KRNY 10-K & 10-Q changes, risk factors and insider trading
Kearny Financial Corp. · Nasdaq · Savings Institution, Federally Chartered · CIK 1617242 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
New heading “Changes in market interest rates and the interest rate environment may adversely affect our business, financial condition and results of operations.”
New heading “Loan repricing and refinancing risk may adversely affect borrower performance.”
New heading “Cybersecurity threats, technology failures and information security risks could result in operational disruptions, financial losses and reputational harm.”
New heading “Our use of artificial intelligence, robotic process automation, and other emerging technologies may increase operational, compliance, cybersecurity, and third-party risks.”
New heading “We may be required to recognize goodwill impairment charges in future periods.”
Removed heading “Our business and financial performance are impacted by market interest rates and movements in those rates.”
Removed heading “A significant portion of our loan portfolio has interest rates that will reset over the next 24 months. In addition, a significant portion of our portfolio will mature over the next 24 months. Applicable increases in interest rates could harm our borrowers’ abilities to repay their loans.”
Removed heading “Severe weather could harm our business.”
Removed heading “Risks associated with system failures, service interruptions or other performance exceptions could negatively affect our earnings.”
Removed heading “Risks associated with cyber-security could negatively affect our earnings.”
Removed heading “While our Board of Directors takes an active role in cybersecurity risk tolerance, we rely to a large degree on management and outside consultants in overseeing cybersecurity risk management.”
Removed heading “Our adoption of artificial intelligence tools and adoption by our third-party vendors and service providers may increase the risk of errors, omissions, unfair treatment or fraudulent behavior by our employees, clients, or counterparties, or other third parties.”
Removed heading “We could incur future goodwill impairment.”
Largest changes
“We may be required to recognize goodwill impairment charges in future periods.”see in full comparison
“We could incur future goodwill impairment.”see in full comparison
“A significant portion of our loan portfolio has interest rates that will reset over the next 24 months. In addition, a significant portion of our portfolio will mature over the next 24 months. Applicable increases in interest rates could harm our borrowers’ abilities to repay their loans.”see in full comparison
“Our dependence on third-party technology providers exposes us to risks associated with vendor performance, operational resiliency, cybersecurity practices, service disruptions, and the availability of specialized technology providers. Furthermore, the legal and regulatory framework governing AI and other emerging technologies continues to evolve, and new laws, regulations, or supervisory expectations could increase compliance costs, restrict the use of certain technologies, or require changes to our governance and risk management practices. …”see in full comparison
“Our adoption of artificial intelligence tools and adoption by our third-party vendors and service providers may increase the risk of errors, omissions, unfair treatment or fraudulent behavior by our employees, clients, or counterparties, or other third parties.”see in full comparison
“Our use of artificial intelligence, robotic process automation, and other emerging technologies may increase operational, compliance, cybersecurity, and third-party risks.”see in full comparison
Full comparison: every changed paragraph (52)
Changes in market interest rates and the interest rate environment may adversely affect our business, financial condition and results of operations.
We derive our income mainly from the difference or spread between the interest earned on loans, securities and other interest-earning assets and interest paid on deposits, borrowings and other interest-bearing liabilities. As such, our earnings are highly sensitive to changes in market interest rates, which directly influence the relationship between the yields on our interest-earning assets and the costs of our interest-bearing liabilities. Because the repricing characteristics of our interest-earning assets and interest-bearing liabilities are not perfectly matched, changes in market interest rates may alter the spread between asset yields and funding costs, resulting in fluctuations in net interest margin.
In particular, if funding costs increase more rapidly than asset yields, or if asset yields decline more rapidly than funding costs, our net interest margin and net interest income could be adversely affected. Changes in interest rates may also affect the economic value of our assets, liabilities and stockholders’ equity, which could adversely impact our financial condition and results of operations.
We are unable to predict changes in market interest rates, which are affected by many factors beyond our control, including inflation, unemployment, money supply, governmental policy, monetary policy actions of the Federal Open Market Committee ("FOMC"), the imposition of tariffs, domestic and international events and changes in the United States and other financial markets.
Our business and financial performance are impacted by market interest rates and movements in those rates.
We derive our income mainly from the difference or spread between the interest earned on loans, securities and other interest-earning assets and interest paid on deposits, borrowings and other interest-bearing liabilities. In general, the larger the spread, the more we earn. When market rates of interest change, the interest we receive on our assets and the interest we pay on our liabilities will fluctuate. This can cause decreases in our spread and can adversely affect our income. In addition, it takes longer for our assets to reprice to adjust to a new rate environment because fixed rate loans do not fluctuate with interest rate changes and adjustable rate loans often have a specified initial fixed rate period before reset. As of June 30, 2025, 75.5% of our loan portfolio was comprised of fixed rate loans. A flattening or an inversion of the yield curve is likely to have a negative impact on our net interest income.
Beginning in March 2022, in response to rising inflation, the Federal Open Market Committee (the “Committee”) initiated a series of systematic rate hikes, raising the target federal funds rate from 0.00%–0.25% to a peak of 5.25%–5.50% by July 2023. In the second half of 2024, the Committee began easing rates, bringing the target range down to 4.25%–4.50%, where it has remained through June 2025. As of June 30, 2025, the yield curve had flattened, although it remained inverted at certain maturities, with short-term rates at or above long-term rates. These interest rate dynamics have pressured our net interest spread and net interest margin, both of which have been, and may continue to be, adversely affected by significant or unexpected shifts in market rates.
Changes in interest rates can affect the average life of loans and securities. For example, a reduction in interest rates generally results in increased prepayments of loans and mortgage-backed securities, as borrowers refinance their debt in order to reduce their borrowing cost. In addition, interest rates also affect how much money we lend. For example, when interest rates rise, the cost of borrowing increases and loan originations tend to decrease.
Our net interest margin is lower than it would have been if a higher proportion of our interest-earning assets consisted of loans. Additionally, at June 30, 2025,2026, $1.01$964.4 billion,million, or 89.4%90.0% of our investment securities, are classified as available for sale and reported at fair value with unrealized gains or losses excluded from earnings and reported in other comprehensive income, which affects our reported equity. Accordingly, given the significant size of the investment securities portfolio classified as available for sale and due to possible mark-to-market adjustments of that portion of the portfolio resulting from market conditions, we may experience greater volatility in the value of reported equity. Moreover, given that we actively manage our investment securities portfolio classified as available for sale, we may sell securities which could result in a realized loss, thereby reducing our net income.
Loan repricing and refinancing risk may adversely affect borrower performance.
A significant portion of our loan portfolio has interest rates that will reset over the next 24 months. In addition, a significant portion of our portfolio will mature over the next 24 months. Applicable increases in interest rates could harm our borrowers’ abilities to repay their loans.
As of June 30, 2025,2026, a significant portion of our loan portfolio is scheduled to reset or mature during fiscal 2026 and 2027. Many of these loans were originated in calendar 2021 and 2022 at interest rates below current market levels. As athese result,loans reprice, mature, or require refinancing, borrowers may face higher interestborrowing ratescosts uponand reset or refinancing, which could increase theirincreased debt service obligations. ForHigher maturinginterest loans,rates borrowersand willtighter needcredit to refinance, either with us or another lender, or repay the loans using other sources of funds. These higher borrowing costsconditions may impactadversely borrowers’affect borrowers' cash flows, financial condition, and ability to meetobtain replacement financing on acceptable terms. As a result, some borrowers may experience difficulty meeting their repayment obligations, potentiallywhich leadingcould lead to increased delinquencies or defaults. Any such deterioration in borrower performance could negativelyadversely affect our asset quality and operating results.
Our commercial real estate lending exposes us to additional risk.
Our commercial real estate (“CRE”) lending exposes us to greater risks than one- to four-family residential lending. Unlike single-family, owner-occupied residential mortgage loans, which generally are made on the basis of the borrower’s ability to make repayment from employment and other income sources, and are secured by real property whose value tends to be more easily ascertainable and realizable, the repayment of commercial real estate loans typically is dependent on the successful operationoperation, occupancy levels, rental income and incomecash streamflows ofgenerated by the borrower,underlying property, all of which can be significantly affected by economic conditions, and are secured, if at all, by collateral that is more difficult to value or sell or by collateral which may depreciate in value. In addition, commercial loans generally carry larger balances to single borrowers or related groups of borrowers than one- to four-family mortgage loans, which increases the financial impact of a borrower’s default.conditions.
In addition, commercial real estate loans generally carry larger balances to single borrowers or related groups of borrowers than one- to four-family mortgage loans, which increases the financial impact of a borrower’s default.
The risk exposure from our increased commercial real estate lending is also a function of the markets in which we operate. Our commercial real estate lending activity is generally focused on borrowers domiciled, and real estate located, within the states of New Jersey and New York. Regional risk factors and changes to local laws and regulations, including changes to rent regulations or foreclosure laws, may present greater risk than a more geographically diversified portfolio.
Our increased commercial businessand industrial and construction loan originations exposes us to increased credit risk.
We have increased our originations of commercial businessand industrial and construction loans, which generally have more risk than both one- to four-family residential and commercial mortgage loans. Since repayment of commercial businessand industrial and construction loans may depend on the successful operation of the borrower’s business or the successful completion of a construction project, repayment of such loans can be affected by adverse conditions in the real estate market or the local economy. If we continue to increase our originations of these loans, it may be necessary to increase the level of our allowance for credit losses because of the increased risk characteristics associated with these types of loans. Any such increase to our allowance for credit losses would adversely affect our earnings.
