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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________________
FORM 10-Q
__________________________________________
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
oTRANSITION 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)
__________________________________________
Maryland30-0870244
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueKRNYThe 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 x No o
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 x No o
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 filerxAccelerated filero
Non-accelerated fileroSmaller reporting companyo
Emerging growth companyo
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. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
The number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: October 31, 2022.
$0.01 par value common stock — 67,567,771 shares outstanding

KEARNY FINANCIAL CORP. AND SUBSIDIARIES
INDEX
Page
Number



KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In Thousands, Except Share and Per Share Data)
September 30,
2022		June 30,
2022
(Unaudited)
Assets
Cash and amounts due from depository institutions $22,849 $26,094 
Interest-bearing deposits in other banks73,227 75,521 
Cash and cash equivalents96,076 101,615 
Investment securities available for sale (amortized cost of $1,430,572 and $1,462,124, respectively)
1,263,176 1,344,093 
Investment securities held to maturity (fair value of $99,548 and $108,118, respectively)
115,943 118,291 
Loans held-for-sale12,936 28,874 
Loans receivable5,656,370 5,417,845 
Less: allowance for credit losses on loans(47,613)(47,058)
Net loans receivable5,608,757 5,370,787 
Premises and equipment52,642 53,281 
Federal Home Loan Bank (“FHLB”) of New York stock44,957 47,144 
Accrued interest receivable23,817 20,466 
Goodwill210,895 210,895 
Core deposit intangibles2,876 3,020 
Bank owned life insurance289,690 289,177 
Deferred income tax assets, net54,278 49,350 
Other real estate owned178 178 
Other assets113,369 82,712 
Total Assets $7,889,590 $7,719,883 
Liabilities and Stockholders' Equity
Liabilities
Deposits:
Non-interest-bearing $683,406 $653,899 
Interest-bearing5,424,872 5,208,357 
Total deposits6,108,278 5,862,256 
Borrowings851,454 901,337 
Advance payments by borrowers for taxes16,555 16,746 
Other liabilities38,329 45,544 
Total Liabilities7,014,616 6,825,883 
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; 67,937,671 shares and 68,666,323 shares issued and outstanding, respectively
680 687 
Paid-in capital520,245 528,396 
Retained earnings454,710 445,451 
Unearned employee stock ownership plan shares; 2,508,720 shares and 2,558,895 shares, respectively
(24,321)(24,807)
Accumulated other comprehensive loss(76,340)(55,727)
Total Stockholders' Equity874,974 894,000 
Total Liabilities and Stockholders' Equity$7,889,590 $7,719,883 
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
September 30,
20222021
Interest Income
Loans$52,935 $48,230 
Taxable investment securities10,439 8,212 
Tax-exempt investment securities285 333 
Other interest-earning assets761 431 
Total Interest Income64,420 57,206 
Interest Expense
Deposits10,869 4,065 
Borrowings5,020 3,551 
Total Interest Expense15,889 7,616 
Net Interest Income48,531 49,590 
Provision for (reversal of) credit losses 670 (5,400)
Net Interest Income after Provision for (Reversal of) Credit Losses 47,861 54,990 
Non-Interest Income
Fees and service charges763 607 
Gain on sale and call of securities— 1 
Gain on sale of loans395 1,006 
Income from bank owned life insurance3,698 1,561 
Electronic banking fees and charges506 407 
Other income555 218 
Total Non-Interest Income5,917 3,800 
Non-Interest Expense
Salaries and employee benefits20,348 18,617 
Net occupancy expense of premises3,090 4,547 
Equipment and systems3,662 3,825 
Advertising and marketing747 392 
Federal deposit insurance premium906 492 
Directors' compensation340 803 
Other expense2,895 3,127 
Total Non-Interest Expense31,988 31,803 
Income before Income Taxes21,790 26,987 
Income tax expense 5,255 7,272 
Net Income$16,535 $19,715 
Net Income per Common Share (EPS)
Basic$0.25 $0.26 
Diluted$0.25 $0.26 
Weighted Average Number of Common Shares Outstanding
Basic65,73774,537
Diluted65,75674,556
See notes to unaudited consolidated financial statements.
