In This Story
Kearny Financial (KRNY+1.41%) 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.
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.
Nonperforming assets decreased by $2.2 million to $37.7 million, representing 0.49% of total assets.
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.
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.
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%.
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.
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.
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.