Treasury Note | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | (2,121) | (105) |
Estimated Fair Value | 37,905 | 16,814 |
Unrealized Losses | (1,245) | 0 |
Estimated Fair Value | 5,667 | 0 |
Unrealized Losses | (3,366) | (105) |
Estimated Fair Value | 43,572 | 16,814 |
Corporate Bonds | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | (3,710) | (290) |
Estimated Fair Value | 65,036 | 17,183 |
Unrealized Losses | (1,877) | 0 |
Estimated Fair Value | 13,410 | 0 |
Unrealized Losses | (5,587) | (290) |
Estimated Fair Value | 78,446 | 17,183 |
U.S. Government agency obligations | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | (717) | (49) |
Estimated Fair Value | 11,407 | 9,951 |
Unrealized Losses | (190) | (130) |
Estimated Fair Value | 6,066 | 7,980 |
Unrealized Losses | (907) | (179) |
Estimated Fair Value | 17,473 | 17,931 |
Obligations issued by U.S. states and their political subdivisions | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | (762) | |
Estimated Fair Value | 14,511 | |
Unrealized Losses | 0 | |
Estimated Fair Value | 0 | |
Unrealized Losses | (762) | |
Estimated Fair Value | 14,511 | |
Residential one-to-four family | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | (9,686) | (1,761) |
Estimated Fair Value | 67,513 | 104,805 |
Unrealized Losses | (16,564) | (144) |
Estimated Fair Value | 74,876 | 3,009 |
Unrealized Losses | (26,250) | (1,905) |
Estimated Fair Value | 142,389 | 107,814 |
Multifamily | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | (1,184) | 0 |
Estimated Fair Value | 18,165 | 0 |
Unrealized Losses | (146) | (94) |
Estimated Fair Value | 480 | 910 |
Unrealized Losses | (1,330) | (94) |
Estimated Fair Value | 18,645 | 910 |
Asset-backed securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | (174) | (70) |
Estimated Fair Value | 3,534 | 4,458 |
Unrealized Losses | (236) | 0 |
Estimated Fair Value | 1,290 | 0 |
Unrealized Losses | (410) | (70) |
Estimated Fair Value | $ 4,824 | $ 4,458 |
SECURITIES - Summary of held-for-maturity securities with unrealized losses (Details) - USD ($) |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | ||
Unrealized Losses | $ (1,998,000) | |
Estimated Fair Value | 13,602,000 | |
Unrealized Losses | (2,407,000) | |
Estimated Fair Value | 12,742,000 | |
Unrealized Losses | (4,405,000) | $ 0 |
Estimated Fair Value | 26,344,000 | 0 |
Corporate Bonds | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Unrealized Losses | (1,998,000) | |
Estimated Fair Value | 13,602,000 | |
Unrealized Losses | 0 | |
Estimated Fair Value | 0 | |
Unrealized Losses | (1,998,000) | (59,000) |
Estimated Fair Value | 13,602,000 | 6,900,000 |
Asset-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Unrealized Losses | 0 | |
Estimated Fair Value | 0 | |
Unrealized Losses | (2,407,000) | |
Estimated Fair Value | 12,742,000 | |
Unrealized Losses | (2,407,000) | (373,000) |
Estimated Fair Value | $ 12,742,000 | $ 14,900,000 |
LOANS RECEIVABLE, NET - Summary of loans receivable (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans | $ 1,491,063 | $ 1,281,310 | ||||
Deferred fees, costs and premiums and discounts, net | 3,374 | 6,299 | ||||
Total loans | 1,494,437 | 1,287,609 | ||||
Allowance for loan losses | (13,600) | $ (14,050) | (14,425) | $ (15,248) | $ (15,593) | $ (16,959) |
Loans receivable, net | 1,480,837 | 1,273,184 | ||||
Residential Portfolio Segment | Residential one-to-four family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans | 591,728 | 560,976 | ||||
Allowance for loan losses | (2,547) | (2,582) | (2,822) | (2,875) | (2,918) | (3,579) |
Residential Portfolio Segment | Multifamily | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans | 679,474 | 515,240 | ||||
Allowance for loan losses | (6,059) | (5,139) | (5,263) | (5,736) | (5,350) | (5,460) |
Nonresidential Portfolio Segment | Non-residential | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans | 185,450 | 141,561 | ||||
Allowance for loan losses | (3,104) | (3,640) | (2,846) | (3,127) | (3,243) | (3,244) |
Construction and Land Portfolio Segment | Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans | 12,981 | 23,419 | ||||
Allowance for loan losses | (1,281) | (2,094) | (2,678) | (2,629) | (3,185) | (3,655) |
Junior Lien Portfolio Segment | Junior liens | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans | 16,653 | 18,464 | ||||
Allowance for loan losses | (468) | (468) | (636) | (704) | (758) | (916) |
Commercial Portfolio Segment | Commercial and industrial (including PPP) (1) | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans | 4,738 | 21,563 | ||||
Allowance for loan losses | (48) | (42) | (51) | (43) | (4) | (2) |
Commercial Portfolio Segment | PPP Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans | 557 | 16,800 | ||||
Consumer and Other Portfolio Segment | Consumer and other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans | 39 | 87 | ||||
Allowance for loan losses | $ 0 | $ 0 | $ (38) | $ (40) | $ (42) | $ (48) |
LOANS RECEIVABLE, NET - Summary of changes in allowance for loan losses by class of loans (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Allowance for loan losses | ||||||||
Beginning balance | $ 13,600 | $ 15,248 | $ 13,600 | $ 15,248 | $ 14,050 | $ 14,425 | $ 15,593 | $ 16,959 |
Charge-offs | (33) | (7) | (52) | (12) | ||||
Recoveries | 2 | 0 | 4 | 0 | ||||
(Recovery of) provision for loan losses | (419) | (338) | (777) | (1,699) | ||||
Total ending allowance balance | 13,600 | 15,248 | 13,600 | 15,248 | ||||
Residential Portfolio Segment | Residential one-to-four family | ||||||||
Allowance for loan losses | ||||||||
Beginning balance | 2,547 | 2,875 | 2,547 | 2,875 | 2,582 | 2,822 | 2,918 | 3,579 |
Charge-offs | 0 | 0 | 0 | 0 | ||||
Recoveries | 0 | 0 | 0 | 0 | ||||
(Recovery of) provision for loan losses | (35) | (43) | (275) | (704) | ||||
Total ending allowance balance | 2,547 | 2,875 | 2,547 | 2,875 | ||||
Residential Portfolio Segment | Multifamily | ||||||||
Allowance for loan losses | ||||||||
Beginning balance | 6,059 | 5,736 | 6,059 | 5,736 | 5,139 | 5,263 | 5,350 | 5,460 |
Charge-offs | 0 | 0 | 0 | 0 | ||||
Recoveries | 0 | 0 | 0 | 0 | ||||
(Recovery of) provision for loan losses | 920 | 386 | 796 | 276 | ||||
Total ending allowance balance | 6,059 | 5,736 | 6,059 | 5,736 | ||||
Nonresidential Portfolio Segment | Non-residential | ||||||||
Allowance for loan losses | ||||||||
Beginning balance | 3,104 | 3,127 | 3,104 | 3,127 | 3,640 | 2,846 | 3,243 | 3,244 |
Charge-offs | 0 | 0 | 0 | 0 | ||||
Recoveries | 0 | 0 | 0 | 0 | ||||
(Recovery of) provision for loan losses | (536) | (116) | 258 | (117) | ||||
Total ending allowance balance | 3,104 | 3,127 | 3,104 | 3,127 | ||||
