# EDGAR Filing Document

**Accession Number:** 0001846017
**File Stem:** 0001628280-25-033269
**Filing Date:** 2025-6
**Character Count:** 36027
**Document Hash:** cfdade5e4bc2247527532f42afa78db1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-033269.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001628280-25-033269

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blue Foundry Bancorp
- **CENTRAL INDEX KEY:** 0001846017
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 862831373
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40619
- **FILM NUMBER:** 251085190

**BUSINESS ADDRESS:**
- **STREET 1:** 19 PARK AVENUE
- **CITY:** RUTHERFORD
- **STATE:** NJ
- **ZIP:** 07070
- **BUSINESS PHONE:** 201-939-6600

**MAIL ADDRESS:**
- **STREET 1:** 19 PARK AVENUE
- **CITY:** RUTHERFORD
- **STATE:** NJ
- **ZIP:** 07070

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 11-K**

**FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS**

**AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

[X]&nbsp;&nbsp;&nbsp;&nbsp;ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the fiscal year ended <u>December 31, 2024</u>

**OR**

[ ]&nbsp;&nbsp;&nbsp;&nbsp;TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from _______________ to _______________

**Commission File Number <u>001-40619</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

Blue Foundry Bank 401(k) Plan

B: Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Blue Foundry Bancorp

19 Park Avenue

Rutherford, New Jersey 07070

------

**Blue Foundry Bank 401(k) Plan**

**Table of Contents** 

**December 31, 2024**

---

| | |
|:---|:---|
| | <u>Page</u> |
| Report of Independent Registered Public Accounting Firm | <u>[1](#i19466789331e4c958768ddd71bf2b81b_13)</u> |
| Financial Statements |  |
| &nbsp;&nbsp;&nbsp;Statements of Net Assets Available for Benefits at December 31, 2024 and December 31, 2023 | <u>[3](#i19466789331e4c958768ddd71bf2b81b_19)</u> |
| &nbsp;&nbsp;&nbsp;Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2024 | <u>[4](#i19466789331e4c958768ddd71bf2b81b_22)</u> |
| &nbsp;&nbsp;&nbsp;Notes to the Financial Statements | <u>[5](#i19466789331e4c958768ddd71bf2b81b_25)</u> |
| Supplemental Information |  |
| &nbsp;&nbsp;&nbsp;Schedule H, Line 4(i) – Schedule of Assets (Held at End of Year) at December 31, 2024 | <u>[12](#i19466789331e4c958768ddd71bf2b81b_55)</u> |
| Index to Exhibit | <u>[13](#i19466789331e4c958768ddd71bf2b81b_58)</u> |
| Signatures | <u>[14](#i19466789331e4c958768ddd71bf2b81b_61)</u> |
| Exhibit 23.1- Consent of Independent Registered Public Accounting Firm |  |

---

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

The Plan Administrator and Participants

Blue Foundry Bank 401(k) Plan

Rutherford, New Jersey

**Opinion on the Financial Statements**

We have audited the accompanying statements of net assets available for benefits of the Blue Foundry Bank 401(k) Plan (the "Plan") as of December 31, 2024 and 2023, and the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by the Plan's management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

------

**Supplemental Information**

The accompanying supplemental Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2024 has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

We have served as the Plan's auditor since 2022.

/s/ PKF O'Connor Davies, LLP

Harrison, New York

June 27, 2025

PCAOB ID No. 127

------

**Blue Foundry Bank 401(k) Plan**

**Statements of Net Assets Available for Benefits**

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2024** | **2023** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds | $13652009 | $11534269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Foundry Bancorp Common Stock Fund | 1980445 | 2097712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common/collective trust | 2643383 | 2555614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | 18275837 | 16187595 |
| &nbsp;&nbsp;&nbsp;Receivables |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes receivable from participants | 390319 | 362775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Receivables | 390319 | 362775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 18666156 | 16550370 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities |  |  |
| Net assets available for benefits | $18666156 | $16550370 |

---

See accompanying notes to financial statements.

