Kearny Financial Corp.

Listed Company

KRNYCIK 0001617242NasdaqAcceleratedSavings Institution, Federally CharteredFY ends Jun 30

Period

FY 2025

Revenue

—

Net Income

$26.07M

Total Assets

$7.74B

Equity

$745.96M

Shares Out

64.74M

Op. Cash Flow

$24.77M

Business

Kearny Financial Corp. is a holding company that owns and operates Kearny Bank and conducts banking activities through that subsidiary. The Bank attracts deposits and uses those funds, together with other sources, to originate or purchase loans for its portfolio and for sale, maintain an investment securities portfolio, and provide mortgage banking, commercial and consumer lending, deposit products and related services. Key business segments include retail banking, commercial lending (multi‑family, nonresidential, C&I, construction), mortgage banking, investment securities and wealth management. Operations and lending are concentrated in New Jersey and New York and delivered via a branch network, business relationship officers and digital channels.

Summary from filing dated 2025-08-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Loans	263	256	233	191	202
Taxable investment securities	53	63	55	33	31
Tax-exempt investment securities	234,000	336,000	694,000	1	2
Other interest-earning assets	8	9	5	2	3
Total interest income	324	329	294	226	238
Deposits	140	122	78	15	32
Borrowings	49	64	40	14	18
Total interest expense	190	186	118	30	—
Net interest income	135	143	176	197	188
Provision for credit losses	2	6	2	−8	−1
Net interest income after provision for credit losses	133	136	173	204	189
Fees and service charges	2	3	3	3	2
Loss on sale and call of securities	0	−18	−15	−559,000	767,000
Gain (loss) on sale of loans	806,000	−282,000	−2	3	6
Loss on sale of other real estate owned	0	−974,000	−139,000	5,000	0
Income from bank owned life insurance	11	9	9	6	6
Electronic banking fees and charges	2	2	2	2	2
Other income	3	3	6	2	2
Total non-interest income	19	−2	3	14	21
Salaries and employee benefits	71	69	76	76	69
Net occupancy expense of premises	12	11	12	14	13
Equipment and systems	16	15	15	16	15
Advertising and marketing	2	1	2	2	2
Federal deposit insurance premium	6	6	5	2	2
Directors' compensation	1	2	1	2	3
Goodwill impairment	0	97	0	0	—
Other expense	13	13	13	13	17
Total non-interest expense	121	215	124	126	126
Income (loss) before income taxes	31	−81	52	92	84
Income tax expense	5	6	12	25	21
Net income (loss)	26	−87	41	68	63
Basic (in dollars per share)	0.42	−1.39	0.63	0.95	0.77
Diluted (in dollars per share)	0.42	−1.39	0.63	0.95	0.77
Basic (in shares)	63	62	65	71	82
Diluted (in shares)	63	62	65	71	82

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Cash and amounts due from depository institutions	22	17	22	26	21
Interest-bearing deposits in other banks	145	47	49	76	46
Cash and cash equivalents	167	64	71	102	68
Investment securities available for sale (amortized cost of $1,125,111 and $1,203,506, respectively), net of allowance for credit losses of $0 at June 30, 2025 and June 30, 2024	1,013	1,073	1,228	1,344	—
Investment securities held to maturity (fair value of $106,712 and $119,278, respectively), net of allowance for credit losses of $0 at June 30, 2025 and June 30, 2024	120	136	146	118	—
Loans held-for-sale	6	6	10	29	16
Loans receivable	5,813	5,733	5,829	5,418	—
Less: allowance for credit losses on loans	−46	−45	−49	−47	−58
Net loans receivable	5,767	5,688	5,781	5,371	—
Premises and equipment	44	45	48	53	56
Federal Home Loan Bank ("FHLB") of New York stock	64	80	72	47	37
Accrued interest receivable	28	30	28	20	19
Goodwill	114	114	211	211	211
Core deposit intangibles	1	2	2	3	4
Bank owned life insurance	305	298	293	289	283
Deferred income tax assets, net	55	50	52	49	29
Other assets	56	99	111	83	51
Total assets	7,740	7,683	8,065	7,720	7,284
Non-interest-bearing	582	598	610	654	594
Interest-bearing	5,093	4,560	5,019	5,208	4,892
Total deposits	5,675	5,158	5,629	5,862	5,485
Borrowings	1,256	1,710	1,507	901	686
Advance payments by borrowers for taxes	19	17	18	17	16
Other liabilities	43	45	41	46	54
Total liabilities	6,994	6,930	7,196	6,826	6,241
Preferred stock, outstanding (in shares)	0	0	0	0	0
Preferred stock, issued (in shares)	0	0	0	0	0
Preferred stock, authorized (in shares)	100	100	100	100	100
Preferred stock, par value (in dollars per share)	0.01	0.01	0.01	0.01	0.01
Common stock, par value (in dollars per share)	0.01	0.01	0.01	0.01	0.01
Common stock, authorized (in shares)	800	800	800	800	800
Common stock, outstanding (in shares)	64	64	66	69	79
Common stock, issued (in shares)	65	65	66	69	79
Preferred stock, $0.01 par value, 100,000,000 shares authorized; none issued and outstanding	0	0	0	0	0
Common stock, $0.01 par value; 800,000,000 shares authorized; 64,577,481 shares and 64,434,424 shares issued and outstanding, respectively	646,000	644,000	659,000	687,000	790,000
Paid-in capital	495	494	503	528	654
Retained earnings	342	343	458	445	408
Unearned employee stock ownership plan (in shares)	2	2	2	3	3
Unearned employee stock ownership plan shares;1,956,805 shares and 2,157,501 shares, respectively	−19	−21	−23	−25	−27
Accumulated other comprehensive loss	−72	−63	−69	−56	6
Total stockholders' equity	746	754	869	894	1,043
Total liabilities and stockholders' equity	7,740	7,683	8,065	7,720	7,284