Construction and Land Portfolio Segment | Construction | ||||||||
Allowance for loan losses | ||||||||
Beginning balance | 1,281 | 2,629 | 1,281 | 2,629 | 2,094 | 2,678 | 3,185 | 3,655 |
Charge-offs | 0 | 0 | 0 | 0 | ||||
Recoveries | 0 | 0 | 0 | 0 | ||||
(Recovery of) provision for loan losses | (813) | (556) | (1,397) | (1,026) | ||||
Total ending allowance balance | 1,281 | 2,629 | 1,281 | 2,629 | ||||
Junior Lien Portfolio Segment | Junior liens | ||||||||
Allowance for loan losses | ||||||||
Beginning balance | 468 | 704 | 468 | 704 | 468 | 636 | 758 | 916 |
Charge-offs | 0 | 0 | 0 | 0 | ||||
Recoveries | 0 | 0 | 0 | 0 | ||||
(Recovery of) provision for loan losses | 0 | (54) | (168) | (212) | ||||
Total ending allowance balance | 468 | 704 | 468 | 704 | ||||
Commercial Portfolio Segment | Commercial and industrial (including PPP) (1) | ||||||||
Allowance for loan losses | ||||||||
Beginning balance | 48 | 43 | 48 | 43 | 42 | 51 | 4 | 2 |
Charge-offs | 0 | 0 | 0 | 0 | ||||
Recoveries | 0 | 0 | 0 | 0 | ||||
(Recovery of) provision for loan losses | 6 | 39 | (3) | 41 | ||||
Total ending allowance balance | 48 | 43 | 48 | 43 | ||||
Consumer and Other Portfolio Segment | Consumer and other | ||||||||
Allowance for loan losses | ||||||||
Beginning balance | 0 | 40 | 0 | 40 | 0 | 38 | 42 | 48 |
Charge-offs | (33) | (7) | (52) | (12) | ||||
Recoveries | 2 | 0 | 4 | 0 | ||||
(Recovery of) provision for loan losses | 31 | 5 | 10 | 4 | ||||
Total ending allowance balance | 0 | 40 | 0 | 40 | ||||
Unallocated Financing Receivables | ||||||||
Allowance for loan losses | ||||||||
Beginning balance | 93 | 94 | 93 | 94 | $ 85 | $ 91 | $ 93 | $ 55 |
Charge-offs | 0 | 0 | 0 | 0 | ||||
Recoveries | 0 | 0 | 0 | 0 | ||||
(Recovery of) provision for loan losses | 8 | 1 | 2 | 39 | ||||
Total ending allowance balance | $ 93 | $ 94 | $ 93 | $ 94 |
LOANS RECEIVABLE, NET - Summary of allowance and loans receivable evaluated for impairment (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|---|---|
Allowance for loan losses: | ||||||
Individually evaluated for impairment | $ 33 | $ 68 | ||||
Collectively evaluated for impairment | 13,567 | 14,357 | ||||
Total | 13,600 | $ 14,050 | 14,425 | $ 15,248 | $ 15,593 | $ 16,959 |
Loans receivable: | ||||||
Individually evaluated for impairment | 12,315 | 15,522 | ||||
Collectively evaluated for impairment | 1,482,122 | 1,272,087 | ||||
Total Loans Receivable | 1,494,437 | 1,287,609 | ||||
Residential Portfolio Segment | Residential one-to-four family | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 33 | 31 | ||||
Collectively evaluated for impairment | 2,514 | 2,791 | ||||
Total | 2,547 | 2,582 | 2,822 | 2,875 | 2,918 | 3,579 |
Loans receivable: | ||||||
Individually evaluated for impairment | 8,452 | 10,169 | ||||
Collectively evaluated for impairment | 586,343 | 556,314 | ||||
Total Loans Receivable | 594,795 | 566,483 | ||||
Residential Portfolio Segment | Multifamily | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 6,059 | 5,263 | ||||
Total | 6,059 | 5,139 | 5,263 | 5,736 | 5,350 | 5,460 |
Loans receivable: | ||||||
Individually evaluated for impairment | 651 | 684 | ||||
Collectively evaluated for impairment | 679,530 | 515,884 | ||||
Total Loans Receivable | 680,181 | 516,568 | ||||
Nonresidential Portfolio Segment | Non-residential | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 3,104 | 2,846 | ||||
Total | 3,104 | 3,640 | 2,846 | 3,127 | 3,243 | 3,244 |
Loans receivable: | ||||||
Individually evaluated for impairment | 3,159 | 4,577 | ||||
Collectively evaluated for impairment | 181,988 | 136,957 | ||||
Total Loans Receivable | 185,147 | 141,534 | ||||
Construction and Land Portfolio Segment | Construction | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 1,281 | 2,678 | ||||
Total | 1,281 | 2,094 | 2,678 | 2,629 | 3,185 | 3,655 |
Loans receivable: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 12,791 | 23,420 | ||||
Total Loans Receivable | 12,791 | 23,420 | ||||
Junior Lien Portfolio Segment | Junior liens | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 468 | 636 | ||||
Total | 468 | 468 | 636 | 704 | 758 | 916 |
Loans receivable: | ||||||
Individually evaluated for impairment | 53 | 55 | ||||
Collectively evaluated for impairment | 16,725 | 18,495 | ||||
Total Loans Receivable | 16,778 | 18,550 | ||||
Commercial Portfolio Segment | Commercial and industrial (including PPP) (1) | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 48 | 51 | ||||
Total | 48 | 42 | 51 | 43 | 4 | 2 |
Loans receivable: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 4,149 | 20,966 | ||||
Total Loans Receivable | 4,149 | 20,966 | ||||
Consumer and Other Portfolio Segment | Consumer and other | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 0 | 37 | ||||
Collectively evaluated for impairment | 0 | 1 | ||||
Total | 0 | 0 | 38 | 40 | 42 | 48 |
Loans receivable: | ||||||
Individually evaluated for impairment | 0 | 37 | ||||
Collectively evaluated for impairment | 596 | 51 | ||||
Total Loans Receivable | 596 | 88 | ||||
Unallocated Financing Receivables | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 93 | 91 | ||||
Total | 93 | $ 85 | 91 | $ 94 | $ 93 | $ 55 |
Loans receivable: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 0 | 0 | ||||
Total Loans Receivable | $ 0 | $ 0 |
LOANS RECEIVABLE, NET - Summary of impaired loans by class of loan (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
With no related allowance recorded: | |||
Unpaid Principal Balance | $ 11,052 | $ 14,998 | $ 14,208 |
Recorded Investment | 11,190 | 15,157 | 14,424 |
Average Recorded Investment | 11,286 | 15,871 | 15,630 |
Interest Income Recognized | 202 | 201 | 314 |
Cash Basis Interest Recognized | 185 | 184 | 298 |
With an allowance recorded: | |||
Unpaid Principal Balance | 1,116 | 1,108 | 1,099 |
Recorded Investment | 1,125 | 1,107 | 1,098 |
Allowance for Loan Losses Allocated | 33 | 71 | 68 |
Average Recorded Investment | 857 | 1,339 | 1,284 |
Interest Income Recognized | 33 | 40 | 52 |
Cash Basis Interest Recognized | 29 | 35 | 48 |
Total | |||
Unpaid Principal Balance | 12,168 | 16,106 | 15,307 |
Recorded Investment | 12,315 | 16,264 | 15,522 |
Allowance for Loan Losses Allocated | 33 | 71 | 68 |
Average Recorded Investment | 12,143 | 17,210 | 16,914 |
Interest Income Recognized | 235 | 241 | 366 |
Cash Basis Interest Recognized | 214 | 219 | 346 |
Residential Portfolio Segment | Residential one-to-four family | |||
With no related allowance recorded: | |||
Unpaid Principal Balance | 7,027 | 8,757 | 8,744 |
Recorded Investment | 7,327 | 9,065 | 9,108 |
Average Recorded Investment | 7,346 | 9,666 | 9,534 |
Interest Income Recognized | 74 | 9 | 75 |
Cash Basis Interest Recognized | 71 | 8 | 75 |
