Kearny Financial Corp
For the period ended Dec 31, 2023. Filed Feb 8, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2023 · Filed Feb 8, 2024
KRNY$9.28+0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Financial Statements
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In Thousands, Except Share and Per Share Data)
| December 31,2023 | June 30,2023 | |
|---|---|---|
| (Unaudited) | ||
| Assets | ||
| Cash and amounts due from depository institutions | $15,934 | $21,795 |
| Interest-bearing deposits in other banks | 57,926 | 48,720 |
| Cash and cash equivalents | 73,860 | 70,515 |
| Investment securities available for sale (amortized cost of $1,268,632 and $1,383,867, respectively) | 1,144,175 | 1,227,729 |
| Investment securities held to maturity (fair value of $127,877 and $131,169, respectively) | 141,959 | 146,465 |
| Loans held-for-sale | 14,030 | 9,591 |
| Loans receivable | 5,745,629 | 5,829,421 |
| Less: allowance for credit losses on loans | (44,867) | (48,734) |
| Net loans receivable | 5,700,762 | 5,780,687 |
| Premises and equipment | 45,928 | 48,309 |
| Federal Home Loan Bank (“FHLB”) of New York stock | 83,372 | 71,734 |
| Accrued interest receivable | 30,258 | 28,133 |
| Goodwill | 210,895 | 210,895 |
| Core deposit intangibles | 2,189 | 2,457 |
| Bank owned life insurance | 256,064 | 292,825 |
| Deferred income tax assets, net | 46,116 | 51,973 |
| Other real estate owned | 11,982 | 12,956 |
| Other assets | 136,242 | 110,546 |
| Total Assets | $7,897,832 | $8,064,815 |
| Liabilities and Stockholders' Equity | ||
| Liabilities | ||
| Deposits: | ||
| Non-interest-bearing | $584,130 | $609,999 |
| Interest-bearing | 4,735,500 | 5,019,184 |
| Total deposits | 5,319,630 | 5,629,183 |
| Borrowings | 1,667,055 | 1,506,812 |
| Advance payments by borrowers for taxes | 16,742 | 18,338 |
| Other liabilities | 46,427 | 41,198 |
| Total Liabilities | 7,049,854 | 7,195,531 |
| Stockholders' Equity | ||
| Preferred stock, $0.01 par value, 100,000,000 shares authorized; none issued and outstanding | — | — |
| Common stock, $0.01 par value; 800,000,000 shares authorized; 64,445,270 shares and 65,864,075 shares issued and outstanding, respectively | 645 | 659 |
| Paid-in capital | 493,297 | 503,332 |
| Retained earnings | 439,755 | 457,611 |
| Unearned employee stock ownership plan shares; 2,257,850 shares and 2,358,198 shares, respectively | (21,889) | (22,862) |
| Accumulated other comprehensive loss | (63,830) | (69,456) |
| Total Stockholders' Equity | 847,978 | 869,284 |
| Total Liabilities and Stockholders' Equity | $7,897,832 | $8,064,815 |
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CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(In Thousands, Except Per Share Data)
(Unaudited)
| Three Months EndedDecember 31, | Six Months EndedDecember 31, | |||
|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |
| Interest Income | ||||
| Loans | $63,384 | $57,996 | $126,153 | $110,931 |
| Taxable investment securities | 16,756 | 13,221 | 33,021 | 23,660 |
| Tax-exempt investment securities | 84 | 219 | 171 | 504 |
| Other interest-earning assets | 2,401 | 1,005 | 4,448 | 1,766 |
| Total Interest Income | 82,625 | 72,441 | 163,793 | 136,861 |
| Interest Expense | ||||
| Deposits | 30,340 | 18,822 | 57,907 | 29,691 |
| Borrowings | 16,446 | 8,836 | 30,887 | 13,856 |
| Total Interest Expense | 46,786 | 27,658 | 88,794 | 43,547 |
| Net Interest Income | 35,839 | 44,783 | 74,999 | 93,314 |
