Company Quick10K Filing
Kearny Financial
Price13.24 EPS0
Shares87 P/E27
MCap1,149 P/FCF44
Net Debt-129 EBIT144
TEV1,020 TEV/EBIT7
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-12-31 Filed 2021-02-08
10-Q 2020-09-30 Filed 2020-11-06
10-K 2020-06-30 Filed 2020-08-28
10-Q 2020-03-31 Filed 2020-05-08
10-Q 2019-12-31 Filed 2020-02-07
10-Q 2019-09-30 Filed 2019-11-08
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10-Q 2018-03-31 Filed 2018-05-09
10-Q 2017-12-31 Filed 2018-02-08
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10-Q 2017-03-31 Filed 2017-05-10
10-Q 2016-12-31 Filed 2017-02-08
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10-K 2016-06-30 Filed 2016-08-29
10-Q 2016-03-31 Filed 2016-05-10
10-Q 2015-12-31 Filed 2016-02-09
10-Q 2015-09-30 Filed 2015-11-09
10-K 2015-06-30 Filed 2015-09-14
8-K 2020-11-18
8-K 2020-11-10
8-K 2020-10-29
8-K 2020-10-22
8-K 2020-10-22
8-K 2020-10-19
8-K 2020-10-19
8-K 2020-08-19
8-K 2020-07-30
8-K 2020-07-10
8-K 2020-07-01
8-K 2020-06-24
8-K 2020-05-28
8-K 2020-05-20
8-K 2020-05-20
8-K 2020-04-29
8-K 2020-02-19
8-K 2020-01-30
8-K 2019-12-18
8-K 2019-11-20
8-K 2019-11-14
8-K 2019-10-30
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8-K 2018-11-14
8-K 2018-10-30
8-K 2018-10-25
8-K 2018-10-25
8-K 2018-09-19
8-K 2018-08-29
8-K 2018-08-15
8-K 2018-07-30
8-K 2018-06-20
8-K 2018-05-23
8-K 2018-04-27
8-K 2018-04-02
8-K 2018-03-23
8-K 2018-03-01
8-K 2018-02-21
8-K 2018-02-16
8-K 2018-01-30

KRNY 10Q Quarterly Report

Item 2.
Item 3.
Item 4.
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
EX-31.1 krny-ex311_9.htm
EX-31.2 krny-ex312_7.htm
EX-32.1 krny-ex321_8.htm
EX-32.2 krny-ex322_6.htm

Kearny Financial Earnings 2020-12-31

Balance SheetIncome StatementCash Flow

krny-10q_20201231.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended December 31, 2020

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from              to             

Commission File Number 001-37399

 

KEARNY FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

 

 

Maryland

  

30-0870244

(State or other jurisdiction of
incorporation or organization)

  

(I.R.S. Employer
Identification Number)

 

 

 

120 Passaic Ave., Fairfield, New Jersey

  

07004

(Address of principal executive offices)

  

(Zip Code)

Registrant’s telephone number, including area code

973-244-4500

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.01 par value

 

KRNY

 

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes     No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes     No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filers,” “accelerated filers,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No 

The number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: February 2, 2021.

$0.01 par value common stock — 84,200,261 shares outstanding

 

 


 

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

INDEX

 

 

 

 

 

Page

Number

PART I—FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1:

 

Financial Statements

 

 

 

 

 

 

 

 

 

Consolidated Statements of Financial Condition at December 31, 2020 (Unaudited) and June 30, 2020

 

1

 

 

 

 

 

 

 

Consolidated Statements of Income for the Three and Six Months Ended December 31, 2020 and December 31, 2019 (Unaudited)

 

2

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income for the Three and Six Months Ended December 31, 2020 and December 31, 2019 (Unaudited)

 

4

 

 

 

 

 

 

 

Consolidated Statements of Changes in Stockholders’ Equity for the Three and Six Months Ended December 31, 2020 and December 31, 2019 (Unaudited)

 

5

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the Six Months Ended December 31, 2020 and December 31, 2019 (Unaudited)

 

7

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

9

 

 

 

 

 

Item 2:

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

49

 

 

 

 

 

Item 3:

 

Quantitative and Qualitative Disclosure About Market Risk

 

