FALSE000161724200016172422023-07-272023-07-27
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_____________________________
FORM 8-K
_____________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 27, 2023
_____________________________
KEARNY FINANCIAL CORP.
(Exact name of Registrant as Specified in Its Charter)
_____________________________
| | | | | | | | |
| Maryland | 001-37399 | 30-0870244 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
| | |
120 Passaic Avenue Fairfield, New Jersey | | 07004 |
(Address of Principal Executive Offices) | | (Zip Code) |
Registrant’s Telephone Number, Including Area Code: (973) 244-4500
(Former Name or Former Address, if Changed Since Last Report)
_____________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
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. ☐
Item 2.02 Results of Operation and Financial Condition
On July 27, 2023, Kearny Financial Corp. (the “Company”), the holding company for Kearny Bank, issued a press release reporting its financial results for the period ended June 30, 2023.
A copy of the press release announcing the results is included as Exhibit 99.1 to this Current Report on Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.
Item 7.01 Regulation FD Disclosure
On July 27, 2023, the Company released a slide presentation that will be used in upcoming meetings with potential investors and current shareholders of the Company.
A copy of the slide presentation that will be used in the Company’s presentation is filed as Exhibit 99.2 to this Current Report on Form 8-K. The information included in this Current Report pursuant to this Item 7.01 is being furnished to, and not filed with, the Securities and Exchange Commission and shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933.
Item 8.01 Other Events
On July 27, 2023, the Company’s Board of Directors announced a quarterly cash dividend of $0.11 per share, payable on August 23, 2023 to stockholders of record as of August 9, 2023.
Item 9.01 Financial Statements and Exhibits
(a)Financial Statements of Business Acquired. Not applicable.
(b)Pro Forma Financial Information. Not applicable.
(c)Shell Company Transaction. Not applicable.
(d)Exhibits.
| | | | | | | | |
| Exhibit Number | | Description |
| 99.1 | | |
| 99.2 | | |
| 104 | | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| | | | | | | | |
| KEARNY FINANCIAL CORP. |
| | |
Date: July 27, 2023 | By: | /s/ Keith Suchodolski |
| | Keith Suchodolski |
| | Senior Executive Vice President and Chief Financial Officer |
Exhibit 99.1
FOR IMMEDIATE RELEASE
July 27, 2023
For further information contact:
Craig L. Montanaro, President and Chief Executive Officer, or
Keith Suchodolski, Senior Executive Vice President and Chief Financial Officer
Kearny Financial Corp.
(973) 244-4500
KEARNY FINANCIAL CORP. ANNOUNCES FOURTH QUARTER AND FISCAL YEAR END 2023 RESULTS
AND DECLARATION OF CASH DIVIDEND
Fairfield, N.J., July 27, 2023 – Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company of Kearny Bank (the “Bank”), reported net income for the quarter ended June 30, 2023 of $12.0 million, or $0.19 per diluted share, compared to $10.3 million, or $0.16 per diluted share, for the quarter ended March 31, 2023.
For the fiscal year ended June 30, 2023, the Company reported net income of $40.8 million, or $0.63 per diluted share, compared to $67.5 million, or $0.95 per diluted share, for the fiscal year ended June 30, 2022. Net income for the years ended June 30, 2023 and June 30, 2022 was impacted by various non-recurring items, as described in further detail below.
The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.11 per share, payable on August 23, 2023 to stockholders of record as of August 9, 2023.
Craig L. Montanaro, President and Chief Executive Officer, commented, “The current operating environment for community banks remains challenging. An inverted yield curve, intense competition for deposits and slowing demand for loans all present near-term earnings headwinds for our industry. Despite these challenges I am pleased to report our success on several fronts.”
Mr. Montanaro continued, “As expected, the rate of our net interest margin compression slowed, declining nine basis points quarter-over-quarter. Our operating efficiency initiative continues to gain traction, with adjusted non-interest expense down 2.7% from the prior quarter and 9.8% from our December 2022 non-interest expense run rate. We improved our capital position, increasing tangible common equity by 33 basis points from the prior quarter, while continuing to reduce outstanding shares via our repurchase program. Finally, our loan charge-off rate remains industry-leading, with full fiscal year 2023 net charge-offs of $810,000, or 0.01% of average loans.”
Mr. Montanaro concluded, “While it remains to be seen how long this current environment persists, our balance sheet and risk profile position us well for long-term success. In the meantime, we remain committed to serving our clients and our communities, while continuing to build franchise and shareholder value.”
Balance Sheet
•Total assets were $8.06 billion at June 30, 2023, a decrease of $284.5 million, or 3.4%, from March 31, 2023 and an increase of $344.9 million, or 4.5%, from June 30, 2022.
•Cash and cash equivalents totaled $70.5 million at June 30, 2023, a decrease of $124.1 million, or 63.8%, from March 31, 2023 and a decrease of $31.1 million, or 30.6%, from June 30, 2022.
•Investment securities totaled $1.37 billion at June 30, 2023, a decrease of $42.6 million, or 3.0%, from March 31, 2023 and a decrease of $88.2 million, or 6.0%, from June 30, 2022.
•Loans receivable totaled $5.83 billion at June 30, 2023, a decrease of $136.9 million, or 2.3%, from March 31, 2023 and an increase of $411.6 million, or 7.6%, from June 30, 2022. The decrease for the quarter and the increase for the year were largely driven by multi-family and nonresidential mortgage loans.
•Deposits were $5.63 billion at June 30, 2023, a decrease of $174.2 million, or 3.0%, from March 31, 2023 and a decrease of $233.1 million, or 4.0%, from June 30, 2022. Excluding brokered certificates of deposit (“CDs”), deposits decreased $53.7 million, or 1.1%, from March 31, 2023 and $100.1 million, or 2.0%, from June 30, 2022. Excluding brokered CDs, the decrease for both the quarter and the year were largely driven by a decline in savings deposits, partially offset by growth in retail CDs.
•The aggregate amount of uninsured deposits was $1.77 billion at June 30, 2023. Excluding collateralized deposits of state and local governments, and deposits of the Bank’s wholly-owned subsidiary and holding company, the aggregate amount of uninsured deposits was $710.4 million, or 12.6% of total deposits.
•Borrowings were $1.51 billion at June 30, 2023, a decrease of $104.9 million, or 6.5%, from March 31, 2023 and an increase of $605.5 million, or 67.2%, from June 30, 2022. At June 30, 2023, borrowings comprised $1.41 billion of advances from the Federal Home Loan Bank of New York and $100.0 million from unsecured fed funds lines of credit.
•At June 30, 2023, the Company maintained available secured borrowing capacity of $2.44 billion, of which $1.96 billion was immediately accessible via in-place collateral and $477.0 million represented the market value of unpledged securities.
Earnings
Performance Highlights
•Return on average assets was 0.59% and 0.50% for the quarters ended June 30, 2023 and March 31, 2023, respectively, and 0.51% and 0.93% for the years ended June 30, 2023 and 2022, respectively.
•Return on average equity was 5.58% and 4.69% for the quarters ended June 30, 2023 and March 31, 2023, respectively, and 4.66% and 6.86% for the years ended June 30, 2023 and 2022, respectively.
•Return on average tangible equity was 7.41% and 6.20% for the quarters ended June 30, 2023 and March 31, 2023, respectively, and 6.17% and 8.77% for the years ended June 30, 2023 and 2022, respectively.
Net Interest Income and Net Interest Margin
•Net interest margin contracted nine basis points to 2.11% for the quarter ended June 30, 2023 and 60 basis points to 2.34% for the year ended June 30, 2023. The decrease for the quarter was due largely to an increase in the cost of interest-bearing deposits, partially offset by an increase in the yield on interest-earning assets. The decrease for the year was due largely to increases in the cost and average balance of interest-earning liabilities, partially offset by increases in yield on and average balance of interest-earning assets.
•For the quarter ended June 30, 2023, net interest income decreased $2.2 million to $40.2 million from $42.4 million for the quarter ended March 31, 2023. Included in net interest income for the quarters ended June 30, 2023 and March 31, 2023, respectively, was purchase accounting accretion of $887,000 and $711,000, and loan prepayment penalty income of $185,000 and $103,000.
•For the year ended June 30, 2023, net interest income decreased $20.7 million to $175.9 million from $196.6 million for the year ended June 30, 2022. Included in net interest income for the years ended June 30, 2023 and 2022, respectively, was purchase accounting accretion of $5.3 million and $9.0 million, and loan prepayment penalty income of $895,000 and $5.4 million.
Non-Interest Income
•For the quarter ended June 30, 2023, non-interest income increased $2.0 million to $3.7 million. The increase was primarily attributable to a loss on sale of loans of $2.4 million during the quarter ended March 31, 2023.
•For the year ended June 30, 2023, non-interest income decreased $11.2 million to $2.8 million. The decrease was primarily attributable to a loss of $15.2 million on the sale of securities during the current year, partially offset by a non-recurring gain of $2.9 million attributable to the sale of a former branch location.
Non-Interest Expense
•For the quarter ended June 30, 2023, non-interest expense decreased $1.6 million, or 5.2%, to $28.8 million from $30.4 million for the quarter ended March 31, 2023. The decrease was primarily attributable to branch consolidation expense recorded in the comparative period and a decrease in salaries and benefits expense.
•For the year ended June 30, 2022, non-interest expense decreased $2.0 million to $123.8 million from $125.7 million for the year ended June 30, 2022. The decrease was primarily attributable to decreases in occupancy, equipment and systems, directors’ compensation and salaries and benefits expenses, partially offset by an increase in federal deposit insurance premiums.
•For the year ended June 30, 2023, the Company recorded $800,000 of branch consolidation expense, of which $250,000 was recorded in occupancy expense and $550,000 was recorded in other expense, and $757,000 of severance expense from a workforce realignment. For the year ended June 30, 2022, the Company recorded $1.9 million of branch consolidation expense and impairment charges, of which $1.5 million was recorded in occupancy expense and $420,000 was recorded in other expense, and $800,000 of expense from the early termination of a contract with a service provider.
•The efficiency and non-interest expense ratios were 65.60% and 1.41%, respectively, for the quarter ended June 30, 2023, as compared to 68.96% and 1.47%, respectively, for the quarter ended March 31, 2023. The efficiency and non-interest expense ratios were 69.28% and 1.53%, respectively, for the year ended June 30, 2023, as compared to 59.71% and 1.73%, respectively, for the year ended June 30, 2022.
Income Taxes
•Income tax expense totaled $3.4 million for the quarter ended June 30, 2023 compared to $2.9 million for the quarter ended March 31, 2023, resulting in an effective tax rate of 21.9% and 22.0%, respectively. Income tax expense totaled $11.6 million for the year ended June 30, 2023 compared to $24.8 million for the year ended June 30, 2022, resulting in an effective tax rate of 22.1% and 26.9%, respectively.
Asset Quality
•The balance of non-performing assets decreased $1.9 million to $55.6 million, or 0.69% of total assets, at June 30, 2023, from $57.4 million, or 0.69% of total assets, at March 31, 2023. The balance of non-performing assets was $92.2 million, or 1.19% of total assets, at June 30, 2022.
