Kearny Financial (KRNY) reports earnings

The report was filed on February 6, 2025

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Kearny Financial (KRNY+0.43%) has submitted its Form 10-Q filing for the quarterly period ended December 31, 2024.

The filing indicates that total assets increased to $7.73 billion from $7.68 billion at June 30, 2024, primarily due to increases in cash and cash equivalents and net loans receivable.

Investment securities available for sale decreased by $54.6 million to $1.02 billion, while investment securities held to maturity decreased by $8.5 million to $127.3 million.

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Net loans receivable rose by $59.5 million, or 1.0%, to $5.75 billion, driven by increases in multi-family mortgage and one- to four-family residential mortgage loans.

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Nonperforming assets decreased by $2.2 million to $37.7 million, representing 0.49% of total assets.

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The allowance for credit losses remained stable at $44.5 million, or 0.77% of total loans, with a provision for credit losses of $215,000 recorded for the period.

Total deposits increased by $512.9 million to $5.67 billion, with brokered and listing service time deposits rising to $752.0 million.

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Borrowings decreased by $450.8 million to $1.26 billion, reflecting a shift from FHLB advances to brokered certificates of deposits.

Stockholders' equity decreased by $8.7 million to $744.9 million, with book value per share decreasing to $11.53.

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Net income for the quarter was $6.6 million, or $0.10 per diluted share, compared to a net loss of $13.8 million in the same quarter of the previous year.

Net interest income fell by $3.2 million to $32.6 million, with net interest margin decreasing to 1.82%.

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Non-interest income increased to $4.9 million, driven by the absence of prior year losses on securities sales and improved income from bank-owned life insurance.

Non-interest expense slightly decreased to $29.6 million, with reductions in other expenses offset by increases in salaries and technology-related costs.

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Provision for income taxes decreased to $1.3 million, reflecting the absence of prior year discrete tax costs.

For the six months ended December 31, 2024, net income was $12.7 million, or $0.20 per diluted share, compared to a net loss of $4.0 million in the prior year period.

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Capital ratios remained strong, with total capital to risk-weighted assets at 14.49% and Tier 1 capital at 13.64%.

This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Kearny Financial quarterly 10-Q report dated February 6, 2025. To report an error, please email earnings@qz.com.