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Section 1: 10-Q (10-Q)

krny-10q_20191231.htm
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krny:ElectronicBankingFeesAndChargesInterchangeIncomeMember 2019-07-01 2019-12-31 0001617242 krny:ElectronicBankingFeesAndChargesInterchangeIncomeMember 2018-07-01 2018-12-31

 

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended December 31, 2019

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from              to             

Commission File Number 001-37399

 

KEARNY FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

 

 

Maryland

  

30-0870244

(State or other jurisdiction of
incorporation or organization)

  

(I.R.S. Employer
Identification Number)

 

 

 

120 Passaic Ave., Fairfield, New Jersey

  

07004

(Address of principal executive offices)

  

(Zip Code)

Registrant’s telephone number, including area code

973-244-4500

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.01 par value

 

KRNY

 

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes     No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes     No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filers,” “accelerated filers,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No 

The number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: February 3, 2020.

$0.01 par value common stock — 84,589,427 shares outstanding

 

 

 


KEARNY FINANCIAL CORP. AND SUBSIDIARIES

INDEX

 

 

 

 

 

Page

Number

PART I—FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1:

 

Financial Statements

 

 

 

 

 

 

 

 

 

Consolidated Statements of Financial Condition at December 31, 2019 (Unaudited) and June 30, 2019

 

1

 

 

 

 

 

 

 

Consolidated Statements of Income for the Three and Six Months Ended December 31, 2019 and December 31, 2018 (Unaudited)

 

2

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income for the Three and Six Months Ended December 31, 2019 and December 31, 2018 (Unaudited)

 

4

 

 

 

 

 

 

 

Consolidated Statements of Changes in Stockholders’ Equity for the Three and Six Months Ended December 31, 2019 and December 31, 2018 (Unaudited)

 

5

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the Six Months Ended December 31, 2019 and December 31, 2018 (Unaudited)

 

7

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

9

 

 

 

 

 

Item 2:

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

48

 

 

 

 

 

Item 3:

 

Quantitative and Qualitative Disclosure About Market Risk

 

62

 

 

 

 

 

Item 4:

 

Controls and Procedures

 

65

 

 

 

 

 

PART II—OTHER INFORMATION

 

 

 

 

 

 

 

Item 1:

 

Legal Proceedings

 

66

 

 

 

 

 

Item 1A:

 

Risk Factors

 

66

 

 

 

 

 

Item 2:

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

68

 

 

 

 

 

Item 3:

 

Defaults Upon Senior Securities

 

68

 

 

 

 

 

Item 4:

 

Mine Safety Disclosures

 

68

 

 

 

 

 

Item 5:

 

Other Information

 

68

 

 

 

 

 

Item 6:

 

Exhibits

 

69

 

 

 

 

 

SIGNATURES

 

70

 

 

 

 


KEARNY FINANCIAL CORP. AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(In Thousands, Except Share and Per Share Data)

 

 

December 31,

 

 

June 30,

 

 

2019

 

 

2019

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

Cash and amounts due from depository institutions

$

17,843

 

 

$

19,032

 

Interest-bearing deposits in other banks

 

23,953

 

 

 

19,903

 

Cash and cash equivalents

 

41,796

 

 

 

38,935

 

Investment securities available for sale, at fair value

 

1,402,206

 

 

 

714,263

 

Investment securities held to maturity (fair value $36,970 and $584,678, respectively)

 

36,073

 

 

 

576,652

 

Loans held-for-sale

 

5,952

 

 

 

12,267

 

Loans receivable, including unaccreted yield adjustments of $(46,340) and $(52,025), respectively

 

4,492,697

 

 

 

4,678,928

 

Less: allowance for loan losses

 

(30,937

)

 

 

(33,274

)

Net loans receivable

 

4,461,760

 

 

 

4,645,654

 

Premises and equipment

 

56,542

 

 

 

56,854

 

Federal Home Loan Bank ("FHLB") of New York stock

 

62,838

 

 

 

64,190

 

Accrued interest receivable

 

18,261

 

 

 

19,360

 