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Depreciation and amortization of premises and equipment	4	5	6	6	6
Net accretion of yield adjustments	−1	−3	−5	−6	−13
Deferred income taxes	−942,000	−867,000	3	5	4
Amortization of intangible assets	495,000	526,000	563,000	685,000	980,000
Net change in benefit plan accrued expense	609,000	69,000	358,000	—	—
Loans originated for sale	−112	−76	−106	−180	−281
Proceeds from sale of mortgage loans held-for-sale	113	90	127	197	291
(Gain) loss on sale of mortgage loans held-for-sale, net	−806,000	282,000	2	−2	−5
Realized loss on sale/call of securities available for sale	0	18	15	559,000	−767,000
Realized gain on sale of loans receivable	0	0	−55,000	−124,000	−427,000
Realized loss (gain) on disposition of premises and equipment	24,000	−11,000	−3	−363,000	−971,000
Increase in cash surrender value of bank owned life insurance	−10	−9	−9	−6	−6
ESOP and stock-based compensation expense	3	4	5	6	8
Decrease (increase) in interest receivable	1	−1	−8	−1	−288,000
Decrease (increase) in other assets	7	−5	3	8	−4
(Decrease) increase in interest payable	−5	1	10	853,000	−638,000
(Decrease) increase in other liabilities	−3	2	−15	−8	17
Net Cash Provided by Operating Activities	25	44	70	81	75
Investment securities available for sale	−105	−74	−166	−229	−919
Investment securities held to maturity	−240,000	−300,000	−40	−86	−12
Repayments/calls/maturities of investment securities available for sale	184	133	125	330	518
Repayments/calls/maturities of investment securities held to maturity	16	11	12	6	7
Sale of investment securities available for sale	0	104	105	100	98
Purchase of loans	−730,000	−60	−702,000	−123	−82
Net (increase) decrease in loans receivable	−66	141	−435	−467	233
Proceeds from sale of loans receivable	0	0	706,000	1	45
Purchase of interest rate caps	−3	−2	−758,000	0	0
Proceeds from sale of other real estate owned	0	12	315,000	708,000	0
Additions to premises and equipment	−3	−1	−1	−3	−5
Proceeds from death benefit of bank owned life insurance	4	3	5	300,000	0
Net surrender of bank owned life insurance	0	299,000	0	0	—
Proceeds from cash settlement of premises and equipment	16,000	0	3	612,000	5
Purchase of FHLB stock	−54	−69	−98	−30	−37,000
Redemption of FHLB stock	70	60	74	20	25
Net Cash Provided by (Used in) Investing Activities	41	258	−418	−480	−84
Net increase (decrease) in deposits	517	−471	−233	378	597
Repayment of term FHLB advances	−4,184	−6,198	−5,650	−4,100	−2,848
Proceeds from term FHLB advances	3,855	6,450	6,280	4,085	2,345
Net decrease in other short-term borrowings	−125	−50	−25	230	−49
Net increase (decrease) in advance payments by borrowers for taxes	2	−929,000	2	994,000	−2
Repurchase and cancellation of common stock of Kearny Financial Corp.	0	−11	−28	−130	−119
Cancellation of shares repurchased on vesting to pay taxes	−362,000	−484,000	−462,000	−977,000	−803,000
Dividends paid	−28	−28	−28	−31	−29
Net Cash Provided by (Used in) Financing Activities	38	−309	317	432	−105
Net Increase (Decrease) in Cash and Cash Equivalents	103	−7	−31	34	−113
Income taxes, net of refunds	4	7	10	16	20
Interest	194	185	109	29	50
Transfers from loans receivable to loans held-for-sale	0	11	4	27	44
Acquisition of other real estate owned in settlement of loans	0	0	13	703,000	0

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