Kearny Financial Corp. announces the authorization of a new 10% share buyback plan


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FAIRFIELD, NJ, September 22, 2021 (GLOBE NEWSWIRE) – Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company of Kearny Bank, today announced that the board of directors has authorized a new share repurchase plan to acquire up to 7,602,021 shares, or approximately 10% of the outstanding common shares of the Company.

Repurchases will be made from time to time in the open market, through block trades, privately traded share purchases or in accordance with any trading plan that may be adopted in accordance with Securities Rule 10b5-1. and Exchange Commission. These buybacks will be carried out at the discretion of management at prices that management considers attractive and in the best interest of the Company and its shareholders, subject to availability of shares, general market conditions, share price. share, other uses of capital, and the financial performance of the Company. Open market purchases will be made in accordance with the limitations set out in Securities and Exchange Commission Rule 10b-18 and other applicable legal requirements.

The buyback program has no expiration date and may be suspended, terminated or modified at any time for any reason, including market conditions, cost of repurchasing shares, availability of opportunities. investment alternatives, liquidity and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The share repurchase program does not oblige the Company to purchase a particular number of shares, and there is no guarantee as to the exact number of shares to be repurchased by the Company.

About Kearny Financial Corp.
Kearny Financial Corp. is the parent company of Kearny Bank which operates from its administrative headquarters in Fairfield, New Jersey, and a total of 48 retail branches located in northern and central New Jersey and in Brooklyn and Staten Island, New York . As of June 30, 2021, Kearny Financial Corp. had total assets of approximately $ 7.3 billion.

Statements in this press release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company does not undertake and specifically disclaims any obligation to update any forward-looking statements, whether written or oral, which may be made from time to time by or on behalf of the Company..

In addition, the COVID-19 pandemic has had, and may continue to have, a negative impact on the Company, its customers and the communities it serves. Given its continuous and dynamic nature, it is difficult to predict the full impact of the COVID-19 pandemic on our business. The extent of this impact will depend on future developments, which are highly uncertain, including whether the coronavirus can continue to be controlled and reduced and whether the economy is able to remain open. As a result of the COVID-19 pandemic and its associated adverse local and national economic consequences, we may be exposed to any of the following risks, each of which could have a material adverse effect on our business, financial condition, liquidity and operating results: demand for our products and services may decline, making it difficult to grow assets and revenues; if the economy is unable to remain substantially open, defaults, problematic assets and foreclosures may increase, leading to increased charges and decreased income; collateral for loans, especially real estate, may lose value, which could lead to increased loan losses; our allowance for credit losses may increase if borrowers experience financial difficulty, which will adversely affect our net income; the equity and liquidity of loan guarantors may decline, compromising their ability to honor their commitments to us; Due to the fall in the Federal Reserve’s target federal funds rate to nearly 0%, the return on our assets could decline more than the decline in the cost of our interest-bearing liabilities, which would reduce our net interest margin and our margin and reduce net income; due to a decline in the price of our shares or other factors, goodwill may depreciate and need to be depreciated; and our cybersecurity risks are increased due to the increase in the number of employees working remotely.

For more information contact:
Craig L. Montanaro, President and CEO, or
Keith Suchodolski, Executive Vice President and Chief Financial Officer
Kearny Financial Corp.
(973) 244-4500

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