06-302024Q10001617242false00016172422023-07-012023-09-3000016172422023-10-31xbrli:shares00016172422023-09-30iso4217:USD00016172422023-06-30iso4217:USDxbrli:shares00016172422022-07-012022-09-300001617242us-gaap:CommonStockMember2022-06-300001617242us-gaap:AdditionalPaidInCapitalMember2022-06-300001617242us-gaap:RetainedEarningsMember2022-06-300001617242krny:UnearnedEsopSharesMember2022-06-300001617242us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-3000016172422022-06-300001617242us-gaap:RetainedEarningsMember2022-07-012022-09-300001617242us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300001617242us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001617242krny:UnearnedEsopSharesMember2022-07-012022-09-300001617242us-gaap:CommonStockMember2022-07-012022-09-300001617242us-gaap:CommonStockMember2022-09-300001617242us-gaap:AdditionalPaidInCapitalMember2022-09-300001617242us-gaap:RetainedEarningsMember2022-09-300001617242krny:UnearnedEsopSharesMember2022-09-300001617242us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-3000016172422022-09-300001617242us-gaap:CommonStockMember2023-06-300001617242us-gaap:AdditionalPaidInCapitalMember2023-06-300001617242us-gaap:RetainedEarningsMember2023-06-300001617242krny:UnearnedEsopSharesMember2023-06-300001617242us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001617242us-gaap:RetainedEarningsMember2023-07-012023-09-300001617242us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001617242us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001617242krny:UnearnedEsopSharesMember2023-07-012023-09-300001617242us-gaap:CommonStockMember2023-07-012023-09-300001617242us-gaap:CommonStockMember2023-09-300001617242us-gaap:AdditionalPaidInCapitalMember2023-09-300001617242us-gaap:RetainedEarningsMember2023-09-300001617242krny:UnearnedEsopSharesMember2023-09-300001617242us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300001617242us-gaap:SubsequentEventMember2023-10-262023-10-260001617242us-gaap:AssetBackedSecuritiesMember2023-09-300001617242us-gaap:CollateralizedLoanObligationsMember2023-09-300001617242us-gaap:CorporateDebtSecuritiesMember2023-09-300001617242us-gaap:DebtSecuritiesMember2023-09-300001617242us-gaap:ResidentialMortgageBackedSecuritiesMember2023-09-300001617242us-gaap:CommercialMortgageBackedSecuritiesMember2023-09-300001617242krny:MortgageBackedMember2023-09-300001617242us-gaap:AssetBackedSecuritiesMember2023-06-300001617242us-gaap:CollateralizedLoanObligationsMember2023-06-300001617242us-gaap:CorporateDebtSecuritiesMember2023-06-300001617242us-gaap:DebtSecuritiesMember2023-06-300001617242us-gaap:ResidentialMortgageBackedSecuritiesMember2023-06-300001617242us-gaap:CommercialMortgageBackedSecuritiesMember2023-06-300001617242krny:MortgageBackedMember2023-06-300001617242us-gaap:USStatesAndPoliticalSubdivisionsMember2023-09-300001617242us-gaap:USStatesAndPoliticalSubdivisionsMember2023-06-300001617242us-gaap:ShortMember2023-07-012023-09-300001617242us-gaap:ShortMember2022-07-012022-09-300001617242us-gaap:LongMember2022-07-012022-09-300001617242us-gaap:LongMember2023-07-012023-09-300001617242us-gaap:AssetPledgedAsCollateralMemberus-gaap:DepositsMember2023-09-300001617242us-gaap:AssetPledgedAsCollateralMemberus-gaap:DepositsMember2023-06-300001617242us-gaap:AssetPledgedAsCollateralMemberus-gaap:FederalFundsPurchasedMember2023-09-300001617242us-gaap:AssetPledgedAsCollateralMemberus-gaap:FederalFundsPurchasedMember2023-06-300001617242us-gaap:AssetPledgedAsCollateralMember2023-09-300001617242us-gaap:AssetPledgedAsCollateralMember2023-06-30krny:security0001617242us-gaap:CollateralizedDebtObligationsMember2023-09-300001617242us-gaap:CollateralizedDebtObligationsMember2023-06-300001617242krny:MultiFamilyMortgageMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242krny:MultiFamilyMortgageMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242krny:NonresidentialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242krny:NonresidentialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:CommercialLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:CommercialLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:ResidentialPortfolioSegmentMember2023-09-300001617242us-gaap:ResidentialPortfolioSegmentMember2023-06-300001617242us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300001617242us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMember2023-06-300001617242us-gaap:ConsumerPortfolioSegmentMemberkrny:OtherConsumerLoansMember2023-09-300001617242us-gaap:ConsumerPortfolioSegmentMemberkrny:OtherConsumerLoansMember2023-06-300001617242us-gaap:ConsumerPortfolioSegmentMember2023-09-300001617242us-gaap:ConsumerPortfolioSegmentMember2023-06-300001617242krny:MultiFamilyMortgageMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242krny:MultiFamilyMortgageMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242krny:MultiFamilyMortgageMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242krny:MultiFamilyMortgageMemberus-gaap:FinancialAssetPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242krny:MultiFamilyMortgageMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242krny:NonresidentialMortgageMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242krny:NonresidentialMortgageMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberkrny:NonresidentialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:FinancialAssetPastDueMemberkrny:NonresidentialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242krny:NonresidentialMortgageMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:CommercialLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:CommercialLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:FinancialAssetPastDueMemberus-gaap:CommercialLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:CommercialLoanMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:ConstructionLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:ConstructionLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:FinancialAssetPastDueMemberus-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:ConstructionLoansMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2023-09-300001617242us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2023-09-300001617242us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2023-09-300001617242us-gaap:FinancialAssetPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2023-09-300001617242us-gaap:FinancialAssetNotPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2023-09-300001617242us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-09-300001617242us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-09-300001617242us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-09-300001617242us-gaap:FinancialAssetPastDueMemberus-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300001617242us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2023-09-300001617242us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberkrny:OtherConsumerLoansMember2023-09-300001617242us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberkrny:OtherConsumerLoansMember2023-09-300001617242us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberkrny:OtherConsumerLoansMember2023-09-300001617242us-gaap:FinancialAssetPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberkrny:OtherConsumerLoansMember2023-09-300001617242us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberkrny:OtherConsumerLoansMember2023-09-300001617242us-gaap:FinancingReceivables30To59DaysPastDueMember2023-09-300001617242us-gaap:FinancingReceivables60To89DaysPastDueMember2023-09-300001617242us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-09-300001617242us-gaap:FinancialAssetPastDueMember2023-09-300001617242us-gaap:FinancialAssetNotPastDueMember2023-09-300001617242krny:MultiFamilyMortgageMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242krny:MultiFamilyMortgageMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242krny:MultiFamilyMortgageMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242krny:MultiFamilyMortgageMemberus-gaap:FinancialAssetPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242krny:MultiFamilyMortgageMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242krny:NonresidentialMortgageMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242krny:NonresidentialMortgageMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberkrny:NonresidentialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:FinancialAssetPastDueMemberkrny:NonresidentialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242krny:NonresidentialMortgageMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:CommercialLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:CommercialLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:FinancialAssetPastDueMemberus-gaap:CommercialLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:CommercialLoanMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:ConstructionLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:ConstructionLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:FinancialAssetPastDueMemberus-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:ConstructionLoansMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2023-06-300001617242us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2023-06-300001617242us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2023-06-300001617242us-gaap:FinancialAssetPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2023-06-300001617242us-gaap:FinancialAssetNotPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2023-06-300001617242us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-06-300001617242us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-06-300001617242us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-06-300001617242us-gaap:FinancialAssetPastDueMemberus-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMember2023-06-300001617242us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2023-06-300001617242us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberkrny:OtherConsumerLoansMember2023-06-300001617242us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberkrny:OtherConsumerLoansMember2023-06-300001617242us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberkrny:OtherConsumerLoansMember2023-06-300001617242us-gaap:FinancialAssetPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberkrny:OtherConsumerLoansMember2023-06-300001617242us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberkrny:OtherConsumerLoansMember2023-06-300001617242us-gaap:FinancingReceivables30To59DaysPastDueMember2023-06-300001617242us-gaap:FinancingReceivables60To89DaysPastDueMember2023-06-300001617242us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-06-300001617242us-gaap:FinancialAssetPastDueMember2023-06-300001617242us-gaap:FinancialAssetNotPastDueMember2023-06-300001617242krny:MultiFamilyMortgageMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242krny:MultiFamilyMortgageMemberus-gaap:PerformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242krny:NonresidentialMortgageMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:PerformingFinancingReceivableMemberkrny:NonresidentialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:CommercialLoanMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:CommercialLoanMemberus-gaap:PerformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:ConstructionLoansMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:ConstructionLoansMemberus-gaap:PerformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMember2023-09-300001617242us-gaap:PerformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMember2023-09-300001617242us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMember2023-09-300001617242us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMember2023-09-300001617242us-gaap:ConsumerPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMemberkrny:OtherConsumerLoansMember2023-09-300001617242us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMemberkrny:OtherConsumerLoansMember2023-09-300001617242us-gaap:NonperformingFinancingReceivableMember2023-09-300001617242us-gaap:PerformingFinancingReceivableMember2023-09-300001617242krny:MultiFamilyMortgageMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242krny:MultiFamilyMortgageMemberus-gaap:PerformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242krny:NonresidentialMortgageMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:PerformingFinancingReceivableMemberkrny:NonresidentialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:CommercialLoanMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:CommercialLoanMemberus-gaap:PerformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:ConstructionLoansMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:ConstructionLoansMemberus-gaap:PerformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMember2023-06-300001617242us-gaap:PerformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMember2023-06-300001617242us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMember2023-06-300001617242us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMember2023-06-300001617242us-gaap:ConsumerPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMemberkrny:OtherConsumerLoansMember2023-06-300001617242us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMemberkrny:OtherConsumerLoansMember2023-06-300001617242us-gaap:NonperformingFinancingReceivableMember2023-06-300001617242us-gaap:PerformingFinancingReceivableMember2023-06-300001617242us-gaap:CommercialLoanMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:PaymentDeferralMember2023-07-012023-09-300001617242us-gaap:CommercialLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-07-012023-09-30xbrli:pure0001617242us-gaap:ResidentialPortfolioSegmentMemberus-gaap:PaymentDeferralMember2023-07-012023-09-300001617242us-gaap:ResidentialPortfolioSegmentMember2023-07-012023-09-300001617242us-gaap:PaymentDeferralMember2023-07-012023-09-300001617242krny:MultiFamilyMortgageMemberkrny:AccrualStatusMemberus-gaap:CommercialPortfolioSegmentMember2023-06-30krny:loan0001617242krny:MultiFamilyMortgageMemberkrny:NonaccrualStatusMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242krny:NonresidentialMortgageMemberkrny:AccrualStatusMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242krny:NonresidentialMortgageMemberkrny:NonaccrualStatusMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:CommercialLoanMemberkrny:AccrualStatusMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:CommercialLoanMemberkrny:NonaccrualStatusMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:ConstructionLoansMemberkrny:AccrualStatusMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:ConstructionLoansMemberkrny:NonaccrualStatusMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242krny:AccrualStatusMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242krny:NonaccrualStatusMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:ResidentialPortfolioSegmentMemberkrny:AccrualStatusMember2023-06-300001617242us-gaap:ResidentialPortfolioSegmentMemberkrny:NonaccrualStatusMember2023-06-300001617242us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberkrny:AccrualStatusMember2023-06-300001617242us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberkrny:NonaccrualStatusMember2023-06-300001617242krny:AccrualStatusMember2023-06-300001617242krny:NonaccrualStatusMember2023-06-300001617242us-gaap:ResidentialPortfolioSegmentMember2022-07-012022-09-300001617242us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMember2022-07-012022-09-300001617242us-gaap:CollateralPledgedMember2023-09-300001617242krny:MultiFamilyMortgageMemberus-gaap:CollateralPledgedMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242krny:MultiFamilyMortgageMemberus-gaap:CollateralPledgedMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242krny:NonresidentialMortgageMemberus-gaap:CollateralPledgedMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242krny:NonresidentialMortgageMemberus-gaap:CollateralPledgedMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:ConstructionLoansMemberus-gaap:CollateralPledgedMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:ConstructionLoansMemberus-gaap:CollateralPledgedMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:CollateralPledgedMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:CollateralPledgedMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:CollateralPledgedMemberus-gaap:ResidentialPortfolioSegmentMember2023-09-300001617242us-gaap:CollateralPledgedMemberus-gaap:ResidentialPortfolioSegmentMember2023-06-300001617242us-gaap:CollateralPledgedMember2023-06-300001617242krny:MultiFamilyMortgageMemberus-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242krny:MultiFamilyMortgageMemberus-gaap:SpecialMentionMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242krny:MultiFamilyMortgageMemberus-gaap:SubstandardMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242krny:MultiFamilyMortgageMemberus-gaap:DoubtfulMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242krny:NonresidentialMortgageMemberus-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242krny:NonresidentialMortgageMemberus-gaap:SpecialMentionMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242krny:NonresidentialMortgageMemberus-gaap:SubstandardMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:DoubtfulMemberkrny:NonresidentialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242krny:NonresidentialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2023-07-012023-09-300001617242us-gaap:CommercialLoanMemberus-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:CommercialLoanMemberus-gaap:SpecialMentionMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:CommercialLoanMemberus-gaap:SubstandardMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:CommercialLoanMemberus-gaap:DoubtfulMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:ConstructionLoansMemberus-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:ConstructionLoansMemberus-gaap:SpecialMentionMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:ConstructionLoansMemberus-gaap:SubstandardMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:ConstructionLoansMemberus-gaap:DoubtfulMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:PassMemberus-gaap:ResidentialPortfolioSegmentMember2023-09-300001617242us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SpecialMentionMember2023-09-300001617242us-gaap:SubstandardMemberus-gaap:ResidentialPortfolioSegmentMember2023-09-300001617242us-gaap:DoubtfulMemberus-gaap:ResidentialPortfolioSegmentMember2023-09-300001617242us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2023-09-300001617242us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:SpecialMentionMember2023-09-300001617242us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMember2023-09-300001617242us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:DoubtfulMember2023-09-300001617242us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMemberkrny:OtherConsumerLoansMember2023-09-300001617242us-gaap:ConsumerPortfolioSegmentMemberkrny:OtherConsumerLoansMemberus-gaap:SpecialMentionMember2023-09-300001617242us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMemberkrny:OtherConsumerLoansMember2023-09-300001617242us-gaap:ConsumerPortfolioSegmentMemberus-gaap:DoubtfulMemberkrny:OtherConsumerLoansMember2023-09-300001617242krny:MultiFamilyMortgageMemberus-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242krny:MultiFamilyMortgageMemberus-gaap:SpecialMentionMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242krny:MultiFamilyMortgageMemberus-gaap:SubstandardMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242krny:MultiFamilyMortgageMemberus-gaap:DoubtfulMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242krny:NonresidentialMortgageMemberus-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242krny:NonresidentialMortgageMemberus-gaap:SpecialMentionMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242krny:NonresidentialMortgageMemberus-gaap:SubstandardMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:DoubtfulMemberkrny:NonresidentialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:CommercialLoanMemberus-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:CommercialLoanMemberus-gaap:SpecialMentionMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:CommercialLoanMemberus-gaap:SubstandardMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:CommercialLoanMemberus-gaap:DoubtfulMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:ConstructionLoansMemberus-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:ConstructionLoansMemberus-gaap:SpecialMentionMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:ConstructionLoansMemberus-gaap:SubstandardMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:ConstructionLoansMemberus-gaap:DoubtfulMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:PassMemberus-gaap:ResidentialPortfolioSegmentMember2023-06-300001617242us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SpecialMentionMember2023-06-300001617242us-gaap:SubstandardMemberus-gaap:ResidentialPortfolioSegmentMember2023-06-300001617242us-gaap:DoubtfulMemberus-gaap:ResidentialPortfolioSegmentMember2023-06-300001617242us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2023-06-300001617242us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:SpecialMentionMember2023-06-300001617242us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMember2023-06-300001617242us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:DoubtfulMember2023-06-300001617242us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMemberkrny:OtherConsumerLoansMember2023-06-300001617242us-gaap:ConsumerPortfolioSegmentMemberkrny:OtherConsumerLoansMemberus-gaap:SpecialMentionMember2023-06-300001617242us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMemberkrny:OtherConsumerLoansMember2023-06-300001617242us-gaap:ConsumerPortfolioSegmentMemberus-gaap:DoubtfulMemberkrny:OtherConsumerLoansMember2023-06-300001617242krny:NonresidentialPropertyMember2023-09-30krny:property0001617242krny:NonresidentialPropertyMember2023-06-300001617242us-gaap:ResidentialMortgageMember2023-09-300001617242krny:CommercialMortgageMember2023-09-300001617242us-gaap:ResidentialMortgageMember2023-06-300001617242krny:CommercialMortgageMember2023-06-300001617242krny:MultiFamilyMortgageMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242krny:MultiFamilyMortgageMemberus-gaap:FinancialAssetOtherThanFinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberkrny:NonresidentialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:FinancialAssetOtherThanFinancialAssetAcquiredWithCreditDeteriorationMemberkrny:NonresidentialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:CommercialLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:FinancialAssetOtherThanFinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:CommercialLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:FinancialAssetOtherThanFinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMember2023-09-300001617242us-gaap:FinancialAssetOtherThanFinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMember2023-09-300001617242us-gaap:HomeEquityLoanMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300001617242us-gaap:HomeEquityLoanMemberus-gaap:FinancialAssetOtherThanFinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300001617242us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMemberkrny:OtherConsumerLoansMember2023-09-300001617242us-gaap:FinancialAssetOtherThanFinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMemberkrny:OtherConsumerLoansMember2023-09-300001617242us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-09-300001617242us-gaap:FinancialAssetOtherThanFinancialAssetAcquiredWithCreditDeteriorationMember2023-09-300001617242krny:MultiFamilyMortgageMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242krny:MultiFamilyMortgageMemberus-gaap:FinancialAssetOtherThanFinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberkrny:NonresidentialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:FinancialAssetOtherThanFinancialAssetAcquiredWithCreditDeteriorationMemberkrny:NonresidentialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:CommercialLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:FinancialAssetOtherThanFinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:CommercialLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:FinancialAssetOtherThanFinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMember2023-06-300001617242us-gaap:FinancialAssetOtherThanFinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMember2023-06-300001617242us-gaap:HomeEquityLoanMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMember2023-06-300001617242us-gaap:HomeEquityLoanMemberus-gaap:FinancialAssetOtherThanFinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMember2023-06-300001617242us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMemberkrny:OtherConsumerLoansMember2023-06-300001617242us-gaap:FinancialAssetOtherThanFinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMemberkrny:OtherConsumerLoansMember2023-06-300001617242us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-06-300001617242us-gaap:FinancialAssetOtherThanFinancialAssetAcquiredWithCreditDeteriorationMember2023-06-300001617242krny:MultiFamilyMortgageMemberus-gaap:CommercialPortfolioSegmentMember2023-07-012023-09-300001617242us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2023-07-012023-09-300001617242us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMember2023-07-012023-09-300001617242us-gaap:ConsumerPortfolioSegmentMemberkrny:OtherConsumerLoansMember2023-07-012023-09-300001617242krny:MultiFamilyMortgageMemberus-gaap:CommercialPortfolioSegmentMember2022-06-300001617242krny:MultiFamilyMortgageMemberus-gaap:CommercialPortfolioSegmentMember2022-07-012022-09-300001617242krny:MultiFamilyMortgageMemberus-gaap:CommercialPortfolioSegmentMember2022-09-300001617242krny:NonresidentialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2022-06-300001617242krny:NonresidentialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2022-07-012022-09-300001617242krny:NonresidentialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2022-09-300001617242us-gaap:CommercialLoanMemberus-gaap:CommercialPortfolioSegmentMember2022-06-300001617242us-gaap:CommercialLoanMemberus-gaap:CommercialPortfolioSegmentMember2022-07-012022-09-300001617242us-gaap:CommercialLoanMemberus-gaap:CommercialPortfolioSegmentMember2022-09-300001617242us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2022-06-300001617242us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2022-07-012022-09-300001617242us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2022-09-300001617242us-gaap:ResidentialPortfolioSegmentMember2022-06-300001617242us-gaap:ResidentialPortfolioSegmentMember2022-09-300001617242us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMember2022-06-300001617242us-gaap:HomeEquityLoanMemberus-gaap:ConsumerPortfolioSegmentMember2022-09-300001617242us-gaap:ConsumerPortfolioSegmentMemberkrny:OtherConsumerLoansMember2022-06-300001617242us-gaap:ConsumerPortfolioSegmentMemberkrny:OtherConsumerLoansMember2022-07-012022-09-300001617242us-gaap:ConsumerPortfolioSegmentMemberkrny:OtherConsumerLoansMember2022-09-300001617242us-gaap:FederalHomeLoanBankBorrowingsMember2023-09-300001617242us-gaap:FederalHomeLoanBankBorrowingsMember