In 2006, the FDIC, the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System issued joint guidance entitled “Concentrations in Commercial Real Estate Lending, Sound Risk Management Practices” (the “Guidance”). The Guidance provides that a bank’s commercial real estate lending exposure may receive increased supervisory scrutiny when total non-owner occupied commercial real estate loans, including loans secured by multi-family property, non-owner occupied commercial real estate and construction loans, represent 300% or more of an institution’s total risk-based capital and the outstanding balance of the commercial real estate loan portfolio has increased by 50% or more during the preceding 36 months. Our level of non-owner occupied commercial real estate equaled 535%515% of Bank total risk-based capital at June 30, 2025,2026, however our commercial real estate loan portfolio increasedhas by only 7%decreased during the preceding 36 months.
Liquidity is essential to our business. We rely on our ability to gather deposits, make investments and effectively manage the repayment and maturity schedules of loans to ensure that there is adequate liquidity to fund our operations and pay our obligations. An inability to raise funds through deposits, borrowings, the sale and maturities of loans and securities and other sources could have a substantial negative effect on liquidity. Our most important source of funds is deposits. Deposit balances can decrease when customers perceive alternative investmentsinvestments, cash management solutions or payment technologies as providing a bettermore attractive risk/returnreturn, tradeoff,convenience whichor areutility stronglyproposition. Such preferences may be influenced by external factors such as changes in interest rates, local and national economic conditions, the availability and attractiveness of alternativecompeting investments,products, including U.S. dollar-denominated stablecoins and other digital asset-based alternatives, and perceptions ofregarding the stability of the financial services industry generally and of our institution specifically. Further, the demand for deposits may be reduced due to a variety of factors such as demographic patterns, changes in customer preferences, reductions in consumers’ disposable income, the monetary policy of the FRB, or regulatory actions that decrease customer access to particular products.products, Ifor customersthe moveemergence moneyand outincreased adoption of alternative payment, savings and transaction platforms. In particular, the growing acceptance of U.S. dollar-denominated stablecoins and other digital asset-based payment technologies may provide consumers and businesses with alternatives to traditional bank deposits for storing value and intoconducting othertransactions. investmentsTo suchthe asextent customers shift funds from bank deposits to stablecoins, money market funds,funds or other competing cash management products, we wouldcould loseexperience deposit outflows, increased funding competition and higher funding costs. Such developments could reduce a relatively low-cost source of funds,funding, whichnegatively would increase our funding costs and reduceaffect net interest income.income, Anyliquidity changesand madeprofitability, and require us to theoffer more competitive deposit rates offeredor onseek depositsalternative tofunding remain competitive with other financial institutions may also adversely affect profitability and liquidity.sources.
InflationAlthough roseinflation sharplyhas decreased significantly from the elevated levels experienced at the end of 2021 and remained elevated through the first half of calendar 2024, before beginning to moderate in the latter half of 2024 and into calendar 2025. However, inflation levels continue to exceed the Federal Reserve’s long-term target of 2.0%. Small to medium-sized businesses may be impacted more during periods of high inflation as they are not able to leverage economics of scale to mitigate cost pressures compared to larger businesses. Consequently, the ability of our business customers to repay their loans may deteriorate, and in some cases this deterioration may occur quickly, which would adversely impact our results of operations and financial condition. Furthermore, a prolonged period of inflation could cause wages and other costs to the Company to increase, which has and could continue to adversely affect our results of operations and financial condition.
Severe weather could harm our business.
Weather-related events can disrupt our operations, result in damage to our properties, reduce or destroy the value of the collateral for our loans and negatively affect the local economies in which we operate, which could have a material adverse effect on our results of operations and financial condition. The occurrence of a natural disaster could result in one or more of the following: (i) an increase in loan delinquencies; (ii) an increase in problem assets and foreclosures; (iii) a decrease in the demand for our products and services; or (iv) a decrease in the value of the collateral for loans, especially real estate, in turn reducing clients’ borrowing power, the value of assets associated with problem loans and collateral coverage.
Acts of terrorism, severe weather, public health issues, andgeopolitical geopoliticalevents and other external eventsfactors could impact our ability to conduct business.
Financial institutions have been, and continue to be, targets of terrorist threats and other malicious activities designed to disrupt operations, compromise information systems and impair communications. In addition, the metropolitan New York area and northern New Jersey remain central targets for acts of terrorism and other disruptive events. Severe weather events, natural disasters, public health emergencies, military conflicts, geopolitical tensions and other external events may disrupt our operations, damage our facilities, impair access to critical infrastructure and technology systems, and adversely affect the communities and local economies in which we operate.
These events may also impair the ability of our borrowers to repay their loans, increase loan delinquencies, nonperforming assets and foreclosures, reduce demand for our products and services, and decrease the value of collateral securing our loans, particularly real estate collateral. Such events may also result in increased expenses, operational disruptions, reductions in revenue and adverse impacts on our capital and liquidity levels.
While we maintain business continuity and disaster recovery plans and regularly test our recovery procedures, there can be no assurance that such measures will be sufficient to prevent or mitigate the effects of these events. The occurrence of any such event, including a sudden or prolonged downturn in domestic or global markets resulting from these factors, could have a material adverse effect on our business, financial condition and results of operations.
Financial institutions have been, and continue to be, targets of terrorist threats aimed at compromising operating and communication systems. Additionally, the metropolitan New York area and northern New Jersey remain central targets for potential acts of terrorism. Such events could cause significant damage, impact the stability of our facilities and result in additional expenses, impair the ability of our borrowers to repay their loans, reduce the value of collateral securing repayment of our loans, and result in the loss of revenue. While we have established and regularly test disaster recovery procedures, the occurrence of any such event could have a material adverse effect on our business, operations and financial condition.
Additionally, global markets may be adversely affected by the emergence of widespread health emergencies or pandemics, cyber attacks or campaigns, military conflicts, terrorism or other geopolitical events. Also, any sudden or prolonged market downturn in the U.S. or abroad as a result of the above factors or otherwise could result in a decline in revenues and adversely affect our results of operations and financial condition, including capital and liquidity levels.
Cybersecurity threats, technology failures and information security risks could result in operational disruptions, financial losses and reputational harm.
Information technology systems are critical to our business and support key functions, including client relationship management, financial reporting, securities investments, deposit processing, loan servicing and other operational activities. Despite the controls, policies and procedures we maintain to monitor and mitigate technology, operational and information security risks, our systems, as well as those of our third-party service providers, remain vulnerable to cybersecurity incidents, system failures, service interruptions, processing errors and other performance disruptions. The financial services industry has experienced an increase in the frequency and sophistication of cyber-attacks, including attempts to gain unauthorized access to systems, misappropriate assets or confidential information, corrupt data, disrupt operations and facilitate fraud.
We rely on third-party service providers, including core processors, cloud service providers, payment, clearing and settlement networks, and other technology partners, many of which are beyond our direct control. We also rely on senior management, information security personnel and external consultants to support the identification, assessment, monitoring and management of cybersecurity and information security risks, and our Board of Directors' oversight of such risks depends in part on information, analysis and recommendations provided by these individuals.
Failures, disruptions, security breaches or unauthorized disclosures involving our systems, those of our third-party service providers, or deficiencies in the oversight, assessment or management of cybersecurity risks could impair our operations, disrupt client access to products and services, compromise sensitive information and expose us to fraud losses. In addition, our clients are increasingly targeted by cyber-attacks, identity theft and other fraudulent activity, which could result in account compromise, financial loss and reputational harm to us, regardless of whether the underlying event originates within our systems or those of third parties. Any such event could result in operational disruption, loss of customers, reputational damage, litigation, regulatory scrutiny, remediation costs and other liabilities, any of which could have a material adverse effect on our business, financial condition and results of operations.
Our use of artificial intelligence, robotic process automation, and other emerging technologies may increase operational, compliance, cybersecurity, and third-party risks.
We have made and expect to continue to make investments to integrate artificial intelligence (“AI”), including generative artificial intelligence, machine learning technologies, robotic process automation (“RPA”), and other emerging technologies into our solutions to enhance operational efficiency, scalability, customer service, and decision making. We also rely on third-party vendors, service providers, and business partners that use or support these technologies in delivering services to us. The use of AI and RPA introduces operational, compliance, cybersecurity, model risk, and third-party risks. These technologies may generate inaccurate, incomplete, biased, or unreliable outputs, experience design or programming errors, fail to operate as intended, or be improperly implemented, monitored, or governed. Such failures could result in processing errors, data inaccuracies, ineffective internal controls, customer service disruptions, regulatory compliance issues, reporting errors, or adverse customer outcomes. In addition, the use of AI and automation may increase risks related to data privacy, information security, fraud, and unauthorized access to confidential information.
Our dependence on third-party technology providers exposes us to risks associated with vendor performance, operational resiliency, cybersecurity practices, service disruptions, and the availability of specialized technology providers. Furthermore, the legal and regulatory framework governing AI and other emerging technologies continues to evolve, and new laws, regulations, or supervisory expectations could increase compliance costs, restrict the use of certain technologies, or require changes to our governance and risk management practices. Failure to effectively manage these risks, whether by us or our third-party providers, could result in financial loss, regulatory scrutiny, litigation, reputational harm, or other adverse effects on our business and results of operations.
Risks associated with system failures, service interruptions or other performance exceptions could negatively affect our earnings.
Information technology systems are critical to our business. We use various technology systems to manage our client relationships, general ledger, securities investments, deposits, and loans. We have established policies and procedures to prevent or limit the effect of system failures, service interruptions or other performance exceptions, but such events may still occur or may not be adequately addressed if they do occur. In addition, performance failures or other exceptions of our client-facing technologies could deter clients from using our products and services.
