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Kearny Financial Corp. (1617242) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Kearny Financial Corp.

CIK: 1617242

Exhibit 99.1

FOR IMMEDIATE RELEASE

October 30, 2018

For further information contact:

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

Keith Suchodolski, Executive Vice President and Chief Financial Officer

Kearny Financial Corp.

(973) 244-4500

KEARNY FINANCIAL CORP.

REPORTS FIRST QUARTER 2019 OPERATING RESULTS

Fairfield, New Jersey, October 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 September 30, 2018 of $11.1 million, or $0.12 per basic and diluted share. The results represent an increase of $3.4 million compared to net income of $7.7 million, or $0.08 per basic and diluted share, for the quarter ended June 30, 2018.

Craig L. Montanaro, President and Chief Executive Officer, commented, “We are pleased with how we have continued to build on our positive momentum from fiscal 2018 by executing on a number of strategic priorities during the quarter including the strong growth within our commercial mortgage loan portfolio and the ongoing integration of the Clifton Bancorp, Inc. (“CSBK”) acquisition which, subsequent to quarter end, culminated in the full system integration of CSBK’s banking products and services.”

Balance Sheet Highlights

 

   

The Company’s aggregate loan portfolio, excluding loans held for sale and the allowance for loan losses, increased by $159.2 million to $4.66 billion, or 70.0% of total assets, at September 30, 2018 from $4.50 billion, or 68.4% of total assets, at June 30, 2018. Commercial mortgage loans represented $152.6 million of this increase, totaling 69.0% of total loans at September 30, 2018.

 

   

The balance of cash and cash equivalents decreased by $84.4 million to $44.5 million at September 30, 2018 from $128.9 million at June 30, 2018. The decrease for the quarter ended September 30, 2018 reflected the reinvestment of excess cash balances into the loan portfolio. The Company generally seeks to limit the balance of cash and cash equivalents held to the levels needed to meet its day-to-day funding obligations and overall liquidity risk management objectives.

 

   

The Company’s total deposits decreased by $118.8 million to $3.95 billion at September 30, 2018, from $4.07 billion at June 30, 2018. The net decline in deposits primarily reflected a $210.8 million decrease in wholesale deposits attributable to the scheduled maturity and termination of the Company’s participation in Promontory Interfinancial Network’s (“Promontory”) Insured Network Deposits (“IND”) program. Partially offsetting this decrease was an increase of $92.0 million in other deposits comprising increases of $35.7 million and $56.3 million in retail and other wholesale deposits, respectively.

 

   

Total borrowings increased by $220.8 million to $1.42 billion at September 30, 2018, from $1.20 billion at June 30, 2018. The increase in borrowings for the quarter ended September 30, 2018 reflected an additional $200.0 million 90-day Federal Home Loan Bank (“FHLB”) term advance that was drawn to replace the maturing Promontory IND funding noted above coupled with an increase of $60.0 million in overnight borrowings drawn for liquidity management purposes. The Company had entered into a forward-starting interest rate swap contract in July 2016 to extend the effective duration of the new 90-day FHLB advance thereby effectively fixing its cost for a longer period of time. These increases were partially offset by decreases of $35.0 million in long-term FHLB advances resulting from the scheduled maturity of such advances coupled with a $4.9 million decrease in depositor sweep account balances representing normal day-to-day fluctuations in such balances.

 

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The following information was filed by Kearny Financial Corp. on Wednesday, October 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)
Acquisition Of Clifton Bancorp Inc.
Acquisition Of Clifton Bancorp Inc. (Table)
Acquisition Of Clifton Bancorp Inc. - Additional Information (Detail)
Acquisition Of Clifton Bancorp Inc. - Summary Of Unaudited Supplemental Pro Forma Information (Detail)
Basis Of Presentation
Benefit Plans
Benefit Plans (Tables)
Benefit Plans - Schedule Of Impact Of Retrospective Application To Consolidated Statement Of Income (Detail)
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 And Comprehensive 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 Measured At Fair Value On A Non-Recurring Basis (Detail)
Fair Value Of Financial Instruments - Schedule Of Assets 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)
Impairment Of Securities
Impairment Of Securities (Tables)
Impairment Of Securities - Additional Information (Detail)
Impairment Of Securities - Schedule Of Fair Values And Gross Unrealized And Unrecognized 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)
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
Recent Accounting Pronouncements
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Non Interest Income (Details)
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

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

CIK: 1617242
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-18-028524
Submitted to the SEC: Thu Nov 08 2018 4:02:55 PM EST
Accepted by the SEC: Thu Nov 08 2018
Period: Sunday, September 30, 2018
Industry: Savings Institution Federally Chartered

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