2023-06-300001617242us-gaap:MaturityOvernightMember2023-09-300001617242us-gaap:MaturityOvernightMember2023-06-300001617242us-gaap:LineOfCreditMemberus-gaap:MaturityOvernightMember2023-09-300001617242us-gaap:LineOfCreditMemberus-gaap:MaturityOvernightMember2023-06-300001617242us-gaap:UnsecuredDebtMemberus-gaap:MaturityOvernightMember2023-06-300001617242srt:WeightedAverageMember2023-09-300001617242srt:WeightedAverageMember2023-06-300001617242us-gaap:InvestmentInFederalHomeLoanBankStockMember2023-09-300001617242us-gaap:InvestmentInFederalHomeLoanBankStockMember2023-06-300001617242us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2023-09-300001617242us-gaap:DesignatedAsHedgingInstrumentMember2023-09-300001617242us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2023-06-300001617242us-gaap:DesignatedAsHedgingInstrumentMember2023-06-300001617242us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2023-09-30krny:derivativeInstrument0001617242us-gaap:CashFlowHedgingMemberus-gaap:InterestRateFloorMember2023-09-300001617242us-gaap:InterestExpenseMember2023-07-012023-09-300001617242us-gaap:InterestIncomeMember2023-07-012023-09-300001617242us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMember2023-09-300001617242us-gaap:InterestRateSwapMember2023-07-012023-09-300001617242us-gaap:InterestRateSwapMember2022-07-012022-09-300001617242us-gaap:InterestRateSwapMember2023-09-300001617242us-gaap:InterestRateSwapMember2023-06-300001617242us-gaap:InterestRateContractMember2023-09-300001617242us-gaap:InterestRateContractMember2023-06-300001617242us-gaap:RestrictedStockUnitsRSUMemberkrny:TwoThousandTwentyOneEquityIncentivePlanMember2023-07-012023-09-300001617242krny:TwoThousandTwentyOneEquityIncentivePlanMemberkrny:ServiceBasedRsuMember2023-07-012023-09-300001617242krny:PerformanceBasedRsuMemberkrny:TwoThousandTwentyOneEquityIncentivePlanMember2023-07-012023-09-30krny:tranche0001617242us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-09-300001617242us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-09-300001617242us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-09-300001617242us-gaap:FairValueInputsLevel1Memberus-gaap:CollateralizedDebtObligationsMember2023-09-300001617242us-gaap:FairValueInputsLevel2Memberus-gaap:CollateralizedDebtObligationsMember2023-09-300001617242us-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedDebtObligationsMember2023-09-300001617242us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-09-300001617242us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-09-300001617242us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-09-300001617242us-gaap:FairValueInputsLevel1Memberus-gaap:DebtSecuritiesMember2023-09-300001617242us-gaap:FairValueInputsLevel2Memberus-gaap:DebtSecuritiesMember2023-09-300001617242us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2023-09-300001617242us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-09-300001617242us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-09-300001617242us-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-09-300001617242us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-09-300001617242us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-09-300001617242us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-09-300001617242krny:MortgageBackedMemberus-gaap:FairValueInputsLevel1Member2023-09-300001617242krny:MortgageBackedMemberus-gaap:FairValueInputsLevel2Member2023-09-300001617242krny:MortgageBackedMemberus-gaap:FairValueInputsLevel3Member2023-09-300001617242us-gaap:FairValueInputsLevel1Member2023-09-300001617242us-gaap:FairValueInputsLevel2Member2023-09-300001617242us-gaap:FairValueInputsLevel3Member2023-09-300001617242us-gaap:InterestRateContractMemberus-gaap:FairValueInputsLevel1Member2023-09-300001617242us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateContractMember2023-09-300001617242us-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateContractMember2023-09-300001617242us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel1Member2023-06-300001617242us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel2Member2023-06-300001617242us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel3Member2023-06-300001617242us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-06-300001617242us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-06-300001617242us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-06-300001617242us-gaap:FairValueInputsLevel1Memberus-gaap:CollateralizedDebtObligationsMember2023-06-300001617242us-gaap:FairValueInputsLevel2Memberus-gaap:CollateralizedDebtObligationsMember2023-06-300001617242us-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedDebtObligationsMember2023-06-300001617242us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-06-300001617242us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-06-300001617242us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-06-300001617242us-gaap:FairValueInputsLevel1Memberus-gaap:DebtSecuritiesMember2023-06-300001617242us-gaap:FairValueInputsLevel2Memberus-gaap:DebtSecuritiesMember2023-06-300001617242us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2023-06-300001617242us-gaap:FairValueInputsLevel1Memberkrny:CollateralizedMortgageObligationsExcludingPassThroughSecuritiesMember2023-06-300001617242us-gaap:FairValueInputsLevel2Memberkrny:CollateralizedMortgageObligationsExcludingPassThroughSecuritiesMember2023-06-300001617242us-gaap:FairValueInputsLevel3Memberkrny:CollateralizedMortgageObligationsExcludingPassThroughSecuritiesMember2023-06-300001617242krny:CollateralizedMortgageObligationsExcludingPassThroughSecuritiesMember2023-06-300001617242us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-06-300001617242us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-06-300001617242us-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-06-300001617242us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-06-300001617242us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-06-300001617242us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-06-300001617242krny:MortgageBackedMemberus-gaap:FairValueInputsLevel1Member2023-06-300001617242krny:MortgageBackedMemberus-gaap:FairValueInputsLevel2Member2023-06-300001617242krny:MortgageBackedMemberus-gaap:FairValueInputsLevel3Member2023-06-300001617242us-gaap:FairValueInputsLevel1Member2023-06-300001617242us-gaap:FairValueInputsLevel2Member2023-06-300001617242us-gaap:FairValueInputsLevel3Member2023-06-300001617242us-gaap:InterestRateContractMemberus-gaap:FairValueInputsLevel1Member2023-06-300001617242us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateContractMember2023-06-300001617242us-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateContractMember2023-06-300001617242us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-09-300001617242us-gaap:FairValueInputsLevel2Memberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-09-300001617242us-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-09-300001617242us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-09-300001617242krny:MultiFamilyMortgageMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-09-300001617242krny:MultiFamilyMortgageMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-09-300001617242krny:MultiFamilyMortgageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-09-300001617242krny:MultiFamilyMortgageMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-09-300001617242krny:NonresidentialMortgageMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-09-300001617242krny:NonresidentialMortgageMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-09-300001617242us-gaap:FairValueInputsLevel3Memberkrny:NonresidentialMortgageMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-09-300001617242krny:NonresidentialMortgageMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-09-300001617242us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-09-300001617242us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-09-300001617242us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-09-300001617242us-gaap:FairValueMeasurementsNonrecurringMember2023-09-300001617242us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-06-300001617242us-gaap:FairValueInputsLevel2Memberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-06-300001617242us-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-06-300001617242us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-06-300001617242krny:MultiFamilyMortgageMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-06-300001617242krny:MultiFamilyMortgageMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-06-300001617242krny:MultiFamilyMortgageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-06-300001617242krny:MultiFamilyMortgageMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-06-300001617242krny:NonresidentialMortgageMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-06-300001617242krny:NonresidentialMortgageMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-06-300001617242us-gaap:FairValueInputsLevel3Memberkrny:NonresidentialMortgageMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-06-300001617242