•Net charge-offs totaled $82,000, or 0.01% of average loans, on an annualized basis, for the quarter ended June 30, 2023, compared to $206,000, or 0.01% of average loans, on an annualized basis, for the quarter ended March 31, 2023. For the year ended June 30, 2023, net charge-offs totaled $810,000, or 0.01% of average loans, compared to $3.6 million, or 0.07% of average loans, for the year ended June 30, 2022.
•For the quarter ended June 30, 2023, the Company recorded a reversal of credit losses of $306,000, compared to a provision for credit losses of $451,000 for the quarter ended March 31, 2023. The reversal for the quarter ended June 30, 2023 was largely driven by a decrease in the balance of loans receivable, partially offset by a net increase in reserves on loans individually analyzed for impairment. For the years ended June 30, 2023 and 2022, the Company recorded a provision for credit losses of $2.5 million and a reversal of credit losses of $7.5 million, respectively.
•The allowance for credit losses was $48.7 million, or 0.83% of total loans, at June 30, 2023, compared to $49.1 million, or 0.82% of total loans, at March 31, 2023 and $47.1 million, or 0.87% of total loans, at June 30, 2022.
Capital
•For the quarter ended June 30, 2023, book value per share increased $0.21, or 1.6%, to $13.20 while tangible book value per share increased $0.17, or 1.7%, to $9.96. For the year ended June 30, 2023, book value per share increased $0.18, or 1.4%, to $13.20 while tangible book value per share increased $0.06, or 0.6%, to $9.96.
•During the quarter and year ended June 30, 2023, the Company repurchased 812,506 and 2,820,398 shares of common stock at a cost of $6.4 million and $27.4 million, or $7.83 and $9.73 per share, respectively.
•At June 30, 2023, total stockholders’ equity included after-tax net unrealized losses on securities available for sale of $111.1 million, partially offset by after-tax unrealized gains on derivatives of $41.5 million. After-tax net unrecognized losses on securities held to maturity of $10.9 million were not reflected in total stockholders’ equity.
•At June 30, 2023, the Company’s tangible equity to tangible assets ratio equaled 8.35% and the regulatory capital ratios of both the Company and the Bank were in excess of the levels required by federal banking regulators to be classified as “well-capitalized” under regulatory guidelines.
This earnings release should be read in conjunction with Kearny Financial Corp.’s Q4 2023 Investor Presentation, a copy of which is available through the Investor Relations link located at the bottom of the page of our website at www.kearnybank.com and via a Current Report on Form 8-K on the website of the Securities and Exchange Commission at www.sec.gov.
Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company does not undertake and specifically disclaims any obligation to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.
Category: Earnings
| | |
| Linked-Quarter Comparative Financial Analysis |
Kearny Financial Corp.
Consolidated Balance Sheets
(Unaudited)
| | | | | | | | | | | | | | |
(Dollars and Shares in Thousands,
Except Per Share Data) | June 30,
2023 | March 31,
2023 | Variance
or Change | Variance
or Change Pct. |
| | | | |
| Assets | | | | |
| Cash and cash equivalents | $ | 70,515 | | $ | 194,568 | | $ | (124,053) | | -63.8 | % |
| Securities available for sale | 1,227,729 | | 1,267,066 | | (39,337) | | -3.1 | % |
| Securities held to maturity | 146,465 | | 149,764 | | (3,299) | | -2.2 | % |
| Loans held-for-sale | 9,591 | | 5,401 | | 4,190 | | 77.6 | % |
| Loans receivable | 5,829,421 | | 5,966,325 | | (136,904) | | -2.3 | % |
| Less: allowance for credit losses on loans | (48,734) | | (49,122) | | (388) | | -0.8 | % |
| Net loans receivable | 5,780,687 | | 5,917,203 | | (136,516) | | -2.3 | % |
| Premises and equipment | 48,309 | | 49,589 | | (1,280) | | -2.6 | % |
| Federal Home Loan Bank stock | 71,734 | | 76,319 | | (4,585) | | -6.0 | % |
| Accrued interest receivable | 28,133 | | 28,794 | | (661) | | -2.3 | % |
| Goodwill | 210,895 | | 210,895 | | — | | — | % |
| Core deposit intangible | 2,457 | | 2,590 | | (133) | | -5.1 | % |
| Bank owned life insurance | 292,825 | | 291,220 | | 1,605 | | 0.6 | % |
| Deferred income taxes, net | 51,973 | | 53,151 | | (1,178) | | -2.2 | % |
| Other real estate owned | 12,956 | | 13,410 | | (454) | | -3.4 | % |
| Other assets | 110,546 | | 89,366 | | 21,180 | | 23.7 | % |
| Total assets | $ | 8,064,815 | | $ | 8,349,336 | | $ | (284,521) | | -3.4 | % |
| | | | |
| Liabilities | | | | |
| Deposits: | | | | |
| Non-interest-bearing | $ | 609,999 | | $ | 617,778 | | $ | (7,779) | | -1.3 | % |
| Interest-bearing | 5,019,184 | | 5,185,626 | | (166,442) | | -3.2 | % |
| Total deposits | 5,629,183 | | 5,803,404 | | (174,221) | | -3.0 | % |
| Borrowings | 1,506,812 | | 1,611,692 | | (104,880) | | -6.5 | % |
| Advance payments by borrowers for taxes | 18,338 | | 18,706 | | (368) | | -2.0 | % |
| Other liabilities | 41,198 | | 49,304 | | (8,106) | | -16.4 | % |
| Total liabilities | 7,195,531 | | 7,483,106 | | (287,575) | | -3.8 | % |
| | | | |
| Stockholders' Equity | | | | |
| Common stock | 659 | | 667 | | (8) | | -1.2 | % |
| Paid-in capital | 503,332 | | 509,359 | | (6,027) | | -1.2 | % |
| Retained earnings | 457,611 | | 452,605 | | 5,006 | | 1.1 | % |
| Unearned ESOP shares | (22,862) | | (23,348) | | 486 | | 2.1 | % |
| Accumulated other comprehensive loss | (69,456) | | (73,053) | | 3,597 | | 4.9 | % |
| Total stockholders' equity | 869,284 | | 866,230 | | 3,054 | | 0.4 | % |
| Total liabilities and stockholders' equity | $ | 8,064,815 | | $ | 8,349,336 | | $ | (284,521) | | -3.4 | % |
| | | | |
| Consolidated capital ratios | | | | |
| Equity to assets | 10.78 | % | 10.37 | % | 0.41 | % | |
Tangible equity to tangible assets (1) | 8.35 | % | 8.02 | % | 0.33 | % | |
| | | | |
| Share data | | | | |
| Outstanding shares | 65,864 | 66,680 | (816) | -1.2 | % |
| Book value per share | $ | 13.20 | | $ | 12.99 | | $ | 0.21 | | 1.6 | % |
Tangible book value per share (2) | $ | 9.96 | | $ | 9.79 | | $ | 0.17 | | 1.7 | % |
_________________________
(1)Tangible equity equals total stockholders' equity reduced by goodwill and core deposit intangible assets. Tangible assets equals total assets reduced by goodwill and core deposit intangible assets.
(2)Tangible book value equals total stockholders' equity reduced by goodwill and core deposit intangible assets.
Kearny Financial Corp.
Consolidated Statements of Income
(Unaudited)
| | | | | | | | | | | | | | |
(Dollars and Shares in Thousands,
Except Per Share Data) | Three Months Ended | Variance
or Change | Variance
or Change Pct. |
June 30,
2023 | March 31,
2023 |
| Interest income | | | | |
| Loans | $ | 62,044 | | $ | 60,172 | | $ | 1,872 | | 3.1 | % |
| Taxable investment securities | 15,736 | | 15,459 | | 277 | | 1.8 | % |
| Tax-exempt investment securities | 91 | | 99 | | (8) | | -8.1 | % |
| Other interest-earning assets | 1,821 | | 1,441 | | 380 | | 26.4 | % |
| Total interest income | 79,692 | | 77,171 | | 2,521 | | 3.3 | % |
| | | | |
| Interest expense | | | | |
| Deposits | 26,226 | | 22,246 | | 3,980 | | 17.9 | % |
| Borrowings | 13,286 | | 12,554 | | 732 | | 5.8 | % |
| Total interest expense | 39,512 | | 34,800 | | 4,712 | | 13.5 | % |
| Net interest income | 40,180 | | 42,371 | | (2,191) | | -5.2 | % |
| (Reversal of) provision for credit losses | (306) | | 451 | | (757) | | -167.8 | % |
| Net interest income after (reversal of) provision for credit losses | 40,486 | | 41,920 | | (1,434) | | -3.4 | % |
| | | | |
| Non-interest income | | | | |
| Fees and service charges | 699 | | 910 | | (211) | | -23.2 | % |
| | | | |
| Gain (loss) on sale of loans | 199 | | (2,373) | | 2,572 | | -108.4 | % |
| Loss on sale of other real estate owned | (139) | | — | | (139) | | — | % |
| Income from bank owned life insurance | 1,605 | | 1,581 | | 24 | | 1.5 | % |
| Electronic banking fees and charges | 399 | | 457 | | (58) | | -12.7 | % |
| Other income | 903 | | 1,071 | | (168) | | -15.7 | % |
| Total non-interest income | 3,666 | | 1,646 | | 2,020 | | 122.7 | % |
| | | | |
| Non-interest expense | | | | |
| Salaries and employee benefits | 17,315 | | 18,005 | | (690) | | -3.8 | % |
| Net occupancy expense of premises | 2,862 | | 3,097 | | (235) | | -7.6 | % |
| Equipment and systems | 3,511 | | 3,537 | | (26) | | -0.7 | % |
| Advertising and marketing | 231 | | 413 | | (182) | | -44.1 | % |
| Federal deposit insurance premium | 1,455 | | 1,546 | | (91) | | -5.9 | % |
| Directors' compensation | 345 | | 340 | | 5 | | 1.5 | % |
| Other expense | 3,042 | | 3,414 | | (372) | | -10.9 | % |
| Total non-interest expense | 28,761 | | 30,352 | | (1,591) | | -5.2 | % |
| Income before income taxes | 15,391 | | 13,214 | | 2,177 | | 16.5 | % |
| Income taxes | 3,378 | | 2,902 | | 476 | | 16.4 | % |
| Net income | $ | 12,013 | | $ | 10,312 | | $ | 1,701 | | 16.5 | % |
| | | | |
| Net income per common share (EPS) | | | | |
| Basic | $ | 0.19 | | $ | 0.16 | | $ | 0.03 | | |
| Diluted | $ | 0.19 | | $ | 0.16 | | $ | 0.03 | | |
| | | | |
| Dividends declared | | | | |
| Cash dividends declared per common share | $ | 0.11 | | $ | 0.11 | | $ | — | | |
| Cash dividends declared | $ | 7,007 | | $ | 7,196 | | $ | (189) | | |
| Dividend payout ratio | 58.3 | % | 69.8 | % | (11.5) | % | |
| | | | |
| Weighted average number of common shares outstanding | | | | |
| Basic | 63,667 | 64,769 | (1,102) | |
| Diluted | 63,667 | 64,783 | (1,116) | |
Kearny Financial Corp.
