Company Quick10K Filing
⚲
Kearny Financial
Financials
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
Filings
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
10-K 2019-06-30 Filed 2019-08-28
10-Q 2019-03-31 Filed 2019-05-09
10-Q 2018-12-31 Filed 2019-02-08
10-Q 2018-09-30 Filed 2018-11-08
10-K 2018-06-30 Filed 2018-08-28
10-Q 2018-03-31 Filed 2018-05-09
10-Q 2017-12-31 Filed 2018-02-08
10-Q 2017-09-30 Filed 2017-11-08
10-K 2017-06-30 Filed 2017-08-29
10-Q 2017-03-31 Filed 2017-05-10
10-Q 2016-12-31 Filed 2017-02-08
10-Q 2016-09-30 Filed 2016-11-09
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
Reports
8-K 2020-05-20 Other Events, Exhibits
8-K 2020-05-20 Other Events, Exhibits
8-K 2020-04-29 Earnings, Exhibits
8-K 2020-02-19 Other Events, Exhibits
8-K 2020-01-30 Earnings, Exhibits
8-K 2019-12-18 Enter Agreement, Regulation FD, Other Events, Exhibits
8-K 2019-11-20 Other Events, Exhibits
8-K 2019-11-14 Other Events, Exhibits
8-K 2019-10-30 Exhibits
8-K 2019-10-24 Regulation FD, Exhibits
8-K 2019-10-24 Shareholder Vote
8-K 2019-08-21 Other Events, Exhibits
8-K 2019-07-30 Exhibits
8-K 2019-05-15 Other Events, Exhibits
8-K 2019-04-29 Exhibits
8-K 2019-03-13 Other Events, Exhibits
8-K 2019-02-25 Regulation FD, Exhibits
8-K 2019-02-20 Other Events, Exhibits
8-K 2019-01-30 Exhibits
8-K 2018-11-14 Other Events, Exhibits
8-K 2018-10-30 Earnings, Exhibits
8-K 2018-10-25 Regulation FD, Exhibits
8-K 2018-10-25 Shareholder Vote, Exhibits
8-K 2018-09-19 Other Events, Exhibits
8-K 2018-08-29 Officers
8-K 2018-08-15 Other Events, Exhibits
8-K 2018-07-30 Earnings, Exhibits
8-K 2018-06-20 Officers, Exhibits
8-K 2018-05-23 Other Events, Exhibits
8-K 2018-04-27 Earnings, Exhibits
8-K 2018-04-02 M&A, Officers, Other Events, Exhibits
8-K 2018-03-23 Other Events, Exhibits
8-K 2018-03-01 Shareholder Vote, Other Events, Exhibits
8-K 2018-02-21 Other Events, Exhibits
8-K 2018-02-16 Other Events
8-K 2018-01-30 Earnings, Exhibits

KRNY 10Q Quarterly Report

Content
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
Exhibits
EX-31.1 krny-ex311_6.htm
EX-31.2 krny-ex312_9.htm
EX-32.1 krny-ex321_7.htm
EX-32.2 krny-ex322_8.htm

Kearny Financial Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
krny-10q_20200331.htm
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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, 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: May 4, 2020.

$0.01 par value common stock — 83,663,192 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, 2020 (Unaudited) and June 30, 2019

 

1

 

 

 

 

 

 

 

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

 

2

 

 

 

 

 

 

 

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

 

4

 

 

 

 

 

 

 

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

 

5

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2020 and March 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

 

50

 

 

 

 

 

Item 3:

 

Quantitative and Qualitative Disclosure About Market Risk

 

68

 

 

 

 

 

Item 4:

 

Controls and Procedures

 

71

 

 

 

 

 

PART II—OTHER INFORMATION

 

 

 

 

 

 

 

Item 1:

 

Legal Proceedings

 

72

 

 

 

 

 

Item 1A:

 

Risk Factors

 

72

 

 

 

 

 

Item 2:

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

73

 

 

 

 

 

Item 3:

 

Defaults Upon Senior Securities

 

73

 

 

 

 

 

Item 4:

 

Mine Safety Disclosures

 

73

 

 

 

 

 

Item 5:

 

Other Information

 

73

 

 

 

 

 

Item 6:

 

Exhibits

 

74

 

 

 

 

 

SIGNATURES

 

75

 

 

 

 

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(In Thousands, Except Share and Per Share Data)

 

 

March 31,

 

 

June 30,

 

 

2020

 

 

2019

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

Cash and amounts due from depository institutions

$

20,200

 

 

$

19,032

 

Interest-bearing deposits in other banks

 

39,252

 

 

 

19,903

 

Cash and cash equivalents

 

59,452

 

 

 

38,935

 

Investment securities available for sale, at fair value

 

1,476,344

 

 

 

714,263

 

Investment securities held to maturity (fair value $35,433 and $584,678, respectively)

 

34,618

 

 

 

576,652

 

Loans held-for-sale

 

11,245

 

 

 

12,267

 

Loans receivable, including unaccreted yield adjustments of $(42,461) and $(52,025),

respectively

 

4,562,512

 

 

 

4,678,928

 

Less: allowance for loan losses

 

(37,191

)

 

 

(33,274

)

Net loans receivable

 

4,525,321

 

 

 

4,645,654

 

Premises and equipment

 

58,985

 

 

 

56,854

 

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

 

59,324

 

 

 

64,190

 

Accrued interest receivable

 

19,036

 

 

 

19,360

 

Goodwill

 