------

**Blue Foundry Bank 401(k) Plan**

**Statement of Changes in Net Assets Available for Benefits** 

**Year Ended December 31, 2024**

---

| | |
|:---|:---|
| **Additions** | |
| &nbsp;&nbsp;&nbsp;Investment income |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net appreciation in fair value of investments | $1998427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend income | 250971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 2249398 |
| &nbsp;&nbsp;&nbsp;Contributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participants | 1207022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employer | 766344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollovers | 196314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total contributions | 2169680 |
| &nbsp;&nbsp;&nbsp;Interest income on notes receivable from participants | 27578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total additions | 4446656 |
| **Deductions** |  |
| &nbsp;&nbsp;&nbsp;Benefits paid to participants | 2264751 |
| &nbsp;&nbsp;&nbsp;Deemed distributions | 12300 |
| &nbsp;&nbsp;&nbsp;Administrative expenses | 53819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deductions | 2330870 |
| Net increase in net assets available for benefits | 2115786 |
| Net assets available for benefits, beginning of the year | 16550370 |
| Net assets available for benefits, end of the year | $18666156 |

---

See accompanying notes to financial statements.

------

**Blue Foundry Bank 401(k) Plan**

**Notes to Financial Statements**

**December 31, 2024**

**(1) Plan Description**

**(a) *General***

Blue Foundry Bank ("the Bank") adopted the Blue Foundry Bank 401(k) Plan ("the Plan") effective as of May 1, 1994. The Plan was part of the Pentegra Defined Contribution Plan for Financial Institutions, a multiple employer plan. In connection with the Blue Foundry, MHC, the mutual holding company of the Bank, mutual to stock conversion and related stock offering of the newly formed holding company ("Blue Foundry Bancorp"), the Plan was amended and restated to a single employer plan effective April 1, 2021 to allow active participants in the Plan to make an election to purchase participation interests in shares of Blue Foundry Bancorp common stock through the Plan. Active participants in the Plan could direct the trustee of the Plan to invest up to 50% of their Plan account in Blue Foundry Bancorp common stock at the time of the stock offering. The mutual to stock conversion and related stock offering was completed on July 15, 2021.

The Plan purchased 241,512 shares of Blue Foundry Bancorp common stock based on designated percentages provided by employees. The purchased shares of Blue Foundry Bancorp common stock are reflected in the Blue Foundry Bancorp Stock Fund, with each share initially valued at $10.00. At December 31, 2024, the Blue Foundry Bancorp Stock Fund held 201,880 shares of Blue Foundry Bancorp common stock valued at a quoted market price of $1,980,445 ($9.81 per share). At December 31, 2023, the Blue Foundry Bancorp Stock Fund held 216,930 shares of Blue Foundry Bancorp common stock valued at a quoted market price of $2,097,712 ($9.67 per share).

The Plan is a voluntary, participant-directed defined-contribution 401(k) plan as defined under the Internal Revenue Code ("IRC") sponsored by the Bank. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). The following description of the Plan provides only general information. Eligible employees who participate in the Plan should refer to the Plan Document for a more complete description of the Plan's provisions.

Pentegra Trust Company (the "Trustee") is the Plan's trustee. The Plan offers participants choices between a diverse group of investment funds. The record keeper for the Plan is Empower Retirement and the custodian is Empower Trust Company, LLC.

**(b) *Eligibility***

Generally, an employee of the Bank is eligible to participate on the first of the month following the date eligibility requirements are satisfied. All employees who have attained the age of 18, except employees classified as "Flex Staff Employees", are eligible to participate in the Plan. Employees of the Bank may be eligible to receive a discretionary profit sharing contribution after one year of service, as defined, providing they worked at least 1,000 hours during such plan year and attained age 18. Participants who do not have at least 1,000 hours of service during such plan year or are not employed on the last working day of a plan year are generally not eligible for a profit sharing contribution for such year. The "Plan Year" is January 1 to December 31.