| Provision for credit losses | 2,105 | 1,671 | 2,350 | 2,341 |
| Net Interest Income after Provision for Credit Losses | 33,734 | 43,112 | 72,649 | 90,973 |
| Non-Interest Income | ||||
| Fees and service charges | 624 | 734 | 1,372 | 1,497 |
| Loss on sale and call of securities | (18,135) | (15,227) | (18,135) | (15,227) |
| Gain on sale of loans | 104 | 134 | 319 | 529 |
| Loss on write down of other real estate owned | (974) | — | (974) | — |
| Income from bank owned life insurance | 1,162 | 1,761 | 2,827 | 5,459 |
| Electronic banking fees and charges | 396 | 397 | 763 | 903 |
| Other income | 811 | 3,723 | 1,826 | 4,278 |
| Total Non-Interest Income | (16,012) | (8,478) | (12,002) | (2,561) |
| Non-Interest Expense | ||||
| Salaries and employee benefits | 17,282 | 19,921 | 35,043 | 40,269 |
| Net occupancy expense of premises | 2,674 | 2,987 | 5,432 | 6,077 |
| Equipment and systems | 3,814 | 3,867 | 7,615 | 7,529 |
| Advertising and marketing | 301 | 731 | 529 | 1,478 |
| Federal deposit insurance premium | 1,495 | 1,226 | 3,019 | 2,132 |
| Directors' compensation | 393 | 339 | 786 | 679 |
| Other expense | 3,808 | 3,579 | 7,117 | 6,474 |
| Total Non-Interest Expense | 29,767 | 32,650 | 59,541 | 64,638 |
| (Loss) Income before Income Taxes | (12,045) | 1,984 | 1,106 | 23,774 |
| Income tax expense | 1,782 | 33 | 5,091 | 5,288 |
| Net (Loss) Income | $(13,827) | $1,951 | $(3,985) | $18,486 |
| Net (Loss) Income per Common Share (EPS) | ||||
| Basic | $(0.22) | $0.03 | $(0.06) | $0.28 |
| Diluted | $(0.22) | $0.03 | $(0.06) | $0.28 |
| Weighted Average Number of Common Shares Outstanding | ||||
| Basic | 62,299 | 65,030 | 62,657 | 65,383 |
| Diluted | 62,299 | 65,038 | 62,657 | 65,393 |
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
| Three Months EndedDecember 31, | Six Months EndedDecember 31, | |||
|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |
| Net (Loss) Income | $(13,827) | $1,951 | $(3,985) | $18,486 |
| Other Comprehensive (Loss) Income, net of tax: | ||||
| Net unrealized gain (loss) on securities available for sale | 29,909 | 977 | 9,674 | (34,202) |
| Net realized loss on sale and call of securities available for sale | 12,876 | 10,811 | 12,876 | 10,811 |
| Fair value adjustments on derivatives | (20,129) | (4,465) | (16,836) | 10,125 |
| Benefit plan adjustments | (10) | (4) | (88) | (28) |
| Total Other Comprehensive Income (Loss) | 22,646 | 7,319 | 5,626 | (13,294) |
| Total Comprehensive Income | $8,819 | $9,270 | $1,641 | $5,192 |
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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(In Thousands, Except Per Share Data, Unaudited)
| Common Stock · Paid-In Capital · RetainedEarnings · UnearnedESOPShares · AccumulatedOtherComprehensive Loss · Total | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares · Amount | |||||||||||||
| Balance - September 30, 2022 | 67,938 | $680 | $520,245 | $454,710 | $(24,321) | $(76,340) | $874,974 | ||||||
| Net income | — | — | — | 1,951 | — | — | 1,951 | ||||||
| Other comprehensive income, net of income tax | — | — | — | — | — | 7,319 | 7,319 | ||||||
| ESOP shares committed to be released (50 shares) | — | — | 16 | — | 487 | — | 503 | ||||||
| Stock repurchases | (550) | (6) | (5,739) | — | — | — | (5,745) | ||||||
| Stock-based compensation expense | — | — | 810 | — | — | — | 810 | ||||||
| Cash dividends declared ($0.11 per common share) | — | — | — | (7,172) | — | — | (7,172) | ||||||
