Kearny Financial Corp.KRNY

Kearny Financial Corp. Goodwill & Intangibles Disclosure

10-KFiled Aug 21, 20251 min read
Goodwill and Other Intangible Assets
The Company performed the annual quantitative goodwill impairment analyses in the fourth quarter of its fiscal year ended June 30, 2025. Based on the results of the impairment analyses, the Company concluded that the fair value of its single reporting unit exceeded its respective carrying value, resulting in no impairment charge. The fair value of the Company’s single reporting unit was estimated using the income approach and market-based approaches, weighted 70% and 30%, respectively.
For the fiscal year ended June 30, 2024, a non-cash, pre-tax goodwill impairment of $97.4 million was recorded. The goodwill impairment had no impact on the Company’s liquidity and regulatory capital ratios.
GoodwillCore Deposit Intangibles
(In Thousands)
Balance at June 30, 2022$210,895 $3,020 
Amortization— (563)
Balance at June 30, 2023210,895 2,457 
Amortization— (526)
Impairment(97,370)— 
Balance at June 30, 2024113,525 1,931 
Amortization— (495)
Balance at June 30, 2025$113,525 $1,436 
As of June 30, 2025, the accumulated goodwill impairment remained at $97.4 million, unchanged from June 30, 2024. As of June 30, 2023, there was no accumulated goodwill impairment.
Scheduled amortization of core deposit intangibles for each of the next five years and thereafter is as follows:
Year Ending June 30,Core Deposit Intangible Amortization
(In Thousands)
2026$467 
2027441 
2028353 
2029122 
203053 
Thereafter— 
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Historical Timeline

Fiscal YearFiled
2025Aug 21, 2025Showing above
2024Aug 23, 2024
2023Aug 25, 2023
2022Aug 26, 2022
2021Aug 27, 2021
2020Aug 28, 2020
2019Aug 28, 2019
2018Aug 28, 2018
2017Aug 29, 2017
2016Aug 29, 2016

About Goodwill & Intangibles Disclosures

Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.

Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.

Other Available Disclosures

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