------

**Blue Foundry Bank 401(k) Plan**

**Notes to Financial Statements**

**December 31, 2024**

**(c) *Participant Contributions***

Participants are entitled to contribute to the Plan between 0% to 100%, subject to certain IRC limitations, of their eligible compensation, as defined in the Plan. Contributions can be made on a pre-tax basis or after-tax (Roth) basis. The limit on employee elective deferrals for 2024 is $23,000. Upon meeting the eligibility requirements, participants are automatically enrolled in the Plan at a pre-tax deferral rate of 3% of eligible compensation, as defined, with annual increases of 1% up to a maximum rate of 6% of their eligible compensation, unless the participant elects otherwise. A participant may make "catch-up" contributions, up to the maximum amount allowed by the IRC, if the maximum annual amount of regular contributions is made and the participant is age 50 or older. The maximum allowable catch-up contribution for 2024 was $7,500. Employee contributions are funded through biweekly payroll deductions.

Contributions are invested based on participant direction. If the participant has not provided investment directions, contributions will be invested in accordance with the default investment alternatives established under the Plan. Participants may elect to divide their contributions or initiate a transfer among the investment options offered by the Plan, subject to certain restrictions. An eligible participant may elect to suspend or resume his or her contributions, subject to the Plan's notice requirements. Changes requested by participants are implemented as soon as administratively practicable, in accordance with the Plan Document.

**(d) *Bank Contributions***

The Bank contributes safe harbor matching contributions to the Plan equal to 100% of a participant's deferrals that do not exceed 4% of their eligible compensation and 50% of their deferrals that exceed 4% but not 6% of their eligible compensation, for a maximum Bank match of 5.0%. The Bank may make discretionary profit sharing contributions under the Plan. For the Plan year ended December 31, 2024, there was no profit sharing contribution made to the Plan. Bank matching contributions are determined and funded biweekly. The Bank's matching contribution totaled $766,344 for 2024.

**(e) *Participant Accounts***

Individual accounts are established for each participant. Each participant's account is credited with the participant's contributions, and allocations of (a) the Bank's contributions and (b) Plan earnings (losses) thereon. Allocations are based on participant earnings, account balances, or specific participant transactions, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participants' vested account. The participant's account is reduced by withdrawals, losses on investments and any administrative expenses.

**(f) *Participant Rollovers***

The Plan permits participants to have their interests in other qualified plans rolled over to the Plan or to make rollover contributions into the Plan from a conduit individual retirement account, which holds amounts attributable solely to a rollover from another qualified plan. In addition, the Plan permits for direct transfer of participant accounts for employees in businesses that were acquired by the Bank. Such transfers or rollovers to the Plan may only be made with the approval of the Plan administrator and do not affect any other contributions made by or on behalf of a participant. Rollovers into the Plan amounted to $196,314 for 2024.

------

**Blue Foundry Bank 401(k) Plan**

**Notes to Financial Statements**

**December 31, 2024**

**(g) *Vesting***

Participants are 100% vested immediately in their contributions, qualified safe harbor contributions and the earnings or losses thereon. Bank matching contributions made prior to April 1, 2021 and earnings or losses thereon vest 25% after one year of service, 50% after two years of service, and 100% after three years of service. Bank discretionary profit sharing contributions and earnings or losses thereon vest 100% after three years of credited service.

Participants shall become 100% vested if he or she terminates employment on or after he or she attains normal retirement age, as defined as age 65, or as a result of his or her death or disability. In addition, in the event of Plan termination or partial termination as defined under ERISA, as well as a rollover into a new Plan, participants shall become 100% vested.

***(h) Notes Receivable from Participants***

Upon application by a participant, the Plan administrator may direct that a loan be made from the participant's account. Participants can borrow from their account a minimum amount of $1,000 up to the lesser of fifty percent (50%) of the value of the participant's vested account or $50,000 reduced by the largest outstanding loan balance during the past 12 months. Loans are secured by the balance in the participant's account. General purpose loans must be repaid within five years and loans for the purchase of a principal residence may be longer. Upon termination from service, a participant has the option to continue to make loan payments directly to the Trustee. If the participant does not continue to make payments on the loan, the loan will default per the Internal Revenue Service (the "IRS") regulations and will become a deemed distribution.

