SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________

 

FORM 10-Q

 

(Mark One)

 

 

 

X

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

 

 

EXCHANGE ACT OF 1934

 

 

 

For the quarterly period ended

March 31, 2009

 

 

 

OR

 

 

 

 

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

 

 

EXCHANGE ACT OF 1934

 

 

 

For the transition period from

 

to

 

 

 

 

Commission File Number 000-51093

 

 

 

KEARNY FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

 

UNITED STATES

 

22-3803741

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification Number)

 

 

 

120 Passaic Ave., Fairfield, New Jersey

 

07004-3510

(Address of principal executive offices)

 

(Zip Code)

 

 

 

Registrant’s telephone number, including area code

973-244-4500

 

 

 

 

 

 

Indicate by check markwhether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes o No o

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o

Accelerated filer x

Non-accelerated filer o

Smaller reporting company o

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

 

The number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: May 4, 2009.

 

 

 

$0.10 par value common stock - 69,530,300 shares outstanding

 

 


 

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

 

INDEX

 

 

 

 

Page

 

 

Number

PART I - FINANCIAL INFORMATION

 

 

 

 

 

Item 1:

Financial Statements

 

 

 

 

 

 

Consolidated Statements of Financial Condition

 

 

 

at March 31, 2009 and June 30, 2008 (Unaudited)

 

1

 

 

 

 

Consolidated Statements of Income for the Three Months and Nine Months

 

 

 

Ended March 31, 2009 and 2008 (Unaudited)

 

2-3

 

 

 

 

Consolidated Statements of Changes in Stockholders’ Equity for the Nine

 

 

 

Months Ended March 31, 2009 and 2008 (Unaudited)

 

4-6

 

 

 

 

Consolidated Statements of Cash Flows for the Nine

 

 

 

Months Ended March 31, 2009 and 2008 (Unaudited)

 

7-8

 

 

 

 

Notes to Consolidated Financial Statements

 

9-17

 

 

 

Item 2:

Management’s Discussion and Analysis of

 

 

 

Financial Condition and Results of Operations

 

18-35

 

 

 

Item 3:

Quantitative and Qualitative Disclosure About Market Risk

 

36-38

 

 

 

Item 4:

Controls and Procedures

 

39

 

 

 

 

 

 

PART II - OTHER INFORMATION

 

40-42

 

 

 

 

 

 

SIGNATURES

 

43

 

 

 

 

 


KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(In Thousands, Except Share and Per Share Data, Unaudited)

 

 

 

March 31,

 

June 30,

 

 

 

2009

 

2008

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and amounts due from depository institutions

 

$

25,414

 

$

19,864

 

Interest-bearing deposits in other banks

 

 

146,455

 

 

111,859

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents

 

 

171,869

 

 

131,723

 

 

 

 

 

 

 

 

 

Securities available for sale (amortized cost $31,855 and $40,305)

 

 

27,532

 

 

38,183

 

Loans receivable, including net deferred loan costs of $1,259 and $1,276

 

 

1,057,008

 

 

1,027,790

 

Less allowance for loan losses

 

 

(6,435

)

 

(6,104

)

 

 

 

 

 

 

 

 

Net Loans Receivable

 

 

1,050,573

 

 

1,021,686

 

 

 

 

 

 

 

 

 

Mortgage-backed securities available for sale (amortized cost $677,327 and $726,037)

 

 

696,432

 

 

726,023

 

Mortgage-backed securities held to maturity (estimated fair value $3,905)

 

 

4,983

 

 

 

Premises and equipment

 

 

35,214

 

 

34,950

 

Federal Home Loan Bank of New York (“FHLB”) stock

 

 

12,716

 

 

13,076

 

Interest receivable

 

 

8,509

 

 

8,949

 

Goodwill

 

 

82,263

 

 

82,263

 

Bank owned life insurance

 

 

16,129

 

 

15,709

 

Deferred income tax assets, net

 

 

1,899

 

 

9,028

 

Other assets

 

 

1,272

 

 

1,449

 

 

 

 

 

 

 

 

 

Total Assets

 

$

2,109,391

 

$

2,083,039

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

Non-interest bearing

 

$

49,672

 

$

53,349

 

Interest-bearing

 

 

1,354,913

 

 

1,325,683

 

 

 

 

 

 

 

 

 

Total Deposits

 

 

1,404,585

 

 

1,379,032

 