With an allowance recorded: | |||
Unpaid Principal Balance | 1,116 | 1,069 | 1,062 |
Recorded Investment | 1,125 | 1,068 | 1,061 |
Allowance for Loan Losses Allocated | 33 | 32 | 31 |
Average Recorded Investment | 857 | 1,297 | 1,243 |
Interest Income Recognized | 33 | 38 | 50 |
Cash Basis Interest Recognized | 29 | 34 | 46 |
Total | |||
Allowance for Loan Losses Allocated | 33 | 32 | 31 |
Residential Portfolio Segment | Multifamily | |||
With no related allowance recorded: | |||
Unpaid Principal Balance | 652 | 1,030 | 684 |
Recorded Investment | 651 | 1,032 | 684 |
Average Recorded Investment | 666 | 1,249 | 1,170 |
Interest Income Recognized | 19 | 17 | 26 |
Cash Basis Interest Recognized | 15 | 15 | 24 |
With an allowance recorded: | |||
Unpaid Principal Balance | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 |
Allowance for Loan Losses Allocated | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 0 |
Interest Income Recognized | 0 | 0 | 0 |
Cash Basis Interest Recognized | 0 | 0 | 0 |
Total | |||
Allowance for Loan Losses Allocated | 0 | 0 | 0 |
Nonresidential Portfolio Segment | Non-residential | |||
With no related allowance recorded: | |||
Unpaid Principal Balance | 3,320 | 5,155 | 4,725 |
Recorded Investment | 3,159 | 5,004 | 4,577 |
Average Recorded Investment | 3,220 | 4,899 | 4,869 |
Interest Income Recognized | 107 | 173 | 210 |
Cash Basis Interest Recognized | 97 | 159 | 196 |
With an allowance recorded: | |||
Unpaid Principal Balance | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 |
Allowance for Loan Losses Allocated | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 0 |
Interest Income Recognized | 0 | 0 | 0 |
Cash Basis Interest Recognized | 0 | 0 | 0 |
Total | |||
Allowance for Loan Losses Allocated | 0 | 0 | 0 |
Construction and Land Portfolio Segment | Construction | |||
With no related allowance recorded: | |||
Unpaid Principal Balance | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 0 |
Interest Income Recognized | 0 | 0 | 0 |
Cash Basis Interest Recognized | 0 | 0 | 0 |
With an allowance recorded: | |||
Unpaid Principal Balance | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 |
Allowance for Loan Losses Allocated | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 0 |
Interest Income Recognized | 0 | 0 | 0 |
Cash Basis Interest Recognized | 0 | 0 | 0 |
Total | |||
Allowance for Loan Losses Allocated | 0 | 0 | 0 |
Commercial Portfolio Segment | Commercial and industrial (including PPP) (1) | |||
With no related allowance recorded: | |||
Unpaid Principal Balance | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 0 |
Interest Income Recognized | 0 | 0 | 0 |
Cash Basis Interest Recognized | 0 | 0 | 0 |
With an allowance recorded: | |||
Unpaid Principal Balance | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 |
Allowance for Loan Losses Allocated | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 0 |
Interest Income Recognized | 0 | 0 | 0 |
Cash Basis Interest Recognized | 0 | 0 | 0 |
Total | |||
Allowance for Loan Losses Allocated | 0 | 0 | 0 |
Junior Lien Portfolio Segment | Junior liens | |||
With no related allowance recorded: | |||
Unpaid Principal Balance | 53 | 56 | 55 |
Recorded Investment | 53 | 56 | 55 |
Average Recorded Investment | 54 | 57 | 57 |
Interest Income Recognized | 2 | 2 | 3 |
Cash Basis Interest Recognized | 2 | 2 | 3 |
Consumer and Other Portfolio Segment | Consumer and other | |||
With an allowance recorded: | |||
Unpaid Principal Balance | 0 | 39 | 37 |
Recorded Investment | 0 | 39 | 37 |
Allowance for Loan Losses Allocated | 0 | 39 | 37 |
Average Recorded Investment | 0 | 42 | 41 |
Interest Income Recognized | 0 | 2 | 2 |
Cash Basis Interest Recognized | 0 | 1 | 2 |
Total | |||
Allowance for Loan Losses Allocated | $ 0 | $ 39 | $ 37 |
LOANS RECEIVABLE, NET - Narrative (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Receivables [Abstract] | |||||
Loans with terms modified in troubled debt restructurings | $ 4,900,000 | $ 4,900,000 | $ 5,400,000 | ||
Reserves specific to troubled debt restructuring | 33,000 | 33,000 | 68,000 | ||
Number of loans restructurings with subsequent default in the next twelve months | 0 | $ 0 | |||
Troubled debt restructuring during the period | 0 | $ 0 | 453,000 | $ 0 | |
Mortgage loans in process of foreclosure | $ 4,500,000 | $ 4,500,000 | $ 792,000 |
LOANS RECEIVABLE, NET - Summary of past due loans in non-accrual and past 90 days still on accrual (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | $ 8,409 | $ 11,983 |
Loans Past Due 90 Days and Still Accruing | 56 | 116 |
Residential Portfolio Segment | Residential one-to-four family | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 7,907 | 10,805 |
Loans Past Due 90 Days and Still Accruing | 0 | 0 |
Residential Portfolio Segment | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 0 | 139 |
Loans Past Due 90 Days and Still Accruing | 0 | 0 |
Nonresidential Portfolio Segment | Non-residential | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 449 | 857 |
Loans Past Due 90 Days and Still Accruing | 0 | 0 |
Construction and Land Portfolio Segment | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 0 | 0 |
Loans Past Due 90 Days and Still Accruing | 0 | 0 |
Commercial Portfolio Segment | Commercial and industrial (including PPP) (1) | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 0 | 0 |
Loans Past Due 90 Days and Still Accruing | 56 | 116 |
Junior Lien Portfolio Segment | Junior liens | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 53 | 182 |
Loans Past Due 90 Days and Still Accruing | $ 0 | $ 0 |
LOANS RECEIVABLE, NET - Aging analysis (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | $ 1,494,437 | $ 1,287,609 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 568 | 1,747 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,060 | 567 |
90 Days and Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 7,441 | 9,615 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 9,069 | 11,929 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,485,368 | 1,275,680 |
Residential Portfolio Segment | Residential one-to-four family | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 594,795 | 566,483 |
Residential Portfolio Segment | Residential one-to-four family | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 195 | 1,736 |
Residential Portfolio Segment | Residential one-to-four family | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 864 | 457 |
Residential Portfolio Segment | Residential one-to-four family | 90 Days and Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 7,332 | 8,936 |
Residential Portfolio Segment | Residential one-to-four family | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 8,391 | 11,129 |
