KRNY - Kearny Financial Corp. Announces First Quarter Fiscal 2024 Results and Declaration of Cash Dividend | Benzinga
FAIRFIELD, N.J., Oct. 26, 2023 (GLOBE NEWSWIRE) -- Kearny Financial Corp. (NASDAQ GS: KRNY) (the "Company"), the holding company of Kearny Bank (the "Bank"), reported net income for the quarter ended September 30, 2023 of $9.8 million, or $0.16 per diluted share, compared to $12.0 million, or $0.19 per diluted share, for the quarter ended June 30, 2023.
The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.11 per share, payable on November 22, 2023, to stockholders of record as of November 8, 2023.
Craig L. Montanaro, President and Chief Executive Officer, commented, "In the face of ongoing industry-wide macro-economic headwinds we continue to execute strategies to mitigate risk, manage our operating expenses and support the long-term franchise value of the Company. To that end, this quarter we de-levered our balance sheet by an additional $90 million, meaningfully slowed net interest margin compression and continued to focus on building high-value loan and deposit relationships. To further support these efforts we have formed a new Corporate Banking division under the executive leadership of our Chief Banking Officer, Anthony Bilotta. This division has been staffed with seasoned banking professionals whose sole focus is the origination of stable, long-term, non-interest-bearing deposits of corporate clients."
Mr. Montanaro continued, "I am further pleased to announce that, subsequent to quarter end, we launched our enhanced digital banking platform, which expands our client-facing online and mobile capabilities while providing a state-of-the-art user experience. Our continued focus on digital engagement complements our high-touch, personalized service model and allows us to expand our brand into new markets in an efficient and cost-effective manner."
Balance Sheet
- Total assets were $7.97 billion at September 30, 2023, a decrease of $89.9 million, or 1.1%, from June 30, 2023.
- Investment securities totaled $1.36 billion at September 30, 2023, a decrease of $14.8 million, or 1.1%, from June 30, 2023.
- Loans receivable totaled $5.74 billion at September 30, 2023, a decrease of $93.4 million, or 1.6%, from June 30, 2023. The decrease for the quarter was largely driven by decreases in multi-family and nonresidential mortgage loans.
- Deposits were $5.43 billion at September 30, 2023, a decrease of $195.0 million, or 3.5%, from June 30, 2023. The decrease in deposits was largely concentrated in retail and brokered certificates of deposits and consumer savings.
- The aggregate amount of uninsured deposits was $1.73 billion at September 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 $683.3 million, or 12.6% of total deposits.
- Borrowings were $1.63 billion at September 30, 2023, an increase of $120.1 million, or 8.0%, from June 30, 2023. The increase in borrowings was driven by an increase in advances from the Federal Home Loan Bank of New York and resulted from the deposit decline previously disclosed.
- At September 30, 2023, the Company maintained available secured borrowing capacity of $2.09 billion, of which $1.65 billion was immediately accessible via in-place collateral and $444.3 million represented the market value of unpledged securities.
Earnings
Performance Highlights
- Return on average assets was 0.49% and 0.59% for the quarters ended September 30, 2023 and June 30, 2023, respectively.
- Return on average equity was 4.57% and 5.58% for the quarters ended September 30, 2023 and June 30, 2023, respectively.
- Return on average tangible equity was 6.07% and 7.41% for the quarters ended September 30, 2023 and June 30, 2023, respectively.
Net Interest Income and Net Interest Margin
- Net interest margin contracted one basis point to 2.10% for the quarter ended September 30, 2023. The decrease for the quarter was driven by an increase in the cost of interest-bearing liabilities and a decrease in the average balance of interest-earning assets, largely offset by a higher average yield on interest-earning assets.
- For the quarter ended September 30, 2023, net interest income decreased $1.0 million to $39.2 million from $40.2 million for the quarter ended June 30, 2023. Included in net interest income for the quarters ended September 30, 2023 and June 30, 2023, respectively, was purchase accounting accretion of $650,000 and $887,000, and loan prepayment penalty income of $267,000 and $185,000.
