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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 Reports Third Quarter 2021 Results RUTHERFORD , NJ , --October 22 , 2021-- Blue Foundry Bancorp ( NASDAQ : BLFY ) ( the “ Company ” ) , the holding company for Blue Foundry Bank ( the " Bank " ) , today reported a net loss of $ 14.97 million , or $ 0.68 per diluted common share , for the three months ended September 30 , 2021 compared to a net loss of $ 1.7 million for the three months ended September 30 , 2020 , and a net loss of $ 16.7 million for the nine months ended September 30 , 2021 , compared to a net loss of $ 29.7 million for the nine months ended September 30 , 2020 . Third quarter results include one - time pre - tax expenses of $ 19.6 million related to a withdrawal from the Company's pension of $ 9.2 million , a contribution to the newly formed Blue Foundry Charitable Foundation , Inc. of $ 9.0 million , and the prepayment of Federal Home Loan Bank of New York borrowings of $ 1.4 million . Adjusted pre - provision net revenue for the three months ended September 30 , 2021 was a loss of $ 647 thousand compared to a loss of $ 1.9 million for the three months ended September 30 , 2020 , and a loss of $ 4.7 million for the nine months ended September 30 , 2021 , compared to a net loss of $ 4.4 million for the nine months ended September 30 , 2020 . Total assets increased $ 81.8 million , or 4.2 % , to $ 2.02 billion at September 30 , 2021 from $ 1.94 billion at December 31 , 2020 . 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. Shares of the Company's common stock began trading on July 16 , 2021 on the Nasdaq Global Select Market under the trading symbol " BLFY . " James Nesci , President and Chief Executive Officer , commented : “ During our first quarter as a public entity , Blue Foundry has executed initiatives to ensure the long term stability and eventual profitability of the Company . We are excited for our future as a public company and will continue to leverage our capital to grow our core businesses , invest in our infrastructure , and differentiate our brand . " Balance Sheet Summary : Cash and cash equivalents . Cash and cash equivalents increased $ 7.9 million to $ 324.3 million at September 30 , 2021 from $ 316.4 million at December 31 , 2020 . Gross Loans . Gross loans held for investment decreased $ 29.2 million , or 2.28 % , to $ 1.25 billion at September 30 , 2021 from $ 1.28 billion at December 31 , 2020 . The most significant drivers were net increases in Multifamily loans exceeded by net payoffs and amortization in Residential One - to - Four Family and construction loans as well as the ongoing forgiveness programs within the Commercial & Industrial portfolio attributable to loans made pursuant to the Paycheck Protection Program . For the nine months ended September 30 , 2021 , there were $ 161.5 million in originations of Multifamily loans partially offset by $ 77.5 million of payoffs and amortization , and $ 43.9 million of originations in Commercial & Industrial ( PPP loans ) more than offset by $ 53.7 million in payoffs / forgiveness and amortization . The decrease in One - to - Four Family loans was primarily driven by $ 139.0 million in payoffs and amortization , partially offset by $ 49.6 million of production , including $ 28.7 million in whole loan purchases . 1