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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-40619

BLUE FOUNDRY BANCORP

(Exact name of the registrant as specified in its charter)

Delaware

86-2831373

(State or Other Jurisdiction of Incorporation or Organization)

(I.R.S. Employer Identification Number)

19 Park Avenue,

Rutherford,

New Jersey

07070

(Address of principal executive offices)

(Zip Code)

(201) 939-5000

(Registrant’s telephone number, including area code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	BLFY	The NASDAQ Stock Market LLC

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☒

Smaller reporting company

☒

Emerging Growth Company

☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

As of August 7, 2025 there were 28,522,500 shares issued and 21,495,657 shares outstanding of the Registrant’s Common Stock, par value $0.01 per share.

BLUE FOUNDRY BANCORP

FORM 10-Q

Index


		PAGE
PART I.	FINANCIAL INFORMATION	3
ITEM 1.	FINANCIAL STATEMENTS	3
	CONSOLIDATED BALANCE SHEETS	3
	CONSOLIDATED STATEMENTS OF OPERATIONS	4
	CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS	5
	CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY	6

	CONSOLIDATED STATEMENTS OF CASH FLOWS	8
	NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS	10
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	40
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK	46
ITEM 4.	CONTROLS AND PROCEDURES	49
PART II.	OTHER INFORMATION	49
ITEM 1.	LEGAL PROCEEDINGS	49
ITEM 1A.	RISK FACTORS	49
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES. USE OF PROCEEDS AND ISSUER PURCHASES OF EQUITY SECURITIES	50
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	50
ITEM 4.	MINE SAFETY DISCLOSURES	50
ITEM 5.	OTHER INFORMATION	50
ITEM 6.	EXHIBITS	51

Part I Financial Information

ITEM 1. FINANCIAL STATEMENTS

BLUE FOUNDRY BANCORP

Consolidated Balance Sheets


	June 30, 2025		December 31, 2024
	(Unaudited)		(Audited)
	(In thousands, except share data )
ASSETS
Cash and cash equivalents	$	41,877	$	42,502
Securities available-for-sale, at fair value	284,239		297,028


Securities held-to-maturity, net (fair value of $26,609 at June 30, 2025 and $29,995 at December 31, 2024, and allowance for credit losses of $90 at June 30, 2025 and $98 at December 31, 2024)	29,062		33,076
FHLB stock and other investments	18,112		17,791

Loans receivable, net of allowance for credit losses of $13,304 at June 30, 2025 and $12,965 at December 31, 2024	1,659,732		1,570,517

Interest and dividends receivable	8,817		8,014
Premises and equipment, net	28,187		29,486
Right-of-use assets	22,101		23,470

Bank owned life insurance	22,761		22,519
Other assets	12,616		16,280
Total assets	$	2,127,504	$	2,060,683
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Deposits	$	1,416,321	$	1,343,320
Advances from the Federal Home Loan Bank	343,000		339,500
Advances by borrowers for taxes and insurance	10,079		9,356
Lease liabilities	23,820		25,168
Other liabilities	12,984		11,141
Total liabilities	1,806,204		1,728,485
Shareholders’ equity
Preferred stock, $0.01 par value, 10,000,000 authorized: none issued	—		—
Common stock $0.01 par value; 70,000,000 shares authorized; 28,522,500 shares issued at June 30, 2025 and December 31, 2024; 21,591,757 and 22,522,626 shares outstanding at June 30, 2025 and December 31, 2024, respectively	285		285
Additional paid-in capital	279,224		277,304
Retained earnings	147,780		152,429
Treasury stock, at cost: 6,924,871 and 5,999,874 shares at June 30, 2025 and December 31, 2024, respectively	(68,733)		(59,699)
Unallocated common shares held by Employee Stock Ownership Plan	(18,711)		(19,167)
Accumulated other comprehensive loss	(18,545)		(18,954)
Total shareholders’ equity	321,300		332,198
Total liabilities and shareholders’ equity	$	2,127,504	$	2,060,683

See accompanying notes to the consolidated financial statements.

BLUE FOUNDRY BANCORP

Consolidated Statements of Operations

(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(Dollars in thousands, except share data)
Interest and dividend income:
Loans	$	19,763	$	17,570	$	38,655	$	34,762
Taxable investment income	3,639		3,686		7,424		7,300
Non-taxable investment income	36		36		72		72
Total interest income	23,438		21,292		46,151		42,134
Interest expense:
Deposits	8,968		9,132		17,994		17,545
Borrowed funds	2,830		2,587		5,773		5,599
Total interest expense	11,798		11,719		23,767		23,144
Net interest income	11,640		9,573		22,384		18,990
Provision for (release of) credit losses	463		(762)		664		(1,297)
Net interest income after provision for (release of) credit losses	11,177		10,335		21,720		20,287
Non-interest income:
Fees and service charges	289		296		532		625

Gain on sale of loans	—		—		—		36


Other income	116		240		267		326
Total non-interest income	405		536		799		987
Non-interest expense:
Compensation and benefits	7,820		7,635		15,658		15,184

Occupancy and equipment	2,209		2,262		4,512		4,454

Data processing	1,468		1,335		2,955		2,722

Advertising	140		52		207		124
Professional services	686		623		1,385		1,353


Federal deposit insurance premiums	231		194		454		393

Other expense	985		1,114		1,997		2,227
Total non-interest expenses	13,539		13,215		27,168		26,457
Loss before income tax expense	(1,957)		(2,344)		(4,649)		(5,183)
Income tax expense	—		—		—		—
Net loss	$	(1,957)	$	(2,344)	$	(4,649)	$	(5,183)
Basic loss per share	$	(0.10)	$	(0.11)	$	(0.23)	$	(0.24)
Diluted loss per share	$	(0.10)	$	(0.11)	$	(0.23)	$	(0.24)
Weighted average shares outstanding - basic	19,843,710		21,735,002		20,122,623		21,914,811
Weighted average shares outstanding - diluted (1)	19,843,710		21,735,002		20,122,623		21,914,811

(1) The assumed vesting of outstanding restricted stock units had an antidilutive effect on diluted earnings per share due to the Company’s net loss for the 2025 and 2024 periods.