Non-Interest Income
- For the quarter ended September 30, 2023, non-interest income increased $344,000 from the quarter ended June 30, 2023 to $4.0 million. The increase was primarily attributable to higher income from the investment services division and the impact of a loss on the sale of real estate during the prior comparative period.
Non-Interest Expense
- For the quarter ended September 30, 2023, non-interest expense increased $1.0 million, or 3.5%, to $29.8 million from $28.8 million for the quarter ended June 30, 2023. The increase was primarily attributable to a $446,000 increase in compensation expense and a $205,000 increase in real estate owned expenses, partially offset by a $104,000 decrease in occupancy expense attributable to our previously announced branch closures.
- Equipment and systems expense increased $290,000 from the quarter ended June 30, 2023 due to a non-recurring vendor expense credit that was recorded in the prior comparative period.
- The efficiency and non-interest expense ratios were 68.97% and 1.49%, respectively, for the quarter ended September 30, 2023, as compared to 65.60% and 1.41%, respectively, for the quarter ended June 30, 2023.
Income Taxes
- Income tax expense totaled $3.3 million for the quarter ended September 30, 2023 compared to $3.4 million for the quarter ended June 30, 2023, resulting in an effective tax rate of 25.2% and 21.9%, respectively. The effective tax rate for the current quarter was elevated due to the discrete tax cost associated with the vesting of certain stock-based compensation awards.
Asset Quality
- The balance of non-performing assets decreased $4.7 million to $50.9 million, or 0.64% of total assets, at September 30, 2023, from $55.6 million, or 0.69% of total assets, at June 30, 2023.
- Net charge-offs totaled $2.1 million, or 0.15% of average loans, on an annualized basis, for the quarter ended September 30, 2023, compared to $82,000, or 0.01% of average loans, on an annualized basis, for the quarter ended June 30, 2023. All of the charge-offs recorded during the quarter ended September 30, 2023 had previously been individually reserved for within the allowance for credit losses.
- For the quarter ended September 30, 2023, the Company recorded a provision for credit losses of $245,000, compared to a reversal of credit losses of $306,000 for the quarter ended June 30, 2023. The provision for credit loss expense for the quarter ended September 30, 2023 was largely driven by an increase in reserves on individually analyzed loans and a slower prepayment rate assumption, partially offset by a decrease in the balance of loans receivable.
- The allowance for credit losses was $46.9 million, or 0.81% of total loans, at September 30, 2023, compared to $48.7 million, or 0.83% of total loans, at June 30, 2023.
Capital
- During the quarter ended September 30, 2023, the Company repurchased 817,607 shares of common stock at a cost of $6.4 million, or $7.84 per share.
- For the quarter ended September 30, 2023, book value per share decreased $0.16, or 1.2%, to $13.04 while tangible book value per share decreased $0.19, or 1.9%, to $9.77. These decreases were largely driven by an increase in accumulated other comprehensive loss.
- At September 30, 2023, total stockholders' equity included after-tax net unrealized losses on securities available for sale of $131.4 million, partially offset by after-tax unrealized gains on derivatives of $44.8 million. After-tax net unrecognized losses on securities held to maturity of $14.7 million were not reflected in total stockholders' equity.
