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Kearny Financial Corp. (1617242) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, June 30, 2015

Kearny Financial Corp.

CIK: 1617242

Exhibit 99.1

FOR IMMEDIATE RELEASE

July 30, 2015

For further information contact:

Craig L. Montanaro, President and Chief Executive Officer, or

Eric B. Heyer, Executive Vice President and Chief Financial Officer

Kearny Financial Corp.

(973) 244-4500

KEARNY FINANCIAL CORP.

REPORTS FOURTH QUARTER 2015 OPERATING RESULTS

Fairfield, New Jersey, July 30, 2015 – Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company of Kearny Bank (the “Bank”), today reported a net loss for the quarter ended June 30, 2015 of $3.3 million, or $(0.04) per basic and diluted share. The net loss primarily reflected a $10.0 million charitable contribution made by the Company to the KearnyBank Foundation in conjunction with the closing of the Company’s second-step conversion and stock offering, as discussed in greater detail below. The contribution included $5.0 million in cash and 500,000 shares of the Company’s common stock valued at $10.00 per share for a total contribution of $10.0 million. After giving effect to the income tax benefit, the contribution reduced net income for the quarter by approximately $6.1 million or $0.07 per basic and diluted share.

The results represent a decrease of $7.2 million compared to net income of $3.9 million, or $0.04 per basic and diluted share, for the prior quarter ended March 31, 2015. The decrease in net income between linked quarters reflected a decrease in non-interest income and a slight increase in non-interest expense (exclusive of the charitable contribution discussed above) that were partially offset by an increase in net interest income and a slight decrease in the provision for loan losses. The overall pre-tax net loss resulted in an income tax benefit recognized during the quarter ended June 30, 2015. By comparison, the Company recorded pre-tax net income and corresponding income tax expense for the prior quarter ended March 31, 2015.

For the fiscal year ended June 30, 2015, the Company reported net income of $5.6 million or $0.06 per diluted share, representing a decrease of $4.6 million compared to net income of $10.2 million or $0.11 per diluted share for the fiscal year ended June 30, 2014. The decrease in net income was largely attributable to the charitable contribution to the KearnyBank Foundation discussed above. The decrease in net income also reflected an increase in other non-interest expense and in the provision for loan losses coupled with a decrease in non-interest income. These factors were partially offset by an increase in net interest income. In total, these factors resulted in a decrease in pre-tax net income between comparative periods. The effects of the Company’s tax-favored income sources coupled with other reductions in income tax expense resulted in the recognition of a net income tax benefit during the year ended June 30, 2015. By comparison, the Company recorded income tax expense for the year ended June 30, 2014 as taxable sources of net income outweighed the effects of the Company’s tax favored income sources during the year.

The Bank operates from its administrative headquarters in Fairfield, New Jersey, and a total of 42 retail branch offices located throughout northern and central New Jersey and Brooklyn and Staten Island, New York.