We rely on certain external vendors to provide products and services necessary to maintain our day-to-day operations. These third party vendors are sources of operational and informational security risk to us, including risks associated with operational errors, information system interruptions or breaches and unauthorized disclosures of sensitive or confidential client or customer information. If these vendors encounter any of these issues, or if we have difficulty communicating with them, we could be exposed to disruption of operations, loss of service or connectivity to customers, reputational damage, and litigation risk that could have a material adverse effect on our business and, in turn, our financial condition and results of operations.
Risks associated with cyber-security could negatively affect our earnings.
The financial services industry has experienced an increase in both the number and severity of reported cyber-attacks aimed at gaining unauthorized access to bank systems as a way to misappropriate assets and sensitive information, corrupt and destroy data, or cause operational disruptions. We have established policies and procedures to prevent or limit the impact of security breaches, but such events may still occur or may not be adequately addressed if they do occur. Although we rely on security safeguards to secure our data, these safeguards may not fully protect our systems from compromises or breaches. We also rely on the integrity and security of a variety of third party processors, payment, clearing and settlement systems, as well as the various participants involved in these systems, many of which have no direct relationship with us. Failure by these participants or their systems to protect our clients' transaction data may put us at risk for possible losses due to fraud or operational disruption.
Our clients are also the target of cyber-attacks, identity theft, and fraud. Large scale identity theft could result in clients' accounts being compromised and fraudulent activities being performed in their name. We have implemented certain safeguards against these types of activities but they may not fully protect us from fraudulent financial losses. The occurrence of a breach of security involving our clients' information, regardless of its origin, could damage our reputation and result in a loss of clients and business and subject us to additional regulatory scrutiny, and could expose us to litigation and possible financial liability. Any of these events could have a material adverse effect on our financial condition and results of operations.
While our Board of Directors takes an active role in cybersecurity risk tolerance, we rely to a large degree on management and outside consultants in overseeing cybersecurity risk management.
Our Board of Directors, including the Information Security Committee, takes an active role in the cybersecurity risk tolerance of the Company and all members receive cybersecurity training annually. The Board reviews the annual information security effectiveness report, risk assessments and approves information security and technology policies. Furthermore, our Audit Committee is responsible for reviewing all audit findings related to information technology general controls, internal and external vulnerability, and penetration testing. We also engage outside consultants to support our cybersecurity efforts. However, our directors do not have significant experience in cybersecurity risk management outside of the Company and therefore, its ability to fulfill its oversight function remains dependent on the input it receives from management and outside consultants.
Our adoption of artificial intelligence tools and adoption by our third-party vendors and service providers may increase the risk of errors, omissions, unfair treatment or fraudulent behavior by our employees, clients, or counterparties, or other third parties.
We have made and expect to continue to make investments to integrate artificial intelligence tools into our solutions, including generative artificial intelligence, machine learning, and similar tools and technologies that collect, aggregate, analyze or generate data or other contents (collectively, “AI”), and we expect to continue to adopt such tools responsibly and as appropriate. While these technologies enhance efficiency and scalability, their use can lead to concerns around safety and soundness, fair access to financial services, fair treatment to customers, inaccuracy of results broadly known as "hallucinations" and compliance with applicable laws and regulations. AI systems may produce inaccurate, biased, or otherwise flawed outputs due to limitations in training data, model design, or system integration. Errors in AI-driven processes could lead to operational disruptions, regulatory scrutiny, reputational damage, or financial loss.
Our reliance on third-party AI vendors introduces additional risks, including potential deficiencies in vendor oversight, data governance, and cybersecurity practices. Furthermore, the regulatory landscape governing AI technologies is rapidly evolving. Legislative and regulatory developments may impose new compliance obligations or restrict certain uses of AI. Failure to comply with applicable laws or to adapt to regulatory changes in a timely manner could result in enforcement actions, litigation, or reputational harm.
As AI technologies continue to develop,evolve, we may be required to invest in enhanced governance, monitoring, and compliance frameworks to manage these risks effectively.
Multi-familyMultifamily loans generally involve riskrisks ofassociated with legislation and government regulations involving rent controlcontrol, rent stabilization and renttenant stabilization,protection measures, which are outside theof our control of the borrower or the Company, and could impair the value of the collateral forsecuring thesuch loanloans or the future cash flows of such properties. AsIn particular, certain of our multifamily loans are secured by properties located in New York City, where rent-regulation laws and related housing policies may limit a resultproperty ofowner's these restrictions, it is possible that rental income on certain rent-regulated properties might not rise sufficiently over timeability to satisfyincrease increasesrents, inrecover therising loanoperating rate at repricingcosts or increasesotherwise inenhance overheadproperty expensescash (e.g., utilities, taxes, etc.).flow.
In addition, future legislative, regulatory or policy changes affecting rent-regulated housing, including expanded tenant protections or additional limitations on rent increases, could adversely affect the operating performance and value of multifamily properties. As a result, rental income may not increase sufficiently to offset rising expenses, including taxes, insurance, utilities and maintenance costs. Any reduction in borrower cash flows or collateral values could impair a borrower's ability to repay its loan obligations and adversely affect our business, financial condition and results of operations.
We may be required to recognize goodwill impairment charges in future periods.
We could incur future goodwill impairment.
Management's Discussion & Analysis (MD&A)
Largest changes
“The quantitative assessment of goodwill for our single reporting unit was performed utilizing a discounted cash flow analysis (“income approach”) and estimates of selected market information (“market approaches”). The result of the income approach was weighted at 70% and the results of the market approaches comprised the remaining 30% in determining the fair value of our single reporting unit. The fair value of our single reporting unit exceeded its respective carrying value, resulting in no impairment charge required to be recorded for the year ended June 30, 2025. …”see in full comparison
Netsee in full comparisonIncome (Loss).Income. Net income for the year ended June 30,20252026 was$26.1$36.3 million, or$0.42$0.57 per diluted share, an increase of$112.7$10.2 million fromanetlossincome of$86.7$26.1 million, or$1.39$0.42 per diluted share, for the year ended June 30,2024.2025.ExcludingThethe $95.3 million non-cash goodwill impairment recordedincrease inthe prior year,net incomeincreasedreflected$17.4 million, reflecting an increase in non-interest income and decreases in the provision for credit losses and income tax expense, partially offset by a decreaseincreases in net interest income andannon-interestincreaseincome, partially offset by increases in non-interestexpense.expenseNetand incomefor the prior year period also included a $12.9 million after-tax net loss on the sale of securities that resulted from the repositioning of our investment securities portfolio in December 2023 and an after-tax net loss of $6.7 million from the previously disclosed BOLI restructure.taxes.
“To test goodwill for impairment we elected to perform a goodwill impairment assessment during the fourth quarter of the year ended June 30, 2025. The quantitative goodwill impairment test compares the estimated fair value of the reporting unit with its carrying amount, including goodwill. If the estimated fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired. However, if the carrying amount of the reporting unit were to exceed its estimated fair value, and impairment loss would be recorded.”see in full comparison
“Goodwill. Goodwill arises from business combinations and is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill is not amortized, but is tested for impairment at least annually or more frequently if events and circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.”see in full comparison
“Non-Interest Expense. Non-interest expense decreased by $94.5 million to $120.6 million for the year ended June 30, 2025 from $215.2 million for the year ended June 30, 2024, driven by the absence of a pre-tax, non-cash goodwill impairment of $97.4 million recognized in the prior year period. Excluding the goodwill impairment, non-interest expense increased $2.9 million compared to the prior year period.”see in full comparison
“We recognized a non-recurring loss of $974,000 attributable to the write-down of one other real estate owned (“OREO”) property during the prior year, while there were no such losses recorded in the current year.”see in full comparison
Full comparison: every changed paragraph (45)
Our accounting policies are integral to understanding the results reported. We describe them in detail in Note 1 to our audited consolidated financial statements. In preparing the audited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the Consolidated Statements of Financial Condition and revenues and expenses for the periods then ended. Actual results could differ significantly from those estimates. MaterialA estimatesmaterial estimate that areis particularly susceptible to significant changes relaterelates to the determination of the allowance for credit losses and goodwill.losses.
Management believes the following information may enable investors to better understand the changes in our ACL. Our ACL totaled $46.2$45.5 million and $44.9$46.2 million at June 30, 20252026 and 2024,2025, respectively. The $1.3$695,000 million increasedecrease in our ACL was largely attributable to net charge-offs of $2.4 million, partially offset by a provision for credit losses of $1.7 million primarily driven by loan growth and an increase in reserves for individually evaluated loans. The quantitative component of our ACL, which is largely based on the national unemployment rate forecast, decreasedincreased $1.2 million.$152,000. The qualitative component of our ACL, which is largely based on management’s judgment of qualitative loss factors, increased $0.9 million.$481,000.
Our ACL totaled $46.2$45.5 million at June 30, 20252026 and the amount allocated to our collectively evaluated multi-family and nonresidential mortgage loans was $30.5$29.3 million, of which $21.1$20.4 million was attributable to qualitative loss factors. Changes in managements’management’s judgment of qualitative loss factors could result in a significant change to the ACL. As described in Note 1, qualitative loss factors are applied to each portfolio segment with the amounts judgmentally determined by the relative risk to the most severe loss periods identified in the historical loan charge-offs of a peer group of similar-sized regional banks. At June 30, 2025,2026, the mostweighted severeaverage historical loss rate for multi-family and nonresidential mortgages loans during the most severe peer group loss periods was 1.66%.1.62%.