- At September 30, 2023, the Company's tangible equity to tangible assets ratio equaled 8.20% 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 Q1 2024 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
| (Dollars and Shares in Thousands, Except Per Share Data) |
| September 30, 2023 |
| June 30, 2023 |
| Variance or Change |
| Variance or Change Pct. |
| (Unaudited) |
| (Audited) |
| Assets |
| Cash and cash equivalents |
| $ |
| 57,219 |
| $ |
| 70,515 |
| $ |
| (13,296 |
| ) |
| -18.9 |
| % |
| Securities available for sale |
| 1,215,633 |
| 1,227,729 |
| (12,096 |
| ) |
| -1.0 |
| % |
| Securities held to maturity |
| 143,730 |
| 146,465 |
| (2,735 |
| ) |
| -1.9 |
| % |
| Loans held-for-sale |
| 3,934 |
| 9,591 |
| (5,657 |
| ) |
| -59.0 |
| % |
| Loans receivable |
| 5,736,049 |
| 5,829,421 |
| (93,372 |
| ) |
| -1.6 |
| % |
| Less: allowance for credit losses on loans |
| (46,872 |
| ) |
| (48,734 |
| ) |
| (1,862 |
| ) |
| -3.8 |
| % |
| Net loans receivable |
| 5,689,177 |
| 5,780,687 |
| (91,510 |
| ) |
| -1.6 |
| % |
| Premises and equipment |
| 46,868 |
| 48,309 |
| (1,441 |
| ) |
| -3.0 |
| % |
| Federal Home Loan Bank stock |
| 81,509 |
| 71,734 |
| 9,775 |
| 13.6 |
| % |
| Accrued interest receivable |
| 29,766 |
| 28,133 |
| 1,633 |
| 5.8 |
| % |
| Goodwill |
| 210,895 |
| 210,895 |
| — |
| — |
| % |
| Core deposit intangible |
| 2,323 |
| 2,457 |
| (134 |
| ) |
| -5.5 |
| % |
| Bank owned life insurance |
| 294,491 |
| 292,825 |
| 1,666 |
| 0.6 |
| % |
| Deferred income taxes, net |
| 56,500 |
| 51,973 |
| 4,527 |
| 8.7 |
| % |
| Other real estate owned |
| 12,956 |
| 12,956 |
| — |
| — |
| % |
| Other assets |
| 129,865 |
| 110,546 |
| 19,319 |
| 17.5 |
| % |
| Total assets |
| $ |
| 7,974,866 |
| $ |
| 8,064,815 |
| $ |
| (89,949 |
| ) |
| -1.1 |
| % |
| Liabilities |
| Deposits: |
| Non-interest-bearing |
| $ |
| 595,141 |
| $ |
| 609,999 |
| $ |
| (14,858 |
| ) |
| -2.4 |
| % |
| Interest-bearing |
| 4,839,027 |
| 5,019,184 |
| (180,157 |
| ) |
| -3.6 |
| % |
| Total deposits |
| 5,434,168 |
| 5,629,183 |
| (195,015 |
| ) |
| -3.5 |
| % |
| Borrowings |
| 1,626,933 |
| 1,506,812 |
| 120,121 |
| 8.0 |
| % |
| Advance payments by borrowers for taxes |
| 16,907 |
| 18,338 |
| (1,431 |
| ) |
| -7.8 |
| % |
| Other liabilities |
| 47,324 |
| 41,198 |
| 6,126 |
| 14.9 |
| % |
| Total liabilities |
| 7,125,332 |
| 7,195,531 |
| (70,199 |
| ) |
| -1.0 |
| % |
| Stockholders' Equity |
| Common stock |
| 652 |
| 659 |
| (7 |
| ) |
| -1.1 |
| % |
| Paid-in capital |
| 497,269 |
| 503,332 |
| (6,063 |
| ) |
| -1.2 |
| % |
| Retained earnings |
| 460,464 |
| 457,611 |
| 2,853 |
| 0.6 |
| % |
| Unearned ESOP shares |
| (22,375 |
| ) |
| (22,862 |
| ) |
| 487 |
| 2.1 |
| % |
| Accumulated other comprehensive loss |
| (86,476 |
| ) |
| (69,456 |
| ) |
| (17,020 |
| ) |
| -24.5 |
| % |
| Total stockholders' equity |
| 849,534 |
| 869,284 |
| (19,750 |
| ) |
| -2.3 |
| % |
| Total liabilities and stockholders' equity |
| $ |
| 7,974,866 |
