Kearny Financial ( (KRNY) ) has released its Q3 earnings. Here is a breakdown of the information Kearny Financial presented to its investors.
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Kearny Financial Corp., a holding company for Kearny Bank, operates in the financial services sector, focusing on providing banking services primarily in New Jersey and New York. The company is known for its emphasis on community banking and customer service.
In its latest earnings report for the third quarter of fiscal 2025, Kearny Financial Corp. announced a stable net income of $6.6 million, or $0.11 per diluted share, consistent with the previous quarter. The company also declared a quarterly cash dividend of $0.11 per share, reflecting its commitment to returning value to shareholders.
Key financial highlights include an increase in net interest income by $1.4 million, driven by an expansion in net interest margin and growth in net loans and deposits. The company managed to decrease its cost of funds by 24 basis points, contributing to a positive outlook for continued margin expansion. However, non-interest income saw a decline due to reduced gains on loan sales and electronic banking fees.
Despite fluctuations in US Treasury rates, Kearny Financial maintained strong asset quality with non-performing assets remaining steady. The company reported a slight increase in non-interest expenses due to higher salaries, benefits, and marketing costs, which were offset by a decrease in stock-based compensation.
Looking ahead, Kearny Financial remains optimistic about its ability to sustain and enhance its performance amidst a volatile market environment, as indicated by its management’s confidence in continued strong margin expansion into the next quarter.