Residential Portfolio Segment | Residential one-to-four family | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 586,404 | 555,354 |
Residential Portfolio Segment | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 680,181 | 516,568 |
Residential Portfolio Segment | Multifamily | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 321 | 0 |
Residential Portfolio Segment | Multifamily | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 186 | 0 |
Residential Portfolio Segment | Multifamily | 90 Days and Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Residential Portfolio Segment | Multifamily | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 507 | 0 |
Residential Portfolio Segment | Multifamily | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 679,674 | 516,568 |
Nonresidential Portfolio Segment | Non-residential | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 185,147 | 141,534 |
Nonresidential Portfolio Segment | Non-residential | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Nonresidential Portfolio Segment | Non-residential | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Nonresidential Portfolio Segment | Non-residential | 90 Days and Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 381 |
Nonresidential Portfolio Segment | Non-residential | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 381 |
Nonresidential Portfolio Segment | Non-residential | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 185,147 | 141,153 |
Construction and Land Portfolio Segment | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 12,791 | 23,420 |
Construction and Land Portfolio Segment | Construction | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Construction and Land Portfolio Segment | Construction | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Construction and Land Portfolio Segment | Construction | 90 Days and Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Construction and Land Portfolio Segment | Construction | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Construction and Land Portfolio Segment | Construction | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 12,791 | 23,420 |
Junior Lien Portfolio Segment | Junior liens | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 16,778 | 18,550 |
Junior Lien Portfolio Segment | Junior liens | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Junior Lien Portfolio Segment | Junior liens | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 53 |
Junior Lien Portfolio Segment | Junior liens | 90 Days and Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 53 | 182 |
Junior Lien Portfolio Segment | Junior liens | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 53 | 235 |
Junior Lien Portfolio Segment | Junior liens | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 16,725 | 18,315 |
Commercial Portfolio Segment | Commercial and industrial (including PPP) (1) | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 4,149 | 20,966 |
Commercial Portfolio Segment | Commercial and industrial (including PPP) (1) | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 11 |
Commercial Portfolio Segment | Commercial and industrial (including PPP) (1) | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 57 |
Commercial Portfolio Segment | Commercial and industrial (including PPP) (1) | 90 Days and Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 56 | 116 |
Commercial Portfolio Segment | Commercial and industrial (including PPP) (1) | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 56 | 184 |
Commercial Portfolio Segment | Commercial and industrial (including PPP) (1) | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 4,093 | 20,782 |
Consumer and Other Portfolio Segment | Consumer and other | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 596 | 88 |
Consumer and Other Portfolio Segment | Consumer and other | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 52 | |
Consumer and Other Portfolio Segment | Consumer and other | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 10 | 0 |
Consumer and Other Portfolio Segment | Consumer and other | 90 Days and Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Consumer and Other Portfolio Segment | Consumer and other | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 62 | 0 |
Consumer and Other Portfolio Segment | Consumer and other | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | $ 534 | $ 88 |
LOANS RECEIVABLE, NET - Credit quality indicators (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | $ 1,494,437 | $ 1,287,609 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 1,482,849 | 1,269,218 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 2,276 | 5,213 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 9,312 | 13,178 |
Doubtful / Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Residential Portfolio Segment | Residential one-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 594,795 | 566,483 |
Residential Portfolio Segment | Residential one-to-four family | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 586,252 | 555,184 |
Residential Portfolio Segment | Residential one-to-four family | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 257 | 0 |
Residential Portfolio Segment | Residential one-to-four family | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 8,286 | 11,299 |
Residential Portfolio Segment | Residential one-to-four family | Doubtful / Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Residential Portfolio Segment | Multifamily | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 680,181 | 516,568 |
Residential Portfolio Segment | Multifamily | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 678,742 | 510,815 |
Residential Portfolio Segment | Multifamily | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 917 | 5,069 |
Residential Portfolio Segment | Multifamily | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 522 | 684 |
Residential Portfolio Segment | Multifamily | Doubtful / Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Nonresidential Portfolio Segment | Non-residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 185,147 | 141,534 |
Nonresidential Portfolio Segment | Non-residential | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 183,594 | 140,377 |
Nonresidential Portfolio Segment | Non-residential | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 1,102 | 144 |
Nonresidential Portfolio Segment | Non-residential | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 451 | 1,013 |
Nonresidential Portfolio Segment | Non-residential | Doubtful / Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Construction and Land Portfolio Segment | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 12,791 | 23,420 |