| $ |
| 8,064,815 |
| $ |
| (89,949 |
| ) |
| -1.1 |
| % |
| Consolidated capital ratios |
| Equity to assets |
| 10.65 |
| % |
| 10.78 |
| % |
| -0.13 |
| % |
| Tangible equity to tangible assets (1) |
| 8.20 |
| % |
| 8.35 |
| % |
| -0.15 |
| % |
| Share data |
| Outstanding shares |
| 65,132 |
| 65,864 |
| (732 |
| ) |
| -1.1 |
| % |
| Book value per share |
| $ |
| 13.04 |
| $ |
| 13.20 |
| $ |
| (0.16 |
| ) |
| -1.2 |
| % |
| Tangible book value per share (2) |
| $ |
| 9.77 |
| $ |
| 9.96 |
| $ |
| (0.19 |
| ) |
| -1.9 |
| % |
| _________________________ |
| (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. |
| September 30, 2023 |
| June 30, 2023 |
| Interest income |
| Loans |
| $ |
| 62,769 |
| $ |
| 62,044 |
| $ |
| 725 |
| 1.2 |
| % |
| Taxable investment securities |
| 16,265 |
| 15,736 |
| 529 |
| 3.4 |
| % |
| Tax-exempt investment securities |
| 87 |
| 91 |
| (4 |
| ) |
| -4.4 |
| % |
| Other interest-earning assets |
| 2,047 |
| 1,821 |
| 226 |
| 12.4 |
| % |
| Total interest income |
| 81,168 |
| 79,692 |
| 1,476 |
| 1.9 |
| % |
| Interest expense |
| Deposits |
| 27,567 |
| 26,226 |
| 1,341 |
| 5.1 |
| % |
| Borrowings |
| 14,441 |
| 13,286 |
| 1,155 |
| 8.7 |
| % |
| Total interest expense |
| 42,008 |
| 39,512 |
| 2,496 |
| 6.3 |
| % |
| Net interest income |
| 39,160 |
| 40,180 |
| (1,020 |
| ) |
| -2.5 |
| % |
| Provision for (reversal of) credit losses |
| 245 |
| (306 |
| ) |
| 551 |
| -180.1 |
| % |
| Net interest income after provision for (reversal of) credit losses |
| 38,915 |
| 40,486 |
| (1,571 |
| ) |
| -3.9 |
| % |
| Non-interest income |
| Fees and service charges |
| 748 |
| 699 |
| 49 |
| 7.0 |
| % |
| Gain on sale of loans |
| 215 |
| 199 |
| 16 |
| 8.0 |
| % |
| Loss on sale of other real estate owned |
| — |
| (139 |
| ) |
| 139 |
| 100.0 |
| % |
| Income from bank owned life insurance |
| 1,666 |
| 1,605 |
| 61 |
| 3.8 |
| % |
| Electronic banking fees and charges |
| 367 |
| 399 |
| (32 |
| ) |
| -8.0 |
| % |
| Other income |
| 1,014 |
| 903 |
| 111 |
| 12.3 |
| % |
| Total non-interest income |
| 4,010 |
| 3,666 |
| 344 |
| 9.4 |
| % |
| Non-interest expense |
| Salaries and employee benefits |
| 17,761 |
| 17,315 |
| 446 |
| 2.6 |
| % |
| Net occupancy expense of premises |
| 2,758 |
| 2,862 |
| (104 |
| ) |
| -3.6 |
| % |
| Equipment and systems |
| 3,801 |
| 3,511 |
| 290 |
| 8.3 |
| % |
| Advertising and marketing |
| 228 |
| 231 |
| (3 |
| ) |
| -1.3 |
| % |
| Federal deposit insurance premium |
| 1,524 |
| 1,455 |
| 69 |
| 4.7 |
| % |
| Directors' compensation |
| 393 |
| 345 |
| 48 |
| 13.9 |
| % |
| Other expense |
| 3,309 |
| 3,042 |
| 267 |
| 8.8 |
| % |
| Total non-interest expense |
| 29,774 |
| 28,761 |
| 1,013 |
| 3.5 |
| % |
| Income before income taxes |
| 13,151 |
| 15,391 |
| (2,240 |
| ) |
| -14.6 |
| % |
| Income taxes |
| 3,309 |
| 3,378 |
| (69 |
| ) |
| -2.0 |
| % |
| Net income |
| $ |
| 9,842 |
| $ |
| 12,013 |
| $ |
| (2,171 |
| ) |
| -18.1 |
| % |
| Net income per common share (EPS) |