The interest rate on loans to participants is fixed for the term of the receivable at the prime rate when the loan is executed plus 1%.

Principal and interest are paid ratably through biweekly payroll deductions.

***(i) Payment of Benefits***

Upon termination of employment including termination of service due to death, disability or retirement, participants may elect to receive distribution of their vested account balances, as a single lump sum distribution, installment payments over a period of not more than their assumed life expectancy or partial withdrawals, except to the extent their vested account balance, including "rollover" contributions, as of the date of termination is less than $5,000; in which case their vested interest in the Plan is distributed in a lump sum. A participant is able to leave their account with the Plan and defer commencement of receipt of their vested balance until April 1 of the calendar year following the calendar year in which they attain age 73, except to the extent that their vested account balance, including "rollover" contributions, as of the date of termination is in excess of $5,000; otherwise, their vested interest in the Plan is distributed in a lump sum.

During employment, a participant may make withdrawals of amounts applicable to employee and vested employer contributions, subject to certain restrictions, as defined. Participants are entitled to withdraw funds upon attaining age 59 1/2 or for financial hardship before that age.

------

**Blue Foundry Bank 401(k) Plan**

**Notes to Financial Statements**

**December 31, 2024**

***(j) Forfeitures***

Participants who terminate employment prior to becoming 100% vested forfeit any non-vested Bank contributions. Forfeitures are retained in the Plan and may be used to pay Plan expenses, reduce Bank contributions payable under the Plan or be reallocated to participants as though they are additional Bank contributions. At December 31, 2024 and 2023 there was no balance in forfeited non-vested accounts. For the year ending December 31, 2024, no forfeitures were used to reduce administrative expenses or Bank contributions and none were allocated to participants.

**(2) Summary of Significant Accounting Policies**

**(a) *Basis of Presentation***

The accompanying financial statements of the Plan have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), using the accrual method of accounting.

**(b) *Use of Estimates***

The preparation of financial statements in conformity with GAAP requires the Plan management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Accordingly, actual results may differ from those estimates.

**(c) *Risks and Uncertainties***

Participants may direct their contributions in any of the investment options offered by the Plan. The Plan may invest in various types of investment securities that are exposed to various risks, such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported in the financial statements.

**(d) *Valuation of Investments and Income Recognition***

Investment funds are stated at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Purchases and sales of investments are recorded on a trade date basis, and interest income is recorded when earned on the accrual basis. Dividend income is recorded on the ex-dividend date. Net appreciation or depreciation in fair value of investments includes the Plan's gains and losses on investments bought and sold as well as held during the year.

**(e) *Notes Receivable from Participants***

Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. If a loan is not repaid, it will be reclassified as a distribution based upon the terms of the Plan Document. Therefore, no allowance for credit losses was recorded as of December 31, 2024 and 2023.

**(f) *Benefit Payments***

Benefits are recorded upon distribution.

------

**Blue Foundry Bank 401(k) Plan**

**Notes to Financial Statements**

**December 31, 2024**

**(3) Fair Value Measurements**

Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 820, "*Fair Value Measurement",* establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

The three levels of the fair value hierarchy are described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Level 1 - Valuation is based upon quoted prices for identical instruments traded in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Level 2 - Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are inactive, and model based valuation techniques for which all significant assumptions are observable in the market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Level 3 - Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models and similar techniques. The results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset or liability.

The following is a description of the valuation methodologies used for assets measured at fair value at year end.

*Mutual funds:* Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value ("NAV") and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.

*Common/Collective Trust*: Valued by the trustee using the NAV of the common/collective trust times the number of units held by the Plan. The NAV is used as a practical expedient to estimate fair value and is based on the fair value of the underlying assets held by the fund less its liabilities. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV. There are no unfunded commitments or significant restrictions on redemptions. The Plan may redeem its investment on a daily and immediate basis.