- 2 -
KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In Thousands, Unaudited)
Three Months Ended
September 30,
20222021
Net Income$16,535 $19,715 
Other Comprehensive (Loss) Income, net of tax:
Net unrealized loss on securities available for sale(35,179)(4,981)
Net realized gain on sale and call of securities available for sale— (1)
Fair value adjustments on derivatives14,590 1,164 
Benefit plan adjustments(24)10 
Total Other Comprehensive Loss(20,613)(3,808)
Total Comprehensive (Loss) Income$(4,078)$15,907 
See notes to unaudited consolidated financial statements.
- 3 -
KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(In Thousands, Except Per Share Data, Unaudited)
Common Stock Paid-In
Capital 		Retained
Earnings		Unearned
ESOP
Shares		Accumulated
Other
Comprehensive
Income 		Total
Shares Amount
Balance - June 30, 202178,965$790 $654,396 $408,367 $(26,753)$6,144 $1,042,944 
Net income—— — 19,715 — — 19,715 
Other comprehensive loss, net of income tax —— — — — (3,808)(3,808)
ESOP shares committed to be released (50 shares)
—— 133 — 487 — 620 
Share repurchases(3,158)(32)(38,964)— — — (38,996)
Stock-based compensation expense—— 1,418 — — — 1,418 
Cancellation of shares issued for restricted stock awards(7)— (89)— — — (89)
Cash dividends declared ($0.10 per common share)
—— — (7,381)— — (7,381)
Balance - September 30, 202175,800$758 $616,894 $420,701 $(26,266)$2,336 $1,014,423 
Common Stock Paid-In
Capital		Retained
Earnings 		Unearned
ESOP
Shares 		Accumulated
Other
Comprehensive
Loss		Total
Shares Amount
Balance - June 30, 202268,666$687 $528,396 $445,451 $(24,807)$(55,727)$894,000 
Net income—— — 16,535 — — 16,535 
Other comprehensive loss, net of income tax—— — — — (20,613)(20,613)
ESOP shares committed to be released (50 shares)
—— 90 — 486 — 576 
Stock repurchases(760)(8)(8,685)— — — (8,693)
Issuance of stock under stock benefit plans611 (1)— — — — 
Stock-based compensation expense—— 786 — — — 786 
Cancellation of shares issued for restricted stock awards(29)— (341)— — — (341)
Cash dividends declared ($0.11 per common share)
—— — (7,276)— — (7,276)
Balance - September 30, 202267,938$680 $520,245 $454,710 $(24,321)$(76,340)$874,974 
See notes to unaudited consolidated financial statements.
- 4 -
KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands, Unaudited)
Three Months Ended
September 30,
20222021
Cash Flows from Operating Activities:
Net income$16,535 $19,715 
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of premises and equipment1,472 1,502 
Net accretion of yield adjustments(1,541)(1,845)
Deferred income taxes3,307 3,120 
Amortization of intangible assets144 181 
(Accretion) amortization of benefit plans’ unrecognized net (gain) loss(33)20 
Provision for (reversal of) credit losses 670 (5,400)
Loans originated for sale(39,657)(60,620)
Proceeds from sale of mortgage loans held-for-sale57,151 65,234 
Gain on sale of mortgage loans held-for-sale, net(340)(1,006)
Realized gain on sale/call of investment securities available for sale— (1)
Realized gain on sale of loans receivable(55)— 
Realized loss (gain) on disposition of premises and equipment52 (1)
Increase in cash surrender value of bank owned life insurance(2,397)(1,561)
ESOP and stock-based compensation expense1,362 2,038 
Increase in interest receivable(3,351)(179)
(Increase) decrease in other assets(5,340)963 
Increase in interest payable2,980 5 
Decrease increase in other liabilities(10,254)(16,751)
Net Cash Provided by Operating Activities20,705 5,414 
Cash Flows from Investing Activities:
Purchases of:
Investment securities available for sale— (82,000)
Proceeds from:
Repayments/calls/maturities of investment securities available for sale31,288 99,889 
Repayments/calls/maturities of investment securities held to maturity2,324 605 
Purchase of loans(656)(19,601)
Net (increase) decrease in loans receivable(241,986)83,205 
Proceeds from sale of loans receivable706 — 
Purchase of interest rate contracts(758)— 
Additions to premises and equipment(885)(400)
Proceeds from death benefit of bank owned life insurance1,884 — 
Proceeds from cash settlement of premises and equipment— 1 
Purchase of FHLB stock(28,188)— 
Redemption of FHLB stock30,375 — 
Net Cash (Used in) Provided by Investing Activities(205,896)81,699 
See notes to unaudited consolidated financial statements.
