Business
Kearny Financial Corp. Reports Third Quarter 2020 Operating Results
FAIRFIELD, N.J., April 29, 2020 (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., April 29, 2020 (GLOBE NEWSWIRE) -- Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company of Kearny Bank (the “Bank”), today reported net income for the quarter ended March 31, 2020 of $9.3 million, or $0.11 per basic and diluted share. The results represent a decrease of $1.4 million compared to net income of $10.7 million, or $0.13 per basic and diluted share, for the quarter ended December 31, 2019.\n Craig L. Montanaro, President and Chief Executive Officer, commented, “During this extraordinarily difficult time our primary focus has been on the ways in which we can support our employees, our clients and the communities that we serve. In spite of the challenges presented by COVID-19 our team is working tirelessly to ensure the availability of essential banking services to our clients. At this time, 42 of our 48 retail branches are operating in a modified capacity and are complemented by our robust suite of digital banking products and services. Our lending team is working closely with our impacted borrowers to assess their needs and to provide payment relief or supplemental sources of credit, as appropriate. While significant challenges lie ahead, Kearny Bank’s exceptionally strong capital and liquidity positions and long history of conservative underwriting will enable us to persevere throughout this unprecedented event.” Balance Sheet Deposits increased by $64.4 million to $4.25 billion at March 31, 2020 from $4.19 billion at December 31, 2019. The increase in deposits was primarily attributable to an increase of $60.1 million in retail deposits, reflecting the Company’s continued success in growing the balance of core deposits. Loans receivable increased by $69.8 million to $4.56 billion at March 31, 2020 from $4.49 billion at December 31, 2019. The increase in loans receivable was attributable to an increase in loan origination volume coupled with a slowing of loan pre-payment activity, as compared to the prior quarter. During the first half of the quarter ended March 31, 2020 the Company executed a wholesale restructuring transaction designed to enhance net interest income and reduce credit risk within the investment portfolio. During the first phase of the transaction, $158.4 million of investment securities with a weighted average yield of 2.63% were sold and a portion of the pr...