Business
Kearny Financial Corp. Announces Fourth Quarter and Fiscal Year End 2024 Results and Declaration of $0.11 Per Share Cash Dividend
FAIRFIELD, N.J., July 25, 2024 (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 25, 2024 (GLOBE NEWSWIRE) -- Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company of Kearny Bank (the “Bank”), reported a GAAP net loss for the quarter ended June 30, 2024 of $90.1 million, or $1.45 per diluted share, attributable to a non-cash, after-tax, goodwill impairment of $95.3 million. Excluding the impact of the goodwill impairment and other non-recurring transactions, adjusted net income for the quarter ended June 30, 2024 was $5.6 million, or $0.09 per diluted share, as compared to net income of $7.4 million, or $0.12 per diluted share, for the quarter ended March 31, 2024. “Goodwill impairment in no way affects our ongoing strategy or our ability to serve the banking needs of our clients,” said Craig L. Montanaro, President & Chief Executive Officer. “It also has no impact on our financial condition, robust liquidity position, or peer-leading regulatory capital ratios. This impairment simply reflects the impact of the current interest rate environment on bank stock prices, including our own.” For the fiscal year ended June 30, 2024, the Company reported a GAAP net loss of $86.7 million, or $1.39 per diluted share, compared to GAAP net income of $40.8 million, or $0.63 per diluted share, for the fiscal year ended June 30, 2023, primarily attributable to the non-cash goodwill impairment mentioned above. Excluding the impact of the goodwill impairment and other non-recurring transactions, adjusted net income for the fiscal year ended June 30, 2024 was $28.2 million, or $0.45 per diluted share, as compared to adjusted net income of $50.6 million, or $0.78 per diluted share, for the fiscal year ended June 30, 2023. The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.11 per share, payable on August 26, 2024, to stockholders of record as of August 12, 2024. “Despite the challenging interest rate environment we have plenty of positive news to report this quarter,” Mr. Montanaro said. “The performance of our commercial real estate and multifamily portfolios continues to be outstanding, with non-performing assets having improved by $15.7 million, or 0.17% of assets, from June 30, 2023. Our deposit origination efforts, including those via our digital channel, have continued to gain traction with non interest-bearing deposits growing $...