Our ACL on individually analyzed loans is determined on an individual basis using the present value of expected cash flows discounted using the loan’s effective interest rate or, for collateral-dependent loans, the fair value of the collateral, less estimated selling costs, as applicable. Our ACL on individually analyzed loans increaseddecreased $1.6$1.3 million during the year ended June 30, 2025.2026.
Goodwill. Goodwill arises from business combinations and is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill is not amortized, but is tested for impairment at least annually or more frequently if events and circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.
To test goodwill for impairment we elected to perform a goodwill impairment assessment during the fourth quarter of the year ended June 30, 2025. The quantitative goodwill impairment test compares the estimated fair value of the reporting unit with its carrying amount, including goodwill. If the estimated fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired. However, if the carrying amount of the reporting unit were to exceed its estimated fair value, and impairment loss would be recorded.
The quantitative assessment of goodwill for our single reporting unit was performed utilizing a discounted cash flow analysis (“income approach”) and estimates of selected market information (“market approaches”). The result of the income approach was weighted at 70% and the results of the market approaches comprised the remaining 30% in determining the fair value of our single reporting unit. The fair value of our single reporting unit exceeded its respective carrying value, resulting in no impairment charge required to be recorded for the year ended June 30, 2025. As a result, the Company’s goodwill of $113.5 million remained unchanged from June 30, 2024. Determining fair value of our single reporting unit is subject to uncertainty as it is reliant on projected future cash flows, discount rate assumption, and market estimates. In the future, changes in projected future cash flows, discount rate assumption, or market estimates may result in further impairment of goodwill.
Executive Summary. Total assets increaseddecreased by $57.0$58.2 million, or 0.7%,0.8%, to $7.68 billion at June 30, 2026 from $7.74 billion at June 30, 2025 from $7.68 billion at June 30, 2024.2025. The increasedecrease primarily reflected increasesdecreases in cash and cash equivalents and netinvestment loans receivable,securities, partially offset by decreasesan increase in investmentnet securitiesloans and other assets.receivable.
Investment Securities. Investment securities available for sale decreased by $59.9$48.6 million to $964.4 million at June 30, 2026 from $1.01 billion at June 30, 2025 from $1.07 billion at June 30, 2024.2025. This decrease was largely the result of principal repayments of $183.8$322.7 million, partially offset by purchases of $104.9$258.3 million and a $18.5$15.6 million increase in the fair value of the portfolio.
Loans Held-for-Sale. Loans held-for-sale totaled $6.0 million at June 30, 2026 as compared to $5.9 million at June 30, 2025 as compared to $6.0 million at June 30, 2024 and are reported separately from the balance of net loans receivable. Loans held-for-sale consisted of residential mortgage loans ofin $5.9both millionrespective at June 30, 2025 as compared to residential mortgage loans of $6.0 million at June 30, 2024.periods. During the year ended June 30, 2025,2026, we sold $112.1$128.2 million of residential mortgage loans, resulting in a net gain on sale of $806,000.$932,000.
Net Loans Receivable. Net loans receivable increased by $63.1 million, or 1.1%, to $5.83 billion at June 30, 2026 from $5.77 billion at June 30, 2025. The increase reflected growth across several lending categories, including commercial and industrial loans and construction loans, partially offset by a decline in multi-family mortgage loans resulting primarily from repayments and payoffs. The resulting shift in portfolio composition is consistent with our ongoing loan portfolio remix strategy and focus on expanding commercial banking relationships. Detail regarding the change in the loan portfolio is presented below:
Net Loans Receivable. Net loans receivable increased by $78.9 million, or 1.4%, to $5.77 billion at June 30, 2025 from $5.69 billion at June 30, 2024. Detail regarding the change in the loan portfolio is presented below:
Commercial loan origination volume for the year ended June 30, 20252026 totaled $477.3$439.7 million, consistedconsisting of $260.3$166.2 million of commercial mortgage loan originations, $118.1$118.5 million of commercial businessand industrial loan originations and $98.9$155.1 million of construction loan disbursements. Purchases of commercial business loans totaled $93.8 million for the same period.
One- to four-family residential mortgage loan origination volume, excluding loans held-for-sale, totaled $144.3$154.0 million for the year ended June 30, 20252026 and was supplemented with loan purchases totaling $730,000.$65.6 million. Home equity loan and line of credit origination volume for the same period totaled $29.7$43.5 million.
Nonperforming loans.Assets. Nonperforming loansassets increased by $5.7$7.8 million to $45.6 million, or 0.79% of total loans, at June 30, 2025 from $39.9$53.4 million, or 0.70% of total loans,assets, at June 30, 2024.2026 from $45.6 million, or 0.59% of total assets, at June 30, 2025. The increase in nonperforming loansassets was largely attributable to two foreclosed properties with an aggregate carrying value of $5.5 million that were transferred into other real estate owned. The remaining change was primarily attributable to an increase of $8.3 million in nonperforming multi-family mortgage loans, partially offset by a decrease of $4.1 million in nonperforming nonresidentialresidential mortgage loans.
Allowance for Credit Losses. At June 30, 2025,2026, the ACL totaled $45.5 million, or 0.77% of total loans, reflecting a decrease of $695,000 from $46.2 million, or 0.79% of total loans, reflecting an increase of $1.3 million from $44.9 million, or 0.78% of total loans, at June 30, 2024.2025. The increasedecrease was largely attributable to net charge-offs of $2.4 million, partially offset by a provision for credit losses of $2.4 million, primarily driven by an increase in the provision for individually evaluated loans, partially offset by net charge-offs of $1.1$1.7 million.
Other Assets. The aggregate balance of other assets, including premises and equipment, FHLB stock, interest receivable, goodwill, core deposit intangibles, bank owned life insurance, deferred income taxes, OREO and other assets, decreased by $49.8$7.0 million to $660.3 million at June 30, 2026 from $667.3 million at June 30, 2025 from $717.1 million at June 30, 2024.2025. The decrease in other assets largely reflected a decrease in the market value of interest rate derivatives and a decrease in FHLB stock, partially offset by an increase in BOLI.BOLI and the transfer of two foreclosed properties to other real estate owned. The remaining change generally reflected normal operating fluctuations within these line items.
Deposits. Total deposits increased by $517.1$34.4 million, or 10.0%,0.6%, to $5.71 billion at June 30, 2026 from $5.68 billion at June 30, 2025 from $5.16 billion at June 30, 2024.2025. Included in total deposits are brokered certificates of deposits (“CDs”) of $757.7$757.2 million and $408.2$757.7 million at June 30, 20252026 and 2024,2025, respectively. The increase was driven by a reallocation from FHLB advances into brokered CDs and growth in deposits from our branch network and digital channels. Deposit balances at June 30, 2026 reflect a migration of $239.9 million from a consumer interest bearing product to a non-interest bearing product as part of the Company’s repricing strategy. The following table sets forth the distribution of, and changes in, deposits, by type, at the dates indicated:
Borrowings. The balance of borrowings decreased by $453.3$106.5 million, or 26.5%,8.5%, to $1.15 billion at June 30, 2026 from $1.26 billion at June 30, 2025 from $1.71 billion at June 30, 2024 which included overnight borrowings totaling $150.0$200.0 million and $175.0$150.0 million at June 30, 20252026 and 2024,2025, respectively. The decrease was primarily driven by a net decrease in FHLB and other borrowings as a result of the increase in brokered CDs, as noted above.borrowings.
Other Liabilities. The balance of other liabilities, including advance payments by borrowers for taxes and other miscellaneous liabilities, increaseddecreased by $802,000$6.9 million to $55.9 million at June 30, 2026 from $62.8 million at June 30, 2025 from $62.0 million at June 30, 2024.2025. The change in the balance of other liabilities generally reflected normal operating fluctuations within these line items.
Stockholders’ Equity. Stockholders’ equity decreasedincreased by $7.6$20.7 million to $766.7 million at June 30, 2026 from $746.0 million at June 30, 2025 from $753.6 million at June 30, 2024.2025. The decreaseincrease in stockholders’ equity during the year ended June 30, 20252026 largely reflected $27.7net income of $36.3 million and $9.1 million in after-tax other comprehensive income, partially offset by $28.0 million in cash dividendsdividends. and an $8.8 million after-tax otherOther comprehensive loss, partially offset by net income of $26.1 million. The other comprehensive loss during the year ended June 30, 20252026 was driven by a decrease in the fair value of our derivatives portfolio, partially offset by an increase in the fair value of our available for sale securities.securities, partially offset by a decrease in the fair value of our derivatives portfolio.
Book value per share decreasedincreased by $0.15$0.29 to $11.55$11.84 at June 30, 20252026 while tangible book value per share decreasedincreased by $0.13$0.30 to $9.77$10.07 at June 30, 2025.2026. These decreasesincreases were driven by the decreaseincrease in stockholders’ equity, as described above.
Net Income (Loss).Income. Net income for the year ended June 30, 20252026 was $26.1$36.3 million, or $0.42$0.57 per diluted share, an increase of $112.7$10.2 million from a net lossincome of $86.7$26.1 million, or $1.39$0.42 per diluted share, for the year ended June 30, 2024.2025. ExcludingThe the $95.3 million non-cash goodwill impairment recordedincrease in the prior year, net income increasedreflected $17.4 million, reflecting an increase in non-interest income and decreases in the provision for credit losses and income tax expense, partially offset by a decreaseincreases in net interest income and annon-interest increaseincome, partially offset by increases in non-interest expense.expense Netand income for the prior year period also included a $12.9 million after-tax net loss on the sale of securities that resulted from the repositioning of our investment securities portfolio in December 2023 and an after-tax net loss of $6.7 million from the previously disclosed BOLI restructure.taxes.