- 5 -
KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(In Thousands, Unaudited)
Three Months Ended
September 30,
20222021
Cash Flows from Financing Activities:
Net increase (decrease) in deposits246,120 (89,927)
Repayment of term FHLB advances(1,420,000)(390,000)
Proceeds from term FHLB advances1,565,000 390,000 
Net (decrease) increase in other short-term borrowings(195,000)35,000 
Net (decrease) increase in advance payments by borrowers for taxes(191)470 
Repurchase and cancellation of common stock of Kearny Financial Corp.(8,693)(38,996)
Cancellation of shares repurchased on vesting to pay taxes(341)(89)
Dividends paid(7,243)(7,356)
Net Cash Provided by (Used in) Financing Activities179,652 (100,898)
Net Decrease in Cash and Cash Equivalents(5,539)(13,785)
Cash and Cash Equivalents - Beginning101,615 67,855 
Cash and Cash Equivalents - Ending$96,076 $54,070 
Supplemental Disclosures of Cash Flows Information:
Cash paid during the period for:
Income taxes, net of refunds$6,018 $6,011 
Interest$12,909 $7,611 
Non-cash investing and financing activities:
Transfers from loans receivable to loans receivable held-for-sale$1,216 $— 
See notes to unaudited consolidated financial statements.
- 6 -
KEARNY FINANCIAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
1.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation
The unaudited consolidated financial statements include the accounts of Kearny Financial Corp. (the “Company”), its wholly-owned subsidiary, Kearny Bank (the “Bank”) and the Bank’s wholly-owned subsidiary, CJB Investment Corp. The Company conducts its business principally through the Bank. Management prepared the unaudited consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), including the elimination of all significant inter-company accounts and transactions during consolidation.
Basis of Presentation
The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q and Regulation S-X and do not include the information or footnotes necessary for a complete presentation of financial condition, income, comprehensive income, changes in stockholders’ equity and cash flows in conformity with GAAP. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the unaudited consolidated financial statements have been included. The results of operations for the three months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the entire fiscal year or any other period.
The data in the consolidated statement of financial condition at June 30, 2022 was derived from the Company’s 2022 Annual Report on Form 10-K. That data, along with the interim unaudited financial information presented in the consolidated statements of financial condition, income, comprehensive income, changes in stockholders’ equity and cash flows should be read in conjunction with the audited consolidated financial statements, including the notes thereto, included in the Company’s 2022 Annual Report on Form 10-K.
The accounting and reporting policies of the Company conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1, Summary of Significant Accounting Policies, included in the Company’s 2022 Annual Report on Form 10-K. There have been no material changes to the Company’s significant accounting policies since June 30, 2022.
2.    SUBSEQUENT EVENTS
The Company has evaluated events and transactions occurring subsequent to the statement of financial condition date of September 30, 2022, for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date this document was filed.
Dividend
On October 27, 2022, the Company declared a quarterly cash dividend of $0.11 per share, payable on November 23, 2022 to stockholders of record as of November 9, 2022.
Sale of Former Branch Location
On September 20, 2022, the Bank entered into an agreement for the sale of a branch location. The branch location ceased operations subsequent to September 30, 2022 as part of a branch relocation. The sale transaction closed on October 31, 2022 and the Company recognized a pre-tax gain of approximately $2.9 million.
