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), the holding company for Kearny Bank, regularly issues detailed earnings releases and corporate updates that are reflected in its news flow. As a savings institution focused on real estate-secured lending and deposit gathering in New Jersey and New York, the Company’s news often centers on quarterly and annual financial results, balance sheet trends and capital measures.
Investors following KRNY news will find recurring coverage of net income, net interest income, net interest margin, non-interest income and non-interest expense. The Company reports on deposit growth or contraction, changes in loan receivables, shifts in investment securities, and the level of borrowings, including advances from the Federal Home Loan Bank. Asset quality metrics such as non-performing assets, net charge-offs and the allowance for credit losses are also key elements of its regular earnings announcements.
Kearny Financial Corporation’s news releases frequently include information on quarterly cash dividends, with the Board of Directors declaring a per-share dividend and specifying record and payment dates. The Company also uses news releases to describe strategic actions, such as investment securities portfolio repositioning, restructuring of its bank-owned life insurance portfolio, branch consolidation plans and its strategic partnership with The Lab Consulting to deploy automation and analytics.
Corporate governance and leadership developments appear in the news as well, including promotions within the senior management team and information related to the annual meeting of stockholders. For readers and investors, the KRNY news page provides a centralized view of these earnings updates, strategic initiatives and governance disclosures, making it a useful resource for tracking how the Company’s financial and operational profile evolves over time.
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.
Kearny Financial Corp. (NASDAQ GS: KRNY) reported a net income of $17.7 million, or $0.25 per diluted share, for Q1 2022, slightly down from $18.8 million, or $0.26 per diluted share, in Q4 2021. Total loans grew by $176.8 million (14.8% annualized), while core deposits increased by $66.2 million (6.8% annualized). The company announced a quarterly cash dividend of $0.11 per share, payable on May 25, 2022. However, net interest income fell to $47.7 million, a decrease of $960,000, driven by a contraction in net interest margin to 2.89%.
Kearny Financial Corp. (KRNY) reported a net income of $18.8 million for Q4 2021, down from $19.7 million in Q3 2021. EPS remained steady at $0.26. The Board declared a $0.11 cash dividend, payable on February 23, 2022. Total loans grew to $4.83 billion despite significant repayments, while deposits rose to $5.45 billion. However, net interest income dropped by $903,000 to $48.7 million, with a slight contraction in net interest margin. The company maintained a strong capital position with a tangible equity ratio of 11.2% and repurchased shares totaling $30 million.
Kearny Financial Corp. (NASDAQ GS: KRNY) reported a net income of $19.7 million, or $0.26 per diluted share, for the quarter ended September 30, 2021, up from $18.5 million, or $0.24 per diluted share, in the prior quarter. The Board declared a quarterly cash dividend of $0.11 per share, a 10% increase. Non-interest-bearing deposits grew by 6.3%, while loan balances decreased due to record commercial loan repayments. The return on average assets improved to 1.09%. The company authorized a new 10% share repurchase plan, reaffirming its commitment to returning capital to shareholders.
Kearny Financial Corp. (NASDAQ: KRNY) announced a new stock repurchase plan to buy back up to 7.6 million shares, about 10% of its outstanding common stock. Purchases will occur periodically in the open market or through negotiated transactions, depending on market conditions and the company's financial performance. This plan has no expiration date and can be modified or terminated based on various factors. As of June 30, 2021, Kearny Financial reported assets of approximately $7.3 billion.
Kearny Financial Corp. (KRNY) has completed its stock repurchase plan, buying back 4,064,649 shares at a total cost of $50.5 million, or $12.43 per share. This move is expected to enhance shareholder value by reducing the number of outstanding shares, which may positively impact earnings per share (EPS). As of June 30, 2021, the company reported total assets of approximately $7.3 billion. However, the ongoing COVID-19 pandemic continues to pose risks that could adversely affect the company's financial performance and stability.
Kearny Financial Corp. (NASDAQ GS: KRNY) has declared a quarterly cash dividend of $0.10 per share for stockholders of record as of September 1, 2021. The dividend will be payable on September 15, 2021.
The company, the holding entity for Kearny Bank, operates 48 retail branches in New Jersey and New York, with total assets reaching approximately $7.3 billion as of June 30, 2021.