 

 

 

 

 

 

 

 

Advances from FHLB

 

 

210,000

 

 

218,000

 

Advance payments by borrowers for taxes

 

 

6,043

 

 

5,849

 

Deferred income tax liabilities, net

 

 

1,039

 

 

 

Other liabilities

 

 

9,764

 

 

8,787

 

 

 

 

 

 

 

 

 

Total Liabilities

 

 

1,631,431

 

 

1,611,668

 

 

 

 

 

 

 

 

 

Stockholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock $0.10 par value, 25,000,000 shares authorized; none issued

 

 

 

 

 

 

 

and outstanding

 

 

 

 

 

Common stock $0.10 par value, 75,000,000 shares authorized; 72,737,500 shares

 

 

 

 

 

 

 

issued; 69,530,300 and 70,489,003 shares outstanding, respectively

 

 

7,274

 

 

7,274

 

Paid-in capital

 

 

207,258

 

 

203,266

 

Retained earnings

 

 

309,264

 

 

307,186

 

Unearned Employee Stock Ownership Plan shares; 1,151,677 shares

 

 

 

 

 

 

 

and 1,260,783 shares, respectively

 

 

(11,517

)

 

(12,608

)

Treasury stock, at cost; 3,207,200 shares and 2,248,497 shares, respectively

 

 

(42,801

)

 

(32,023

)

Accumulated other comprehensive income (loss)

 

 

8,482

 

 

(1,724

)

 

 

 

 

 

 

 

 

Total Stockholders’ Equity

 

 

477,960

 

 

471,371

 

 

 

 

 

 

 

 

 

Total Liabilities and Stockholders’ Equity

 

$

2,109,391

 

$

2,083,039

 

 

See notes to consolidated financial statements.

 

1

 

 


KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In Thousands, Except Per Share Data, Unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

March 31,

 

March 31,

,

 

 

2009

 

2008

 

2009

 

2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

15,227

 

$

13,906

 

$

45,774

 

$

41,014

 

Mortgage-backed securities

 

 

8,604

 

 

8,665

 

 

26,626

 

 

25,451

 

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

85

 

 

279

 

 

340

 

 

966

 

Tax-exempt

 

 

158

 

 

161

 

 

476

 

 

914

 

Other interest-earning assets

 

 

174

 

 

1,543

 

 

1,109

 

 

4,233

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Interest Income

 

 

24,248

 

 

24,554

 

 

74,325

 

 

72,578

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

8,681

 

 

10,650

 

 

27,483

 

 

32,874

 

Borrowings

 

 

2,091

 

 

2,293

 

 

6,454

 

 

5,058

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Interest Expense

 

 

10,772

 

 

12,943

 

 

33,937

 

 

37,932

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income

 

 

13,476

 

 

11,611

 

 

40,388

 

 

34,646

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for Loan Losses

 

 

208

 

 

 

 

317

 

 

94

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income after Provision

 

 

 

 

 

 

 

 

 

 

 

 

 

for Loan Losses

 

 

13,268

 

 

11,611

 

 

40,071

 

 

34,552

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Fees and service charges

 

 

319

 

 

334

 

 

1,087

 

 

996

 

Loss on sale of securities

 

 

 

 

(5

)

 

(415

)

 

 

Loss on impairment of securities

 

 

(570

)

 

 

 

(570

)

 

 

Miscellaneous

 

 

269

 

 

341

 

 

960

 

 

1,055

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Non-Interest Income

 

 

18

 

 

670

 

 

1,062

 

 

2,051

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

6,425

 

 

6,035

 

 

19,049

 

 

18,360

 

Net occupancy expense of

 

 

 

 

 

 

 

 

 

 

 

 

 

premises

 

 

1,159

 

 

1,001

 

 

3,161

 

 

2,793

 

Equipment

 

 

1,184

 

 

1,067

 

 

3,353

 

 

3,190

 

Advertising

 

 

133

 

 

186

 

 

738

 

 

592

 

Federal insurance premium

 

 

459

 

 

138

 

 

817

 

 

419

 

Amortization of intangible assets

 

 

7

 

 

11

 

 

22

 

 

230

 

Directors’ compensation

 

 

556

 

 

576

 

 

1,656

 

 

1,686

 

Miscellaneous

 

 

1,031

 

 

1,056

 

 

3,329

 

 

3,260

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Non-Interest Expenses

 

 

10,954

 

 

10,070

 

 

32,125

 

 

30,530

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes

 

 

2,332

 

 

2,211

 

 

9,008

 

 

6,073

 

Income Taxes

 

 

1,028

 

 

(462

)

 

3,730

 

 

994

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

1,304

 

$

2,673

 

$

5,278

 

$

5,079

 

 

 

See notes to consolidated financial statements.