- 7 -
3.    RECENT ACCOUNTING PRONOUNCEMENTS
In March 2022, the Financial Accounting Standards Board (the “FASB”) issued ASU 2022-02, “Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” to improve the usefulness of information provided to investors about certain loan refinancings, restructurings and writeoffs. ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings by creditors and enhances disclosure requirements for certain modifications made to borrowers experiencing financial difficulty. In addition, ASU 2022-02 requires public business entities to disclose current-period gross writeoffs for financing receivables and net investments in leases by year of origination in the vintage disclosures. For entities that have adopted ASU 2016-13, the amendments in ASU 2022-02 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is permitted if an entity has adopted ASU 2016-13, including adoption in an interim period. If an entity elects to early adopt the amendments in ASU 2022-02, the guidance should be applied as of the beginning of the fiscal year that includes the interim period. An entity may elect to early adopt the amendments about TDRs and related disclosure enhancements separately from the amendments related to vintage disclosures. The amendments in ASU 2022-02 should be applied prospectively, but for the amendments related to the recognition and measurement of TDRs, an entity has the option to apply a modified retrospective transition method that would result in a cumulative-effect adjustment to retained earnings in the period of adoption. The Company is currently evaluating the impact of the adoption of this ASU on its consolidated financial statements.
Adoption of New Accounting Standards
In March 2022, the FASB issued ASU 2022-01, “Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method” which clarifies the guidance in ASC 815 on fair value hedge accounting of interest rate risk for portfolios of financial assets. This ASU amends the guidance in ASU 2017-12 (released in August 2017) that, among other things, established the last-of-layer method to enable fair value hedge accounting for these portfolios to be more accessible. ASU 2022-01 expands the current last-of-layer method to allow multiple hedged layers of a single closed portfolio under this method. To reflect that expansion, the last-of-layer method is renamed the portfolio layer method. The scope of last-of-layer hedging will be expanded so that the portfolio layer method can be utilized for nonprepayable financial assets. In addition, ASU 2022-01 specifies eligible hedging instruments in a single-layer hedge, provides additional guidance on the accounting for and disclosure of hedge basis adjustments under the portfolio layer method, and specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. For public business entities, the amendments in ASU 2022-01 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is permitted on any date on or after the issuance of ASU 2022-01 for any entity that has adopted the amendments in ASU 2017-12 for the corresponding period. The Company adopted this ASU on July 1, 2022 on a prospective basis; therefore, there was no impact to its consolidated financial statements upon adoption.
- 8 -
4.    SECURITIES
The following tables present the amortized cost, gross unrealized gains and losses and estimated fair values for available for sale securities and the amortized cost, gross unrecognized gains and losses and estimated fair values for held to maturity securities as of the dates indicated:
September 30, 2022
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for
Credit Losses		Fair
Value
(In Thousands)
Available for sale:    
Debt securities:    
Obligations of state and political subdivisions$28,477 $3 $1,022 $— $27,458 
Asset-backed securities160,685 — 2,604 — 158,081 
Collateralized loan obligations313,938 — 11,091 — 302,847 
Corporate bonds159,820 — 14,207 — 145,613 
Total debt securities662,920 3 28,924 — 633,999 
    
Mortgage-backed securities:    
Collateralized mortgage obligations (1)
6,889 — 571 — 6,318 
Residential pass-through securities (1)
580,440 3 112,354 — 468,089 
Commercial pass-through securities (1)
180,323 — 25,553 — 154,770 
Total mortgage-backed securities767,652 3 138,478 — 629,177 
    
Total securities available for sale$1,430,572 $6 $167,402 $— $1,263,176 
___________________________
(1)Government-sponsored enterprises.
June 30, 2022
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for
Credit Losses		Fair
Value
(In Thousands)
Available for sale:    
Debt securities:    
Obligations of state and political subdivisions$28,485 $39 $89 $— $28,435 
Asset-backed securities169,506 — 2,949 — 166,557 
Collateralized loan obligations315,693 — 7,880 — 307,813 
Corporate bonds159,871 175 6,649 — 153,397 
Total debt securities673,555 214 17,567 — 656,202 
    
Mortgage-backed securities:   
Collateralized mortgage obligations (1)
7,451 — 329 — 7,122 
Residential pass-through securities (1)
595,337 45 80,624 — 514,758 
Commercial pass-through securities (1)
185,781 1 19,771 — 166,011 
Total mortgage-backed securities788,569 46 100,724 — 687,891 
   
Total securities available for sale$1,462,124 $260 $