Welcome to our dedicated page for Kearny Financial Corporation news (Ticker: KRNY), a resource for investors and traders seeking the latest updates and insights on Kearny Financial Corporation stock.
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. (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.
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.
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