krny:NonresidentialMortgageMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-06-300001617242us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-06-300001617242us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-06-300001617242us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-06-300001617242us-gaap:FairValueMeasurementsNonrecurringMember2023-06-300001617242us-gaap:MeasurementInputCostToSellMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:ResidentialPortfolioSegmentMember2023-09-300001617242us-gaap:MeasurementInputCostToSellMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialPortfolioSegmentMembersrt:WeightedAverageMember2023-09-300001617242krny:MultiFamilyMortgageMemberus-gaap:MeasurementInputCostToSellMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242krny:MultiFamilyMortgageMembersrt:MinimumMemberus-gaap:MeasurementInputCostToSellMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242krny:MultiFamilyMortgageMemberus-gaap:MeasurementInputCostToSellMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialPortfolioSegmentMembersrt:MaximumMember2023-09-300001617242krny:MultiFamilyMortgageMemberus-gaap:MeasurementInputCostToSellMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:MeasurementInputCostToSellMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberkrny:NonresidentialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242srt:MinimumMemberus-gaap:MeasurementInputCostToSellMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberkrny:NonresidentialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:MeasurementInputCostToSellMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberkrny:NonresidentialMortgageMemberus-gaap:CommercialPortfolioSegmentMembersrt:MaximumMember2023-09-300001617242us-gaap:MeasurementInputCostToSellMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberkrny:NonresidentialMortgageMembersrt:WeightedAverageMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:MeasurementInputCostToSellMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:MeasurementInputCostToSellMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001617242us-gaap:MeasurementInputCostToSellMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:ResidentialPortfolioSegmentMember2023-06-300001617242srt:MinimumMemberus-gaap:MeasurementInputCostToSellMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialPortfolioSegmentMember2023-06-300001617242us-gaap:MeasurementInputCostToSellMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialPortfolioSegmentMembersrt:MaximumMember2023-06-300001617242us-gaap:MeasurementInputCostToSellMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialPortfolioSegmentMembersrt:WeightedAverageMember2023-06-300001617242krny:MultiFamilyMortgageMemberus-gaap:MeasurementInputCostToSellMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242krny:MultiFamilyMortgageMembersrt:MinimumMemberus-gaap:MeasurementInputCostToSellMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242krny:MultiFamilyMortgageMemberus-gaap:MeasurementInputCostToSellMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialPortfolioSegmentMembersrt:MaximumMember2023-06-300001617242krny:MultiFamilyMortgageMemberus-gaap:MeasurementInputCostToSellMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:MeasurementInputCostToSellMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberkrny:NonresidentialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242srt:MinimumMemberus-gaap:MeasurementInputCostToSellMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberkrny:NonresidentialMortgageMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:MeasurementInputCostToSellMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberkrny:NonresidentialMortgageMemberus-gaap:CommercialPortfolioSegmentMembersrt:MaximumMember2023-06-300001617242us-gaap:MeasurementInputCostToSellMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberkrny:NonresidentialMortgageMembersrt:WeightedAverageMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:MeasurementInputCostToSellMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:MeasurementInputCostToSellMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001617242us-gaap:FairValueInputsLevel3Memberus-gaap:RealEstateMember2023-09-300001617242us-gaap:FairValueInputsLevel3Memberus-gaap:RealEstateMember2023-06-300001617242us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-09-300001617242us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300001617242us-gaap:CarryingReportedAmountFairValueDisclosureMemberkrny:DepositsExcludingCertificatesOfDepositMember2023-09-300001617242us-gaap:EstimateOfFairValueFairValueDisclosureMemberkrny:DepositsExcludingCertificatesOfDepositMember2023-09-300001617242krny:DepositsExcludingCertificatesOfDepositMemberus-gaap:FairValueInputsLevel1Member2023-09-300001617242us-gaap:FairValueInputsLevel2Memberkrny:DepositsExcludingCertificatesOfDepositMember2023-09-300001617242us-gaap:FairValueInputsLevel3Memberkrny:DepositsExcludingCertificatesOfDepositMember2023-09-300001617242us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CertificatesOfDepositMember2023-09-300001617242us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CertificatesOfDepositMember2023-09-300001617242us-gaap:FairValueInputsLevel1Memberus-gaap:CertificatesOfDepositMember2023-09-300001617242us-gaap:FairValueInputsLevel2Memberus-gaap:CertificatesOfDepositMember2023-09-300001617242us-gaap:FairValueInputsLevel3Memberus-gaap:CertificatesOfDepositMember2023-09-300001617242us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-06-300001617242us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-06-300001617242us-gaap:CarryingReportedAmountFairValueDisclosureMemberkrny:DepositsExcludingCertificatesOfDepositMember2023-06-300001617242us-gaap:EstimateOfFairValueFairValueDisclosureMemberkrny:DepositsExcludingCertificatesOfDepositMember2023-06-300001617242krny:DepositsExcludingCertificatesOfDepositMemberus-gaap:FairValueInputsLevel1Member2023-06-300001617242us-gaap:FairValueInputsLevel2Memberkrny:DepositsExcludingCertificatesOfDepositMember2023-06-300001617242us-gaap:FairValueInputsLevel3Memberkrny:DepositsExcludingCertificatesOfDepositMember2023-06-300001617242us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CertificatesOfDepositMember2023-06-300001617242us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CertificatesOfDepositMember2023-06-300001617242us-gaap:FairValueInputsLevel1Memberus-gaap:CertificatesOfDepositMember2023-06-300001617242us-gaap:FairValueInputsLevel2Memberus-gaap:CertificatesOfDepositMember2023-06-300001617242us-gaap:FairValueInputsLevel3Memberus-gaap:CertificatesOfDepositMember2023-06-300001617242us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-06-300001617242us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-09-300001617242us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-06-300001617242us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-09-300001617242us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-06-300001617242us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-09-300001617242us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-06-300001617242us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-07-012023-09-300001617242us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-07-012022-09-300001617242us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-07-012023-09-300001617242us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-07-012022-09-300001617242us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2023-07-012023-09-300001617242us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2022-07-012022-09-300001617242us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-07-012023-09-300001617242us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-07-012022-09-300001617242us-gaap:EmployeeStockOptionMember2023-07-012023-09-300001617242us-gaap:EmployeeStockOptionMember2022-07-012022-09-300001617242us-gaap:RestrictedStockMember2023-07-012023-09-300001617242us-gaap:RestrictedStockMember2022-07-012022-09-30
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________________
FORM 10-Q
__________________________________________
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________to
Commission File Number 001-37399
__________________________________________
KEARNY FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
__________________________________________
Maryland30-0870244
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification Number)
120 Passaic Ave., Fairfield, New Jersey
07004
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code
973-244-4500
__________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueKRNYThe NASDAQ Stock Market LLC
Indicate by check mark whether 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 every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filers,” “accelerated filers,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filero
Non-accelerated fileroSmaller reporting companyo
Emerging growth companyo
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 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: October 31, 2023.
