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Kearny Financial Corporation (KRNY) reports developments as the holding company for Kearny Bank, a savings-bank business that gathers deposits and uses those funds to originate or purchase loans and invest in securities. Its recurring news centers on quarterly earnings, net interest income and margin trends, residential and commercial real estate lending, credit quality, capital ratios, and cash dividend declarations.
Company updates also cover balance-sheet management, deposit-franchise initiatives, residential lending expansion, operational-efficiency programs such as process automation, and branch-network actions within its New Jersey and New York banking markets.
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Kearny Financial Corp. (NASDAQ: KRNY) reported a net income of $10.3 million for Q1 2023, equating to $0.16 per diluted share, a significant rise from $2.0 million or $0.03 per diluted share in Q4 2022. Despite pressures in the banking sector, the company announced a quarterly cash dividend of $0.11 per share, payable on May 24, 2023. Deposits decreased by $168 million (2.8%) to $5.80 billion due to shifts towards higher-rate products. Notably, net interest income fell $2.4 million to $42.4 million and net interest margin contracted to 2.20%. On a positive note, non-interest income surged $10.1 million to $1.6 million.
Kearny Financial Corp. (NASDAQ: KRNY) reported a net income of $2.0 million, or $0.03 per diluted share, for the quarter ended December 31, 2022, down from $16.5 million, or $0.25 per diluted share, in the previous quarter. This decline was driven by a $10.8 million after-tax loss on securities. Assets grew by $399.7 million to $8.29 billion, while loans increased by $327.8 million. The Board declared a cash dividend of $0.11 per share, to be paid on February 22, 2023. The net interest margin fell to 2.38%, and non-interest income saw a loss of $8.5 million due to substantial losses on securities. Despite challenges, initiatives to reduce expenses were outlined for future improvements.