Average Balance Sheet Data
(Unaudited)
| | | | | | | | | | | | | | |
| (Dollars in Thousands) | Three Months Ended | Variance
or Change | Variance
or Change Pct. |
June 30,
2023 | March 31,
2023 |
| Assets | | | | |
| Interest-earning assets: | | | | |
| Loans receivable, including loans held for sale | $ | 5,932,541 | | $ | 5,986,669 | | $ | (54,128) | | -0.9 | % |
| Taxable investment securities | 1,529,582 | | 1,558,222 | | (28,640) | | -1.8 | % |
| Tax-exempt investment securities | 16,346 | | 17,663 | | (1,317) | | -7.5 | % |
| Other interest-earning assets | 128,158 | | 131,682 | | (3,524) | | -2.7 | % |
| Total interest-earning assets | 7,606,627 | | 7,694,236 | | (87,609) | | -1.1 | % |
| Non-interest-earning assets | 556,962 | | 575,009 | | (18,047) | | -3.1 | % |
| Total assets | $ | 8,163,589 | | $ | 8,269,245 | | $ | (105,656) | | -1.3 | % |
| | | | |
| Liabilities and Stockholders' Equity | | | | |
| Interest-bearing liabilities: | | | | |
| Deposits: | | | | |
| Interest-bearing demand | $ | 2,321,120 | | $ | 2,363,762 | | $ | (42,642) | | -1.8 | % |
| Savings | 774,854 | | 858,673 | | (83,819) | | -9.8 | % |
| Certificates of deposit | 2,057,818 | | 2,069,396 | | (11,578) | | -0.6 | % |
| Total interest-bearing deposits | 5,153,792 | | 5,291,831 | | (138,039) | | -2.6 | % |
| Borrowings: | | | | |
| Federal Home Loan Bank advances | 1,374,316 | | 1,402,269 | | (27,953) | | -2.0 | % |
| Other borrowings | 100,055 | | 1,611 | | 98,444 | | 6110.7 | % |
| Total borrowings | 1,474,371 | | 1,403,880 | | 70,491 | | 5.0 | % |
| Total interest-bearing liabilities | 6,628,163 | | 6,695,711 | | (67,548) | | -1.0 | % |
| Non-interest-bearing liabilities: | | | | |
| Non-interest-bearing deposits | 608,765 | | 634,324 | | (25,559) | | -4.0 | % |
| Other non-interest-bearing liabilities | 64,970 | | 60,327 | | 4,643 | | 7.7 | % |
| Total non-interest-bearing liabilities | 673,735 | | 694,651 | | (20,916) | | -3.0 | % |
| Total liabilities | 7,301,898 | | 7,390,362 | | (88,464) | | -1.2 | % |
| Stockholders' equity | 861,691 | | 878,883 | | (17,192) | | -2.0 | % |
| Total liabilities and stockholders' equity | $ | 8,163,589 | | $ | 8,269,245 | | $ | (105,656) | | -1.3 | % |
| | | | |
| Average interest-earning assets to average interest-bearing liabilities | 114.76 | % | 114.91 | % | -0.15 | % | -0.1 | % |
Kearny Financial Corp.
Performance Ratio Highlights
(Unaudited)
| | | | | | | | | | | |
| Three Months Ended | Variance
or Change |
| June 30,
2023 | March 31,
2023 |
| Average yield on interest-earning assets: | | | |
| Loans receivable, including loans held for sale | 4.18 | % | 4.02 | % | 0.16 | % |
| Taxable investment securities | 4.12 | % | 3.97 | % | 0.15 | % |
Tax-exempt investment securities (1) | 2.23 | % | 2.23 | % | — | % |
| Other interest-earning assets | 5.68 | % | 4.38 | % | 1.30 | % |
| Total interest-earning assets | 4.19 | % | 4.01 | % | 0.18 | % |
| | | |
| Average cost of interest-bearing liabilities: | | | |
| Deposits: | | | |
| Interest-bearing demand | 2.38 | % | 2.01 | % | 0.37 | % |
| Savings | 0.48 | % | 0.41 | % | 0.07 | % |
| Certificates of deposit | 2.24 | % | 1.84 | % | 0.40 | % |
| Total interest-bearing deposits | 2.04 | % | 1.68 | % | 0.36 | % |
| Borrowings: | | | |
| Federal Home Loan Bank advances | 3.51 | % | 3.58 | % | -0.07 | % |
| Other borrowings | 4.89 | % | 5.15 | % | -0.26 | % |
| Total borrowings | 3.60 | % | 3.58 | % | 0.02 | % |
| Total interest-bearing liabilities | 2.38 | % | 2.08 | % | 0.30 | % |
| | | |
Interest rate spread (2) | 1.81 | % | 1.93 | % | -0.12 | % |
Net interest margin (3) | 2.11 | % | 2.20 | % | -0.09 | % |
| | | |
| Non-interest income to average assets (annualized) | 0.18 | % | 0.08 | % | 0.10 | % |
| Non-interest expense to average assets (annualized) | 1.41 | % | 1.47 | % | -0.06 | % |
| | | |
Efficiency ratio (4) | 65.60 | % | 68.96 | % | -3.36 | % |
| | | |
| Return on average assets (annualized) | 0.59 | % | 0.50 | % | 0.09 | % |
| Return on average equity (annualized) | 5.58 | % | 4.69 | % | 0.89 | % |
Return on average tangible equity (annualized) (5) | 7.41 | % | 6.20 | % | 1.21 | % |
_________________________
(1)The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield.
(2)Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities.
(3)Net interest income divided by average interest-earning assets.
(4)Non-interest expense divided by the sum of net interest income and non-interest income.
(5)Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.
| | |
| Year-to-Year Comparative Financial Analysis |
|
Kearny Financial Corp.
Consolidated Balance Sheets
| | | | | | | | | | | | | | |
(Dollars and Shares in Thousands,
Except Per Share Data) | June 30,
2023 | June 30,
2022 | Variance
or Change | Variance
or Change Pct. |
| (Unaudited) | (Audited) | | |
| Assets | | | | |
| Cash and cash equivalents | $ | 70,515 | | $ | 101,615 | | $ | (31,100) | | -30.6 | % |
| Securities available for sale | 1,227,729 | | 1,344,093 | | (116,364) | | -8.7 | % |
| Securities held to maturity | 146,465 | | 118,291 | | 28,174 | | 23.8 | % |
| Loans held-for-sale | 9,591 | | 28,874 | | (19,283) | | -66.8 | % |
| Loans receivable, including yield adjustments | 5,829,421 | | 5,417,845 | | 411,576 | | 7.6 | % |
| Less: allowance for credit losses on loans | (48,734) | | (47,058) | | 1,676 | | 3.6 | % |
| Net loans receivable | 5,780,687 | | 5,370,787 | | 409,900 | | 7.6 | % |
| Premises and equipment | 48,309 | | 53,281 | | (4,972) | | -9.3 | % |
| Federal Home Loan Bank of New York stock | 71,734 | | 47,144 | | 24,590 | | 52.2 | % |
| Accrued interest receivable | 28,133 | | 20,466 | | 7,667 | | 37.5 | % |
| Goodwill | 210,895 | | 210,895 | | — | | 0.0 | % |
| Core deposit intangible | 2,457 | | 3,020 | | (563) | | -18.6 | % |
| Bank owned life insurance | 292,825 | | 289,177 | | 3,648 | | 1.3 | % |
| Deferred income tax assets, net | 51,973 | | 49,350 | | 2,623 | | 5.3 | % |
| Other real estate owned | 12,956 | | 178 | | 12,778 | | 7178.7 | % |
| Other assets | 110,546 | | 82,712 | | 27,834 | | 33.7 | % |
| Total assets | $ | 8,064,815 | | $ | 7,719,883 | | $ | 344,932 | | 4.5 | % |
| | | | |
| Liabilities | | | | |
| Deposits: | | | | |
| Non-interest-bearing | $ | 609,999 | | $ | 653,899 | | $ | (43,900) | | -6.7 | % |
| Interest-bearing | 5,019,184 | | 5,208,357 | | (189,173) | | -3.6 | % |
| Total deposits | 5,629,183 | | 5,862,256 | | (233,073) | | -4.0 | % |
| Borrowings | 1,506,812 | | 901,337 | | 605,475 | | 67.2 | % |
| Advance payments by borrowers for taxes | 18,338 | | 16,746 | | 1,592 | | 9.5 | % |
| Other liabilities | 41,198 | | 45,544 | | (4,346) | | -9.5 | % |
| Total liabilities | 7,195,531 | | 6,825,883 | | 369,648 | | 5.4 | % |
| | | | |
| Stockholders' Equity | | | | |
| Common stock | $ | 659 | | $ | 687 | | $ | (28) | | -4.1 | % |
| Paid-in capital | 503,332 | | 528,396 | | (25,064) | | -4.7 | % |
| Retained earnings | 457,611 | | 445,451 | | 12,160 | | 2.7 | % |
| Unearned ESOP shares | (22,862) | | (24,807) | | 1,945 | | -7.8 | % |
| Accumulated other comprehensive loss | (69,456) | | (55,727) | | (13,729) | | 24.6 | % |
| Total stockholders' equity | 869,284 | | 894,000 | | (24,716) | | -2.8 | % |
| Total liabilities and stockholders' equity | $ | 8,064,815 | | $ | 7,719,883 | | $ | 344,932 | | 4.5 | % |
| | | | |
| Consolidated capital ratios | | | | |
| Equity to assets | 10.78 | % | 11.58 | % | -0.80 | % | |
Tangible equity to tangible assets (1) | 8.35 | % | 9.06 | % | -0.71 | % | |
| | | | |
| Share data | | | | |
| Outstanding shares | 65,864 | 68,666 | (2,802) | -4.1 | % |
| Book value per share | $ | 13.20 | | $ | 13.02 | | $ | 0.18 | | 1.4 | % |
Tangible book value per share (2) | $ | 9.96 | | $ | 9.90 | | $ | 0.06 | | 0.6 | % |
_________________________
(1)Tangible equity equals total stockholders' equity reduced by goodwill and core deposit intangible assets. Tangible assets equals total assets reduced by goodwill and core deposit intangible assets.
(2)Tangible book value equals total stockholders' equity reduced by goodwill and core deposit intangible assets.
Kearny Financial Corp.