*Blue Foundry Bancorp Common Stock Fund:* Shares of Blue Foundry Bancorp, Inc. common stock are traded on the NASDAQ securities exchange under the symbol "BLFY" and are valued at the last reported sales price on the last trading day of the Plan year.

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**Blue Foundry Bank 401(k) Plan**

**Notes to Financial Statements**

**December 31, 2024**

The following tables represents the Plan's fair value hierarchy for its investments measured at fair value on a recurring basis as of December 31, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <u>December 31, 2024</u> | Level 1 | Level 2 | Level 3 | Total Investments |
| Mutual funds | $13652009 | $— | $— | $13652009 |
| Blue Foundry Bancorp Common Stock Fund | 1980445 |  |  | 1980445 |
| &nbsp;&nbsp;Total investments at fair value | 15632454 |  |  | 15632454 |
| Common collective trust, measured at NAV (1) |  |  |  | 2643383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total fair value investments | $15632454 | $— | $— | $18275837 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <u>December 31, 2023</u> | Level 1 | Level 2 | Level 3 | Total Investments |
| Mutual funds | $11534269 |  |  | $11534269 |
| Blue Foundry Bancorp Common Stock Fund | 2097712 |  |  | 2097712 |
| &nbsp;&nbsp;Total investments at fair value | 13631981 |  |  | 13631981 |
| Common collective trust, measured at NAV (1) |  |  |  | 2555614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total fair value investments | $13631981 | $— | $— | $16187595 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Excluded from the fair value hierarchy as it is valued using the net asset value.

**(4) Plan Expenses**

Expenses associated with administering the Plan are generally paid by the Bank. Expenses with respect to participants' accounts are charged to such accounts. Investment-related expenses are included in net appreciation in fair value of investments.

**(5) Plan Termination**

The Plan has no termination date, and it is the Bank's intention to continue the Plan indefinitely. Although it has not expressed any intent to do so, the Bank has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination or a partial termination as defined under ERISA, participants would become 100% vested in Bank contributions.

**(6) Federal Income Taxes**

The IRS has determined and informed the volume submitter plan document preparer by a letter dated June 30, 2020, that the Plan was designed in accordance with the applicable regulations of the IRC.

GAAP requires the Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan's management has analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2024, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements.

The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

------

**Blue Foundry Bank 401(k) Plan**

**Notes to Financial Statements**

**December 31, 2024**

**(7) Parties-In-Interest Transactions**

Certain administrative functions are performed by officers or employees of the Bank. No such officer or employee receives compensation from the Plan.

Certain Plan investments are shares of common stock issued by Blue Foundry Bancorp, Inc. The Bank is the Plan sponsor, as defined by the Plan, therefore these transactions qualify as exempt party-in-interest transactions.

Participants who are active employees may borrow from their accounts and such loans qualify as exempt party-in-interest transactions under ERISA. These loans are recorded as notes receivable from participants in the statement of net assets available for benefits.

**(8) Investment Concentration** 

The following investments represent 10% or more of the Plan's net assets available for benefits at December 31, 2024 and 2023.

---

| | | |
|:---|:---|:---|
| | December 31, | December 31, |
| | 2024 | 2023 |
| Reliance MetLife Stable Value Fund | $2643383 | $2555614 |
| Vanguard 500 Index Admiral | 2382140 | 1866008 |
| Vanguard Growth Index Adm | 3254475 | 2616689 |
| Blue Foundry Bancorp Stock | 1980445 | 2097712 |

---

**(9) Subsequent Events**

The Bank has evaluated events subsequent to the date of the statement of net assets available for benefits and determined there have not been any other events that have occurred that would require adjustment to or disclosure in the financial statements.

