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FOR IMMEDIATE RELEASE Contact : James D. Nesci President and Chief Executive Officer BlueFoundryBank.com jnesci@bluefoundrybank.com 201-972-8900 Exhibit 99.1 Blue Foundry Bancorp Blue Foundry Bancorp Reports Second Quarter 2021 Results RUTHERFORD , NJ , July 23 , 2021 – Blue Foundry Bancorp ( NASDAQ : BLFY ) ( the " Company " ) , the holding company for Blue Foundry Bank ( the " Bank " ) , today reported a net loss of $ 1.0 million for the three months ended June 30 , 2021 compared to a net loss of $ 16.7 million for the three months ended June 30 , 2020 , and a net loss of $ 1.7 million for the six months ended June 30 , 2021 compared to a net loss of $ 28.1 million for the six months ended June 30 , 2020. The improvement in net loss for those comparative periods was largely driven by a decrease in non - interest expenses , in particular the reclassification of certain properties into held - for - sale in the first quarter of 2020 and goodwill impairment recorded in the second quarter of 2020 . Total assets increased $ 634.3 million , or 32.65 % , to $ 2.58 billion at June 30 , 2021 from $ 1.94 billion at December 31 , 2020. The increase was primarily due to cash received in connection with the previously announced plan to convert to the stock holding company form of organization . On July 15 , 2021 , the Company announced that it had closed its stock offering in connection with the completion of the conversion of Blue Foundry , MHC into the stock holding company form of organization . The Company sold 27,772,500 shares of common stock at a price of $ 10.00 per share in its subscription offering . The Company also contributed 750,000 shares of common stock and $ 1.5 million in cash to the Blue Foundry Charitable Foundation . James Nesci , President and Chief Executive Officer commented : " We are delighted to have successfully converted from a mutual holding company to a stock holding company on July 15 , 2021. Over the recent past , we have made strategic investments in the infrastructure of Blue Foundry . As a public company , we intend to leverage our investments and grow our bank . The new capital we have received will allow us to fund new loans , refine existing products and services , expand our retail banking franchise , and continue to invest in the backbone of this organization , our people . Blue Foundry has a storied history serving the communities where we operate , and we are very eager for our future as a public institution . ” Balance Sheet Summary : Cash and cash equivalents . Cash and cash equivalents increased $ 608.7 million to $ 925.1 million at June 30 , 2021 from $ 316.4 million at December 31 , 2020. The increase was primarily due to cash received in connection with the conversion and related stock offering . Gross Loans . Gross loans held for investment decreased $ 25.3 million , or 1.98 % , to $ 1.25 billion at June 30 , 2021 from $ 1.28 billion at December 31 , 2020. The most significant drivers were net increases in Multifamily loans and Commercial & Industrial ( PPP ) loans originations exceeded by payoffs and amortization in Residential One - to - Four Family loans . For the six months ended June 30 , 2021 there were $ 91.3 million in originations of Multifamily loans partially offset by $ 40.3 million of payoffs and amortization , and $ 39.7 million of originations in Commercial & Industrial ( PPP loans ) partially offset by $ 28.2 million in payoffs and amortization . The decrease in One - to - Four Family loans was primarily driven by $ 12.2 million in originations exceeded by $ 97.6 million in payoffs and amortization . 1