Consolidated Statements of Income
| | | | | | | | | | | | | | |
| Year Ended | | |
(Dollars and Shares in Thousands,
Except Per Share Data) | June 30,
2023 | June 30,
2022 | Variance
or Change | Variance
or Change Pct. |
| (Unaudited) | (Audited) | | |
| Interest income | | | | |
| Loans | $ | 233,147 | | $ | 190,520 | | $ | 42,627 | | 22.4 | % |
| Taxable investment securities | 54,855 | | 32,746 | | 22,109 | | 67.5 | % |
| Tax-exempt investment securities | 694 | | 1,273 | | (579) | | -45.5 | % |
| Other interest-earning assets | 5,028 | | 1,733 | | 3,295 | | 190.1 | % |
| Total Interest Income | 293,724 | | 226,272 | | 67,452 | | 29.8 | % |
| | | | |
| Interest expense | | | | |
| Deposits | 78,163 | | 15,208 | | 62,955 | | 414.0 | % |
| Borrowings | 39,696 | | 14,461 | | 25,235 | | 174.5 | % |
| Total interest expense | 117,859 | | 29,669 | | 88,190 | | 297.2 | % |
| Net interest income | 175,865 | | 196,603 | | (20,738) | | -10.5 | % |
| Provision for (reversal of) credit losses | 2,486 | | (7,518) | | 10,004 | | -133.1 | % |
| Net interest income after provision for (reversal of) credit losses | 173,379 | | 204,121 | | (30,742) | | -15.1 | % |
| | | | |
| Non-interest income | | | | |
| Fees and service charges | 3,106 | | 2,580 | | 526 | | 20.4 | % |
| Loss on sale and call of securities | (15,227) | | (559) | | (14,668) | | 2624.0 | % |
| (Loss) gain on sale of loans | (1,645) | | 2,539 | | (4,184) | | -164.8 | % |
| (Loss) gain on sale of real estate owned | (139) | | 5 | | (144) | | -2880.0 | % |
| Income from bank owned life insurance | 8,645 | | 6,167 | | 2,478 | | 40.2 | % |
| Electronic banking fees and charges | 1,759 | | 1,626 | | 133 | | 8.2 | % |
| | | | |
| Other income | 6,252 | | 1,576 | | 4,676 | | 296.7 | % |
| Total non-interest income | 2,751 | | 13,934 | | (11,183) | | -80.3 | % |
| | | | |
| Non-interest expense | | | | |
| Salaries and employee benefits | 75,589 | | 76,264 | | (675) | | -0.9 | % |
| Net occupancy expense of premises | 12,036 | | 14,114 | | (2,078) | | -14.7 | % |
| Equipment and systems | 14,577 | | 15,886 | | (1,309) | | -8.2 | % |
| Advertising and marketing | 2,122 | | 2,059 | | 63 | | 3.1 | % |
| Federal deposit insurance premium | 5,133 | | 2,455 | | 2,678 | | 109.1 | % |
| Directors' compensation | 1,364 | | 2,132 | | (768) | | -36.0 | % |
| | | | |
| | | | |
| Other expense | 12,930 | | 12,798 | | 132 | | 1.0 | % |
| Total non-interest expense | 123,751 | | 125,708 | | (1,957) | | -1.6 | % |
| Income before income taxes | 52,379 | | 92,347 | | (39,968) | | -43.3 | % |
| Income taxes | 11,568 | | 24,800 | | (13,232) | | -53.4 | % |
| Net income | $ | 40,811 | | $ | 67,547 | | $ | (26,736) | | -39.6 | % |
| | | | |
| Net income per common share (EPS) | | | | |
| Basic | $ | 0.63 | | $ | 0.95 | | $ | (0.32) | | |
| Diluted | $ | 0.63 | | $ | 0.95 | | $ | (0.32) | | |
| | | | |
| Dividends declared | | | | |
| Cash dividends declared per common share | $ | 0.44 | | $ | 0.43 | | $ | 0.01 | | |
| Cash dividends declared | $ | 28,651 | | $ | 30,463 | | $ | (1,812) | | |
| Dividend payout ratio | 70.2 | % | 45.1 | % | 25.1 | % | |
| | | | |
| Weighted average number of common shares outstanding | | | | |
| Basic | 64,804 | 70,911 | (6,107) | |
| Diluted | 64,804 | 70,933 | (6,129) | |
Kearny Financial Corp.
Average Balance Sheet Data
(Unaudited)
| | | | | | | | | | | | | | |
| Year Ended | | |
| (Dollars in Thousands) | June 30,
2023 | June 30,
2022 | Variance
or Change | Variance
or Change Pct. |
| Assets | | | | |
| Interest-earning assets: | | | | |
| Loans receivable, including loans held for sale | $ | 5,827,123 | | $ | 4,922,400 | | $ | 904,723 | | 18.4 | % |
| Taxable investment securities | 1,532,961 | | 1,622,475 | | (89,514) | | -5.5 | % |
| Tax-exempt investment securities | 30,332 | | 55,981 | | (25,649) | | -45.8 | % |
| Other interest-earning assets | 115,390 | | 82,802 | | 32,588 | | 39.4 | % |
| Total interest-earning assets | 7,505,806 | | 6,683,658 | | 822,148 | | 12.3 | % |
| Non-interest-earning assets | 563,131 | | 598,712 | | (35,581) | | -5.9 | % |
| Total assets | $ | 8,068,937 | | $ | 7,282,370 | | $ | 786,567 | | 10.8 | % |
| | | | |
| Liabilities and Stockholders' Equity | | | | |
| Interest-bearing liabilities: | | | | |
| Deposits: | | | | |
| Interest-bearing demand | $ | 2,349,802 | | $ | 2,067,200 | | $ | 282,602 | | 13.7 | % |
| Savings | 896,651 | | 1,088,971 | | (192,320) | | -17.7 | % |
| Certificates of deposit | 2,083,864 | | 1,711,276 | | 372,588 | | 21.8 | % |
| Total interest-bearing deposits | 5,330,317 | | 4,867,447 | | 462,870 | | 9.5 | % |
| Borrowings: | | | | |
| Federal Home Loan Bank Advances | 1,101,658 | | 679,388 | | 422,270 | | 62.2 | % |
| Other borrowings | 57,468 | | 72,841 | | (15,373) | | -21.1 | % |
| Total borrowings | 1,159,126 | | 752,229 | | 406,897 | | 54.1 | % |
| Total interest-bearing liabilities | 6,489,443 | | 5,619,676 | | 869,767 | | 15.5 | % |
| Non-interest-bearing liabilities: | | | | |
| Non-interest-bearing deposits | 644,543 | | 624,666 | | 19,877 | | 3.2 | % |
| Other non-interest-bearing liabilities | 59,593 | | 53,477 | | 6,116 | | 11.4 | % |
| Total non-interest-bearing liabilities | 704,136 | | 678,143 | | 25,993 | | 3.8 | % |
| Total liabilities | 7,193,579 | | 6,297,819 | | 895,760 | | 14.2 | % |
| Stockholders' equity | 875,358 | | 984,551 | | (109,193) | | -11.1 | % |
| Total liabilities and stockholders' equity | $ | 8,068,937 | | $ | 7,282,370 | | $ | 786,567 | | 10.8 | % |
| | | | |
| Average interest-earning assets to average interest-bearing liabilities | 115.66 | % | 118.93 | % | (3.27) | % | -2.8 | % |
Kearny Financial Corp.
Performance Ratio Highlights
(Unaudited)
| | | | | | | | | | | |
| Year Ended | |
| June 30,
2023 | June 30,
2022 | Variance
or Change |
| Average yield on interest-earning assets: | | | |
| Loans receivable, including loans held for sale | 4.00 | % | 3.87 | % | 0.13 | % |
| Taxable investment securities | 3.58 | % | 2.02 | % | 1.56 | % |
Tax-exempt investment securities (1) | 2.29 | % | 2.27 | % | 0.02 | % |
| Other interest-earning assets | 4.36 | % | 2.09 | % | 2.27 | % |
| Total interest-earning assets | 3.91 | % | 3.39 | % | 0.52 | % |
| | | |
| Average cost of interest-bearing liabilities: | | | |
| Deposits: | | | |
| Interest-bearing demand | 1.73 | % | 0.25 | % | 1.48 | % |
| Savings | 0.37 | % | 0.11 | % | 0.26 | % |
| Certificates of deposit | 1.64 | % | 0.52 | % | 1.12 | % |
| Total interest-bearing deposits | 1.47 | % | 0.31 | % | 1.16 | % |
| Borrowings: | | | |
| Federal Home Loan Bank Advances | 3.43 | % | 2.07 | % | 1.36 | % |
| Other borrowings | 3.41 | % | 0.54 | % | 2.87 | % |
| Total borrowings | 3.42 | % | 1.92 | % | 1.50 | % |
| Total interest-bearing liabilities | 1.82 | % | 0.53 | % | 1.29 | % |
| | | |
Interest rate spread (2) | 2.09 | % | 2.86 | % | -0.77 | % |
Net interest margin (3) | 2.34 | % | 2.94 | % | -0.60 | % |
| | | |
| Non-interest income to average assets | 0.03 | % | 0.19 | % | -0.16 | % |
| Non-interest expense to average assets | 1.53 | % | 1.73 | % | -0.20 | % |
| | | |
Efficiency ratio (4) | 69.28 | % | 59.71 | % | 9.57 | % |
| | | |
| Return on average assets | 0.51 | % | 0.93 | % | -0.42 | % |
| Return on average equity | 4.66 | % | 6.86 | % | -2.20 | % |
Return on average tangible equity (5) | 6.17 | % | 8.77 | % | -2.60 | % |
_________________________
(1)The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield.
(2)Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities.
(3)Net interest income divided by average interest-earning assets.
(4)Non-interest expense divided by the sum of net interest income and non-interest income.
(5)Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.
| | |
|
| Five-Quarter Financial Trend Analysis |
Kearny Financial Corp.
