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Kearny Financial Corp. (1617242) SEC Filing 10-Q Quarterly report for the period ending Sunday, December 31, 2017

Kearny Financial Corp.

CIK: 1617242

Exhibit 99.1

FOR IMMEDIATE RELEASE

January 30, 2018

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 SECOND QUARTER 2018 OPERATING RESULTS

Fairfield, New Jersey, January 30, 2018 – Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company of Kearny Bank (the “Bank”), today reported net income for the quarter ended December 31, 2017 of $1.3 million, or $0.02 per basic and diluted share. The results represent a decrease in net income of $3.9 million compared to net income of $5.2 million, or $0.07 per basic and diluted share, for the quarter ended September 30, 2017.

As discussed in greater detail below, the decrease in net income primarily reflected the impact of federal income tax reform that was codified through the passage of the Tax Cuts and Jobs Act (the “Act”) on December 22, 2017. The decrease in net income also reflected the recognition of certain merger-related expenses related to the Company’s proposed acquisition of Clifton Bancorp, Inc. (NASDAQ GS: CSBK) (“CSBK”), the holding company for Clifton Savings Bank (“Clifton”).

The Act permanently reduced the Company’s federal income tax rate from 35% to 21% while also including other provisions that altered the deductibility of certain recurring expenses recognized by the Company. While, collectively, the provisions of the Act are expected to benefit the Company’s future earnings, it resulted in a $3.5 million net reduction in the carrying value of the Company’s deferred income tax assets and liabilities with an equal and offsetting charge to income tax expense during the three months ended December 31, 2017. The $3.5 million charge to income tax expense resulted from a $4.9 million charge to reflect the reduced carrying value of the Company’s net deferred tax asset attributable to timing differences in the recognition of certain income and expense items for financial statement reporting purposes versus that recognized for income tax reporting purposes. That charge was partially offset by a $1.4 million reduction in the net deferred income tax liability primarily attributable to the net unrealized gains and losses on the Company’s interest rate derivatives and available for sale securities portfolios.

The net charge of $3.5 million attributable to the changes in the carrying value of deferred income tax items was partially offset by a $769,000 reduction in current-year income tax expense attributable to the noted reduction in the Company’s income tax rate. For the current “transition” year ending June 30, 2018, the Company’s statutory federal income tax rate has been reduced to 28%, reflecting effective statutory rates of 35% and 21% for the first and second halves of the year, respectively. For the fiscal year ending June 30, 2019 and thereafter, the Company’s statutory federal income tax rate will be reduced to 21%.

As noted above, the decrease in net income between linked periods also reflects the Company’s recognition of $1.2 million of merger-related expenses related to its proposed acquisition of CSBK. The Company estimates that net income was adversely impacted by approximately $1.0 million for merger-related expenses recognized during the three months ended December 31, 2017 due to their limited income tax deductibility. The proposed CSBK acquisition was announced on November 1, 2017, whereby the Company entered into a definitive agreement pursuant to which it will acquire CSBK in an all-stock transaction. Under the terms of the agreement, each outstanding share of CSBK common stock will be exchanged for 1.191 shares of KRNY common stock.

 

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The following information was filed by Kearny Financial Corp. on Wednesday, January 31, 2018 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-Q Quarterly 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-Q Quarterly Report

Document And Entity Information
Consolidated Statements Of Cash Flows (unaudited)
Consolidated Statements Of Changes In Stockholders' Equity (unaudited)
Consolidated Statements Of Changes In Stockholders' Equity (unaudited) (parenthetical)
Consolidated Statements Of Comprehensive Income (unaudited)
Consolidated Statements Of Financial Condition (unaudited)
Consolidated Statements Of Financial Condition (unaudited) (parenthetical)
Consolidated Statements Of Income (unaudited)
Basis Of Presentation
Benefit Plans
Benefit Plans (tables)
Benefit Plans - Schedule Of Net Periodic Benefit Expense (detail)
Borrowings
Borrowings (tables)
Borrowings - Additional Information (detail)
Borrowings - Schedule Of Fixed Rate Advances From Fhlb (detail)
Comprehensive Income
Comprehensive Income (tables)
Comprehensive Income - Schedule Of Accumulated Other Comprehensive Income (detail)
Comprehensive Income - Schedule Of Comprehensive Income (detail)
Comprehensive Income - Schedule Of Comprehensive Income (parenthetical) (detail)
Deposits
Deposits (tables)
Deposits - Summary Of Deposits (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 - Fair Values Of Derivative Financial Instruments As Well As Their Classification On Statement Of Financial Condition (detail)
Derivative Instruments And Hedging Activities - Offsetting Derivatives (detail)
Derivative Instruments And Hedging Activities - Pre-tax Effects Of Derivative Instruments On Consolidated Statements Of Income (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)
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 Deferred Income Tax Assets And Liabilities (detail)
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (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)
Merger Related Expenses
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)
Principles Of Consolidation
Proposed Acquisition Of Clifton Bancorp Inc
Proposed Acquisition Of Clifton Bancorp Inc - Additional Information (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 Unrecognized Gains And Losses And Fair Values Of Securities (detail)
Securities Held To Maturity - Stratification By Contractual Maturity Of Securities (detail)
Subsequent Events

Material Contracts, Statements, Certifications & more

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

CIK: 1617242
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-18-001675
Submitted to the SEC: Thu Feb 08 2018 4:02:44 PM EST
Accepted by the SEC: Thu Feb 08 2018
Period: Sunday, December 31, 2017
Industry: Savings Institution Federally Chartered

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