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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kearny Financial Corporation | NASDAQ:KRNY | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.02 | -0.28% | 7.16 | 7.15 | 7.16 | 7.22 | 7.09 | 7.22 | 51,668 | 16:01:49 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit Number | Description | |||||||
99.1 | ||||||||
99.2 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
KEARNY FINANCIAL CORP. | ||||||||
Date: July 27, 2023 | By: | /s/ Keith Suchodolski | ||||||
Keith Suchodolski | ||||||||
Senior Executive Vice President and Chief Financial Officer |
Linked-Quarter Comparative Financial Analysis |
(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 | % |
(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) |
(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 | % |
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 | % |
Year-to-Year Comparative Financial Analysis | ||
(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 | % |
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) |
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 | % |
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 | % |
Five-Quarter Financial Trend Analysis |
(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 |
(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 | % |
(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 |
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 |
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 | % |
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 | % |
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 | % |
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 | % |
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 | % |
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 | % |
Cover |
Jul. 27, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Jul. 27, 2023 |
Entity Incorporation, State or Country Code | MD |
Entity File Number | 001-37399 |
Entity Tax Identification Number | 30-0870244 |
Entity Address, Address Line One | 120 Passaic Avenue |
Entity Address, City or Town | Fairfield |
Entity Address, State or Province | NJ |
Entity Address, Postal Zip Code | 07004 |
City Area Code | (973) |
Local Phone Number | 244-4500 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(g) Security | Common Stock, $0.01 par value |
Trading Symbol | KRNY |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0001617242 |
Entity Registrant Name | KEARNY FINANCIAL CORP. |
1 Year Kearny Financial Chart |
1 Month Kearny Financial Chart |
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