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FAIRFIELD, NJ, May 26, 2021 (GLOBE NEWSWIRE) – Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company of Kearny Bank, announced the completion of its previously disclosed 5% share repurchase plan which authorized the repurchase of 4,210,520 shares. These shares were repurchased at a cost of $ 51.1 million, or $ 12.15 per share. A new share buyback plan, which was announced on May 17, 2021, to acquire up to 4,064,649 shares or approximately 5% of the outstanding ordinary shares of the Company came into effect upon completion of the previously disclosed plan. .
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 which may be adopted in accordance with Rule 10b5-1 of the Securities 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. action, alternative 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 repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of other investment opportunities, liquidity and ‘other factors deemed appropriate. These factors can 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 49 retail branches located in northern and central New Jersey and Brooklyn and Staten Island, New York. As of March 31, 2021, Kearny Financial Corp. held total assets of approximately $ 7.4 billion.
Statements contained in this press release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could result in a significant difference from the actual results. from those currently expected due to a number of factors, which include, but are not limited to, the factors discussed in documents filed from time to time by the Company with the Securities and Exchange Commission. The Company does not undertake and specifically disclaims any obligation to update any forward-looking statement, 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 is having a negative impact on the business, 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 outbreak on our business. The magnitude of this impact will depend on future developments, which are highly uncertain, including when the coronavirus can be controlled and mitigated and when and how the economy can be reopened or remain open. As a result of the COVID-19 pandemic and the resulting negative local and national economic consequences, we may be exposed to any of the following risks, any of which could have a material adverse effect on our business, financial condition , our 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 reopen or remain open in a substantial way and high unemployment rates persist for an extended period of time, delinquencies on loans, problematic assets and foreclosures may increase, leading to an increase charges and reduced revenues; 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 close to 0%, the return on our assets may decline more than the decline in our cost of interest-bearing liabilities, thereby reducing 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 an increase in the number of employees working remotely.
For more information, please contact: Craig L. Montanaro, President and Chief Executive Officer, or Keith Suchodolski, Executive Vice President and Chief Financial Officer Kearny Financial Corp. (973) 244-4500
Source: Kearny Bank