$0.01 par value common stock — 64,539,047 shares outstanding

Table of Contents
KEARNY FINANCIAL CORP. AND SUBSIDIARIES
TABLE OF CONTENTS
Page
Number

Table of Contents


KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In Thousands, Except Share and Per Share Data)
September 30,
2023		June 30,
2023
(Unaudited)
Assets
Cash and amounts due from depository institutions $21,420 $21,795 
Interest-bearing deposits in other banks35,799 48,720 
Cash and cash equivalents57,219 70,515 
Investment securities available for sale (amortized cost of $1,400,273 and $1,383,867, respectively)
1,215,633 1,227,729 
Investment securities held to maturity (fair value of $123,028 and $131,169, respectively)
143,730 146,465 
Loans held-for-sale3,934 9,591 
Loans receivable5,736,049 5,829,421 
Less: allowance for credit losses on loans(46,872)(48,734)
Net loans receivable5,689,177 5,780,687 
Premises and equipment46,868 48,309 
Federal Home Loan Bank (“FHLB”) of New York stock81,509 71,734 
Accrued interest receivable29,766 28,133 
Goodwill210,895 210,895 
Core deposit intangibles2,323 2,457 
Bank owned life insurance294,491 292,825 
Deferred income tax assets, net56,500 51,973 
Other real estate owned12,956 12,956 
Other assets129,865 110,546 
Total Assets $7,974,866 $8,064,815 
Liabilities and Stockholders' Equity
Liabilities
Deposits:
Non-interest-bearing $595,141 $609,999 
Interest-bearing4,839,027 5,019,184 
Total deposits5,434,168 5,629,183 
Borrowings1,626,933 1,506,812 
Advance payments by borrowers for taxes16,907 18,338 
Other liabilities47,324 41,198 
Total Liabilities7,125,332 7,195,531 
Stockholders' Equity
Preferred stock, $0.01 par value, 100,000,000 shares authorized; none issued and outstanding
— — 
Common stock, $0.01 par value; 800,000,000 shares authorized; 65,132,410 shares and 65,864,075 shares issued and outstanding, respectively
652 659 
Paid-in capital497,269 503,332 
Retained earnings460,464 457,611 
Unearned employee stock ownership plan shares; 2,308,024 shares and 2,358,198 shares, respectively
(22,375)(22,862)
Accumulated other comprehensive loss(86,476)(69,456)
Total Stockholders' Equity849,534 869,284 
Total Liabilities and Stockholders' Equity$7,974,866 $8,064,815 
See notes to unaudited consolidated financial statements.
- 1 -
Table of Contents
KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Per Share Data)
(Unaudited)
Three Months Ended
September 30,
20232022
Interest Income
Loans$62,769 $52,935 
Taxable investment securities16,265 10,439 
Tax-exempt investment securities87 285 
Other interest-earning assets2,047 761 
Total Interest Income81,168 64,420 
Interest Expense
Deposits27,567 10,869 
Borrowings14,441 5,020 
Total Interest Expense42,008 15,889 
Net Interest Income39,160 48,531 
Provision for credit losses 245 670 
Net Interest Income after Provision for Credit Losses 38,915 47,861 
Non-Interest Income
Fees and service charges748 763 
Gain on sale of loans215 395 
Income from bank owned life insurance1,666 3,698 
Electronic banking fees and charges367 506 
Other income1,014 555 
Total Non-Interest Income4,010 5,917 
Non-Interest Expense
Salaries and employee benefits17,761 20,348 
Net occupancy expense of premises2,758 3,090 
Equipment and systems3,801 3,662 
Advertising and marketing228 747 
Federal deposit insurance premium1,524 906 
Directors' compensation393 340 
Other expense3,309 2,895 
Total Non-Interest Expense29,774 31,988 
Income before Income Taxes13,151 21,790 
Income tax expense 3,309 5,255 
Net Income$9,842 $16,535 
Net Income per Common Share (EPS)
Basic$0.16 $0.25 
Diluted$0.16 $0.25 
Weighted Average Number of Common Shares Outstanding
Basic63,01465,737
Diluted63,06165,756
See notes to unaudited consolidated financial statements.
- 2 -
Table of Contents
KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In Thousands, Unaudited)
Three Months Ended
September 30,
20232022
Net Income$9,842 $16,535 
Other Comprehensive (Loss) Income, net of tax:
Net unrealized loss on securities available for sale(20,235)(35,179)
Fair value adjustments on derivatives3,293 14,590 
Benefit plan adjustments(78)(24)
Total Other Comprehensive Loss(17,020)(20,613)
Total Comprehensive Loss$(7,178)$(4,078)
See notes to unaudited consolidated financial statements.
- 3 -
Table of Contents
KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(In Thousands, Except Per Share Data, Unaudited)
Common Stock Paid-In
Capital 		Retained
Earnings		Unearned
ESOP
Shares		Accumulated
Other
Comprehensive
Loss		Total
Shares Amount
Balance - June 30, 202268,666$687 $528,396 $445,451 $(24,807)$(55,727)$894,000 
Net income—— — 16,535 — — 16,535 
Other comprehensive loss, net of income tax —— — — — (20,613)(20,613)
ESOP shares committed to be released (50 shares)
—— 90 — 486 — 576 
Stock repurchases(760)(8)(8,685)— — — (8,693)
Issuance of stock under stock benefit plan611 (1)— — — — 
Stock-based compensation expense—— 786 — — — 786 
Cancellation of shares issued for restricted stock awards(29)— (341)— — — (341)
Cash dividends declared ($0.11 per common share)
—— — (7,276)— — (7,276)
Balance - September 30, 202267,938$680 $520,245 $454,710 $(24,321)$(76,340)$874,974 

Common Stock Paid-In
Capital		Retained
Earnings 		Unearned
ESOP
Shares 		Accumulated
Other
Comprehensive
Loss		Total
Shares Amount
Balance - June 30, 202365,864$659 $503,332 $457,611 $(22,862)$(69,456)$869,284 
Net income—— — 9,842 — — 9,842 
Other comprehensive loss, net of income tax—— — — — (17,020)(17,020)
ESOP shares committed to be released (50 shares)
—— (107)— 487 — 380 
Stock repurchases(818)(8)(6,459)— — — (6,467)
Issuance of stock under stock benefit plans1331 (1)— — — — 
Stock-based compensation expense—— 903 — — — 903 
Cancellation of shares issued for restricted stock awards(47)— (399)— — — (399)
Cash dividends declared ($0.11 per common share)
—— — (6,989)— — (6,989)
Balance - September 30, 202365,132$652 $497,269 $460,464 $(22,375)$(86,476)$849,534 
See notes to unaudited consolidated financial statements.
- 4 -
Table of Contents
KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands, Unaudited)
Three Months Ended
September 30,
20232022
Cash Flows from Operating Activities:
Net income$9,842 $16,535 
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of premises and equipment1,230 1,472 
Net accretion of yield adjustments(614)(1,541)
Deferred income taxes2,426 3,307 
Amortization of intangible assets134 144 
Accretion of benefit plans’ unrecognized net gain(110)(33)
Provision for credit losses 245 670 
Loans originated for sale(20,531)(39,657)
Proceeds from sale of mortgage loans held-for-sale26,403 57,151 
Gain on sale of mortgage loans held-for-sale, net(215)(340)
Realized gain on sale of loans receivable— (55)
Realized (gain) loss on disposition of premises and equipment(8)52 
Increase in cash surrender value of bank owned life insurance(1,666)(2,397)
ESOP and stock-based compensation expense1,283 1,362 
Increase in interest receivable(1,633)(3,351)
Increase in other assets(10,579)(5,340)
Increase in interest payable2,134 2,980 
Increase (decrease) in other liabilities3,943 (10,254)
Net Cash Provided by Operating Activities12,284 20,705 
Cash Flows from Investing Activities:
Purchases of:
Investment securities available for sale(40,500)— 
Proceeds from:
Repayments/calls/maturities of investment securities available for sale24,287 31,288 
Repayments/calls/maturities of investment securities held to maturity2,705 2,324 
Purchase of loans— (656)
Net decrease (increase) in loans receivable87,794 (241,986)
Proceeds from sale of loans receivable— 706 
Purchase of interest rate contracts— (758)
Deletions (additions) to premises and equipment219 (885)
Proceeds from death benefit of bank owned life insurance— 1,884 
Purchase of FHLB stock(15,913)(28,188)
Redemption of FHLB stock6,138 30,375 
Net Cash Provided by (Used in) Investing Activities64,730 (205,896)
See notes to unaudited consolidated financial statements.
