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 authorized a new stock repurchase plan to buy back up to 4,210,520 shares, approximately 5% of its outstanding stock. This announcement follows the completion of previous repurchase plans where 9,218,324 and 4,475,523 shares were purchased at costs of $117.9 million and $46.9 million respectively. The repurchases will occur in the open market or through private negotiations, depending on various market factors and management's discretion.
Kearny Financial Corp. (NASDAQ GS: KRNY) has declared a quarterly cash dividend of $0.08 per share for stockholders of record as of December 4, 2020. The dividend will be payable on December 18, 2020. As of September 30, 2020, the company reported approximately $7.3 billion in total assets. Kearny Financial is the parent company of Kearny Bank, which operates 50 retail branches in New Jersey and New York.
Kearny Financial Corp. (KRNY) reported a net income of $11.4 million or $0.13 per diluted share for Q1 ending September 30, 2020, down from $13.7 million or $0.17 per diluted share in Q4. Excluding non-recurring items, net income was $15.0 million, slightly up from $14.1 million. Key highlights include a successful MSB acquisition, which increased total assets by $581.9 million, alongside net loans and deposits up by $530.2 million and $460.2 million, respectively. Total deposits rose to $5.04 billion. However, return on average assets declined to 0.63% from 0.81% in the previous quarter.
Kearny Financial Corp. (NASDAQ GS: KRNY) has resumed its stock repurchase plan, with 761,030 shares available for repurchase. The previous plan was suspended on March 25, 2020, due to COVID-19 uncertainties. Following this, a new plan to repurchase up to 4,475,523 shares, approximately 5% of outstanding stock, has been approved. Since 2015, over $500 million has been returned to shareholders through repurchases. These actions are intended to boost long-term shareholder value and are subject to market conditions and the company's financial performance.
Kearny Financial Corp. (NASDAQ GS: KRNY) updated information regarding COVID-19 impacted loans as of September 30, 2020. The company has 63 active payment deferrals totaling $76.9 million, just 1.54% of total loans, reflecting a significant drop from June 30, 2020. CEO Craig L. Montanaro highlighted a robust return to regular payments for modified loans, with low exposure to severely affected industries. Most loans are secured by real estate, ensuring strong collateral coverage. The comprehensive report includes detailed statistics on commercial and residential loan modifications.
Kearny Financial Corp. (NASDAQ GS: KRNY) has declared a quarterly cash dividend of $0.08 per share for stockholders of record as of September 2, 2020. This dividend will be payable on September 16, 2020. As of June 30, 2020, the company reported total assets of approximately $6.8 billion. Kearny Financial Corp. operates Kearny Bank from its headquarters in Fairfield, New Jersey, with 51 retail branch offices across northern and central New Jersey and New York.
Kearny Financial Corp. (NASDAQ: KRNY) announced a net income of $13.7 million for Q2 fiscal 2020, a significant increase from $9.3 million in Q1. The full-year net income reached $45 million, up from $42.1 million the previous year, with EPS rising to $0.55. Retail deposits grew by 14%, while wholesale funding decreased by 8%. The acquisition of MSB Financial Corp. on July 10, 2020, was successfully integrated, enhancing Kearny's market presence. Despite challenges from COVID-19, the company maintains strong liquidity with a tangible equity ratio of 13.29% and a loan loss reserve of $37 million.
Kearny Financial Corp. (Nasdaq: KRNY) has successfully completed its acquisition of MSB Financial Corp. (Nasdaq: MSBF) and Millington Bank, finalized on July 10, 2020. Under the merger terms, MSB shareholders will receive either 1.3 shares of KRNY or $18.00 in cash, with a 10% cash and 90% stock exchange ratio. This strategic acquisition enhances Kearny's presence in northern New Jersey, expanding to desirable markets. Post-acquisition, Kearny manages approximately $7.37 billion in assets across 51 branches.
Kearny Financial Corp. (Nasdaq: KRNY) and MSB Financial Corp. (Nasdaq: MSBF) are set to complete their merger after market closure on July 10, 2020. MSB shareholders approved the merger on May 28, 2020, with all regulatory approvals in place. Shareholders can choose between receiving Kearny shares or cash, with 90% receiving stock and 10% cash. Due to high demand for cash, only about 12.3% of shares will be exchanged for cash. Kearny has $6.8 billion in assets and recently made Forbes' list of 100 Fastest Growing Companies.
Kearny Financial Corp. (Nasdaq: KRNY) and MSB Financial Corp. (Nasdaq: MSBF) have received all necessary shareholder and regulatory approvals for the merger of MSB into Kearny. The merger, approved during MSB’s special meeting on May 28, 2020, is expected to close in early Q3 2020, pending customary conditions. Post-merger, the combined entity will boast approximately $7.37 billion in assets and 50 banking locations. The announcement highlights the anticipated benefits, including potential cost savings and enhanced earnings, though risks associated with the merger's success and market conditions are acknowledged.