Kearny Financial Q1 net income rises, helped by loan growth
KRNY•Kearny Financial’s fiscal first-quarter net income rose 40% from the prior quarter to $10.04 million, with earnings of $0.16 per share. The company declared an unchanged quarterly dividend of $0.11 per share.
1. Quarterly results
Kearny Financial said loan and deposit growth contributed to its fiscal first-quarter results, while lower salary, advertising, equipment and other expenses reduced non-interest expense. Net interest margin declined due to lower prepayment-related income and repricing of COVID-era funding.
2. Business plans
The company expects ongoing loan repricing and balance-sheet remixing to support margin expansion. Its strategic transformation will focus on expanding commercial and construction lending, and it aims to diversify funding with a new Nonprofit and Independent Education Banking team.