Goodwill

 

210,895

 

 

 

210,895

 

Core deposit intangibles

 

4,545

 

 

 

5,160

 

Bank owned life insurance

 

259,312

 

 

 

256,155

 

Deferred income tax assets, net

 

20,438

 

 

 

25,367

 

Other real estate owned

 

178

 

 

 

-

 

Other assets

 

29,605

 

 

 

9,077

 

Total Assets

$

6,610,401

 

 

$

6,634,829

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

Non-interest-bearing

$

312,098

 

 

$

309,063

 

Interest-bearing

 

3,876,724

 

 

 

3,838,547

 

Total deposits

 

4,188,822

 

 

 

4,147,610

 

Borrowings

 

1,275,049

 

 

 

1,321,982

 

Advance payments by borrowers for taxes

 

16,585

 

 

 

16,887

 

Other liabilities

 

35,375

 

 

 

21,191

 

Total Liabilities

 

5,515,831

 

 

 

5,507,670

 

 

 

 

 

 

 

 

 

Stockholders' Equity

 

 

 

 

 

 

 

Preferred stock, $0.01 par value, 100,000,000 shares authorized;

  none issued and outstanding

 

-

 

 

 

-

 

Common stock, $0.01 par value; 800,000,000 shares authorized;

  85,149,562 shares and 89,125,655 shares issued and outstanding, respectively

 

851

 

 

 

891

 

Paid-in capital

 

737,539

 

 

 

787,394

 

Retained earnings

 

377,896

 

 

 

366,679

 

Unearned employee stock ownership plan shares;

  3,060,638 shares and 3,160,987 shares, respectively

 

(29,671

)

 

 

(30,644

)

Accumulated other comprehensive income

 

7,955

 

 

 

2,839

 

Total Stockholders' Equity

 

1,094,570

 

 

 

1,127,159

 

Total Liabilities and Stockholders' Equity

$

6,610,401

 

 

$

6,634,829

 

 

See notes to unaudited consolidated financial statements.

 

- 1 -


KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In Thousands, Except Per Share Data)

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

45,608

 

 

$

49,015

 

 

$

94,208

 

 

$

96,452

 

Taxable investment securities

 

 

9,698

 

 

 

9,051

 

 

 

19,026

 

 

 

17,930

 

Tax-exempt investment securities

 

 

666

 

 

 

713

 

 

 

1,359

 

 

 

1,429

 

Other interest-earning assets

 

 

1,210

 

 

 

1,243

 

 

 

2,488

 

 

 

2,417

 

Total Interest Income

 

 

57,182

 

 

 

60,022

 

 

 

117,081

 

 

 

118,228

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

15,590

 

 

 

12,727

 

 

 

31,645

 

 

 

23,266

 

Borrowings

 

 

6,985

 

 

 

7,946

 

 

 

14,142

 

 

 

15,433

 

Total Interest Expense

 

 

22,575

 

 

 

20,673

 

 

 

45,787

 

 

 

38,699

 

Net Interest Income

 

 

34,607

 

 

 

39,349

 

 

 

71,294

 

 

 

79,529

 

(Reversal of) provision for loan losses

 

 

(1,465

)

 

 

971

 

 

 

(2,247

)

 

 

3,071

 

Net Interest Income after (Reversal of) Provision

for Loan Losses

 

 

36,072

 

 

 

38,378

 

 

 

73,541

 

 

 

76,458

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fees and service charges

 

 

2,145

 

 

 

1,258

 

 

 

3,613

 

 

 

2,431

 

Gain (loss) on sale and call of securities

 

 

11

 

 

 

-

 

 

 

(3

)

 

 

-

 

Gain on sale of loans

 

 

668

 

 

 

101

 

 

 

1,273

 

 

 

233

 

(Loss) gain on sale and write down of other real estate

owned

 

 

(28

)

 

 

36

 

 

 

(28

)

 

 

(14

)

Income from bank owned life insurance

 

 

1,576

 

 

 

1,599

 

 

 

3,156

 

 

 

3,193

 

Electronic banking fees and charges

 

