Blue Foundry Bancorp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Blue Foundry Bancorp has submitted its annual 10-K filing for the fiscal year ended December 31, 2023.</b>

AI Summary

Blue Foundry Bancorp (BLFY) filed a Annual Report (10-K) with the SEC on March 27, 2024. Blue Foundry Bancorp filed its 2023 Form 10-K on March 27, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 19 Park Avenue, Rutherford, NJ 07070. The company operates in the Savings Institutions, Not Federally Chartered sector (SIC 6036). The filing includes financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking Blue Foundry Bancorp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Blue Foundry Bancorp's financial performance and business operations for the fiscal year 2023, which is crucial for investors to assess the company's health and future prospects. The detailed financial statements and risk factors within the report are essential for stakeholders to understand the company's financial position, profitability, and potential challenges in the savings institution sector.

Risk Assessment

Risk Level: medium — Blue Foundry Bancorp shows moderate risk based on this filing. The company operates in the savings institutions sector, which is subject to significant regulatory oversight and market fluctuations, as indicated by its SIC code and the nature of a 10-K filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Blue Foundry Bancorp's performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the 10-K filing)
• 2024-03-27 — Filing Date (Date the 10-K was filed with the SEC)
• 0001846017 — Central Index Key (Unique identifier for the filer)
• 6036 — Standard Industrial Classification (Industry classification for savings institutions)

Key Players & Entities

• Blue Foundry Bancorp (company) — Filer name
• 19 Park Avenue, Rutherford, NJ 07070 (company) — Business address
• 201-939-6600 (company) — Business phone
• 2023-12-31 (date) — Fiscal year end
• 2024-03-27 (date) — Filing date

FAQ

Industry Context

Blue Foundry Bancorp operates as a savings institution, a type of financial institution primarily engaged in accepting savings deposits and making loans. This sector is characterized by its role in community lending and mortgage financing.

Regulatory Implications

As a savings institution, Blue Foundry Bancorp is subject to regulations from federal and state authorities governing financial institutions, including capital requirements, lending practices, and consumer protection laws.

What Investors Should Do

1. Review the financial statements within the 10-K for detailed revenue, net income, and balance sheet information.
2. Analyze the risk factors section to understand potential challenges and uncertainties facing Blue Foundry Bancorp.
3. Compare key financial metrics from this 10-K with previous filings to identify trends and performance changes.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-27: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is the 2023 Form 10-K, providing the latest annual financial and operational data for Blue Foundry Bancorp.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value BLFY The NASDAQ Stock Market
• $10 — ar value $0.01 per share, at a price of $10 per share, for gross proceeds of $277.7
• $277.7 million — of $10 per share, for gross proceeds of $277.7 million. The Company also contributed 750,000 s
• $1.5 million — uted 750,000 shares of common stock and $1.5 million in cash to Blue Foundry Charitable Foun
• $2.04 b — cember 31, 2023, the Bank had assets of $2.04 billion, net loans of $1.55 billion and d
• $1.55 billion — d assets of $2.04 billion, net loans of $1.55 billion and deposits of $1.24 billion. Blue Fo
• $1.24 billion — loans of $1.55 billion and deposits of $1.24 billion. Blue Foundry Bank's principal busines
• $550.9 m — y residential real estate loans totaled $550.9 million, or 35.3% of our total loan portf
• $356.8 million — total loan portfolio, and consisted of $356.8 million of fixed-rate loans and $194.1 million
• $194.1 million — $356.8 million of fixed-rate loans and $194.1 million of adjustable-rate loans. We offer fix
• $3.0 m — orming limits up to a maximum amount of $3.0 million, which are referred to as "jumbo
• $3.7 m — to-four family residential loan totaled $3.7 million, is secured by single family home
• $682.6 million — ly Loans . At December 31, 2023, we had $682.6 million in multifamily loans, representing 43.7
• $109 million — 31, 2023, the Company has approximately $109 million in New York multifamily loans that have
• $23.3 million — 3, our largest multifamily loan totaled $23.3 million and was performing in accordance with i

