Welcome to our dedicated page for Kearny Finl Md news (Ticker: KRNY), a resource for investors and traders seeking the latest updates and insights on Kearny Finl Md stock.
Kearny Financial Corporation (NASDAQ: KRNY) provides essential banking services through its focus on commercial/residential real estate lending and community-oriented financial solutions. This news hub offers investors and stakeholders timely access to official announcements, strategic developments, and regulatory updates directly impacting the New Jersey-based institution.
Discover comprehensive coverage of KRNY's earnings reports, leadership changes, and market expansion initiatives. Our curated collection simplifies tracking the company's financial performance, loan portfolio growth, and responses to evolving banking sector dynamics.
Key updates include quarterly results analysis, dividend declarations, regulatory compliance milestones, and executive team communications. Each piece maintains factual accuracy while contextualizing developments within KRNY's core business model of net interest income generation and prudent risk management.
Bookmark this page for streamlined access to Kearny Financial's latest communications. Combine these updates with SEC filings and investor relations materials for complete perspective on the company's position in the Northeast banking landscape.
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.
Kearny Financial Corp. (NASDAQ: KRNY) announced a significant restructuring of its investment securities portfolio, involving the sale of $121.4 million in lower-yielding securities with an after-tax loss of $11.0 million. The proceeds were reinvested in higher-yielding debt securities, increasing the average yield by 440 basis points. Additionally, the Company is implementing an operating efficiency initiative aimed at reducing annual operating expenses by 5-10%, focusing on cost containment and optimizing vendor spending.
Kearny Financial Corp. (KRNY) reported a net income of $16.5 million or $0.25 per diluted share for Q3 2022, up from $11.4 million or $0.17 the previous quarter. The company declared a quarterly cash dividend of $0.11 per share. Strong loan growth continued, with a 4.4% increase in loans to $5.66 billion. However, net interest income fell $2.1 million to $48.5 million amid rising interest rates. Non-interest income increased by $3.1 million to $5.9 million, while non-performing assets dropped to 0.98% of total assets.
Kearny Financial Corp. (NASDAQ GS: KRNY) announced a new stock repurchase plan to acquire up to 4,000,000 shares of its common stock, following the completion of a previous plan that repurchased 7,602,021 shares for $96.8 million ($12.73 per share). Repurchases will occur in the open market or through negotiated purchases at management's discretion, considering market conditions and capital availability. The program has no expiration date and can be modified or suspended based on various factors. As of June 30, 2022, Kearny had approximately $7.7 billion in total assets.
Kearny Financial Corp. (NASDAQ: KRNY) reported net income of $11.4 million ($0.17 per share) for Q2 2022, down from $17.7 million ($0.25 per share) in Q1 2022, largely due to an $8.1 million increase in the provision for credit losses. For fiscal 2022, net income rose 6.8% to $67.5 million, with EPS up 23.4% to $0.95. The company declared a quarterly dividend of $0.11 per share. Highlights include loan growth of 11.7% and a net interest margin increase to 2.94%. However, non-interest income decreased significantly, reflecting a challenging market environment.
Kearny Financial Corp. (NASDAQ GS: KRNY) announced the promotion of Keith Suchodolski to Senior Executive Vice President and Chief Financial Officer, effective July 1, 2022. Suchodolski, who has been with the Company since 2013 and served as CFO since 2018, takes over responsibilities from Eric Heyer, who is retiring. This leadership change aims to enhance the Company’s growth and success, according to President and CEO Craig L. Montanaro. Kearny Financial Corp. operates Kearny Bank, with approximately $7.4 billion in assets as of March 31, 2022.
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