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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.
Kearny Financial Corp. (NASDAQ: KRNY) has announced two key promotions effective July 1, 2024. Keith Suchodolski has been promoted to Senior Executive Vice President and Chief Operating Officer, expanding his responsibilities to include retail & business banking, human resources, marketing, corporate finance, and corporate administration. Suchodolski has been with the company since 2013 and previously served as Chief Financial Officer since July 2018. Concurrently, Sean Byrnes has been promoted to Executive Vice President and Chief Financial Officer. Byrnes, who joined the company in September 2020 as Chief Accounting Officer and has been the Deputy Chief Financial Officer, will now oversee all aspects of corporate finance. CEO Craig L. Montanaro expressed confidence in their abilities to contribute to the company's strategic vision and goals.
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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.