- 5 -
Table of Contents
KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(In Thousands, Unaudited)
Three Months Ended
September 30,
20232022
Cash Flows from Financing Activities:
Net (decrease) increase in deposits(195,003)246,120 
Repayment of term FHLB advances(1,250,000)(1,420,000)
Proceeds from term FHLB advances1,425,000 1,565,000 
Net decrease in other short-term borrowings(55,000)(195,000)
Net decrease in advance payments by borrowers for taxes(1,431)(191)
Repurchase and cancellation of common stock of Kearny Financial Corp.(6,467)(8,693)
Cancellation of shares repurchased on vesting to pay taxes(399)(341)
Dividends paid(7,010)(7,243)
Net Cash (Used in) Provided by Financing Activities(90,310)179,652 
Net Decrease in Cash and Cash Equivalents(13,296)(5,539)
Cash and Cash Equivalents - Beginning70,515 101,615 
Cash and Cash Equivalents - Ending$57,219 $96,076 
Supplemental Disclosures of Cash Flows Information:
Cash paid during the period for:
Income taxes, net of refunds$4,069 $6,018 
Interest$39,874 $12,909 
Non-cash investing and financing activities:
Transfers from loans receivable to loans receivable held-for-sale$— $1,216 
See notes to unaudited consolidated financial statements.
- 6 -
Table of Contents
KEARNY FINANCIAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
1.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation
The unaudited consolidated financial statements include the accounts of Kearny Financial Corp. (the “Company”), its wholly-owned subsidiary, Kearny Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries. The Company conducts its business principally through the Bank. Management prepared the unaudited consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), including the elimination of all significant inter-company accounts and transactions during consolidation.
Basis of Presentation
The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q and Regulation S-X and do not include the information or footnotes necessary for a complete presentation of financial condition, income, comprehensive income, changes in stockholders’ equity and cash flows in conformity with GAAP. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the unaudited consolidated financial statements have been included. The results of operations for the three months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the entire fiscal year or any other period.
The data in the Consolidated Statement of Financial Condition at June 30, 2023 was derived from the Company’s 2023 Annual Report on Form 10-K. That data, along with the interim unaudited financial information presented in the Consolidated Statements of Financial Condition, Income, Comprehensive Income, Changes in Stockholders’ Equity and Cash Flows should be read in conjunction with the audited consolidated financial statements, including the notes thereto, included in the Company’s 2023 Annual Report on Form 10-K.
The accounting and reporting policies of the Company conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1, Summary of Significant Accounting Policies, included in the Company’s 2023 Annual Report on Form 10-K. There have been no material changes to the Company’s significant accounting policies since June 30, 2023.
2.    SUBSEQUENT EVENTS
The Company has evaluated events and transactions occurring subsequent to the statement of financial condition date of September 30, 2023, for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date this document was filed.
On October 26, 2023, the Company declared a quarterly cash dividend of $0.11 per share, payable on November 22, 2023 to stockholders of record as of November 8, 2023.
3.    RECENT ACCOUNTING PRONOUNCEMENTS
Recently Adopted Accounting Standards
In March 2022, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”) to improve the usefulness of information provided to investors about certain loan refinancings, restructurings and writeoffs. ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings by creditors and enhances disclosure requirements for certain modifications made to borrowers experiencing financial difficulty. In addition, ASU 2022-02 requires public business entities to disclose current-period gross writeoffs for financing receivables and net investments in leases by year of origination in the vintage disclosures. For entities that have adopted ASU 2016-13, the amendments in ASU 2022-02 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022.
Effective July 1, 2023, the Company adopted ASU 2022-02. Under ASU 2022-02, the Company assesses all loan modifications to determine whether one is granted to a borrower experiencing financial difficulty, regardless of whether the modified loan terms include a concession. Modifications granted to borrowers experiencing financial difficulty may be in the form of an interest rate reduction, an other-than-insignificant payment delay, a term extension, principal forgiveness or a combination thereof.
The Company adopted ASU 2022-02 on a prospective basis. The adoption of this update did not have a material effect on the Company’s consolidated financial statements. Additional disclosures are included in Note 5 to the consolidated financial statements.
- 7 -
Table of Contents
Prior to the adoption of ASU 2022-02, a Troubled Debt Restructuring (“TDR”) occurred when the terms of a loan were modified because of deterioration in the financial condition of the borrower. Modifications could include extension of the repayment terms of the loan, reduced interest rates, or forgiveness of accrued interest and/or principal. For the Company's accounting policy related to TDRs granted prior to the adoption of ASU 2022-02, see “Note 1. Summary of Significant Accounting Policies” included in “Item 8. Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended June 30, 2023.
4.    SECURITIES
The following tables present the amortized cost, gross unrealized gains and losses and estimated fair values for available for sale securities and the amortized cost, gross unrecognized gains and losses and estimated fair values for held to maturity securities as of the dates indicated:
September 30, 2023
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for
Credit Losses		Fair
Value
(In Thousands)
Available for sale:    
Debt securities:    
Asset-backed securities$132,267 $100 $1,791 $— $130,576 
Collateralized loan obligations414,307 1,025 2,635 — 412,697 
Corporate bonds159,614 — 23,936 — 135,678 
Total debt securities706,188 1,125 28,362 — 678,951 
    
Mortgage-backed securities:    
Residential pass-through securities (1)
530,179 — 129,961 — 400,218 
Commercial pass-through securities (1)
163,906 — 27,442 — 136,464 
Total mortgage-backed securities694,085 — 157,403 — 536,682 
    
Total securities available for sale$1,400,273 $1,125 $185,765 $— $1,215,633 
___________________________
(1)Government-sponsored enterprises.
June 30, 2023
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for
Credit Losses		Fair
Value
(In Thousands)
Available for sale:    
Debt securities:    
Asset-backed securities$138,281 $4 $2,115 $— $136,170 
Collateralized loan obligations381,915 268 5,187 — 376,996 
Corporate bonds159,666 — 24,648 — 135,018 
Total debt securities679,862 272 31,950 — 648,184 
    
Mortgage-backed securities:   
Residential pass-through securities (1)
539,506 2 103,357 — 436,151 
Commercial pass-through securities (1)
164,499 — 21,105 — 143,394 
Total mortgage-backed securities704,005 2 124,462 — 579,545 
   
Total securities available for sale$1,383,867 $274 $156,412 $— $1,227,729 
___________________________
(1)Government-sponsored enterprises.
