Kearny Financial Corp. 10-K Annual Report August 2017

Fairfield, New Jersey, April 27, 2017 – Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company of Kearny Bank (the “Bank”), today reported net income for the quarter ended March 31, 2017 of $4.1 million, or $0.05 per basic and diluted share. The results represent a decrease in net income of $1.4 million compared to net income of $5.5 million, or $0.06 per basic and diluted share, for the quarter ended December 31, 2016.

The decrease in net income between linked periods largely reflected the impact of the first “full-quarter” cost of the Company’s 2016 Equity Incentive Plan approved by shareholders in October 2016. Based on the original value of the grants at the time they were issued on December 1, 2016, coupled with the five year vesting period, the “pre-tax” and “after-tax” expense associated with the noted grants total approximately $1.6 million and $1.1 million per quarter, respectively.

Overview

The Company continued to execute strategies during the third quarter of fiscal 2017 intended to grow and diversify its balance sheet while increasing earnings and prudently managing capital to promote long-term growth in shareholder value. These strategies resulted in several incremental balance sheet growth and diversification achievements that are included among the following noteworthy highlights for the quarter:

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The Company’s aggregate loan portfolio, excluding loans held for sale and the allowance for loan losses, increased by $148.7 million, or 5.0%, to $3.12 billion, or 65.1% of total assets, at March 31, 2017 from $2.97 billion, or 64.9% of total assets, at December 31, 2016. This growth largely reflected the Company’s continued strategic focus on commercial loans, which increased by $147.4 million, or 6.4% during the period.

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Nonperforming loans decreased to $21.0 million, or 0.67% of total loans, at March 31, 2017 from $21.6 million, or 0.72% of total loans, at December 31, 2016.

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The allowance for loan losses increased to $27.6 million at March 31, 2017 from $26.1 million at December 31, 2016, resulting in a “total loan coverage ratio”, representing the balance of the allowance for loan losses as a percentage of total loans, that was unchanged at 0.88% between comparative periods.

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The “nonperforming loan coverage ratio”, representing the balance of the allowance for loan losses as a percentage of nonperforming loans, increased to 131.4% at March 31, 2017 from 120.8% at December 31, 2016.

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The Company’s securities portfolio decreased by $72.2 million, or 6.1%, to $1.12 billion, or 23.3% of total assets, at March 31, 2017 from $1.19 billion, or 25.9% of total assets, at December 31, 2016. The decrease largely reflected the sale of highly-seasoned, fixed-rate mortgage-backed securities to fund a portion of the loan growth during the period coupled with normal principal repayments arising from amortization, calls and maturities of securities. A portion of these cash flows were reinvested into uncapped, floating-rate securities for interest rate risk management purposes while a lesser portion was reinvested into tax-favored municipal securities. The net decrease in the securities portfolio was also partially offset by a net increase in the fair value of the available for sale portfolio during the period.

The following information was filed by Kearny Financial Corp. on Friday, April 28, 2017 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: 0001564590-17-018160
Submitted to the SEC: Tue Aug 29 2017 5:00:05 PM EST
Accepted by the SEC: Tue Aug 29 2017
Period: Friday, June 30, 2017
Industry: Savings Institution Federally Chartered

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Kearny Financial Corp. (1617242) SEC Filing 10-K Annual report for the fiscal year ending Friday, June 30, 2017

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