Consolidated Balance Sheets
| | | | | | | | | | | | | | | | | |
(Dollars and Shares in Thousands,
Except Per Share Data) | June 30,
2023 | March 31,
2023 | December 31,
2022 | September 30,
2022 | June 30,
2022 |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) |
| Assets | | | | | |
| Cash and cash equivalents | $ | 70,515 | | $ | 194,568 | | $ | 75,660 | | $ | 96,076 | | $ | 101,615 | |
| Securities available for sale | 1,227,729 | | 1,267,066 | | 1,286,354 | | 1,263,176 | | 1,344,093 | |
| Securities held to maturity | 146,465 | | 149,764 | | 153,786 | | 115,943 | | 118,291 | |
| Loans held-for-sale | 9,591 | | 5,401 | | 12,940 | | 12,936 | | 28,874 | |
| Loans receivable | 5,829,421 | | 5,966,325 | | 5,984,133 | | 5,656,370 | | 5,417,845 | |
| Less: allowance for credit losses on loans | (48,734) | | (49,122) | | (48,877) | | (47,613) | | (47,058) | |
| Net loans receivable | 5,780,687 | | 5,917,203 | | 5,935,256 | | 5,608,757 | | 5,370,787 | |
| Premises and equipment | 48,309 | | 49,589 | | 50,953 | | 52,642 | | 53,281 | |
| Federal Home Loan Bank stock | 71,734 | | 76,319 | | 69,022 | | 44,957 | | 47,144 | |
| Accrued interest receivable | 28,133 | | 28,794 | | 27,368 | | 23,817 | | 20,466 | |
| Goodwill | 210,895 | | 210,895 | | 210,895 | | 210,895 | | 210,895 | |
| Core deposit intangible | 2,457 | | 2,590 | | 2,732 | | 2,876 | | 3,020 | |
| Bank owned life insurance | 292,825 | | 291,220 | | 289,673 | | 289,690 | | 289,177 | |
| Deferred income taxes, net | 51,973 | | 53,151 | | 51,107 | | 54,278 | | 49,350 | |
| Other real estate owned | 12,956 | | 13,410 | | 13,410 | | 178 | | 178 | |
| Other assets | 110,546 | | 89,366 | | 110,162 | | 113,369 | | 82,712 | |
| Total assets | $ | 8,064,815 | | $ | 8,349,336 | | $ | 8,289,318 | | $ | 7,889,590 | | $ | 7,719,883 | |
| | | | | |
| Liabilities | | | | | |
| Deposits: | | | | | |
| Non-interest-bearing | $ | 609,999 | | $ | 617,778 | | $ | 650,950 | | $ | 683,406 | | $ | 653,899 | |
| Interest-bearing | 5,019,184 | | 5,185,626 | | 5,320,421 | | 5,424,872 | | 5,208,357 | |
| Total deposits | 5,629,183 | | 5,803,404 | | 5,971,371 | | 6,108,278 | | 5,862,256 | |
| Borrowings | 1,506,812 | | 1,611,692 | | 1,383,573 | | 851,454 | | 901,337 | |
| Advance payments by borrowers for taxes | 18,338 | | 18,706 | | 17,307 | | 16,555 | | 16,746 | |
| Other liabilities | 41,198 | | 49,304 | | 44,427 | | 38,329 | | 45,544 | |
| Total liabilities | 7,195,531 | | 7,483,106 | | 7,416,678 | | 7,014,616 | | 6,825,883 | |
| | | | | |
| Stockholders' Equity | | | | | |
| Common stock | 659 | | 667 | | 674 | | 680 | | 687 | |
| Paid-in capital | 503,332 | | 509,359 | | 515,332 | | 520,245 | | 528,396 | |
| Retained earnings | 457,611 | | 452,605 | | 449,489 | | 454,710 | | 445,451 | |
| Unearned ESOP shares | (22,862) | | (23,348) | | (23,834) | | (24,321) | | (24,807) | |
| Accumulated other comprehensive loss | (69,456) | | (73,053) | | (69,021) | | (76,340) | | (55,727) | |
| Total stockholders' equity | 869,284 | | 866,230 | | 872,640 | | 874,974 | | 894,000 | |
| Total liabilities and stockholders' equity | $ | 8,064,815 | | $ | 8,349,336 | | $ | 8,289,318 | | $ | 7,889,590 | | $ | 7,719,883 | |
| | | | | |
| Consolidated capital ratios | | | | | |
| Equity to assets | 10.78 | % | 10.37 | % | 10.53 | % | 11.09 | % | 11.58 | % |
Tangible equity to tangible assets (1) | 8.35 | % | 8.02 | % | 8.16 | % | 8.61 | % | 9.06 | % |
| | | | | |
| Share data | | | | | |
| Outstanding shares | 65,864 | 66,680 | 67,388 | 67,938 | 68,666 |
| Book value per share | $ | 13.20 | | $ | 12.99 | | $ | 12.95 | | $ | 12.88 | | $ | 13.02 | |
Tangible book value per share (2) | $ | 9.96 | | $ | 9.79 | | $ | 9.78 | | $ | 9.73 | | $ | 9.90 | |
_________________________
(1)Tangible equity equals total stockholders' equity reduced by goodwill and core deposit intangible assets. Tangible assets equals total assets reduced by goodwill and core deposit intangible assets.
(2)Tangible book value equals total stockholders' equity reduced by goodwill and core deposit intangible assets.
Kearny Financial Corp.
Supplemental Balance Sheet Highlights
(Unaudited)
| | | | | | | | | | | | | | | | | |
| (Dollars in Thousands) | June 30,
2023 | March 31,
2023 | December 31,
2022 | September 30,
2022 | June 30,
2022 |
| Loan portfolio composition: | | | | | |
| Commercial loans: | | | | | |
| Multi-family mortgage | $ | 2,761,775 | | $ | 2,835,852 | | $ | 2,851,721 | | $ | 2,570,297 | | $ | 2,409,090 | |
| Nonresidential mortgage | 968,574 | | 1,002,643 | | 1,017,341 | | 1,040,688 | | 1,019,838 | |
| Commercial business | 146,861 | | 162,038 | | 177,530 | | 186,361 | | 176,807 | |
| Construction | 226,609 | | 215,524 | | 186,663 | | 166,052 | | 140,131 | |
| Total commercial loans | 4,103,819 | | 4,216,057 | | 4,233,255 | | 3,963,398 | | 3,745,866 | |
| One- to four-family residential mortgage | 1,700,559 | | 1,713,343 | | 1,719,514 | | 1,666,730 | | 1,645,816 | |
| Consumer loans: | | | | | |
| Home equity loans | 43,549 | | 44,376 | | 45,690 | | 43,269 | | 42,028 | |
| Other consumer | 2,549 | | 2,592 | | 2,648 | | 2,869 | | 2,866 | |
| Total consumer loans | 46,098 | | 46,968 | | 48,338 | | 46,138 | | 44,894 | |
| Total loans, excluding yield adjustments | 5,850,476 | | 5,976,368 | | 6,001,107 | | 5,676,266 | | 5,436,576 | |
| Unaccreted yield adjustments | (21,055) | | (10,043) | | (16,974) | | (19,896) | | (18,731) | |
| Loans receivable, net of yield adjustments | 5,829,421 | | 5,966,325 | | 5,984,133 | | 5,656,370 | | 5,417,845 | |
| Less: allowance for credit losses on loans | (48,734) | | (49,122) | | (48,877) | | (47,613) | | (47,058) | |
| Net loans receivable | $ | 5,780,687 | | $ | 5,917,203 | | $ | 5,935,256 | | $ | 5,608,757 | | $ | 5,370,787 | |
| | | | | |
| Asset quality: | | | | | |
| Nonperforming assets: | | | | | |
| Accruing loans - 90 days and over past due | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | |
| Nonaccrual loans | 42,627 | | 44,026 | | 40,549 | | 68,574 | | 70,321 | |
| Total nonperforming loans | 42,627 | | 44,026 | | 40,549 | | 68,574 | | 70,321 | |
| Nonaccrual loans held-for-sale | — | | — | | 8,650 | | 8,650 | | 21,745 | |
| Other real estate owned | 12,956 | | 13,410 | | 13,410 | | 178 | | 178 | |
| Total nonperforming assets | $ | 55,583 | | $ | 57,436 | | $ | 62,609 | | $ | 77,402 | | $ | 92,244 | |
| | | | | |
| Nonperforming loans (% total loans) | 0.73 | % | 0.74 | % | 0.68 | % | 1.21 | % | 1.30 | % |
| Nonperforming assets (% total assets) | 0.69 | % | 0.69 | % | 0.76 | % | 0.98 | % | 1.19 | % |
| | | | | |
| Classified loans | $ | 93,526 | | $ | 103,461 | | $ | 86,069 | | $ | 92,610 | | $ | 94,555 | |
| | | | | |
| Allowance for credit losses on loans (ACL): | | | | | |
| ACL to total loans | 0.83 | % | 0.82 | % | 0.81 | % | 0.84 | % | 0.87 | % |
| ACL to nonperforming loans | 114.33 | % | 111.57 | % | 120.54 | % | 69.43 | % | 66.92 | % |
| Net charge-offs | $ | 82 | | $ | 206 | | $ | 407 | | $ | 115 | | $ | 1,024 | |
| Average net charge-off rate (annualized) | 0.01 | % | 0.01 | % | 0.03 | % | 0.01 | % | 0.08 | % |
Kearny Financial Corp.
Supplemental Balance Sheet Highlights
(Unaudited)
| | | | | | | | | | | | | | | | | |
| (Dollars in Thousands) | June 30,
2023 | March 31,
2023 | December 31,
2022 | September 30,
2022 | June 30,
2022 |
| Funding composition: | | | | | |
| Deposits: | | | | | |
| Non-interest-bearing deposits | $ | 609,999 | | $ | 617,778 | | $ | 650,950 | | $ | 683,406 | | $ | 653,899 | |
| Interest-bearing demand | 2,252,912 | | 2,285,799 | | 2,316,485 | | 2,382,411 | | 2,265,597 | |
| Savings | 748,721 | | 811,483 | | 901,514 | | 982,916 | | 1,053,198 | |
| Certificates of deposit (retail) | 1,377,028 | | 1,327,343 | | 1,354,907 | | 1,263,124 | | 1,116,035 | |
| Certificates of deposit (brokered and listing service) | 640,523 | | 761,001 | | 747,515 | | 796,421 | | 773,527 | |
| Interest-bearing deposits | 5,019,184 | | 5,185,626 | | 5,320,421 | | 5,424,872 | | 5,208,357 | |
| Total deposits | 5,629,183 | | 5,803,404 | | 5,971,371 | | 6,108,278 | | 5,862,256 | |
| | | | | |
| Borrowings: | | | | | |
| Federal Home Loan Bank advances | 1,281,812 | | 1,156,692 | | 1,256,573 | | 796,454 | | 651,337 | |
| Overnight borrowings | 225,000 | | 455,000 | | 127,000 | | 55,000 | | 250,000 | |
| Total borrowings | 1,506,812 | | 1,611,692 | | 1,383,573 | | 851,454 | | 901,337 | |
| | | | | |
| Total funding | $ | 7,135,995 | | $ | 7,415,096 | | $ | 7,354,944 | | $ | 6,959,732 | | $ | 6,763,593 | |
| | | | | |
| Loans as a % of deposits | 102.9 | % | 102.1 | % | 99.6 | % | 92.0 | % | 92.1 | % |
| Deposits as a % of total funding | 78.9 | % | 78.3 | % | 81.2 | % | 87.8 | % | 86.7 | % |
| Borrowings as a % of total funding | 21.1 | % | 21.7 | % | 18.8 | % | 12.2 | % | 13.3 | % |
| | | | | |
| Uninsured deposits: | | | | | |
Uninsured deposits (reported) (1) | $ | 1,771,416 | | $ | 1,678,051 | | $ | 1,815,854 | | $ | 1,771,851 | | $ | 1,525,940 | |
Uninsured deposits (adjusted) (2) | $ | 710,377 | | $ | 705,727 | | $ | 794,407 | | $ | 883,351 | | $ | 792,067 | |
_________________________
(1)Uninsured deposits of Kearny Bank.
(2)Uninsured deposits of Kearny Bank adjusted to exclude deposits of its wholly-owned subsidiary and holding company and collateralized deposits of state and local governments.
Kearny Financial Corp.
