Kearny Financial Corp. Files Q2 Fiscal Year 2025 10-Q

TL;DR

Kearny Financial Corp. 10-Q filed for Q2 FY25. Financials look steady.

AI Summary

Kearny Financial Corp. filed its 10-Q for the period ending December 31, 2024. The filing covers the second quarter of their fiscal year. Key financial data and operational details for the period are presented, reflecting the company's performance and financial position.

Why It Matters

This filing provides investors and analysts with a detailed look into Kearny Financial Corp.'s financial health and operational performance during the second quarter of their fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Players & Entities

• Kearny Financial Corp. (company) — Filer of the 10-Q
• 2024-12-31 (date) — End of the reporting period
• 2025-02-06 (date) — Filing date

FAQ

Key Financial Figures

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

Filing Documents

• krny-20241231.htm (10-Q) — 3229KB
• krny-20241231xexx311.htm (EX-31.1) — 10KB
• krny-20241231xexx312.htm (EX-31.2) — 10KB
• krny-20241231xexx321.htm (EX-32.1) — 5KB
• krny-20241231xexx322.htm (EX-32.2) — 5KB
• 0001617242-25-000007.txt ( ) — 17047KB
• krny-20241231.xsd (EX-101.SCH) — 48KB
• krny-20241231_cal.xml (EX-101.CAL) — 141KB
• krny-20241231_def.xml (EX-101.DEF) — 424KB
• krny-20241231_lab.xml (EX-101.LAB) — 804KB
• krny-20241231_pre.xml (EX-101.PRE) — 679KB
• krny-20241231_htm.xml (XML) — 4374KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Consolidated Statements of Financial Condition at December 31, 2024 (Unaudited) and June 30, 2024 1 Consolidated Statements of Income (Loss) for the Three and Six Months Ended December 31, 2024 and December 31, 2023 (Unaudited) 2 Consolidated Statements of Comprehensive (Loss) Income for the Three and Six Months Ended December 31, 2024 and December31, 2023 (Unaudited) 3 Consolidated Statements of Changes in Stockholders' Equity for the Three and Six Months Ended December 31, 2024 and December 31, 2023 (Unaudited) 4 Consolidated Statements of Cash Flows for the Six Months Ended December 31, 2024 and December 31, 2023 (Unaudited) 6

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 8 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 37 Item 3. Quantitative and Qualitative Disclosure About Market Risk 48 Item 4.

Controls and Procedures

Controls and Procedures 49

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 50 Item 1A.

Risk Factors

Risk Factors 50 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50 Item 3. Defaults Upon Senior Securities 50 Item 4. Mine Safety Disclosures 50 Item 5. Other Information 50 Item 6. Exhibits 51

SIGNATURES

SIGNATURES 52 Table of Contents KEARNY FINANCIAL CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In Thousands, Except Share and Per Share Data) December 31, 2024 June 30, 2024 (Unaudited) Assets Cash and amounts due from depository institutions $ 17,986 $ 17,201 Interest-bearing deposits in other banks 123,568 46,663 Cash and cash equivalents 141,554 63,864 Investment securities available for sale (amortized cost of $ 1,144,579 and $ 1,203,506 , respectively) 1,018,279 1,072,833 Investment securities held to maturity (fair value of $ 111,284 and $ 119,278 , respectively) 127,266 135,742 Loans held-for-sale 5,695 6,036 Loans receivable 5,791,758 5,732,787 Less: allowance for credit losses on loans ( 44,457 ) ( 44,939 ) Net loans receivable 5,747,301 5,687,848 Premises and equipment 45,127 44,940 Federal Home Loan Bank ("FHLB") of New York stock 64,443 80,300 Accrued interest receivable 27,772 29,521 Goodwill 113,525 113,525 Core deposit intangibles 1,679 1,931 Bank owned life insurance 301,339 297,874 Deferred income tax assets, net 53,325 50,339 Other assets 84,080 98,708 Total Assets $ 7,731,385 $ 7,683,461 Liabilities and Stockholders' Equity Liabilities Deposits: Non-interest-bearing $ 601,510 $ 598,366 Interest-bearing 5,069,550 4,559,757 Total deposits 5,671,060 5,158,123 Borrowings 1,258,949 1,709,789 Advance payments by borrowers for taxes 17,986 17,409 Other liabilities 38,537 44,569 Total Liabilities 6,986,532 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 494,092 493,680 Retained earnings 342,155 343,326 Unearned employee stock ownership plan shares; 2,057,152 shares and 2,157,501 shares, respectively ( 19,943 ) ( 20,916 ) Accumulated othe

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 six months ended December 31, 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 reporting p

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