2

 

 


KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (Continued)

(In Thousands, Except Per Share Data, Unaudited)

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

March 31,

 

March 31,

 

 

 

2009

 

2008

 

2009

 

2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income per Common

 

 

 

 

 

 

 

 

 

 

 

 

 

Share (EPS):

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.02

 

$

0.04

 

$

0.08

 

$

0.07

 

Diluted

 

 

0.02

 

 

0.04

 

 

0.08

 

 

0.07

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Number of

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Shares Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

67,984

 

 

68,625

 

 

68,211

 

 

68,718

 

Diluted

 

 

68,007

 

 

68,646

 

 

68,326

 

 

68,841

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends Declared Per Common

 

 

 

 

 

 

 

 

 

 

 

 

 

Share (Public)

 

$

0.05

 

$

0.05

 

$

0.15

 

$

0.15

 

 

See notes to consolidated financial statements.

 

 

3

 

 


KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

Nine Months Ended March 31, 2008

(In Thousands, Except Per Share Data, Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

Unearned

 

 

 

Other

 

 

 

 

 

Common Stock

 

Paid-In

 

Retained

 

ESOP

 

Treasury

 

Comprehensive

 

 

 

 

 

Shares

 

Amount

 

Capital

 

Earnings

 

Shares

 

Stock

 

Income (Loss)

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance - June 30, 2007

 

71,143

 

$

7,274

 

$

197,976

 

$

304,970

 

$

(14,063

)

$

(24,361

)

$

(9,204

)

$

462,592

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

5,079

 

 

 

 

 

 

 

 

5,079

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on securities available for sale,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

net of deferred income tax expense of $8,015

 

 

 

 

 

 

 

 

 

 

 

 

 

12,954

 

 

12,954

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit plans, net of deferred income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

tax expense of $315

 

 

 

 

 

 

 

 

 

 

 

 

 

473

 

 

473

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,506

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ESOP shares committed to be released

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(108 shares)

 

 

 

 

 

238

 

 

 

 

1,091

 

 

 

 

 

 

1,329

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends contributed for payment of ESOP loan

 

 

 

 

 

36

 

 

 

 

 

 

 

 

 

 

36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock option expense

 

 

 

 

 

1,431

 

 

 

 

 

 

 

 

 

 

1,431

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Treasury stock purchases

 

(520

)

 

 

 

 

 

 

 

 

 

(6,194

)

 

 

 

(6,194

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Treasury stock reissued

 

5

 

 

 

 

(13

)

 

 

 

 

 

76

 

 

 

 

63

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock plan shares earned (189 shares)

 

 

 

 

 

2,313

 

 

 

 

 

 

 

 

 

 

2,313

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax effect from stock based

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

compensation

 

 

 

 

 

(15

)

 

 

 

 

 

 

 

 

 

(15

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared ($0.15/public share)

 

 

 

 

 

 

 

(2,776

)

 

 

 

 

 

 

 

(2,776

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance - March 31, 2008

 

70,628

 

$

7,274

 

$

201,966

 

$

307,273

 

$

(12,972

)

$

(30,479

)

$

4,223

 

$

477,285

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to consolidated financial statements.

4

 

 


KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

Nine Months Ended March 31, 2009

(In Thousands, Except Per Share Data, Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

Unearned

 

 

 

Other

 

 

 

 

 

Common Stock

 

Paid-In

 

Retained

 

ESOP

 

Treasury

 

Comprehensive

 

 

 

 

 

Shares

 

Amount

 

Capital

 

Earnings

 

Shares

 

Stock

 

(Loss) Income

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance - June 30, 2008

 

70,489

 

$

7,274

 

$

203,266

 

$

307,186

 

$

(12,608

)

$

(32,023

)

$

(1,724

)

$

471,371

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

5,278

 

 

 

 

 

 

 

 

5,278

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized loss on securities available

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

for sale, net of income tax benefit of $170

 

 

 

 

 

 

 

 

 

 

 

 

