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Kearny Financial Corp. (1617242) SEC Filing 10-K Annual report for the fiscal year ending Saturday, June 30, 2018

Kearny Financial Corp.

CIK: 1617242

Exhibit 99.1

FOR IMMEDIATE RELEASE

July 30, 2018

For further information contact:

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

Eric B. Heyer, Senior Executive Vice President and Chief Operating Officer

Kearny Financial Corp.

(973) 244-4500

KEARNY FINANCIAL CORP.

REPORTS FOURTH QUARTER AND YEAR END 2018 OPERATING RESULTS

Fairfield, New Jersey, July 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 June 30, 2018 of $7.7 million, or $0.08 per basic and diluted share. The results represent an increase of $2.3 million compared to net income of $5.4 million, or $0.07 per basic and diluted share, for the quarter ended March 31, 2018.

Net income for the quarters ended June 30, 2018 and March 31, 2018 reflected merger-related expenses recognized in conjunction with the Company’s acquisition of Clifton Bancorp, Inc. (“CSBK”), the holding company for Clifton Savings Bank (“Clifton”), which closed on April 2, 2018. Excluding the effects of merger-related expenses on an after-tax basis, the Company’s net income would have been $11.4 million or $0.12 per basic and diluted share for the quarter ended June 30, 2018 compared to $5.8 million or $0.08 per basic and diluted share for the quarter ended March 31, 2018.

For the fiscal year ended June 30, 2018, the Company reported net income of $19.6 million, or $0.24 per basic and diluted share. The results represent an increase of $993,000 compared to net income of $18.6 million, or $0.22 per basic and diluted share, for the fiscal year ended June 30, 2017.

As above, net income for the year ended June 30, 2018 included $6.7 million in merger-related expenses associated with the Company’s acquisition of CSBK. The Company estimates that such expenses adversely impacted net income by approximately $5.1 million for the year ended June 30, 2018.

Net income for the year ended June 30, 2018 also reflected the effects of federal income tax reform that was codified through the passage of the Tax Cuts and Jobs Act (the “Act”) during the quarter ended December 31, 2017. 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. The provisions of the Act positively impacted the Company’s earnings during the second half of fiscal 2018. However, the passage of the Act 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 quarter ended December 31, 2017.

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 “transition” year ended June 30, 2018, the Company’s statutory federal income tax rate was 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%.


The following information was filed by Kearny Financial Corp. on Tuesday, July 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-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
Consolidated Statements Of Financial Condition
Consolidated Statements Of Financial Condition (Parenthetical)
Consolidated Statements Of Income
Acquisition Of Clifton Bancorp Inc
Acquisition Of Clifton Bancorp Inc (Tables)
Acquisition Of Clifton Bancorp Inc - Additional Information (Detail)
Acquisition Of Clifton Bancorp Inc - Summary Of Assets Acquired And Liabilities Assumed Through Merger At Fair Value (Detail)
Acquisition Of Clifton Bancorp Inc - Summary Of Unaudited Supplemental Pro Forma Information (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 - 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 - 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 Quantitative Information About Level 3 Fair Value Measurements (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)
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 (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 - Additional Information (Detail)
Quarterly Results Of Operations - Summary Of Quarterly Results Of Operations (Detail)
Recent Accounting Pronouncements
Recent Accounting Pronouncements - Additional Information (Detail)
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
Stockholders' Equity (Tables)
Stockholders' Equity - Additional Information (Detail)
Stockholders' Equity - Summary Of Bank's Regulatory Capital Levels (Detail)
Stockholders' Equity - 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: 0001564590-18-022401
Submitted to the SEC: Tue Aug 28 2018 4:03:25 PM EST
Accepted by the SEC: Tue Aug 28 2018
Period: Saturday, June 30, 2018
Industry: Savings Institution Federally Chartered

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