Kearny Financial Corp. 10-K Annual Report August 2016

Fairfield, New Jersey, August 4, 2016 – Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company of Kearny Bank (the “Bank”), today reported net income for the quarter ended June 30, 2016 of $4.9 million, or $0.05 per basic and diluted share. The results represent an increase of $713,000 compared to net income of $4.2 million, or $0.05 per basic and diluted share, for the prior quarter ended March 31, 2016.

For the fiscal year ended June 30, 2016, the Company reported net income of $15.8 million, or $0.18 per basic and diluted share. The results represent an increase of $10.2 million compared to net income of $5.6 million, or $0.06 per basic and diluted share, for the fiscal year ended June 30, 2015. Net income for fiscal 2015 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. After giving effect to the income tax benefit, the contribution reduced net income for fiscal 2015 by approximately $6.1 million or $0.07 per basic and diluted share.

Overview

The Company continued to execute strategies throughout fiscal 2016 that were intended to deploy a portion of the capital raised in its 2015 second-step conversion and stock offering. These strategies resulted in several significant balance sheet growth and diversification achievements for the year including:

•

The Company’s aggregate loan portfolio, excluding the allowance for loan losses, increased by $574.4 million, or 27.3% during the year ended June 30, 2016. The increase in the loan portfolio continued to reflect the Company’s strategic focus on commercial loans, whose outstanding balances increased by $540.6 million, or 38.4% for the year.

•

The Company’s securities portfolio decreased by $175.2 million, or 12.2%, to $1.26 billion, or 30.3% of earning assets, at June 30, 2016 from $1.43 billion, or 36.8% of earning assets, at June 30, 2015 reflecting the continuing reinvestment of security cash flows into the loan portfolio.

•

The balance of nonperforming loans decreased to $21.1 million, or 0.79% of total loans, at June 30, 2016 from $22.9 million, or 1.09% of total loans, at June 30, 2015.

•

The allowance for loan losses increased by $8.6 million or 55.3% such that the “total loan coverage ratio”, representing the balance of the allowance for loan loss as a percentage of total loans, increased to 0.90% at June 30, 2016 from 0.74% at June 30, 2015.

•

The “nonperforming loan coverage ratio”, representing the balance of the allowance for loan losses as a percentage of nonperforming loans, increased to 115.1% at June 30, 2016 from 68.2% at June 30, 2015.

The following information was filed by Kearny Financial Corp. on Friday, August 5, 2016 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

Material Contracts, Statements, Certifications & more

Kearny Financial Corp. provided additional information to their SEC Filing as exhibits

Exhibit 11: Statement Regarding Calculation Of Per Share Earnings

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

CIK: 1617242
Form Type: 10-K Annual Report
Accession Number: 0001564590-16-024782
Submitted to the SEC: Mon Aug 29 2016 5:03:13 PM EST
Accepted by the SEC: Mon Aug 29 2016
Period: Thursday, June 30, 2016
Industry: Savings Institution Federally Chartered

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Kearny Financial Corp. (1617242) SEC Filing 10-K Annual report for the fiscal year ending Thursday, June 30, 2016

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