Net Interest Income. Net interest income decreasedincreased by $7.7$20.3 million to $134.9$155.3 million for the year ended June 30, 2025.2026. The decreaseincrease between the comparative periods resulted from a decrease of $4.4$20.5 million in interest incomeexpense, andpartially anoffset increaseby a decrease of $3.3 million$163,000 in interest expense.income. Included in net interest income for the years ended June 30, 20252026 and 2024,2025, respectively, was purchase accounting accretion of $2.4$2.2 million and $2.6$2.4 million and loan prepayment penalty income of $783,000$2.1 million and $879,000.$783,000.
Net interest margin increased 30 basis points to 2.18% for the year ended June 30, 2026, from 1.88% for the year ended June 30, 2025. The increase reflected higher loan yields and balances and lower costs on interest-bearing liabilities, partially offset by lower yields and balances on investment securities and other interest-earning assets.
Net interest margin decreased 6 basis points to 1.88% for the year ended June 30, 2025, from 1.94% for the year ended June 30, 2024. The decrease reflected increases in the cost and average balances of interest-bearing deposits and decreases in the average balances of interest-earning assets, partially offset by higher yields on interest-earning assets and decreases in the average balances of interest-bearing borrowings.
Details surrounding the composition of, and changes to, net interest income are presented in the table below which reflects the components of the average balance sheet and of net interest income for the periods indicated. We derived the average yields and costs by dividing income or expense by the average balance of assets or liabilities, respectively, for the years presented with daily balances used to derive average balances. No tax equivalent adjustments have been made to yield or costs. Non-accrual loans were included in the calculation of average balances, however interest receivable on these loans has been fully reserved for and therefore not included in interest income. The yields and costs set forth below include the effect of deferred fees, discounts and premiums that are amortized or accreted to interest income or expense and exclude the impact of prepayment penalties, which are recorded to non-interest income.expense.
Provision for Credit Losses. The provision for credit losses decreased by $3.9$668,000 to $1.7 million for the year ended June 30, 2026, compared to $2.4 million for the year ended June 30, 2025,2025. comparedThe toprovision $6.2for millioncredit losses for the year ended June 30, 2024.2026 was largely attributable to loan growth and increased reserves on individually evaluated loans. The provision for credit losses for the year ended June 30, 2025 was largely attributable to charge-offs, loan growth, and increased reserves on individually evaluated loans. The provision for credit losses for the year ended June 30, 2024 was largely attributable to charge-offs of three related commercial real estate loans and the charge-off of one non-performing commercial and industrial loan relationship.
Non-Interest Income. Non-interest income increased from a $1.9$3.8 million lossto $22.8 million for the year ended June 30, 20242026, compared to income of $19.1 million for the year ended June 30, 2025, anprimarily improvementdriven by $1.8 million in non-recurring pre-tax gains on the sale of $21.0properties million.held for sale in the current period, and increases in loan- and branch-related fees and charges.
Fees and service charges increased $1.7 million to $4.2 million for the year ended June 30, 2026, compared to $2.5 million for the year ended June 30, 2025, primarily reflecting $932,000 of higher deposit and branch related fee income, and higher loan related fee income of $752,000.
Other income increased $1.9 million to $5.2 million for the year ended June 30, 2026, compared to $3.4 million for the year ended June 30, 2025, primarily driven by non-recurring pre-tax gains of $1.8 million, as discussed above.
There were no gains on sale and call of securities during the year ended June 30, 2025 compared to a loss of $18.1 million recorded in the prior year. The loss in the prior year was due to the repositioning of our investment securities portfolio that involved the sale of $122.2 million of available for sale debt securities in December 2023.
Gain on sale of loans was $806,000 for the year ended June 30, 2025 compared to a loss of $282,000 during the prior year. The loss in the prior year was primarily the result of the sale of three related nonperforming commercial real estate loans held-for-sale.
We recognized a non-recurring loss of $974,000 attributable to the write-down of one other real estate owned (“OREO”) property during the prior year, while there were no such losses recorded in the current year.
Income from bank owned life insurance (“BOLI”) increased $1.6 million to $10.7 million for the year ended June 30, 2025. The increase primarily reflected improved income as a result of the BOLI restructure initiated in December 2023, and the absence of non-recurring exchange charges related to the restructure recorded in the prior year.
Non-Interest Expense. Non-interest expense decreased by $94.5 million to $120.6 million for the year ended June 30, 2025 from $215.2 million for the year ended June 30, 2024, driven by the absence of a pre-tax, non-cash goodwill impairment of $97.4 million recognized in the prior year period. Excluding the goodwill impairment, non-interest expense increased $2.9 million compared to the prior year period.
SalariesNon-Interest andExpense. employee benefitsNon-interest expense increased by $1.7$8.4 million to $70.9$129.0 million for the year ended June 30, 2026 from $120.6 million for the year ended June 30, 2025, primarily driven by an increase inhigher salary and benefits expense attributable to annual merit increases and higherother incentive compensation.expense.
Salaries and employee benefits expense increased by $5.9 million to $76.7 million for the year ended June 30, 2026. This increase was primarily driven by higher salary expense and payroll taxes from annual merit increases, higher incentive compensation, non-recurring severance charges of $950,000 recorded in the current period, and the absence of a $427,000 non-recurring decrease in stock-based compensation recorded in the prior year period.
Net occupancy expense of premises increased by $491,000$796,000 to $11.5$12.3 million for the year ended June 30, 2025.2026. This increase was primarily driven by a non-recurring pre-tax expense of $250,000 associated with the consolidation of three branches, non-recurring branch maintenance expenses of $102,000, and higher snow removal expenses dueof to abnormally harsh winter conditions.$223,000.
Advertising and marketing expense increased $481,000$508,000 to $1.9$2.4 million for the year ended June 30, 2025.2026. This increase primarily reflects normal fluctuations in the timing of campaigns across various advertising expenseformats wassupporting largelyour driven by an increase in digitalloan and online advertising campaigns to support our deposit growth initiatives.
FDIC insurance premiums decreased $591,000 to $5.3 million for the year ended June 30, 2026, primarily driven by higher capital ratios.
Other non-interest expense increased $1.8 million to $15.2 million for the year ended June 30, 2026, primarily driven by $242,000 in non-recurring professional fees incurred in the current period associated with our strategic initiative and partnership with The Lab Consulting, and higher professional fees, loan related expenses and $264,000 in non-recurring other real estate owned acquisition-related expenses.
Provision for Income Taxes. Provision for income taxes decreasedincreased by $1.0$6.2 million to $11.1 million for the year ended June 30, 2026, from $4.9 million for the year ended June 30, 2025, from $5.9 million for the year ended June 30, 2024.2025. The decreaseincrease in income tax expense was primarily driven by the absence of a $5.7 million tax expense related to the surrender of BOLI policies in the prior year period, partially offset by higher pre-tax income in the current yearperiod period.and the establishment of a valuation allowance of $1.6 million against a deferred tax asset related to certain legacy stock-based compensation awards.
Liquidity, at June 30, 2025,2026, included $167.3$114.8 million of short-term cash and equivalents and $1.01$964.4 billionmillion of investment securities available for sale which can readily be sold or pledged as collateral, if necessary. In addition, we have the capacity to borrow additional funds from the FHLB, FRB or via unsecured overnight borrowings. As of June 30, 2025,2026, we had the capacity to borrow additional funds totaling $695.0$351.6 million and $1.19$1.30 billion from the FHLB and FRB, respectively, without pledging additional collateral. We had the ability to pledge additional securities to borrow an additional $337.3$702.5 million at June 30, 2025.2026. As of that same date, we also had access to unsecured overnight borrowings with other financial institutions totaling $845.0$835.0 million, of which none was outstanding.
Deposits increased $517.1$34.4 million to $5.71 billion at June 30, 2026 from $5.68 billion at June 30, 2025 from $5.16 billion at June 30, 2024.2025. The increase in deposit balances reflected a $533.4$171.6 million increasedecrease in interest-bearing deposits, partially offset by a $16.3$206.0 million decreaseincrease in non-interest-bearing deposits. Borrowings from the FHLB and other sources are generally available to supplement our liquidity position or to replace maturing deposits. As of June 30, 2025,2026, our outstanding balance of FHLB advances, excluding fair value adjustments, totaled $1.11$950 billion.million. As of the same date, we had $150.0$200.0 million outstanding via our overnight line of credit with the FHLB.
What changed in the latest 10-Q
Risk Factors
There have been no material changes to the Risk Factors previously disclosed under Item 1A of the Company’s Annual Report on Form 10-K for the year ended June 30, 2025, previously filed with the Securities and Exchange Commission.
No wording changes found in this section.
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Management's Discussion & Analysis (MD&A)
Largest changes
Comparison of Operating Results for thesee in full comparisonQuarterQuarters EndedDecemberMarch 31, 2026 and March 31, 2025and December 31, 2024
Comparison of Operating Results for thesee in full comparisonSixNine Months EndedDecemberMarch 31, 2026 and March 31, 2025and December 31, 2024
Executive Summary. Total assets decreasedsee in full comparison$119.6$132.8 million to$7.62$7.61 billion atDecemberMarch 31,20252026 from $7.74 billion at June 30, 2025. The decrease primarily reflected decreases in net loans receivable, cash and cash equivalents, and investmentsecurities and declines in the market values of interest rate derivatives.securities.
