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 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.
Kearny Financial Corp. (NASDAQ: KRNY) reported net income of $18.5 million, or $0.24 per diluted share, for Q2 FY2021, a rise from $16.4 million or $0.20 in the prior quarter. For the fiscal year ended June 30, 2021, net income surged 40.6% to $63.2 million. The company benefited from a $4.9 million credit loss reversal. Key metrics include a 2.75% net interest margin, 23.5% increase in net interest income to $184.5 million, and a 20.7% rise in cash dividends. Total assets were $7.28 billion, with a 1.64% non-performing loans ratio.
Kearny Financial Corp. (NASDAQ GS: KRNY) has completed its 5% stock repurchase plan, buying back 4,210,520 shares at a total cost of $51.1 million, averaging $12.15 per share. Following this, a new repurchase plan has been initiated, allowing for the acquisition of up to 4,064,649 shares, also approximately 5% of the outstanding stock. Repurchases will be conducted at management's discretion, influenced by market conditions and the company's financial health.
Kearny Financial Corp. (NASDAQ GS: KRNY) has declared a quarterly cash dividend of $0.10 per share to stockholders of record as of June 2, 2021, payable on June 16, 2021. This marks an increase from the previous quarter's dividend of $0.09 per share. As of March 31, 2021, Kearny Financial Corp. boasts total assets of approximately $7.4 billion, with its operations supported by 49 branch offices across New Jersey and New York.
Kearny Financial Corp. (NASDAQ: KRNY) has announced a new stock repurchase program to acquire up to 4,064,649 shares, representing approximately 5% of its outstanding common stock. This plan will start after the current program, which has 321,820 shares remaining. The repurchase will be conducted at management’s discretion, factoring in market conditions and the company's financial performance. The program allows for flexibility in its execution and does not obligate the company to repurchase a specific number of shares.
Kearny Financial Corp. (NASDAQ: KRNY) reported net income of $16.4 million, or $0.20 per share, for Q1 2021, slightly down from $16.9 million in Q4 2020. Total deposits rose by $61.8 million to $5.37 billion, while loans decreased by $30.4 million. Net interest income increased to $47.6 million, aided by reduced interest expenses. Asset quality remained stable with non-performing assets at 0.97%. The company increased its allowance for credit losses to $63.8 million, primarily due to an uptick in reserves for two commercial real estate loans. Book value per share grew to $12.98.
Kearny Financial Corp. (NASDAQ: KRNY) has declared a quarterly cash dividend of $0.09 per share, marking a $0.01 increase from the previous quarter. The dividend is payable on March 17, 2021, to stockholders of record as of March 3, 2021. The company, with total assets of approximately $7.3 billion as of December 31, 2020, operates through Kearny Bank with 49 retail branches in New Jersey and New York.
FAQ
What is the current stock price of Kearny Financial Corporation (KRNY)?
What is the market cap of Kearny Financial Corporation (KRNY)?
What is Kearny Financial Corporation?
What types of loans does Kearny Financial offer?
Where does Kearny Financial operate?
What is the primary source of income for Kearny Financial?
Who are the key executives at Kearny Financial?
How does Kearny Financial maintain its financial stability?
What is Kearny Financial's approach to community banking?
What recent achievements has Kearny Financial made?
How can I stay updated with Kearny Financial's latest news?
What sets Kearny Financial apart from other banks?
