Core Points - Kearny Financial Corp. reported a net income of $6.6 million for the quarter ended December 31, 2024, an increase from $6.1 million for the quarter ended September 30, 2024 [1][2] - Earnings per basic and diluted share were $0.11 and $0.10, respectively, for the quarter ended December 31, 2024, compared to $0.10 for the previous quarter [2] - The Board of Directors declared a quarterly cash dividend of $0.11 per share, payable on February 26, 2025 [2] Financial Performance - Net interest income increased by $166,000 to $32.6 million from $32.4 million for the previous quarter [8] - Non-interest income rose by $247,000 to $4.9 million, driven by a larger gain on the sale of loans and an increase in electronic banking fees [6] - Non-interest expense decreased by $225,000, or 0.8%, to $29.6 million, primarily due to a decrease in other expenses [14] Balance Sheet Highlights - Total assets were $7.73 billion at December 31, 2024, a decrease of $41.0 million, or 0.5%, from September 30, 2024 [8] - Loans receivable totaled $5.79 billion, an increase of $7.5 million, or 0.1%, from the previous quarter [8] - Deposits increased by $200.5 million, or 3.7%, to $5.67 billion, driven by increases in both interest and non-interest bearing demand deposits [8] Asset Quality - The balance of non-performing assets decreased by $2.2 million to $37.7 million, or 0.49% of total assets [15] - Net charge-offs totaled $573,000, or 0.04% of average loans, for the quarter ended December 31, 2024 [15] - The allowance for credit losses was $44.5 million, or 0.77% of total loans, a decrease from the previous quarter [15] Capital and Ratios - Book value per share decreased by $0.11, or 0.9%, to $11.53, while tangible book value per share decreased by $0.10, or 1.0%, to $9.75 [15] - The tangible equity to tangible assets ratio was 8.27% at December 31, 2024, with regulatory capital ratios exceeding the levels required to be classified as "well-capitalized" [15]
Kearny Financial Corp. Announces Second Quarter Fiscal 2025 Results and Declaration of Cash Dividend