Provision for Credit Losses. The provision for credit losses increasedsee in full comparison$460,000$25,000 to$567,000$391,000 for the quarter endedDecemberMarch 31,2025,2026, compared to$107,000$366,000 for the quarter endedDecemberMarch 31,2024.2025. The provision for the quarter endedDecemberMarch 31,20252026 was primarily driven byquantitativeloanrisk-factor adjustmentsgrowth and charge-offs associated with certain individually evaluatedreserves associated with one non-performing C&I loan that was fully charged off during the quarter,loans, partially offset byaquantitativedecreaseriskinfactorthe balance of loans receivable.adjustments. By comparison, the provision for credit losses for the quarter endedDecemberMarch 31,20242025 was primarily driven by loangrowth.charge-offs.
Other non-interest expense increasedsee in full comparison$764,000$162,000 to$3.8$3.5 million for the quarter endedDecemberMarch 31,2025,2026, from$3.1$3.3 million for the quarter endedDecemberMarch 31,2024,2025, primarily driven by$242,000 in non-recurringhigher professional feesincurred in the current period associated with our strategic initiativeandpartnership with The Lab Consulting, higherloan related legal expenses,andpartially offset by aprovision for credit losses on off balance sheet commitmentsdecline inthefraudcurrent period compared to a reversal recorded in the prior period.losses.
Provision for Credit Losses. The provision for credit losses increasedsee in full comparison$270,000$295,000 to$485,000$876,000 for thesixnine months endedDecemberMarch 31,2025,2026, compared to$215,000$581,000 for thesixnine months endedDecemberMarch 31,2024.2025. The provision for thesixnine months endedDecemberMarch 31,20252026 was primarily driven by quantitative risk-factor adjustments and higher reserves on individually evaluatedreservesloans,associated withincluding one non-performing C&I loan that was fully charged off during thecurrent period, partially offset by a decrease in the balance of loans receivable.period. By comparison, the provision for credit losses for thesixnine months endedDecemberMarch 31,20242025 was primarily driven by charge-offs and loan growth.
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This Quarterly Report on Form 10-Q may include certain forward-looking statements based on current management expectations. Such forward-looking statements may be identified by reference to a future period or periods or by the use of forward-looking terminology, such as “may”, “will”, “believe”, “expect”, “estimate”, “anticipate”, “continue”, or similar terms or variations on those terms, or the negative of those terms. The actual results of the Company could differ materially from those management expectations. This includes statements regarding general economic and geopolitical conditions, including military conflicts, potential recessionary conditions and the imposition of tariffs or other domestic or international governmental policies,policies and any retaliatory responses, legislative and regulatory changes, monetary and fiscal policies of the federal government, the effects of any federal government shutdown, changes in tax policies, rates and regulations of federal, state and local tax authorities and failure to integrate or profitably operate acquired businesses. Additional potential factors include changes in interest rates, the rate of inflation, deposit flows, cost of funds, demand for loan products and financial services, competition and changes in the quality or composition of loan and investment portfolios of the Company. Other factors that could cause future results to vary from current management expectations include changes in accounting principles, policies or guidelines, and other economic, competitive, governmental and technological factors affecting the Company’s operations, markets, products, services and prices. Further description of the risks and uncertainties to the business are included in this Quarterly Report on Form 10-Q and in the Company’s Annual Report on Form 10-K for the year ended June 30, 2025, under “Item 1A. Risk Factors.”
Our accounting policies are integral to understanding the results reported. We consider accounting policies that require management to exercise significant judgment or discretion or to make significant assumptions that have, or could have, a material impact on the carrying value of certain assets or on income to be critical accounting policies. At DecemberMarch 31, 2025,2026, there have been no material changes to our critical accounting policies as compared to the critical accounting policies disclosed in our most recent Annual Report on Form 10-K. Reference is made to Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the year ended June 30, 2025.
Comparison of Financial Condition at DecemberMarch 31, 20252026 and June 30, 2025
Executive Summary. Total assets decreased $119.6$132.8 million to $7.62$7.61 billion at DecemberMarch 31, 20252026 from $7.74 billion at June 30, 2025. The decrease primarily reflected decreases in net loans receivable, cash and cash equivalents, and investment securities and declines in the market values of interest rate derivatives.securities.
Investment Securities. Investment securities available for sale decreased $12.6$29.6 million to $1.00$983.3 billionmillion at DecemberMarch 31, 2025,2026, from $1.01 billion at June 30, 2025. This decrease was driven by principal repayments of $216.8$243.2 million, partially offset by purchases of $188.1$198.1 million and a $16.0$15.3 million increase in the fair value of the portfolio to a net unrealized loss of $96.2$96.8 million.
Investment securities held to maturity decreased $7.4$9.6 million to $112.8$110.6 million at DecemberMarch 31, 20252026 from $120.2 million at June 30, 2025. This decrease was driven by principal repayments of $7.5$9.7 million.
Additional information regarding our investment securities at DecemberMarch 31, 20252026 and June 30, 2025 is presented in Note 4 to the unaudited consolidated financial statements.
Loans Held-for-Sale. Loans held-for-sale totaled $8.8$12.2 million at DecemberMarch 31, 20252026 as compared to $5.9 million at June 30, 2025 and are reported separately from the balance of net loans receivable. During the sixnine months ended DecemberMarch 31, 2025,2026, we sold $59.3$86.1 million of residential mortgage loans, resulting in a gain on sale of $423,000.$616,000.
Net Loans Receivable. Net loans receivable decreased $58.3$32.3 million, or 1.0%,0.6%, to $5.71$5.73 billion at DecemberMarch 31, 20252026 from $5.77 billion at June 30, 2025. Details regarding the change in the loan portfolio, by loan segment, are presented below:
Commercial loan origination volume for the sixnine months ended DecemberMarch 31, 20252026 totaled $161.7$284.2 million, comprised of $50.7$107.8 million of commercial mortgage loan originations, $62.7$90.5 million of commercial business loan originations and construction loan disbursements of $48.4$86.0 million. Purchases of commercial business loans totaled $30.4$68.7 million for the same period.
One- to four-family residential mortgage loan origination volume, excluding loans held-for-sale, totaled $64.7$90.5 million for the sixnine months ended DecemberMarch 31, 2025.2026. Purchases of residential mortgage loans totaled $36.3 million for the same period. Home equity loan and line of credit origination volume for the same period totaled $19.6$29.4 million.
Loan-to-value (“LTV”) ratios are based on current period loan balances and original appraised values at the time of origination unless a current appraisal has been obtained as a result of the loan being deemed collateral dependent and individually analyzed. The following table sets forth the composition of our real estate secured loans indicating the LTV, by loan category, at DecemberMarch 31, 20252026 and June 30, 2025:
(1)At DecemberMarch 31, 20252026 and June 30, 2025, nonresidential mortgage includes $896,121$920,630 and $891,995$891,995, respectively, of non-owner occupied commercial real estate (“CRE”) loans with an LTV of 53% in each period, respectively, and includes $94,057$91,792 and $94,561$94,561, respectively, of owner occupied CRE loans with an LTV of 48%47% inand each period,48%, respectively.
Additional information about our loan portfolio at DecemberMarch 31, 20252026 and June 30, 2025 is presented in Note 5 to the unaudited consolidated financial statements.
Nonperforming Assets. Nonperforming assets reflectedincreased an increase of $5.7$6.8 million to $51.3$52.4 million, or 0.67%0.69% of total assets, at DecemberMarch 31, 2025,2026, from $45.6 million, or 0.59% of total assets, at June 30, 2025, respectively. The increase in nonperforming assets was largely attributable to an increase in nonperforming multi-family mortgage loans, partially offset by a decrease in nonperforming residential mortgage loans.
Additional information about our nonperforming loans and loan modifications at DecemberMarch 31, 20252026 and June 30, 2025 is presented in Note 5 to the unaudited consolidated financial statements.
Allowance for Credit Losses (“ACL”). At DecemberMarch 31, 20252026 the ACL totaled $45.0$44.7 million, or 0.78%0.77% of total loans, compared to $46.2 million, or 0.79% of total loans, at June 30, 2025. The decrease for the sixnine months ended DecemberMarch 31, 20252026 was largely attributable to net charge-offs of $1.7$2.3 million, partially offset by a provision for credit losses of $485,000.$876,000.
Additional information about our ACL at DecemberMarch 31, 20252026 and June 30, 2025 is presented in Note 6 to the unaudited consolidated financial statements.
Other Assets. The aggregate balance of other assets, including premises and equipment, FHLB stock, interest receivable, goodwill, core deposit intangibles, bank owned life insurance (“BOLI”), deferred income taxes, and other assets, decreased $24.2$24.0 million to $643.1$643.3 million at DecemberMarch 31, 20252026 from $667.3 million at June 30, 2025. The decrease in the balance of these other assets during the sixnine months ended DecemberMarch 31, 20252026 primarily reflected a decrease in the market value of interest rate derivatives, a decrease in FHLB stock and a decrease in properties held for sale, partially offset by an increase in BOLI. The remaining change generally reflected normal operating fluctuations within these line items.
