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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,
20242023
(In Thousands)
Assets
Cash and amounts due from depository institutions$30,821 $48,839 
Loans receivable24,510 26,384 
Investment in subsidiary698,427 794,080 
Other assets854 827 
Total Assets$754,612 $870,130 
Liabilities and Stockholders' Equity
Other liabilities$1,041 $846 
Stockholders' equity753,571 869,284 
Total Liabilities and Stockholders' Equity$754,612 $870,130 
Condensed Statements of Income (Loss) and Comprehensive Income (Loss)
Years Ended June 30,
202420232022
(In Thousands)
Dividends from subsidiary$19,332 $26,282 $156,728 
Interest income2,201 1,749 1,508 
Equity in undistributed earnings of subsidiaries(105,948)14,912 (88,452)
Total (loss) income(84,415)42,943 69,784 
Directors' compensation618 532 530 
Other expenses1,647 1,715 1,976 
Total expense2,265 2,247 2,506 
(Loss) income before income taxes(86,680)40,696 67,278 
Income tax expense(13)(115)(269)
Net (loss) income$(86,667)$40,811 $67,547 
Comprehensive (loss) income$(80,374)$27,082 $5,676 
Condensed Statements of Cash Flows
Years Ended June 30,
202420232022
(In Thousands)
Cash Flows from Operating Activities:
Net (loss) income$(86,667)$40,811 $67,547 
Adjustment to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries105,948 (14,912)88,452 
(Increase) decrease in other assets(27)(379)176 
Increase (decrease) in other liabilities142 271 (184)
Net Cash Provided by Operating Activities19,396 25,791 155,991 
Cash Flows from Investing Activities:
Repayment of loan to ESOP1,874 1,817 1,758 
Proceeds from the maturity of investment securities available for sale— — 15,000 
Net Cash Provided by Investing Activities1,874 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 - Beginning48,839 77,750 66,191 
Cash and Cash Equivalents - Ending$30,821 $48,839 $77,750