Kearny Financial(US:KRNY)2020-02-07 21:03Financial Performance - Net income for the six months ended December 31, 2019, was $22,022, compared to $21,914 for the same period in 2018, showing a growth of 0.5%[12] - Net income for the three months ended December 31, 2019, was $10,652,000, reflecting a decrease from the previous period[21] - Net income for the six months ended December 31, 2019, was $22,022,000, compared to $21,914,000 for the same period in 2018, representing a year-over-year increase of 0.5%[24] - Net income for the three months ended December 31, 2019, was $10,652,000, a slight decrease from $10,768,000 in the same period of 2018, representing a decline of 1.1%[171] - Total comprehensive income for the six months ended December 31, 2019, was $27,138,000, compared to $12,181,000 for the same period in 2018, indicating a significant increase[16] Assets and Liabilities - Total assets as of December 31, 2019, were $6,610,401, a slight decrease from $6,634,829 as of June 30, 2019[9] - Total liabilities as of December 31, 2019, were $5,515,831, slightly up from $5,507,670 as of June 30, 2019[9] - Total stockholders' equity as of December 31, 2019, was $1,094,570,000, down from $1,110,789,000 at the end of September 2019[21] Deposits - Total deposits increased to $4,188,822 as of December 31, 2019, from $4,147,610 as of June 30, 2019, reflecting a growth of 1%[9] - Total deposits increased to $4,188,822,000 as of December 31, 2019, compared to $4,147,610,000 as of June 30, 2019, an increase of 1.0%[169] Income and Expenses - Net interest income for the three months ended December 31, 2019, was $34,607, down from $39,349 for the same period in 2018, representing a decrease of 4.5%[11] - Non-interest income for the three months ended December 31, 2019, was $4,554, an increase of 37.6% compared to $3,309 for the same period in 2018[11] - Non-interest expense for the three months ended December 31, 2019, was $26,427,000, a decrease of 3.1% from $27,270,000 in the same period of 2018[171] Earnings Per Share - Basic earnings per share (EPS) for the three months ended December 31, 2019, was $0.13, up from $0.12 for the same period in 2018, representing an increase of 8.3%[13] - The company reported a basic earnings per share of $0.26 for the six months ended December 31, 2019, compared to $0.23 for the same period in 2018[33] Loan Portfolio - Total loans receivable amounted to $4,492,697, a decrease from $4,678,928 as of June 30, 2019, reflecting a decline of approximately 4%[69] - The composition of the loan portfolio includes one- to four-family residential mortgages at $1,331,301 and total commercial mortgages at $3,028,804 as of December 31, 2019[69] - The total commercial mortgage loans decreased from $3,205,260 as of June 30, 2019, to $3,028,804 as of December 31, 2019, indicating a decline of approximately 5.5%[69] Loan Losses - The allowance for loan losses decreased to $30,937 as of December 31, 2019, from $33,274 as of June 30, 2019, indicating improved asset quality[9] - Total allowance for loan losses increased to $30,937,000 as of December 31, 2019, compared to $32,432,000 at September 30, 2019[82] - Total provisions for loan losses for the six months ended December 31, 2019, amounted to $(2,247,000), indicating a reduction in provisions compared to previous periods[85] Securities - The company reported a net unrealized loss on securities available for sale of $2,030 for the three months ended December 31, 2019[16] - Total securities available for sale amounted to $1,392,916,000 with gross unrealized gains of $13,769,000 and gross unrealized losses of $4,479,000 as of December 31, 2019[54] - The total unrealized losses on securities available for sale were $238,004 as of December 31, 2019, with a total fair value of $489,533[64] Acquisition - The proposed acquisition of MSB Financial Corp. involves a combination of stock and cash, with MSB stockholders receiving either 1.3 shares of the company's common stock or $18.00 in cash per share[36] - The merger with MSB Financial Corp. is expected to close during the second calendar quarter of 2020, pending necessary approvals[37] - The company incurred merger-related expenses that are recorded as non-interest expenses, reflecting one-time costs associated with the acquisition activities[38]