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Parent Only Financial Information
 12 Months Ended
Jun. 30, 2023
Condensed Financial Information Disclosure [Abstract]  
Parent Only Financial Information Parent Only Financial Information
Kearny Financial Corp. operates its wholly owned subsidiary Kearny Bank and the Bank’s wholly-owned subsidiaries CJB Investment Corp. and 189-245 Berdan Avenue LLC. The consolidated earnings of the subsidiaries are recognized by the Company using the equity method of accounting. Accordingly, the consolidated earnings of the subsidiaries are recorded as increases in the Company’s investment in the subsidiaries. The following are the condensed financial statements for Kearny Financial Corp. (Parent Company only) as of June 30, 2023 and 2022, and for each of the years in the three-year period ended June 30, 2023.
Condensed Statements of Financial Condition
June 30,
20232022
(In Thousands)
Assets
Cash and amounts due from depository institutions$48,839 $77,750 
Loans receivable26,384 28,201 
Investment in subsidiary794,080 788,021 
Other assets827 448 
Total Assets$870,130 $894,420 
Liabilities and Stockholders' Equity
Other liabilities846 420 
Stockholders' equity869,284 894,000 
Total Liabilities and Stockholders' Equity$870,130 $894,420 
Condensed Statements of Income and Comprehensive Income
Years Ended June 30,
202320222021
(In Thousands)
Dividends from subsidiary$26,282 $156,728 $178,918 
Interest income1,749 1,508 1,993 
Equity in undistributed earnings of subsidiaries14,912 (88,452)(114,969)
Total income42,943 69,784 65,942 
Directors' compensation532 530 308 
Other expenses1,715 1,976 2,660 
Total expense2,247 2,506 2,968 
Income before income taxes40,696 67,278 62,974 
Income tax expense(115)(269)(259)
Net income$40,811 $67,547 $63,233 
Comprehensive income$27,082 $5,676 $68,120 
Condensed Statements of Cash Flows
Years Ended June 30,
202320222021
(In Thousands)
Cash Flows from Operating Activities:
Net income$40,811 $67,547 $63,233 
Adjustment to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries(14,912)88,452 114,969 
(Increase) decrease in other assets(379)176 484 
Increase (decrease) in other liabilities271 (184)160 
Net Cash Provided by Operating Activities25,791 155,991 178,846 
Cash Flows from Investing Activities:
Repayment of loan to ESOP1,817 1,758 1,702 
Proceeds from the maturity of investment securities available for sale— 15,000 — 
Outlays for business acquisitions— — (9,008)
Other, net— — 118 
Net Cash Provided by (Used in) Investing Activities1,817 16,758 (7,188)
Cash Flows from Financing Activities:
Exercise of stock options— — 373 
Cash dividends paid(28,499)(30,693)(28,648)
Repurchase and cancellation of common stock of Kearny Financial Corp.(27,558)(129,520)(119,021)
Cancellation of shares repurchased on vesting to pay taxes(462)(977)(803)
Net Cash Used In Financing Activities(56,519)(161,190)(148,099)
Net (Decrease) Increase in Cash and Cash Equivalents(28,911)11,559 23,559 
Cash and Cash Equivalents - Beginning77,750 66,191 42,632 
Cash and Cash Equivalents - Ending$48,839 $77,750 $66,191