Kearny Financial Corp. Files Annual 10-K Report

TL;DR

KRNY filed its 2024 10-K. Full financials inside.

AI Summary

Kearny Financial Corp. filed its 10-K for the fiscal year ending June 30, 2024. The company, headquartered in Fairfield, NJ, operates as a federally chartered savings institution. The filing covers financial performance and business operations for the period, with specific financial data to be detailed within the full report.

Why It Matters

This annual filing provides investors and stakeholders with a comprehensive overview of Kearny Financial Corp.'s financial health and strategic direction for the past fiscal year.

Risk Assessment

Risk Level: medium — This is a standard annual financial filing with no immediate red flags or significant new risks highlighted in the provided metadata.

Key Numbers

• 2024-06-30 — Fiscal Year End (The end date of the reporting period.)
• 2023-06-30 — Prior Year End (The end date of the previous fiscal year.)
• 2022-07-01 — Prior Year Start (The start date of the previous fiscal year.)

Key Players & Entities

• Kearny Financial Corp. (company) — Filer of the 10-K
• 0001617242-24-000072 (filing_id) — Accession Number for the filing
• 20240630 (date) — Fiscal year end date
• Fairfield, NJ (location) — Company headquarters and mailing address
• 6035 (sic_code) — Standard Industrial Classification for Savings Institution

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value KRNY The NASDAQ Stock Market
• $63.9 million — ne 30, 2024, our liquid assets included $63.9 million of short-term cash and equivalents 3
• $1.07 billion — 3 Table of Contents supplemented by $1.07 billion of investment securities classified as
• $789.0 million — ity to borrow additional funds totaling $789.0 million via unsecured overnight borrowings from
• $1.06 billion — s from other financial institutions and $1.06 billion and $381.8 million from the Federal Hom
• $381.8 million — cial institutions and $1.06 billion and $381.8 million from the Federal Home Loan Bank of New
• $3.55 billion — e non-maturity deposit accounts totaled $3.55 billion at June 30, 2024, representing 68.8% of
• $4.4 million — ive reduced our non-interest expense by $4.4 million to $117.8 million for the year ended Ju
• $117.8 million — non-interest expense by $4.4 million to $117.8 million for the year ended June 30, 2024 from $
• $122.2 million — n for the year ended June 30, 2024 from $122.2 million for the year ended June 30, 2023. Mark
• $2.65 b — 24, multi-family mortgage loans totaled $2.65 billion, or 46.0% of our loan portfolio,
• $948.1 m — e nonresidential mortgage loans totaled $948.1 million, or 16.5% of our loan portfolio.
• $142.7 m — l and industrial business loans totaled $142.7 million, or 2.5% of our loan portfolio. W
• $209.2 m — ne 30, 2024, construction loans totaled $209.2 million, or 3.6% of our loan portfolio. O
• $1.76 b — mily residential mortgage loans totaled $1.76 billion, or 30.5% of our loan portfolio.

Filing Documents

• krny-20240630.htm (10-K) — 4874KB
• krny-20240630ex191.htm (EX-19.1) — 48KB
• krny-20240630ex21.htm (EX-21) — 25KB
• krny-20240630ex231.htm (EX-23.1) — 4KB
• krny-20240630ex311.htm (EX-31.1) — 10KB
• krny-20240630ex312.htm (EX-31.2) — 10KB
• krny-20240630ex321.htm (EX-32.1) — 5KB
• krny-20240630ex322.htm (EX-32.2) — 5KB
• krny-20240630ex971.htm (EX-97.1) — 17KB
• krny-20240630_g1.jpg (GRAPHIC) — 119KB
• krny-20240630_g2.jpg (GRAPHIC) — 62KB
• 0001617242-24-000072.txt ( ) — 24976KB
• krny-20240630.xsd (EX-101.SCH) — 84KB
• krny-20240630_cal.xml (EX-101.CAL) — 183KB
• krny-20240630_def.xml (EX-101.DEF) — 630KB
• krny-20240630_lab.xml (EX-101.LAB) — 1263KB
• krny-20240630_pre.xml (EX-101.PRE) — 1047KB
• krny-20240630_htm.xml (XML) — 5781KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 28 Item 1B. Unresolved Staff Comments 35

Cybersecurity

Item 1C. Cybersecurity 35 Item 2.

Properties

Properties 36 Item 3.

Legal Proceedings

Legal Proceedings 36 Item 4. Mine Safety Disclosures 36 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 37 Item 6. [Reserved] 38 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 39 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 51 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 52 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 53 Item 9A.

Controls and Procedures

Controls and Procedures 53 Item 9B. Other Information 53 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 53 PART III Item 10. Directors, Executive Officers and Corporate Governance 54 Item 11.

Executive Compensation

Executive Compensation 54 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 54 Item 13. Certain Relationships and Related Transactions, and Director Independence 55 Item 14. Principal Accounting Fees and Services 55 PART IV Item 15. Exhibits, Financial Statement Schedules 56 Item 16. Form 10-K Summary 58

SIGNATURES

SIGNATURES i Table of Contents PART I

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements, which can be identified by the use of words such as "estimate," "project," "believe," "intend," "anticipate," "plan," "seek," "expect" and words of similar meaning. These forward-looking statements include, but are not limited to: estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of the Annual Report on Form 10-K. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: general economic conditions, either nationally or in our market areas, that are worse than expected; changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; our ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in our market area; our ability to implement changes in our business strategies; competition among depository and other financial institutions; inflation and/or changes in the interest rate environment that reduce our margins and y

View Full Filing

View this 10-K filing on SEC EDGAR