See accompanying notes to the consolidated financial statements.

BLUE FOUNDRY BANCORP

Consolidated Statements of Comprehensive Loss

(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(In thousands)
Net loss	$	(1,957)	$	(2,344)	$	(4,649)	$	(5,183)
Other comprehensive income (loss), net of tax (1):
Unrealized gain (loss) on securities available-for-sale:
Unrealized gain (loss) arising during the period	1,667		361		5,750		(748)

	1,667		361		5,750		(748)
Unrealized (loss) gain on cash flow hedge:
Unrealized loss arising during the period	(3,346)		(1,685)		(7,693)		(521)
Reclassification adjustment for gain included in net loss	1,201		1,613		2,342		3,262
	(2,145)		(72)		(5,351)		2,741
Post-retirement plans:

Reclassification adjustment for amortization of:

Net actuarial gain	5		3		10		4
	5		3		10		4
Total other comprehensive (loss) income, net of tax (1)	(473)		292		409		1,997
Comprehensive loss	$	(2,430)	$	(2,052)	$	(4,240)	$	(3,186)

(1) Reflects deferred tax valuation allowance.

See accompanying notes to the consolidated financial statements.

BLUE FOUNDRY BANCORP

Consolidated Statements of Changes in Shareholders’ Equity

Three Months Ended June 30, 2024 and 2025

(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 share data)
Balance at March 31, 2024	23,958,888	$	285	$	274,327	$	161,501	$	(44,930)	$	(21,175)	$	(19,852)	$	350,156


Net loss	—	—		—		(2,344)		—		—		—		(2,344)
Other comprehensive income	—	—		—		—		—		292		—		292
Purchase of Treasury stock	(386,352)	—		—		—		(3,460)		—		—		(3,460)
Treasury stock allocated to restricted stock plan, net of forfeitures	(67,179)	—		833		—		(839)		—		—		(6)
Compensation cost for stock options and restricted stock	—	—		756		—		—		—		—		756
ESOP shares committed to be released (22,818 shares)	—	—		(26)		—		—		—		229		203
Balance at June 30, 2024	23,505,357	$	285	$	275,890	$	159,157	$	(49,229)	$	(20,883)	$	(19,623)	$	345,597

Balance at March 31, 2025	22,047,649	285		$	277,895	$	149,737	$	(64,243)	$	(18,072)	$	(18,939)	$	326,663


Net loss	—	—		—		(1,957)		—		—		—		(1,957)
Other comprehensive loss	—	—		—		—		—		(473)		—		(473)
Purchase of Treasury stock	(406,391)	—		—		—		(3,878)		—		—		(3,878)
Treasury stock allocated to restricted stock plan, net of forfeitures	(49,501)	—		612		—		(612)		—		—		—
Compensation cost for stock options and restricted stock	—	—		719		—		—		—		—		719
ESOP shares committed to be released (22,818 shares)	—	—		(2)		—		—		—		228		226
Balance at June 30, 2025	21,591,757	$	285	$	279,224	$	147,780	$	(68,733)	$	(18,545)	$	(18,711)	$	321,300

See accompanying notes to the consolidated financial statements.

BLUE FOUNDRY BANCORP

Consolidated Statements of Changes in Shareholders’ Equity

Six Months Ended June 30, 2024 and 2025

(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 share data)
Balance at December 31, 2023	24,509,950	$	285	$	273,991	$	164,340	$	(40,016)	$	(22,880)	$	(20,080)	$	355,640


Net loss	—	—		—		(5,183)		—		—		—		(5,183)
Other comprehensive income	—	—		—		—		—		1,997		—		1,997
Purchase of Treasury stock	(942,705)	—		—		—		(8,792)		—		—		(8,792)
Treasury stock allocated to restricted stock plan	(61,888)	—		402		—		(421)		—		—		(19)
Compensation cost for stock options and restricted stock	—	—		1,537		—		—		—		—		1,537
ESOP shares committed to be released (45,636 shares)	—	—		(40)		—		—		—		457		417
Balance at June 30, 2024	23,505,357	$	285	$	275,890	$	159,157	$	(49,229)	$	(20,883)	$	(19,623)	$	345,597

Balance at December 31, 2024	22,522,626	$	285	$	277,304	$	152,429	$	(59,699)	$	(18,954)	$	(19,167)	$	332,198



Net loss	—	—		—		(4,649)		—		—		—		(4,649)
Other comprehensive income	—	—		—		—		—		409		—		409
Purchase of Treasury stock	(899,585)	—		—		—		(8,632)		—		—		(8,632)
Treasury stock allocated to restricted stock plan, net of forfeitures	(31,284)	—		402		—		(402)		—		—		—
Compensation cost for stock options and restricted stock	—	—		1,530		—				—		—		1,530
ESOP shares committed to be released (45,636 shares)	—	—		(12)		—		—		—		456		444
Balance at June 30, 2025	21,591,757	$	285	$	279,224	$	147,780	$	(68,733)	$	(18,545)	$	(18,711)	$	321,300

See accompanying notes to the consolidated financial statements.

