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 strong net income of $16.9 million for Q4 2020, translating to $0.20 per diluted share, a notable increase from $11.4 million or $0.13 in Q3 2020. The acquisition of MSB Financial Corp. contributed to core earnings, aided by reduced costs and efficient operations. Total deposits grew by $272.7 million to $5.31 billion, while loans receivable fell by $126.1 million. Share repurchases totaled 4.5 million shares at an average price of $10.14, reflecting strong capital management.
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.
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