XML 46 R29.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Parent Only Financial Information | 12 Months Ended
--- | ---
Jun. 30, 2024
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., 189-245 Berdan Avenue LLC and Kearny Wealth Management 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, 2024 and 2023, and for each of the years in the three-year period ended June 30, 2024. Condensed Statements of Financial Condition
| June 30,
| 2024 |  | 2023
| (In Thousands)
Assets |  |  |
Cash and amounts due from depository institutions | $ | 30,821 |  |  | $ | 48,839 |
Loans receivable | 24,510 |  |  | 26,384 |
Investment in subsidiary | 698,427 |  |  | 794,080 |
Other assets | 854 |  |  | 827 |
Total Assets | $ | 754,612 |  |  | $ | 870,130 |
Liabilities and Stockholders' Equity |  |  |
Other liabilities | $ | 1,041 |  |  | $ | 846 |
Stockholders' equity | 753,571 |  |  | 869,284 |
Total Liabilities and Stockholders' Equity | $ | 754,612 |  |  | $ | 870,130 |
Condensed Statements of Income (Loss) and Comprehensive Income (Loss)
| Years Ended June 30,
| 2024 |  | 2023 |  | 2022
| (In Thousands)
Dividends from subsidiary | $ | 19,332 |  |  | $ | 26,282 |  |  | $ | 156,728 |
Interest income | 2,201 |  |  | 1,749 |  |  | 1,508 |
Equity in undistributed earnings of subsidiaries | (105,948) |  |  | 14,912 |  |  | (88,452) |
Total (loss) income | (84,415) |  |  | 42,943 |  |  | 69,784 |
Directors' compensation | 618 |  |  | 532 |  |  | 530 |
Other expenses | 1,647 |  |  | 1,715 |  |  | 1,976 |
Total expense | 2,265 |  |  | 2,247 |  |  | 2,506 |
(Loss) income before income taxes | (86,680) |  |  | 40,696 |  |  | 67,278 |
Income tax expense | (13) |  |  | (115) |  |  | (269) |
Net (loss) income | $ | (86,667) |  |  | $ | 40,811 |  |  | $ | 67,547 |
Comprehensive (loss) income | $ | (80,374) |  |  | $ | 27,082 |  |  | $ | 5,676 |
Condensed Statements of Cash Flows
| Years Ended June 30,
| 2024 |  | 2023 |  | 2022
| (In Thousands)
Cash Flows from Operating Activities: |  |  |  |  |
Net (loss) income | $ | (86,667) |  |  | $ | 40,811 |  |  | $ | 67,547 |
Adjustment to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Equity in undistributed earnings of subsidiaries | 105,948 |  |  | (14,912) |  |  | 88,452 |
(Increase) decrease in other assets | (27) |  |  | (379) |  |  | 176 |
Increase (decrease) in other liabilities | 142 |  |  | 271 |  |  | (184) |
Net Cash Provided by Operating Activities | 19,396 |  |  | 25,791 |  |  | 155,991 |
Cash Flows from Investing Activities: |  |  |  |  |
Repayment of loan to ESOP | 1,874 |  |  | 1,817 |  |  | 1,758 |
Proceeds from the maturity of investment securities available for sale | — |  |  | — |  |  | 15,000 |
Net Cash Provided by Investing Activities | 1,874 |  |  | 1,817 |  |  | 16,758 |
Cash Flows from Financing Activities: |  |  |  |  |
Cash dividends paid | (27,564) |  |  | (28,499) |  |  | (30,693) |
Repurchase and cancellation of common stock of Kearny Financial Corp. | (11,240) |  |  | (27,558) |  |  | (129,520) |
Cancellation of shares repurchased on vesting to pay taxes | (484) |  |  | (462) |  |  | (977) |
Net Cash Used In Financing Activities | (39,288) |  |  | (56,519) |  |  | (161,190) |
Net (Decrease) Increase in Cash and Cash Equivalents | (18,018) |  |  | (28,911) |  |  | 11,559 |
Cash and Cash Equivalents - Beginning | 48,839 |  |  | 77,750 |  |  | 66,191 |
Cash and Cash Equivalents - Ending | $ | 30,821 |  |  | $ | 48,839 |  |  | $ | 77,750 |

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481231/810-10-45-11 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration