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Kearny Financial Corporation (symbol: KRNY) is a trusted name in the banking industry, headquartered at 2 Brick Blvd, Brick, New Jersey. As a federally-chartered stock savings bank, Kearny Financial is dedicated to serving the financial needs of communities in New Jersey and New York. The bank's primary mission is to attract deposits from the public and leverage these funds to offer a diverse range of loan options and investment securities.
Kearny Financial's loan portfolio is predominantly composed of loans secured by commercial and residential real estate. In addition to real estate loans, the bank offers a variety of secured and unsecured business and consumer loans, catering to the diverse financial needs of its clientele. The bank's strategic focus on these loan types ensures a balanced and low-risk portfolio, which is a core strength of its financial operations.
The bank's revenue model primarily revolves around net interest income, which is the difference between the interest income generated from loans and investments and the interest expenses paid on deposits and borrowings. This traditional banking model positions Kearny Financial as a reliable institution for both depositors and borrowers.
In recent times, Kearny Financial has made significant strides in expanding its market presence and enhancing its service offerings. The company actively pursues opportunities to grow its loan portfolio and invest in high-quality securities. This growth strategy is supported by a strong financial foundation and a commitment to maintaining high standards of operational efficiency and customer service.
Kearny Financial's leadership, including Craig L. Montanaro, President and CEO, and Keith Suchodolski, Senior Executive Vice President and CFO, play pivotal roles in steering the company towards sustained growth and profitability. Their extensive experience in the banking sector ensures that the company remains well-positioned to navigate the dynamic financial landscape.
Overall, Kearny Financial Corporation stands out as a robust financial institution with a clear focus on community-oriented banking, prudent financial management, and strategic growth. For regular updates on the company's performance, latest news, and developments, investors and stakeholders can rely on Kearny Financial's transparent communication and reporting practices.
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.
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