 

245

 

 

245

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on securities available

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

for sale, net of deferred income tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

expense of $6,722

 

 

 

 

 

 

 

 

 

 

 

 

 

9,781

 

 

9,781

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit plans, net of deferred income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

tax expense of $103

 

 

 

 

 

 

 

 

 

 

 

 

 

164

 

 

164

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,468

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustment to apply FASB

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statement No. 158 measurement date

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

provisions, net of income tax benefit of $34

 

 

 

 

 

 

 

(66

)

 

 

 

 

 

16

 

 

(50

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative-effect adjustment to initially

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

apply EITF Issue No. 06-4

 

 

 

 

 

 

 

(480

)

 

 

 

 

 

 

 

(480

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ESOP shares committed to be released (108 shares)

 

 

 

 

 

190

 

 

 

 

1,091

 

 

 

 

 

 

1,281

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends contributed for payment of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ESOP loan

 

 

 

 

 

56

 

 

 

 

 

 

 

 

 

 

56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock option expense

 

 

 

 

 

1,429

 

 

 

 

 

 

 

 

 

 

1,429

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Treasury stock purchases

 

(959

)

 

 

 

 

 

 

 

 

 

(10,778

)

 

 

 

(10,778

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock plan shares earned (189 shares)

 

 

 

 

 

2,315

 

 

 

 

 

 

 

 

 

 

2,315

 

 

See notes to consolidated financial statements.

 

5

 

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

Nine Months Ended March 31, 2009

(In Thousands, Except Per Share Data, Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

Unearned

 

 

 

Other

 

 

 

 

 

Common Stock

 

Paid-In

 

Retained

 

ESOP

 

Treasury

 

Comprehensive

 

 

 

 

 

Shares

 

Amount

 

Capital

 

Earnings

 

Shares

 

Stock

 

(Loss) Income

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax effect from stock based

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

compensation

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared ($0.15/public share)

 

 

 

 

 

 

 

(2,654

)

 

 

 

 

 

 

 

(2,654

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance - March 31, 2009

 

69,530

 

$

7,274

 

$

207,258

 

$

309,264

 

$

(11,517

)

$

(42,801

)

$

8,482

 

$

477,960

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to consolidated financial statements.

 

6

 

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands, Unaudited)

 

 

 

Nine Months Ended

 

 

 

March 31,

 

 

 

2009

 

 

 

2008

 

 

 

 

 

 

 

 

 

 

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

 

 

 

Net income

 

$

5,278

 

 

 

$

5,079

 

Adjustments to reconcile net income to net cash provided by operating

 

 

 

 

 

 

 

 

 

activities:

 

 

 

 

 

 

 

 

 

Depreciation and amortization of premises and equipment

 

 

1,354

 

 

 

 

1,394

 

Net amortization of premiums, discounts and loan fees and costs

 

 

472

 

 

 

 

575

 

Deferred income taxes

 

 

1,201

 

 

 

 

(1,423

)

Amortization of intangible assets

 

 

21

 

 

 

 

231

 

Amortization of benefit plans’ unrecognized net loss, net of gain

 

 

 

 

 

 

 

 

 

from curtailment

 

 

155

 

 

 

 

159

 

Provision for loan losses

 

 

317

 

 

 

 

94

 

Realized loss on sales of securities available for sale

 

 

415

 

 

 

 

 

Loss on other-than-temporary impairment of securities

 

 

570

 

 

 

 

 

Realized gain on sale of deposits

 

 

(132

)

 

 

 

 

Realized loss on disposition of premises and equipment

 

 

9

 

 

 

 

 

 

Increase in cash surrender value of bank owned life insurance

 

 

(420

)

 

 

 

(414

)

ESOP, stock option plan and restricted stock plan expenses

 

 

5,025

 

 

 

 

5,073

 

Decrease (increase) in interest receivable

 

 

440

 

 

 

 

(684

)

Decrease in other assets

 

 

160

 

 

 

 

1,338

 

(Decrease) increase in interest payable

 

 

(91

)

 

 

 

893

 

Increase (decrease) in other liabilities

 

 

616

 

 

 

 

(551

)

 

 

 

 

 

 

 

 

 

 

Net Cash Provided by Operating Activities

 

 

15,390

 

 

 

 

11,764

 

 

 

 

 

 

 

 

 

 

 

Cash Flows from Investing Activities: