XML 18 R8.htm IDEA: XBRL DOCUMENT v3.23.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash Flows from Operating Activities:    
Net Income $ 28,798 $ 56,177
Adjustment to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of premises and equipment 4,353 4,470
Net accretion of yield adjustments (4,306) (4,374)
Deferred income taxes 3,150 6,943
Amortization of intangible assets 430 539
(Accretion) amortization of benefit plans’ unrecognized net (gain) loss (44) 60
Provision for (reversal of) credit losses 2,792 (11,740)
Gain on sale of other real estate owned 0 (14)
Loans originated for sale (76,852) (151,783)
Proceeds from sale of mortgage loans held-for-sale 101,054 167,713
Loss (gain) on sale of mortgage loans held-for-sale, net 1,899 (2,260)
Realized loss (gain) on sale/call of investment securities available for sale 15,227 (4)
Realized gain on sale of loans receivable (55) (92)
Realized gain on disposition of premises and equipment (2,886) (356)
Increase in cash surrender value of bank owned life insurance (7,040) (4,634)
ESOP and stock-based compensation expense 3,971 5,062
Increase in interest receivable (8,328) (155)
Decrease in other assets 93 6,679
Increase in interest payable 9,073 49
Decrease in other liabilities (13,428) (15,125)
Net Cash Provided by Operating Activities 57,901 57,155
Purchases of:    
Investment securities available for sale (166,483) (206,145)
Investment securities held to maturity (40,398) (86,406)
Proceeds from:    
Repayments/calls/maturities of investment securities available for sale 100,149 280,496
Repayments/calls/maturities of investment securities held to maturity 8,831 2,586
Proceeds from sales of securities 105,199 0
Purchase of loans (702) (112,485)
Net increase in loans receivable (559,794) (36,895)
Proceeds from sale of loans receivable 706 1,126
Purchase of interest rate contracts (758) 0
Proceeds from the sale of other real estate owned 0 494
Additions to premises and equipment (1,255) (1,859)
Proceeds from death benefit of bank owned life insurance 4,997 300
Proceeds from cash settlement of premises and equipment 3,480 599
Purchase of FHLB stock (84,310) (7)
Redemption of FHLB stock 55,135 5,625
Net Cash Used in Investing Activities (575,203) (152,571)
Cash Flows from Financing Activities:    
Net (decrease) increase in deposits (58,613) 43,903
Repayment of term FHLB advances (4,615,000) (1,170,000)
Proceeds from term FHLB advances 5,120,000 1,045,000
Net increase in other short-term borrowings 205,000 290,000
Net increase in advance payments by borrowers for taxes 1,960 1,227
Repurchase and cancellation of common stock of Kearny Financial Corp. (21,130) (95,967)
Cancellation of shares repurchased on vesting to pay taxes (439) (932)
Dividends paid (21,523) (23,291)
Net Cash Provided by Financing Activities 610,255 89,940
Net Increase (Decrease) in Cash and Cash Equivalents 92,953 (5,476)
Cash and Cash Equivalents - Beginning 101,615 67,855
Cash and Cash Equivalents - Ending 194,568 62,379
Cash paid during the period for:    
Income taxes, net of refunds 8,618 9,497
Interest 69,707 21,666
Non-cash investing and financing activities:    
Acquisition of other real estate owned in settlement of loans 13,232 703
Transfers from loans receivable to loans receivable held-for-sale $ 2,628 $ 0