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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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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
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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)
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Maryland |
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30-0870244 |
(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification Number) |
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120 Passaic Ave., Fairfield, New Jersey |
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07004 |
(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code
973-244-4500
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Common Stock, $0.01 par value |
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KRNY |
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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.
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Large accelerated filer |
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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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
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Page Number |
PART I—FINANCIAL INFORMATION |
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Item 1. |
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Financial Statements |
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Consolidated Statements of Financial Condition at March 31, 2022 (Unaudited) and June 30, 2021 |
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1 |
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Consolidated Statements of Income for the Three Months and Nine Months Ended March 31, 2022 and March 31, 2021 (Unaudited) |
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2 |
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Consolidated Statements of Comprehensive Income (Loss) for the Three Months and Nine Months Ended March 31, 2022 and March 31, 2021 (Unaudited) |
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3 |
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Consolidated Statements of Changes in Stockholders’ Equity for the Three Months and Nine Months Ended March 31, 2022 and March 31, 2021 (Unaudited) |
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4 |
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Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2022 and March 31, 2021 (Unaudited) |
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6 |
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Notes to Consolidated Financial Statements (Unaudited) |
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8 |
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Item 2. |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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39 |
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Item 3. |
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Quantitative and Qualitative Disclosure About Market Risk |
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51 |
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Item 4. |
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Controls and Procedures |
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52 |
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PART II—OTHER INFORMATION |
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Item 1. |
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Legal Proceedings |
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53 |
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Item 1A. |
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Risk Factors |
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53 |
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Item 2. |
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Unregistered Sales of Equity Securities and Use of Proceeds |
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53 |
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Item 3. |
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Defaults Upon Senior Securities |
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53 |
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Item 4. |
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Mine Safety Disclosures |
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53 |
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Item 5. |
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Other Information |
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53 |
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Item 6. |
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Exhibits |
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54 |
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SIGNATURES |
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55 |
KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In Thousands, Except Share and Per Share Data)
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March 31, |
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June 30, |
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2022 |
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2021 |
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(Unaudited) |
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Assets |
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|
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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 |
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|
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1,676,864 |
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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 |
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|
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38,138 |
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Loans held-for-sale |
|
2,822 |
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|
|
16,492 |
|
Loans receivable |
|
5,003,201 |
|
|
|
4,851,394 |
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Less: allowance for credit losses on loans |
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(43,860 |
) |
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(58,165 |
) |
Net loans receivable |
|
4,959,341 |
|
|
|
4,793,229 |
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Premises and equipment |
|
53,727 |
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|
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56,338 |
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Federal Home Loan Bank (“FHLB”) of New York stock |
|
30,997 |
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|
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36,615 |
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Accrued interest receivable |
|
19,517 |
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|
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19,362 |
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Goodwill |
|
210,895 |
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|
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210,895 |
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Core deposit intangibles |
|
3,166 |
|
|
|
3,705 |
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Bank owned life insurance |
|
287,644 |
|
|
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283,310 |
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Deferred income tax assets, net |
|
34,349 |
|
|
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29,323 |
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Other real estate owned |
|
401 |
|
|
|
178 |
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Other assets |
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76,714 |
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51,431 |
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Total Assets |
$ |
7,389,891 |
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|
$ |
7,283,735 |
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Liabilities and Stockholders' Equity |
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Liabilities |
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Deposits: |
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Non-interest-bearing |
$ |
621,954 |
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$ |
593,718 |
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Interest-bearing |
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4,906,708 |
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4,891,588 |
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Total deposits |
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5,528,662 |
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5,485,306 |
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Borrowings |
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851,220 |
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685,876 |
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Advance payments by borrowers for taxes |
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16,979 |
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15,752 |
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Other liabilities |
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37,861 |
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53,857 |
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Total Liabilities |
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6,434,722 |
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6,240,791 |
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Stockholders' Equity |
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Preferred stock, $0.01 par value, 100,000,000 shares authorized; none issued and outstanding |
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- |
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- |
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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 |
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|
790 |
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Paid-in capital |
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561,176 |
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654,396 |
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Retained earnings |
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441,522 |
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408,367 |
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Unearned employee stock ownership plan shares; 2,609,069 shares and 2,759,594 shares, respectively |
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(25,294 |
) |
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(26,753 |
) |
Accumulated other comprehensive (loss) income |
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(22,949 |
) |
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|
6,144 |
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Total Stockholders' Equity |
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955,169 |
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1,042,944 |
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Total Liabilities and Stockholders' Equity |
$ |
7,389,891 |
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$ |
7,283,735 |
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See notes to unaudited consolidated financial statements.
- 1 -
KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Per Share Data)
(Unaudited)
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Three Months Ended |
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Nine Months Ended |
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March 31, |
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March 31, |
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2022 |
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2021 |
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2022 |
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|
2021 |
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Interest Income |
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|
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|
|
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Loans |
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$ |
45,846 |
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$ |
50,159 |
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$ |
141,651 |
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$ |
153,776 |
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Taxable investment securities |
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|
8,024 |
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7,891 |
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23,831 |
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22,934 |
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Tax-exempt investment securities |
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|
316 |
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|
410 |
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|
976 |
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1,297 |
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Other interest-earning assets |
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|
415 |
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|
705 |
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1,261 |
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2,406 |
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Total Interest Income |
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54,601 |
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59,165 |
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|
|
167,719 |
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|
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180,413 |
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Interest Expense |
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|
|
|
|
|
|
|
|
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Deposits |
|
|
3,565 |
|
|
|
6,670 |
|
|
|
11,293 |
|
|
|
26,379 |
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Borrowings |
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|
3,309 |
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|
|
4,012 |
|
|
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10,422 |
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|
|
14,865 |
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Total Interest Expense |
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|
6,874 |
|
|
|
10,682 |
|
|
|
21,715 |
|
|
|
41,244 |
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Net Interest Income |
|
|
47,727 |
|
|
|
48,483 |
|
|
|
146,004 |
|
|
|
139,169 |
|
(Reversal of) provision for credit losses |
|
|
(3,920 |
) |
|
|
1,126 |
|
|
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(11,740 |
) |
|
|
3,820 |
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Net Interest Income after (Reversal of) Provision for Credit Losses |
|
|
51,647 |
|
|
|
47,357 |
|
|
|
157,744 |
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135,349 |
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Non-Interest Income |
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|
|
|
|
|
|
|
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Fees and service charges |
|
|
617 |
|
|
|
473 |
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|
|
1,922 |
|
|
|
1,474 |
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Gain on sale and call of securities |
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|
3 |
|
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|
18 |
|
|
|
4 |
|
|
|
454 |
|
Gain on sale of loans |
|
|
376 |
|
|
|
943 |
|
|
|
2,352 |
|
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|
5,211 |
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Gain on sale of other real estate owned |
|
|
14 |
|
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|
- |
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14 |
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- |
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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 |
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Bargain purchase gain |
|
|
- |
|
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|
- |
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|
- |
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|
|
3,053 |
|
Other income |
|
|
238 |
|
|
|
1,194 |
|
|
|
938 |
|
|
|
1,351 |
|
Total Non-Interest Income |
|
|
3,191 |
|
|
|
4,614 |
|
|
|
11,124 |
|
|
|
17,530 |
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|
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Non-Interest Expense |
|
|
|
|
|
|
|
|
|
|
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|
Salaries and employee benefits |
|
|
19,184 |
|
|
|
16,965 |
|
|
|
55,897 |
|