 

293

 

 

 

277

 

 

 

611

 

 

 

527

 

Miscellaneous

 

 

(111

)

 

 

38

 

 

 

(106

)

 

 

121

 

Total Non-Interest Income

 

 

4,554

 

 

 

3,309

 

 

 

8,516

 

 

 

6,491

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

15,174

 

 

 

15,699

 

 

 

30,951

 

 

 

31,341

 

Net occupancy expense of premises

 

 

3,082

 

 

 

2,761

 

 

 

6,051

 

 

 

5,497

 

Equipment and systems

 

 

3,046

 

 

 

3,377

 

 

 

6,135

 

 

 

6,303

 

Advertising and marketing

 

 

890

 

 

 

787

 

 

 

1,425

 

 

 

1,364

 

Federal deposit insurance premium

 

 

-

 

 

 

421

 

 

 

-

 

 

 

886

 

Directors' compensation

 

 

769

 

 

 

746

 

 

 

1,539

 

 

 

1,504

 

Merger-related expenses

 

 

219

 

 

 

-

 

 

 

219

 

 

 

-

 

Miscellaneous

 

 

3,247

 

 

 

3,479

 

 

 

6,351

 

 

 

6,832

 

Total Non-Interest Expense

 

 

26,427

 

 

 

27,270

 

 

 

52,671

 

 

 

53,727

 

Income before Income Taxes

 

 

14,199

 

 

 

14,417

 

 

 

29,386

 

 

 

29,222

 

Income tax expense

 

 

3,547

 

 

 

3,649

 

 

 

7,364

 

 

 

7,308

 

Net Income

 

$

10,652

 

 

$

10,768

 

 

$

22,022

 

 

$

21,914

 

 

See notes to unaudited consolidated financial statements.

 

- 2 -


KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (Continued)

(In Thousands, Except Per Share Data)

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net Income per Common Share (EPS)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.13

 

 

$

0.12

 

 

$

0.26

 

 

$

0.23

 

Diluted

 

$

0.13

 

 

$

0.12

 

 

$

0.26

 

 

$

0.23

 

Weighted Average Number of Common Shares

Outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

82,831

 

 

 

92,434

 

 

 

83,794

 

 

 

93,780

 

Diluted

 

 

82,876

 

 

 

92,480

 

 

 

83,835

 

 

 

93,831

 

 

See notes to unaudited consolidated financial statements.

 

 

 

- 3 -


KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In Thousands, Unaudited)

 

 

Three Months Ended

 

 

Six Months Ended

 

 

December 31,

 

 

December 31,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net Income

$

10,652

 

 

$

10,768

 

 

$

22,022

 

 

$

21,914

 

Other Comprehensive (Loss) Income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized (loss) gain on securities available

for sale

 

(2,030

)

 

 

(1,863

)

 

 

5,263

 

 

 

(2,517

)

Amortization of net unrealized loss on securities

available for sale transferred to held to maturity

 

-

 

 

 

28

 

 

 

421

 

 

 

130

 

Net realized (gain) loss on sale and call of

securities available for sale

 

(8

)

 

 

-

 

 

 

1

 

 

 

-

 

Fair value adjustments on derivatives

 

1,300

 

 

 

(8,189

)

 

 

(907

)

 

 

(7,332

)

Benefit plan adjustments

 

3

 

 

 

8

 

 

 

338

 

 

 

(14

)

Total Other Comprehensive (Loss) Income

 

(735

)

 

 

(10,016

)

 

 

5,116

 

 

 

(9,733

)

Total Comprehensive Income

$

9,917

 

 

$

752

 

 

$

27,138

 

 

$

12,181

 

 

See notes to unaudited consolidated financial statements.

 

 

 

- 4 -


KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

Three and Six Months Ended December 31, 2018

(In Thousands, Unaudited)

 

 

Common Stock

 

 

Paid-In

 

 

Retained

 

 

Unearned

ESOP

 

 

Accumulated

Other

Comprehensive

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Shares

 

 

Income

 

 

Total

 

Balance - September 30, 2018