- 8 -
Table of Contents
September 30, 2023
Amortized
Cost		Gross
Unrecognized
Gains		Gross
Unrecognized
Losses		Allowance for
Credit Losses		Fair
Value
(In Thousands)
Held to maturity:   
Debt securities:    
Obligations of state and political subdivisions$15,195 $— $579 $— $14,616 
Total debt securities15,195 — 579 — 14,616 
    
Mortgage-backed securities:    
Residential pass-through securities (1)
116,295 — 17,534 — 98,761 
Commercial pass-through securities (1)
12,240 — 2,589 — 9,651 
Total mortgage-backed securities128,535 — 20,123 — 108,412 
    
Total securities held to maturity$143,730 $— $20,702 $— $123,028 
___________________________
(1)Government-sponsored enterprises.
June 30, 2023
Amortized
Cost		Gross
Unrecognized
Gains		Gross
Unrecognized
Losses		Allowance for
Credit Losses		Fair
Value
(In Thousands)
Held to maturity:
Debt securities:
Obligations of state and political subdivisions$16,051 $— $321 $— $15,730 
Total debt securities16,051 — 321 — 15,730 
  
Mortgage-backed securities:  
Residential pass-through securities (1)
118,166 — 12,736 — 105,430 
Commercial pass-through securities (1)
12,248 — 2,239 — 10,009 
Total mortgage-backed securities130,414 — 14,975 — 115,439 
  
Total securities held to maturity$146,465 $— $15,296 $— $131,169 
___________________________
(1)Government-sponsored enterprises.
- 9 -
Table of Contents
Excluding the balances of mortgage-backed securities, the following tables present the amortized cost and estimated fair values of debt securities available for sale and held to maturity, by contractual maturity, at September 30, 2023:
September 30, 2023
Amortized
Cost		Fair
Value
(In Thousands)
Available for sale debt securities:
Due in one year or less$— $— 
Due after one year through five years21,865 20,940 
Due after five years through ten years422,172 400,524 
Due after ten years262,151 257,487 
Total$706,188 $678,951 
September 30, 2023
Amortized
Cost		Fair
Value
(In Thousands)
Held to maturity debt securities:
Due in one year or less$3,585 $3,538 
Due after one year through five years11,000 10,517 
Due after five years through ten years610 561 
Due after ten years— — 
Total$15,195 $14,616 
During the three months ended September 30, 2023 and 2022, there were no gains or losses recognized on sales of securities available for sale or securities held to maturity. During the three months ended September 30, 2023 and 2022, there were no gains recognized on the call of securities available for sale.

The carrying value of securities pledged were as follows as of the dates presented below:
September 30,
2023		June 30,
2023
(In Thousands)
Securities pledged:
Pledged to secure public funds on deposit$189,608 $201,239 
Pledged for potential borrowings at the Federal Reserve Bank of New York558,467 529,216 
Total carrying value of securities pledged$748,075 $730,455 
- 10 -
Table of Contents
The following tables present the gross unrealized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that securities have been in a continuous unrealized loss position within the available for sale portfolio at September 30, 2023 and June 30, 2023:
September 30, 2023
Less than 12 Months 12 Months or MoreTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Number of SecuritiesFair
Value		Unrealized
Losses
(Dollars in Thousands)
Securities Available for Sale:
Asset-backed securities$20,580 $139 $94,790 $1,652 14$115,370 $1,791 
Collateralized loan obligations— — 288,961 2,635 24288,961 2,635 
Corporate bonds6,857 8 128,821 23,928 31135,678 23,936 
Commercial pass-through securities61,446 3,389 75,018 24,053 12136,464 27,442 
Residential pass-through securities1,315 56 398,903 129,905 110400,218 129,961 
Total$90,198 $3,592 $986,493 $182,173 191$1,076,691 $185,765 
June 30, 2023
Less than 12 Months12 Months or MoreTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Number of SecuritiesFair
Value		Unrealized
Losses
(Dollars in Thousands)
Securities Available for Sale:
Asset-backed securities$33,833 $129 $98,828 $1,986 14$132,661 $2,115 
Collateralized loan obligations46,903 135 294,813 5,052 26341,716 5,187 
Corporate bonds25,511 1,354 109,507 23,294 31135,018 24,648 
Commercial pass-through securities63,531 1,380 79,863 19,725 12143,394 21,105 
Residential pass-through securities10,520 702 425,170 102,655 108435,690 103,357 
Total$180,298 $3,700 $1,008,181 $152,712 191$1,188,479 $156,412 
- 11 -
Table of Contents
The following table presents the gross unrecognized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that securities have been in a continuous unrecognized loss position within the held to maturity portfolio at September 30, 2023 and June 30, 2023:
September 30, 2023
Less than 12 Months12 Months or MoreTotal
Fair
Value		Unrecognized
Losses		Fair
Value		Unrecognized
Losses		Number of SecuritiesFair
Value		Unrecognized
Losses
(Dollars in Thousands)
Securities Held to Maturity:
Obligations of state and political subdivisions$4,439 $171 $10,177 $408 29$14,616 $579 
Commercial pass-through securities— — 9,651 2,589 19,651 2,589 
Residential pass-through securities36,670 1,096 62,091 16,438 998,761 17,534 
   
Total$41,109 $1,267 $81,919 $19,435 39$123,028 $20,702 
June 30, 2023
Less than 12 Months12 Months or MoreTotal
Fair
Value		Unrecognized
Losses		Fair
Value		Unrecognized
Losses		Number of SecuritiesFair
Value		Unrecognized
Losses
(Dollars in Thousands)
Securities Held to Maturity:
Obligations of state and political subdivisions$13,642 $268 $2,088 $53 32$15,730 $321 
Commercial pass-through securities— — 10,009 2,239 110,009 2,239 
Residential pass-through securities38,135 319 67,295 12,417 9105,430 12,736 
Total$51,777 $587 $79,392 $14,709 42$131,169 $15,296 
Available for sale securities are evaluated to determine if a decline in fair value below the amortized cost basis has resulted from a credit loss or from other factors. An impairment related to credit factors would be recorded through an allowance for credit losses. The allowance is limited to the amount by which the security’s amortized cost basis exceeds the fair value. An impairment that has not been recorded through an allowance for credit losses shall be recorded through other comprehensive income, net of applicable taxes. Investment securities will be written down to fair value through the Consolidated Statement of Income if management intends to sell, or may be required to sell, the securities before they recover in value. The issuers of these securities continue to make timely principal and interest payments and none of these securities were past due or were placed in nonaccrual status at September 30, 2023. Management believes that the unrealized losses on these securities are a function of changes in market interest rates and credit spreads, not changes in credit quality. No allowance for credit losses was recorded at September 30, 2023 on available for sale securities.
At September 30, 2023, the held to maturity securities portfolio consists of agency mortgage-backed securities and obligations of state and political subdivisions. The mortgage-backed securities are issued by U.S. government agencies and are implicitly guaranteed by the U.S. government. The obligations of state and political subdivisions in the portfolio are highly rated by major rating agencies and have a long history of no credit losses. The Company regularly monitors the obligations of state and political subdivisions sector of the market and reviews collectability including such factors as the financial condition of the issuers as well as credit ratings in effect as of the reporting period. No allowance for credit losses was recorded at September 30, 2023 on held to maturity securities.
- 12 -
Table of Contents
5.    LOANS RECEIVABLE
The following table sets forth the composition of the Company’s loan portfolio at September 30, 2023 and June 30, 2023:
September 30,
2023		June 30,
2023
(In Thousands)
Commercial loans:
Multi-family mortgage$2,699,151 $2,761,775 
Nonresidential mortgage946,801 968,574