Construction and Land Portfolio Segment | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 12,791 | 23,420 |
Construction and Land Portfolio Segment | Construction | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Construction and Land Portfolio Segment | Construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Construction and Land Portfolio Segment | Construction | Doubtful / Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Junior Lien Portfolio Segment | Junior liens | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 16,778 | 18,550 |
Junior Lien Portfolio Segment | Junior liens | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 16,725 | 18,368 |
Junior Lien Portfolio Segment | Junior liens | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Junior Lien Portfolio Segment | Junior liens | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 53 | 182 |
Junior Lien Portfolio Segment | Junior liens | Doubtful / Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Commercial Portfolio Segment | Commercial and industrial (including PPP) (1) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 4,149 | 20,966 |
Commercial Portfolio Segment | Commercial and industrial (including PPP) (1) | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 4,149 | 20,966 |
Commercial Portfolio Segment | Commercial and industrial (including PPP) (1) | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Commercial Portfolio Segment | Commercial and industrial (including PPP) (1) | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Commercial Portfolio Segment | Commercial and industrial (including PPP) (1) | Doubtful / Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 0 | |
Consumer and Other Portfolio Segment | Consumer and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 596 | 88 |
Consumer and Other Portfolio Segment | Consumer and other | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 596 | 88 |
Consumer and Other Portfolio Segment | Consumer and other | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Consumer and Other Portfolio Segment | Consumer and other | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Consumer and Other Portfolio Segment | Consumer and other | Doubtful / Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | $ 0 | $ 0 |
LEASES - Narrative (Details) |
Sep. 30, 2022 |
---|---|
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 ROU assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
---|---|---|---|
Leases [Abstract] | |||
Right-of-use assets | $ 25,537 | $ 25,457 | $ 25,457 |
Lease liabilities | $ 26,875 | $ 26,696 | $ 26,696 |
Weighted average remaining lease terms on operating leases (in years) | 11 years 6 months | 12 years 2 months 12 days | |
Weighted average discount rate used in the measurement of lease liabilities | 2.11% | 1.97% |
LEASES - Summary of components of net lease cost (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Leases [Abstract] | ||||
Operating lease cost | $ 777 | $ 751 | $ 2,317 | $ 2,264 |
Finance lease cost | 6 | 6 | 18 | 17 |
Variable lease cost | 56 | 58 | 169 | 161 |
Total lease cost included as a component of occupancy and equipment | $ 839 | $ 815 | $ 2,504 | $ 2,442 |
LEASES - Supplemental cash flow information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Leases [Abstract] | ||||
Operating cash flows from operating leases | $ 747 | $ 653 | $ 2,272 | $ 1,915 |
Operating leases | $ 2,023 | $ 1,029 | $ 2,023 | $ 3,197 |
LEASES - Schedule of future undiscounted lease payments (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
---|---|---|---|
Leases [Abstract] | |||
2023 | $ 2,981 | ||
2024 | 2,931 | ||
2025 | 2,628 | ||
2026 | 2,553 | ||
2027 | 2,427 | ||
Thereafter | 16,987 | ||
Total undiscounted lease payments | 30,507 | ||
Less: imputed interest | (3,632) | ||
Total | $ 26,875 | $ 26,696 | $ 26,696 |
DEPOSITS - Summary of deposits (Details) - USD ($) |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Deposits [Abstract] | ||
Non-interest bearing deposits | $ 59,636,000 | $ 44,894,000 |
NOW and demand accounts | 385,334,000 | 363,419,000 |
Savings | 455,979,000 | 364,932,000 |
Time deposits | 365,548,000 | 473,795,000 |
Total | 1,266,497,000 | 1,247,040,000 |
Brokers deposits included in time deposits | $ 5,700,000 | $ 0 |
DEPOSITS - Schedule of timed deposit maturities (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Deposits [Abstract] | ||
Remainder of 2022 | $ 98,707 | |
2023 | 217,029 | |
2024 | 32,623 | |
2025 | 10,339 | |
2026 | 5,119 | |
2027 | 1,731 | |
Time deposits | $ 365,548 | $ 473,795 |
STOCK-BASED COMPENSATION - Employee stock ownership plan (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
Jul. 15, 2021 |
|
Share-Based Payment Arrangement [Abstract] | ||||||||
Shares in ESOP (in shares) | 2,281,800 | 2,281,800 | 2,281,800 | 2,281,800 | 2,281,800 | 2,281,800 | ||
Price per share, ESOP (in usd per share) | $ 10 | |||||||
ESOP loan balance | $ 21,800,000 | $ 21,800,000 | ||||||
Contributions to ESOP | $ 0 | $ 0 | ||||||
ESOP shares committed to be released (in shares) | 22,818 | 22,818 | 22,818 | 41,290 | 68,454 | 41,290 | ||
ESOP and stock-based compensation expense | $ 266,000 | $ 554,000 | $ 870,000 | $ 554,000 |
STOCK-BASED COMPENSATION - Shares held by ESOP (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
Jul. 15, 2021 |
---|---|---|---|---|
Share-Based Payment Arrangement [Abstract] | ||||
Allocated to participants | 91,272 | 91,272 | ||
Unallocated | 2,190,528 | 2,190,528 | ||
Total ESOP shares | 2,281,800 | 2,281,800 | 2,281,800 | 2,281,800 |
Fair value of unallocated shares | $ 24,424 | $ 32,047 |
STOCK-BASED COMPENSATION - Equity incentive plan (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Aug. 25, 2022 |
Sep. 30, 2022 |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Granted (in shares) | 299,481 | |
Granted (in shares) | 748,713 | |
Expected future expense of non-vested options | $ 2.8 | |
Restricted Stock | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Expected period of recognition (in years) | 4 years 9 months 18 days | |
Expected future expense of non-vested RSUs | $ 3.4 | |
Option | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Expected period of recognition (in years) | 4 years 9 months 18 days | |
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 | |
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 | |
Granted (in shares) | 299,481 | |
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 | |
Granted (in shares) | 748,713 | |
Expected life of stock options (in years) | 6 years 6 months | |
Risk free interest rate | 3.15% | |
