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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 March 31, 2022

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: April 29, 2022.

$0.01 par value common stock — 70,421,270 shares outstanding

 


 

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

INDEX

 

 

 

 

 

Page

Number

PART I—FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Financial Statements

 

 

 

 

 

 

 

 

 

Consolidated Statements of Financial Condition at March 31, 2022 (Unaudited) and June 30, 2021

 

1

 

 

 

 

 

 

 

Consolidated Statements of Income for the Three Months and Nine Months Ended March 31, 2022 and March 31, 2021 (Unaudited)

 

2

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income (Loss) for the Three Months and Nine Months Ended March 31, 2022 and March 31, 2021 (Unaudited)

 

3

 

 

 

 

 

 

 

Consolidated Statements of Changes in Stockholders’ Equity for the Three Months and Nine Months Ended March 31, 2022 and March 31, 2021 (Unaudited)

 

4

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2022 and March 31, 2021 (Unaudited)

 

6

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

8

 

 

 

 

 

Item 2.

 

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

 

39

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosure About Market Risk

 

51

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

52

 

 

 

 

 

PART II—OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

53

 

 

 

 

 

Item 1A.

 

Risk Factors

 

53

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

53

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

53

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

53

 

 

 

 

 

Item 5.

 

Other Information

 

53

 

 

 

 

 

Item 6.

 

Exhibits

 

54

 

 

 

 

 

SIGNATURES

 

55

 

 

 


 

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(In Thousands, Except Share and Per Share Data)

 

 

March 31,

 

 

June 30,

 

 

2022

 

 

2021

 

 

(Unaudited)

 

 

 

 

Assets

 

 

 

 

 

Cash and amounts due from depository institutions

$

22,864

 

 

$

21,463

 

Interest-bearing deposits in other banks

 

39,515

 

 

 

46,392

 

Cash and cash equivalents

 

62,379

 

 

 

67,855

 

Investment securities available for sale (amortized cost $1,590,074 and $1,666,853,
  respectively), net of allowance for credit losses of $
0 at March 31, 2022 and June 30, 2021

 

1,526,086

 

 

 

1,676,864

 

Investment securities held to maturity (fair value $117,017 and $39,610, respectively), net of
  allowance for credit losses of $
0 at March 31, 2022 and June 30, 2021

 

121,853

 

 

 

38,138

 

Loans held-for-sale

 

2,822

 

 

 

16,492

 

Loans receivable

 

5,003,201

 

 

 

4,851,394

 

Less: allowance for credit losses on loans

 

(43,860

)

 

 

(58,165

)

Net loans receivable

 

4,959,341

 

 

 

4,793,229

 

Premises and equipment

 

53,727

 

 

 

56,338

 

Federal Home Loan Bank (“FHLB”) of New York stock

 

30,997

 

 

 

36,615

 

Accrued interest receivable

 

19,517

 

 

 

19,362

 

Goodwill

 

210,895

 

 

 

210,895

 

Core deposit intangibles

 

3,166

 

 

 

3,705

 

Bank owned life insurance

 

287,644

 

 

 

283,310

 

Deferred income tax assets, net

 

34,349

 

 

 

29,323

 

Other real estate owned

 

401

 

 

 

178

 

Other assets

 

76,714

 

 

 

51,431

 

Total Assets

$

7,389,891

 

 

$

7,283,735

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

Liabilities

 

 

 

 

 

Deposits:

 

 

 

 

 

Non-interest-bearing

$

621,954

 

 

$

593,718

 

Interest-bearing

 

4,906,708

 

 

 

4,891,588

 

Total deposits

 

5,528,662

 

 

 

5,485,306

 

Borrowings

 

851,220

 

 

 

685,876

 

Advance payments by borrowers for taxes

 

16,979

 

 

 

15,752

 

Other liabilities

 

37,861

 

 

 

53,857

 

Total Liabilities

 

6,434,722

 

 

 

6,240,791

 

 

 

 

 

 

 

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;
  
71,424,469 shares and 78,964,859 shares issued and outstanding, respectively

 

714

 

 

 

790

 

Paid-in capital

 

561,176

 

 

 

654,396

 

Retained earnings

 

441,522

 

 

 

408,367

 

Unearned employee stock ownership plan shares;
  
2,609,069 shares and 2,759,594 shares, respectively

 

(25,294

)

 

 

(26,753

)

Accumulated other comprehensive (loss) income

 

(22,949

)

 

 

6,144

 

Total Stockholders' Equity

 

955,169

 

 

 

1,042,944

 

Total Liabilities and Stockholders' Equity

$

7,389,891

 

 

$

7,283,735

 

 

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

 

 

Nine Months Ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

45,846

 

 

$

50,159

 

 

$

141,651

 

 

$

153,776

 

Taxable investment securities

 

 

8,024

 

 

 

7,891

 

 

 

23,831

 

 

 

22,934

 

Tax-exempt investment securities

 

 

316

 

 

 

410

 

 

 

976

 

 

 

1,297

 

Other interest-earning assets

 

 

415

 

 

 

705

 

 

 

1,261

 

 

 

2,406

 

Total Interest Income

 

 

54,601

 

 

 

59,165

 

 

 

167,719

 

 

 

180,413

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

3,565

 

 

 

6,670

 

 

 

11,293

 

 

 

26,379

 

Borrowings

 

 

3,309

 

 

 

4,012

 

 

 

10,422

 

 

 

14,865

 

Total Interest Expense

 

 

6,874

 

 

 

10,682

 

 

 

21,715

 

 

 

41,244

 

Net Interest Income

 

 

47,727

 

 

 

48,483

 

 

 

146,004

 

 

 

139,169

 

(Reversal of) provision for credit losses

 

 

(3,920

)

 

 

1,126

 

 

 

(11,740

)

 

 

3,820

 

Net Interest Income after (Reversal of)
  Provision for Credit Losses

 

 

51,647

 

 

 

47,357

 

 

 

157,744

 

 

 

135,349

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

Fees and service charges

 

 

617

 

 

 

473

 

 

 

1,922

 

 

 

1,474

 

Gain on sale and call of securities

 

 

3

 

 

 

18

 

 

 

4

 

 

 

454

 

Gain on sale of loans

 

 

376

 

 

 

943

 

 

 

2,352

 

 

 

5,211

 

Gain on sale of other real estate owned

 

 

14

 

 

 

-

 

 

 

14

 

 

 

-

 

Income from bank owned life insurance

 

 

1,511

 

 

 

1,530

 

 

 

4,634

 

 

 

4,722

 

Electronic banking fees and charges

 

 

432

 

 

 

456

 

 

 

1,260

 

 

 

1,265

 

Bargain purchase gain

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,053

 

Other income

 

 

238

 

 

 

1,194

 

 

 

938

 

 

 

1,351

 

Total Non-Interest Income

 

 

3,191

 

 

 

4,614

 

 

 

11,124

 

 

 

17,530

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

19,184

 

 

 

16,965

 

 

 

55,897