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Kearny Financial Corp. (1617242) SEC Filing 10-Q Quarterly report for the period ending Monday, December 31, 2018

Kearny Financial Corp.

CIK: 1617242

Exhibit 99.1

FOR IMMEDIATE RELEASE

January 30, 2019

 

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 SECOND QUARTER 2019 OPERATING RESULTS

 

Fairfield, New Jersey, January 30, 2019 – 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, 2018 of $10.8 million, or $0.12 per basic and diluted share as compared to net income of $11.1 million, or $0.12 per basic and diluted share, for the quarter ended September 30, 2018.

 

Craig L. Montanaro, President and Chief Executive Officer, commented, “We are pleased to report this quarter’s results which were highlighted by strong growth in loans and deposits, coupled with the continuation of our outstanding asset quality trends.  Recognizing the challenges presented by the flat yield curve and rising funding costs, our strategic focus is on the execution of initiatives designed to grow our core deposit franchise and build long-term shareholder value.  These initiatives include the acceleration of our efforts to increase digital channel adoption, the robust analysis of retail branch consolidation opportunities and the selective opening of low-cost, technology-driven retail locations in highly attractive markets.  As a complement to these strategies we remain steadfast in our commitment to prudently manage capital as evidenced by the increase of our quarterly cash dividend and the repurchase of 3.8 million shares of common stock during the quarter.”

Balance Sheet Highlights

 

Total loans, excluding loans held for sale and the allowance for loan losses, increased by $92.9 million to $4.75 billion, or 70.9% of total assets, at December 31, 2018 from $4.66 billion, or 70.0% of total assets, at September 30, 2018.  Commercial mortgage loans comprised $62.9 million of this increase whose aggregate balances represented 68.9% of total loans at December 31, 2018.

 

Total deposits increased by $218.6 million to $4.17 billion at December 31, 2018, from $3.95 billion at September 30, 2018.  The net increase in deposits reflected increases of $85.7 million and $132.9 million in retail and wholesale deposits, respectively.

 

Total borrowings decreased by $108.9 million to $1.31 billion at December 31, 2018, from $1.42 billion at September 30, 2018.  The net decrease in borrowings reflected the maturity of $69.5 million in long-term Federal Home Loan Bank (“FHLB”) advances, a $60.0 million decrease in the balance of overnight borrowings and a $6.9 million decrease in depositor sweep account balances.  These decreases were partially offset by the addition of a $27.0 million FHLB Community Investment Program (“CIP”) long-term advance during the period.

Earnings Highlights

 

Interest income totaled $60.0 million for the quarter ended December 31, 2018, an increase of $1.8 million or 3.1% from the quarter ended September 30, 2018.  Despite this achievement, interest expense increased by $2.6 million between the same comparative periods resulting in an $831,000 decrease in net interest income to $39.3 million for the quarter ended December 31, 2018, from $40.2 million for the quarter ended September 30, 2018.  

 

The Company’s net interest margin decreased to 2.56% for the quarter ended December 31, 2018 from 2.68% for the quarter ended September 30, 2018, primarily driven by a 15 basis point increase in the cost of interest-bearing liabilities that was partially offset by a two basis point increase in the yield on earning assets.

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The following information was filed by Kearny Financial Corp. on Thursday, January 31, 2019 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. (Tables)
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 Balance Of 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 - 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 - 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)
Premium On Debt Securities
Premium On Debt Securities - Additional Information (Details)
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 - Schedule Of Available For Sale Securities Pledged (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 - Schedule Of Held To Maturity Securities Pledged (Detail)
Securities Held To Maturity - Stratification By Contractual Maturity Of Securities (Detail)
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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: 0001564590-19-002425
Submitted to the SEC: Fri Feb 08 2019 4:03:00 PM EST
Accepted by the SEC: Fri Feb 08 2019
Period: Monday, December 31, 2018
Industry: Savings Institution Federally Chartered

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