Volatility rate | 29.74% | |
Expected dividend yeild | 0.88% | |
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 |
STOCK-BASED COMPENSATION - Share based compensation expense (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Total share-based compensation expense | $ 0 | $ 0 | ||
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Total share-based compensation expense | $ 126,000 | $ 126,000 | ||
Stock option expense | Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Total share-based compensation expense | 57,000 | 57,000 | ||
Restricted stock expense | Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Total share-based compensation expense | $ 69,000 | $ 69,000 |
STOCK-BASED COMPENSATION - Summary of option activity (Details) |
9 Months Ended |
---|---|
Sep. 30, 2022
$ / shares
shares
| |
Number of Stock Options | |
Outstanding, beginning balance (in shares) | shares | 0 |
Granted (in shares) | shares | 748,713 |
Outstanding, ending balance (in shares) | shares | 748,713 |
Exercisable, end of period (in shares) | shares | 0 |
Weighted Average Grant Date Fair Value | |
Granted (in dollars per share) | $ / shares | $ 3.80 |
Outstanding balance (in dollars per share) | $ / shares | 3.80 |
Weighted Average Exercise Price | |
Granted (in dollars per share) | $ / shares | 11.54 |
Outstanding balance (in dollars per share) | $ / shares | $ 11.54 |
Weighted Average Remaining Contractual Life (years) | |
Granted (in years) | 9 years 9 months 18 days |
Outstanding, ending balance (in years) | 9 years 9 months 18 days |
STOCK-BASED COMPENSATION - Summary of RSU activity (Details) - $ / shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Dec. 31, 2021 |
|
Number of Shares Awarded | ||
Outstanding, beginning balance (in shares) | 299,481 | 0 |
Granted (in shares) | 299,481 | |
Outstanding, ending balance (in shares) | 299,481 | |
Weighted Average Grant Date Fair Value | ||
Outstanding, beginning balance (in dollars per share) | $ 0 | |
Granted (in dollars per share) | 11.54 | |
Outstanding, ending balance (in dollars per share) | $ 11.54 |
DERIVATIVES AND HEDGING ACTIVITIES - Narrative (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Cash pledged as collateral | $ (11,500,000) | $ (11,500,000) | |||
Securities available for sale: | 321,320,000 | 321,320,000 | $ 324,892,000 | ||
Interest expense | 198,000 | $ (368,000) | (270,000) | $ (1,100,000) | |
Asset Pledged as Collateral with Right | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Securities available for sale: | 0 | 0 | 5,600,000 | ||
Interest Rate Swap | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Interest rate swaps, notional amount | 109,000,000 | 109,000,000 | |||
Unrealized losses expected to be reclassified | 498,000 | 498,000 | |||
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Interest rate swaps, notional amount | $ 109,000,000 | $ 109,000,000 | $ 109,000,000 |
DERIVATIVES AND HEDGING ACTIVITIES - Summary of interest-rate swaps designated as cash flow hedges (Details) - Interest Rate Swap - USD ($) |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2022 |
Dec. 31, 2021 |
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amounts | $ 109,000,000 | |
Cash Flow Hedging | Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amounts | $ 109,000,000 | $ 109,000,000 |
Weighted average pay rates | 1.4577% | 1.4577% |
Weighted average receive rates | 3.0723% | 0.1742% |
Weighted average maturity | 4 years 6 months | 5 years 3 months 18 days |
Unrealized gains (losses), net | $ 11,769,000 | $ (246,000) |
Cash Flow Hedging | Designated as Hedging Instrument | Other Assets | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Unrealized gains (losses), net | 11,769,000 | 1,313,000 |
Cash Flow Hedging | Designated as Hedging Instrument | Other Liabilities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Unrealized gains (losses), net | $ 0 | $ 1,559,000 |
DERIVATIVES AND HEDGING ACTIVITIES - Summary of effect of cash flow hedge accounting on AOCI (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount of Gain (Loss) Recognized in OCI (Net of Tax) on Derivative | [1] | $ 4,096,000 | $ 474,000 | $ 12,015,000 | $ 2,893,000 | |
Deferred tax valuation allowance | 0 | 0 | ||||
Interest Rate Swap | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount of Gain (Loss) Recognized in OCI (Net of Tax) on Derivative | 4,096,000 | 474,000 | 12,015,000 | 2,893,000 | ||
Interest Rate Swap | Interest Expense | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount of Gain (Loss) Reclassified from OCI to Income/(Expense) | $ 198,000 | $ (368,000) | $ (270,000) | $ (1,059,000) | ||
|
ACCUMULATED OTHER COMPREHENSIVE INCOME - Schedule of components of other comprehensive loss (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Unrealized (loss) gain arising during the period, After Tax | $ (27,603) | $ (354) | ||
Reclassification adjustment for losses included in net income, After Tax | 421 | 873 | ||
Total other comprehensive lose, Before Tax | $ (8,930) | $ (789) | (27,357) | 926 |
Total other comprehensive lose, Tax Effect | 123 | 248 | 175 | (407) |
Net current period other comprehensive gain (loss) | (8,807) | (541) | (27,182) | 519 |
Unrealized Gains and (Losses) on Available-for-sale Securities | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Unrealized (loss) gain arising during the period, Before Tax | (13,091) | (1,501) | (39,687) | (3,254) |
Unrealized (loss) gain arising during the period, Tax Effect | 123 | 448 | 175 | 768 |
Unrealized (loss) gain arising during the period, After Tax | (12,968) | (1,053) | (39,512) | (2,486) |
Reclassification adjustment for losses included in net income, Before Tax | (14) | 0 | ||
Reclassification adjustment for losses included in net income, Tax Effect | 0 | 0 | ||
Reclassification adjustment for losses included in net income, After Tax | (14) | 0 | ||
Total other comprehensive lose, Before Tax | (39,701) | (3,254) | ||
Total other comprehensive lose, Tax Effect | 175 | 768 | ||
Net current period other comprehensive gain (loss) | (39,526) | (2,486) | ||
Unrealized Gains and (Losses) on Cash Flow Hedges | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Unrealized (loss) gain arising during the period, Before Tax | 4,294 | 292 | 11,745 | 2,966 |
Unrealized (loss) gain arising during the period, Tax Effect | 0 | (82) | 0 | (834) |
Unrealized (loss) gain arising during the period, After Tax | 4,294 | 210 | 11,745 | 2,132 |
Reclassification adjustment for losses included in net income, Before Tax | (198) | 368 | 270 | 1,059 |
Reclassification adjustment for losses included in net income, Tax Effect | 0 | (104) | 0 | (298) |
Reclassification adjustment for losses included in net income, After Tax | (198) | 264 | 270 | 761 |
