Parent Only Financial Information

12 Months Ended

Jun. 30, 2022

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Note 21 – Parent Only Financial Information

Kearny Financial Corp. operates its wholly owned subsidiary Kearny Bank and the Bank’s wholly-owned subsidiary CJB Investment Corp. 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, 2022 and 2021, and for each of the years in the three-year period ended June 30, 2022.

Condensed Statements of Financial Condition


	June 30,
	2022		2021
	(In Thousands)
Assets

Cash and amounts due from depository institutions	$	77,750	$	66,191
Investment securities available for sale		-		15,000
Loans receivable		28,201		29,959
Investment in subsidiary		788,021		932,004
Other assets		448		624
Total Assets	$	894,420	$	1,043,778

Liabilities and Stockholders' Equity

Other liabilities		420		834
Stockholders' equity		894,000		1,042,944
Total Liabilities and Stockholders' Equity	$	894,420	$	1,043,778

Condensed Statements of Income and Comprehensive Income


	Years Ended June 30,
	2022			2021			2020
	(In Thousands)
Dividends from subsidiary	$	156,728		$	178,918		$	30,039
Interest income		1,508			1,993			2,108
Equity in undistributed earnings of subsidiaries		(88,452	)		(114,969	)		14,984
Total income		69,784			65,942			47,131

Directors' compensation		530			308			332
Other expenses		1,976			2,660			1,853
Total expense		2,506			2,968			2,185
Income before income taxes		67,278			62,974			44,946
Income tax expense		(269	)		(259	)		(19	)
Net income	$	67,547		$	63,233		$	44,965
Comprehensive income	$	5,676		$	68,120		$	43,383

Note 21 – Parent Only Financial Information (continued)

Condensed Statements of Cash Flows


	Years Ended June 30,
	2022			2021			2020
	(In Thousands)
Cash Flows from Operating Activities:
Net income	$	67,547		$	63,233		$	44,965
Adjustment to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		88,452			114,969			(14,984	)
Decrease (increase) in other assets		176			484			(583	)
(Decrease) increase in other liabilities		(184	)		160			(50	)
Net Cash Provided by Operating Activities		155,991			178,846			29,348

Cash Flows from Investing Activities:
Repayment of loan to ESOP		1,758			1,702			1,645
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 Activities		16,758			(7,188	)		1,645

Cash Flows from Financing Activities:
Exercise of stock options		-			373			-
Cash dividends paid		(30,693	)		(28,648	)		(24,121	)
Repurchase and cancellation of common stock of Kearny Financial Corp.		(129,520	)		(119,021	)		(69,782	)
Cancellation of shares repurchased on vesting to pay taxes		(977	)		(803	)		(1,083	)
Net Cash Used In Financing Activities		(161,190	)		(148,099	)		(94,986	)
Net Increase (Decrease) in Cash and Cash Equivalents		11,559			23,559			(63,993	)
Cash and Cash Equivalents - Beginning		66,191			42,632			106,625
Cash and Cash Equivalents - Ending	$	77,750		$	66,191		$	42,632