------

**Blue Foundry Bank 401(k) Plan**

**Schedule H, Line 4i – Schedule of Assets (Held at End of Year)**

**EIN: 22-0780922; Plan # 003**

**December 31, 2024**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| \*(a) | (b) Identity of issue, borrower, lessor or similar party | (c)Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value | (c)Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value | (d) Cost\*\* | (e) Current Value |
| \*(a) | (b) Identity of issue, borrower, lessor or similar party | (c)Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value | (c)Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value | (d) Cost\*\* | (e) Current Value |
| \*(a) | (b) Identity of issue, borrower, lessor or similar party | (c)Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value | (c)Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value | (d) Cost\*\* | (e) Current Value |
| \*(a) | (b) Identity of issue, borrower, lessor or similar party | (c)Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value | (c)Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value | (d) Cost\*\* | (e) Current Value |
|  | **Common/Collective Trust** |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Reliance MetLife Stable Value Fund | 13109 | units | \*\* | $2643383 |
|  | **Mutual funds** |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Dodge & Cox Income X | 32214 | shares | \*\* | 399133 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Vanguard 500 Index Admiral | 4389 | shares | \*\* | 2382140 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Growth Index Adm | 15408 | shares | \*\* | 3254475 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Mid Cap Index Fund - Admiral | 1858 | shares | \*\* | 607235 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Small Cap Index Adm | 5204 | shares | \*\* | 599273 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Value Index Adm | 10056 | shares | \*\* | 664095 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Total Intl Stock Index Admiral | 9565 | shares | \*\* | 303107 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Real Estate Index Admiral | 589 | shares | \*\* | 74374 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Blackrock Lifepath Index Retirement K | 84035 | shares | \*\* | 1156328 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Blackrock Lifepath Index 2030 K | 59845 | shares | \*\* | 1021554 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Blackrock Lifepath Index 2035 K | 51012 | shares | \*\* | 962604 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Blackrock Lifepath Index 2040 K | 36658 | shares | \*\* | 749283 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Blackrock Lifepath Index 2045 K | 22762 | shares | \*\* | 505549 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Blackrock Lifepath Index 2050 K | 11591 | shares | \*\* | 269372 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Blackrock Lifepath Index 2055 K | 10051 | shares | \*\* | 242031 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Blackrock LifePath Index 2060 K | 15267 | shares | \*\* | 329311 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Blackrock LifePath Index 2065 K | 8705 | shares | \*\* | 132145 |
|  | Total mutual funds |  |  |  | 13652009 |
| \* | Blue Foundry Bancorp Stock Fund | 201880 | shares | \*\* | 1980445 |
| \* | Notes Receivable from Participants | Interest rates range from 4.25% to 9.50%, maturing through 2032. | Interest rates range from 4.25% to 9.50%, maturing through 2032. | Interest rates range from 4.25% to 9.50%, maturing through 2032. | 390319 |
|  |  |  |  |  | $18666156 |
| \* | Represents a party-in-interest as defined by ERISA |  |  |  |  |
| \*\* | Cost omitted for participant directed investments |  |  |  |  |

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See Report of Independent Registered Public Accounting Firm

------

**Blue Foundry Bank 401(k) Plan**

**Index to Exhibits**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 23.1 | <u>[Consent of Independent Registered Public Accounting Firm](a231consentofindependentre.htm)</u> |

---

------

SIGNATURES

*The Plan.* Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan Administrator (or other persons who administer the employee benefit plan) has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| | **BLUE FOUNDRY BANK 401(k) PLAN** |
| By: | /s/ Acela Roselle |
|  | Acela Roselle |
|  | EVP, Human Resources Director |
| By: | /s/ Kelly Pecoraro |
|  | Kelly Pecoraro |
|  | EVP, Chief Financial Officer |

---

Date: June 27, 2025

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Blue Foundry Bank 401(k) Plan

Rutherford, New Jersey

We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 333-254079) of Blue Foundry Bancorp of our report dated June 27, 2025, relating to the financial statements and supplemental schedule of the Blue Foundry Bank 401(k) Plan, which appears in this Annual Report on Form 11-K.

/s/ PKF O'Connor Davies LLP

Harrison, New York

June 27, 2025

<br>