65

 

 

 

 

 

Item 4:

 

Controls and Procedures

 

67

 

 

 

 

 

PART II—OTHER INFORMATION

 

 

 

 

 

 

 

Item 1:

 

Legal Proceedings

 

68

 

 

 

 

 

Item 1A:

 

Risk Factors

 

68

 

 

 

 

 

Item 2:

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

68

 

 

 

 

 

Item 3:

 

Defaults Upon Senior Securities

 

68

 

 

 

 

 

Item 4:

 

Mine Safety Disclosures

 

68

 

 

 

 

 

Item 5:

 

Other Information

 

68

 

 

 

 

 

Item 6:

 

Exhibits

 

69

 

 

 

 

 

SIGNATURES

 

70

 

 

 

 


 

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(In Thousands, Except Share and Per Share Data)

 

 

December 31,

 

 

June 30,

 

 

2020

 

 

2020

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

Cash and amounts due from depository institutions

$

23,968

 

 

$

20,391

 

Interest-bearing deposits in other banks

 

105,726

 

 

 

160,576

 

Cash and cash equivalents

 

129,694

 

 

 

180,967

 

Investment securities available for sale, at fair value (amortized cost $1,671,935), net of

allowance for credit losses of $0 at December 31, 2020

 

1,695,893

 

 

 

1,385,703

 

Investment securities held to maturity (fair value $31,063 and $34,069), respectively, net of

allowance for credit losses of $0 at December 31, 2020

 

29,549

 

 

 

32,556

 

Loans held-for-sale

 

12,601

 

 

 

20,789

 

Loans receivable

 

4,828,634

 

 

 

4,498,397

 

Less: allowance for credit losses on loans

 

(63,386

)

 

 

(37,327

)

Net loans receivable

 

4,765,248

 

 

 

4,461,070

 

Premises and equipment

 

61,181

 

 

 

57,389

 

Federal Home Loan Bank ("FHLB") of New York stock

 

45,578

 

 

 

58,654

 

Accrued interest receivable

 

19,826

 

 

 

17,373

 

Goodwill

 

210,895

 

 

 

210,895

 

Core deposit intangibles

 

4,151

 

 

 

3,995

 

Bank owned life insurance

 

280,235

 

 

 

262,380

 

Deferred income tax assets, net

 

30,846

 

 

 

25,480

 

Other real estate owned

 

178

 

 

 

178

 

Other assets

 

49,278

 

 

 

40,746

 

Total Assets

$

7,335,153

 

 

$

6,758,175

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

Non-interest-bearing

$

518,828

 

 

$

419,138

 

Interest-bearing

 

4,793,785

 

 

 

4,011,144

 

Total deposits

 

5,312,613

 

 

 

4,430,282

 

Borrowings

 

865,651

 

 

 

1,173,165

 

Advance payments by borrowers for taxes

 

16,100

 

 

 

16,569

 

Other liabilities

 

48,448

 

 

 

53,982

 

Total Liabilities

 

6,242,812

 

 

 

5,673,998

 

 

 

 

 

 

 

 

 

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;

  84,938,272 shares and 83,663,192 shares issued and outstanding, respectively

 

849

 

 

 

837

 

Paid-in capital

 

724,389

 

 

 

722,871

 

Retained earnings

 

388,376

 

 

 

387,911

 

Unearned employee stock ownership plan shares;

  2,859,940 shares and 2,960,289 shares, respectively

 

(27,726

)

 

 

(28,699

)

Accumulated other comprehensive income

 

6,453

 

 

 

1,257

 

Total Stockholders' Equity

 

1,092,341

 

 

 

1,084,177

 

Total Liabilities and Stockholders' Equity

$

7,335,153

 

 

$

6,758,175

 

 

See notes to unaudited consolidated financial statements.

 

- 1 -


 

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In Thousands, Except Per Share Data)

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

49,466

 

 

$

45,608

 

 

$

101,646

 

 

$

94,208

 

Taxable investment securities

 

 

7,707

 

 

 

9,698

 

 

 

15,043

 

 

 

19,026

 

Tax-exempt investment securities

 

 

433

 

 

 

666

 

 

 

887