BLUE FOUNDRY BANCORP

Consolidated Statements of Cash Flows

(Unaudited)


	Six Months Ended June 30,
	2025		2024
	(In thousands)
Cash flows from operating activities
Net loss	$	(4,649)	$	(5,183)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization of premises and equipment	1,484		1,570
Amortization (accretion) of:
Right-of-use asset	1,369		1,438
Deferred loan fees, costs, and discounts, net	168		(14)
Premiums and discounts on securities	(249)		326




Provision for (release of) credit losses	664		(1,297)

Proceeds from sales of loans held for sale	—		486
Gains on sale of loans, net	—		(36)
Origination of loans held for sale	—		(450)


Gain on sale of real estate owned	—		(123)
Increase in bank owned life insurance cash surrender value	(242)		(240)


ESOP and stock-based compensation expense	1,974		1,954

Increase in interest and dividends receivable	(803)		(287)
(Increase) decrease in other assets	(226)		12,020
Decrease in other liabilities	73		502
Change in lease liability	(1,348)		(1,396)
Net cash (used in) provided by operating activities	(1,785)		9,270
Cash flows from investing activities
Net repayments of loans receivable	15,572		13,335
Purchases of residential and consumer loans	(105,305)		—
Proceeds from sale of real estate owned	—		716
Purchases of securities available-for-sale	(41,951)		(44,303)




Proceeds from sales and calls of securities available-for-sale	45,250		—
Principal payments and maturities on securities available-for-sale	15,628		29,315
Principal payments and maturities on securities held-to-maturity	3,883		—
Purchases of other investments	(150)		—

Purchase of Federal Home Loan Bank stock	(53,832)		(19,805)
Redemption of Federal Home Loan Bank stock	53,663		22,343


Purchases of premises and equipment	(185)		47
Net cash (used in) provided by investing activities	(67,427)		1,648
Cash flows from financing activities
Net increase in deposits	73,001		66,252

Proceeds from advances from Federal Home Loan Bank	1,188,000		558,000
Repayments of advances from Federal Home Loan Bank	(1,184,500)		(613,000)
Net increase in advances by borrowers for taxes and insurance	723		946
Purchase of treasury stock	(8,637)		(8,879)


Net cash provided by financing activities	68,587		3,319
Net (decrease) increase in cash and cash equivalents	(625)		14,237
Cash and cash equivalents at beginning of period	42,502		46,025
Cash and cash equivalents at end of period	$	41,877	$	60,262

See accompanying notes to the consolidated financial statements.

BLUE FOUNDRY BANCORP

Consolidated Statements of Cash Flows

(Unaudited)


	Six Months Ended June 30,
	2025		2024
	(In thousands)
Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest	$	23,055	$	23,512
Taxes	71		21

See accompanying notes to the consolidated financial statements.

BLUE FOUNDRY BANCORP

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of Blue Foundry Bancorp (the “Company”), and its wholly owned subsidiary, Blue Foundry Bank (the “Bank”), and the Bank’s wholly owned subsidiaries, TrackView LLC and Blue Foundry Investment Company (collectively, the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. Blue Foundry Bancorp owns 100% of the common stock of Blue Foundry Bank.

Segment Reporting

The Company operates as a single operating segment for financial reporting purposes.

Basis of Financial Statement Presentation

The consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles. Certain information and note disclosures usually included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for the preparation of the Quarterly Reports on Form 10-Q and with Regulation S-X. The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the consolidated balance sheets and the consolidated statements of income for the periods presented. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheets and revenues and expenses for the period. Actual results could differ from those estimates. Some items in the prior year financial statements may be reclassified to conform to the current presentation. The results of operations and other data presented for the three and six months ended June 30, 2025 are not necessarily indicative of the results of operations that may be expected for subsequent periods or the full year results. These financial statements should be read in conjunction with the annual financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed on March 27, 2025.

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 2024 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, 2024.

Accounting Standards Adopted

In December 2023, the Financial Accounting Standards Board (“the FASB”) issued ASU 2023-09, Income Tax- Improvements to Income Tax Disclosures (Topic 740), which requires reporting companies to break out their income tax expense and tax rate reconciliation in more detail. For public companies, the requirements will become effective for fiscal years beginning after December 15, 2024, with early adoption permitted. This ASU did not have a material effect on our consolidated financial statements.

Accounting Standards Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-03) (“ASU 2024-03”) Disaggregation of Income Statement Expenses and in January 2025, the FASB issued ASU 2025-01 Clarifying the Effective Date of ASU 2024-03 (“ASU 2026-01”). ASU 2024-03 requires entities to disclose specified information about certain costs and expenses in the notes to financial statements at each interim and annual reporting period, including the amounts of purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion included in each relevant expense caption. For the employee compensation category, bank holding companies may continue to present compensation expense on the face of the income statement in accordance with Regulation S-X Rule 210.9-04. A qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively are also required to be disclosed. In addition, entities must disclose the total amount of selling expenses and, in annual reporting periods, their definition of selling expenses. ASU 2025-01 clarified the

BLUE FOUNDRY BANCORP

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

effective date of ASU 2024-03, which is to be effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The amendments may be applied on either a prospective or retrospective basis. The Company is currently evaluating this guidance to determine the impact of ASU 2024-03 on its consolidated financial statements and footnote disclosures; however, the impact is not expected to be material.

As an “emerging growth company” as defined in Title 1 of the Jumpstart Our Business Startups (“JOBS”) Act, the Company elected to use the extended transition period to delay the adoption of new or reissued accounting pronouncements applicable to public companies until such pronouncements were made applicable to private companies.

