Kearny Finl Corp Md - KRNY STOCK NEWS

Kearny Financial Corp. (KRNY) reported net income of $6.6 million for Q2 fiscal 2025, up from $6.1 million in Q1. Earnings per share increased to $0.11 basic and $0.10 diluted, compared to $0.10 in the previous quarter.

The company declared a quarterly cash dividend of $0.11 per share, payable on February 26, 2025. Total assets decreased 0.5% to $7.73 billion, while deposits grew 3.7% to $5.67 billion. Net interest margin expanded by two basis points to 1.82%, with net interest income increasing to $32.6 million.

Asset quality improved with non-performing assets decreasing to $37.7 million (0.49% of total assets). The allowance for credit losses stood at $44.5 million, representing 0.77% of total loans.

Kearny Financial Corp reported net income of $6.1 million ($0.10 per diluted share) for Q1 FY2025, compared to a GAAP net loss of $90.1 million in the previous quarter. The Board declared a quarterly cash dividend of $0.11 per share. Net interest margin contracted four basis points to 1.80%. Total assets increased by $88.9 million to $7.77 billion, with loans receivable at $5.78 billion and deposits at $5.47 billion. Asset quality remained stable with non-performing assets at 0.51% of total assets, and the allowance for credit losses was maintained at 0.78% of total loans.

Kearny Financial Corp (NASDAQ: KRNY) reported a GAAP net loss of $90.1 million for Q4 2024, primarily due to a $95.3 million non-cash goodwill impairment. Adjusted net income was $5.6 million or $0.09 per diluted share. For fiscal year 2024, the company reported a GAAP net loss of $86.7 million, with adjusted net income of $28.2 million or $0.45 per diluted share.

Key highlights:

• Declared quarterly cash dividend of $0.11 per share
• Non-performing assets improved by $15.7 million year-over-year
• Non-interest bearing deposits grew 2.1% quarter-over-quarter
• Net interest margin contracted to 1.84% for Q4 2024
• Total assets decreased 4.7% year-over-year to $7.68 billion
• Loans receivable decreased 1.7% year-over-year to $5.73 billion
• Deposits decreased 8.4% year-over-year to $5.16 billion

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.

Kearny Financial Corp. reported net income of $7.4 million for Q3 of fiscal 2024, with a declared cash dividend of $0.11 per share. The company focuses on prudent risk management and maintains a well-diversified loan portfolio. Total assets decreased slightly to $7.84 billion, with an increase in loans receivable but a decrease in deposits. Net interest margin contracted to 1.89%, while non-interest income saw a significant increase. Non-interest expenses decreased, and asset quality improved with a decrease in non-performing assets. Book value per share and tangible book value per share both increased.

Kearny Financial Corp. revised its earnings release for the quarter ended December 31, 2023, resulting in a net loss of $13.8 million, or $0.22 per diluted share. The company executed a sale of $122.2 million of its available-for-sale debt securities, restructured its BOLI portfolio, resolved non-performing assets, and engaged in hedging activities. Total assets decreased to $7.90 billion, while net interest margin contracted to 1.94%. The company's Board of Directors declared a quarterly cash dividend of $0.11 per share.

Kearny Financial Corp. reported a net loss for the quarter ended December 31, 2023, of $9.0 million, with a quarterly cash dividend of $0.11 per share declared. The company executed strategies to enhance balance sheet, liquidity position, and asset quality metrics. Total assets decreased by 0.9%, and net interest margin contracted 16 basis points to 1.94%. Non-interest income decreased due to investment securities portfolio repositioning, while income from BOLI increased. Non-interest expense remained flat, and income tax expense decreased. The balance of non-performing assets decreased to $49.8 million, and the Company repurchased 687,140 shares of common stock at a cost of $4.7 million.

Kearny Financial Corp. (NASDAQ GS: KRNY) announced the repositioning of its investment securities portfolio, executing the sale of $122.2 million of debt securities, resulting in a $12.9 million after-tax loss. The proceeds were utilized to retire higher-cost wholesale funding and reinvest into loans yielding current market rates, expected to be immediately accretive to net interest income.

Kearny Financial Corp. (KRNY) has completed its stock repurchase plan, buying back 4,000,000 shares at a cost of $34.9 million, or $8.74 per share.