Kearny Financial (KRNY, Financial) filed Annual Report for the period ended 2009-06-30.
Kearny Financial Corp. is the holding company for Kearny Federal Savings Bank which operates from its administrative headquarters building in Fairfield New Jersey and retail branch offices located in Bergen Hudson Passaic Morris Middlesex Essex Union and Ocean counties New Jersey. Kearny Financial has a market cap of $746.7 million; its shares were traded at around $10.74 with a P/E ratio of 107.4 and P/S ratio of 7.4. The dividend yield of Kearny Financial stocks is 1.9%.
The Company’s primary business is the ownership and operation of the Bank. The Bank is principally engaged in the business of attracting deposits from the general public in New Jersey and using these deposits, together with other funds, to originate or purchase loans for its portfolio and invest in securities. Loans originated or purchased by the Bank generally include loans collateralized by residential and commercial real estate augmented by secured and unsecured loans to businesses and consumers. The investment securities purchased by the Bank generally include U.S. agency mortgage-backed securities, U.S. government and agency debentures and bank-qualified municipal obligations. The Bank maintains a small balance of single issuer trust preferred securities and non-agency mortgage-backed securities which were acquired through the Company’s purchase of other institutions and does not actively purchase such securities. At June 30, 2009, net loans receivable comprised 48.9% of our total assets while securities (mortgage-backed securities and non-mortgage-backed) comprised 33.7% of our total assets. By comparison, at June 30, 2008, net loans receivable comprised 49.0% of our total assets while securities comprised 36.7% of our total assets. It is our intention to continue increasing the balance of our loan portfolio relative to the size of our securities portfolio.
Read the The complete ReportKRNY is in the portfolios of Third Avenue Management.
Kearny Financial Corp. is the holding company for Kearny Federal Savings Bank which operates from its administrative headquarters building in Fairfield New Jersey and retail branch offices located in Bergen Hudson Passaic Morris Middlesex Essex Union and Ocean counties New Jersey. Kearny Financial has a market cap of $746.7 million; its shares were traded at around $10.74 with a P/E ratio of 107.4 and P/S ratio of 7.4. The dividend yield of Kearny Financial stocks is 1.9%.
Highlight of Business Operations:
The Company is a federally-chartered corporation that was organized on March 30, 2001 for the purpose of being a holding company for Kearny Federal Savings Bank (the “Bank”), a federally-chartered stock savings bank. On February 23, 2005, the Company completed a minority stock offering in which it sold 21,821,250 shares, representing 30% of its outstanding common stock upon completion of the offering. The remaining 70% of the outstanding common stock, totaling 50,916,250 shares, were retained by Kearny MHC (the “MHC”). The MHC is a federally-chartered mutual holding company and so long as the MHC is in existence, it will at all time own a majority of the outstanding common stock of the Company. The stock repurchase programs conducted by the Company since the offering have reduced the total number of shares outstanding. The 50,916,250 shares held by the MHC represented 73.5% of the total shares outstanding as of the Company’s June 30, 2009 fiscal year end. The MHC and the Company are regulated by the Office of Thrift Supervision (“OTS”).The Company’s primary business is the ownership and operation of the Bank. The Bank is principally engaged in the business of attracting deposits from the general public in New Jersey and using these deposits, together with other funds, to originate or purchase loans for its portfolio and invest in securities. Loans originated or purchased by the Bank generally include loans collateralized by residential and commercial real estate augmented by secured and unsecured loans to businesses and consumers. The investment securities purchased by the Bank generally include U.S. agency mortgage-backed securities, U.S. government and agency debentures and bank-qualified municipal obligations. The Bank maintains a small balance of single issuer trust preferred securities and non-agency mortgage-backed securities which were acquired through the Company’s purchase of other institutions and does not actively purchase such securities. At June 30, 2009, net loans receivable comprised 48.9% of our total assets while securities (mortgage-backed securities and non-mortgage-backed) comprised 33.7% of our total assets. By comparison, at June 30, 2008, net loans receivable comprised 49.0% of our total assets while securities comprised 36.7% of our total assets. It is our intention to continue increasing the balance of our loan portfolio relative to the size of our securities portfolio.
Read the The complete ReportKRNY is in the portfolios of Third Avenue Management.