NOTE 2 – SECURITIES

The amortized cost of securities available-for-sale and their estimated fair values at June 30, 2025 and December 31, 2024 are as follows:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(In thousands)
June 30, 2025
U.S. Treasury notes	$	46,207	$	—	$	(894)	$	45,313
Corporate bonds	66,879		369		(1,796)		65,452
U.S. Government agency obligations	744		—		(45)		699
Obligations issued by U.S. states and their political subdivisions	6,323		—		(292)		6,031
Mortgage-backed securities:
Residential	162,172		306		(18,304)		144,174
Multifamily	19,426		4		(802)		18,628
Asset-backed securities	4,164		—		(222)		3,942
Total	$	305,915	$	679	$	(22,355)	$	284,239


December 31, 2024
U.S. Treasury notes	$	41,259	$	40	$	(1,160)	$	40,139
Corporate bonds	75,122		389		(2,357)		73,154
U.S. Government agency obligations	874		—		(62)		812
Obligations issued by U.S. states and their political subdivisions	6,357		—		(333)		6,024
Mortgage-backed securities:
Residential	171,754		9		(22,722)		149,041
Multifamily	19,776		—		(1,033)		18,743
Asset-backed securities	9,312		—		(197)		9,115
Total	$	324,454	$	438	$	(27,864)	$	297,028

BLUE FOUNDRY BANCORP

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The amortized cost of securities held-to-maturity, allowance for credit losses and their estimated fair values at June 30, 2025 and December 31, 2024, are as follows:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(In thousands)
June 30, 2025
Corporate bonds	$	18,600	$	—	$	(1,879)	$	16,721

Asset-backed securities	10,552		—		(664)		9,888
Total	$	29,152	$	—	$	(2,543)	$	26,609
Allowance for credit loss	(90)
	$	29,062
December 31, 2024
Corporate bonds	$	18,600	$	—	$	(2,186)	$	16,414
Asset-backed securities	14,574		—		(993)		13,581
Total	$	33,174	$	—	$	(3,179)	$	29,995
Allowance for credit loss	(98)
	$	33,076

At June 30, 2025 and December 31, 2024, the allowance for credit losses on securities held-to-maturity totaled $90 thousand and $98 thousand, respectively, and related to the corporate bonds. No loss is expected on the asset-backed securities.

Securities pledged at June 30, 2025 and December 31, 2024 had a carrying amount of $122.3 million and $119.8 million, respectively, and were pledged for our credit line with the Federal Reserve Bank and to secure public deposits.

The amortized cost and fair value of debt securities are shown below by contractual maturity as of June 30, 2025. Expected maturities on mortgage and asset-backed securities generally exceed 20 years; however, they may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties.


	Amortized Cost (1)		Estimated Fair Value
	(In thousands)
Available-for-sale
Due in one year or less	$	49,330	$	49,153
Due from one year to five years	33,021		33,073
Due from five to ten years	36,812		34,492
Due after ten years	990		777
Mortgage-backed and asset-backed securities	185,762		166,744
Total	$	305,915	$	284,239
Held-to-maturity


Due from five to ten years	18,600		16,721

Asset-backed securities	10,552		9,888
Total	$	29,152	$	26,609

(1) Excludes the allowance for credit losses on held-to-maturity securities at June 30, 2025.

BLUE FOUNDRY BANCORP

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Credit Quality Indicators

Credit ratings are a key measure for estimating the probability of a bond’s default and for monitoring credit quality on an on-going basis. For bonds other than U.S. Treasuries and bonds issued or guaranteed by U.S. government agencies, credit ratings issued by one or more nationally recognized statistical rating organization are considered in conjunction with an assessment by the Company’s management. Investment grade reflects a credit quality of BBB- or above. None of the Company’s securities are on non-accrual status, nor are any past due.

The table below indicates the credit profile of the Company’s debt securities held-to-maturity at amortized cost for the periods shown.


June 30, 2025	AAA		A1		BBB+		BBB		BBB-		Total
	(In thousands)

Corporate bonds	$	—	$	—	$	1,600	$	16,000	$	1,000	$	18,600





Asset-backed securities	8,592		1,960		—		—		—		10,552
Total held-to-maturity	$	8,592	$	1,960	$	1,600	$	16,000	$	1,000	$	29,152


December 31, 2024	AAA		A1		BBB+		BBB		BBB-		Total
	(In thousands)

Corporate bonds	$	—	$	—	$	1,600	$	16,000	$	1,000	$	18,600





Asset-backed securities	8,677		5,897		—		—		—		14,574
Total held-to-maturity	$	8,677	$	5,897	$	1,600	$	16,000	$	1,000	$	33,174

At June 30, 2025 and December 31, 2024, there was one security with a value of $2.0 million included in the BBB rating that had a split rating.

The following tables summarize available-for-sale securities with unrealized losses at June 30, 2025 and December 31, 2024, aggregated by major security type and length of time in a continuous loss position.


	Less than 12 Months				12 Months or More				Total
	Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Number of Securities	Unrealized Losses		Estimated Fair Value
	(Dollars in thousands)
June 30, 2025
U.S. Treasury notes	$	(8)	$	39,259	$	(886)	$	6,054	3	$	(894)	$	45,313
Corporate bonds	(10)		990		(1,786)		33,777		15	(1,796)		34,767
U.S. Government agency obligations	—		—		(45)		699		2	(45)		699
Obligations issued by U.S. states and their political subdivisions	—		—		(292)		6,031		5	(292)		6,031
Mortgage-backed securities:
Residential	(42)		9,769		(18,262)		109,792		42	(18,304)		119,561
Multifamily	(27)		8,232		(775)		9,362		5	(802)		17,594
Asset-backed securities	—		—		(222)		3,941		2	(222)		3,941
Total	$	(87)	$	58,250	$	(22,268)	$	169,656	74	$	(22,355)	$	227,906

BLUE FOUNDRY BANCORP

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


	Less than 12 Months				12 Months or More				Total
	Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Number of Securities	Unrealized Losses		Estimated Fair Value
	(Dollars in thousands)
December 31, 2024
U.S. Treasury notes	$	—	$	—	$	(1,160)	$	5,776	1	$	(1,160)	$	5,776
Corporate bonds	—		—		(2,357)		39,286		19	(2,357)		39,286
U.S. Government agency obligations	—		—		(62)		812		2	(62)		812
Obligations issued by U.S. states and their political subdivisions	—		—		(333)		6,024		5	(333)		6,024
Mortgage-backed securities:
Residential	(64)		18,888		(22,658)		112,396		47	(22,722)		131,284
Multifamily	(56)		11,237		(977)		7,506		5	(1,033)		18,743
Asset-backed securities	—		—		(197)		4,115		2	(197)		4,115
Total	$	(120)	$	30,125	$	(27,744)	$	175,915	81	$	(27,864)	$	206,040

Of the available-for-sale securities in an unrealized loss position at June 30, 2025, 52 were 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. Corporate bonds, obligations issued by U.S. states and their political subdivisions and asset-backed securities in an unrealized loss position all experienced a decline in fair value, which is attributable to changes in interest rates and liquidity, not credit quality. The Company does not intend to sell these securities, nor does it foresee being required to sell them before the anticipated recovery or maturity.