210,895

 

 

 

210,895

 

Core deposit intangibles

 

4,242

 

 

 

5,160

 

Bank owned life insurance

 

260,843

 

 

 

256,155

 

Deferred income tax assets, net

 

27,150

 

 

 

25,367

 

Other real estate owned

 

178

 

 

 

-

 

Other assets

 

26,200

 

 

 

9,077

 

Total Assets

$

6,773,833

 

 

$

6,634,829

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

Non-interest-bearing

$

321,824

 

 

$

309,063

 

Interest-bearing

 

3,931,430

 

 

 

3,838,547

 

Total deposits

 

4,253,254

 

 

 

4,147,610

 

Borrowings

 

1,384,025

 

 

 

1,321,982

 

Advance payments by borrowers for taxes

 

16,492

 

 

 

16,887

 

Other liabilities

 

50,390

 

 

 

21,191

 

Total Liabilities

 

5,704,161

 

 

 

5,507,670

 

 

 

 

 

 

 

 

 

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;

  83,664,427 shares and 89,125,655 shares issued and outstanding, respectively

 

837

 

 

 

891

 

Paid-in capital

 

721,474

 

 

 

787,394

 

Retained earnings

 

380,671

 

 

 

366,679

 

Unearned employee stock ownership plan shares;

  3,010,464 shares and 3,160,987 shares, respectively

 

(29,185

)

 

 

(30,644

)

Accumulated other comprehensive (loss) income

 

(4,125

)

 

 

2,839

 

Total Stockholders' Equity

 

1,069,672

 

 

 

1,127,159

 

Total Liabilities and Stockholders' Equity

$

6,773,833

 

 

$

6,634,829

 

 

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,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

46,603

 

 

$

48,116

 

 

$

140,811

 

 

$

144,568

 

Taxable investment securities

 

 

10,526

 

 

 

9,511

 

 

 

29,552

 

 

 

27,441

 

Tax-exempt investment securities

 

 

547

 

 

 

710

 

 

 

1,906

 

 

 

2,139

 

Other interest-earning assets

 

 

1,100

 

 

 

1,320

 

 

 

3,588

 

 

 

3,737

 

Total Interest Income

 

 

58,776

 

 

 

59,657

 

 

 

175,857

 

 

 

177,885

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

14,768

 

 

 

14,114

 

 

 

46,413

 

 

 

37,380

 

Borrowings

 

 

6,398

 

 

 

6,905

 

 

 

20,540

 

 

 

22,338

 

Total Interest Expense

 

 

21,166

 

 

 

21,019

 

 

 

66,953

 

 

 

59,718

 

Net Interest Income

 

 

37,610

 

 

 

38,638

 

 

 

108,904

 

 

 

118,167

 

Provision for (reversal of) loan losses

 

 

6,270

 

 

 

(179

)

 

 

4,023

 

 

 

2,892

 

Net Interest Income after Provision for (Reversal of)

Loan Losses

 

 

31,340

 

 

 

38,817

 

 

 

104,881

 

 

 

115,275

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fees and service charges

 

 

1,338

 

 

 

1,674

 

 

 

4,951

 

 

 

4,105

 

Gain (loss) on sale and call of securities

 

 

2,234

 

 

 

(182

)

 

 

2,231

 

 

 

(182

)

Gain on sale of loans

 

 

565

 

 

 

151

 

 

 

1,838

 

 

 

384

 

Loss on sale and write down of other real estate

owned

 

 

-

 

 

 

(6

)

 

 

(28

)

 

 

(20

)

Income from bank owned life insurance

 

 

1,532

 

 

 

1,560

 

 

 

4,688

 

 

 

4,753

 

Electronic banking fees and charges

 

 

309

 

 

 

253

 

 

 

920

 

 

 

780

 

Miscellaneous

 

 

223

 

 

 

226

 

 

 

117

 

 

 

347

 

Total Non-Interest Income

 

 

6,201

 

 

 

3,676

 

 

 

14,717

 

 

 

10,167

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

15,537

 

 

 

15,350

 

 

 

46,488

 

 

 

46,691

 

Net occupancy expense of premises

 

 

2,685

 

 

 

2,979

 

 

 

8,736

 

 

 

8,476

 

Equipment and systems

 

 

2,672

 

 

 

3,053

 

 

 

8,807

 

 

 

9,356

 

Advertising and marketing

 

 

612

 

 

 

739

 

 

 

2,037

 

 

 

2,103

 

Federal deposit insurance premium

 

 

-

 

 

 

455

 

 

 

-

 

 

 

1,341

 

Directors' compensation

 

 

771

 

 

 

770

 

 

 

2,310

 

 

 

2,274

 

Merger-related expenses

 

 

285

 

 

 

-

 

 

 

504

 

 

 

-

 

Debt extinguishment expenses

 

 

2,156

 

 

 

-

 

 

 

2,156

 

 

 

-

 

Miscellaneous

 

 

3,344

 

 

 

3,425

 

 

 

9,695

 

 

 

10,257

 

Total Non-Interest Expense

 

 

28,062

 

 

 

26,771

 

 

 

80,733

 

 

 

80,498

 

Income before Income Taxes

 

 

9,479

 

 

 

15,722

 

 

 

38,865

 

 

 

44,944

 

Income tax expense

 

 

225

 

 

 

4,305

 

 

 

7,589

 

 

 

11,613

 

Net Income

 

$

9,254

 

 

$

11,417

 

 

$

31,276

 

 

$

33,331