Consolidated Statements of Income
(Unaudited)
| | | | | | | | | | | | | | | | | |
| Three Months Ended |
(Dollars and Shares in Thousands,
Except Per Share Data) | June 30,
2023 | March 31,
2023 | December 31,
2022 | September 30,
2022 | June 30,
2022 |
| Interest income | | | | | |
| Loans | $ | 62,044 | | $ | 60,172 | | $ | 57,996 | | $ | 52,935 | | $ | 48,869 | |
| Taxable investment securities | 15,736 | | 15,459 | | 13,221 | | 10,439 | | 8,915 | |
| Tax-exempt investment securities | 91 | | 99 | | 219 | | 285 | | 297 | |
| Other interest-earning assets | 1,821 | | 1,441 | | 1,005 | | 761 | | 472 | |
| Total interest income | 79,692 | | 77,171 | | 72,441 | | 64,420 | | 58,553 | |
| | | | | |
| Interest expense | | | | | |
| Deposits | 26,226 | | 22,246 | | 18,822 | | 10,869 | | 3,915 | |
| Borrowings | 13,286 | | 12,554 | | 8,836 | | 5,020 | | 4,039 | |
| Total interest expense | 39,512 | | 34,800 | | 27,658 | | 15,889 | | 7,954 | |
| Net interest income | 40,180 | | 42,371 | | 44,783 | | 48,531 | | 50,599 | |
| (Reversal of) provision for credit losses | (306) | | 451 | | 1,671 | | 670 | | 4,222 | |
| Net interest income after (reversal of) provision for credit losses | 40,486 | | 41,920 | | 43,112 | | 47,861 | | 46,377 | |
| | | | | |
| Non-interest income | | | | | |
| Fees and service charges | 699 | | 910 | | 734 | | 763 | | 658 | |
| Loss on sale and call of securities | — | | — | | (15,227) | | — | | (563) | |
| Gain (loss) on sale of loans | 199 | | (2,373) | | 134 | | 395 | | 187 | |
| Loss on sale of other real estate owned | (139) | | — | | — | | — | | (9) | |
| Income from bank owned life insurance | 1,605 | | 1,581 | | 1,761 | | 3,698 | | 1,533 | |
| Electronic banking fees and charges | 399 | | 457 | | 397 | | 506 | | 366 | |
| Other income | 903 | | 1,071 | | 3,723 | | 555 | | 638 | |
| Total non-interest income | 3,666 | | 1,646 | | (8,478) | | 5,917 | | 2,810 | |
| | | | | |
| Non-interest expense | | | | | |
| Salaries and employee benefits | 17,315 | | 18,005 | | 19,921 | | 20,348 | | 20,367 | |
| Net occupancy expense of premises | 2,862 | | 3,097 | | 2,987 | | 3,090 | | 3,188 | |
| Equipment and systems | 3,511 | | 3,537 | | 3,867 | | 3,662 | | 4,516 | |
| Advertising and marketing | 231 | | 413 | | 731 | | 747 | | 703 | |
| Federal deposit insurance premium | 1,455 | | 1,546 | | 1,226 | | 906 | | 762 | |
| Directors' compensation | 345 | | 340 | | 339 | | 340 | | 340 | |
| Other expense | 3,042 | | 3,414 | | 3,579 | | 2,895 | | 3,736 | |
| Total non-interest expense | 28,761 | | 30,352 | | 32,650 | | 31,988 | | 33,612 | |
| Income before income taxes | 15,391 | | 13,214 | | 1,984 | | 21,790 | | 15,575 | |
| Income taxes | 3,378 | | 2,902 | | 33 | | 5,255 | | 4,205 | |
| Net income | $ | 12,013 | | $ | 10,312 | | $ | 1,951 | | $ | 16,535 | | $ | 11,370 | |
| | | | | |
| Net income per common share (EPS) | | | | | |
| Basic | $ | 0.19 | | $ | 0.16 | | $ | 0.03 | | $ | 0.25 | | $ | 0.17 | |
| Diluted | $ | 0.19 | | $ | 0.16 | | $ | 0.03 | | $ | 0.25 | | $ | 0.17 | |
| | | | | |
| Dividends declared | | | | | |
| Cash dividends declared per common share | $ | 0.11 | | $ | 0.11 | | $ | 0.11 | | $ | 0.11 | | $ | 0.11 | |
| Cash dividends declared | $ | 7,007 | | $ | 7,196 | | $ | 7,172 | | $ | 7,276 | | $ | 7,441 | |
| Dividend payout ratio | 58.3 | % | 69.8 | % | 367.6 | % | 44.0 | % | 65.4 | % |
| | | | | |
| Weighted average number of common shares outstanding | | | | | |
| Basic | 63,667 | 64,769 | 65,030 | 65,737 | 67,240 |
| Diluted | 63,667 | 64,783 | 65,038 | 65,756 | 67,276 |
Kearny Financial Corp.
Average Balance Sheet Data
(Unaudited)
| | | | | | | | | | | | | | | | | |
| Three Months Ended |
| (Dollars in Thousands) | June 30,
2023 | March 31,
2023 | December 31,
2022 | September 30,
2022 | June 30,
2022 |
| Assets | | | | | |
| Interest-earning assets: | | | | | |
| Loans receivable, including loans held-for-sale | $ | 5,932,541 | | $ | 5,986,669 | | $ | 5,839,903 | | $ | 5,553,996 | | $ | 5,181,983 | |
| Taxable investment securities | 1,529,582 | | 1,558,222 | | 1,527,578 | | 1,516,974 | | 1,608,372 | |
| Tax-exempt investment securities | 16,346 | | 17,663 | | 37,917 | | 48,973 | | 51,672 | |
| Other interest-earning assets | 128,158 | | 131,682 | | 114,175 | | 88,038 | | 87,990 | |
| Total interest-earning assets | 7,606,627 | | 7,694,236 | | 7,519,573 | | 7,207,981 | | 6,930,017 | |
| Non-interest-earning assets | 556,962 | | 575,009 | | 550,519 | | 570,225 | | 564,734 | |
| Total assets | $ | 8,163,589 | | $ | 8,269,245 | | $ | 8,070,092 | | $ | 7,778,206 | | $ | 7,494,751 | |
| | | | | |
| Liabilities and Stockholders' Equity | | | | | |
| Interest-bearing liabilities: | | | | | |
| Deposits: | | | | | |
| Interest-bearing demand | $ | 2,321,120 | | $ | 2,363,762 | | $ | 2,359,977 | | $ | 2,354,340 | | $ | 2,155,946 | |
| Savings | 774,854 | | 858,673 | | 931,584 | | 1,019,343 | | 1,077,631 | |
| Certificates of deposit | 2,057,818 | | 2,069,396 | | 2,192,722 | | 2,014,922 | | 1,701,725 | |
| Total interest-bearing deposits | 5,153,792 | | 5,291,831 | | 5,484,283 | | 5,388,605 | | 4,935,302 | |
| Borrowings: | | | | | |
| Federal Home Loan Bank advances | 1,374,316 | | 1,402,269 | | 997,148 | | 642,399 | | 752,579 | |
| Other borrowings | 100,055 | | 1,611 | | — | | 127,456 | | 185,901 | |
| Total borrowings | 1,474,371 | | 1,403,880 | | 997,148 | | 769,855 | | 938,480 | |
| Total interest-bearing liabilities | 6,628,163 | | 6,695,711 | | 6,481,431 | | 6,158,460 | | 5,873,782 | |
| Non-interest-bearing liabilities: | | | | | |
| Non-interest-bearing deposits | 608,765 | | 634,324 | | 666,846 | | 667,624 | | 640,200 | |
| Other non-interest-bearing liabilities | 64,970 | | 60,327 | | 56,721 | | 56,431 | | 56,636 | |
| Total non-interest-bearing liabilities | 673,735 | | 694,651 | | 723,567 | | 724,055 | | 696,836 | |
| Total liabilities | 7,301,898 | | 7,390,362 | | 7,204,998 | | 6,882,515 | | 6,570,618 | |
| Stockholders' equity | 861,691 | | 878,883 | | 865,094 | | 895,691 | | 924,133 | |
| Total liabilities and stockholders' equity | $ | 8,163,589 | | $ | 8,269,245 | | $ | 8,070,092 | | $ | 7,778,206 | | $ | 7,494,751 | |
| | | | | |
| Average interest-earning assets to average interest-bearing liabilities | 114.76 | % | 114.91 | % | 116.02 | % | 117.04 | % | 117.98 | % |
Kearny Financial Corp.
Performance Ratio Highlights
| | | | | | | | | | | | | | | | | |
| Three Months Ended |
| June 30,
2023 | March 31,
2023 | December 31,
2022 | September 30,
2022 | June 30,
2022 |
| Average yield on interest-earning assets: | | | | | |
| Loans receivable, including loans held-for-sale | 4.18 | % | 4.02 | % | 3.97 | % | 3.81 | % | 3.77 | % |
| Taxable investment securities | 4.12 | % | 3.97 | % | 3.46 | % | 2.75 | % | 2.22 | % |
Tax-exempt investment securities (1) | 2.23 | % | 2.23 | % | 2.32 | % | 2.33 | % | 2.30 | % |
| Other interest-earning assets | 5.68 | % | 4.38 | % | 3.52 | % | 3.46 | % | 2.15 | % |
| Total interest-earning assets | 4.19 | % | 4.01 | % | 3.85 | % | 3.57 | % | 3.38 | % |
| | | | | |
| Average cost of interest-bearing liabilities: | | | | | |
| Deposits: | | | | | |
| Interest-bearing demand | 2.38 | % | 2.01 | % | 1.63 | % | 0.92 | % | 0.31 | % |
| Savings | 0.48 | % | 0.41 | % | 0.41 | % | 0.23 | % | 0.11 | % |
| Certificates of deposit | 2.24 | % | 1.84 | % | 1.50 | % | 0.97 | % | 0.46 | % |
| Total interest-bearing deposits | 2.04 | % | 1.68 | % | 1.37 | % | 0.81 | % | 0.32 | % |
| Borrowings: | | | | | |
| Federal Home Loan Bank advances | 3.51 | % | 3.58 | % | 3.54 | % | 2.68 | % | 1.96 | % |
| Other borrowings | 4.89 | % | 5.15 | % | — | % | 2.26 | % | 0.77 | % |
| Total borrowings | 3.60 | % | 3.58 | % | 3.54 | % | 2.61 | % | 1.72 | % |
| Total interest-bearing liabilities | 2.38 | % | 2.08 | % | 1.71 | % | 1.03 | % | 0.54 | % |
| | | | | |
Interest rate spread (2) | 1.81 | % | 1.93 | % | 2.14 | % | 2.54 | % | 2.84 | % |
Net interest margin (3) | 2.11 | % | 2.20 | % | 2.38 | % | 2.69 | % | 2.92 | % |
| | | | | |
| Non-interest income to average assets (annualized) | 0.18 | % | 0.08 | % | -0.42 | % | 0.30 | % | 0.15 | % |
| Non-interest expense to average assets (annualized) | 1.41 | % | 1.47 | % | 1.62 | % | 1.65 | % | 1.79 | % |
| | | | | |
Efficiency ratio (4) | 65.60 | % | 68.96 | % | 89.93 | % | 58.75 | % | 62.93 | % |
| | | | | |
| Return on average assets (annualized) | 0.59 | % | 0.50 | % | 0.10 | % | 0.85 | % | 0.61 | % |
| Return on average equity (annualized) | 5.58 | % | 4.69 | % | 0.90 | % | 7.38 | % | 4.92 | % |
Return on average tangible equity (annualized) (5) | 7.41 | % | 6.20 | % | 1.20 | % | 9.70 | % | 6.40 | % |
_________________________
(1)The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield.
(2)Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities.
(3)Net interest income divided by average interest-earning assets.
(4)Non-interest expense divided by the sum of net interest income and non-interest income.
(5)Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.
The following tables provide a reconciliation of certain financial measures calculated in accordance with Generally Accepted Accounting Principles (“GAAP”) (as reported) and non-GAAP measures. These non-GAAP measures provide additional information which allow readers to evaluate the ongoing performance of the Company. They are not a substitute for GAAP measures; they should be read and used in conjunction with the Company’s GAAP financial information. In all cases, it should be understood that non-GAAP per share measures do not depict amounts that accrue directly to the benefit of shareholders.
Kearny Financial Corp.