The following tables summarize held-to-maturity securities with unrealized losses at June 30, 2025 and December 31, 2024, aggregated by major security type and length of time in a continuous loss position.


	Less than 12 Months				12 Months or More				Total
	Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Number of Securities	Unrealized Losses		Estimated Fair Value
	(Dollars in thousands)
June 30, 2025
Corporate Bonds	(223)		2,777		(1,656)		13,944		9	(1,879)		16,721
Asset-backed securities	—		—		(664)		9,888		2	(664)		9,888
Total	$	(223)	$	2,777	$	(2,320)	$	23,832	11	$	(2,543)	$	26,609


	Less than 12 Months				12 Months or More				Total
	Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Number of Securities	Unrealized Losses		Estimated Fair Value
	(Dollars in thousands)
December 31, 2024
Corporate Bonds	—		—		(2,186)		16,414		9	(2,186)		16,414
Asset-backed securities	—		—		(993)		13,581		2	(993)		13,581
Total	$	—	$	—	$	(3,179)	$	29,995	11	$	(3,179)	$	29,995

The held-to-maturity securities in an unrealized loss position at June 30, 2025, are corporate bonds and asset-backed securities. Unrealized losses are 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 or maturity.

BLUE FOUNDRY BANCORP

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 3 – LOANS RECEIVABLE

A summary of loans receivable, net at June 30, 2025 and December 31, 2024, follows:


	June 30, 2025		December 31, 2024
	(In thousands)
Residential	$	519,370	$	518,243
Multifamily	633,849		671,116
Commercial real estate	293,179		259,633
Construction	97,207		85,546
Junior liens	27,996		25,422
Commercial and industrial	17,729		16,311
Consumer and other	83,706		7,211
Total loans	1,673,036		1,583,482


Less: Allowance for credit losses (1)	13,304		12,965
Loans receivable, net	$	1,659,732	$	1,570,517

(1) For more information, see Note 4 - Allowance for Credit Losses.

Loans are recorded at amortized cost, which includes principal balance, net deferred fees or costs, premiums and discounts. The Company elected to exclude accrued interest receivable from amortized cost. Accrued interest receivable is reported separately in the consolidated balance sheets and totaled $7.6 million and $6.7 million at June 30, 2025 and December 31, 2024, respectively. Loan origination fees and certain direct loan origination costs are deferred and the net fee or cost is recognized in interest income as an adjustment of yield. At June 30, 2025 and December 31, 2024, net deferred loan fees totaled $2.4 million and $2.0 million, respectively.

The portfolio classes in the above table have unique risk characteristics with respect to credit quality:

•Payment on multifamily and commercial real estate 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 the 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 the 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 revolving lines of credit, term loans, SBA 7a loans and to a lesser extent, Paycheck Protection Program (“PPP”) loans. Payments on C&I loans are driven principally by the cash flows of the businesses and secondarily by the sale or refinance of any collateral securing the loans. 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 and junior liens 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 consumer loan portfolio primarily includes loans purchased from Bankers Healthcare Group, LLC (“BHG”). BHG originates loans nationwide to licensed or unlicensed or otherwise skilled business professionals and the loans are unsecured and have a reserve deposit account with the Company equal to 3% of the loan balance.

BLUE FOUNDRY BANCORP

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Credit Quality Indicators

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 by credit risk. This analysis is performed whenever 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 a 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.

BLUE FOUNDRY BANCORP

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The following table presents the risk category of loans by class of loan and vintage as of June 30, 2025:


	Term Loans by Origination Year
	2025		2024		2023		2022		2021		Pre-2021		Revolving Loans		Total
	(in thousands)
Residential
Pass	$	28,752	$	23,269	$	12,738	$	86,917	$	98,605	$	263,992	$	—	$	514,273

Substandard	—		—		—		304		—		4,793		—		5,097


Total	28,752		23,269		12,738		87,221		98,605		268,785		—		519,370
Multifamily
Pass	5,408		15,612		16,815		268,562		126,270		195,411		—		628,078
Special mention	—		—		—		5,319		—		—		—		5,319
Substandard	—		—		—		—		—		452		—		452


Total	5,408		15,612		16,815		273,881		126,270		195,863		—		633,849
Commercial real estate
Pass	39,573		36,581		26,605		114,614		14,336		60,681		—		292,390
Special mention	—		—		—		—		—		789		—		789



Total	39,573		36,581		26,605		114,614		14,336		61,470		—		293,179
Construction
Pass	7,267		12,746		26,437		33,338		17,419		—		—		97,207




Total	7,267		12,746		26,437		33,338		17,419		—		—		97,207
Junior liens
Pass	2,812		6,152		4,208		5,442		1,223		7,955		—		27,792

Substandard	—		—		61		—		—		143		—		204


Total	2,812		6,152		4,269		5,442		1,223		8,098		—		27,996
Commercial and industrial
Pass	2,078		7,603		5,315		89		2,149		—		—		17,234

Substandard	—		—		495		—		—		—		—		495


Total	2,078		7,603		5,810		89		2,149		—		—		17,729
Consumer and other
Pass	77,581		6,107		—		—		—		—		18		83,706