| Basic |
| $ |
| 0.16 |
| $ |
| 0.19 |
| $ |
| (0.03 |
| ) |
| Diluted |
| $ |
| 0.16 |
| $ |
| 0.19 |
| $ |
| (0.03 |
| ) |
| Dividends declared |
| Cash dividends declared per common share |
| $ |
| 0.11 |
| $ |
| 0.11 |
| $ |
| — |
| Cash dividends declared |
| $ |
| 6,989 |
| $ |
| 7,007 |
| $ |
| (18 |
| ) |
| Dividend payout ratio |
| 71.0 |
| % |
| 58.3 |
| % |
| 12.7 |
| % |
| Weighted average number of common shares outstanding |
| Basic |
| 63,014 |
| 63,667 |
| (653 |
| ) |
| Diluted |
| 63,061 |
| 63,667 |
| (606 |
| ) |
Kearny Financial Corp.
Average Balance Sheet Data
(Unaudited)
| (Dollars in Thousands) |
| Three Months Ended |
| Variance or Change |
| Variance or Change Pct. |
| September 30, 2023 |
| June 30, 2023 |
| Assets |
| Interest-earning assets: |
| Loans receivable, including loans held for sale |
| $ |
| 5,788,074 |
| $ |
| 5,932,541 |
| $ |
| (144,467 |
| ) |
| -2.4 |
| % |
| Taxable investment securities |
| 1,516,393 |
| 1,529,582 |
| (13,189 |
| ) |
| -0.9 |
| % |
| Tax-exempt investment securities |
| 15,483 |
| 16,346 |
| (863 |
| ) |
| -5.3 |
| % |
| Other interest-earning assets |
| 130,829 |
| 128,158 |
| 2,671 |
| 2.1 |
| % |
| Total interest-earning assets |
| 7,450,779 |
| 7,606,627 |
| (155,848 |
| ) |
| -2.0 |
| % |
| Non-interest-earning assets |
| 568,723 |
| 556,962 |
| 11,761 |
| 2.1 |
| % |
| Total assets |
| $ |
| 8,019,502 |
| $ |
| 8,163,589 |
| $ |
| (144,087 |
| ) |
| -1.8 |
| % |
| Liabilities and Stockholders' Equity |
| Interest-bearing liabilities: |
| Deposits: |
| Interest-bearing demand |
| $ |
| 2,245,831 |
| $ |
| 2,321,120 |
| $ |
| (75,289 |
| ) |
| -3.2 |
| % |
| Savings |
| 719,508 |
| 774,854 |
| (55,346 |
| ) |
| -7.1 |
| % |
| Certificates of deposit |
| 1,968,512 |
| 2,057,818 |
| (89,306 |
| ) |
| -4.3 |
| % |
| Total interest-bearing deposits |
| 4,933,851 |
| 5,153,792 |
| (219,941 |
| ) |
| -4.3 |
| % |
| Borrowings: |
| Federal Home Loan Bank advances |
| 1,386,473 |
| 1,374,316 |
| 12,157 |
| 0.9 |
| % |
| Other borrowings |
| 158,098 |
| 100,055 |
| 58,043 |
| 58.0 |
| % |
| Total borrowings |
| 1,544,571 |
| 1,474,371 |
| 70,200 |
| 4.8 |
| % |
| Total interest-bearing liabilities |
| 6,478,422 |
| 6,628,163 |
| (149,741 |
| ) |
| -2.3 |
| % |
| Non-interest-bearing liabilities: |
| Non-interest-bearing deposits |
| 612,251 |
| 608,765 |
| 3,486 |
| 0.6 |
| % |
| Other non-interest-bearing liabilities |
| 66,701 |
| 64,970 |
| 1,731 |
| 2.7 |
| % |
| Total non-interest-bearing liabilities |
| 678,952 |
| 673,735 |
| 5,217 |
| 0.8 |
| % |
| Total liabilities |
| 7,157,374 |
| 7,301,898 |
| (144,524 |
| ) |
| -2.0 |
| % |
| Stockholders' equity |
| 862,128 |
| 861,691 |
| 437 |
| 0.1 |
| % |
| Total liabilities and stockholders' equity |
| $ |
| 8,019,502 |
| $ |
| 8,163,589 |
| $ |
| (144,087 |
| ) |
| -1.8 |
| % |
| Average interest-earning assets to average interest-bearing liabilities |
| 115.01 |
| % |
| 114.76 |
| % |
| 0.25 |
| % |
| 0.2 |
| % |
Kearny Financial Corp.