Deposits. Total deposits increased $36.3$53.9 million, or 0.6%,0.9%, to $5.71$5.73 billion at DecemberMarch 31, 20252026 from $5.68 billion at June 30, 2025. Included in total deposits are retail and brokered time deposits of $1.18$1.20 billion and $757.4$757.2 million, respectively, at DecemberMarch 31, 2025,2026, and $1.22 billion and $757.7 million, respectively, at June 30, 2025. The increase in non-interest bearing demand deposits was largely the result of migrating $69.8 million from a consumer interest bearing product to a non-interest bearing product as part of our repricing strategy. The following table sets forth the distribution of, and changes in, deposits, by type, for the periods indicated:
Uninsured deposits totaled $2.16$2.20 billion as of DecemberMarch 31, 20252026 compared to $1.99 billion as of June 30, 2025. Excluding collateralized deposits of state and local governments, and deposits of the Bank’s wholly-owned subsidiary and holding company, uninsured deposits totaled $801.0$839.0 million, or 14.0%14.7% of total deposits, at DecemberMarch 31, 20252026 compared to $813.8 million, or 14.3% of total deposits, at June 30, 2025.
Additional information about our deposits at DecemberMarch 31, 20252026 and June 30, 2025 is presented in Note 7 to the unaudited consolidated financial statements.
Borrowings. The balance of borrowings decreased by $161.5$196.5 million to $1.10$1.06 billion at DecemberMarch 31, 20252026 from $1.26 billion at June 30, 2025, reflecting reductions in FHLB advances.
At DecemberMarch 31, 2025,2026, we maintained available secured borrowing capacity with the FHLB and the Federal Reserve Discount Window of $2.70$2.45 billion, representing 35.4%32.2% of total assets.
Additional information about our borrowings at DecemberMarch 31, 20252026 and June 30, 2025 is presented in Note 8 to the unaudited consolidated financial statements.
Other Liabilities. The balance of other liabilities, including advance payments by borrowers for taxes and other miscellaneous liabilities, decreased $5.8$7.2 million to $56.9$55.5 million at DecemberMarch 31, 20252026 from $62.8 million at June 30, 2025. The change in the balance of these other liabilities generally reflected normal operating fluctuations during the period.
Stockholders’ Equity. Stockholders’ equity increased $11.4$17.1 million to $757.4$763.0 million at DecemberMarch 31, 20252026 from $746.0 million at June 30, 2025. The increase in stockholders’ equity during the sixnine months ended DecemberMarch 31, 20252026 largely reflected net income of $19.0$29.1 million and other comprehensive income of $5.0$6.6 million, partially offset by cash dividends of $14.0$21.0 million. The other comprehensive income for the sixnine months ended DecemberMarch 31, 20252026 was driven by an increase in the fair value of our available for sale securities, partially offset by a decrease in the fair value of our derivatives portfolio.
At DecemberMarch 31, 2025,2026, book value per share increased by $0.15$0.24 to $11.70,$11.79, while tangible book value per share increased by $0.16$0.25 to $9.93.$10.02. These increases were driven by the increases in stockholders’ equity, as described above.
Comparison of Operating Results for the QuarterQuarters Ended DecemberMarch 31, 2026 and March 31, 2025 and December 31, 2024
Net Income. Net income for the quarter ended DecemberMarch 31, 20252026 was $9.4$10.1 million, or $0.15$0.16 per diluted share, compared to $6.6 million, or $0.10$0.11 per diluted share, for the quarter ended DecemberMarch 31, 2024.2025. The increase in net income reflected increases in net interest income and non-interest income, partially offset by increases in non-interest expense and income taxes.
Net Interest Income. Net interest income increased by $5.4$5.2 million to $38.0$39.2 million for the quarter ended DecemberMarch 31, 20252026 compared to $32.6$34.0 million for the quarter ended DecemberMarch 31, 2024.2025. The increase between the comparative periods resulted from a decrease of $6.2$5.4 million in interest expense, partially offset by a decrease of $833,000$165,000 in interest income. Included in net interest income for the quarters ended DecemberMarch 31, 20252026 and 2024,2025, respectively, was purchase accounting accretion of $494,000$552,000 and $685,000,$511,000, and loan prepayment penalty income of $544,000$422,000 and $288,000.$226,000.
Net interest margin increased 3231 basis points to 2.14%2.21% for the quarter ended DecemberMarch 31, 2025,2026, from 1.82%1.90% for the quarter ended DecemberMarch 31, 20242025 reflecting a decrease in the cost of interest-bearing liabilities, a decrease in theand average balancebalances of interest-bearing borrowingsliabilities and higher average balances and yields on loans receivable, partially offset by a decrease in the average balances and yields on taxable investment securities and otherof interest-earning assets.
(4)Includes average balances of non-interest-bearing deposits of $595.0$633.5 million and $604.9$602.6 million for the quarter ended DecemberMarch 31, 20252026 and 2024,2025, respectively.
Provision for Credit Losses. The provision for credit losses increased $460,000$25,000 to $567,000$391,000 for the quarter ended DecemberMarch 31, 2025,2026, compared to $107,000$366,000 for the quarter ended DecemberMarch 31, 2024.2025. The provision for the quarter ended DecemberMarch 31, 20252026 was primarily driven by quantitativeloan risk-factor adjustmentsgrowth and charge-offs associated with certain individually evaluated reserves associated with one non-performing C&I loan that was fully charged off during the quarter,loans, partially offset by aquantitative decreaserisk infactor the balance of loans receivable.adjustments. By comparison, the provision for credit losses for the quarter ended DecemberMarch 31, 20242025 was primarily driven by loan growth.charge-offs.
Additional information regarding the ACL and the associated provisions recognized during the quarters ended DecemberMarch 31, 20252026 and 20242025 is presented in Note 6 to the unaudited consolidated financial statements as well as the Comparison of Financial Condition at DecemberMarch 31, 20252026 and June 30, 2025.
Non-Interest Income. Total non-interest income increased $698,000$1.5 million to $5.6$6.1 million for the quarter ended DecemberMarch 31, 2025,2026, compared to $4.9$4.6 million for the quarter ended DecemberMarch 31, 2024.2025.
Fees and service charges increased $668,000$349,000 to $1.3 million$922,000 for the quarter ended DecemberMarch 31, 2025,2026, from $627,000$573,000 for the quarter ended DecemberMarch 31, 2024,2025, primarily reflecting $270,000$252,000 of higher deposit and branch related fee income, and higher loan related fee income of $245,000 associated with the payoff of a single construction loan.$97,000.
Other income increased $1.1 million to $1.9 million for the quarter ended March 31, 2026, from $869,000 for the quarter ended March 31, 2025, primarily driven by a non-recurring pre-tax gain of $1.0 million on the sale of two former branch locations held for sale in the current period.
Non-Interest Expense. Total non-interest expense increased $1.6$1.9 million to $31.2$32.3 million for the quarter ending DecemberMarch 31, 2025,2026, compared to $29.6$30.4 million the quarter ended DecemberMarch 31, 2024.2025.
Salaries and employee benefits increased $794,000$1.6 million to $18.4$19.3 million for the quarter ended DecemberMarch 31, 2025,2026, from $17.6$17.7 million for the quarter ended DecemberMarch 31, 2024.2025. This increase was primarily driven by higher salary expense due to annual merit increasesincreases, a non-recurring severance charge of $205,000 recorded in the current period, and anthe increaseabsence of a $427,000 non-recurring decrease in incentivestock-based compensation.compensation recorded in the prior year period.
Net occupancy expense of premises increased $57,000$188,000 to $2.9$3.3 million for the quarter ended DecemberMarch 31, 2025,2026, from $2.8$3.1 million for the quarter ended DecemberMarch 31, 2024.2025. This increase was primarily driven by $118,000 of higher snow removal expenses.
Advertising and marketing expense increased $101,000 to $412,000 for the quarter ended December 31, 2025, from $311,000 for the quarter ended December 31, 2024. The increase primarily reflects normal fluctuations in the timing of campaigns across various advertising formats supporting our loan and deposit growth initiatives.
Equipment and systems expense increased $115,000 to $4.0 million for the quarter ended December 31, 2025, from $3.9 million for the quarter ended December 31, 2024, largely driven by increases in technology expense associated with the Company’s ongoing digital banking initiatives.
FDIC insurance premiums decreased $146,000$148,000 to $1.4$1.3 million for the quarter ended DecemberMarch 31, 2025,2026, from $1.5 million for the quarter ended DecemberMarch 31, 2024,2025, primarily driven by higher capital ratios.
Other non-interest expense increased $764,000$162,000 to $3.8$3.5 million for the quarter ended DecemberMarch 31, 2025,2026, from $3.1$3.3 million for the quarter ended DecemberMarch 31, 2024,2025, primarily driven by $242,000 in non-recurringhigher professional fees incurred in the current period associated with our strategic initiative and partnership with The Lab Consulting, higher loan related legal expenses, andpartially offset by a provision for credit losses on off balance sheet commitmentsdecline in thefraud current period compared to a reversal recorded in the prior period.losses.
Provision for Income Taxes. Provision for income taxes increased $1.1$1.3 million to $2.3$2.5 million for the quarter ended DecemberMarch 31, 20252026 from $1.3$1.2 million for the quarter ended DecemberMarch 31, 2024,2025, reflecting a higher level of pre-tax income compared to the prior year period.
Effective tax rates for the quarter ended DecemberMarch 31, 20252026 and 20242025 were 19.8% and 16.0%,15.3%, respectively. The increase in the effective tax rate was primarily due to higher full year projected taxable income.
Comparison of Operating Results for the SixNine Months Ended DecemberMarch 31, 2026 and March 31, 2025 and December 31, 2024
Net Income. Net income for the sixnine months ended DecemberMarch 31, 20252026 was $19.0$29.1 million, or $0.30$0.46 per diluted share, compared to $12.7$19.3 million, or $0.20$0.31 per diluted share, for the sixnine months ended DecemberMarch 31, 2024.2025. The increase in net income primarily reflected increases in net interest income and non-interest income, partially offset by increases in non-interest expense, income tax expense and the provision for credit losses and income tax expense.losses.