The following information was filed by Kearny Financial Corp. on Friday, July 31, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Changes In Stockholders' Equity (parenthetical)
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Comprehensive Income (loss) (parenthetical)
Consolidated Statements Of Financial Condition
Consolidated Statements Of Financial Condition (parenthetical)
Consolidated Statements Of Income
Acquisition Of Atlas Bank
Acquisition Of Atlas Bank (tables)
Acquisition Of Atlas Bank - Additional Information (detail)
Acquisition Of Atlas Bank - Summary Of Assets Acquired And Liabilities Assumed Through Merger At Fair Value (detail)
Benefit Plans
Benefit Plans (tables)
Benefit Plans - Additional Information (detail)
Benefit Plans - Schedule Of Assumptions To Estimate The Fair Value Of The Options Granted (detail)
Benefit Plans - Schedule Of Employee Stock Ownership Plan (esop) Disclosures (detail)
Benefit Plans - Schedule Of Expected Benefit Payments (detail)
Benefit Plans - Schedule Of Fair Value Measurements Of Abrip's Assets (detail)
Benefit Plans - Schedule Of Net Benefit Costs (detail)
Benefit Plans - Schedule Of Net Funded Status (detail)
Benefit Plans - Summary Of The Company's Stock Option Activity (detail)
Benefit Plans - Summary Of The Status Of The Company's Non-vested Restricted Share Awards (detail)
Borrowings
Borrowings (tables)
Borrowings - Additional Information (detail)
Borrowings - Schedule Of Fixed Rate Advances From Fhlb (detail)
Commitments
Commitments (tables)
Commitments - Additional Information (detail)
Commitments - Schedule Of Composition Of Total Rental Expense For Operating Leases (detail)
Commitments - Schedule Of Future Minimum Rental Payments Under Operating Leases (detail)
Commitments - Schedule Of Outstanding Loan Commitments (detail)
Comprehensive Income
Comprehensive Income (tables)
Comprehensive Income - Schedule Of Accumulated Other Comprehensive Income (loss) (detail)
Comprehensive Income - Schedule Of Comprehensive Income (loss) (detail)
Deposits
Deposits (tables)
Deposits - Additional Information (detail)
Deposits - Certificates Of Deposit By Maturity (detail)
Deposits - Interest Expense (detail)
Deposits - Schedule Of Deposits (detail)
Deposits - Schedule Of Deposits (parenthetical) (detail)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (tables)
Derivative Instruments And Hedging Activities - Additional Information (detail)
Derivative Instruments And Hedging Activities - Schedule Of Interest Rate Derivatives (detail)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (tables)
Fair Value Of Financial Instruments - Additional Information (detail)
Fair Value Of Financial Instruments - Schedule Of Assets And Liabilities Measured At Fair Value On A Non-recurring Basis (detail)
Fair Value Of Financial Instruments - Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis (detail)
Fair Value Of Financial Instruments - Schedule Of Carrying Amounts And Fair Values Of Financial Instruments (detail)
Fair Value Of Financial Instruments - Schedule Of Carrying Amounts And Fair Values Of Financial Instruments (parenthetical) (detail)
Fair Value Of Financial Instruments - Schedule Of Quantitative Information About Level 3 Fair Value Measurements (detail)
Fair Value Of Financial Instruments - Schedule Of Quantitative Information About Level 3 Fair Value Measurements (parenthetical) (detail)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (tables)
Goodwill And Other Intangible Assets - Schedule Of Intangible Assets And Goodwill (detail)
Goodwill And Other Intangible Assets - Scheduled Amortization Of Core Deposit Intangibles (detail)
Impairment Of Securities
Impairment Of Securities (tables)
Impairment Of Securities - Additional Information (detail)
Impairment Of Securities - Schedule Of Fair Values And Gross Unrealized Losses On Investments (detail)
Impairment Of Securities - Schedule Of Temporary Impairment Losses, Investments (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Schedule Of Components Of Income Taxes (detail)
Income Taxes - Schedule Of Deferred Income Tax Assets And Liabilities (detail)
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (detail)
Interest Receivable
Interest Receivable (tables)
Interest Receivable - Interest Receivable (detail)
Loan Quality And Allowance For Loan Losses
Loan Quality And Allowance For Loan Losses (tables)
Loan Quality And Allowance For Loan Losses - Additional Information (detail)
Loan Quality And Allowance For Loan Losses - Allowance For Loan Losses And Loans Receivable (detail)
Loan Quality And Allowance For Loan Losses - Contractual Payment Status Of Loans Receivable (detail)
Loan Quality And Allowance For Loan Losses - Credit-rating Classification Of Loans Receivable (detail)
Loan Quality And Allowance For Loan Losses - Impaired Loans Acquired Accretable Yield Change (detail)
Loan Quality And Allowance For Loan Losses - Impairment Status Of Loans Receivable (detail)
Loan Quality And Allowance For Loan Losses - Performance Status Of Loans Receivable (detail)
Loan Quality And Allowance For Loan Losses - Troubled Debt Restructurings Of Loans Receivable (detail)
Loans Receivable
Loans Receivable (tables)
Loans Receivable - Additional Information (detail)
Loans Receivable - Schedule Of Loans Receivable (detail)
Net Income Per Common Share (eps)
Net Income Per Common Share (eps) (tables)
Net Income Per Common Share (eps) - Additional Information (detail)
Net Income Per Common Share (eps) - Reconciliation Of Numerators And Denominators Of Basic And Diluted Earnings Per Share Computations (detail)
Parent Only Financial Information
Parent Only Financial Information (tables)
Parent Only Financial Information - Condensed Statements Of Cash Flows (detail)
Parent Only Financial Information - Condensed Statements Of Financial Condition (detail)
Parent Only Financial Information - Condensed Statements Of Income And Comprehensive Income (loss) (detail)
Plan Of Conversion And Stock Offering
Plan Of Conversion And Stock Offering - Additional Information (detail)
Premises And Equipment
Premises And Equipment (tables)
Premises And Equipment - Additional Information (detail)
Premises And Equipment - Property, Plant And Equipment (detail)
Quarterly Results Of Operations
Quarterly Results Of Operations (tables)
Quarterly Results Of Operations - Summary Of Quarterly Results Of Operations (detail)
Recent Accounting Pronouncements
Securities Available For Sale
Securities Available For Sale (tables)
Securities Available For Sale - Additional Information (detail)
Securities Available For Sale - Amortized Cost, Gross Unrealized Gains And Losses And Fair Values Of Securities (detail)
Securities Available For Sale - Stratification By Contractual Maturity Of Securities (detail)
Securities Held To Maturity
Securities Held To Maturity (tables)
Securities Held To Maturity - Additional Information (detail)
Securities Held To Maturity - Amortized Cost, Gross Unrealized Gains And Losses And Fair Values Of Securities (detail)
Securities Held To Maturity - Stratification By Contractual Maturity Of Securities (detail)
Stockholders' Equity And Regulatory Capital
Stockholders' Equity And Regulatory Capital (tables)
Stockholders' Equity And Regulatory Capital - Additional Information (detail)
Stockholders' Equity And Regulatory Capital - Summary Of Bank's Regulatory Capital Levels (detail)
Stockholders' Equity And Regulatory Capital - Summary Of Company's Regulatory Capital Levels (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Additional Information (detail)
Summary Of Significant Accounting Policies - Property, Plant And Equipment Useful Lives (detail)
CIK: 1617242
Form Type: 10-K Annual Report
Accession Number: 0001564590-15-007960
Submitted to the SEC: Mon Sep 14 2015 5:18:54 PM EST
Accepted by the SEC: Mon Sep 14 2015
Period: Tuesday, June 30, 2015
Industry: Savings Institution Federally Chartered

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