Kearny Financial Corp. Files Q1 FY25 10-Q

TL;DR

Kearny Financial Corp. dropped its Q1 FY25 10-Q on Nov 5. Check financials.

AI Summary

Kearny Financial Corp. filed its 10-Q for the period ending September 30, 2024. The filing covers the first quarter of fiscal year 2025. Key financial data and operational details for the company, a federally chartered savings institution, are presented. The report was filed on November 5, 2024.

Why It Matters

This filing provides investors and analysts with the latest financial performance and condition of Kearny Financial Corp., a key indicator for its stability and future prospects in the savings institution sector.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing financial updates, not indicating immediate or significant new risks.

Key Players & Entities

• Kearny Financial Corp. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of reporting period
• 2024-11-05 (date) — Filing date
• Fairfield, NJ (location) — Company headquarters

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value KRNY The NASDAQ Stock Market

Filing Documents

• krny-20240930.htm (10-Q) — 2741KB
• krny-20240930xexx311.htm (EX-31.1) — 10KB
• krny-20240930xexx312.htm (EX-31.2) — 10KB
• krny-20240930xexx321.htm (EX-32.1) — 5KB
• krny-20240930xexx322.htm (EX-32.2) — 5KB
• 0001617242-24-000084.txt ( ) — 15428KB
• krny-20240930.xsd (EX-101.SCH) — 46KB
• krny-20240930_cal.xml (EX-101.CAL) — 132KB
• krny-20240930_def.xml (EX-101.DEF) — 415KB
• krny-20240930_lab.xml (EX-101.LAB) — 779KB
• krny-20240930_pre.xml (EX-101.PRE) — 659KB
• krny-20240930_htm.xml (XML) — 3890KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Consolidated Statements of Financial Condition at September 30, 2024 (Unaudited) and June 30, 2024 1 Consolidated Statements of Income for the Three Months Ended September 30, 2024 and September 30, 2023 (Unaudited) 2 Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended September 30, 2024 and September 30, 2023 (Unaudited) 3 Consolidated Statements of Changes in Stockholders' Equity for the Three Months Ended September 30, 2024 and September 30, 2023 (Unaudited) 4 Consolidated Statements of Cash Flows for the Three Months Ended September 30, 2024 and September 30, 2023 (Unaudited) 5

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 7 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 3. Quantitative and Qualitative Disclosure About Market Risk 41 Item 4.

Controls and Procedures

Controls and Procedures 42

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 43 Item 1A.

Risk Factors

Risk Factors 43 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 3. Defaults Upon Senior Securities 43 Item 4. Mine Safety Disclosures 43 Item 5. Other Information 43 Item 6. Exhibits 44

SIGNATURES

SIGNATURES 45 Table of Contents KEARNY FINANCIAL CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In Thousands, Except Share and Per Share Data) September 30, 2024 June 30, 2024 (Unaudited) Assets Cash and amounts due from depository institutions $ 18,369 $ 17,201 Interest-bearing deposits in other banks 137,205 46,663 Cash and cash equivalents 155,574 63,864 Investment securities available for sale (amortized cost of $ 1,177,595 and $ 1,203,506 , respectively) 1,070,811 1,072,833 Investment securities held to maturity (fair value of $ 120,725 and $ 119,278 , respectively) 132,256 135,742 Loans held-for-sale 8,866 6,036 Loans receivable 5,784,246 5,732,787 Less: allowance for credit losses on loans ( 44,923 ) ( 44,939 ) Net loans receivable 5,739,323 5,687,848 Premises and equipment 45,189 44,940 Federal Home Loan Bank ("FHLB") of New York stock 57,706 80,300 Accrued interest receivable 29,467 29,521 Goodwill 113,525 113,525 Core deposit intangibles 1,805 1,931 Bank owned life insurance 300,186 297,874 Deferred income tax assets, net 50,131 50,339 Other assets 67,540 98,708 Total Assets $ 7,772,379 $ 7,683,461 Liabilities and Stockholders' Equity Liabilities Deposits: Non-interest-bearing $ 592,099 $ 598,366 Interest-bearing 4,878,413 4,559,757 Total deposits 5,470,512 5,158,123 Borrowings 1,479,888 1,709,789 Advance payments by borrowers for taxes 17,824 17,409 Other liabilities 52,618 44,569 Total Liabilities 7,020,842 6,929,890 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; 64,579,683 shares and 64,434,424 shares issued and outstanding, respectively 646 644 Paid-in capital 493,523 493,680 Retained earnings 342,522 343,326 Unearned employee stock ownership plan shares; 2,107,326 shares and 2,157,501 shares, respectively ( 20,430 ) ( 20,916 ) Accumulated oth

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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 subsidiaries. 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, 2024 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, 2024 was derived from the Company's 2024 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 2024 Annual Report on Form 10-K. The accounting and reportin

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