Total	77,581		6,107		—		—		—		—		18		83,706
Total gross loans	$	163,471	$	108,070	$	92,674	$	514,585	$	260,002	$	534,216	$	18	$	1,673,036

BLUE FOUNDRY BANCORP

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The following table presents the risk category of loans by class of loan and vintage as of December 31, 2024:


	Term Loans by Origination Year
	2024		2023		2022		2021		2020		Pre-2020		Revolving Loans		Total
	(in thousands)
Residential
Pass	$	24,396	$	12,941	$	90,735	$	101,928	$	13,851	$	269,751	$	—	$	513,602
Special mention	—		—		—		—		—		264		—		264
Substandard	—		—		225		—		—		4,152		—		4,377


Total	24,396		12,941		90,960		101,928		13,851		274,167		—		518,243
Multifamily
Pass	15,690		16,933		272,345		147,322		34,541		178,799		—		665,630
Special mention	—		—		5,368		—		—				—		5,368
Substandard	—		—		—		—		—		118		—		118


Total	15,690		16,933		277,713		147,322		34,541		178,917		—		671,116
Commercial real estate
Pass	35,728		26,636		115,871		14,489		14,633		51,448		—		258,805
Special mention	—		—		—		—		—		828		—		828



Total	35,728		26,636		115,871		14,489		14,633		52,276		—		259,633
Construction
Pass	6,300		26,409		35,342		17,495		—		—		—		85,546




Total	6,300		26,409		35,342		17,495		—		—		—		85,546
Junior liens
Pass	5,833		4,655		5,154		1,102		222		8,264		—		25,230
Special mention	—		—		—		—		—		43		—		43
Substandard	—		—		—		—		—		149		—		149


Total	5,833		4,655		5,154		1,102		222		8,456		—		25,422
Commercial and industrial
Pass	7,603		5,730		95		2,305		—		—		—		15,733

Substandard	—		563		—		15		—		—		—		578


Total	7,603		6,293		95		2,320		—		—		—		16,311
Consumer and other
Pass	7,186		—		—		—		—		—		25		7,211




Total	7,186		—		—		—		—		—		25		7,211
Total gross loans	$	102,736	$	93,867	$	525,135	$	284,656	$	63,247	$	513,816	$	25	$	1,583,482

BLUE FOUNDRY BANCORP

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Past Due and Non-accrual Loans

The following table presents the recorded investment in past due and current loans by loan portfolio class as of June 30, 2025 and December 31, 2024:


	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)
June 30, 2025
Residential	$	451	$	700	$	5,005	$	6,156	$	513,214	$	519,370
Multifamily	—		324		26		350		633,499		633,849
Commercial real estate	—		—		—		—		293,179		293,179
Construction (1)	4,792		—		—		4,792		92,415		97,207
Junior liens	—		40		61		101		27,895		27,996
Commercial and industrial	—		—		—		—		17,729		17,729
Consumer and other	—		—		—		—		83,706		83,706
Total	$	5,243	$	1,064	$	5,092	$	11,399	$	1,661,637	$	1,673,036

December 31, 2024
Residential	$	3,085	$	315	$	3,892	$	7,292	$	510,951	$	518,243
Multifamily	303		—		—		303		670,813		671,116
Commercial real estate	774		—		—		774		258,859		259,633
Construction	—		—		—		—		85,546		85,546
Junior liens	—		—		149		149		25,273		25,422
Commercial and industrial	—		563		15		578		15,733		16,311
Consumer and other	—		—		—		—		7,211		7,211
Total	$	4,162	$	878	$	4,056	$	9,096	$	1,574,386	$	1,583,482

(1) Reflects one construction loan that was past due for maturity and was subsequently resolved.

The following tables presents information on non-accrual loans at June 30, 2025 and December 31, 2024:


	Non-accrual		Interest Income Recognized on Non-accrual Loans		Amortized Cost Basis of Loans > 90 Day Past Due and Still Accruing		Amortized Cost Basis of Non-accrual Loans Without Related Allowance
June 30, 2025	(In thousands)
Residential	$	5,557	$	14	$	—	$	5,557
Multifamily	25		—		—		25


Junior liens	204		4		—		204
Commercial and industrial	495		—		—		495

Total	$	6,281	$	18	$	—	$	6,281

BLUE FOUNDRY BANCORP

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


	Non-accrual		Interest Income Recognized on Non-accrual Loans		Amortized Cost Basis of Loans >= 90 Day Past Due and Still Accruing		Amortized Cost Basis of Non-accrual Loans Without Related Allowance
	(In thousands)
December 31, 2024
Residential	$	4,377	$	11	$	—	$	4,377
Multifamily	—		4		—		—


Junior liens	149		2		—		149
Commercial and industrial	578		—		—		578

Total	$	5,104	$	17	$	—	$	5,104

The Company had no loans held-for-sale at June 30, 2025 and December 31, 2024.

Modifications made to borrowers experiencing financial difficulty may include principal forgiveness, interest rate reductions, other than insignificant payment delays, term extensions or a combination thereof intended to minimize economic loss and to avoid foreclosure or repossession of collateral. If the borrower has demonstrated performance under the previous terms and our underwriting process shows the borrower has the capacity to continue to perform under the restructured terms, the loan will continue to accrue interest.

There were no modifications to borrowers experiencing financial difficulty in the three and six months ended June 30, 2025. There were no modifications to borrowers experiencing financial difficulty in the second quarter of 2024.

The following table presents the amortized cost basis at June 30, 2024, of loan modifications to borrowers experiencing financial difficulty during the six months ended June 30, 2024, disaggregated by type of modification.


	Payment Delays		Term Extensions		Total Principal		% of Total Class of Loans
	(Dollars in thousands)
Residential	$	—	$	113	$	113	0.02	%




Commercial and industrial	$	756	$	—	$	756	6.17	%

Total	$	756	$	113	$	869	0.06	%


						Types of Modifications
Residential						Term extensions of 3 to 12 months






Commercial and industrial						Deferral of three payments

BLUE FOUNDRY BANCORP

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The Company closely monitors the performance of modified loans to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the payment status and amortized cost basis at June 30, 2025, of loans that were modified during the twelve-month period ended June 30, 2025.


