Kearny Financial Corp. Announces Third Quarter Fiscal 2025 Results and Declaration of Cash Dividend

Core Points - Kearny Financial Corp. reported a net income of $6.6 million for the quarter ended March 31, 2025, which is an increase from $6.6 million for the previous quarter, with diluted earnings per share rising from $0.10 to $0.11 [1][21][24] - The Board of Directors declared a quarterly cash dividend of $0.11 per share, payable on May 21, 2025 [2] - The company experienced a quarter-over-quarter net interest income growth of $1.4 million, leading to an expansion of net interest margin by eight basis points [3][5] Financial Performance - Total assets increased to $7.73 billion, up by $1.8 million from the previous quarter [7] - Loans receivable rose to $5.85 billion, reflecting a growth of $54.4 million or 0.9%, primarily due to non-residential mortgage loans [7] - Deposits increased to $5.71 billion, a rise of $36.3 million or 0.6%, driven by interest-bearing demand deposits and consumer savings deposits [7] - Non-interest income decreased by $311,000 or 6.4% to $4.6 million, mainly due to lower gains on loan sales and electronic banking fees [6][8][24] Expense and Taxation - Non-interest expenses increased by $829,000 or 2.8% to $30.4 million, primarily due to higher salaries and benefits, net occupancy, and advertising expenses [9][13] - Income tax expense totaled $1.2 million, resulting in an effective tax rate of 15.3% for the quarter [10] Asset Quality and Capital - Non-performing assets remained stable at $37.7 million, representing 0.49% of total assets [14] - The allowance for credit losses was $44.5 million, or 0.76% of total loans, showing a slight decrease from the previous quarter [14] - Book value per share increased by $0.05 to $11.58, while tangible book value per share also rose by $0.05 to $9.80 [14]