Filing Documents

• blue-20231231.htm (10-K) — 3327KB
• exhibit31certificateofinco.htm (EX-3.1) — 48KB
• a2023exhibit21subsidiaries.htm (EX-21) — 8KB
• a2023ex231consentofkpmgllp.htm (EX-23.1) — 2KB
• a2023ex311cert-sox302ceo.htm (EX-31.1) — 10KB
• a2023ex312cert-sox302cfo.htm (EX-31.2) — 10KB
• a2023ex321cert-sox906ceocfo.htm (EX-32.1) — 8KB
• a2023ex97clawbackpolicy.htm (EX-97) — 28KB
• 0001628280-24-013330.txt (&nbsp;) — 18886KB
• blue-20231231.xsd (EX-101.SCH) — 91KB
• blue-20231231_cal.xml (EX-101.CAL) — 187KB
• blue-20231231_def.xml (EX-101.DEF) — 601KB
• blue-20231231_lab.xml (EX-101.LAB) — 1257KB
• blue-20231231_pre.xml (EX-101.PRE) — 1027KB
• blue-20231231_htm.xml (XML) — 3847KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 30 Item 1B. Unresolved Staff Comments 42 Item 1C. Cybersecurity Item 2.

Properties

Properties 43 Item 3.

Legal Proceedings

Legal Proceedings 43 Item 4. Mine Safety Disclosures 43 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 44 Item 6. Reserved 44 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 45 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 52 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 55 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosures 106 Item 9A.

Controls and Procedures

Controls and Procedures 107 Item 9B. Other Information 107 Item 9C. Disclosure Regarding Foreign Jurisdiction that Prevent Inspections 107 Part III Item 10. Directors, Executive Officers and Corporate Governance 108 Item 11.

Executive Compensation

Executive Compensation 108 Item 12.

Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters 108 Item 13. Certain Relationships and Related Transactions, and Director Independence 108 Item 14. Principal Accounting Fees and Services 108 Part IV Item 15. Exhibits, Financial Statement Schedules 109 Item 16. Form 10-K Summary 110

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements, which can be identified by the use of words such as "estimate," "project," "believe," "intend," "anticipate," "plan," "seek," "expect" and words of similar meaning. These forward-looking statements include, but are not limited to: estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of the Annual Report on Form 10-K. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: inflation and changes in the interest rate environment that reduce our margins and yields, or reduce the fair value of financial instruments or reduce the origination levels in our lending business, or increase the level of defaults, losses and prepayments on loans we have made and make whether held in portfolio or sold in the secondary markets; general economic conditions, either nationally or in our market areas, that are worse than expected; our ability to access cost-effective funding; our ability to meet applicable capital requirements; our ability to maintain liquidity, including the percentage of uninsured deposits in our portfolio; our ability t

BUSINESS

ITEM 1. BUSINESS Blue Foundry Bancorp Blue Foundry Bancorp (the "Company") is a Delaware corporation which became the holding company for Blue Foundry Bank (the "Bank") on July 15, 2021, following the completion of the mutual-to-stock conversion of Blue Foundry, MHC. In connection with the conversion, the Company sold 27,772,500 shares of common stock, par value $0.01 per share, 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. Shares of the Company's common stock began trading on July 16, 2021 on the Nasdaq Global Select Market under the trading symbol "BLFY." The Company owns all of the outstanding common stock of the Bank, and as such, is a bank holding company subject to regulation by the Federal Reserve Board. Blue Foundry Bank The Bank is a New Jersey-chartered stock savings bank that was organized in 1939 as Boiling Springs Savings & Loan Association by the combination of the Rutherford Mutual Loan and Building Association, which had been founded in 1876, and the East Rutherford Savings, Loan and Building Association. In 1992, Boiling Springs Savings & Loan Association converted to a New Jersey-chartered mutual savings bank and became known as Boiling Springs Savings Bank. Boiling Springs Savings Bank's name was changed to Blue Foundry Bank in 2019. At December 31, 2023, the Bank had assets of $2.04 billion, net loans of $1.55 billion and deposits of $1.24 billion. Blue Foundry Bank's principal business consists of originating one-to-four family residential, multifamily, and non-residential real estate mortgages, home equity loans and lines of credit, construction and commercial and industrial loans in our principal market and surrounding areas. In addition, we occasionally lend outside of our branch network in more densely populated and metropolitan areas, adding diversification to our loan portfolio. We attr

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View this 10-K filing on SEC EDGAR