	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total
	(In thousands)




Junior liens	$	39	$	—	$	—	$	—	$	39


Total	$	39	$	—	$	—	$	—	$	39

The following table presents the payment status and amortized cost basis at June 30, 2024, of loans that were modified during the twelve-month period ended June 30, 2024.


	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Non-Accrual		Total
	(In thousands)
Residential	$	1,860	$	—	$	—	$	—	$	185	$	2,045




Commercial and industrial	—		—		—		—		756		756

Total	$	1,860	$	—	$	—	$	—	$	941	$	2,801

The Company had $3.7 million in consumer mortgage loans secured by residential real estate properties for which foreclosure proceedings were in process at both June 30, 2025, and December 31, 2024. At June 30, 2025 and December 31, 2024, the Company had no OREO (other real estate owned) properties.

NOTE 4 – ALLOWANCE FOR CREDIT LOSSES

Allowance for Credit Losses - Loans

The allowance for credit losses on loans is summarized in the following table:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
	(In thousands)
Balance at beginning of period	$	13,152	$	13,749	$	12,965	$	14,154

Charge-offs	(2)		(20)		(24)		(33)
Recoveries	7		4		13		8
Net charge-offs	5		(16)		(11)		(25)
Provision for (recovery of) credit loss on loans	147		(706)		350		(1,102)
Balance at end of period	$	13,304	$	13,027	$	13,304	$	13,027

BLUE FOUNDRY BANCORP

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The following tables present the activity in the Company’s allowance for credit losses by class of loans based on the analysis performed for the three months ended June 30, 2025 and 2024:


	Balance at March 31, 2025		Charge-offs		Recoveries		Provision for (Release of) Credit Loss - Loans		Balance at June 30, 2025
	(In thousands)
Residential	$	1,988	$	—	$	—	$	84	$	2,072
Multifamily	6,395		—		—		(134)		6,261
Commercial real estate	4,023		—		—		48		4,071
Construction	470		—		—		152		622
Junior liens	113		—		—		5		118
Commercial and industrial	163		—		—		(3)		160
Consumer and other (1)	—		(2)		7		(5)		—

Total	$	13,152	$	(2)	$	7	$	147	$	13,304

(1) Purchased consumer loans are cash-collateralized up to the first 3% of losses and do not have an allowance for credit losses as of June 30, 2025.

Consumer and other charge-offs relate to overdrafts in the three months ended June 30, 2025, which originated in the first or second quarter of 2025, as it is our policy to charge these off within 60 days of occurrence.


	Balance at March 31, 2024		Charge-offs		Recoveries		(Release of) Provision for Loan Loss		Balance at June 30, 2024
	(In thousands)
Residential	$	1,919	$	—	$	—	$	(94)	$	1,825
Multifamily	7,003		—		—		(326)		6,677
Commercial real estate	3,231		—		—		465		3,696
Construction	884		—		—		(248)		636
Junior liens	77		—		—		7		84
Commercial and industrial	635		—		—		(527)		108
Consumer and other	—		(20)		4		17		1

Total	$	13,749	$	(20)	$	4	$	(706)	$	13,027

Consumer and other charge-offs relate to overdrafts in the three months ended June 30, 2024, which originated in the first or second quarter of 2024, as it is our policy to charge these off within 60 days of occurrence.

BLUE FOUNDRY BANCORP

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The following tables present the activity in the Company’s allowance for credit losses by class of loans based on the analysis performed for the six months ended June 30, 2025 and 2024:


	Balance at December 31, 2024		Charge-offs		Recoveries		(Recovery of) Provision for Credit Loss - Loans		Balance at June 30, 2025
	(In thousands)
Residential	$	1,989	$	—	$	—	$	83	$	2,072
Multifamily	6,609		—		—		(348)		6,261
Commercial real estate	3,641		—		—		430		4,071
Construction	460		—		—		162		622
Junior liens	109		—		—		9		118
Commercial and industrial	157		(2)		—		5		160
Consumer and other (1)	—		(22)		13		9		—

Total	$	12,965	$	(24)	$	13	$	350	$	13,304

(1) Purchased consumer loans are cash-collateralized up to the first 3% of losses and do not have an allowance for credit losses as of June 30, 2025.

The commercial and industrial charge-off relates to a loan originated in 2021. Consumer and other charge-offs relate to overdrafts in the six months ended June 30, 2025, which originated in the last quarter of 2024 or the first half of 2025, as it is our policy to charge these off within 60 days of occurrence.


	Balance at December 31, 2023		Charge-offs		Recoveries		(Recovery of) Provision for Loan Loss		Balance at June 30, 2024
	(In thousands)
Residential	$	1,968	$	—	$	—	$	(143)	$	1,825
Multifamily	7,046		—		—		(369)		6,677
Commercial real estate	3,748		—		—		(52)		3,696
Construction	1,222		—		—		(586)		636
Junior liens	76		—		—		8		84
Commercial and industrial	94		—		—		14		108
Consumer and other	—		(33)		8		26		1
Unallocated	—		—		—		—		—
Total	$	14,154	$	(33)	$	8	$	(1,102)	$	13,027

Consumer and other charge-offs relate to overdrafts in the six months ended June 30, 2024, which originated in the last quarter of 2023 or the first half of 2024, as it is our policy to charge these off within 60 days of occurrence.