Performance Ratio Highlights
(Unaudited)
| Three Months Ended |
| Variance or Change |
| September 30, 2023 |
| June 30, 2023 |
| Average yield on interest-earning assets: |
| Loans receivable, including loans held for sale |
| 4.34 |
| % |
| 4.18 |
| % |
| 0.16 |
| % |
| Taxable investment securities |
| 4.29 |
| % |
| 4.12 |
| % |
| 0.17 |
| % |
| Tax-exempt investment securities (1) |
| 2.25 |
| % |
| 2.23 |
| % |
| 0.02 |
| % |
| Other interest-earning assets |
| 6.26 |
| % |
| 5.68 |
| % |
| 0.58 |
| % |
| Total interest-earning assets |
| 4.36 |
| % |
| 4.19 |
| % |
| 0.17 |
| % |
| Average cost of interest-bearing liabilities: |
| Deposits: |
| Interest-bearing demand |
| 2.58 |
| % |
| 2.38 |
| % |
| 0.20 |
| % |
| Savings |
| 0.47 |
| % |
| 0.48 |
| % |
| -0.01 |
| % |
| Certificates of deposit |
| 2.49 |
| % |
| 2.24 |
| % |
| 0.25 |
| % |
| Total interest-bearing deposits |
| 2.23 |
| % |
| 2.04 |
| % |
| 0.19 |
| % |
| Borrowings: |
| Federal Home Loan Bank advances |
| 3.54 |
| % |
| 3.51 |
| % |
| 0.03 |
| % |
| Other borrowings |
| 5.46 |
| % |
| 4.89 |
| % |
| 0.57 |
| % |
| Total borrowings |
| 3.74 |
| % |
| 3.60 |
| % |
| 0.14 |
| % |
| Total interest-bearing liabilities |
| 2.59 |
| % |
| 2.38 |
| % |
| 0.21 |
| % |
| Interest rate spread (2) |
| 1.77 |
| % |
| 1.81 |
| % |
| -0.04 |
| % |
| Net interest margin (3) |
| 2.10 |
| % |
| 2.11 |
| % |
| -0.01 |
| % |
| Non-interest income to average assets (annualized) |
| 0.20 |
| % |
| 0.18 |
| % |
| 0.02 |
| % |
| Non-interest expense to average assets (annualized) |
| 1.49 |
| % |
| 1.41 |
| % |
| 0.08 |
| % |
| Efficiency ratio (4) |
| 68.97 |
| % |
| 65.60 |
| % |
| 3.37 |
| % |
| Return on average assets (annualized) |
| 0.49 |
| % |
| 0.59 |
| % |
| -0.10 |
| % |
| Return on average equity (annualized) |
| 4.57 |
| % |
| 5.58 |
| % |
| -1.01 |
| % |
| Return on average tangible equity (annualized) (5) |
| 6.07 |
| % |
| 7.41 |
| % |
| -1.34 |
| % |
| _________________________ |
| (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) |
| September 30, 2023 |
| June 30, 2023 |
| March 31, 2023 |
| December 31, 2022 |
| September 30, 2022 |
| (Unaudited) |