Net Interest Income. Net interest income increased by $10.6$15.8 million to $75.7$114.9 million for the sixnine months ended DecemberMarch 31, 20252026 compared to $65.1$99.1 million for the sixnine months ended DecemberMarch 31, 2024.2025. The increase between the comparative periods resulted from a decrease of $12.2$17.6 million in interest expense, partially offset by a decrease of $1.6$1.7 million in interest income. Included in net interest income for the sixnine months ended DecemberMarch 31, 20252026 and 2024,2025, respectively, was purchase accounting accretion of $1.1$1.6 million and $1.3$1.8 million, and loan prepayment penalty income of $1.0$1.5 million and $340,000.$566,000.
Net interest margin increased 31 basis points to 2.12%2.15% for the sixnine months ended DecemberMarch 31, 2025,2026, from 1.81%1.84% for the sixnine months ended DecemberMarch 31, 20242025 and reflected a decrease in the cost of interest-bearing liabilities andliabilities, a decrease in the average balance of borrowings,borrowings and an increase in the average balance and yields of loans receivable, partially offset by decreases in the average balances of investment securities and other interest-earning assets.
(4)Includes average balances of non-interest-bearing deposits of $588.3$603.2 million and $602.0$602.2 million for the sixnine months ended DecemberMarch 31, 20252026 and 2024,2025, respectively.
Provision for Credit Losses. The provision for credit losses increased $270,000$295,000 to $485,000$876,000 for the sixnine months ended DecemberMarch 31, 2025,2026, compared to $215,000$581,000 for the sixnine months ended DecemberMarch 31, 2024.2025. The provision for the sixnine months ended DecemberMarch 31, 20252026 was primarily driven by quantitative risk-factor adjustments and higher reserves on individually evaluated reservesloans, associated withincluding one non-performing C&I loan that was fully charged off during the current period, partially offset by a decrease in the balance of loans receivable.period. By comparison, the provision for credit losses for the sixnine months ended DecemberMarch 31, 20242025 was primarily driven by charge-offs and loan growth.
Additional information regarding the ACL and the associated provisions recognized during the sixnine months ended DecemberMarch 31, 20252026 and 20242025 is presented in Note 6 to the unaudited consolidated financial statements as well as the Comparison of Financial Condition at DecemberMarch 31, 20252026 and June 30, 2025.
Non-Interest Income. Total non-interest income increased $1.9$3.5 million to $11.4$17.5 million for the sixnine months ended DecemberMarch 31, 2025,2026, compared to $9.5$14.1 million for the sixnine months ended DecemberMarch 31, 2024.2025.
Fees and service charges increased $925,000$1.3 million to $2.2$3.1 million for the sixnine months ended DecemberMarch 31, 2025,2026, compared to $1.3$1.8 million for the sixnine months ended DecemberMarch 31, 2024,2025, primarily reflecting $487,000$739,000 of higher deposit and branch related fee income, and higher loan related fee income of $245,000 associated with the payoff of a single construction loan.$535,000.
Other income increased $857,000$2.0 million to $4.5 million for the nine months ended March 31, 2026, compared to $2.5 million for the sixnine months ended DecemberMarch 31, 2025, compared to $1.7 million for the six months ended December 31, 2024, primarily driven by a non-recurring pre-tax gaingains of $749,000$1.8 million on the sale of propertythree former branch locations held for sale in the current period.sale.
Non-Interest Expense. Total non-interest expense increased $3.5$5.4 million to $62.9$95.2 million for the sixnine months ended DecemberMarch 31, 2025,2026, compared to $59.3$89.7 million for the sixnine months ended DecemberMarch 31, 2024.2025.
Salaries and employee benefits increased $2.0$3.7 million to $37.1$56.4 million for the sixnine months ended DecemberMarch 31, 2025,2026, compared to $35.1$52.8 million for the sixnine months ended DecemberMarch 31, 2024.2025. This increase was primarily driven by higher salary expense and payroll taxes from annual merit increases, and an increase in incentive compensation.compensation, a non-recurring severance charge of $205,000 recorded in the current period, and the absence of a $427,000 non-recurring decrease in stock-based compensation recorded in the prior year period.
Net occupancy expense of premises increased $566,000$754,000 to $6.2$9.5 million for the sixnine months ended DecemberMarch 31, 2025,2026, from $5.6$8.7 million for the sixnine months ended DecemberMarch 31, 2024.2025. This increase was primarily driven by a non-recurring pre-tax expense of $250,000 associated with the consolidation of three branches, non-recurring branch maintenance expenses of $102,000, and higher snow removal expenses.expenses of $210,000.
KRNY insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 8 Form 4 filings (3 insiders, 9 trade dates, 45,833 shares, about $409.7K) and open-market sales in 1 filing (1 insider, 1 trade date, 2,500 shares, about $21.1K). Net open-market shares: 43,333 (purchases minus sales); net value about $388.5K.Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-17 | Wong-Zaza Melvina |
Open-market purchase | 1,560 | $9.64 | $15.0K |
| 2026-08-10 | Montanaro Leopold W |
Open-market purchase | 4,773 | $9.46 | $45.2K |
| 2026-08-07 | Joyce Patrick M |
Shares withheld for tax | 4,517 | $9.52 | $43.0K |
| 2026-08-07 | Joyce Patrick M |
Grant/award | 8,062 | — | — |
| 2026-08-07 | Suchodolski Keith |
Shares withheld for tax | 6,601 | $9.52 | $62.8K |
| 2026-08-07 | Suchodolski Keith |
Grant/award | 15,186 | — | — |
| 2026-08-07 | Beierle Cassia J. |
Grant/award | 6,441 | — | — |
| 2026-08-07 | Beierle Cassia J. |
Shares withheld for tax | 1,911 | $9.52 | $18.2K |
| 2026-08-07 | Demedici Thomas |
Shares withheld for tax | 2,565 | $9.52 | $24.4K |
| 2026-08-07 | Demedici Thomas |
Grant/award | 7,680 | — | — |
| 2026-08-07 | Parisi Erika K |
Grant/award | 6,886 | — | — |
| 2026-08-07 | Parisi Erika K |
Shares withheld for tax | 4,110 | $9.52 | $39.1K |
| 2026-08-07 | Montanaro Craig |
Grant/award | 27,058 | — | — |
| 2026-08-07 | Montanaro Craig |
Shares withheld for tax | 12,856 | $9.52 | $122.4K |
| 2026-08-07 | Swansson Timothy A |
Shares withheld for tax | 2,207 | $9.52 | $21.0K |
| 2026-08-07 | Swansson Timothy A |
Grant/award | 6,673 | — | — |
| 2026-08-07 | Bilotta Anthony V Jr |
Shares withheld for tax | 3,561 | $9.52 | $33.9K |
| 2026-08-07 | Bilotta Anthony V Jr |
Grant/award | 7,578 | — | — |
| 2026-08-07 | Byrnes Sean |
Shares withheld for tax | 2,222 | $9.52 | $21.2K |
| 2026-08-07 | Byrnes Sean |
Grant/award | 9,914 | — | — |
| 2026-07-27 | Fields Curtland E |
Open-market purchase | 3,900 | $9.40 | $36.7K |
| 2026-07-27 | Fields Curtland E |
Open-market purchase | 358 | $9.40 | $3.4K |
| 2026-07-27 | Fields Curtland E |
Open-market purchase | 9,742 | $9.41 | $91.7K |
| 2026-07-27 | Fields Curtland E |
Open-market purchase | 700 | $9.40 | $6.6K |
| 2026-06-18 | Fields Curtland E |
Open-market purchase | 1,228 | $8.40 | $10.3K |
| 2026-06-18 | Fields Curtland E |
Open-market purchase | 1,972 | $8.41 | $16.6K |
| 2026-06-18 | Fields Curtland E |
Open-market purchase | 400 | $8.42 | $3.4K |
| 2026-06-17 | Fields Curtland E |
Open-market purchase | 4,950 | $8.34 | $41.3K |
| 2026-06-12 | Fields Curtland E |
Open-market purchase | 4,950 | $8.71 | $43.1K |
| 2026-06-11 | Wong-Zaza Melvina |
Open-market purchase | 3,500 | $8.58 | $30.0K |
| 2026-06-10 | Fields Curtland E |
Open-market purchase | 4,800 | $8.61 | $41.3K |
| 2026-06-09 | Joyce Patrick M |
Open-market sale | 2,320 | $8.46 | $19.6K |
| 2026-06-09 | Joyce Patrick M |
Open-market sale | 180 | $8.45 | $1.5K |
| 2026-06-08 | Fields Curtland E |
Open-market purchase | 560 | $8.37 | $4.7K |
| 2026-06-08 | Fields Curtland E |
Open-market purchase | 1,840 | $8.41 | $15.5K |
| 2026-06-08 | Fields Curtland E |
Open-market purchase | 500 | $8.40 | $4.2K |
| 2026-06-08 | Fields Curtland E |
Open-market purchase | 100 | $8.39 | $839 |
| 2026-06-01 | Swansson Timothy A |
Grant/award | 2,686 | — | — |
| 2026-06-01 | Swansson Timothy A |
Shares withheld for tax | 1,026 | $8.11 | $8.3K |
Well-known investors holding KRNY (13F)
None of the 59 investors we track reported a position in their latest 13F.