BLUE FOUNDRY BANCORP

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

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 June 30, 2025 and December 31, 2024:


	Loans						Allowance for Credit Losses on Loans
June 30, 2025	Individually Evaluated		Collectively Evaluated		Total		Individually Evaluated		Collectively Evaluated		Total
	(In thousands)
Residential	$	4,629	$	514,741	$	519,370	$	—	$	2,072	$	2,072
Multifamily	—		633,849		633,849		—		6,261		6,261
Commercial real estate	—		293,179		293,179		—		4,071		4,071
Construction	—		97,207		97,207		—		622		622
Junior liens	143		27,853		27,996		—		118		118
Commercial and industrial	496		17,233		17,729		—		160		160
Consumer and other (1)	—		83,706		83,706		—		—		—

Total	$	5,268	$	1,667,768	$	1,673,036	$	—	$	13,304	$	13,304

(1) Includes purchased consumer loans that are cash-collateralized up to the first 3% of losses and do not have an allowance for credit losses as of June 30, 2025.


	Loans						Allowance for Credit Losses on Loans
December 31, 2024	Individually Evaluated		Collectively Evaluated		Total		Individually Evaluated		Collectively Evaluated		Total
	(In thousands)
Residential	$	3,960	$	514,283	$	518,243	$	—	$	1,989	$	1,989
Multifamily	—		671,116		671,116		—		6,609		6,609
Commercial real estate	—		259,633		259,633		—		3,641		3,641
Construction	—		85,546		85,546		—		460		460
Junior liens	—		25,422		25,422		—		109		109
Commercial and industrial	563		15,748		16,311		—		157		157
Consumer and other (1)	—		7,211		7,211		—		—		—

Total	$	4,523	$	1,578,959	$	1,583,482	$	—	$	12,965	$	12,965

(1) Includes purchased consumer loans that are cash-collateralized up to the first 3% of losses and do not have an allowance for credit losses as of December 31, 2024.

Allowance for Credit Losses - Securities

At June 30, 2025 and December 31, 2024, the balance of the allowance of credit losses on securities was $90 thousand and $98 thousand, respectively. The Company recorded a decrease in provision for credit losses on held-to-maturity securities of $7 thousand for both the second quarter of 2025 and 2024. The decrease in provision for credit losses on held-to-maturity securities was $8 thousand and $25 thousand for the six months ended June 30, 2025 and 2024, respectively. Accrued interest receivable on securities is reported as a component of accrued interest receivable on the consolidated balance sheets and totaled $1.2 million and $1.4 million at June 30, 2025 and December 31, 2024, respectively. The Company made the election to exclude accrued interest receivable from the estimate of credit losses on securities.

BLUE FOUNDRY BANCORP

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Allowance for Credit Losses - Off-Balance-Sheet Exposures

The allowance for credit losses on off-balance-sheet exposures is reported in other liabilities in the consolidated balance sheets. The liability represents an estimate of expected credit losses arising from off-balance-sheet exposures such as letters of credit, guarantees and unfunded loan commitments. The process for measuring lifetime expected credit losses on these exposures is consistent with that for loans as discussed above, but is subject to an additional estimate reflecting the likelihood that funding will occur. No liability is recognized for off-balance-sheet credit exposures that are unconditionally cancellable by the Company. Adjustments to the liability are reported as a component of provision for credit losses.

At June 30, 2025 and December 31, 2024, the balance of the allowance for credit losses for off-balance-sheet exposures was $479 thousand and $157 thousand, respectively. The Company recorded a provision for credit loss on off-balance-sheet exposures of $323 thousand for the three months ended June 30, 2025 and a release of provision for credit loss on off-balance-sheet exposures of $49 thousand for the three months ended June 30, 2024. For the six months ended June 30, 2025, the Company recorded a provision for credit loss on off-balance-sheet exposures of $322 thousand compared to a release of provision for credit loss on off-balance-sheet exposures of $170 thousand for the six months ended June 30, 2024.

NOTE 5 – LEASES

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:


		June 30, 2025			December 31, 2024
	(Dollars in thousands)
Right-of-use assets		$	22,101		$	23,470
Lease liabilities		23,820			25,168
Weighted average remaining lease term for operating leases		9.0 years			9.4 years
Weighted average discount rate used in the measurement of lease liabilities		2.53		%	2.54		%

The following table is a summary of the Company’s components of net lease cost for the three and six months ended June 30, 2025 and 2024. The variable lease cost primarily represents variable payments such as common area maintenance and utilities.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(In thousands)
Operating lease cost	$	890	$	879	$	1,778	$	1,753

Variable lease cost	77		91		159		158
Total lease cost included as a component of occupancy and equipment	$	967	$	970	$	1,937	$	1,911

The following table presents supplemental cash flow information related to operating leases:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(In thousands)
Cash paid for amounts included in the measurement of operating lease liabilities:
Operating cash flows from operating leases	$	960	$	951	$	1,915	$	1,869

BLUE FOUNDRY BANCORP

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Future undiscounted lease payments for operating leases with initial terms of one year or more as of June 30, 2025 are as follows:


Through June 30,	(In thousands)
2026	$	3,304
2027	3,230
2028	3,077
2029	2,777
2030	2,638
Thereafter	11,550
Total undiscounted lease payments	26,576
Less: imputed interest	2,756
Total	$	23,820

NOTE 6 – DEPOSITS

Deposits at June 30, 2025 and December 31, 2024 are summarized as follows:


	June 30, 2025		December 31, 2024
	(In thousands)
Non-interest bearing deposits	$	25,161	$	26,001
NOW and demand accounts	431,485		369,554
Savings	228,897		240,426
Time deposits	730,778		707,339
Total	$	1,416,321	$	1,343,320

Money market accounts are included within the NOW and demand accounts and savings captions. Included in time deposits are brokered deposits totaling $225.0 million at June 30, 2025 and $155.0 million at December 31, 2024.

Time deposits mature as follows for the years ending December 31:


	(In thousands)
Remainder of 2025	$	602,695
2026	119,778
2027	3,701
2028	2,451
2029	1,054
2030	1,099
	$	730,778

Blue Foundry Bancorp 10-Q