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Kearny Financial Corp. (KRNY) SEC Filing 10-Q Quarterly Report for the period ending Friday, December 31, 2021

Kearny Financial Corp.

CIK: 1617242 Ticker: KRNY

 

Exhibit 99.1

FOR IMMEDIATE RELEASE

January 27, 2022

 

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. ANNOUNCES SECOND QUARTER FISCAL 2022 RESULTS

AND DECLARATION OF CASH DIVIDEND

 

Fairfield, N.J., January 27, 2022 – Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company of Kearny Bank (the “Bank”), reported net income for the quarter ended December 31, 2021 of $18.8 million, or $0.26 per diluted share, compared to $19.7 million, or $0.26 per diluted share, for the quarter ended September 30, 2021.

 

The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.11 per share, payable on February 23, 2022 to stockholders of record as of February 9, 2022.

 

Craig L. Montanaro, President and Chief Executive Officer, commented, “We are pleased to report another quarter of strong financial performance highlighted by growth in our commercial loan and core non-maturity deposit portfolios. Equally as important was the continued advancement of our long-term goals of growing core earnings per share and leveraging tangible capital, which now stands at 11.2% of tangible assets.” Mr. Montanaro continued, “As of quarter-end our commercial loan pipeline stood at a historically high level, which bodes well for our loan growth prospects in the coming quarters.”

 

Regarding expectations for upcoming fed funds rate increases, Mr. Montanaro noted, “Our balance sheet is as well-positioned as it has ever been for the forecasted rising rate environment. Changes in the composition of our loan and deposit portfolios, which have taken place over the past few years, have increased the resiliency of our net interest income to movements in interest rates. In addition, over the past year we have proactively positioned our wholesale balance sheet with an eye towards the forthcoming increase in short-term rates.”

Balance Sheet

Loans receivable increased $37.1 million to $4.83 billion at December 31, 2021, from $4.79 billion at September 30, 2021, despite a record level of loan repayment activity during the quarter, which totaled $375.8 million.
Deposits increased $58.9 million to $5.45 billion at December 31, 2021, from $5.40 billion at September 30, 2021, reflecting growth of $167.1 million in interest-bearing non-maturity deposits, partially offset by the controlled run-off of time deposits and seasonal fluctuations in non-interest bearing deposits.
Investment securities decreased $44.4 million to $1.64 billion, or 22.9% of total assets, at December 31, 2021, from $1.69 billion, or 23.5% of total assets, at September 30, 2021.
Borrowings decreased $34.9 million to $686.1 million, or 9.5% of total assets, at December 31, 2021, from $721.0 million, or 10.0% of total assets, at September 30, 2021.

Earnings

Performance Highlights

Return on average assets was 1.05% for the quarter ended December 31, 2021 compared to 1.09% for the quarter ended September 30, 2021.
Return on average equity was 7.46% and 7.66% for the quarters ended December 31, 2021 and September 30, 2021, respectively. Return on average tangible equity was 9.49% and 9.67%, for those same comparative periods.

1

 


The following information was filed by Kearny Financial Corp. (KRNY) on Thursday, January 27, 2022 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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Inside Kearny Financial Corp.'s 10-Q Quarterly Report:

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)
Allowance For Credit Losses (Tables)
Allowance For Credit Losses - Allowance For Credit Losses And Balance Of Loans Receivable (Detail)
Allowance For Credit Losses - Allowance For Credit Losses On Financing Receivables Off Balance Sheet Commitments (Detail)
Allowance For Loan Losses
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)
Business Combination - Additional Information (Detail)
Business Combination - Summary Of Assets Acquired And Liabilities Assumed Through Merger At Fair Value (Detail)
Comprehensive Income
Comprehensive Income (Tables)
Comprehensive Income - Schedule Of Accumulated Other Comprehensive Income (Detail)
Comprehensive Income - Schedule Of Comprehensive (Loss) Income (Detail)
Deposits
Deposits (Tables)
Deposits - Schedule 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)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Detail)
Loans Receivable
Loans Receivable (Tables)
Loans Receivable - Additional Information (Detail)
Loans Receivable - Contractual Payment Status Of Loans Receivable (Detail)
Loans Receivable - Credit-Rating Classification Of Loans Receivable (Detail)
Loans Receivable - Performance Status Of Loans Receivable (Detail)
Loans Receivable - Schedule Of Carrying Value Of Collateral Dependent Individually Analyzed Loans (Detail)
Loans Receivable - Schedule Of Loans Receivable (Detail)
Loans Receivable - Troubled Debt Restructurings Of Loans Receivable (Details)
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) - Schedule Of Earnings Per Share Calculations (Detail)
Recent Accounting Pronouncements
Recent Accounting Pronouncements - Additional Information (Details)
Revenue Recognition - Non Interest Income (Details)
Securities
Securities (Tables)
Securities - Additional Information (Detail)
Securities - Amortized Cost, Gross Unrealized Gains And Losses And Fair Values Of Securities (Detail)
Securities - Amortized Cost, Gross Unrecognized Gains And Losses And Fair Values Of Securities (Detail)
Securities - Sales Of Securities Available For Sale (Detail)
Securities - Schedule Of Available For Sale Securities Pledged (Detail)
Securities - Schedule Of Fair Values And Gross Unrealized And Unrecognized Losses On Investments (Detail)
Securities - Stratification By Contractual Maturity Of Securities (Detail)
Subsequent Events
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)

Material Contracts, Statements, Certifications & more

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

Ticker: KRNY
CIK: 1617242
Form Type: 10-Q Quarterly Report
Accession Number: 0000950170-22-000858
Submitted to the SEC: Tue Feb 08 2022 10:38:15 AM EST
Accepted by the SEC: Tue Feb 08 2022
Period: Friday, December 31, 2021
Industry: Savings Institution Federally Chartered

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