Reconciliation of GAAP to Non-GAAP
(Unaudited)
| | | | | | | | | | | | | | | | | |
| Three Months Ended |
(Dollars and Shares in Thousands,
Except Per Share Data) | June 30,
2023 | March 31,
2023 | December 31,
2022 | September 30,
2022 | June 30,
2022 |
| Adjusted net income: | | | | | |
| Net income (GAAP) | $ | 12,013 | | $ | 10,312 | | $ | 1,951 | | $ | 16,535 | | $ | 11,370 | |
| Non-recurring transactions - net of tax: | | | | | |
| Branch consolidation expenses | — | | 568 | | — | | — | | — | |
| Net effect of sale and call of securities | — | | — | | 10,811 | | — | | 400 | |
| Net effect of sale of other assets | — | | — | | (2,081) | | — | | — | |
| Severance expense from workforce realignment | — | | — | | 538 | | — | | — | |
| Early contract termination | — | | — | | — | | — | | 568 | |
| Adjusted net income | $ | 12,013 | | $ | 10,880 | | $ | 11,219 | | $ | 16,535 | | $ | 12,338 | |
| | | | | |
| Calculation of pre-tax, pre-provision net revenue: | | | | | |
| Net income (GAAP) | $ | 12,013 | | $ | 10,312 | | $ | 1,951 | | $ | 16,535 | | $ | 11,370 | |
| Adjustments to net income (GAAP): | | | | | |
| Provision for income taxes | 3,378 | | 2,902 | | 33 | | 5,255 | | 4,205 | |
| (Reversal of) provision for credit losses | (306) | | 451 | | 1,671 | | 670 | | 4,222 | |
| Pre-tax, pre-provision net revenue (non-GAAP) | $ | 15,085 | | $ | 13,665 | | $ | 3,655 | | $ | 22,460 | | $ | 19,797 | |
| | | | | |
| Adjusted earnings per share: | | | | | |
| Weighted average common shares - basic | 63,667 | 64,769 | 65,030 | 65,737 | 67,240 |
| Weighted average common shares - diluted | 63,667 | 64,783 | 65,038 | 65,756 | 67,276 |
| | | | | |
| Earnings per share - basic (GAAP) | $ | 0.19 | | $ | 0.16 | | $ | 0.03 | | $ | 0.25 | | $ | 0.17 | |
| Earnings per share - diluted (GAAP) | $ | 0.19 | | $ | 0.16 | | $ | 0.03 | | $ | 0.25 | | $ | 0.17 | |
| | | | | |
| Adjusted earnings per share - basic (non-GAAP) | $ | 0.19 | | $ | 0.17 | | $ | 0.17 | | $ | 0.25 | | $ | 0.18 | |
| Adjusted earnings per share - diluted (non-GAAP) | $ | 0.19 | | $ | 0.17 | | $ | 0.17 | | $ | 0.25 | | $ | 0.18 | |
| | | | | |
| Pre-tax, pre-provision net revenue per share: | | | | | |
| Pre-tax, pre-provision net revenue per share - basic (non-GAAP) | $ | 0.24 | | $ | 0.21 | | $ | 0.06 | | $ | 0.34 | | $ | 0.29 | |
| Pre-tax, pre-provision net revenue per share - diluted (non-GAAP) | $ | 0.24 | | $ | 0.21 | | $ | 0.06 | | $ | 0.34 | | $ | 0.29 | |
| | | | | |
| Adjusted return on average assets: | | | | | |
| Total average assets | $ | 8,163,589 | | $ | 8,269,245 | | $ | 8,070,092 | | $ | 7,778,206 | | $ | 7,494,751 | |
| | | | | |
| Return on average assets (GAAP) | 0.59 | % | 0.50 | % | 0.10 | % | 0.85 | % | 0.61 | % |
| Adjusted return on average assets (non-GAAP) | 0.59 | % | 0.53 | % | 0.56 | % | 0.85 | % | 0.66 | % |
| | | | | |
| Adjusted return on average equity: | | | | | |
| Total average equity | $ | 861,691 | | $ | 878,883 | | $ | 865,094 | | $ | 895,691 | | $ | 924,133 | |
| | | | | |
| Return on average equity (GAAP) | 5.58 | % | 4.69 | % | 0.90 | % | 7.38 | % | 4.92 | % |
| Adjusted return on average equity (non-GAAP) | 5.58 | % | 4.95 | % | 5.19 | % | 7.38 | % | 5.34 | % |
Kearny Financial Corp.
Reconciliation of GAAP to Non-GAAP
(Unaudited)
| | | | | | | | | | | | | | | | | |
| Three Months Ended |
(Dollars and Shares in Thousands,
Except Per Share Data) | June 30,
2023 | March 31,
2023 | December 31,
2022 | September 30,
2022 | June 30,
2022 |
| Adjusted return on average tangible equity: | | | | | |
| Total average equity | $ | 861,691 | | $ | 878,883 | | $ | 865,094 | | $ | 895,691 | | $ | 924,133 | |
| Less: average goodwill | (210,895) | | (210,895) | | (210,895) | | (210,895) | | (210,895) | |
| Less: average other intangible assets | (2,544) | | (2,683) | | (2,826) | | (2,971) | | (3,116) | |
| Total average tangible equity | $ | 648,252 | | $ | 665,305 | | $ | 651,373 | | $ | 681,825 | | $ | 710,122 | |
| | | | | |
| Return on average tangible equity (non-GAAP) | 7.41 | % | 6.20 | % | 1.20 | % | 9.70 | % | 6.40 | % |
| Adjusted return on average tangible equity (non-GAAP) | 7.41 | % | 6.54 | % | 6.89 | % | 9.70 | % | 6.95 | % |
| | | | | |
| Adjusted non-interest expense ratio: | | | | | |
| Non-interest expense (GAAP) | $ | 28,761 | | $ | 30,352 | | $ | 32,650 | | $ | 31,988 | | $ | 33,612 | |
| Non-recurring transactions: | | | | | |
| Branch consolidation expenses | — | | (800) | | — | | — | | — | |
| Severance expense from workforce realignment | — | | — | | (757) | | — | | — | |
| Early contract termination | — | | — | | — | | — | | (800) | |
| Non-interest expense (non-GAAP) | $ | 28,761 | | $ | 29,552 | | $ | 31,893 | | $ | 31,988 | | $ | 32,812 | |
| | | | | |
| Non-interest expense ratio (GAAP) | 1.41 | % | 1.47 | % | 1.62 | % | 1.65 | % | 1.79 | % |
| Adjusted non-interest expense ratio (non-GAAP) | 1.41 | % | 1.43 | % | 1.58 | % | 1.65 | % | 1.75 | % |
| | | | | |
| Adjusted efficiency ratio: | | | | | |
| Non-interest expense (non-GAAP) | $ | 28,761 | | $ | 29,552 | | $ | 31,893 | | $ | 31,988 | | $ | 32,812 | |
| | | | | |
| Net interest income (GAAP) | $ | 40,180 | | $ | 42,371 | | $ | 44,783 | | $ | 48,531 | | $ | 50,599 | |
| Total non-interest income (GAAP) | 3,666 | | 1,646 | | (8,478) | | 5,917 | | 2,810 | |
| Non-recurring transactions: | | | | | |
| Net effect of sale and call of securities | — | | — | | 15,227 | | — | | 563 | |
| Net effect of sale of other assets | — | | — | | (2,931) | | — | | — | |
| Total revenue (non-GAAP) | $ | 43,846 | | $ | 44,017 | | $ | 48,601 | | $ | 54,448 | | $ | 53,972 | |
| | | | | |
| Efficiency ratio (GAAP) | 65.60 | % | 68.96 | % | 89.93 | % | 58.75 | % | 62.93 | % |
| Adjusted efficiency ratio (non-GAAP) | 65.60 | % | 67.14 | % | 65.62 | % | 58.75 | % | 60.79 | % |
Kearny Financial Corp.
Reconciliation of GAAP to Non-GAAP
(Unaudited)
| | | | | | | | | | | |
| Year Ended |
(Dollars and Shares in Thousands,
Except Per Share Data) | June 30,
2023 | | June 30,
2022 |
| Adjusted net income: | | | |
| Net income (GAAP) | $ | 40,811 | | | $ | 67,547 | |
| Non-recurring transactions - net of tax: | | | |
| Branch consolidation expenses and impairment charges | 568 | | | 1,341 | |
| Net effect of sale and call of securities | 10,811 | | | 397 | |
| Net effect of sale of other assets | (2,081) | | | (251) | |
| Severance expense from workforce realignment | 538 | | | — | |
| Early contract termination | — | | | 568 | |
| Adjusted net income | $ | 50,647 | | | $ | 69,602 | |
| | | |
| Calculation of pre-tax, pre-provision net revenue: | | | |
| Net income (GAAP) | $ | 40,811 | | | $ | 67,547 | |
| Adjustments to net income (GAAP): | | | |
| Provision for income taxes | 11,568 | | | 24,800 | |
| Provision for (reversal of) credit losses | 2,486 | | | (7,518) | |
| Pre-tax, pre-provision net revenue (non-GAAP) | $ | 54,865 | | | $ | 84,829 | |
| | | |
| Adjusted earnings per share: | | | |
| Weighted average common shares - basic | 64,804 | | 70,911 |
| Weighted average common shares - diluted | 64,804 | | 70,933 |
| | | |
| Earnings per share - basic (GAAP) | $ | 0.63 | | | $ | 0.95 | |
| Earnings per share - diluted (GAAP) | $ | 0.63 | | | $ | 0.95 | |
| | | |
| Adjusted earnings per share - basic (non-GAAP) | $ | 0.78 | | | $ | 0.98 | |
| Adjusted earnings per share - diluted (non-GAAP) | $ | 0.78 | | | $ | 0.98 | |
| | | |
| Pre-tax, pre-provision net revenue per share: | | | |
| Pre-tax, pre-provision net revenue per share - basic (non-GAAP) | $ | 0.85 | | | $ | 1.20 | |
| Pre-tax, pre-provision net revenue per share - diluted (non-GAAP) | $ | 0.85 | | | $ | 1.20 | |
| | | |
| Adjusted return on average assets: | | | |
| Total average assets | $ | 8,068,937 | | | $ | 7,282,370 | |
| | | |
| Return on average assets (GAAP) | 0.51 | % | | 0.93 | % |
| Adjusted return on average assets (non-GAAP) | 0.63 | % | | 0.96 | % |
| | | |
| Adjusted return on average equity: | | | |
| Total average equity | $ | 875,358 | | | $ | 984,551 | |
| | | |
| Return on average equity (GAAP) | 4.66 | % | | 6.86 | % |
| Adjusted return on average equity (non-GAAP) | 5.79 | % | | 7.07 | % |
| | | |
| Adjusted return on average tangible equity: | | | |
| Total average equity | $ | 875,358 | | | $ | 984,551 | |
| Less: average goodwill | (210,895) | | | (210,895) | |
| Less: average other intangible assets | (2,757) | | | (3,377) | |
| Total average tangible equity | $ | 661,706 | | | $ | 770,279 | |
| | | |
| Return on average tangible equity (non-GAAP) | 6.17 | % | | 8.77 | % |
| Adjusted return on average tangible equity (non-GAAP) | 7.65 | % | | 9.04 | % |
Kearny Financial Corp.
