Business
Kearny Financial Corp. Announces Fourth Quarter and Fiscal Year End 2023 Results and Declaration of Cash Dividend
FAIRFIELD, N.J., July 27, 2023 (GLOBE NEWSWIRE) -- Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company of Kearny Bank (the “Bank”),
About this update from Kearny Financial
[{"type":"text","content":"FAIRFIELD, N.J., July 27, 2023 (GLOBE NEWSWIRE) -- Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company of Kearny Bank (the “Bank”), reported net income for the quarter ended June 30, 2023 of $12.0 million, or $0.19 per diluted share, compared to $10.3 million, or $0.16 per diluted share, for the quarter ended March 31, 2023. For the fiscal year ended June 30, 2023, the Company reported net income of $40.8 million, or $0.63 per diluted share, compared to $67.5 million, or $0.95 per diluted share, for the fiscal year ended June 30, 2022. Net income for the years ended June 30, 2023 and June 30, 2022 was impacted by various non-recurring items, as described in further detail below. The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.11 per share, payable on August 23, 2023 to stockholders of record as of August 9, 2023. Craig L. Montanaro, President and Chief Executive Officer, commented, “The current operating environment for community banks remains challenging. An inverted yield curve, intense competition for deposits and slowing demand for loans all present near-term earnings headwinds for our industry. Despite these challenges I am pleased to report our success on several fronts.” Mr. Montanaro continued, “As expected, the rate of our net interest margin compression slowed, declining nine basis points quarter-over-quarter. Our operating efficiency initiative continues to gain traction, with adjusted non-interest expense down 2.7% from the prior quarter and 9.8% from our December 2022 non-interest expense run rate. We improved our capital position, increasing tangible common equity by 33 basis points from the prior quarter, while continuing to reduce outstanding shares via our repurchase program. Finally, our loan charge-off rate remains industry-leading, with full fiscal year 2023 net charge-offs of $810,000, or 0.01% of average loans.” Mr. Montanaro concluded, “While it remains to be seen how long this current environment persists, our balance sheet and risk profile position us well for long-term success. In the meantime, we remain committed to serving our clients and our communities, while continuing to build franchise and shareholder value.” Balance Sheet Total assets were $8.06 billion at June 30, 2023, a decrease of $284.5 million, or 3.4%, from Marc...