Total other comprehensive lose, Before Tax | 4,096 | 660 | 12,015 | 4,025 |
Total other comprehensive lose, Tax Effect | 0 | (186) | 0 | (1,132) |
Net current period other comprehensive gain (loss) | 4,096 | 474 | 12,015 | 2,893 |
Post-Retirement Plans | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Unrealized (loss) gain arising during the period, Before Tax | 164 | 0 | ||
Unrealized (loss) gain arising during the period, Tax Effect | 0 | 0 | ||
Unrealized (loss) gain arising during the period, After Tax | 164 | 0 | ||
Reclassification adjustment for losses included in net income, Before Tax | 65 | 52 | 165 | 155 |
Reclassification adjustment for losses included in net income, Tax Effect | 0 | (14) | 0 | (43) |
Reclassification adjustment for losses included in net income, After Tax | $ 65 | $ 38 | 165 | 112 |
Total other comprehensive lose, Before Tax | 329 | 155 | ||
Total other comprehensive lose, Tax Effect | 0 | (43) | ||
Net current period other comprehensive gain (loss) | $ 329 | $ 112 |
ACCUMULATED OTHER COMPREHENSIVE INCOME - Changes in accumulated other comprehensive income by component, net of tax (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | $ 412,293 | $ 204,912 | $ 429,471 | $ 205,600 |
Other comprehensive income (loss) before reclassification | (27,603) | (354) | ||
Amounts reclassified from accumulated other comprehensive income | 421 | 873 | ||
Net current period other comprehensive gain (loss) | (8,807) | (541) | (27,182) | 519 |
Balance at end of period | 397,338 | 448,235 | 397,338 | 448,235 |
Total | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (18,747) | 29 | (372) | (1,031) |
Balance at end of period | (27,554) | (512) | (27,554) | (512) |
Unrealized Gains and (Losses) on Cash Flow Hedges | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (246) | (3,986) | ||
Other comprehensive income (loss) before reclassification | 4,294 | 210 | 11,745 | 2,132 |
Amounts reclassified from accumulated other comprehensive income | (198) | 264 | 270 | 761 |
Net current period other comprehensive gain (loss) | 4,096 | 474 | 12,015 | 2,893 |
Balance at end of period | 11,769 | (1,093) | 11,769 | (1,093) |
Unrealized Gains and (Losses) on Available-for-sale Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | 1,091 | 4,208 | ||
Other comprehensive income (loss) before reclassification | (12,968) | (1,053) | (39,512) | (2,486) |
Amounts reclassified from accumulated other comprehensive income | (14) | 0 | ||
Net current period other comprehensive gain (loss) | (39,526) | (2,486) | ||
Balance at end of period | (38,435) | 1,722 | (38,435) | 1,722 |
Post-Retirement Plans | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (1,217) | (1,253) | ||
Other comprehensive income (loss) before reclassification | 164 | 0 | ||
Amounts reclassified from accumulated other comprehensive income | 165 | 112 | ||
Net current period other comprehensive gain (loss) | 329 | 112 | ||
Balance at end of period | $ (888) | $ (1,141) | $ (888) | $ (1,141) |
ACCUMULATED OTHER COMPREHENSIVE INCOME - Summary of reclassification out of each component of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Gain on securities, net | $ 0 | $ 0 | $ 14 | $ 0 | ||||
Interest (expense) income | 13,815 | 11,104 | 38,916 | 30,613 | ||||
Compensation and benefits | 7,302 | 5,931 | 21,234 | 18,321 | ||||
Income tax expense | (123) | 6,217 | (175) | 6,485 | ||||
Total reclassification for the period, net of tax | (1,241) | $ (40) | $ (553) | 14,970 | $ 1,003 | $ 745 | (1,834) | 16,718 |
Reclassification out of Accumulated Other Comprehensive Income | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Income tax expense | 0 | 118 | 0 | 341 | ||||
Total reclassification for the period, net of tax | (133) | 302 | (421) | (873) | ||||
Unrealized Gains and (Losses) on Available-for-sale Securities | Reclassification out of Accumulated Other Comprehensive Income | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Gain on securities, net | 0 | 0 | 14 | 0 | ||||
Unrealized Gains and (Losses) on Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Interest (expense) income | 198 | (368) | (270) | (1,059) | ||||
Post-Retirement Plans | Reclassification out of Accumulated Other Comprehensive Income | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Compensation and benefits | $ (65) | $ (52) | $ (165) | $ (155) |
FAIR VALUE OF ASSETS AND LIABILITIES - Summary of assets and liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | $ 321,320 | $ 324,892 |
U.S. Treasury Note | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 43,572 | 36,832 |
Domestic Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 78,446 | 87,619 |
U.S. Government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 17,473 | 23,329 |
Obligations issued by U.S. states and their political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 15,955 | 20,324 |
Residential one-to-four family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 142,406 | 114,401 |
Multifamily | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 18,644 | 35,916 |
Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 4,824 | 6,471 |
Measured on a recurring basis: | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 321,320 | 324,892 |
Derivatives | 11,769 | |
Financial assets | 333,089 | |
Derivatives | 0 | 246 |
Measured on a recurring basis: | U.S. Treasury Note | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 43,572 | 36,832 |
Measured on a recurring basis: | Domestic Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 78,446 | 87,619 |
Measured on a recurring basis: | U.S. Government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 17,473 | 23,329 |
Measured on a recurring basis: | Obligations issued by U.S. states and their political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 15,955 | 20,324 |
Measured on a recurring basis: | Residential one-to-four family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 142,406 | 114,401 |
Measured on a recurring basis: | Multifamily | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 18,644 | 35,916 |
Measured on a recurring basis: | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 4,824 | 6,471 |
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 56,361 | 54,449 |
Derivatives | 0 | |
Financial assets | 56,361 | |
Derivatives | 0 | 0 |
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | U.S. Treasury Note | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 43,572 | 36,832 |
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | Domestic Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | U.S. Government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 12,789 | 17,617 |