Reconciliation of GAAP to Non-GAAP
(Unaudited)
| | | | | | | | | | | |
| Year Ended |
| (Dollars in Thousands) | June 30,
2023 | | June 30,
2022 |
| Adjusted non-interest expense ratio: | | | |
| Non-interest expense (GAAP) | $ | 123,751 | | | $ | 125,708 | |
| Non-routine transactions: | | | |
| Branch consolidation expenses and impairment charges | (800) | | | (1,898) | |
| Severance expense from workforce realignment | (757) | | | — | |
| Early contract termination | — | | | (800) | |
| Non-interest expense (non-GAAP) | $ | 122,194 | | | $ | 123,010 | |
| | | |
| Non-interest expense ratio (GAAP) | 1.53 | % | | 1.73 | % |
| Adjusted non-interest expense ratio (non-GAAP) | 1.51 | % | | 1.69 | % |
| | | |
| Adjusted efficiency ratio: | | | |
| Non-interest expense (non-GAAP) | $ | 122,194 | | | $ | 123,010 | |
| | | |
| Net interest income (GAAP) | $ | 175,865 | | | $ | 196,603 | |
| Total non-interest income (GAAP) | 2,751 | | | 13,934 | |
| Non-routine transactions: | | | |
| Net effect of sale and call of securities | 15,227 | | | 559 | |
| Net effect of sale of other assets | (2,931) | | | (356) | |
| Total revenue (non-GAAP) | $ | 190,912 | | | $ | 210,740 | |
| | | |
| Efficiency ratio (GAAP) | 69.28 | % | | 59.71 | % |
| Adjusted efficiency ratio (non-GAAP) | 64.01 | % | | 58.37 | % |
JULY 27, 2023 I N V E S T O R P R E S E N T A T I O N F O U R T H Q U A R T E R F I S C A L 2 0 2 3 Exhibit 99.2
Forward Looking Statements 2 This presentation may include certain “forward-looking statements,” which are made in good faith by Kearny Financial Corp. (the “Company”) pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties, such as statements of the Company’s plans, objectives, expectations, estimates and intentions that are subject to change based on various important factors (some of which are beyond the Company’s control). In addition to the factors described under Item 1A. Risk Factors in the Company’s Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission, the following factors, among others, could cause the Company’s financial performance to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward- looking statements: • the strength of the United States economy in general and the strength of the local economy in which the Company conducts operations, • the effects of the recent turmoil in the banking industry, • the effects of and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System, inflation, interest rates, market and monetary fluctuations, • the impact of changes in laws, regulations and government policies regarding financial institutions (including laws concerning taxation, banking, securities and insurance), • changes in accounting policies and practices, as may be adopted by regulatory agencies, the Financial Accounting Standards Board (“FASB”) or the Public Company Accounting Oversight Board, • technological changes, • competition among financial services providers, and • the success of the Company at managing the risks involved in the foregoing and managing its business. The Company cautions that the foregoing list of important factors is not exhaustive. Readers should not place any undue reliance on any forward looking statements, which speak only as of the date made. The Company does not undertake any obligation to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.
Kearny Financial Corp. NASDAQ: KRNY Market Cap: $517.0 million1 Founded in 1884 Top 10 New Jersey-based financial institution by assets 43 full-service branches2 in 12 counties throughout New Jersey and New York City Active acquirer, having completed 7 whole-bank acquisitions since 1999 1 As of July 24, 2023 2 As of June 30, 2023 Source: S&P Global Market Intelligence & Company Filings 3
139 Years of Serving our Communities and Clients 4
Financial Highlights Source: Company Filings 5 4Q23 Highlights: Net Interest Margin - Compression slowed, declining nine basis points from the prior quarter Improved Capital Position - Increased Tangible Common Equity by 33 basis points from the prior quarter Disciplined Expense Management - Non-Interest Expense to Average Assets improved 38 basis points on a year-over-year basis Profitability and Performance Ratios ($ in millions, except per share data) 4Q23 3Q23 4Q22 Net Income $12.0 $10.3 $11.4 Earnings per share $0.19 $0.16 $0.17 Net Interest Income $40.2 $42.4 $50.6 Net Interest Margin 2.11% 2.20% 2.92% Non-interest Expense to Average Assets 1.41% 1.47% 1.79% Tangible Equity to Tangible Assets 8.35% 8.02% 9.06% Return on Average Assets 0.59% 0.50% 0.61% Return on Average Equity 5.58% 4.69% 4.92% Return on Average Tangible Equity 7.41% 6.20% 6.40% GAAP Reported
Equity & Capitalization Equity Capitalization Level 1 Kearny Financial Corp. (NASDAQ: KRNY) Regulatory Capital Ratios as of June 30, 2023 are preliminary. 2 S&P U.S. Small Cap Banks Index comprised of 237 constituents, based on March 31, 2023 results. Source: Company Filings 6 Regulatory Capital Ratios1,2 9.06% 8.61% 8.16% 8.02% 8.35% 11.58% 11.09% 10.53% 10.37% 10.78% 4Q22 1Q23 2Q23 3Q23 4Q23 Tangible Common Equity / Tangible Assets Equity / Assets 9.07% 14.07% 14.07% 14.75% 9.60% 11.18% 11.32% 13.97% Tier 1 Leverage Common Equity Tier 1 Tier 1 Risk-Based Capital Total Risk-Based Capital KRNY S&P US Small Cap Banks
Deposits 1 For the quarter ended June 30, 2023 2 For the quarter ended June 30, 2023; excludes Wholesale CDs Source: S&P Global Market Intelligence & Company Filings 7 Deposit Composition1 Deposit Trend Deposit Segmentation2 $1,116 $1,263 $1,355 $1,327 $1,377 $773 $797 $747 $761 $640 $1,053 $983 $902 $811 $749 $2,266 $2,382 $2,316 $2,286 $2,253 $654 $683 $651 $618 $610 $5,862 $6,108 $5,971 $5,803 $5,629 4Q22 1Q23 2Q23 3Q23 4Q23 Retail CDs Wholesale CDs Savings Interest Bearing DDA Non-interest Bearing DDA Consumer 61.0%Commercial 20.5% Government 18.5% Product # of Accounts Balance ($ millions) Average Balance per Account Checking 53,747 $ 2,863 $ 53,270 Savings 34,779 749 21,528 CD 29,375 1,377 46,876 Total Retail Deposits 117,901 $ 4,989 $ 42,313 Non-Maturity Account Deposit Mix QTD Cost of Deposits 2.04% Retail CDs 24.5% Wholesale CDs 11.4% Savings 13.3% Interest Bearing DDA 40.0% Non-interest Bearing DDA 10.8%
Liquidity Available for Uninsured Deposits Estimated Uninsured Deposits Analysis2 1 Estimated amount of uninsured deposits reported in June 30, 2023 Call Report. 2 As of June 30, 2023 8 Estimated Uninsured Deposit Analysis ($ millions) Estimated Uninsured Deposits 1,771$ Less: Collateralized State & Local Government Deposits (650) Less: Bank's wholly-owned subsidiary & Holding Company Deposits (411) Estimated uninsured deposits excluding items above: 710$ Total Deposits 5,629$ Estimated uninsured deposits, excluding items above, as a % of Total Deposits 12.6% Available liquidity is 3.4x greater than estimated uninsured deposits (excluding items above) Liquidity Capacity2 Sources of Liquidity ($ millions) Liquidity Capacity Funding Utilized Available Capacity Internal Sources: Free Securities and other 477$ -$ 477$ External Sources: FRB 415 - 415 FHLB 2,957 1,407 1,550 Total Liquidity 3,849$ 1,407$ 2,442$ 1
Investment Securities 1 For the quarter ended June 30, 2023 2 Comprised entirely of securitized federal education loans with 97% U.S. government guarantees 3 Assumes 29% marginal tax rate Source: S&P Global Market Intelligence & Company Filings 9 9.9% 27.4% 9.8% 51.7% 1.2% Corporate Bonds CLO ABS Student Loans Agency MBS Municipal Bonds 2 Securities Composition1 Securities Balance & Yield TrendAFS/HTM & Effective Duration At June 30, 2023, the after-tax net unrecognized loss on securities held-to maturity was $10.9 million, or 1.7% of tangible equity3 AFS 89.3% HTM 10.7% Total Effective Duration ≈ 3.4 years Floating rate securities ≈ 35.7% $1,462 $1,379 $1,440 $1,417 $1,374 2.22% 2.74% 3.43% 3.95% 4.10% 4Q22 1Q23 2Q23 3Q23 4Q23 ($ millions)
Portfolio Lending Loan Composition1 Geographic Distribution2Loan Trend The weighted average loan-to-value ratio1 for our real estate secured loans was 61% 1 For the quarter ended June 30, 2023. 2 As of June 30, 2023. Source: S&P Global Market Intelligence & Company Filings 10 $1,688 $1,710 $1,765 $1,758 $1,744 $2,409 $2,570 $2,852 $2,836 $2,762 $1,020 $1,041 $1,017 $1,003 $969 $5,437 $5,676 $6,001 $5,976 $5,850 4Q22 1Q23 2Q23 3Q23 4Q23 1-4 Family Multifamily CRE C&D Other ($ millions) 1-4 Family 29.1% Home Equity 0.7% Multifamily 47.2% CRE 16.6% Construction 3.9% Commercial 2.5% QTD Yield on Loans 4.18% New York (Ex. Brooklyn) 17.0% Brooklyn 18.3% New Jersey 54.5% Pennsylvania 5.8% Other 4.4%
CRE Lending 1 As of June 30, 2023 Source: Company Filings 11 CRE Portfolio by Collateral Type1 Retail 37.6% Mixed Use 27.5% Office 15.4% Industrial 14.9% Specialty & Other 4.6% CRE Loan Geographic Distribution1 Office Portfolio Profile 15.4% of total CRE portfolio or $149 million Average loan size of $1.6 million Weighted average LTV was 52% Total CRE $1.0 B New Jersey 56.2% Brooklyn 10.2% New York (Ex. Brooklyn) 27.2% Pennsylvania 3.9% Other 2.5% WA LTV 52%
Asset Quality Net Charge-Offs / Average Loans Non-Performing Assets / Total Assets Non-Performing Loans1 Allowance for Credit Losses 1 As of June 30, 2023; amounts shown in millions. Source: S&P Global Market Intelligence & Company Filings 12 0.08% 0.01% 0.03% 0.01% 0.01% -0.05% 0.00% 0.05% 0.10% 0.15% 4Q22 1Q23 2Q23 3Q23 4Q23 1.19% 0.98% 0.76% 0.69% 0.69% 0.50% 0.75% 1.00% 1.25% 1.50% 4Q22 1Q23 2Q23 3Q23 4Q23 $19.1 $16.5 $0.2 $6.7 $0.1 Multi-family Non-Residential Commercial Construction Residential NPL's $42.6 MM $47.1 $47.6 $48.9 $49.1 $48.7 0.87% 0.84% 0.81% 0.82% 0.83% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% $0.0 $20.0 $40.0 $60.0 $80.0 4Q22 1Q23 2Q23 3Q23 4Q23 ACL Balance ACL to Total Loans Receivable ($ millions)
Select Technology Partners 13
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Kearny Financial (NASDAQ:KRNY)
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Kearny Financial (NASDAQ:KRNY)
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