FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2025

The following table summarizes the fair value of assets and liabilities as of June 30, 2025:


			Fair Value Measurements at June 30, 2025, 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 notes	$	45,313	$	45,313	$	—	$	—
Corporate bonds	65,452		—		65,452		—
U.S. Government agency obligations	699		699		—		—
Obligations issued by U.S. states and their political subdivisions	6,031		—		6,031		—
Mortgage-backed securities:
Residential	144,174		—		144,174		—
Multifamily	18,628		—		18,628		—
Asset-backed securities	3,942		—		3,942		—
Total securities available-for-sale	284,239		46,012		238,227		—
Derivatives (included in other assets)	4,929		—		4,929		—

Total financial assets measured on a recurring basis	$	289,168	$	46,012	$	243,156	$	—
Financial liabilities
Derivatives (included in other liabilities)	$	1,917	$	—	$	1,917	$	—

The following table summarizes the fair value of assets and liabilities as of December 31, 2024:


			Fair Value Measurements at December 31, 2024, 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 notes	$	40,139	$	40,139	$	—	$	—
Corporate bonds	73,154		—		73,154		—
U.S. Government agency obligations	812		812		—		—
Obligations issued by U.S. states and their political subdivisions	6,024		—		6,024		—
Mortgage-backed securities:
Residential	149,041		—		149,041		—
Multifamily	18,743		—		18,743		—
Asset-backed securities	9,115		—		9,115		—
Total securities available-for-sale	297,028		40,951		256,077		—
Derivatives (included in other assets)	8,817		—		8,817		—
Total financial assets measured on a recurring basis	$	305,845	$	40,951	$	264,894	$	—
Financial liabilities
Derivatives (included in other liabilities)	$	453	$	—	$	453	$	—

The carrying amounts and fair value of financial instruments not carried at fair value, at June 30, 2025 and December 31, 2024, are as follows:


			Fair Value Measurements at June 30, 2025, 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)
Measured on a non-recurring basis:
Financial assets
Securities held-to-maturity:

Corporate bonds	$	18,600	$	—	$	16,721	$	—




Asset-backed securities	10,552		—		9,888		—
Securities held-to-maturity	29,152		—		26,609		—
Loans, net	1,659,732		—		—		1,584,772
Financial liabilities
Time deposits	730,778		—		728,847		—
FHLB advances	343,000		—		343,286		—
			Fair Value Measurements at December 31, 2024, 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)
Measured on a non-recurring basis:
Financial assets
Securities held-to-maturity:

Corporate bonds	$	18,600	$	—	$	16,414	$	—




Asset-backed securities	14,574		—		13,581		—
Securities held-to-maturity	33,174		—		29,995		—
Loans, net	1,570,517		—		—		1,468,929
Financial liabilities
Time deposits	707,339		—		705,514		—
FHLB advances	339,500		—		340,131		—

Blue Foundry Bancorp 10-Q