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | Obligations issued by U.S. states and their political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | Residential one-to-four family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | Multifamily | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Measured on a recurring basis: | Significant Other Observable Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 264,959 | 270,443 |
Derivatives | 11,769 | |
Financial assets | 276,728 | |
Derivatives | 0 | 246 |
Measured on a recurring basis: | Significant Other Observable Inputs | U.S. Treasury Note | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Measured on a recurring basis: | Significant Other Observable Inputs | Domestic Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 78,446 | 87,619 |
Measured on a recurring basis: | Significant Other Observable Inputs | U.S. Government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 4,684 | 5,712 |
Measured on a recurring basis: | Significant Other Observable Inputs | Obligations issued by U.S. states and their political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 15,955 | 20,324 |
Measured on a recurring basis: | Significant Other Observable Inputs | Residential one-to-four family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 142,406 | 114,401 |
Measured on a recurring basis: | Significant Other Observable Inputs | Multifamily | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 18,644 | 35,916 |
Measured on a recurring basis: | Significant Other Observable Inputs | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 4,824 | 6,471 |
Measured on a recurring basis: | Significant Unobservable Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Derivatives | 0 | |
Financial assets | 0 | |
Derivatives | 0 | 0 |
Measured on a recurring basis: | Significant Unobservable Inputs | U.S. Treasury Note | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Measured on a recurring basis: | Significant Unobservable Inputs | Domestic Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Measured on a recurring basis: | Significant Unobservable Inputs | U.S. Government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Measured on a recurring basis: | Significant Unobservable Inputs | Obligations issued by U.S. states and their political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Measured on a recurring basis: | Significant Unobservable Inputs | Residential one-to-four family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Measured on a recurring basis: | Significant Unobservable Inputs | Multifamily | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Measured on a recurring basis: | Significant Unobservable Inputs | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | $ 0 |
Measured on a nonrecurring basis: | Assets held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 917 | |
Measured on a nonrecurring basis: | Quoted Prices in Active Markets for Identical Assets | Assets held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | |
Measured on a nonrecurring basis: | Significant Other Observable Inputs | Assets held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 917 | |
Measured on a nonrecurring basis: | Significant Unobservable Inputs | Assets held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | $ 0 |
FAIR VALUE OF ASSETS AND LIABILITIES - Summary of fair value hierarchy (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Financial assets | ||
Securities held-to-maturity | $ 30,749 | $ 23,281 |
Loans, net | 1,480,837 | 1,273,184 |
Financial liabilities | ||
Time deposits | 365,548 | 473,795 |
Federal Home Loan advances | 295,500 | 185,500 |
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 |
Federal Home Loan advances | 0 | 0 |
Significant Other Observable Inputs | ||
Financial assets | ||
Securities held-to-maturity | 26,344 | 22,849 |
Loans, net | 0 | 0 |
Financial liabilities | ||
Time deposits | 355,395 | 470,732 |
Federal Home Loan advances | 288,373 | 182,795 |
Significant Unobservable Inputs | ||
Financial assets | ||
Securities held-to-maturity | 0 | 0 |
Loans, net | 1,341,805 | 1,266,799 |
Financial liabilities | ||
Time deposits | 0 | 0 |
Federal Home Loan advances | $ 0 | $ 0 |
REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME (Details) - Other Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Disaggregation of Revenue [Line Items] | ||||
Total Revenue from Contracts with Customers | $ 267 | $ 255 | $ 783 | $ 731 |
Service charges on deposits | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue from Contracts with Customers | 255 | 246 | 752 | 706 |
Interchange income | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue from Contracts with Customers | $ 12 | $ 9 | $ 31 | $ 25 |
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Earnings Per Share [Abstract] | ||||||||
Net income applicable to common shares | $ 1,241 | $ 40 | $ 553 | $ (14,970) | $ (1,003) | $ (745) | $ 1,834 | $ (16,718) |
Earnings Per Share, Basic and Diluted [Abstract] | ||||||||
Average number of common shares outstanding (in shares) | 28,262,210 | 23,872,092 | 28,434,783 | |||||
Less: Average unallocated ESOP shares (in shares) | 2,133,359 | 1,892,231 | 2,156,008 | |||||
Average number of common shares outstanding used to calculate basic earnings per common share (in shares) | 26,128,851 | 21,979,861 | 26,278,775 | |||||
Common stock equivalents (in shares) | 117,188 | 0 | 39,492 | |||||
Average number of common shares outstanding used to calculate basic earnings per common share, diluted (in shares) | 26,246,039 | 21,979,861 | 26,318,267 | |||||
Basic earnings per share (in dollars per share) | $ 0.05 | $ (0.68) | $ 0.07 | $ 0.07 | ||||
Diluted earnings per share (in dollars per share) | $ 0.05 | $ (0.68) | $ 0.07 | $ 0.07 | ||||
Anti-dilutive stock options excluded from earnings per share calculation (in shares) | 98,000 | 33,000 |
SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 4 Months Ended | |
---|---|---|---|
Sep. 30, 2022 |
Nov. 07, 2022 |
Jul. 20, 2022 |
|
Subsequent Event [Line Items] | |||
Purchase of Treasury stock | $ 7,781 | ||
The 2022 Stock Repurchase Program | |||
Subsequent Event [Line Items] | |||
Number of shares authorized for repurchase (in shares) | 2,852,250 | ||
Percent of outstanding shares authorized for repurchase | 10.00% | ||
Subsequent Event | The 2022 Stock Repurchase Program | |||
Subsequent Event [Line Items] | |||
Purchase of Treasury stock (in shares) | (940,059) | ||
Purchase of Treasury stock | $ 11,000 | ||
Average cost per share of shares repurchased (in dollars per share) | $ 11.74 |
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