| Balance - December 31, 2022 | 67,388 | $674 | $515,332 | $449,489 | $(23,834) | $(69,021) | $872,640 | ||||||
| Common Stock · Paid-InCapital · RetainedEarnings · UnearnedESOPShares · AccumulatedOtherComprehensiveLoss · Total | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares · Amount | |||||||||||||
| Balance - June 30, 2022 | 68,666 | $687 | $528,396 | $445,451 | $(24,807) | $(55,727) | $894,000 | ||||||
| Net income | — | — | — | 18,486 | — | — | 18,486 | ||||||
| Other comprehensive loss, net of income tax | — | — | — | — | — | (13,294) | (13,294) | ||||||
| ESOP shares committed to be released (100 shares) | — | — | 106 | — | 973 | — | 1,079 | ||||||
| Stock repurchases | (1,310) | (14) | (14,424) | — | — | — | (14,438) | ||||||
| Issuance of stock under stock benefit plans | 61 | 1 | (1) | — | — | — | — | ||||||
| Stock-based compensation expense | — | — | 1,596 | — | — | — | 1,596 | ||||||
| Cancellation of shares issued for restricted stock awards | (29) | — | (341) | — | — | — | (341) | ||||||
| Cash dividends declared ($0.22 per common share) | — | — | — | (14,448) | — | — | (14,448) | ||||||
| Balance - December 31, 2022 | 67,388 | $674 | $515,332 | $449,489 | $(23,834) | $(69,021) | $872,640 | ||||||
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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Continued)
(In Thousands, Except Per Share Data, Unaudited)
| Common Stock · Paid-InCapital · RetainedEarnings · UnearnedESOP Shares · AccumulatedOtherComprehensiveLoss · Total | |||||||
|---|---|---|---|---|---|---|---|
| Shares · Amount | |||||||
| Balance - September 30, 2023 | 65,132 | $652 | $497,269 | $460,464 | $(22,375) | $(86,476) | $849,534 |
| Net loss | — | — | — | (13,827) | — | — | (13,827) |
| Other comprehensive income, net of income tax | — | — | — | — | — | 22,646 | 22,646 |
| ESOP shares committed to be released (50 shares) | — | — | (95) | — | 486 | — | 391 |
| Stock repurchases | (687) | (7) | (4,766) | — | — | — | (4,773) |
| Stock-based compensation expense | — | — | 889 | — | — | — | 889 |
| Cash dividends declared ($0.11 per common share) | — | — | — | (6,882) | — | — | (6,882) |
| Balance - December 31, 2023 | 64,445 | $645 | $493,297 | $439,755 | $(21,889) | $(63,830) | $847,978 |
| Common Stock · Paid-InCapital · RetainedEarnings · UnearnedESOPShares · AccumulatedOtherComprehensiveLoss · Total | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares · Amount | |||||||||||||
| Balance - June 30, 2023 | 65,864 | $659 | $503,332 | $457,611 | $(22,862) | $(69,456) | $869,284 | ||||||
| Net loss | — | — | — | (3,985) | — | — | (3,985) | ||||||
| Other comprehensive income, net of income tax | — | — | — | — | — | 5,626 | 5,626 | ||||||
| ESOP shares committed to be released (100 shares) | — | — | (202) | — | 973 | — | 771 | ||||||
| Stock repurchases | (1,505) | (15) | (11,225) | — | — | — | (11,240) | ||||||
| Issuance of stock under stock benefit plans | 133 | 1 | (1) | — | — | — | — | ||||||
| Stock-based compensation expense | — | — | 1,792 | — | — | — | 1,792 | ||||||
| Cancellation of shares issued for restricted stock awards | (47) | — | (399) | — | — | — | (399) | ||||||
| Cash dividends declared ($0.22 per common share) | — | — | — | (13,871) | — | — | (13,871) | ||||||
| Balance - December 31, 2023 | 64,445 | $645 | $493,297 | $439,755 | $(21,889) | $(63,830) | $847,978 | ||||||
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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.